Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2017

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,
	2017			2016			2017			2016
REI segment:
Revenues:
Rental income	$	282,341		$	303,383		$	862,371		$	928,706
Direct financing lease income	376			494			1,212			1,598
Operating expense reimbursements	23,826			27,969			72,103			77,862
Total real estate investment revenues	306,543			331,846			935,686			1,008,166
Operating expenses:
Acquisition-related	909			90			2,246			334
Litigation and other non-routine costs, net of insurance recoveries	9,507			4,630			36,793			2,372
Property operating	30,645			34,820			96,288			107,832
General and administrative	13,075			12,069			39,929			37,998
Depreciation and amortization	171,576			187,897			529,306			574,124
Impairment of real estate	6,363			6,872			30,857			176,214
Total operating expenses	232,075			246,378			735,419			898,874
Operating income	74,468			85,468			200,267			109,292
Other (expense) income:
Interest expense	(71,708		)	(79,869		)	(219,072		)	(242,763		)
Gain (loss) on extinguishment and forgiveness of debt, net	9,756			(2,003		)	18,691			(1,751		)
Other income, net	1,405			1,649			3,834			3,433
Equity in income and gain on disposition of unconsolidated entities	374			212			805			10,686
Gain (loss) on derivative instruments, net	1,294			(2,023		)	2,710			(3,286		)
Total other expenses, net	(58,879		)	(82,034		)	(193,032		)	(233,681		)
Income (loss) before taxes and real estate dispositions	15,589			3,434			7,235			(124,389		)
(Loss) gain on disposition of real estate and held for sale assets, net	(688		)	28,111			54,432			45,723
Income (loss) before taxes	14,901			31,545			61,667			(78,666		)
Provision for income taxes	(1,185		)	(1,539		)	(5,439		)	(4,695		)
Net income (loss)	$	13,716		$	30,006		$	56,228		$	(83,361	)



	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Cole Capital segment:
Revenues:
Offering-related fees and reimbursements	$	3,882		$	9,545		$	12,721		$	32,850
Transaction service fees and reimbursements	4,000			3,779			13,159			10,639
Management fees and reimbursements	19,303			17,745			57,121			51,299
Total Cole Capital revenues	27,185			31,069			83,001			94,788
Operating expenses:
Cole Capital reallowed fees and commissions	2,373			5,897			7,907			20,940
Acquisition-related	—			—			36			39
General and administrative	16,721			17,692			48,426			54,257
Depreciation and amortization	4,947			7,276			14,657			22,702
Total operating expenses	24,041			30,865			71,026			97,938
Operating income (loss)	3,144			204			11,975			(3,150		)
Total other income, net	502			95			706			589
Income (loss) before taxes	3,646			299			12,681			(2,561		)
(Provision for) benefit from income taxes	(868		)	(59		)	(3,439		)	3,321
Net income	$	2,778		$	240		$	9,242		$	760

Total Company:
Total revenues	$	333,728		$	362,915		$	1,018,687		$	1,102,954
Total operating expenses	$	(256,116	)	$	(277,243	)	$	(806,445	)	$	(996,812	)
Total other expense, net	$	(58,377	)	$	(81,939	)	$	(192,326	)	$	(233,092	)
Net income (loss)	$	16,494		$	30,246		$	65,470		$	(82,601	)