Real Estate Investments (Tables)

9 Months Ended

Sep. 30, 2014

Business Acquisition, Pro Forma Information

The following table presents unaudited pro forma information as if all of the 2014 Acquisitions and the Cole Merger, ARCT IV Merger and CCPT Merger, as discussed in Note 3 — Mergers and Acquisitions, were completed on January 1, 2013 for each period presented below. These amounts have been calculated after applying the Company’s accounting policies and adjusting the results of acquisitions to reflect the additional depreciation and amortization and interest expense that would have been charged had the acquisitions occurred on January 1, 2013. Additionally, the unaudited pro forma net loss attributable to stockholders was adjusted to exclude acquisition related expenses of $34.6 million and $74.5 million for the nine months ended September 30, 2014 and 2013, respectively and merger and other non-routine transaction related expenses of $175.4 million and $133.7 million for the nine months ended September 30, 2014 and 2013, respectively (in thousands).


	Nine Months Ended September 30,
	2014			2013
Pro forma revenues	$	1,397,494		$	1,138,600
Pro forma net income (loss) attributable to stockholders	$	(349,572	)	$	(283,031	)

Schedule of Future Minimum Rental Payments Receivable for Operating And Capital Leases

The following table presents future minimum base rental cash payments due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items (in thousands):


	Future Minimum Operating Lease Base Rent Payments		Future Minimum Direct Financing Lease Payments⁽¹⁾
October 1, 2014 - December 31, 2014	$	897,524	$	1,239
2015		1,413,737		4,757
2016		1,394,782		4,674
2017		1,348,156		4,273
2018		1,296,944		3,183
Thereafter		11,759,055		10,313

Total	$	18,110,198	$	28,439

(1)	41 properties are subject to direct financing leases and, therefore, revenue is recognized as direct financing lease income on the discounted cash flows of the lease payments. Amounts reflected are the cash rent on these respective properties.

Schedule of Capital Leased Assets

The components of the Company’s net investment in direct financing leases as of September 30, 2014 and December 31, 2013 are as follows (in thousands):


	September 30, 2014			December 31, 2013
Future minimum lease payments receivable	$	28,439		$	33,729
Unguaranteed residual value of property		39,852			46,172
Unearned income		(10,850	)		(13,789	)

Net investment in direct financing leases	$	57,441		$	66,112