Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2017 |
Sep. 30, 2016 |
| Operating activities |
|
|
| Net income attributable to common stockholders |
$ 41,357
|
$ 96,458
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
192,887
|
194,227
|
| Impairments |
88,109
|
41,396
|
| Amortization of deferred financing costs |
7,274
|
6,706
|
| Payment to terminate interest rate swaps |
0
|
(1,724)
|
| Derivative net settlements, amortization and terminations |
0
|
1,809
|
| Amortization of debt discounts |
9,663
|
3,354
|
| Stock-based compensation expense |
13,778
|
7,190
|
| Gain on debt extinguishment |
(1,770)
|
(326)
|
| Debt extinguishment costs |
0
|
(25,344)
|
| Gains on dispositions of real estate and other assets, net |
(40,197)
|
(39,221)
|
| Non-cash revenue |
(20,642)
|
(16,155)
|
| Other |
4,902
|
(1,514)
|
| Changes in operating assets and liabilities: |
|
|
| Deferred costs and other assets, net |
(8,728)
|
(8,911)
|
| Accounts payable, accrued expenses and other liabilities |
5,726
|
1,346
|
| Net cash provided by operating activities |
292,359
|
259,291
|
| Investing activities |
|
|
| Acquisitions of real estate |
(278,470)
|
(424,468)
|
| Capitalized real estate expenditures |
(34,939)
|
(8,307)
|
| Investments in corporate leasehold improvements |
0
|
(2,839)
|
| Investments in loans receivable |
(4,995)
|
0
|
| Collections of principal on loans receivable and real estate assets under direct financing leases |
7,817
|
6,331
|
| Proceeds from dispositions of real estate and other assets |
342,032
|
245,921
|
| Transfers of net sales proceeds from restricted accounts pursuant to 1031 Exchanges |
0
|
58,194
|
| Transfers of net sales proceeds to Master Trust Release |
(64,941)
|
(3,953)
|
| Net cash used in investing activities |
(33,496)
|
(129,121)
|
| Financing activities |
|
|
| Borrowings under Revolving Credit Facility |
781,200
|
828,000
|
| Repayments under Revolving Credit Facility |
(481,200)
|
(723,000)
|
| Repayments under mortgages and notes payable |
(76,403)
|
(790,224)
|
| Borrowings under Term Loan |
0
|
746,000
|
| Repayments under Term Loan |
0
|
(701,000)
|
| Borrowings under Senior Unsecured Notes |
0
|
298,134
|
| Deferred financing costs |
(192)
|
(4,017)
|
| Proceeds from issuance of common stock, net of offering costs |
0
|
446,613
|
| Repurchase of shares of common stock |
(225,748)
|
(739)
|
| Dividends paid |
(257,112)
|
(238,926)
|
| Transfers (from) to reserve/escrow deposits with lenders |
2,480
|
383
|
| Net cash used in financing activities |
(256,975)
|
(138,776)
|
| Net increase (decrease) in cash and cash equivalents |
1,888
|
(8,606)
|
| Cash and cash equivalents, beginning of period |
10,059
|
21,790
|
| Cash and cash equivalents, end of period |
11,947
|
13,184
|
| Cash paid for interest |
121,166
|
130,762
|
| Cash paid for income taxes |
872
|
763
|
| Spirit Realty, L.P. |
|
|
| Operating activities |
|
|
| Net income attributable to common stockholders |
41,357
|
96,458
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
192,887
|
194,227
|
| Impairments |
88,109
|
41,396
|
| Amortization of deferred financing costs |
7,274
|
6,706
|
| Payment to terminate interest rate swaps |
0
|
(1,724)
|
| Derivative net settlements, amortization and terminations |
0
|
1,809
|
| Amortization of debt discounts |
9,663
|
3,354
|
| Stock-based compensation expense |
13,778
|
7,190
|
| Gain on debt extinguishment |
(1,770)
|
(326)
|
| Debt extinguishment costs |
0
|
(25,344)
|
| Gains on dispositions of real estate and other assets, net |
(40,197)
|
(39,221)
|
| Non-cash revenue |
(20,642)
|
(16,155)
|
| Other |
4,902
|
(1,514)
|
| Changes in operating assets and liabilities: |
|
|
| Deferred costs and other assets, net |
(8,728)
|
(8,911)
|
| Accounts payable, accrued expenses and other liabilities |
5,726
|
1,346
|
| Net cash provided by operating activities |
292,359
|
259,291
|
| Investing activities |
|
|
| Acquisitions of real estate |
(278,470)
|
(424,468)
|
| Capitalized real estate expenditures |
(34,939)
|
(8,307)
|
| Investments in corporate leasehold improvements |
0
|
(2,839)
|
| Investments in loans receivable |
(4,995)
|
0
|
| Collections of principal on loans receivable and real estate assets under direct financing leases |
7,817
|
6,331
|
| Proceeds from dispositions of real estate and other assets |
342,032
|
245,921
|
| Transfers of net sales proceeds from restricted accounts pursuant to 1031 Exchanges |
0
|
58,194
|
| Transfers of net sales proceeds to Master Trust Release |
(64,941)
|
(3,953)
|
| Net cash used in investing activities |
(33,496)
|
(129,121)
|
| Financing activities |
|
|
| Borrowings under Revolving Credit Facility |
781,200
|
828,000
|
| Repayments under Revolving Credit Facility |
(481,200)
|
(723,000)
|
| Repayments under mortgages and notes payable |
(76,403)
|
(790,224)
|
| Borrowings under Term Loan |
0
|
746,000
|
| Repayments under Term Loan |
0
|
(701,000)
|
| Borrowings under Senior Unsecured Notes |
0
|
298,134
|
| Deferred financing costs |
(192)
|
(4,017)
|
| Proceeds from issuance of common stock, net of offering costs |
0
|
446,613
|
| Repurchase of partnership units |
(225,748)
|
(739)
|
| Dividends paid |
(257,112)
|
(238,926)
|
| Transfers (from) to reserve/escrow deposits with lenders |
2,480
|
383
|
| Net cash used in financing activities |
(256,975)
|
(138,776)
|
| Net increase (decrease) in cash and cash equivalents |
1,888
|
(8,606)
|
| Cash and cash equivalents, beginning of period |
10,059
|
21,790
|
| Cash and cash equivalents, end of period |
11,947
|
13,184
|
| Cash paid for interest |
121,166
|
130,762
|
| Cash paid for income taxes |
$ 872
|
$ 763
|