XML 29 R9.htm IDEA: XBRL DOCUMENT v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 260,239 $ 241,885
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 334,483 350,600
Gain on real estate assets, net (100,320) (77,117)
Impairments 59,250 36,871
Equity-based compensation 10,217 10,137
Equity in income of unconsolidated entities (1,374) (2,406)
Distributions from unconsolidated entities 1,122 1,753
(Gain) loss on other investments (691) 607
Loss on extinguishment and forgiveness of debt, net 2,102 1,419
Changes in assets and liabilities:    
Investment in direct financing leases 1,125 1,117
Rent and tenant receivables, operating lease right-of-use and other assets, net (1,781) (38,277)
Accounts payable and accrued expenses 11,331 (9,645)
Deferred rent, operating lease and other liabilities (11,505) (2,936)
Net cash provided by operating activities 564,198 514,008
Cash flows from investing activities:    
Investments in real estate assets (419,139) (147,121)
Capital expenditures and leasing costs (22,722) (21,102)
Real estate developments (14,383) (16,592)
Investments in unconsolidated entities (2,180) (21,348)
Return of investment from unconsolidated entities 3,706 1,961
Proceeds from disposition of real estate 420,171 346,675
Investment in leasehold improvements and other assets (80) (612)
Deposits for real estate assets (8,661) (1,973)
Investments in mezzanine position 0 (9,959)
Uses and refunds of deposits for real estate assets 7,060 4,036
Proceeds from the settlement of property-related insurance claims 1,148 654
Net cash (used in) provided by investing activities (35,080) 134,619
Cash flows from financing activities:    
Proceeds from mortgage notes payable 0 1,032
Payments on mortgage notes payable and other debt, including debt extinguishment costs (344,459) (197,382)
Proceeds from credit facility 192,000 902,000
Payments on credit facility, including swap termination payments (104,000) (1,052,000)
Proceeds from corporate bonds 0 594,864
Extinguishment costs related to the redemption of corporate bonds 0 (26)
Extinguishment costs related to the repurchases of convertible notes 0 (69,362)
Payments of deferred financing costs (1,195) (7,275)
Refunds of deferred financing costs 280 0
Repurchases of Common Stock to settle tax obligations (1,828) (2,386)
Proceeds from the issuance of Common Stock, net of underwriters’ discount and offering expenses 1,336 89,279
Redemption of Series F Preferred Stock (473,073) (300,104)
Redemption of Limited Partners’ Common OP Units 0 (149)
Distributions paid (318,883) (418,722)
Net cash used in financing activities (1,049,822) (460,231)
Net change in cash and cash equivalents and restricted cash (520,704) 188,396
Cash and cash equivalents and restricted cash, beginning of period 537,381 33,880
Cash and cash equivalents and restricted cash, end of period 16,677 222,276
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 5,874 207,321
Restricted cash at end of period 10,803 14,955
VEREIT Operating Partnership, L.P. [Member]    
Cash flows from operating activities:    
Net income 260,239 241,885
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 334,483 350,600
Gain on real estate assets, net (100,320) (77,117)
Impairments 59,250 36,871
Equity-based compensation 10,217 10,137
Equity in income of unconsolidated entities (1,374) (2,406)
Distributions from unconsolidated entities 1,122 1,753
(Gain) loss on other investments (691) 607
Loss on extinguishment and forgiveness of debt, net 2,102 1,419
Changes in assets and liabilities:    
Investment in direct financing leases 1,125 1,117
Rent and tenant receivables, operating lease right-of-use and other assets, net (1,781) (38,277)
Accounts payable and accrued expenses 11,331 (9,645)
Deferred rent, operating lease and other liabilities (11,505) (2,936)
Net cash provided by operating activities 564,198 514,008
Cash flows from investing activities:    
Investments in real estate assets (419,139) (147,121)
Capital expenditures and leasing costs (22,722) (21,102)
Real estate developments (14,383) (16,592)
Investments in unconsolidated entities (2,180) (21,348)
Return of investment from unconsolidated entities 3,706 1,961
Proceeds from disposition of real estate 420,171 346,675
Investment in leasehold improvements and other assets (80) (612)
Deposits for real estate assets (8,661) (1,973)
Investments in mezzanine position 0 (9,959)
Uses and refunds of deposits for real estate assets 7,060 4,036
Proceeds from the settlement of property-related insurance claims 1,148 654
Net cash (used in) provided by investing activities (35,080) 134,619
Cash flows from financing activities:    
Proceeds from mortgage notes payable 0 1,032
Payments on mortgage notes payable and other debt, including debt extinguishment costs (344,459) (197,382)
Proceeds from credit facility 192,000 902,000
Payments on credit facility, including swap termination payments (104,000) (1,052,000)
Proceeds from corporate bonds 0 594,864
Extinguishment costs related to the redemption of corporate bonds 0 (26)
Extinguishment costs related to the repurchases of convertible notes 0 (69,362)
Payments of deferred financing costs (1,195) (7,275)
Refunds of deferred financing costs 280 0
Repurchases of Common Stock to settle tax obligations (1,828) (2,386)
Proceeds from the issuance of Common Stock, net of underwriters’ discount and offering expenses 1,336 89,279
Redemption of Series F Preferred Stock (473,073) (300,104)
Redemption of Limited Partners’ Common OP Units 0 (149)
Distributions paid (318,883) (418,722)
Net cash used in financing activities (1,049,822) (460,231)
Net change in cash and cash equivalents and restricted cash (520,704) 188,396
Cash and cash equivalents and restricted cash, beginning of period 537,381 33,880
Cash and cash equivalents and restricted cash, end of period 16,677 222,276
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 5,874 207,321
Restricted cash at end of period $ 10,803 $ 14,955