XML 41 R9.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net loss $ (323,492) $ (1,010,912) $ (507,815)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Issuance of OP Units 0 92,884 107,771
Depreciation and amortization 866,549 1,007,164 238,307
Loss on real estate assets and interest in joint venture, net 65,582 277,031 0
Impairments 305,094 409,991 3,346
Reserve for loan loss 15,300 0 0
Equity-based compensation, net of forfeitures 14,500 31,861 100,261
Equity in income of unconsolidated entities (2,361) 77 0
Distributions from unconsolidated entities 11,352 8,335 0
(Gain) loss on derivative instruments 1,460 10,570 (1,739)
(Gain) loss on investments securities (65) (6,357) 2,206
Gain on extinguishment and forgiveness of debt, net (4,812) (14,012) 0
Loss on extinguishment of Series C Stock 0 0 13,749
Note receivable issued in legal settlement 0 (15,300) 0
Changes in assets and liabilities:      
Investment in direct financing leases 2,035 1,597 2,505
Rent and tenant receivables and other assets, net (62,356) (97,125) (19,851)
Due from affiliates 25,489 (32,821) 0
Accounts payable and accrued expenses (999) (16,279) 20,789
Deferred rent, derivative and other liabilities (45,934) (99,930) 8,555
Due to affiliates (329) (43,887) 43,834
Net cash provided by operating activities 867,013 502,887 11,918
Cash flows from investing activities:      
Investments in real estate and other assets (36,319) (3,539,906) (3,520,412)
Acquisition of real estate businesses, net of cash acquired 0 (756,232) (878,898)
Investment in direct financing leases 0 0 (68,617)
Capital expenditures and leasing costs (18,569) (34,687) (9,755)
Real estate developments (57,682) (72,515) 0
Principal repayments received from borrowers 6,921 77,614 442
Investments in unconsolidated entities 0 (2,500) 0
Proceeds from disposition of real estate and joint ventures 1,009,107 1,598,767 0
Investment in leasehold improvements and other assets (1,911) (11,890) (543)
Proceeds from sale of investments and other assets 392 159,752 119,542
Deposits for real estate assets (16,542) (265,372) (101,887)
Uses and refunds of deposits for real estate assets 48,702 347,971 0
Purchases of investment securities 0 0 (81,590)
Line of credit advances to affiliates (10,000) (125,000) 0
Line of credit repayments from affiliates 10,000 81,100 0
Investment in loans held for investment 0 (2,952) 0
Change in restricted cash (1,504) (8,606) 0
Net cash provided by (used in) investing activities 932,595 (2,554,456) (4,541,718)
Cash flows from financing activities:      
Proceeds from mortgage notes payable 1,445 1,010,219 6,924
Payments on mortgage notes payable and other debt, including extinguishment costs (184,504) (1,255,506) (15,079)
Proceeds from credit facilities 60,000 5,824,000 2,678,800
Payments on credit facilities (1,784,000) (5,918,800) (954,604)
Proceeds from corporate bonds 0 2,545,760 0
Payments of deferred financing costs (2,436) (116,373) (101,196)
Repurchases of common stock / units (2,227) (7,690) (359,193)
Proceeds from issuance of convertible debt 0 0 967,786
Proceeds from issuances of common stock / units, net of offering costs 0 1,595,045 1,993,159
Cash payment on settlement of Series C Stock 0 0 (441,353)
Redemption of Series D Preferred Stock / Units 0 (316,126) 0
Contributions from non-controlling interest holders 0 982 30,861
Distributions paid (235,494) (950,414) (243,116)
Windfall tax benefits related to equity-based compensation 0 4,458 0
Payments from affiliates, net 0 0 (376)
Change in restricted cash 0 0 (5,654)
Net cash (used in) provided by financing activities (2,147,216) 2,415,555 4,289,950
Net change in cash and cash equivalents (347,608) 363,986 (239,850)
Cash and cash equivalents, beginning of period 416,711 52,725 292,575
Cash and cash equivalents, end of period 69,103 416,711 52,725
VEREIT Operating Partnership, L.P. [Member]      
Cash flows from operating activities:      
Net loss (323,492) (1,010,912) (507,815)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Issuance of OP Units 0 92,884 107,771
Depreciation and amortization 866,549 1,007,164 238,307
Loss on real estate assets and interest in joint venture, net 65,582 277,031 0
Impairments 305,094 409,991 3,346
Reserve for loan loss 15,300 0 0
Equity-based compensation, net of forfeitures 14,500 31,861 100,261
Equity in income of unconsolidated entities (2,361) 77 0
Distributions from unconsolidated entities 11,352 8,335 0
(Gain) loss on derivative instruments 1,460 10,570 (1,739)
(Gain) loss on investments securities (65) (6,357) 2,206
Gain on extinguishment and forgiveness of debt, net (4,812) (14,012) 0
Loss on extinguishment of Series C Stock 0 0 13,749
Note receivable issued in legal settlement 0 (15,300) 0
Changes in assets and liabilities:      
Investment in direct financing leases 2,035 1,597 2,505
Rent and tenant receivables and other assets, net (62,356) (97,125) (19,851)
Due from affiliates 25,489 (32,821) 0
Accounts payable and accrued expenses (999) (16,279) 20,789
Deferred rent, derivative and other liabilities (45,934) (99,930) 8,555
Due to affiliates (329) (43,887) 43,834
Net cash provided by operating activities 867,013 502,887 11,918
Cash flows from investing activities:      
Investments in real estate and other assets (36,319) (3,539,906) (3,520,412)
Acquisition of real estate businesses, net of cash acquired 0 (756,232) (878,898)
Investment in direct financing leases 0 0 (68,617)
Capital expenditures and leasing costs (18,569) (34,687) (9,755)
Real estate developments (57,682) (72,515) 0
Principal repayments received from borrowers 6,921 77,614 442
Investments in unconsolidated entities 0 (2,500) 0
Proceeds from disposition of real estate and joint ventures 1,009,107 1,598,767 0
Investment in leasehold improvements and other assets (1,911) (11,890) (543)
Proceeds from sale of investments and other assets 392 159,752 119,542
Deposits for real estate assets (16,542) (265,372) (101,887)
Uses and refunds of deposits for real estate assets 48,702 347,971 0
Purchases of investment securities 0 0 (81,590)
Line of credit advances to affiliates (10,000) (125,000) 0
Line of credit repayments from affiliates 10,000 81,100 0
Investment in loans held for investment 0 (2,952) 0
Change in restricted cash (1,504) (8,606) 0
Net cash provided by (used in) investing activities 932,595 (2,554,456) (4,541,718)
Cash flows from financing activities:      
Proceeds from mortgage notes payable 1,445 1,010,219 6,924
Payments on mortgage notes payable and other debt, including extinguishment costs (184,504) (1,255,506) (15,079)
Proceeds from credit facilities 60,000 5,824,000 2,678,800
Payments on credit facilities (1,784,000) (5,918,800) (954,604)
Proceeds from corporate bonds 0 2,545,760 0
Payments of deferred financing costs (2,436) (116,373) (101,196)
Repurchases of common stock / units (2,227) (7,690) (359,193)
Proceeds from issuance of convertible debt 0 0 967,786
Proceeds from issuances of common stock / units, net of offering costs 0 1,595,045 1,993,159
Cash payment on settlement of Series C Stock 0 0 (441,353)
Redemption of Series D Preferred Stock / Units 0 (316,126) 0
Contributions from non-controlling interest holders 0 982 30,861
Distributions paid (235,494) (950,414) (243,116)
Windfall tax benefits related to equity-based compensation 0 4,458 0
Payments from affiliates, net 0 0 (376)
Change in restricted cash 0 0 (5,654)
Net cash (used in) provided by financing activities (2,147,216) 2,415,555 4,289,950
Net change in cash and cash equivalents (347,608) 363,986 (239,850)
Cash and cash equivalents, beginning of period 416,711 52,725 292,575
Cash and cash equivalents, end of period 69,103 416,711 52,725
Series C Stock [Member]      
Cash flows from financing activities:      
Proceeds from issuance of stock / units 0 0 445,000
Redemption of Series D Preferred Stock / Units     (441,400)
Series C Stock [Member] | VEREIT Operating Partnership, L.P. [Member]      
Cash flows from financing activities:      
Proceeds from issuance of stock / units 0 0 445,000
Series D Preferred Stock [Member]      
Cash flows from financing activities:      
Proceeds from issuance of stock / units 0 0 287,991
Series D Preferred Stock [Member] | VEREIT Operating Partnership, L.P. [Member]      
Cash flows from financing activities:      
Proceeds from issuance of stock / units $ 0 $ 0 $ 287,991