Financial Statements

As Reported Financials

Document Name As Of Date Currency Code (in thousands) 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q3 YTD 10-Q 9/30/2019 USD
Document Name As Of Date Currency Code 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q3 YTD 10-Q 9/30/2019 USD

Cash flows from operating activities

Net loss (323,492) (200,824) 32,378 (88,030) (378,274)

Adjustments to reconcile net loss to net cash provided by operating activities

Depreciation and amortization 866,549 806,548 745,499 659,948 379,133
Gain on real estate assets, net 65,582 (55,722) (61,536) (96,068) (251,106)
Impairments from held for sale 0 0 20,027 0 NA
Impairments 305,094 303,751 50,548 54,647 24,240
Equity-based compensation 14,500 10,728 16,751 13,314 9,899
Reserve for loan loss 15,300 NA NA NA NA
Equity in income of unconsolidated entities and gain on joint venture (2,361) 415 (2,726) (1,869) (1,682)
Distributions from unconsolidated entities 4,873 1,433 3,646 1,366 130
Loss (gain) on investments (65) 0 (65) (4,092) 492
Loss (gain) on derivative instruments 1,460 1,191 (2,976) (355) 58
Non-cash restructuring expense NA NA NA NA 3,999
Loss (gain) on extinguishment and forgiveness of debt, net (4,812) 771 (18,373) (5,360) 497
Surrender of Limited Partner OP Units NA NA NA NA (26,536)
Changes in assets and liabilities
Investment in direct financing leases 2,035 3,976 2,097 2,078 1,230
Rent and tenant receivables, operating lease right-of-use and other assets, net (63,195) (52,626) (21,394) (34,096) (17,234)
Due from affiliates 25,489 (416) 1,163 0 NA
Assets held for sale classified as discontinued operations 0 0 13,812 (2,492) 0
Accounts payable and accrued expenses (999) (3,323) 10,742 1,688 786,839
Deferred rent, operating lease and other liabilities (45,934) (17,740) (395) 7,162 (26,460)
Due to affiliates (329) (214) 50 (66) 0
Liabilities related to discontinued operations 0 0 4,019 (13,861) 0
Net cash provided by operating activities 859,695 797,948 793,267 493,914 505,225

Cash flows from investing activities

Investments in real estate assets (36,319) (100,194) (699,004) (500,625) (251,804)
Capital expenditures and leasing costs (18,569) (16,568) (21,694) (22,291) (27,309)
Real estate developments (57,682) (17,411) (14,850) (9,221) (17,274)
Principal repayments received on investment securities and mortgage notes receivable 6,921 5,417 6,796 5,761 106
Investments in unconsolidated entities 0 (25,777) 0 (771) (2,767)
Return of investment from unconsolidated entities 6,479 2,580 1,972 48 154
Proceeds from disposition of real estate and joint venture 1,009,107 1,000,700 445,525 502,289 846,023
Proceeds from disposition of discontinued operations NA 0 0 122,915 0
Payments related to disposition of discontinued operations NA NA NA NA 0
Investment in leasehold improvements and other assets (1,911) (2,259) (1,191) (841) (1,417)
Deposits for real estate assets (16,542) (17,856) (37,226) (13,412) (5,238)
Proceeds from sale of investments and other assets 392 0 400 46,966 9,837
Uses and refunds of deposits for real estate assets 48,702 13,305 36,111 17,267 3,562
Proceeds from the settlement of property-related insurance claims 839 0 355 1,434 473
Line of credit advances to Cole REITs (10,000) (10,300) (16,400) (2,200) 0
Line of credit repayments from Cole REITs 10,000 50,000 25,100 3,800 0
Net cash provided by investing activities 941,417 881,637 (274,106) 151,119 554,346

Cash flows from financing activities

Proceeds from mortgage notes payable 1,445 3,112 4,652 187 0
Payments on mortgage notes payable and other debt, including debt extinguishment costs (188,892) (337,022) (424,385) (137,887) (182,648)
Proceeds from credit facility 60,000 1,033,000 329,000 1,934,000 1,061,000
Payments on credit facility (1,784,000) (1,993,000) (645,107) (1,716,000) (564,000)
Proceeds from corporate bonds 0 1,000,000 600,000 546,304 NA
Payments on corporate bonds, including extinguishment costs 0 (1,311,203) 0 0 (750,000)
Repayment of convertible notes NA 0 0 (597,500) 0
Payments of deferred financing costs (2,436) (19,872) (9,575) (25,471) (181)
Repurchases of Common Stock under the Share Repurchase Programs 0 0 (518) (50,154) 0
Proceeds from 2016 term loan 0 300,000 0 0 NA
Repayment of 2016 term loan 0 (300,000) 0 0 NA
Repurchases of Common Stock to settle tax obligations (2,227) (4,652) (2,148) (2,326) (1,618)
Proceeds from the issuance of Common Stock, net of underwriters' discount and offering expenses 0 702,765 0 0 929,004
Payments of equity issuance costs 0 (280) 0 0 NA
Redemption of Series F Preferred Stock NA NA NA NA (100,096)
Contributions from non-controlling interest holders 0 675 101 120 64
Distributions paid (235,494) (580,508) (608,615) (606,679) (454,702)
Net cash used in financing activities (2,151,604) (1,506,985) (756,595) (655,406) (63,177)
Net change in cash and cash equivalents and restricted cash (350,492) 172,600 (237,434) (10,373) 996,394
Cash and cash equivalents and restricted cash, beginning of period 479,362 128,870 301,470 64,036 53,663
Less - cash and cash equivalents of discontinued operations (5,850) (4,968) (2,973) (2,198) 0
Cash and cash equivalents and restricted cash from continuing operations, beginning of period 473,512 123,902 298,497 61,838 53,663

Cash and cash equivalents and restricted cash from continuing operations, end of period

Cash and cash equivalents, and restricted cash, end of period 128,870 301,470 64,036 53,663 NA
Less - cash and cash equivalents of discontinued operations (4,968) (2,973) (2,198) 0 NA
Cash and cash equivalents and restricted cash from continuing operations, end of period 123,902 298,497 61,838 53,663 1,050,057

Reconciliation of Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents at beginning of period 410,861 64,135 253,479 34,176 30,758
Restricted cash at beginning of period 62,651 59,767 45,018 27,662 22,905
Cash and cash equivalents and restricted cash at beginning of period 473,512 123,902 298,497 61,838 53,663
Cash and cash equivalents at end of period 64,135 253,479 34,176 30,758 1,029,315
Restricted cash at end of period 59,767 45,018 27,662 22,905 20,742
Cash and cash equivalents and restricted cash at end of period 123,902 298,497 61,838 53,663 1,050,057
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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