Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Summary of Comparative Financial Results and Total Assets

The following tables present a summary of the comparative financial results and total assets for each business segment (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
REI segment:
Revenues:
Rental income	$	333,766		$	365,712		$	1,017,708		$	924,646
Direct financing lease income	659			625			2,097			2,812
Operating expense reimbursements	22,983			30,984			71,269			81,716
Total real estate investment revenues	357,408			397,321			1,091,074			1,009,174
Operating expenses:
Acquisition related	1,690			13,998			4,976			34,616
Merger and other non-routine transactions	8,957			7,613			42,244			173,406
Property operating	31,950			40,977			95,547			110,018
Management fees to affiliates	—			—			—			13,888
General and administrative	15,848			12,948			48,045			62,675
Depreciation and amortization	200,158			240,073			620,068			625,521
Impairment of real estate	—			2,299			85,341			3,855
Total operating expenses	258,603			317,908			896,221			1,023,979
Operating income (loss)	98,805			79,413			194,853			(14,805		)
Other (expense) income:
Interest expense, net	(89,530		)	(101,643		)	(275,801		)	(326,491		)
Extinguishment and forgiveness of debt, net	—			(5,396		)	5,302			(21,264		)
Other income, net	2,936			8,508			10,715			16,799
Gain on disposition of interest in joint venture	6,729			—			6,729			—
Loss on derivative instruments, net	(1,420		)	(17,484		)	(2,137		)	(10,398		)
Gain on sale of investments	—			6,357			—			6,357
Total other expenses, net	(81,285		)	(109,658		)	(255,192		)	(334,997		)
Income (loss) before income and franchise taxes and disposition of real estate and held for sale assets	17,520			(30,245		)	(60,339		)	(349,802		)
Loss on disposition of real estate and held for sale assets, net	(6,542		)	(256,894		)	(62,584		)	(275,768		)
Income (loss) before income and franchise taxes	10,978			(287,139		)	(122,923		)	(625,570		)
Provision for income and franchise taxes	(2,238		)	(1,994		)	(7,211		)	(5,905		)
Net income (loss)	$	8,740		$	(289,133	)	$	(130,134	)	$	(631,475	)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Cole Capital segment:
Revenues:
Offering-related fees and reimbursements	$	5,850		$	21,535		$	14,483		$	73,957
Transaction service fees and reimbursements	7,400			24,423			24,696			44,406
Management fees and reimbursements	14,296			13,839			42,390			32,913
Total Cole Capital revenues	27,546			59,797			81,569			151,276
Operating expenses:
Cole Capital reallowed fees and commissions	3,896			15,398			9,637			56,902
Acquisition related	74			—			533			—
Merger and other non-routine transactions	—			19			—			1,946
General and administrative	16,994			17,265			51,861			60,131
Depreciation and amortization	8,384			25,077			25,128			64,210
Total operating expenses	29,348			57,759			87,159			183,189
Operating (loss) income	(1,802		)	2,038			(5,590		)	(31,913		)
Total other income, net	465			179			2,076			305
(Loss) income before income taxes	(1,337		)	2,217			(3,514		)	(31,608		)
Benefit from (provision for) income taxes	738			(1,131		)	2,387			12,598
Net (loss) income	$	(599	)	$	1,086		$	(1,127	)	$	(19,010	)
Total Company:
Total revenues	$	384,954		$	457,118		$	1,172,643		$	1,160,450
Total operating expenses	$	287,951		$	375,667		$	983,380		$	1,207,168
Total other expense, net	$	(80,820	)	$	(109,479	)	$	(253,116	)	$	(334,692	)
Net income (loss)	$	8,141		$	(288,047	)	$	(131,261	)	$	(650,485	)

	Total Assets
	September 30, 2015		December 31, 2014
REI segment	$	18,008,818	$	19,771,138
Cole Capital	696,070		744,001
Total Company	$	18,704,888	$	20,515,139