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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 120,723 $ 86,863
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 112,265 126,980
Gain on real estate assets, net (78,177) (25,508)
Impairments 31,849 8,380
Equity-based compensation 2,892 2,855
Equity in income of unconsolidated entities (447) (246)
Distributions from unconsolidated entities 447 259
(Gain) loss on other investments (695) 541
Loss on extinguishment and forgiveness of debt, net 2,132 1,280
Changes in assets and liabilities:    
Investment in direct financing leases 366 364
Rent and tenant receivables, operating lease right-of-use and other assets, net (2,000) (4,462)
Accounts payable and accrued expenses (7,019) (2,749)
Deferred rent, operating lease and other liabilities (2,245) (22,546)
Net cash provided by operating activities 180,091 172,011
Cash flows from investing activities:    
Investments in real estate assets (139,964) (147,121)
Capital expenditures and leasing costs (4,500) (9,502)
Real estate developments (3,553) (3,231)
Investments in unconsolidated entities 0 (2,669)
Return of investment from unconsolidated entities 1,124 257
Proceeds from disposition of real estate 253,503 140,428
Investment in leasehold improvements and other assets 36 (87)
Deposits for real estate assets (3,171) (895)
Uses and refunds of deposits for real estate assets 2,454 3,130
Proceeds from the settlement of property-related insurance claims 713 38
Net cash provided by (used in) investing activities 106,642 (19,652)
Cash flows from financing activities:    
Proceeds from mortgage notes payable 0 913
Payments on mortgage notes payable and other debt, including debt extinguishment costs (295,869) (123,574)
Proceeds from credit facility 0 831,313
Payments on credit facility, including swap termination payments 0 (110,000)
Extinguishment costs related to the redemption of corporate bonds 0 (26)
Extinguishment costs related to the repurchases of convertible notes 0 (13)
Payments of deferred financing costs (356) (35)
Refunds of deferred financing costs 280 0
Repurchases of Common Stock to settle tax obligations (1,681) (2,378)
Proceeds from the issuance of Common Stock, net of underwriters’ discount and offering expenses 1,336 0
Redemption of Series F Preferred Stock (100,000) (27)
Distributions paid (96,559) (162,747)
Net cash (used in) provided by financing activities (492,849) 433,426
Net change in cash and cash equivalents and restricted cash (206,116) 585,785
Cash and cash equivalents and restricted cash, beginning of period 537,381 33,880
Cash and cash equivalents and restricted cash, end of period 331,265 619,665
Cash and cash equivalents at beginning of period 523,539 12,921
Restricted cash at beginning of period 13,842 20,959
Cash and cash equivalents at end of period 318,561 600,945
Restricted cash at end of period 12,704 18,720
VEREIT Operating Partnership, L.P. [Member]    
Cash flows from operating activities:    
Net income 120,723 86,863
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 112,265 126,980
Gain on real estate assets, net (78,177) (25,508)
Impairments 31,849 8,380
Equity-based compensation 2,892 2,855
Equity in income of unconsolidated entities (447) (246)
Distributions from unconsolidated entities 447 259
(Gain) loss on other investments (695) 541
Loss on extinguishment and forgiveness of debt, net 2,132 1,280
Changes in assets and liabilities:    
Investment in direct financing leases 366 364
Rent and tenant receivables, operating lease right-of-use and other assets, net (2,000) (4,462)
Accounts payable and accrued expenses (7,019) (2,749)
Deferred rent, operating lease and other liabilities (2,245) (22,546)
Net cash provided by operating activities 180,091 172,011
Cash flows from investing activities:    
Investments in real estate assets (139,964) (147,121)
Capital expenditures and leasing costs (4,500) (9,502)
Real estate developments (3,553) (3,231)
Investments in unconsolidated entities 0 (2,669)
Return of investment from unconsolidated entities 1,124 257
Proceeds from disposition of real estate 253,503 140,428
Investment in leasehold improvements and other assets 36 (87)
Deposits for real estate assets (3,171) (895)
Uses and refunds of deposits for real estate assets 2,454 3,130
Proceeds from the settlement of property-related insurance claims 713 38
Net cash provided by (used in) investing activities 106,642 (19,652)
Cash flows from financing activities:    
Proceeds from mortgage notes payable 0 913
Payments on mortgage notes payable and other debt, including debt extinguishment costs (295,869) (123,574)
Proceeds from credit facility 0 831,313
Payments on credit facility, including swap termination payments 0 (110,000)
Extinguishment costs related to the redemption of corporate bonds 0 (26)
Extinguishment costs related to the repurchases of convertible notes 0 (13)
Payments of deferred financing costs (356) (35)
Refunds of deferred financing costs 280 0
Repurchases of Common Stock to settle tax obligations (1,681) (2,378)
Proceeds from the issuance of Common Stock, net of underwriters’ discount and offering expenses 1,336 0
Redemption of Series F Preferred Stock (100,000) (27)
Distributions paid (96,559) (162,747)
Net cash (used in) provided by financing activities (492,849) 433,426
Net change in cash and cash equivalents and restricted cash (206,116) 585,785
Cash and cash equivalents and restricted cash, beginning of period 537,381 33,880
Cash and cash equivalents and restricted cash, end of period 331,265 619,665
Cash and cash equivalents at beginning of period 523,539 12,921
Restricted cash at beginning of period 13,842 20,959
Cash and cash equivalents at end of period 318,561 600,945
Restricted cash at end of period $ 12,704 $ 18,720