Annual report pursuant to Section 13 and 15(d)

VEREIT OFFICE ASSETS COMBINED AND CONSOLIDATED STATEMENT OF CASH FLOWS

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VEREIT OFFICE ASSETS COMBINED AND CONSOLIDATED STATEMENT 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)  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization   43,922  
Impairments   49,859  
Loss on extinguishment of debt, net   3,782  
Equity in loss of unconsolidated joint venture, net   56  
Changes in assets and liabilities:      
Accounts payable and accrued expenses   11,552  
Net cash provided by operating activities   56,108  
Cash flows from investing activities:      
Capital expenditures and leasing costs   (9,916)  
Investment in unconsolidated joint venture   (2,478)  
Return of investment from unconsolidated joint venture   133  
Proceeds from the settlement of property-related insurance claims   0  
Net cash provided by (used in) investing activities   (12,261)  
Cash flows from financing activities:      
Payments on mortgages payable   (36,476)  
Net cash used in financing activities   (18,444)  
Net change in cash and cash equivalents and restricted cash   25,403  
Cash and cash equivalents and restricted cash at beginning of year $ 3,915 3,915  
Cash and cash equivalents and restricted cash at end of year   29,318  
Reconciliation of Cash and Cash Equivalents and Restricted Cash      
Cash and cash equivalents   29,318 $ 0
Restricted cash   0 3,915
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Total   29,318 3,915
Supplemental disclosures:      
Cash paid for interest   2,412  
VEREIT Office Assets      
Cash flows from operating activities:      
Net income 5,691    
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 48,894    
Impairments 28,064    
Loss on extinguishment of debt, net 5,294    
Equity in loss of unconsolidated joint venture, net (697)    
Distributions from unconsolidated joint venture 697    
Changes in assets and liabilities:      
Rents and tenant receivables, operating lease right-of-use and other assets, net 803    
Accounts payable and accrued expenses (4,860)    
Deferred rent, operating lease and other liabilities (156)    
Net cash provided by operating activities 83,730    
Cash flows from investing activities:      
Capital expenditures and leasing costs (8,019)    
Real estate developments (259)    
Investment in unconsolidated joint venture (2,180)    
Return of investment from unconsolidated joint venture 1,147    
Proceeds from the settlement of property-related insurance claims 70    
Net cash provided by (used in) investing activities (9,241)    
Cash flows from financing activities:      
Payments on mortgages payable (223,064)    
Net contributions from (distributions to) parent 145,169    
Net cash used in financing activities (77,895)    
Net change in cash and cash equivalents and restricted cash (3,406)    
Cash and cash equivalents and restricted cash at beginning of year 3,414 $ 3,414  
Cash and cash equivalents and restricted cash at end of year 8    
Reconciliation of Cash and Cash Equivalents and Restricted Cash      
Cash and cash equivalents 0   400
Restricted cash 8   3,014
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Total 8   $ 3,414
Supplemental disclosures:      
Cash paid for interest 6,521    
Non-cash investing and financing activities:      
Accrued capital expenditures and real estate developments $ (2,033)