Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2016

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
REI segment:
Revenues:
Rental income	$	303,383		$	333,766		$	928,706		$	1,017,708
Direct financing lease income	494			659			1,598			2,097
Operating expense reimbursements	27,969			22,983			77,862			71,269
Total real estate investment revenues	331,846			357,408			1,008,166			1,091,074
Operating expenses:
Acquisition related	90			1,690			334			4,976
Litigation and other non-routine costs, net of insurance recoveries	4,630			8,032			2,372			41,319
Property operating	34,820			31,950			107,832			95,547
General and administrative	12,069			15,848			37,998			48,045
Depreciation and amortization	187,897			200,158			574,124			620,068
Impairment of real estate	6,872			—			176,214			85,341
Total operating expenses	246,378			257,678			898,874			895,296
Operating income	85,468			99,730			109,292			195,778
Other (expense) income:
Interest expense	(79,869		)	(89,530		)	(242,763		)	(275,801		)
(Loss) gain on extinguishment and forgiveness of debt, net	(2,003		)	—			(1,751		)	5,302
Other income, net	1,649			1,903			3,433			8,179
Equity in income and gain on disposition of unconsolidated entities	212			6,837			10,686			8,340
Loss on derivative instruments, net	(2,023		)	(1,420		)	(3,286		)	(2,137		)
Total other expenses, net	(82,034		)	(82,210		)	(233,681		)	(256,117		)
Income (loss) before taxes and real estate dispositions	3,434			17,520			(124,389		)	(60,339		)
Gain (loss) on disposition of real estate, net	28,111			(6,542		)	45,723			(62,584		)
Income (loss) before taxes	31,545			10,978			(78,666		)	(122,923		)
Provision for income taxes	(1,539		)	(2,238		)	(4,695		)	(7,211		)
Net income (loss)	$	30,006		$	8,740		$	(83,361	)	$	(130,134	)



	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Cole Capital segment:
Revenues:
Offering-related fees and reimbursements	$	9,545		$	5,850		$	32,850		$	14,483
Transaction service fees and reimbursements	3,779			7,400			10,639			24,696
Management fees and reimbursements	17,745			14,296			51,299			42,390
Total Cole Capital revenues	31,069			27,546			94,788			81,569
Operating expenses:
Cole Capital reallowed fees and commissions	5,897			3,896			20,940			9,637
Acquisition related	—			74			39			533
General and administrative	17,692			16,994			54,257			51,861
Depreciation and amortization	7,276			8,384			22,702			25,128
Total operating expenses	30,865			29,348			97,938			87,159
Operating income (loss)	204			(1,802		)	(3,150		)	(5,590		)
Total other income, net	95			465			589			2,076
Income (loss) before taxes	299			(1,337		)	(2,561		)	(3,514		)
(Provision for) benefit from income taxes	(59		)	738			3,321			2,387
Net income (loss)	$	240		$	(599	)	$	760		$	(1,127	)

Total Company:
Total revenues	$	362,915		$	384,954		$	1,102,954		$	1,172,643
Total operating expenses	$	(277,243	)	$	(287,026	)	$	(996,812	)	$	(982,455	)
Total other expense, net	$	(81,939	)	$	(81,745	)	$	(233,092	)	$	(254,041	)
Net income (loss)	$	30,246		$	8,141		$	(82,601	)	$	(131,261	)