XML 61 R32.htm IDEA: XBRL DOCUMENT v3.6.0.2
Quarterly Results (Unaudited)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results (Unaudited)
Quarterly Results (Unaudited)
Presented below is a summary of the unaudited quarterly financial information for the year ended December 31, 2016 for the General Partner (in thousands, except share and per share amounts):
 
 
Quarters Ended
 
 
March 31,
2016
 
June 30,
2016
 
September 30,
2016
 
December 31,
2016
Revenues
 
$
369,020

 
$
371,019

 
$
362,915

 
$
351,869

Net (loss) income
 
(116,080
)
 
3,233

 
30,246

 
(118,223
)
 
 
 
 
 
 
 
 
 
Net (loss) income attributable to the General Partner
 
(113,086
)
 
3,146

 
29,495

 
(115,418
)
Dividends to preferred shares and units
 
(17,973
)
 
(17,973
)
 
(17,973
)
 
(17,973
)
Earnings allocated to participating securities (1)
 
(125
)
 
(210
)
 
(154
)
 
(89
)
Net (loss) income available to common stockholders used in basic net (loss) income per share (1)
 
(131,184
)
 
(15,037
)
 
11,368

 
(133,480
)
Income attributable to limited partners (1)
 
—

 
—

 
739

 
—

Net (loss) income available to common stockholders and limited partners used in diluted net (loss) income per share(1)
 
$
(131,184
)

$
(15,037
)

$
12,107


$
(133,480
)
 
 
 
 
 
 
 
 
 
Weighted-average shares outstanding - basic
 
903,825,726

 
904,107,378

 
943,480,170

 
973,681,227

Effect of Limited Partner OP Units and dilutive securities
 
—

 
—

 
25,206,373

 
—

Weighted average number of common stock outstanding - diluted
 
903,825,726


904,107,378


968,686,543


973,681,227

 
 
 
 
 
 
 
 
 
Basic and dilutive net (loss) income per share attributable to common stockholders (2)
 
$
(0.15
)

$
(0.02
)

$
0.01

(3) 
$
(0.14
)
_______________________________________________
(1)
Amounts for each period are calculated independently. The sum of the quarters may differ from the annual amount.
(2)
The sum of the quarterly net income (loss) per share amounts do not agree to the full year net loss per share amounts. The Company calculates net loss per share based on the weighted-average number of outstanding shares of Common Stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.
(3)
Represents dilutive net income per share attributable to common stockholders and limited partners.
Presented below is a summary of the unaudited quarterly financial information for the year ended December 31, 2016 for the OP (in thousands, except share and per share amounts):
 
 
Quarters Ended
 
 
March 31,
2016
 
June 30,
2016
 
September 30,
2016
 
December 31,
2016
Revenues
 
$
369,020

 
$
371,019

 
$
362,915

 
$
351,869

Net (loss) income
 
(116,080
)
 
3,233

 
30,246

 
(118,223
)
 
 
 
 
 
 
 
 
 
Net (loss) income attributable to the OP
 
(116,041
)
 
3,229

 
30,234

 
(118,232
)
Dividends to preferred units
 
(17,973
)
 
(17,973
)
 
(17,973
)
 
(17,973
)
Earnings allocated to participating units (1)
 
(125
)
 
(210
)
 
(154
)
 
(89
)
Net (loss) income available to common unitholders used in basic and diluted net (loss) income per unit (1)
 
$
(134,139
)

$
(14,954
)

$
12,107


$
(136,294
)
 
 
 
 
 
 
 
 
 
Weighted-average shares outstanding - basic
 
927,589,523

 
927,871,175

 
967,237,921

 
997,429,574

Effect of dilutive securities
 
—

 
—

 
1,448,622

 
—

Weighted-average shares outstanding - diluted
 
927,589,523


927,871,175


968,686,543


997,429,574

 
 
 
 
 
 
 
 
 
Basic and diluted net (loss) income per unit attributable to common unitholders (2)
 
$
(0.15
)

$
(0.02
)

$
0.01


$
(0.14
)
_______________________________________________
(1)
Amounts for each period are calculated independently. The sum of the quarters may differ from the annual amount.
(2)
The sum of the quarterly net income (loss) per unit amounts do not agree to the full year net loss per unit amounts. The Company calculates net loss per unit based on the weighted-average number of outstanding units during the reporting period. The average number of units fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.
Presented below is a summary of the unaudited quarterly financial information for the year ended December 31, 2015 for VEREIT (in thousands, except share and per share amounts):
 
 
Quarters Ended
 
 
March 31,
2015
 
June 30,
2015
 
September 30,
2015
 
December 31,
2015
Revenues
 
$
393,968

 
$
393,721

 
$
384,954

 
$
383,374

Net (loss) income
 
(30,693
)
 
(108,709
)
 
8,141

 
(192,231
)
 
 
 
 
 
 
 
 
 
Net (loss) income attributable to the General Partner
 
(29,970
)
 
(106,522
)
 
7,529

 
(187,390
)
Dividends to preferred shares and units
 
(17,973
)
 
(17,973
)
 
(17,974
)
 
(17,972
)
Earnings allocated to participating securities (1)
 
(5
)
 
—

 
(217
)
 
(188
)
Net loss attributable to common stockholders used in basic and diluted net loss per share (1)
 
$
(47,948
)
 
$
(124,495
)
 
$
(10,662
)
 
$
(205,550
)
 
 
 
 
 
 
 
 
 
Weighted-average shares outstanding - basic and diluted
 
902,996,270

 
903,339,143

 
903,461,323

 
903,638,159

 
 
 
 
 
 
 
 
 
Basic and diluted net loss per share attributable to common stockholders (2)
 
$
(0.05
)
 
$
(0.14
)
 
$
(0.01
)
 
$
(0.23
)
_______________________________________________
(1)
Amounts for each period are calculated independently. The sum of the quarters may differ from the annual amount.
(2)
The sum of the quarterly net loss per share amounts do not agree to the full year net loss per share amounts. The Company calculates net loss per share based on the weighted-average number of outstanding shares of Common Stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.
Presented below is a summary of the unaudited quarterly financial information for the year ended December 31, 2015 for the OP (in thousands, except share and per share amounts):
 
 
Quarters Ended
 
 
March 31,
2015
 
June 30,
2015
 
September 30,
2015
 
December 31,
2015
Revenues
 
$
393,968

 
$
393,721

 
$
384,954

 
$
383,374

Net (loss) income
 
(30,693
)
 
(108,709
)
 
8,141

 
(192,231
)
 
 
 
 
 
 
 
 
 
Net (loss) income attributable to the OP
 
(30,873
)
 
(109,322
)
 
7,737

 
(192,308
)
Dividends to preferred units
 
(17,973
)
 
(17,973
)
 
(17,974
)
 
(17,972
)
Earnings allocated to participating units (1)
 
(5
)
 
—

 
(217
)
 
(188
)
Net loss available to common unitholders used in basic and diluted net loss per unit (1)
 
$
(48,851
)
 
$
(127,295
)
 
$
(10,454
)
 
$
(210,468
)
 
 
 
 
 
 
 
 
 
Weighted-average units outstanding - basic and diluted
 
926,760,067

 
927,102,940

 
927,225,120

 
927,401,956

 
 
 
 
 
 
 
 
 
Basic and diluted net loss per unit attributable to common unitholders (2)
 
$
(0.05
)
 
$
(0.14
)
 
$
(0.01
)
 
$
(0.23
)
_______________________________________________
(1)
Amounts for each period are calculated independently. The sum of the quarters may differ from the annual amount.
(2)
The sum of the quarterly net loss per unit amounts do not agree to the full year net loss per unit amounts. The Company calculates net loss per unit based on the weighted-average number of outstanding units during the reporting period. The average number of units fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.