XML 33 R4.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenues:      
Rental income $ 1,227,937 $ 1,339,787 $ 1,271,574
Direct financing lease income 2,055 2,720 3,603
Operating expense reimbursements 105,455 98,628 100,522
Cole Capital revenue 119,376 114,882 203,558
Total revenues 1,454,823 1,556,017 1,579,257
Operating expenses:      
Cole Capital reallowed fees and commissions 23,174 16,195 66,228
Acquisition related [1] 1,321 6,243 38,940
Litigation, merger and other non-routine costs, net of insurance recoveries [2] 3,884 33,628 199,616
Property operating 144,428 130,855 137,741
Management fees to affiliates 0 0 13,888
General and administrative [3] 136,608 149,066 167,428
Depreciation and amortization 788,186 847,611 916,003
Impairments 303,751 305,094 409,991
Total operating expenses 1,401,352 1,488,692 1,949,835
Operating income (loss) 53,471 67,325 (370,578)
Other (expense) income:      
Interest expense (317,376) (358,392) (452,648)
(Loss) gain on extinguishment and forgiveness of debt, net (771) 4,812 (21,869)
Other income, net 6,035 6,439 88,596
Reserve for loan loss 0 (15,300) 0
Equity in income (loss) and gain on disposition of unconsolidated entities 9,783 9,092 (76)
Loss on derivative instruments, net (1,191) (1,460) (10,570)
Total other expenses, net (303,520) (354,809) (396,567)
Loss before taxes and real estate dispositions (250,049) (287,484) (767,145)
Gain (loss) on disposition of real estate and held for sale assets, net 45,524 (72,311) (277,031)
Loss before taxes (204,525) (359,795) (1,044,176)
Benefit from income taxes 3,701 36,303 33,264
Net loss (200,824) (323,492) (1,010,912)
Net loss (income) attributable to non-controlling interests [4] 4,961 7,139 33,727
Net loss attributable to the General Partner/OP $ (195,863) $ (316,353) $ (977,185)
Basic and diluted net income (loss) per share attributable to common stockholders (in dollars per share) $ (0.29) $ (0.43) $ (1.36)
Distributions declared per common share / unit (in dollars per share) $ 0.55 $ 0.28 $ 1.03000
VEREIT Operating Partnership, L.P. [Member]      
Revenues:      
Rental income $ 1,227,937 $ 1,339,787 $ 1,271,574
Direct financing lease income 2,055 2,720 3,603
Operating expense reimbursements 105,455 98,628 100,522
Cole Capital revenue 119,376 114,882 203,558
Total revenues 1,454,823 1,556,017 1,579,257
Operating expenses:      
Cole Capital reallowed fees and commissions 23,174 16,195 66,228
Acquisition related [5] 1,321 6,243 38,940
Litigation, merger and other non-routine costs, net of insurance recoveries [6] 3,884 33,628 199,616
Property operating 144,428 130,855 137,741
Management fees to affiliates 0 0 13,888
General and administrative [7] 136,608 149,066 167,428
Depreciation and amortization 788,186 847,611 916,003
Impairments 303,751 305,094 409,991
Total operating expenses 1,401,352 1,488,692 1,949,835
Operating income (loss) 53,471 67,325 (370,578)
Other (expense) income:      
Interest expense (317,376) (358,392) (452,648)
(Loss) gain on extinguishment and forgiveness of debt, net (771) 4,812 (21,869)
Other income, net 6,035 6,439 88,596
Reserve for loan loss 0 (15,300) 0
Equity in income (loss) and gain on disposition of unconsolidated entities 9,783 9,092 (76)
Loss on derivative instruments, net (1,191) (1,460) (10,570)
Total other expenses, net (303,520) (354,809) (396,567)
Loss before taxes and real estate dispositions (250,049) (287,484) (767,145)
Gain (loss) on disposition of real estate and held for sale assets, net 45,524 (72,311) (277,031)
Loss before taxes (204,525) (359,795) (1,044,176)
Benefit from income taxes 3,701 36,303 33,264
Net loss (200,824) (323,492) (1,010,912)
Net loss (income) attributable to non-controlling interests [8] 14 (1,274) 154
Net loss attributable to the General Partner/OP $ (200,810) $ (324,766) $ (1,010,758)
Basic and diluted net loss per unit attributable to common unitholders (in dollars per share) $ (0.29) $ (0.43) $ (1.36)
Distributions declared per common share / unit (in dollars per share) $ 0.55 $ 0.28 $ 1.03
[1] Includes $1.7 million of expenses paid to affiliates of the Former Manager (as defined in Note 1 – Organization) for the year ended December 31, 2014. No such expenses were incurred during the years ended December 31, 2016 and 2015.
[2] Includes $137.8 million of expenses paid to affiliates of the Former Manager (as defined in Note 1 – Organization) for the year ended December 31, 2014. No such expenses were incurred during the years ended December 31, 2016 and 2015.
[3] Includes $16.1 million of expenses paid to affiliates of the Former Manager (as defined in Note 1 – Organization) for the year ended December 31, 2014. No such expenses were incurred during the years ended December 31, 2016 and 2015.
[4] Represents net loss attributable to limited partners and consolidated joint venture partners.
[5] Includes $1.7 million of expenses paid to affiliates of the Former Manager (as defined in Note 1 – Organization) for the year ended December 31, 2014. No such expenses were incurred during the years ended December 31, 2016 and 2015.
[6] Includes $137.8 million of expenses paid to affiliates of the Former Manager (as defined in Note 1 – Organization) for the year ended December 31, 2014. No such expenses were incurred during the years ended December 31, 2016 and 2015.
[7] Includes $16.1 million of expenses paid to affiliates of the Former Manager (as defined in Note 1 – Organization) for the year ended December 31, 2014. No such expenses were incurred during the years ended December 31, 2016 and 2015.
[8] Represents loss (income) attributable to consolidated joint venture partners.