VER VEREIT Inc

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FORM 10-Q

(Mark One)

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

			OR
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from _________ to __________

Commission file numbers: 001-35263 and 333-197780

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. VEREIT, Inc. Yes x No o VEREIT Operating Partnership, L.P. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). VEREIT, Inc. Yes x No o VEREIT Operating Partnership, L.P. Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. VEREIT, Inc. ¨ VEREIT Operating Partnership, L.P. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

VEREIT, Inc. Yes ☐ No x VEREIT Operating Partnership, L.P. Yes ☐ No x

There were 229,152,001 shares of common stock of VEREIT, Inc. outstanding as of October 26, 2021.

EXPLANATORY NOTE

Combined Reporting

This report combines the Quarterly Reports on Form 10-Q for the three and nine months ended September 30, 2021 of VEREIT, Inc., a Maryland corporation, and VEREIT Operating Partnership, L.P., a Delaware limited partnership, of which VEREIT, Inc. is the sole general partner. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” “VEREIT,” the “Company” or the “General Partner” mean VEREIT, Inc. together with its consolidated subsidiaries, including VEREIT Operating Partnership, L.P., and all references to the “Operating Partnership” or “OP” mean VEREIT Operating Partnership, L.P. together with its consolidated subsidiaries.

As the sole general partner of VEREIT Operating Partnership, L.P., VEREIT, Inc. has the full, exclusive and complete responsibility for the Operating Partnership’s day-to-day management and control.

We believe combining the Quarterly Reports on Form 10-Q of VEREIT, Inc. and VEREIT Operating Partnership, L.P. into this single report results in the following benefits:

•enhancing investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

•eliminating duplicative disclosure and providing a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and

•creating time and cost efficiencies through the preparation of one combined report instead of two separate reports.

There are a few differences between the Company and the Operating Partnership, which are reflected in the disclosure in this report. We believe it is important to understand the differences between the Company and the Operating Partnership in the context of how we operate as an interrelated consolidated company. VEREIT, Inc. is a real estate investment trust whose only material asset is its ownership of partnership interests of the Operating Partnership. As a result, VEREIT, Inc. does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity or debt from time to time and guaranteeing certain unsecured debt of the Operating Partnership and certain of its subsidiaries. The Operating Partnership holds substantially all of the assets of the Company and holds the ownership interests in the Company’s joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from public equity or debt issuances by VEREIT, Inc., which are generally contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s direct or indirect incurrence of indebtedness or through the issuance of partnership units. To help investors understand the significant differences between VEREIT, Inc. and the Operating Partnership, there are separate sections in this report that separately discuss VEREIT, Inc. and the Operating Partnership, including the consolidated financial statements and certain notes to the consolidated financial statements as well as separate disclosures in Item 4. Controls and Procedures and Exhibit 31 and Exhibit 32 certifications. As sole general partner with control of the Operating Partnership, VEREIT, Inc. consolidates the Operating Partnership for financial reporting purposes. Therefore, the assets and liabilities of VEREIT, Inc. and VEREIT Operating Partnership, L.P. are the same on their respective consolidated financial statements. The separate discussions of VEREIT, Inc. and VEREIT Operating Partnership, L.P. in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.

Reverse Stock Split

The Company effected a one-for-five reverse stock split of shares of Common Stock after markets closed on December 17, 2020, whereby every five shares of VEREIT's issued and outstanding shares of common stock, $0.01 par value per share, were converted into one share of common stock, $0.01 par value per share. A corresponding reverse split of the outstanding common partnership interests in the Operating Partnership also took effect on December 17, 2020. All common stock/unit and per share/unit data for all periods presented in this Quarterly Report on Form 10-Q have been updated to give effect to the reverse stock split.

			Page
PART I
Item 1. Unaudited Financial Statements			4
Consolidated Balance Sheets of VEREIT, Inc. as of September 30, 2021 and December 31, 2020			4
Consolidated Statements of Operations of VEREIT, Inc. for the Three and Nine Months Ended September 30, 2021 and 2020			5
Consolidated Statements of Comprehensive Income (Loss) of VEREIT, Inc. for the Three and Nine Months Ended September 30, 2021 and 2020			6
Consolidated Statements of Changes in Equity of VEREIT, Inc. for the Three and Nine Months Ended September 30, 2021 and 2020			7
Consolidated Statements of Cash Flows of VEREIT, Inc. for the Nine Months Ended September 30, 2021 and 2020			11
Consolidated Balance Sheets of VEREIT Operating Partnership, L.P. as of September 30, 2021 and December 31, 2020			13
Consolidated Statements of Operations of VEREIT Operating Partnership, L.P. for the Three and Nine Months Ended September 30, 2021 and 2020			14
Consolidated Statements of Comprehensive Income (Loss) of VEREIT Operating Partnership, L.P. for the Three and Nine Months Ended September 30, 2021 and 2020			15
Consolidated Statements of Changes in Equity of VEREIT Operating Partnership, L.P. for the Three and Nine Months Ended September 30, 2021 and 2020			16
Consolidated Statements of Cash Flows of VEREIT Operating Partnership, L.P. for the Nine Months Ended September 30, 2021 and 2020			19
Notes to Consolidated Financial Statements			21
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			41
Item 3. Quantitative and Qualitative Disclosures About Market Risk			57
Item 4. Controls and Procedures			58
PART II
Item 1. Legal Proceedings			59
Item 1A. Risk Factors			59
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			59
Item 3. Defaults Upon Senior Securities			59
Item 4. Mine Safety Disclosures			59
Item 5. Other Information			59
Item 6. Exhibits			60
Signatures			63

PART I — FINANCIAL INFORMATION

Item 1. Unaudited Financial Statements

						September 30, 2021						December 31, 2020
ASSETS
Real estate investments, at cost:
Land						$	2,724,709					$	2,699,110
Buildings, fixtures and improvements						9,916,070						10,032,055
Intangible lease assets						1,917,251						1,872,461
Total real estate investments, at cost						14,558,030						14,603,626
Less: accumulated depreciation and amortization						4,002,377						3,833,084
Total real estate investments, net						10,555,653						10,770,542
Operating lease right-of-use assets						185,443						195,518
Investment in unconsolidated entities						80,363						81,639
Cash and cash equivalents						5,874						523,539
Restricted cash						10,803						13,842
Rent and tenant receivables and other assets, net						371,911						366,620
Goodwill						1,337,773						1,337,773
Real estate assets held for sale, net						31,073						65,583
Total assets						$	12,578,893					$	13,355,056
LIABILITIES AND EQUITY
Mortgage notes payable, net						$	987,704					$	1,328,835
Corporate bonds, net						4,590,348						4,584,230
Credit facility						88,000						—
Below-market lease liabilities, net						111,140						120,938
Accounts payable and accrued expenses						137,626						117,015
Deferred rent and other liabilities						58,707						63,204
Distributions payable						105,958						89,514
Operating lease liabilities						196,671						209,104
Total liabilities						6,276,154						6,512,840
Commitments and contingencies (Note 10)
Preferred stock, $0.01 par value, 100,000,000 shares authorized with 18,871,246 issued and outstanding as of December 31, 2020.						—						189
Common stock, $0.01 par value, 1,500,000,000 shares authorized and 229,152,001 and 228,881,547 issued and outstanding as of September 30, 2021 and December 31, 2020, respectively						2,292						2,289
Additional paid-in capital						12,984,914						13,449,412
Accumulated other comprehensive income						831						536
Accumulated deficit						(6,692,338)						(6,617,380)
Total stockholders’ equity						6,295,699						6,835,046
Non-controlling interests						7,040						7,170
Total equity						6,302,739						6,842,216
Total liabilities and equity						$	12,578,893					$	13,355,056

The accompanying notes are an integral part of these statements.

VEREIT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except for per share data) (Unaudited)

						Three Months Ended September 30,												Nine Months Ended September 30,
						2021						2020						2021						2020
Revenues:
Rental						$	289,671					$	293,692					$	870,547					$	870,854
Fees from managed partnerships						521						1,586						1,721						2,603
Total revenues						290,192						295,278						872,268						873,457
Operating expenses:
Acquisition-related						1,373						1,050						4,155						3,742
Merger, litigation and non-routine costs, net						9,445						105						16,118						(8,577)
Property operating						28,854						31,400						88,633						90,988
General and administrative						12,437						14,774						43,414						45,950
Depreciation and amortization						106,668						108,257						320,582						341,070
Impairments						13,272						16,397						59,250						36,871
Total operating expenses						172,049						171,983						532,152						510,044
Other expenses:
Interest expense						(59,768)						(66,935)						(179,795)						(197,244)
(Loss) gain on extinguishment and forgiveness of debt, net						(5)						61						(2,102)						(1,419)
Other income, net						346						73						7,101						1,026
Equity in income of unconsolidated entities						463						663						1,374						2,406
Gain on disposition of real estate and real estate assets held for sale, net						3,369						42,814						96,339						76,858
Total other expenses, net						(55,595)						(23,324)						(77,083)						(118,373)
Income before taxes						62,548						99,971						263,033						245,040
Provision for income taxes						(935)						(1,054)						(2,794)						(3,155)
Net income						61,613						98,917						260,239						241,885
Net income attributable to non-controlling interests (1)						(48)						(51)						(131)						(137)
Net income attributable to the General Partner						$	61,565					$	98,866					$	260,108					$	241,748
Basic and diluted net income per share attributable to common stockholders						$	0.25					$	0.41					$	1.06					$	0.95

_______________________________________________

(1)Represents net income attributable to limited partners and a consolidated joint venture partner.

The accompanying notes are an integral part of these statements.

VEREIT, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands) (Unaudited)

						Three Months Ended September 30,												Nine Months Ended September 30,
						2021						2020						2021						2020
Net income						$	61,613					$	98,917					$	260,239					$	241,885
Total other comprehensive income (loss)
Unrealized gain (loss) on interest rate derivatives						—						3,666						—						(81,383)
Reclassification of previous unrealized loss on interest rate derivatives into net income						99						5,441						295						11,995
Total other comprehensive income (loss)						99						9,107						295						(69,388)
Total comprehensive income						61,712						108,024						260,534						172,497
Comprehensive income attributable to non-controlling interests (1)						(48)						(57)						(131)						(87)
Total comprehensive income attributable to the General Partner						$	61,664					$	107,967					$	260,403					$	172,410

_______________________________________________

(1)Represents comprehensive income attributable to limited partners and a consolidated joint venture partner.

The accompanying notes are an integral part of these statements.

VEREIT, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In thousands, except for share data) (Unaudited)

						Preferred Stock												Common Stock
						Number of Shares						Par Value						Number of Shares						Par Value						Additional Paid-In Capital						Accumulated Other Comprehensive  Income						Accumulated Deficit						Total Stock-holders’ Equity						Non-Controlling Interests						Total Equity
Balance, January 1, 2021						18,871,246						$	189					228,881,547						$	2,289					$	13,449,412					$	536					$	(6,617,380)					$	6,835,046					$	7,170					$	6,842,216
Issuance of Common Stock, net						—						—						35,710						—						—						—						—						—						—						—
Redemption of Series F Preferred Stock						(4,000,000)						(40)						—						—						(99,960)						—						—						(100,000)						—						(100,000)
Repurchases of Common Stock to settle tax obligation						—						—						(49,237)						—						(1,681)						—						—						(1,681)						—						(1,681)
Equity-based compensation, net						—						—						261,934						2						2,890						—						—						2,892						—						2,892
Distributions declared on Common Stock — $0.462 per common share						—						—						—						—						—						—						(105,858)						(105,858)						—						(105,858)
Distributions to non-controlling interest holders						—						—						—						—						—						—						—						—						(70)						(70)
Dividend equivalents on awards granted under the Equity Plan						—						—						—						—						—						—						(1,581)						(1,581)						—						(1,581)
Distributions to preferred shareholders and unitholders						—						—						—						—						—						—						(6,506)						(6,506)						(19)						(6,525)
Net income						—						—						—						—						—						—						120,647						120,647						76						120,723
Other comprehensive income						—						—						—						—						—						98						—						98						—						98
Balance, March 31, 2021						14,871,246						$	149					229,129,954						$	2,291					$	13,350,661					$	634					$	(6,610,678)					$	6,743,057					$	7,157					$	6,750,214
Redemption of Series F Preferred Stock						—						—						—						—						(41)						—						—						(41)						—						(41)
Repurchases of Common Stock to settle tax obligation						—						—						(18,042)						—						(100)						—						—						(100)						—						(100)
Equity-based compensation, net						—						—						37,704						—						4,137						—						—						4,137						—						4,137
Distributions declared on Common Stock — $0.462 per common share						—						—						—						—						—						—						(105,867)						(105,867)						—						(105,867)
Distributions to non-controlling interest holders						—						—						—						—						—						—						—						—						(70)						(70)
Dividend equivalents on awards granted under the Equity Plan						—						—						—						—						—						—						(20)						(20)						—						(20)
Distributions to preferred shareholders and unitholders						—						—						—						—						—						—						(6,227)						(6,227)						(21)						(6,248)
Net income						—						—						—						—						—						—						77,896						77,896						7						77,903
Other comprehensive income						—						—						—						—						—						98						—						98						—						98
Balance, June 30, 2021						14,871,246						$	149					229,149,616						$	2,291					$	13,354,657					$	732					$	(6,644,896)					$	6,712,933					$	7,073					$	6,720,006
Redemption of Series F Preferred Stock						(14,871,246)						(149)						—						—						(372,883)						—						—						(373,032)						—						(373,032)
Repurchases of Common Stock to settle tax obligation						—						—						(6,356)						—						(47)						—						—						(47)						—						(47)
Equity-based compensation, net						—						—						8,741						1						3,187						—						—						3,188						—						3,188
Distributions declared on Common Stock — $0.462 per common share						—						—						—						—						—						—						(105,868)						(105,868)						—						(105,868)
Distributions to non-controlling interest holders						—						—						—						—						—						—						—						—						(70)						(70)
Dividend equivalents on awards granted under the Equity Plan						—						—						—						—						—						—						(26)						(26)						—						(26)
Distributions to preferred shareholders and unitholders						—						—						—						—						—						—						(3,113)						(3,113)						(11)						(3,124)

VEREIT, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In thousands, except for share data) (Unaudited)

						Preferred Stock												Common Stock
						Number of Shares						Par Value						Number of Shares						Par Value						Additional Paid-In Capital						Accumulated Other Comprehensive  Income						Accumulated Deficit						Total Stock-holders’ Equity						Non-Controlling Interests						Total Equity
Net income						—						$	—					—						$	—					$	—					—						$	61,565					$	61,565					$	48					$	61,613
Other comprehensive income						—						—						—						—						—						99						—						99						—						99
Balance, September 30, 2021						—						$	—					229,152,001						$	2,292					$	12,984,914					$	831					$	(6,692,338)					$	6,295,699					$	7,040					$	6,302,739

VEREIT, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In thousands, except for share data) (Unaudited)

						Preferred Stock												Common Stock
						Number of Shares						Par Value						Number of Shares						Par Value						Additional Paid-In Capital						Accumulated Other Comprehensive  Income						Accumulated Deficit						Total Stock-holders’ Equity						Non-Controlling Interests						Total Equity
Balance, January 1, 2020						30,871,246						$	309					215,369,197						$	2,153					$	13,260,577					$	(27,670)					$	(6,372,710)					$	6,862,659					$	7,535					$	6,870,194
Conversion of OP Units to Common Stock						—						—						910						—						45						—						—						45						(45)						—
Redemption of Series F Preferred Stock						—						—						—						—						(27)						—						—						(27)						—						(27)
Repurchases of Common Stock to settle tax obligation						—						—						(48,218)						—						(2,378)						—						—						(2,378)						—						(2,378)
Equity-based compensation, net						—						—						234,408						2						2,853						—						—						2,855						—						2,855
Distributions declared on Common Stock — $0.6875 per common share						—						—						—						—						—						—						(148,194)						(148,194)						—						(148,194)
Distributions to non-controlling interest holders						—						—						—						—						—						—						—						—						(105)						(105)
Dividend equivalents on awards granted under the Equity Plan						—						—						—						—						—						—						(1,628)						(1,628)						—						(1,628)
Distributions to preferred shareholders and unitholders						—						—						—						—						—						—						(12,928)						(12,928)						(19)						(12,947)
Net income						—						—						—						—						—						—						86,808						86,808						55						86,863
Other comprehensive loss						—						—						—						—						—						(76,547)						—						(76,547)						(55)						(76,602)
Balance, March 31, 2020						30,871,246						$	309					215,556,297						$	2,155					$	13,261,070					$	(104,217)					$	(6,448,652)					$	6,710,665					$	7,366					$	6,718,031
Redemption of Series F Preferred Stock						—						—						—						—						(25)						—						—						(25)						—						(25)
Equity-based compensation, net						—						—						13,415						1						4,070						—						—						4,071						—						4,071
Distributions declared on Common Stock — $0.385 per common share						—						—						—						—						—						—						(82,997)						(82,997)						—						(82,997)
Distributions to non-controlling interest holders						—						—						—						—						—						—						—						—						(61)						(61)
Dividend equivalents on awards granted under the Equity Plan						—						—						—						—						—						—						(18)						(18)						—						(18)
Distributions to preferred shareholders and unitholders						—						—						—						—						—						—						(12,928)						(12,928)						(20)						(12,948)
Repurchase of convertible notes						—						—						—						—						(204)						—						—						(204)						—						(204)
Net income						—						—						—						—						—						—						56,074						56,074						31						56,105
Other comprehensive loss						—						—						—						—						—						(1,892)						—						(1,892)						(1)						(1,893)
Balance, June 30, 2020						30,871,246						$	309					215,569,712						$	2,156					$	13,264,911					$	(106,109)					$	(6,488,521)					$	6,672,746					$	7,315					$	6,680,061
Issuance of Common Stock, net						—						—						2,659,332						27						89,252						—						—						89,279						—						89,279
Redemption of Limited Partners' Common OP Units						—						—						—						—						—						—						—						—						(149)						(149)
Redemption of Series F Preferred Stock						(12,000,000)						(120)						—						—						(299,932)						—						—						(300,052)						—						(300,052)
Repurchases of Common Stock to settle tax obligation						—						—						(250)						—						(8)						—						—						(8)						—						(8)
Equity-based compensation, net						—						—						19,634						—						3,211						—						—						3,211						—						3,211
Distributions declared on Common Stock — $0.385 per common share						—						—						—						—						—						—						(84,026)						(84,026)						—						(84,026)
Distributions to non-controlling interest holders						—						—						—						—						—						—						—						—						(59)						(59)

VEREIT, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In thousands, except for share data) (Unaudited)

						Preferred Stock												Common Stock
						Number of Shares						Par Value						Number of Shares						Par Value						Additional Paid-In Capital						Accumulated Other Comprehensive  Income						Accumulated Deficit						Total Stock-holders’ Equity						Non-Controlling Interests						Total Equity
Dividend equivalents on awards granted under the Equity Plan						—						$	—					—						$	—					$	—					$	—					$	(24)					$	(24)					$	—					$	(24)
Distributions to preferred shareholders and unitholders						—						—						—						—						—						—						(10,750)						(10,750)						(21)						(10,771)
Repurchase of convertible notes						—						—						—						—						(26)						—						—						(26)						—						(26)
Net income						—						—						—						—						—						—						98,866						98,866						51						98,917
Other comprehensive income						—						—						—						—						—						9,101						—						9,101						6						9,107
Balance, September 30, 2020						18,871,246						$	189					218,248,428						$	2,183					$	13,057,408					$	(97,008)					$	(6,484,455)					$	6,478,317					$	7,143					$	6,485,460

The accompanying notes are an integral part of these statements.

VEREIT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) (Unaudited)

						Nine Months Ended September 30,
						2021						2020
Cash flows from operating activities:
Net income						$	260,239					$	241,885
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization						334,483						350,600
Gain on real estate assets, net						(100,320)						(77,117)
Impairments						59,250						36,871
Equity-based compensation						10,217						10,137
Equity in income of unconsolidated entities						(1,374)						(2,406)
Distributions from unconsolidated entities						1,122						1,753
(Gain) loss on other investments						(691)						607
Loss on extinguishment and forgiveness of debt, net						2,102						1,419
Changes in assets and liabilities:
Investment in direct financing leases						1,125						1,117
Rent and tenant receivables, operating lease right-of-use and other assets, net						(1,781)						(38,277)
Accounts payable and accrued expenses						11,331						(9,645)
Deferred rent, operating lease and other liabilities						(11,505)						(2,936)
Net cash provided by operating activities						564,198						514,008
Cash flows from investing activities:
Investments in real estate assets						(419,139)						(147,121)
Capital expenditures and leasing costs						(22,722)						(21,102)
Real estate developments						(14,383)						(16,592)
Investments in unconsolidated entities						(2,180)						(21,348)
Return of investment from unconsolidated entities						3,706						1,961
Proceeds from disposition of real estate						420,171						346,675
Investment in leasehold improvements and other assets						(80)						(612)
Deposits for real estate assets						(8,661)						(1,973)
Investments in mezzanine position						—						(9,959)
Uses and refunds of deposits for real estate assets						7,060						4,036
Proceeds from the settlement of property-related insurance claims						1,148						654
Net cash (used in) provided by investing activities						(35,080)						134,619
Cash flows from financing activities:
Proceeds from mortgage notes payable						—						1,032
Payments on mortgage notes payable and other debt, including debt extinguishment costs						(344,459)						(197,382)
Proceeds from credit facility						192,000						902,000
Payments on credit facility, including swap termination payments						(104,000)						(1,052,000)
Proceeds from corporate bonds						—						594,864
Extinguishment costs related to the redemption of corporate bonds						—						(26)
Extinguishment costs related to the repurchases of convertible notes						—						(69,362)
Payments of deferred financing costs						(1,195)						(7,275)
Refunds of deferred financing costs						280						—
Repurchases of Common Stock to settle tax obligations						(1,828)						(2,386)
Proceeds from the issuance of Common Stock, net of underwriters’ discount and offering expenses						1,336						89,279
Redemption of Series F Preferred Stock						(473,073)						(300,104)
Redemption of Limited Partners’ Common OP Units						—						(149)

VEREIT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS – (Continued)

(In thousands) (Unaudited)

						Nine Months Ended September 30,
						2021						2020
Distributions paid						(318,883)						(418,722)
Net cash used in financing activities						(1,049,822)						(460,231)
Net change in cash and cash equivalents and restricted cash						(520,704)						188,396
Cash and cash equivalents and restricted cash, beginning of period						537,381						33,880
Cash and cash equivalents and restricted cash, end of period						16,677						222,276
Reconciliation of Cash and Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period						$	523,539					$	12,921
Restricted cash at beginning of period						13,842						20,959
Cash and cash equivalents and restricted cash at beginning of period						537,381						33,880
Cash and cash equivalents at end of period						5,874						207,321
Restricted cash at end of period						10,803						14,955
Cash and cash equivalents and restricted cash at end of period						$	16,677					$	222,276

The accompanying notes are an integral part of these statements.

VEREIT OPERATING PARTNERSHIP, L.P.

CONSOLIDATED BALANCE SHEETS

(In thousands, except for unit data) (Unaudited)

						September 30, 2021						December 31, 2020
ASSETS
Real estate investments, at cost:
Land						$	2,724,709					$	2,699,110
Buildings, fixtures and improvements						9,916,070						10,032,055
Intangible lease assets						1,917,251						1,872,461
Total real estate investments, at cost						14,558,030						14,603,626
Less: accumulated depreciation and amortization						4,002,377						3,833,084
Total real estate investments, net						10,555,653						10,770,542
Operating lease right-of-use assets						185,443						195,518
Investment in unconsolidated entities						80,363						81,639
Cash and cash equivalents						5,874						523,539
Restricted cash						10,803						13,842
Rent and tenant receivables and other assets, net						371,911						366,620
Goodwill						1,337,773						1,337,773
Real estate assets held for sale, net						31,073						65,583
Total assets						$	12,578,893					$	13,355,056
LIABILITIES AND EQUITY
Mortgage notes payable, net						$	987,704					$	1,328,835
Corporate bonds, net						4,590,348						4,584,230
Credit facility						88,000						—
Below-market lease liabilities, net						111,140						120,938
Accounts payable and accrued expenses						137,626						117,015
Deferred rent and other liabilities						58,707						63,204
Distributions payable						105,958						89,514
Operating lease liabilities						196,671						209,104
Total liabilities						6,276,154						6,512,840
Commitments and contingencies (Note 10)
General Partner's preferred equity, 18,871,246 General Partner Series F Preferred Units issued and outstanding as of December 31, 2020.						—						254,294
General Partner's common equity, 229,152,001 and 228,881,547 General Partner OP Units issued and outstanding as of September 30, 2021 and December 31, 2020, respectively						6,296,943						6,580,752
Limited Partner's preferred equity, 49,766 Limited Partner Series F Preferred Units issued and outstanding as of December 31, 2020.						—						1,787
Limited Partner's common equity, 152,033 Limited Partner OP Units issued and outstanding as of each of September 30, 2021 and December 31, 2020, respectively						4,663						4,209
Total partners’ equity						6,301,606						6,841,042
Non-controlling interests						1,133						1,174
Total equity						6,302,739						6,842,216
Total liabilities and equity						$	12,578,893					$	13,355,056