Annual report pursuant to Section 13 and 15(d)

VEREIT Office Assets, Leases (Tables)

v3.22.1
VEREIT Office Assets, Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Entity Information [Line Items]  
Schedule of Operating Lease Payments to be Received
The following table presents future minimum operating lease payments due to the Company over the next five years and thereafter as of December 31, 2021 (in thousands).
Future Minimum
Operating Lease Payments
2022 $ 153,592 
2023 128,580 
2024 96,850 
2025 64,544 
2026 61,916 
Thereafter 239,317 
Total $ 744,799 
Schedule of Operating Lease Liability, Maturity
The following table reflects the maturity analysis of payments due from the Company over the next five years and thereafter for ground and corporate office lease obligations as of December 31, 2021 (in thousands).
Future Minimum Lease Payments
2022 1,008 
2023 778 
2024 452 
2025 442 
2026 442 
Thereafter 13,383 
Total 16,505 
Less: imputed interest 6,248 
Total $ 10,257 
The following table reflects the maturity analysis of payments due from the Company over the next five years and thereafter for ground lease obligations as of December 31, 2020 (in thousands).
Future Minimum Lease Payments
2021 107 
2022 111 
2023 113 
2024 113 
2025 113 
Thereafter 3,432 
Total 3,989 
Less: imputed interest 1,887 
Total $ 2,102 
VEREIT Office Assets  
Entity Information [Line Items]  
Schedule of Lease Income
The components of rental revenue from VEREIT Office Assets’ operating leases were as follows (in thousands):
Ten Months Ended Year Ended December 31,
2021 2020 2019
Fixed:
Cash rent $ 109,582  $ 132,402  $ 141,541 
Straight-line rent (4,889) (869) (42)
Lease intangible amortization
 (29) (67) 231 
Property operating cost reimbursements
 3,270  3,794  3,690 
Total fixed
 107,934  135,260  145,420 
Variable (1)
26,806  35,044  36,649 
Total rental revenue $ 134,740  $ 170,304  $ 182,069 
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(1)Includes costs reimbursed related to property operating expenses, common area maintenance and percentage rent.
Schedule of Operating Lease Payments to be Received
The following table presents future minimum operating lease payments due to VEREIT Office Assets over the next five years and thereafter as of October 31, 2021 (in thousands).
Future Minimum
Operating Lease Payments
November 1, 2021 - December 31, 2021 $ 15,683 
2022 110,872 
2023 95,130 
2024 72,361 
2025 38,980 
2026 29,951 
Thereafter 34,357 
Total $ 397,334 
Schedule of Operating Lease Liability, Maturity
The following table reflects the maturity analysis of payments due from VEREIT Office Assets over the next five years and thereafter for ground lease obligations as of October 31, 2021 (in thousands).
Future Minimum Lease Payments
November 1, 2021 - December 31, 2021 $ 55 
2022 329 
2023 329 
2024 329 
2025 329 
2026 329 
Thereafter 10,062 
Total 11,762 
Less: imputed interest 6,403 
Total $ 5,359