XML 29 R9.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 141,102 $ 363,255
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 240,902 260,771
Gain on real estate assets, net (34,303) (232,597)
Impairments 20,474 20,296
Equity-based compensation 6,926 6,755
Equity in income of unconsolidated entities (1,743) (1,005)
Distributions from unconsolidated entities 861 0
Loss on investments 683 464
Loss on derivative instruments 0 58
Non-cash restructuring expense 0 4,048
Loss on extinguishment and forgiveness of debt, net 1,480 1,472
Surrender of Limited Partner OP Units 0 (26,536)
Changes in assets and liabilities:    
Investment in direct financing leases 736 821
Rent and tenant receivables, operating lease right-of-use and other assets, net (30,158) (9,596)
Accounts payable and accrued expenses (13,870) (13,104)
Deferred rent, operating lease and other liabilities (12,138) (27,084)
Net cash provided by operating activities 320,952 348,018
Cash flows from investing activities:    
Investments in real estate assets (147,121) (191,550)
Capital expenditures and leasing costs (15,665) (19,695)
Real estate developments (6,469) (10,537)
Principal repayments received on mortgage notes receivable 0 88
Investments in unconsolidated entities (10,066) (2,767)
Return of investment from unconsolidated entities 970 0
Proceeds from disposition of real estate 204,114 739,873
Investment in leasehold improvements and other assets (314) (798)
Deposits for real estate assets (1,420) (3,072)
Investments in mezzanine position (9,959) 0
Proceeds from sale of investments and other assets 0 8,199
Uses and refunds of deposits for real estate assets 4,036 2,946
Proceeds from the settlement of property-related insurance claims 48 334
Net cash provided by investing activities 18,154 523,021
Cash flows from financing activities:    
Proceeds from mortgage notes payable 1,032 0
Payments on mortgage notes payable and other debt, including debt extinguishment costs (135,036) (175,962)
Proceeds from credit facility 902,000 1,034,000
Payments on credit facility (1,052,000) (537,000)
Proceeds from corporate bonds 594,864 0
Redemptions of corporate bonds, including extinguishment costs (26) (750,000)
Repurchases of convertible notes, including extinguishment costs (50,326) 0
Payments of deferred financing costs (6,946) (182)
Repurchases of Common Stock to settle tax obligations (2,378) (1,604)
Proceeds from the issuance of Common Stock, net of underwriters’ discount and offering expenses 0 42,078
Series F Preferred Stock redemption expenses (52) 0
Contributions from non-controlling interest holders 0 64
Distributions paid (324,032) (303,894)
Net cash used in financing activities (72,900) (692,500)
Net change in cash and cash equivalents and restricted cash 266,206 178,539
Cash and cash equivalents and restricted cash, beginning of period 33,880 53,663
Cash and cash equivalents and restricted cash, end of period 300,086 232,202
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 278,883 211,510
Restricted cash at end of period 21,203 20,692
VEREIT Operating Partnership, L.P. [Member]    
Cash flows from operating activities:    
Net income 141,102 363,255
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 240,902 260,771
Gain on real estate assets, net (34,303) (232,597)
Impairments 20,474 20,296
Equity-based compensation 6,926 6,755
Equity in income of unconsolidated entities (1,743) (1,005)
Distributions from unconsolidated entities 861 0
Loss on investments 683 464
Loss on derivative instruments 0 58
Non-cash restructuring expense 0 4,048
Loss on extinguishment and forgiveness of debt, net 1,480 1,472
Surrender of Limited Partner OP Units 0 (26,536)
Changes in assets and liabilities:    
Investment in direct financing leases 736 821
Rent and tenant receivables, operating lease right-of-use and other assets, net (30,158) (9,596)
Accounts payable and accrued expenses (13,870) (13,104)
Deferred rent, operating lease and other liabilities (12,138) (27,084)
Net cash provided by operating activities 320,952 348,018
Cash flows from investing activities:    
Investments in real estate assets (147,121) (191,550)
Capital expenditures and leasing costs (15,665) (19,695)
Real estate developments (6,469) (10,537)
Principal repayments received on mortgage notes receivable 0 88
Investments in unconsolidated entities (10,066) (2,767)
Return of investment from unconsolidated entities 970 0
Proceeds from disposition of real estate 204,114 739,873
Investment in leasehold improvements and other assets (314) (798)
Deposits for real estate assets (1,420) (3,072)
Investments in mezzanine position (9,959) 0
Proceeds from sale of investments and other assets 0 8,199
Uses and refunds of deposits for real estate assets 4,036 2,946
Proceeds from the settlement of property-related insurance claims 48 334
Net cash provided by investing activities 18,154 523,021
Cash flows from financing activities:    
Proceeds from mortgage notes payable 1,032 0
Payments on mortgage notes payable and other debt, including debt extinguishment costs (135,036) (175,962)
Proceeds from credit facility 902,000 1,034,000
Payments on credit facility (1,052,000) (537,000)
Proceeds from corporate bonds 594,864 0
Redemptions of corporate bonds, including extinguishment costs (26) (750,000)
Repurchases of convertible notes, including extinguishment costs (50,326) 0
Payments of deferred financing costs (6,946) (182)
Repurchases of Common Stock to settle tax obligations (2,378) (1,604)
Proceeds from the issuance of Common Stock, net of underwriters’ discount and offering expenses 0 42,078
Series F Preferred Stock redemption expenses (52) 0
Contributions from non-controlling interest holders 0 64
Distributions paid (324,032) (303,894)
Net cash used in financing activities (72,900) (692,500)
Net change in cash and cash equivalents and restricted cash 266,206 178,539
Cash and cash equivalents and restricted cash, beginning of period 33,880 53,663
Cash and cash equivalents and restricted cash, end of period 300,086 232,202
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 278,883 211,510
Restricted cash at end of period $ 21,203 $ 20,692