Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
3 Months Ended |
Mar. 31, 2017 |
Mar. 31, 2016 |
| Operating activities |
|
|
| Net income attributable to common stockholders |
$ 12,829
|
$ 23,100
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
64,994
|
64,664
|
| Impairments |
34,376
|
12,618
|
| Amortization of deferred financing costs |
2,401
|
2,166
|
| Derivative net settlements, amortization and terminations |
0
|
30
|
| Amortization of debt discounts |
3,061
|
760
|
| Stock-based compensation expense |
2,246
|
2,305
|
| Loss on debt extinguishment |
30
|
5,341
|
| Debt extinguishment costs |
(544)
|
(540)
|
| Gains on dispositions of real estate and other assets, net |
(16,217)
|
(10,146)
|
| Non-cash revenue |
(6,390)
|
(6,587)
|
| Other |
1,337
|
(14)
|
| Changes in operating assets and liabilities: |
|
|
| Deferred costs and other assets, net |
534
|
95
|
| Accounts payable, accrued expenses and other liabilities |
(2,398)
|
(3,085)
|
| Accrued restructuring charges |
0
|
(1,072)
|
| Net cash provided by operating activities |
96,259
|
89,635
|
| Investing activities |
|
|
| Acquisitions of real estate |
(135,616)
|
(72,458)
|
| Capitalized real estate expenditures |
(13,312)
|
(3,552)
|
| Investments in loans receivable |
(3,000)
|
0
|
| Collections of principal on loans receivable and real estate assets under direct financing leases |
1,151
|
2,151
|
| Proceeds from dispositions of real estate and other assets |
134,712
|
89,349
|
| Transfers of net sales proceeds from restricted accounts pursuant to 1031 Exchanges |
0
|
39,867
|
| Transfers of net sales proceeds to Master Trust Release |
(15,984)
|
(30,578)
|
| Net cash (used in) provided by investing activities |
(32,049)
|
24,779
|
| Financing activities |
|
|
| Borrowings under 2015 Credit Facility |
230,200
|
60,000
|
| Repayments under 2015 Credit Facility |
(187,200)
|
(36,000)
|
| Repayments under mortgages and notes payable |
(19,335)
|
(96,732)
|
| Borrowings under Term Loan |
0
|
45,000
|
| Repayments under Term Loan |
0
|
(36,000)
|
| Deferred financing costs |
(51)
|
(125)
|
| Proceeds from issuance of common stock, net of offering costs |
0
|
13,923
|
| Repurchase of shares of common stock |
(804)
|
(738)
|
| Distributions paid |
(87,218)
|
(77,381)
|
| Transfers (from) to reserve/escrow deposits with lenders |
(552)
|
841
|
| Net cash used in financing activities |
(64,960)
|
(127,212)
|
| Net decrease in cash and cash equivalents |
(750)
|
(12,798)
|
| Cash and cash equivalents, beginning of period |
10,059
|
21,790
|
| Cash and cash equivalents, end of period |
9,309
|
8,992
|
| Spirit Realty, L.P. |
|
|
| Operating activities |
|
|
| Net income attributable to common stockholders |
12,829
|
23,100
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
64,994
|
64,664
|
| Impairments |
34,376
|
12,618
|
| Amortization of deferred financing costs |
2,401
|
2,166
|
| Derivative net settlements, amortization and terminations |
0
|
30
|
| Amortization of debt discounts |
3,061
|
760
|
| Stock-based compensation expense |
2,246
|
2,305
|
| Loss on debt extinguishment |
30
|
5,341
|
| Debt extinguishment costs |
(544)
|
(540)
|
| Gains on dispositions of real estate and other assets, net |
(16,217)
|
(10,146)
|
| Non-cash revenue |
(6,390)
|
(6,587)
|
| Other |
1,337
|
(14)
|
| Changes in operating assets and liabilities: |
|
|
| Deferred costs and other assets, net |
534
|
95
|
| Accounts payable, accrued expenses and other liabilities |
(2,398)
|
(3,085)
|
| Accrued restructuring charges |
0
|
(1,072)
|
| Net cash provided by operating activities |
96,259
|
89,635
|
| Investing activities |
|
|
| Acquisitions of real estate |
(135,616)
|
(72,458)
|
| Capitalized real estate expenditures |
(13,312)
|
(3,552)
|
| Investments in loans receivable |
(3,000)
|
0
|
| Collections of principal on loans receivable and real estate assets under direct financing leases |
1,151
|
2,151
|
| Proceeds from dispositions of real estate and other assets |
134,712
|
89,349
|
| Transfers of net sales proceeds from restricted accounts pursuant to 1031 Exchanges |
0
|
39,867
|
| Transfers of net sales proceeds to Master Trust Release |
(15,984)
|
(30,578)
|
| Net cash (used in) provided by investing activities |
(32,049)
|
24,779
|
| Financing activities |
|
|
| Borrowings under 2015 Credit Facility |
230,200
|
60,000
|
| Repayments under 2015 Credit Facility |
(187,200)
|
(36,000)
|
| Repayments under mortgages and notes payable |
(19,335)
|
(96,732)
|
| Borrowings under Term Loan |
0
|
45,000
|
| Repayments under Term Loan |
0
|
(36,000)
|
| Deferred financing costs |
(51)
|
(125)
|
| Proceeds from issuance of common stock, net of offering costs |
0
|
13,923
|
| Repurchase of partnership units |
(804)
|
(738)
|
| Distributions paid |
(87,218)
|
(77,381)
|
| Transfers (from) to reserve/escrow deposits with lenders |
(552)
|
841
|
| Net cash used in financing activities |
(64,960)
|
(127,212)
|
| Net decrease in cash and cash equivalents |
(750)
|
(12,798)
|
| Cash and cash equivalents, beginning of period |
10,059
|
21,790
|
| Cash and cash equivalents, end of period |
$ 9,309
|
$ 8,992
|