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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
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
Cole Capital revenue 27,546 59,797 81,569 151,276
Total revenues 384,954 457,118 1,172,643 1,160,450
Operating expenses:        
Cole Capital reallowed fees and commissions 3,896 15,398 9,637 56,902
Acquisition related [1] 1,764 13,998 5,509 34,616
Merger and other non-routine transactions [2] 8,957 7,632 42,244 175,352
Property operating 31,950 40,977 95,547 110,018
Management fees to affiliates 0 0 0 13,888
General and administrative [3] 32,842 30,213 99,906 122,806
Depreciation and amortization 208,542 265,150 645,196 689,731
Impairments 0 2,299 85,341 3,855
Total operating expenses 287,951 375,667 983,380 1,207,168
Operating income (loss) 97,003 81,451 189,263 (46,718)
Other (expense) income:        
Interest expense, net (89,530) (101,643) (275,801) (326,491)
Extinguishment and forgiveness of debt, net 0 (5,396) 5,302 (21,264)
Other income, net 3,401 8,687 12,791 17,104
Gain on disposition of interest in joint venture 6,729 0 6,729 0
Loss on derivative instruments, net (1,420) (17,484) (2,137) (10,398)
Gain on sale of investments 0 6,357 0 6,357
Total other expenses, net (80,820) (109,479) (253,116) (334,692)
Income (loss) before income and franchise taxes and loss on disposition of real estate and held for sale assets 16,183 (28,028) (63,853) (381,410)
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 9,641 (284,922) (126,437) (657,178)
(Provision for) benefit from income and franchise taxes (1,500) (3,125) (4,824) 6,693
Net income (loss) 8,141 (288,047) (131,261) (650,485)
Net (income) loss attributable to non-controlling interests (612) 7,649 2,298 23,923
Net loss attributable to the Company / OP $ 7,529 $ (280,398) $ (128,963) $ (626,562)
Basic and diluted net loss per share attributable to common stockholders (in dollars per share) $ (0.01) $ (0.35) $ (0.20) $ (0.94)
Distributions declared per common share / unit (in dollars per share) $ 0.14 $ 0.25 $ 0.14 $ 0.79
VEREIT Operating Partnership, L.P. [Member]        
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
Cole Capital revenue 27,546 59,797 81,569 151,276
Total revenues 384,954 457,118 1,172,643 1,160,450
Operating expenses:        
Cole Capital reallowed fees and commissions 3,896 15,398 9,637 56,902
Acquisition related [4] 1,764 13,998 5,509 34,616
Merger and other non-routine transactions [5] 8,957 7,632 42,244 175,352
Property operating 31,950 40,977 95,547 110,018
Management fees to affiliates 0 0 0 13,888
General and administrative [6] 32,842 30,213 99,906 122,806
Depreciation and amortization 208,542 265,150 645,196 689,731
Impairments 0 2,299 85,341 3,855
Total operating expenses 287,951 375,667 983,380 1,207,168
Operating income (loss) 97,003 81,451 189,263 (46,718)
Other (expense) income:        
Interest expense, net (89,530) (101,643) (275,801) (326,491)
Extinguishment and forgiveness of debt, net 0 (5,396) 5,302 (21,264)
Other income, net 3,401 8,687 12,791 17,104
Gain on disposition of interest in joint venture 6,729 0 6,729 0
Loss on derivative instruments, net (1,420) (17,484) (2,137) (10,398)
Gain on sale of investments 0 6,357 0 6,357
Total other expenses, net (80,820) (109,479) (253,116) (334,692)
Income (loss) before income and franchise taxes and loss on disposition of real estate and held for sale assets 16,183 (28,028) (63,853) (381,410)
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 9,641 (284,922) (126,437) (657,178)
(Provision for) benefit from income and franchise taxes (1,500) (3,125) (4,824) 6,693
Net income (loss) 8,141 (288,047) (131,261) (650,485)
Net (income) loss attributable to non-controlling interests (404) (155) (1,197) (235)
Net loss attributable to the Company / OP $ 7,737 $ (288,202) $ (132,458) $ (650,720)
Basic and diluted net loss from continuing operations per unit attributable to common unitholders (in dollars per share) $ (0.01) $ (0.35) $ (0.20) $ (0.94)
Distributions declared per common share / unit (in dollars per share) $ 0.14 $ 0.25 $ 0.14 $ 0.79
[1] Includes $1.7 million of expenses incurred during the nine months ended September 30, 2014, paid to affiliates. No such expenses were incurred during the three months ended September 30, 2014 or the three and nine months ended September 30, 2015.
[2] Includes $137.8 million of expenses incurred during the nine months ended September 30, 2014, paid to affiliates. No such expenses were incurred during the three months ended September 30, 2014 or the three and nine months ended September 30, 2015.
[3] Includes $60,000 and $16.1 million of expenses incurred during the three and nine months ended September 30, 2014, respectively, paid to affiliates. No such expenses were incurred during the three and nine months ended September 30, 2015.
[4] Includes $1.7 million of expenses incurred during the nine months ended September 30, 2014, paid to affiliates. No such expenses were incurred during the three months ended September 30, 2014 or the three and nine months ended September 30, 2015.
[5] Includes $137.8 million of expenses incurred during the nine months ended September 30, 2014, paid to affiliates. No such expenses were incurred during the three months ended September 30, 2014 or the three and nine months ended September 30, 2015.
[6] Includes $60,000 and $16.1 million of expenses incurred during the three and nine months ended September 30, 2014, respectively, paid to affiliates. No such expenses were incurred during the three and nine months ended September 30, 2015.