Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2018

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The following is a summary of the financial information for discontinued operations for the three and nine months ended September 30, 2018 and 2017 (in thousands):

	Three Months Ended September 30,					Nine Months Ended September 30,
Revenues:	2018		2017			2018			2017
Offering-related fees and reimbursements	$	—	$	3,882		$	1,027		$	12,721
Transaction service fees and reimbursements	—		3,964			334			12,110
Management fees and reimbursements	—		19,152			6,452			56,388
Total revenues	$	—	$	26,998		$	7,813		$	81,219
Operating expenses:
Cole Capital reallowed fees and commissions	—		2,373			602			7,907
Transaction costs (1)	—		—			(654		)	—
General and administrative	—		16,072			4,450			46,426
Amortization of intangible assets	—		4,140			—			12,420
Total operating expenses	—		22,585			4,398			66,753
Operating income	—		4,413			3,415			14,466
Other income, net (2)	—		460			(1,785		)	469
Income before taxes	—		4,873			1,630			14,935
Benefit from (provision for) income taxes	—		(868		)	2,095			(3,439		)
Income from discontinued operations	$	—	$	4,005		$	3,725		$	11,496

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(1) The negative balance for the nine months ended September 30, 2018 is a result of estimated costs accrued in prior periods that exceeded actual expenses incurred.

(2) Includes a $1.8 million loss on disposition during the nine months ended September 30, 2018. The Company recognized a loss on classification as held for sale of $20.0 million during the three months ended December 31, 2017.

Assets related to discontinued operations as of December 31, 2017 were $125.7 million.

The following is a summary of cash flows related to discontinued operations for the nine months ended September 30, 2018 and 2017 (in thousands):

	Nine Months Ended September 30,
	2018			2017
Cash flows related to discontinued operations:
Cash flows (used in) from operating activities	$	(10,438	)	$	26,727
Cash flows from investing activities	$	122,915		$	—