| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||
Net income | |||||||||
-307,106 | -88,030 | 32,378 | -200,824 | -323,492 | -1,010,912 | -507,815 | -42,237 | -4,804 | 0 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Issuance of OP Units | |||||||||
- | - | - | - | - | 92,884 | 107,771 | 0 | 0 | - |
Depreciation and amortization | |||||||||
495,232 | 659,948 | 745,499 | 806,548 | 866,549 | 1,007,164 | 238,307 | 43,152 | 2,323 | - |
Gain on real estate assets, net | |||||||||
296,447 | 96,068 | 61,536 | 55,722 | -65,582 | -277,031 | 0 | -600 | - | - |
Impairments from held for sale | |||||||||
0 | 0 | 20,027 | 0 | 0 | - | - | - | - | - |
Impairments | |||||||||
47,091 | 54,647 | 50,548 | 303,751 | 305,094 | 409,991 | 3,346 | 0 | - | - |
Equity-based compensation | |||||||||
13,101 | 13,314 | 16,751 | 10,728 | 14,500 | 31,861 | 100,261 | 1,230 | 225 | - |
Reserve for loan loss | |||||||||
- | - | - | - | 15,300 | 0 | - | - | - | - |
Equity in income of unconsolidated entities | |||||||||
2,618 | 1,869 | 2,726 | -415 | 2,361 | -77 | 0 | 0 | - | - |
Distributions from unconsolidated entities | |||||||||
284 | 1,366 | 3,646 | 1,433 | 4,873 | - | - | - | - | - |
Loss on investments | |||||||||
-492 | 4,092 | 65 | 0 | 65 | 6,357 | -2,206 | 0 | 0 | - |
Loss on derivative instruments | |||||||||
-58 | 355 | 2,976 | -1,191 | -1,460 | -10,570 | 1,739 | 0 | 0 | - |
Non-cash restructuring expense | |||||||||
-3,951 | 0 | 0 | - | - | - | - | - | - | - |
Loss on extinguishment and forgiveness of debt, net | |||||||||
-17,910 | 5,360 | 18,373 | -771 | 4,812 | 14,012 | 0 | 0 | - | - |
Surrender of Limited Partner OP Units | |||||||||
-26,536 | 0 | 0 | - | - | - | - | - | - | - |
Loss on extinguishment of Series C Stock | |||||||||
- | - | - | - | - | - | 13,749 | 0 | 0 | - |
Note receivable issued in legal settlement | |||||||||
- | - | - | - | - | 15,300 | 0 | 0 | - | - |
Loss on held for sale properties | |||||||||
- | - | - | - | - | - | - | - | -815 | 0 |
Impairment of real estate | |||||||||
- | - | - | - | - | - | - | - | 0 | - |
Depreciation | |||||||||
- | - | - | - | - | - | - | - | - | 0 |
Amortization of intangible lease assets | |||||||||
- | - | - | - | - | - | - | - | - | 0 |
Amortization of deferred costs | |||||||||
- | - | - | - | - | - | - | - | - | 0 |
Changes in assets and liabilities: | |||||||||
Investment in direct financing leases | |||||||||
-1,622 | -2,078 | -2,097 | -3,976 | -2,035 | -1,597 | -2,505 | 0 | - | - |
Rent and tenant receivables, operating lease right-of-use and other assets, net | |||||||||
18,367 | 34,096 | 21,394 | 52,626 | 63,195 | 97,125 | - | - | - | - |
Due from affiliates | |||||||||
0 | 0 | -1,163 | 416 | - | - | - | - | - | - |
Deferred costs and other assets | |||||||||
- | - | - | - | - | - | 19,851 | 5,089 | 546 | 0 |
Due from affiliates, net | |||||||||
- | - | - | - | -25,489 | 32,821 | 0 | 0 | - | - |
Assets held for sale classified as discontinued operations | |||||||||
0 | 2,492 | -13,812 | 0 | 0 | - | - | - | - | - |
Accounts payable and accrued expenses | |||||||||
-16,719 | 1,688 | 10,742 | -3,323 | -999 | -16,279 | 20,789 | 8,277 | 843 | 0 |
Deferred rent, operating lease and other liabilities | |||||||||
-19,551 | 7,162 | -395 | -17,740 | -45,934 | -99,930 | 8,555 | 3,507 | 887 | 0 |
Due to affiliates | |||||||||
0 | -66 | 50 | -214 | -329 | -43,887 | 43,834 | 0 | 0 | - |
Liabilities related to discontinued operations | |||||||||
0 | 13,861 | -4,019 | 0 | - | - | - | - | - | - |
Liabilities associated with assets held for sale | |||||||||
- | - | - | - | 0 | - | - | - | - | - |
Net cash provided by operating activities | |||||||||
-107,603 | 493,914 | 793,267 | 797,948 | 859,695 | 502,887 | 11,918 | 9,440 | -257 | 0 |
Cash flows from investing activities: | |||||||||
Investments in real estate assets | |||||||||
394,662 | 500,625 | 699,004 | 100,194 | 36,319 | 3,539,906 | 3,520,412 | 1,659,536 | 89,981 | 0 |
Acquisition of real estate businesses, net of cash acquired | |||||||||
- | - | - | - | - | 756,232 | 878,898 | 0 | 0 | - |
Investment in direct financing leases | |||||||||
- | - | - | - | - | - | 68,617 | 0 | 0 | - |
Capital expenditures and leasing costs | |||||||||
37,957 | 22,291 | 21,694 | 16,568 | 18,569 | 34,687 | 9,755 | 54 | 0 | - |
Real estate developments | |||||||||
28,125 | 9,221 | 14,850 | 17,411 | 57,682 | 72,515 | 0 | 0 | - | - |
Principal repayments received on mortgage notes receivable | |||||||||
106 | 5,761 | 6,796 | 5,417 | 6,921 | 77,614 | 442 | 0 | 0 | - |
Investments in unconsolidated entities | |||||||||
2,767 | 771 | 0 | 25,777 | 0 | 2,500 | 0 | 0 | - | - |
Return of investment from unconsolidated entities | |||||||||
1,138 | 48 | 1,972 | 2,580 | 6,479 | 8,335 | 0 | 0 | - | - |
Proceeds from disposition of real estate | |||||||||
1,067,532 | 502,289 | 445,525 | 1,000,700 | 1,009,107 | 1,598,767 | 0 | 553 | 0 | - |
Proceeds from disposition of discontinued operations | |||||||||
0 | 122,915 | 0 | 0 | - | - | - | - | - | - |
Investment in leasehold improvements and other assets | |||||||||
1,716 | 841 | 1,191 | 2,259 | 1,911 | 11,890 | 543 | 0 | 0 | - |
Deposits for real estate assets | |||||||||
8,453 | 13,412 | 37,226 | 17,856 | 16,542 | 265,372 | 101,887 | 638 | 0 | - |
Proceeds from sale of investments and other assets | |||||||||
9,837 | 46,966 | 400 | 0 | 392 | 159,752 | 119,542 | 0 | 0 | - |
Uses and refunds of deposits for real estate assets | |||||||||
6,328 | 17,267 | 36,111 | 13,305 | 48,702 | 347,971 | 0 | 0 | - | - |
Proceeds from the settlement of property-related insurance claims | |||||||||
1,957 | 1,434 | 355 | 0 | 839 | - | - | - | - | - |
Line of credit advances to Cole REITs | |||||||||
0 | 2,200 | 16,400 | 10,300 | - | - | - | - | - | - |
Purchases of investment securities | |||||||||
- | - | - | - | - | - | 81,590 | 41,747 | - | - |
Line of credit advances to affiliates | |||||||||
- | - | - | - | 10,000 | 125,000 | 0 | 0 | - | - |
Line of credit repayments from Cole REITs | |||||||||
0 | 3,800 | 25,100 | 50,000 | 10,000 | 81,100 | 0 | 0 | - | - |
Investment in mortgage notes receivable | |||||||||
- | - | - | - | - | 2,952 | 0 | 0 | - | - |
Purchases of investment securities | |||||||||
- | - | - | - | - | - | - | - | 0 | - |
Change in restricted cash | |||||||||
- | - | - | - | - | 8,606 | 0 | 0 | 0 | - |
Net cash used in investing activities | |||||||||
613,218 | 151,119 | -274,106 | 881,637 | 941,417 | -2,554,456 | -4,541,718 | -1,701,422 | -89,981 | 0 |
Cash flows from financing activities: | |||||||||
Proceeds from mortgage notes payable | |||||||||
705 | 187 | 4,652 | 3,112 | 1,445 | 1,010,219 | 6,924 | 229,798 | 21,470 | 0 |
Payments on mortgage notes payable and other debt, including debt extinguishment costs | |||||||||
374,058 | 137,887 | 424,385 | 337,022 | 188,892 | 1,255,506 | 5,711 | 0 | 0 | - |
Payments on other debt | |||||||||
- | - | - | - | - | - | -9,368 | 0 | 0 | - |
Proceeds from credit facility | |||||||||
1,386,000 | 1,934,000 | 329,000 | 1,033,000 | 60,000 | 5,824,000 | 2,678,800 | 82,319 | - | - |
Proceeds from senior secured revolving credit facility | |||||||||
- | - | - | - | - | - | - | - | 2,066 | - |
Payments on credit facility | |||||||||
739,000 | 1,716,000 | 645,107 | 1,993,000 | 1,784,000 | 5,918,800 | 954,604 | 122 | 11,159 | - |
Proceeds from corporate bonds | |||||||||
593,052 | 546,304 | 600,000 | 1,000,000 | 0 | 2,545,760 | 0 | 0 | - | - |
Redemptions of corporate bonds, including extinguishment costs | |||||||||
1,160,977 | 0 | 0 | 1,311,203 | 0 | 0 | - | - | - | - |
Repurchases of convertible notes, including extinguishment costs | |||||||||
82,254 | 597,500 | 0 | 0 | - | - | - | - | - | - |
Proceeds from senior corporate credit facility | |||||||||
- | - | - | - | - | - | - | - | 0 | 0 |
Payments on senior corporate credit facility | |||||||||
- | - | - | - | - | - | - | - | 0 | 0 |
Proceeds from secured credit facility | |||||||||
- | - | - | - | - | - | - | - | 0 | - |
Payments of deferred financing costs | |||||||||
4,190 | 25,471 | 9,575 | 19,872 | 2,436 | 116,373 | 101,196 | 13,974 | 3,108 | 0 |
Repurchases of Common Stock under the share repurchase programs | |||||||||
0 | 50,154 | 518 | 0 | 0 | - | - | - | - | - |
Redemption of Series D Preferred Stock | |||||||||
- | - | - | - | - | 316,126 | 0 | 0 | - | - |
Proceeds from issuance of convertible debt | |||||||||
- | - | - | - | - | - | 967,786 | 0 | 0 | - |
Repurchases of Common Stock to settle tax obligations | |||||||||
1,618 | 2,326 | 2,148 | 4,652 | 2,227 | 7,690 | 359,193 | 1,534 | 0 | - |
Proceeds from the issuance of Common Stock, net of underwriters’ discount and offering expenses | |||||||||
1,014,215 | 0 | 0 | 702,765 | 0 | 1,656,000 | 1,993,159 | 1,691,412 | 122,993 | - |
Proceeds from issuances of preferred shares | |||||||||
- | - | - | - | - | - | 0 | 9,000 | 0 | - |
Series F Preferred Stock redemption expenses | |||||||||
300,122 | 0 | 0 | - | - | - | 441,353 | 0 | 0 | - |
Proceeds from issuance of common stock | |||||||||
- | - | - | - | - | - | - | - | - | 0 |
Payments of equity issuance costs | |||||||||
- | - | - | 280 | 0 | 60,955 | - | - | 20,884 | 0 |
Contributions from affiliate | |||||||||
- | - | - | - | - | - | - | - | 2 | - |
Contributions from non-controlling interest holders | |||||||||
64 | 120 | 101 | 675 | 0 | 982 | 30,861 | 7,375 | 0 | - |
Distributions to non-controlling interest holders | |||||||||
- | - | - | - | - | - | 8,219 | 663 | - | - |
Distributions to non-controlling interest holders | |||||||||
- | - | - | - | - | - | - | - | 68 | 0 |
Distributions paid | |||||||||
665,241 | 606,679 | 608,615 | 580,508 | 235,494 | 950,414 | 234,897 | 37,673 | 1,743 | 0 |
Payment related to the surrender of Limited Partner OP Units | |||||||||
-191,974 | 0 | 0 | - | - | - | - | - | - | - |
Windfall tax benefits related to equity-based compensation | |||||||||
- | - | - | - | - | 4,458 | 0 | 0 | - | - |
Payments from affiliates, net | |||||||||
- | - | - | - | - | - | -376 | 396 | 0 | - |
Change in restricted cash | |||||||||
- | - | - | - | - | - | - | -1,108 | - | - |
Net cash provided by (used in) financing activities | |||||||||
-525,398 | -655,406 | -756,595 | -1,506,985 | -2,151,604 | 2,415,555 | 4,289,950 | 1,965,226 | 109,569 | 0 |
Net change in cash and cash equivalents and restricted cash | |||||||||
-19,783 | -10,373 | -237,434 | 172,600 | -350,492 | 363,986 | -239,850 | 273,244 | 19,331 | 0 |
Supplemental Disclosures: | |||||||||
Cash paid for interest | |||||||||
- | - | - | - | - | - | 49,549 | 8,983 | 622 | 0 |
Cash paid for income and franchise taxes | |||||||||
- | - | - | - | - | - | 1,711 | 173 | 0 | - |
Non-cash investing and financing activities: | |||||||||
OP units issued to acquire real estate investments | |||||||||
- | - | - | - | - | - | 0 | 6,352 | 0 | - |
Accrued capital expenditures and real estate developments | |||||||||
- | - | - | - | - | - | 0 | 0 | - | - |
Common stock issued through distribution reinvestment plan | |||||||||
- | - | - | - | - | - | 25,568 | 27,136 | 271 | - |
Initial proceeds from credit facility used to pay down mortgages assumed at formation | |||||||||
- | - | - | - | - | - | - | - | 51,500 | - |
Mortgage note payable contributed in formation | |||||||||
- | - | - | - | - | - | - | - | 13,850 | 0 |
Reclassification of deferred offering costs | |||||||||
- | - | - | - | - | - | - | - | - | 279 |
Initial proceeds from senior secured revolving credit facility used to pay down mortgages assumed in Formation Transactions | |||||||||
- | - | - | - | - | - | - | - | - | 0 |
VEREIT Operating Partnership, L.P. [Member] | |||||||||
Net income | |||||||||
-307,106 | -88,030 | 32,378 | -200,824 | - | - | - | - | - | - |
Depreciation and amortization | |||||||||
495,232 | 659,948 | 745,499 | 806,548 | - | - | - | - | - | - |
Gain on real estate assets, net | |||||||||
296,447 | 96,068 | 61,536 | 55,722 | - | - | - | - | - | - |
Impairments from held for sale | |||||||||
0 | 0 | 20,027 | 0 | - | - | - | - | - | - |
Impairments | |||||||||
47,091 | 54,647 | 50,548 | 303,751 | - | - | - | - | - | - |
Equity-based compensation | |||||||||
13,101 | 13,314 | 16,751 | 10,728 | - | - | - | - | - | - |
Equity in income of unconsolidated entities | |||||||||
2,618 | 1,869 | 2,726 | -415 | - | - | - | - | - | - |
Distributions from unconsolidated entities | |||||||||
284 | 1,366 | 3,646 | 1,433 | - | - | - | - | - | - |
Loss on investments | |||||||||
-492 | 4,092 | 65 | 0 | - | - | - | - | - | - |
Loss on derivative instruments | |||||||||
-58 | 355 | 2,976 | -1,191 | - | - | - | - | - | - |
Non-cash restructuring expense | |||||||||
-3,951 | 0 | 0 | - | - | - | - | - | - | - |
Loss on extinguishment and forgiveness of debt, net | |||||||||
-17,910 | 5,360 | 18,373 | -771 | - | - | - | - | - | - |
Surrender of Limited Partner OP Units | |||||||||
-26,536 | 0 | 0 | - | - | - | - | - | - | - |
Investment in direct financing leases | |||||||||
-1,622 | -2,078 | -2,097 | -3,976 | - | - | - | - | - | - |
Rent and tenant receivables, operating lease right-of-use and other assets, net | |||||||||
18,367 | 34,096 | 21,394 | 52,626 | - | - | - | - | - | - |
Due from affiliates | |||||||||
0 | 0 | -1,163 | 416 | - | - | - | - | - | - |
Assets held for sale classified as discontinued operations | |||||||||
0 | 2,492 | -13,812 | 0 | - | - | - | - | - | - |
Accounts payable and accrued expenses | |||||||||
-16,719 | 1,688 | 10,742 | -3,323 | - | - | - | - | - | - |
Deferred rent, operating lease and other liabilities | |||||||||
-19,551 | 7,162 | -395 | -17,740 | - | - | - | - | - | - |
Due to affiliates | |||||||||
0 | -66 | 50 | -214 | - | - | - | - | - | - |
Liabilities related to discontinued operations | |||||||||
0 | 13,861 | -4,019 | 0 | - | - | - | - | - | - |
Net cash provided by operating activities | |||||||||
-107,603 | 493,914 | 793,267 | 797,948 | - | - | - | - | - | - |
Investments in real estate assets | |||||||||
394,662 | 500,625 | 699,004 | 100,194 | - | - | - | - | - | - |
Capital expenditures and leasing costs | |||||||||
37,957 | 22,291 | 21,694 | 16,568 | - | - | - | - | - | - |
Real estate developments | |||||||||
28,125 | 9,221 | 14,850 | 17,411 | - | - | - | - | - | - |
Principal repayments received on mortgage notes receivable | |||||||||
106 | 5,761 | 6,796 | 5,417 | - | - | - | - | - | - |
Investments in unconsolidated entities | |||||||||
2,767 | 771 | 0 | 25,777 | - | - | - | - | - | - |
Return of investment from unconsolidated entities | |||||||||
1,138 | 48 | 1,972 | 2,580 | - | - | - | - | - | - |
Proceeds from disposition of real estate | |||||||||
1,067,532 | 502,289 | 445,525 | 1,000,700 | - | - | - | - | - | - |
Proceeds from disposition of discontinued operations | |||||||||
0 | 122,915 | 0 | 0 | - | - | - | - | - | - |
Investment in leasehold improvements and other assets | |||||||||
1,716 | 841 | 1,191 | 2,259 | - | - | - | - | - | - |
Deposits for real estate assets | |||||||||
8,453 | 13,412 | 37,226 | 17,856 | - | - | - | - | - | - |
Proceeds from sale of investments and other assets | |||||||||
9,837 | 46,966 | 400 | 0 | - | - | - | - | - | - |
Uses and refunds of deposits for real estate assets | |||||||||
6,328 | 17,267 | 36,111 | 13,305 | - | - | - | - | - | - |
Proceeds from the settlement of property-related insurance claims | |||||||||
1,957 | 1,434 | 355 | 0 | - | - | - | - | - | - |
Line of credit advances to Cole REITs | |||||||||
0 | 2,200 | 16,400 | 10,300 | - | - | - | - | - | - |
Line of credit repayments from Cole REITs | |||||||||
0 | 3,800 | 25,100 | 50,000 | - | - | - | - | - | - |
Net cash used in investing activities | |||||||||
613,218 | 151,119 | -274,106 | 881,637 | - | - | - | - | - | - |
Proceeds from mortgage notes payable | |||||||||
705 | 187 | 4,652 | 3,112 | - | - | - | - | - | - |
Payments on mortgage notes payable and other debt, including debt extinguishment costs | |||||||||
374,058 | 137,887 | 424,385 | 337,022 | - | - | - | - | - | - |
Proceeds from credit facility | |||||||||
1,386,000 | 1,934,000 | 329,000 | 1,033,000 | - | - | - | - | - | - |
Payments on credit facility | |||||||||
739,000 | 1,716,000 | 645,107 | 1,993,000 | - | - | - | - | - | - |
Proceeds from corporate bonds | |||||||||
593,052 | 546,304 | 600,000 | 1,000,000 | - | - | - | - | - | - |
Redemptions of corporate bonds, including extinguishment costs | |||||||||
1,160,977 | 0 | 0 | 1,311,203 | - | - | - | - | - | - |
Repurchases of convertible notes, including extinguishment costs | |||||||||
82,254 | 597,500 | 0 | 0 | - | - | - | - | - | - |
Payments of deferred financing costs | |||||||||
4,190 | 25,471 | 9,575 | 19,872 | - | - | - | - | - | - |
Repurchases of Common Stock under the share repurchase programs | |||||||||
0 | 50,154 | 518 | 0 | - | - | - | - | - | - |
Repurchases of Common Stock to settle tax obligations | |||||||||
1,618 | 2,326 | 2,148 | 4,652 | - | - | - | - | - | - |
Proceeds from the issuance of Common Stock, net of underwriters’ discount and offering expenses | |||||||||
1,014,215 | 0 | 0 | 702,765 | - | - | - | - | - | - |
Series F Preferred Stock redemption expenses | |||||||||
300,122 | 0 | 0 | - | - | - | - | - | - | - |
Payments of equity issuance costs | |||||||||
- | - | - | 280 | - | - | - | - | - | - |
Contributions from non-controlling interest holders | |||||||||
64 | 120 | 101 | 675 | - | - | - | - | - | - |
Distributions paid | |||||||||
665,241 | 606,679 | 608,615 | 580,508 | - | - | - | - | - | - |
Payment related to the surrender of Limited Partner OP Units | |||||||||
-191,974 | 0 | 0 | - | - | - | - | - | - | - |
Net cash provided by (used in) financing activities | |||||||||
-525,398 | -655,406 | -756,595 | -1,506,985 | - | - | - | - | - | - |
Net change in cash and cash equivalents and restricted cash | |||||||||
-19,783 | -10,373 | -237,434 | 172,600 | - | - | - | - | - | - |
Term Loan [Member] | |||||||||
Proceeds from unsecured debt | |||||||||
- | - | - | 300,000 | - | - | - | - | - | - |
Repayments of unsecured debt | |||||||||
- | - | - | 300,000 | - | - | - | - | - | - |