XML 28 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net loss $ (82,601) $ (131,261)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 610,291 660,715
(Gain) loss on real estate assets and joint venture, net (55,921) 55,855
Impairments 176,214 85,341
Equity-based compensation 7,097 10,189
Equity in income of unconsolidated entities (488) (1,611)
Distributions from unconsolidated entities 3,007 9,578
Loss on derivative instruments 3,286 2,137
(Gain) on investment securities 0 (65)
Loss (gain) on extinguishment and forgiveness of debt, net 1,751 (5,307)
Changes in assets and liabilities:    
Investment in direct financing leases 1,861 1,503
Rent and tenant receivables and other assets, net (51,702) (59,509)
Due from affiliates 50 19,141
Accounts payable and accrued expenses (6,726) 6,679
Deferred rent, derivative and other liabilities (1,235) (24,939)
Due to affiliates (230) (318)
Net cash provided by operating activities 604,654 628,128
Cash flows from investing activities:    
Investments in real estate assets (19,952) (10,207)
Capital expenditures and leasing costs (15,892) (10,880)
Real estate developments (6,288) (51,863)
Principal repayments received from borrowers 4,906 6,043
Investments in unconsolidated entities (2,500) 0
Proceeds from disposition of real estate and joint venture 615,246 413,270
Investment in leasehold improvements and other assets (726) 0
Proceeds from sale of investments and other assets 0 229
Deposits for real estate assets (11,686) (15,105)
Uses and refunds of deposits for real estate assets 9,753 42,619
Line of credit advances to affiliates (10,300) (10,000)
Line of credit repayments from affiliates 50,000 10,000
Change in restricted cash (5,674) 10,488
Net cash provided by investing activities 606,887 384,594
Cash flows from financing activities:    
Proceeds from mortgage notes payable 1,450 1,379
Payments on mortgage notes payable and other debt, including extinguishment costs (145,802) (113,570)
Proceeds from credit facility 783,000 0
Payments on credit facility (1,743,000) (1,074,000)
Proceeds from corporate bonds 1,000,000 0
Payments on corporate bonds, including extinguishment costs (1,311,208) 0
Payments of deferred financing costs (19,056) (2,412)
Repurchases of common stock / units to settle tax obligations (4,148) (1,634)
Proceeds from the issuance of Common Stock, net of underwriters’ discount 702,765 0
Payments of equity issuance costs (274) 0
Contributions from non-controlling interest holders 675 0
Distributions paid (428,428) (67,537)
Net cash used in financing activities (1,164,026) (1,257,774)
Net change in cash and cash equivalents 47,515 (245,052)
Cash and cash equivalents, beginning of period 69,103 416,711
Cash and cash equivalents, end of period 116,618 171,659
2016 Term Loan [Member]    
Cash flows from financing activities:    
Proceeds from 2016 Term Loan 300,000  
Repayment of 2016 Term Loan (300,000)  
2016 Term Loan [Member] | Secured Debt [Member]    
Cash flows from financing activities:    
Proceeds from 2016 Term Loan 300,000 0
Repayment of 2016 Term Loan (300,000) 0
VEREIT Operating Partnership, L.P. [Member]    
Cash flows from operating activities:    
Net loss (82,601) (131,261)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 610,291 660,715
(Gain) loss on real estate assets and joint venture, net (55,921) 55,855
Impairments 176,214 85,341
Equity-based compensation 7,097 10,189
Equity in income of unconsolidated entities (488) (1,611)
Distributions from unconsolidated entities 3,007 9,578
Loss on derivative instruments 3,286 2,137
(Gain) on investment securities 0 (65)
Loss (gain) on extinguishment and forgiveness of debt, net 1,751 (5,307)
Changes in assets and liabilities:    
Investment in direct financing leases 1,861 1,503
Rent and tenant receivables and other assets, net (51,702) (59,509)
Due from affiliates 50 19,141
Accounts payable and accrued expenses (6,726) 6,679
Deferred rent, derivative and other liabilities (1,235) (24,939)
Due to affiliates (230) (318)
Net cash provided by operating activities 604,654 628,128
Cash flows from investing activities:    
Investments in real estate assets (19,952) (10,207)
Capital expenditures and leasing costs (15,892) (10,880)
Real estate developments (6,288) (51,863)
Principal repayments received from borrowers 4,906 6,043
Investments in unconsolidated entities (2,500) 0
Proceeds from disposition of real estate and joint venture 615,246 413,270
Investment in leasehold improvements and other assets (726) 0
Proceeds from sale of investments and other assets 0 229
Deposits for real estate assets (11,686) (15,105)
Uses and refunds of deposits for real estate assets 9,753 42,619
Line of credit advances to affiliates (10,300) (10,000)
Line of credit repayments from affiliates 50,000 10,000
Change in restricted cash (5,674) 10,488
Net cash provided by investing activities 606,887 384,594
Cash flows from financing activities:    
Proceeds from mortgage notes payable 1,450 1,379
Payments on mortgage notes payable and other debt, including extinguishment costs (145,802) (113,570)
Proceeds from credit facility 783,000 0
Payments on credit facility (1,743,000) (1,074,000)
Proceeds from corporate bonds 1,000,000 0
Payments on corporate bonds, including extinguishment costs (1,311,208) 0
Payments of deferred financing costs (19,056) (2,412)
Repurchases of common stock / units to settle tax obligations (4,148) (1,634)
Proceeds from the issuance of Common Stock, net of underwriters’ discount 702,765 0
Payments of equity issuance costs (274) 0
Contributions from non-controlling interest holders 675 0
Distributions paid (428,428) (67,537)
Net cash used in financing activities (1,164,026) (1,257,774)
Net change in cash and cash equivalents 47,515 (245,052)
Cash and cash equivalents, beginning of period 69,103 416,711
Cash and cash equivalents, end of period 116,618 171,659
VEREIT Operating Partnership, L.P. [Member] | 2016 Term Loan [Member] | Secured Debt [Member]    
Cash flows from financing activities:    
Proceeds from 2016 Term Loan 300,000 0
Repayment of 2016 Term Loan $ (300,000) $ 0