Annual report pursuant to Section 13 and 15(d)

VEREIT OFFICE ASSETS COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.22.4
VEREIT OFFICE ASSETS COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 10 Months Ended 12 Months Ended
Oct. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income   $ (47,464) $ (1,899)
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization   43,922 25,950
Impairments   49,859 18,671
Loss on extinguishment of debt, net   3,782 0
Equity in loss of unconsolidated joint venture, net   56 0
Changes in assets and liabilities:      
Accounts payable and accrued expenses   11,552 (191)
Net cash provided by operating activities   56,108 42,327
Cash flows from investing activities:      
Capital expenditures and leasing costs   (9,916) (464)
Investment in unconsolidated joint venture   (2,478) 0
Return of investment from unconsolidated joint venture   133 0
Net cash provided by (used in) investing activities   (12,261) (464)
Cash flows from financing activities:      
Proceeds from mortgages payable   0 0
Payments on mortgages payable   (36,476) (32,678)
Net cash used in financing activities   (18,444) (41,667)
Net change in cash and cash equivalents and restricted cash   25,403 196
Cash and cash equivalents and restricted cash at the beginning of the period $ 3,915 3,915 3,719
Cash and cash equivalents and restricted cash at the end of the period   29,318 3,915
Reconciliation of Cash and Cash Equivalents and Restricted Cash      
Cash and cash equivalents at beginning of period 0 0 0
Restricted cash at beginning of period 3,915 3,915 3,719
Cash and cash equivalents and restricted cash at the beginning of the period 3,915 3,915 3,719
Cash and cash equivalents at end of period   29,318 0
Restricted cash at the end of the period   0 3,915
Cash and cash equivalents and restricted cash at the end of the period   29,318 3,915
Supplemental disclosures:      
Cash paid for interest   2,412 3,479
VEREIT Office Assets      
Cash flows from operating activities:      
Net income 5,691   43,533
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 48,894   62,225
Impairments 28,064   9,306
Gain on disposition of real estate assets, net 0   (9,765)
Loss on extinguishment of debt, net 5,294   1,686
Equity in loss of unconsolidated joint venture, net (697)   (535)
Distributions from unconsolidated joint venture 697   524
Changes in assets and liabilities:      
Rents and tenant receivables, operating lease right-of-use and other assets, net 803   613
Accounts payable and accrued expenses (4,860)   2,525
Deferred rent, operating lease and other liabilities (156)   (1,593)
Net cash provided by operating activities 83,730   108,519
Cash flows from investing activities:      
Capital expenditures and leasing costs (8,019)   (7,427)
Real estate developments (259)   (1,327)
Proceeds from disposition of real estate 0   116,360
Investment in unconsolidated joint venture (2,180)   (2,669)
Return of investment from unconsolidated joint venture 1,147   718
Principal repayments received on other investments 0   5,768
Proceeds from the settlement of property-related insurance claims 70   10
Net cash provided by (used in) investing activities (9,241)   111,433
Cash flows from financing activities:      
Proceeds from mortgages payable 0   1,032
Payments on mortgages payable (223,064)   (28,233)
Net contributions from (distributions to) parent 145,169   (192,228)
Net cash used in financing activities (77,895)   (219,429)
Net change in cash and cash equivalents and restricted cash (3,406)   523
Cash and cash equivalents and restricted cash at the beginning of the period 3,414 3,414 2,891
Cash and cash equivalents and restricted cash at the end of the period 8   3,414
Reconciliation of Cash and Cash Equivalents and Restricted Cash      
Cash and cash equivalents at beginning of period 400 400 190
Restricted cash at beginning of period 3,014 3,014 2,701
Cash and cash equivalents and restricted cash at the beginning of the period 3,414 $ 3,414 2,891
Cash and cash equivalents at end of period 0   400
Restricted cash at the end of the period 8   3,014
Cash and cash equivalents and restricted cash at the end of the period 8   3,414
Supplemental disclosures:      
Cash paid for interest 6,521   10,491
Non-cash investing and financing activities:      
Real estate contributions to unconsolidated joint venture 0   17,240
Accrued capital expenditures and real estate developments $ (2,033)   $ (288)