Annual report pursuant to Section 13 and 15(d)

VEREIT OFFICE ASSETS COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS

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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
Dec. 31, 2019
Cash flows from operating activities:        
Net income   $ (47,464) $ (1,899) $ 15,284
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization   43,922 25,950 26,923
Impairments   49,859 18,671 0
Gain on disposition of real estate assets, net   3,782 0 0
Equity in income of unconsolidated joint venture   56 0 0
Changes in assets and liabilities:        
Accounts payable and accrued expenses   11,552 (191) (706)
Net cash provided by operating activities   56,108 42,327 39,994
Cash flows from investing activities:        
Capital expenditures and leasing costs   (9,916) (464) (536)
Investments in unconsolidated joint venture   (2,478) 0 0
Return of investment from unconsolidated joint venture   133 0 0
Net cash (used in) provided by investing activities   (12,261) (464) (536)
Cash flows from financing activities:        
Payments on mortgage notes payable   (36,476) (32,678) (968)
Payments of deferred financing costs   (10,514) 0 0
Net cash used in financing activities   (18,444) (41,667) (38,589)
Net change in cash and cash equivalents and restricted cash   25,403 196 869
Cash and cash equivalents and restricted cash at the beginning of the year $ 3,915 3,915 3,719 2,850
Cash and cash equivalents and restricted cash at the end of the year   29,318 3,915 3,719
Cash and cash equivalents at beginning of year 0 0 0 0
Restricted cash at beginning of year 3,915 3,915 3,719 2,850
Cash and cash equivalents at end of year   29,318 0 0
Restricted cash at the end of the year   0 3,915 3,719
Supplemental disclosures:        
Cash paid for interest   2,412 3,479 3,755
VEREIT Office Assets        
Cash flows from operating activities:        
Net income 5,691   43,533 40,587
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 48,894   62,225 70,134
Impairments 28,064   9,306 3,511
Gain on disposition of real estate assets, net 0   (9,765) 0
Loss on derivative instruments and other 0   0 59
Gain on disposition of real estate assets, net 5,294   1,686 40
Equity in income of unconsolidated joint venture (697)   (535) 0
Distributions from unconsolidated joint venture 697   524 0
Changes in assets and liabilities:        
Rents and tenant receivables, operating lease right-of-use and other assets, net 803   613 (2,117)
Accounts payable and accrued expenses (4,860)   2,525 819
Deferred rent, operating lease and other liabilities (156)   (1,593) (480)
Net cash provided by operating activities 83,730   108,519 112,553
Cash flows from investing activities:        
Capital expenditures and leasing costs (8,019)   (7,427) (15,816)
Real estate developments (259)   (1,327) (1,844)
Proceeds from disposition of real estate 0   116,360 0
Investments in unconsolidated joint venture (2,180)   (2,669) 0
Return of investment from unconsolidated joint venture 1,147   718 0
Principal repayments received on other investments 0   5,768 0
Proceeds from the settlement of property-related insurance claims 70   10 588
Net cash (used in) provided by investing activities (9,241)   111,433 (17,072)
Cash flows from financing activities:        
Proceeds from mortgage notes payable 0   1,032 705
Payments on mortgage notes payable (223,064)   (28,233) (52,950)
Payments of deferred financing costs 0   0 (96)
Contributions from non-controlling interest holders 0   0 63
Net contributions from (distributions to) parent 145,169   (192,228) (42,173)
Net cash used in financing activities (77,895)   (219,429) (94,451)
Net change in cash and cash equivalents and restricted cash (3,406)   523 1,030
Cash and cash equivalents and restricted cash at the beginning of the year 3,414 3,414 2,891 1,861
Cash and cash equivalents and restricted cash at the end of the year 8   3,414 2,891
Cash and cash equivalents at beginning of year 400 400 190 (530)
Restricted cash at beginning of year 3,014 3,014 2,701 2,391
Cash and cash equivalents at end of year 0   400 190
Restricted cash at the end of the year 8   3,014 2,701
Supplemental disclosures:        
Cash paid for interest 6,521   10,491 12,963
Non-cash investing and financing activities:        
Real estate contributions to unconsolidated joint venture 0   17,240 0
Accrued capital expenditures and real estate developments (2,033)   (288) $ (3,180)
Establishment of right-of-use assets and lease liabilities $ 0 $ 5,520 $ 0