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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenues:      
Rental income $ 1,339,787 $ 1,271,574 $ 310,508
Direct financing lease income 2,720 3,603 2,244
Operating expense reimbursements 98,628 100,522 16,571
Cole Capital revenue 114,882 203,558 0
Total revenues 1,556,017 1,579,257 329,323
Operating expenses:      
Cole Capital reallowed fees and commissions 16,195 66,228 0
Acquisition related [1] 6,243 38,940 76,113
Merger and other non-routine transactions, net of insurance recoveries [2] 33,628 199,616 210,543
Property operating 130,855 137,741 23,629
Management fees to affiliates 0 13,888 17,462
General and administrative [3] 149,066 167,428 120,998
Depreciation and amortization 847,611 916,003 210,976
Impairments 305,094 409,991 3,346
Total operating expenses 1,488,692 1,949,835 663,067
Operating income (loss) 67,325 (370,578) (333,744)
Other (expense) income:      
Interest expense (358,392) (452,648) (105,548)
Gain (loss) on extinguishment and forgiveness of debt, net 4,812 (21,869) 0
Other income, net 8,737 82,163 3,824
Reserve for loan loss (15,300) 0 0
Gain on disposition of interest in joint venture 6,729 0 0
Loss on derivative instruments, net (1,460) (10,570) (67,946)
Gain (loss) on investment securities 65 6,357 (2,206)
Total other expenses, net (354,809) (396,567) (171,876)
Loss before taxes and real estate dispositions (287,484) (767,145) (505,620)
Loss on disposition of real estate, net (72,311) (277,031) 0
Loss before taxes (359,795) (1,044,176) (505,620)
Benefit from (provision for) income taxes 36,303 33,264 (2,195)
Net loss (323,492) (1,010,912) (507,815)
Net loss attributable to non-controlling interests [4] 7,139 33,727 16,316
Net loss attributable to the General Partner / OP $ (316,353) $ (977,185) $ (491,499)
Basic and diluted net loss per share attributable to common stockholders (in dollars per share) $ (0.43) $ (1.36) $ (2.41)
Distributions declared per common share / unit (in dollars per share) $ 0.28 $ 1.03 $ 1.26
VEREIT Operating Partnership, L.P. [Member]      
Revenues:      
Rental income $ 1,339,787 $ 1,271,574 $ 310,508
Direct financing lease income 2,720 3,603 2,244
Operating expense reimbursements 98,628 100,522 16,571
Cole Capital revenue 114,882 203,558 0
Total revenues 1,556,017 1,579,257 329,323
Operating expenses:      
Cole Capital reallowed fees and commissions 16,195 66,228 0
Acquisition related [5] 6,243 38,940 76,113
Merger and other non-routine transactions, net of insurance recoveries [6] 33,628 199,616 210,543
Property operating 130,855 137,741 23,629
Management fees to affiliates 0 13,888 17,462
General and administrative [7] 149,066 167,428 120,998
Depreciation and amortization 847,611 916,003 210,976
Impairments 305,094 409,991 3,346
Total operating expenses 1,488,692 1,949,835 663,067
Operating income (loss) 67,325 (370,578) (333,744)
Other (expense) income:      
Interest expense (358,392) (452,648) (105,548)
Gain (loss) on extinguishment and forgiveness of debt, net 4,812 (21,869) 0
Other income, net 8,737 82,163 3,824
Reserve for loan loss (15,300) 0 0
Gain on disposition of interest in joint venture 6,729 0 0
Loss on derivative instruments, net (1,460) (10,570) (67,946)
Gain (loss) on investment securities 65 6,357 (2,206)
Total other expenses, net (354,809) (396,567) (171,876)
Loss before taxes and real estate dispositions (287,484) (767,145) (505,620)
Loss on disposition of real estate, net (72,311) (277,031) 0
Loss before taxes (359,795) (1,044,176) (505,620)
Benefit from (provision for) income taxes 36,303 33,264 (2,195)
Net loss (323,492) (1,010,912) (507,815)
Net loss attributable to non-controlling interests [8] (1,274) 154 0
Net loss attributable to the General Partner / OP $ (324,766) $ (1,010,758) $ (507,815)
Basic and diluted net loss from continuing operations per unit attributable to common unitholders (in dollars per share) $ (0.43) $ (1.36) $ (2.39)
Distributions declared per common share / unit (in dollars per share) $ 0.28 $ 1.03 $ 1.26
[1] Includes $1.7 million and $37.6 million of expenses incurred during the years ended December 31, 2014 and 2013, respectively, paid to affiliates. No such expenses were incurred during the year ended December 31, 2015.
[2] Includes $137.8 million and $156.1 million of expenses incurred during the years ended December 31, 2014 and 2013, respectively, paid to affiliates. No such expenses were incurred during the year ended December 31, 2015.
[3] Includes $16.1 million and $103.2 million of expenses incurred during the years ended December 31, 2014 and 2013, respectively, paid to affiliates. No such expenses were incurred during the year ended December 31, 2015.
[4] Represents loss attributable to limited partners and consolidated joint venture partners.
[5] Includes $1.7 million and $37.6 million of expenses incurred during the years ended December 31, 2014 and 2013, respectively, paid to affiliates. No such expenses were incurred during the year ended December 31, 2015.
[6] Includes $137.8 million and $156.1 million of expenses incurred during the years ended December 31, 2014 and 2013, respectively, paid to affiliates. No such expenses were incurred during the year ended December 31, 2015.
[7] Includes $16.1 million and $103.2 million of expenses incurred during the years ended December 31, 2014 and 2013, respectively, paid to affiliates. No such expenses were incurred during the year ended December 31, 2015.
[8] Represents (income) loss attributable to consolidated joint venture partners.