Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table presents the preliminary allocation of the fair values of the assets acquired and liabilities assumed during the periods presented (dollar amounts in thousands):



	Year Ended December 31,
	2014			2013
Real estate investments, at cost:
Land	$	808,930		$	883,491
Buildings, fixtures and improvements	2,505,409			2,311,211
Total tangible assets	3,314,339			3,194,702
Acquired intangible assets:
In-place leases	545,389			334,839
Above-market leases	112,484			12,317
Assumed intangible liabilities:
Below-market leases	(107,185		)	(21,446		)
Fair value adjustment of assumed notes payable	(23,589		)	—
Total purchase price of assets acquired, net	3,841,438			3,520,412
Notes payable assumed	(301,532		)	—
Cash paid for acquired real estate investments	$	3,539,906		$	3,520,412
Number of properties acquired	1,107			1,739

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 2 – Mergers and Significant Acquisitions and Sales, 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 $38.8 million and $76.1 million for the year ended December 31, 2014 and 2013, respectively, and merger and other non-routine transaction related expenses of $200.5 million and $210.5 million for the year ended December 31, 2014 and 2013, respectively (in thousands).



	Year Ended December 31,
	2014			2013
	(Unaudited)			(Unaudited)
Pro forma revenues	$	1,853,014		$	1,585,511
Pro forma net income (loss) attributable to stockholders	$	(606,549	)	$	(478,093	)

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⁾
2015	1,245,051		$	4,757
2016	1,239,590		4,674
2017	1,207,816		4,273
2018	1,171,135		3,183
2019	1,130,291		2,397
Thereafter	10,050,096		7,915
Total	$	16,043,979	$	27,199

____________________________________

(1) 40 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 December 31, 2014 and December 31, 2013 are as follows (in thousands):



	December 31, 2014			December 31, 2013
Future minimum lease payments receivable	$	27,199		$	33,729
Unguaranteed residual value of property	39,852			46,172
Unearned income	(10,975		)	(13,789		)
Net investment in direct financing leases	$	56,076		$	66,112