Annual report pursuant to Section 13 and 15(d)

VEREIT OFFICE ASSETS, COMBINED AND CONSOLIDATED BALANCE SHEETS

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VEREIT OFFICE ASSETS, COMBINED AND CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2021
Oct. 31, 2021
Dec. 31, 2020
Real estate investments, at cost:      
Land $ 250,194   $ 71,191
Buildings, fixtures and improvements 1,231,551   562,828
Total real estate investments, at cost 1,481,745   634,019
Less: accumulated depreciation and amortization 128,109   136,143
Total real estate investments, net 1,353,636   497,876
Operating lease right-of-use assets 10,200    
Investment in unconsolidated joint venture 18,631   0
Cash and cash equivalents 29,318   0
Restricted cash 0   3,915
Total assets 1,759,478   546,431
LIABILITIES AND EQUITY      
Mortgage notes payable, net 0   37,052
Below-market lease liabilities, net 20,609   7,221
Accounts payable and accrued expenses 17,379   848
Operating lease liabilities 10,257   2,102
Total liabilities 671,190   49,313
Total liabilities and equity $ 1,759,478   546,431
VEREIT Office Assets      
Real estate investments, at cost:      
Land   $ 163,295 167,658
Buildings, fixtures and improvements   1,303,038 1,340,258
Intangible lease assets   184,560 192,291
Total real estate investments, at cost   1,650,893 1,700,207
Less: accumulated depreciation and amortization   528,167 504,192
Total real estate investments, net   1,122,726 1,196,015
Operating lease right-of-use assets   5,361 5,403
Investment in unconsolidated joint venture   14,466 13,434
Cash and cash equivalents   0 400
Restricted cash   8 3,014
Rent and tenant receivables and other assets, net   35,035 34,964
Goodwill   159,129 159,129
Total assets   1,336,725 1,412,359
LIABILITIES AND EQUITY      
Mortgage notes payable, net   0 217,588
Below-market lease liabilities, net   5,308 7,188
Accounts payable and accrued expenses   5,763 12,632
Deferred rent and other liabilities   8,001 8,114
Operating lease liabilities   5,359 5,403
Total liabilities   24,431 250,925
Commitments and contingencies (Note 4)  
Net parent investment   1,311,167 1,160,246
Non-controlling interest   1,127 1,188
Total equity   1,312,294 1,161,434
Total liabilities and equity   $ 1,336,725 $ 1,412,359