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Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q3 YTD 9/30/2018 USD
Source Document Currency Code 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q3 YTD 9/30/2018 USD

Cash flows from operating activities
Net (loss) income (1,010,912) (323,492) (200,824) 32,378 (115,872)

Adjustments to reconcile net (loss) income to net cash provided by operating activities
Issuance of OP Units 92,884 NA NA NA NA
Depreciation and amortization 1,007,164 866,549 806,548 745,499 503,529
Gain on real estate assets, net 277,031 65,582 (55,722) (61,536) (70,188)
Held for sale loss on discontinued operations NA 0 0 20,027 NA
Impairments 409,991 305,094 303,751 50,548 36,082
Equity-based compensation 31,861 14,500 10,728 16,751 10,203
Reserve for loan loss 0 15,300 0 0 NA
Equity in income of unconsolidated entities and gain on joint venture 77 (2,361) 415 (2,726) (1,644)
Distributions from unconsolidated entities 8,335 4,873 1,433 3,646 1,365
Gain on investments (6,357) (65) 0 (65) (2,302)
Gain on derivative instruments, net 10,570 1,460 1,191 (2,976) (447)
Gain on extinguishment and forgiveness of debt, net (14,012) (4,812) 771 (18,373) (5,339)
Note receivable issued in legal settlement (15,300) NA NA NA NA
Changes in assets and liabilities
Investment in direct financing leases 1,597 2,035 3,976 2,097 1,524
Rent and tenant receivables and other assets, net (97,125) (63,195) (52,626) (21,394) (28,520)
Assets held for sale classified as discontinued operations NA 0 0 13,812 (2,492)
Accounts payable and accrued expenses (16,279) (999) (3,323) 10,742 132,686
Deferred rent and other liabilities (99,930) (45,934) (17,740) (395) (11,001)
Due to affiliates (43,887) (329) (214) 50 (66)
Liabilities related to discontinued operations NA 0 0 4,019 (13,861)
Net cash provided by operating activities 502,887 859,695 797,948 793,267 433,657

Cash flows from investing activities
Investments in real estate assets (3,539,906) (36,319) (100,194) (699,004) (278,385)
Acquisition of real estate businesses, net of cash acquired (756,232) NA NA NA NA
Capital expenditures and leasing costs (34,687) (18,569) (16,568) (21,694) (13,116)
Real estate developments (72,515) (57,682) (17,411) (14,850) (7,477)
Principal repayments received on investment securities and mortgage notes receivable 77,614 6,921 5,417 6,796 5,555
Investments in unconsolidated entities (2,500) 0 (25,777) 0 NA
Return of investment from unconsolidated entities NA 6,479 2,580 1,972 48
Proceeds from disposition of real estate and joint venture 1,598,767 1,009,107 1,000,700 445,525 358,443
Proceeds from disposition of discontinued operations NA NA NA NA 123,925
Payments related to disposition of discontinued operations NA NA NA NA (1,010)
Investment in leasehold improvements and other assets (11,890) (1,911) (2,259) (1,191) (616)
Deposits for real estate assets (265,372) (16,542) (17,856) (37,226) (11,957)
Proceeds from sale of investments and other assets 159,752 392 0 400 10,880
Uses and refunds of deposits for real estate assets 347,971 48,702 13,305 36,111 8,552
Proceeds from the settlement of property-related insurance claims NA 839 0 355 1,354
Line of credit advances to Cole REITs (125,000) (10,000) (10,300) (16,400) (2,200)
Line of credit repayments from Cole REITs 81,100 10,000 50,000 25,100 3,800
Investment in mortgage notes receivable (2,952) NA NA NA NA
Change in restricted cash (8,606) NA NA NA NA
Net cash provided by (used in) investing activities (2,554,456) 941,417 881,637 (274,106) 197,796

Cash flows from financing activities
Proceeds from mortgage notes payable 1,010,219 1,445 3,112 4,652 182
Payments on mortgage notes payable and other debt, including debt extinguishment costs (1,255,506) (188,892) (337,022) (424,385) (125,418)
Proceeds from credit facility 5,824,000 60,000 1,033,000 329,000 1,558,000
Payments on credit facility (5,918,800) (1,784,000) (1,993,000) (645,107) (950,000)
Proceeds from corporate bonds 2,545,760 0 1,000,000 600,000 0
Payments on corporate bonds, including extinguishment costs 0 0 (1,311,203) 0 NA
Repayment of convertible notes NA NA NA NA (597,500)
Payments of deferred financing costs (116,373) (2,436) (19,872) (9,575) (20,719)
Proceeds from 2016 Term Loan 0 0 300,000 0 NA
Repayment of 2016 Term Loan 0 0 (300,000) 0 NA
Redemption of Series D Preferred Stock (316,126) NA NA NA NA
Repurchases of common stock under the Share Repurchase Program NA 0 0 (518) (50,154)
Repurchases of common stock to settle tax obligations (7,690) (2,227) (4,652) (2,148) (2,209)
Proceeds from the issuance of Common Stock, net of underwriters' discount 1,656,000 0 702,765 0 NA
Payments of equity issuance costs (60,955) 0 (280) 0 NA
Contributions from non-controlling interest holders 982 0 675 101 120
Distributions paid (950,414) (235,494) (580,508) (608,615) (455,078)
Windfall tax benefits related to equity­based compensation 4,458 NA NA NA NA
Net cash used in financing activities 2,415,555 (2,151,604) (1,506,985) (756,595) (642,776)
Net change in cash and cash equivalents 363,986 NA NA NA NA
Cash and cash equivalents, beginning of period 52,725 NA NA NA NA
Cash and cash equivalents, end of period 416,711 NA NA NA NA
Net change in cash and cash equivalents and restricted cash NA (350,492) 172,600 (237,434) (11,323)

Cash and cash equivalents and restricted cash, beginning of period
Cash and cash equivalents and restricted cash, beginning of period NA 479,362 128,870 301,470 64,036
Less - cash and cash equivalents of discontinued operations NA (5,850) (4,968) (2,973) (2,198)
Cash and cash equivalents and restricted cash from continuing operations, beginning of period NA 473,512 123,902 298,497 61,838

Cash and cash equivalents, and restricted cash, end of period
Cash and cash equivalents, and restricted cash, end of period NA 128,870 301,470 64,036 52,713
Less - cash and cash equivalents of discontinued operations NA (4,968) (2,973) (2,198) 0
Cash and cash equivalents and restricted cash from continuing operations, end of period NA 123,902 298,497 61,838 52,713

Reconciliation of Cash and Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period NA 410,861 64,135 253,479 34,176
Restricted cash at beginning of period NA 62,651 59,767 45,018 27,662
Cash and cash equivalents and restricted cash at beginning of period NA 473,512 123,902 298,497 61,838
Cash and cash equivalents at end of period NA 64,135 253,479 34,176 25,264
Restricted cash at end of period NA 59,767 45,018 27,662 27,449
Cash and cash equivalents and restricted cash at end of period NA 123,902 298,497 61,838 52,713
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.
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