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Discontinued Operations
 3 Months Ended
Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Discontinued Operations
On February 1, 2018, the Company completed the sale of its investment management segment, Cole Capital. Substantially all of the Cole Capital segment’s operations were conducted through Cole Capital Advisors, Inc. (“CCA”), an Arizona corporation and a wholly owned subsidiary of the OP. The OP sold all of the issued and outstanding shares of common stock of CCA and certain of CCA’s subsidiaries to CCA Acquisition, LLC (the “Cole Purchaser”), an affiliate of CIM Group, LLC, for approximately $120.0 million paid in cash at closing. The Company could also receive additional fees over the next six years if future revenues of Cole Capital exceed a specified dollar threshold (the “Net Revenue Payments”), up to an aggregate of $80.0 million in Net Revenue Payments. Substantially all of the Cole Capital segment financial results are reflected in the financial statements as discontinued operations.

The following is a summary of the financial information and cash flows for discontinued operations for the three months ended March 31, 2018 and 2017 (in thousands):
 
 
Three Months Ended March 31,
Revenues:
 
2018
 
2017
Offering-related fees and reimbursements
 
$
1,027

 
$
4,316

Transaction service fees and reimbursements
 
334

 
4,006

Management fees and reimbursements
 
6,452

 
18,391

Total revenues
 
$
7,813

 
$
26,713

Operating expenses:
 
 
 
 
Cole Capital reallowed fees and commissions
 
602

 
2,660

Transaction costs (1)
 
(654
)
 
—

General and administrative
 
4,450

 
15,917

Amortization of intangible assets
 
—

 
4,140

Total operating expenses
 
4,398

 
22,717

Operating income
 
3,415

 
3,996

Other income (expense), net
 
—

 
5

Loss on disposition (2)
 
(2,009
)
 
—

Income before taxes
 
1,406

 
4,001

Benefit from (provision for) income taxes
 
2,095

 
(1,146
)
Income from discontinued operations
 
$
3,501

 
$
2,855

____________________________________
(1)
The negative balance for the three months ended March 31, 2018 is a result of estimated costs accrued in prior periods that exceeded actual expenses incurred.
(2)
The Company recognized a loss on classification as held for sale of $20.0 million for the year ended December 31, 2017.

 
 
Three Months Ended March 31,
 
 
2018
 
2017
Cash flows related to discontinued operations:
 
 
 
 
Cash flows used in operating activities
 
$
(10,662
)
 
$
(3,934
)
Cash flows from investing activities
 
$
123,925

 
$
—