Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
3 Months Ended |
Mar. 31, 2018 |
Mar. 31, 2017 |
| Operating activities |
|
|
|
| Net income |
|
$ 30,718
|
$ 12,829
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
|
62,117
|
64,994
|
| Impairments |
|
14,569
|
34,376
|
| Amortization of deferred financing costs |
|
2,979
|
2,401
|
| Amortization of debt discounts |
|
4,562
|
3,061
|
| Stock-based compensation expense |
|
4,366
|
2,246
|
| (Gain) loss on debt extinguishment |
|
(21,328)
|
30
|
| Loss (gain) on dispositions of real estate and other assets |
|
605
|
(16,217)
|
| Non-cash revenue |
|
(5,491)
|
(6,390)
|
| Bad debt expense and other |
|
1,488
|
1,336
|
| Changes in operating assets and liabilities: |
|
|
|
| Deferred costs and other assets, net |
|
478
|
534
|
| Accounts payable, accrued expenses and other liabilities |
|
(1,903)
|
(2,398)
|
| Net cash provided by operating activities |
|
93,160
|
96,802
|
| Investing activities |
|
|
|
| Acquisitions of real estate |
|
(2,722)
|
(135,616)
|
| Capitalized real estate expenditures |
|
(9,890)
|
(13,312)
|
| Investments in loans receivable |
|
(35,450)
|
(3,000)
|
| Collections of principal on loans receivable and real estate assets under direct financing leases |
|
3,798
|
1,151
|
| Proceeds from dispositions of real estate and other assets |
|
26,082
|
134,712
|
| Net cash used in investing activities |
|
(18,182)
|
(16,065)
|
| Financing activities |
|
|
|
| Borrowings under Revolving Credit Facility |
|
198,500
|
230,200
|
| Repayments under Revolving Credit Facility |
|
(156,000)
|
(187,200)
|
| Borrowings under mortgages and notes payable |
|
104,247
|
0
|
| Repayments under mortgages and notes payable |
|
(18,002)
|
(19,335)
|
| Debt extinguishment costs |
|
(1,105)
|
(544)
|
| Deferred financing costs |
|
(1,236)
|
(51)
|
| Repurchase of shares of common stock |
|
(104,526)
|
(804)
|
| Preferred stock dividends paid |
|
(2,588)
|
0
|
| Common stock dividends paid |
|
(80,821)
|
(87,218)
|
| Net cash used in financing activities |
|
(61,531)
|
(64,952)
|
| Net increase in cash, cash equivalents and restricted cash |
|
13,447
|
15,785
|
| Cash, cash equivalents and restricted cash, beginning of period |
|
114,707
|
36,898
|
| Cash, cash equivalents and restricted cash, end of period |
|
128,154
|
52,683
|
| Cash paid for interest |
|
38,555
|
38,899
|
| Cash paid for income taxes |
|
107
|
88
|
| Supplemental Disclosures of Non-Cash Investing and Financing Activities: |
|
|
|
| Relief of debt in exchange for collateral assets |
|
0
|
35,522
|
| Relief of debt through foreclosure of real estate properties |
|
33,917
|
0
|
| Reclass of residual value on expired deferred financing lease to operating asset |
|
0
|
8,613
|
| Net real estate and other collateral assets sold or surrendered to lender |
|
12,758
|
35,008
|
| Accrued interest capitalized to principal |
|
1,062
|
714
|
| Distributions declared and unpaid (including dividend rights) |
|
79,645
|
87,864
|
| Spirit Realty, L.P. |
|
|
|
| Operating activities |
|
|
|
| Net income |
|
30,718
|
12,829
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
|
62,117
|
64,994
|
| Impairments |
|
14,569
|
34,376
|
| Amortization of deferred financing costs |
|
2,979
|
2,401
|
| Amortization of debt discounts |
|
4,562
|
3,061
|
| Stock-based compensation expense |
|
4,366
|
2,246
|
| (Gain) loss on debt extinguishment |
|
(21,328)
|
30
|
| Loss (gain) on dispositions of real estate and other assets |
|
605
|
(16,217)
|
| Non-cash revenue |
|
(5,491)
|
(6,390)
|
| Bad debt expense and other |
|
1,488
|
1,336
|
| Changes in operating assets and liabilities: |
|
|
|
| Deferred costs and other assets, net |
|
478
|
534
|
| Accounts payable, accrued expenses and other liabilities |
|
(1,903)
|
(2,398)
|
| Net cash provided by operating activities |
|
93,160
|
96,802
|
| Investing activities |
|
|
|
| Acquisitions of real estate |
|
(2,722)
|
(135,616)
|
| Capitalized real estate expenditures |
|
(9,890)
|
(13,312)
|
| Investments in loans receivable |
|
(35,450)
|
(3,000)
|
| Collections of principal on loans receivable and real estate assets under direct financing leases |
|
3,798
|
1,151
|
| Proceeds from dispositions of real estate and other assets |
|
26,082
|
134,712
|
| Net cash used in investing activities |
|
(18,182)
|
(16,065)
|
| Financing activities |
|
|
|
| Borrowings under Revolving Credit Facility |
|
198,500
|
230,200
|
| Repayments under Revolving Credit Facility |
|
(156,000)
|
(187,200)
|
| Borrowings under mortgages and notes payable |
|
104,247
|
0
|
| Repayments under mortgages and notes payable |
|
(18,002)
|
(19,335)
|
| Debt extinguishment costs |
|
(1,105)
|
(544)
|
| Deferred financing costs |
|
(1,236)
|
(51)
|
| Repurchase of partnership units |
|
(104,526)
|
(804)
|
| Preferred stock dividends paid |
|
(2,588)
|
0
|
| Common stock dividends paid |
|
(80,821)
|
(87,218)
|
| Net cash used in financing activities |
|
(61,531)
|
(64,952)
|
| Net increase in cash, cash equivalents and restricted cash |
|
13,447
|
15,785
|
| Cash, cash equivalents and restricted cash, beginning of period |
|
114,707
|
36,898
|
| Cash, cash equivalents and restricted cash, end of period |
|
128,154
|
52,683
|
| Cash paid for interest |
|
38,555
|
38,899
|
| Cash paid for income taxes |
|
107
|
88
|
| Supplemental Disclosures of Non-Cash Investing and Financing Activities: |
|
|
|
| Relief of debt in exchange for collateral assets |
|
0
|
35,522
|
| Relief of debt through foreclosure of real estate properties |
|
33,917
|
0
|
| Reclass of residual value on expired deferred financing lease to operating asset |
|
0
|
8,613
|
| Net real estate and other collateral assets sold or surrendered to lender |
|
12,758
|
35,008
|
| Accrued interest capitalized to principal |
[1] |
1,062
|
714
|
| Distributions declared and unpaid (including dividend rights) |
|
$ 79,645
|
$ 87,864
|
|
|