Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2017 |
Jun. 30, 2016 |
| Operating activities |
|
|
| Net income attributable to common stockholders |
$ 36,035
|
$ 69,059
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
129,214
|
128,927
|
| Impairments |
50,372
|
25,989
|
| Amortization of deferred financing costs |
4,823
|
4,402
|
| Payment to terminate interest rate swaps |
0
|
(1,724)
|
| Derivative net settlements, amortization and terminations |
0
|
1,781
|
| Amortization of debt discounts |
6,304
|
1,507
|
| Stock-based compensation expense |
11,438
|
3,790
|
| Loss (gain) on debt extinguishment |
22
|
(8,675)
|
| Debt extinguishment costs |
0
|
(10,625)
|
| Gains on dispositions of real estate and other assets, net |
(31,490)
|
(21,261)
|
| Non-cash revenue |
(14,275)
|
(11,954)
|
| Other |
2,716
|
210
|
| Changes in operating assets and liabilities: |
|
|
| Deferred costs and other assets, net |
(2,074)
|
(179)
|
| Accounts payable, accrued expenses and other liabilities |
2,893
|
(3,620)
|
| Accrued restructuring charges |
0
|
(647)
|
| Net cash provided by operating activities |
195,978
|
176,980
|
| Investing activities |
|
|
| Acquisitions of real estate |
(218,117)
|
(235,342)
|
| Capitalized real estate expenditures |
(23,327)
|
(5,978)
|
| Investments in loans receivable |
(3,000)
|
0
|
| Collections of principal on loans receivable and real estate assets under direct financing leases |
2,074
|
16,783
|
| Proceeds from dispositions of real estate and other assets |
239,077
|
189,023
|
| Transfers of net sales proceeds from restricted accounts pursuant to 1031 Exchanges |
0
|
39,867
|
| Transfers of net sales proceeds to Master Trust Release |
(19,633)
|
(3,862)
|
| Net cash (used in) provided by investing activities |
(22,926)
|
491
|
| Financing activities |
|
|
| Borrowings under Revolving Credit Facility |
568,200
|
357,000
|
| Repayments under Revolving Credit Facility |
(334,200)
|
(357,000)
|
| Repayments under mortgages and notes payable |
(26,759)
|
(460,766)
|
| Borrowings under Term Loan |
0
|
451,000
|
| Repayments under Term Loan |
0
|
(406,000)
|
| Deferred financing costs |
(192)
|
(1,077)
|
| Proceeds from issuance of common stock, net of offering costs |
0
|
401,953
|
| Repurchase of shares of common stock |
(203,827)
|
(739)
|
| Dividends paid |
(174,693)
|
(154,982)
|
| Transfers (from) to reserve/escrow deposits with lenders |
(394)
|
760
|
| Net cash used in financing activities |
(171,865)
|
(169,851)
|
| Net increase in cash and cash equivalents |
1,187
|
7,620
|
| Cash and cash equivalents, beginning of period |
10,059
|
21,790
|
| Cash and cash equivalents, end of period |
11,246
|
29,410
|
| Spirit Realty, L.P. |
|
|
| Operating activities |
|
|
| Net income attributable to common stockholders |
36,035
|
69,059
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
129,214
|
128,927
|
| Impairments |
50,372
|
25,989
|
| Amortization of deferred financing costs |
4,823
|
4,402
|
| Payment to terminate interest rate swaps |
0
|
(1,724)
|
| Derivative net settlements, amortization and terminations |
0
|
1,781
|
| Amortization of debt discounts |
6,304
|
1,507
|
| Stock-based compensation expense |
11,438
|
3,790
|
| Loss (gain) on debt extinguishment |
22
|
(8,675)
|
| Debt extinguishment costs |
0
|
(10,625)
|
| Gains on dispositions of real estate and other assets, net |
(31,490)
|
(21,261)
|
| Non-cash revenue |
(14,275)
|
(11,954)
|
| Other |
2,716
|
210
|
| Changes in operating assets and liabilities: |
|
|
| Deferred costs and other assets, net |
(2,074)
|
(179)
|
| Accounts payable, accrued expenses and other liabilities |
2,893
|
(3,620)
|
| Accrued restructuring charges |
0
|
(647)
|
| Net cash provided by operating activities |
195,978
|
176,980
|
| Investing activities |
|
|
| Acquisitions of real estate |
(218,117)
|
(235,342)
|
| Capitalized real estate expenditures |
(23,327)
|
(5,978)
|
| Investments in loans receivable |
(3,000)
|
0
|
| Collections of principal on loans receivable and real estate assets under direct financing leases |
2,074
|
16,783
|
| Proceeds from dispositions of real estate and other assets |
239,077
|
189,023
|
| Transfers of net sales proceeds from restricted accounts pursuant to 1031 Exchanges |
0
|
39,867
|
| Transfers of net sales proceeds to Master Trust Release |
(19,633)
|
(3,862)
|
| Net cash (used in) provided by investing activities |
(22,926)
|
491
|
| Financing activities |
|
|
| Borrowings under Revolving Credit Facility |
568,200
|
357,000
|
| Repayments under Revolving Credit Facility |
(334,200)
|
(357,000)
|
| Repayments under mortgages and notes payable |
(26,759)
|
(460,766)
|
| Borrowings under Term Loan |
0
|
451,000
|
| Repayments under Term Loan |
0
|
(406,000)
|
| Deferred financing costs |
(192)
|
(1,077)
|
| Proceeds from issuance of common stock, net of offering costs |
0
|
401,953
|
| Repurchase of partnership units |
(203,827)
|
(739)
|
| Dividends paid |
(174,693)
|
(154,982)
|
| Transfers (from) to reserve/escrow deposits with lenders |
(394)
|
760
|
| Net cash used in financing activities |
(171,865)
|
(169,851)
|
| Net increase in cash and cash equivalents |
1,187
|
7,620
|
| Cash and cash equivalents, beginning of period |
10,059
|
21,790
|
| Cash and cash equivalents, end of period |
$ 11,246
|
$ 29,410
|