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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 86,863 $ 70,971
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 126,980 139,394
Gain on real estate assets, net (25,508) (10,831)
Impairments 8,380 11,988
Equity-based compensation 2,855 2,872
Equity in income of unconsolidated entities (246) (500)
Distributions from unconsolidated entities 259 0
Loss on investments 541 470
Loss on derivative instruments 0 34
Non-cash restructuring expense 0 4,018
Loss on extinguishment and forgiveness of debt, net 1,280 0
Changes in assets and liabilities:    
Investment in direct financing leases 364 409
Rent and tenant receivables, operating lease right-of-use and other assets, net (4,462) (7,160)
Accounts payable and accrued expenses (2,749) (2,415)
Deferred rent, operating lease and other liabilities (22,546) (15,216)
Net cash provided by operating activities 172,011 194,034
Cash flows from investing activities:    
Investments in real estate assets (147,121) (81,065)
Capital expenditures and leasing costs (9,502) (7,498)
Real estate developments (3,231) (3,232)
Principal repayments received on mortgage notes receivable 0 62
Investments in unconsolidated entities (2,669) 0
Return of investment from unconsolidated entities 257 0
Proceeds from disposition of real estate 140,428 60,496
Investment in leasehold improvements and other assets (87) (177)
Deposits for real estate assets (895) (900)
Proceeds from sale of investments and other assets 0 8,199
Uses and refunds of deposits for real estate assets 3,130 1,240
Proceeds from the settlement of property-related insurance claims 38 32
Net cash used in investing activities (19,652) (22,843)
Cash flows from financing activities:    
Proceeds from mortgage notes payable 913 0
Payments on mortgage notes payable and other debt, including debt extinguishment costs (123,574) (2,426)
Proceeds from credit facility 831,313 899,000
Payments on credit facility (110,000) (207,000)
Redemptions of corporate bonds, including extinguishment costs (26) (750,000)
Extinguishment costs related to the repurchases of convertible notes (13) 0
Payments of deferred financing costs (35) (172)
Repurchases of Common Stock to settle tax obligations (2,378) (1,595)
Proceeds from the issuance of Common Stock, net of underwriters’ discount and offering expenses 0 20,894
Series F Preferred Stock redemption expenses (27) 0
Contributions from non-controlling interest holders 0 64
Distributions paid (162,747) (152,314)
Net cash provided by (used in) financing activities 433,426 (193,549)
Net change in cash and cash equivalents and restricted cash 585,785 (22,358)
Cash and cash equivalents and restricted cash, beginning of period 33,880 53,663
Cash and cash equivalents and restricted cash, end of period 619,665 31,305
Cash and cash equivalents at beginning of period 12,921 30,758
Restricted cash at beginning of period 20,959 22,905
Cash and cash equivalents at end of period 600,945 12,788
Restricted cash at end of period 18,720 18,517
VEREIT Operating Partnership, L.P. [Member]    
Cash flows from operating activities:    
Net income 86,863 70,971
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 126,980 139,394
Gain on real estate assets, net (25,508) (10,831)
Impairments 8,380 11,988
Equity-based compensation 2,855 2,872
Equity in income of unconsolidated entities (246) (500)
Distributions from unconsolidated entities 259 0
Loss on investments 541 470
Loss on derivative instruments 0 34
Non-cash restructuring expense 0 4,018
Loss on extinguishment and forgiveness of debt, net 1,280 0
Changes in assets and liabilities:    
Investment in direct financing leases 364 409
Rent and tenant receivables, operating lease right-of-use and other assets, net (4,462) (7,160)
Accounts payable and accrued expenses (2,749) (2,415)
Deferred rent, operating lease and other liabilities (22,546) (15,216)
Net cash provided by operating activities 172,011 194,034
Cash flows from investing activities:    
Investments in real estate assets (147,121) (81,065)
Capital expenditures and leasing costs (9,502) (7,498)
Real estate developments (3,231) (3,232)
Principal repayments received on mortgage notes receivable 0 62
Investments in unconsolidated entities (2,669) 0
Return of investment from unconsolidated entities 257 0
Proceeds from disposition of real estate 140,428 60,496
Investment in leasehold improvements and other assets (87) (177)
Deposits for real estate assets (895) (900)
Proceeds from sale of investments and other assets 0 8,199
Uses and refunds of deposits for real estate assets 3,130 1,240
Proceeds from the settlement of property-related insurance claims 38 32
Net cash used in investing activities (19,652) (22,843)
Cash flows from financing activities:    
Proceeds from mortgage notes payable 913 0
Payments on mortgage notes payable and other debt, including debt extinguishment costs (123,574) (2,426)
Proceeds from credit facility 831,313 899,000
Payments on credit facility (110,000) (207,000)
Redemptions of corporate bonds, including extinguishment costs (26) (750,000)
Extinguishment costs related to the repurchases of convertible notes (13) 0
Payments of deferred financing costs (35) (172)
Repurchases of Common Stock to settle tax obligations (2,378) (1,595)
Proceeds from the issuance of Common Stock, net of underwriters’ discount and offering expenses 0 20,894
Series F Preferred Stock redemption expenses (27) 0
Contributions from non-controlling interest holders 0 64
Distributions paid (162,747) (152,314)
Net cash provided by (used in) financing activities 433,426 (193,549)
Net change in cash and cash equivalents and restricted cash 585,785 (22,358)
Cash and cash equivalents and restricted cash, beginning of period 33,880 53,663
Cash and cash equivalents and restricted cash, end of period 619,665 31,305
Cash and cash equivalents at beginning of period 12,921 30,758
Restricted cash at beginning of period 20,959 22,905
Cash and cash equivalents at end of period 600,945 12,788
Restricted cash at end of period $ 18,720 $ 18,517