SPIRIT REALTY CAPITAL, INC. - 10-Q filing on 2019-11-05

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash consisted of the following (in thousands):

	September 30, 2019		December 31, 2018		September 30, 2018
Cash and cash equivalents	$	358,440	$	14,493	$	7,578
Restricted cash:
Collateral deposits ⁽¹⁾		469		351		423
Tenant improvements, repairs, and leasing commissions ⁽²⁾		10,431		9,093		8,898
Master Trust Release ⁽³⁾		—		7,412		7,410
1031 Exchange proceeds, net		—		45,042		—
Other ⁽⁴⁾		326		1,030		990
Total cash, cash equivalents and restricted cash	$	369,666	$	77,421	$	25,299

⁽¹⁾	Funds held in lender-controlled accounts generally used to meet future debt service or certain property operating expenses.

⁽²⁾	^{Deposits held as additional collateral support by lenders to fund improvements, repairs and leasing commissions incurred to secure a new tenant.}

⁽³⁾

Proceeds from the sale of assets pledged as collateral under the Master Trust 2013 notes, which were held on deposit until a qualifying substitution was made or the funds were applied as prepayment of principal. The Master Trust 2013 notes were extinguished in June 2019. See Note 4 for further detail.

⁽⁴⁾	Funds held in lender-controlled accounts released after scheduled debt service requirements are met.

Schedule of Components of Income Taxes

The components of income taxes are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
US Federal Income Tax	$	10,402	$	51	$	10,500	$	64
State Income Tax		788		84		1,230		411
Total Income Tax	$	11,190	$	135	$	11,730	$	475