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Supplemental Disclosures of Cash Flow Information
9 Months Ended
Sep. 30, 2014
Supplemental Disclosures of Cash Flow Information  
Supplemental Disclosures of Cash Flow Information

18.   Supplemental Disclosures of Cash Flow Information

 

Cash paid for interest was $183.1 million in the first nine months of 2014 and $142.4 million in the first nine months of 2013.

 

Interest capitalized to properties under development was $383,000 in the first nine months of 2014 and $579,000 in the first nine months of 2013.

 

Cash paid for income taxes was $3.5 million in the first nine months of 2014 and $1.5 million in the first nine months of 2013.

 

The following non-cash investing and financing activities are included in the accompanying consolidated financial statements:

 

A.  See note 14 for a discussion of impairments recorded by Realty Income for the first nine months of 2014 and 2013.

 

B.  See note 9 for a discussion of the $6.0 million excess of redemption value over carrying value of preferred shares subject to redemption charge recorded by Realty Income during the third quarter and first nine months of 2014.

 

C.  During the first nine months of 2014, we assumed mortgages payable to third-party lenders of $166.7 million, recorded $604,000 of net premiums, and recorded $901,000 of interest rate swap value to other assets, net, related to property acquisitions. During the first nine months of 2013, we assumed mortgages payable (excluding the mortgages payable discussed in items D and E) of $81.3 million to third-party lenders and recorded $6.1 million of net premiums related to property acquisitions.

 

D.  During the first nine months of 2013, the following components were acquired in connection with our acquisition of ARCT: (1) real estate investments and related intangible assets of $3.2 billion, (2) other assets of $19.5 million, (3) lines of credit payable of $317.2 million, (4) a term loan for $235.0 million, (5) mortgages payable of $539.0 million, (6) intangible liabilities of $79.7 million, (7) other liabilities of $29.0 million, and (8) noncontrolling interests of $14.0 million.

 

E.  During the first nine months of 2013, we acquired $55.9 million of real estate through the assumption of a $32.4 million mortgage payable, the issuance of 534,546 units by Realty Income, L.P. and cash of $1.0 million.

 

F.  During the first nine months of 2014, we applied $48.9 million of loans receivable to the purchase price of five properties acquired during the period.

 

G.  During the first nine months of 2013, we acquired real estate for $7.4 million via exchanges of our properties.

 

H.  Accrued costs on properties under development resulted in an increase in buildings and improvements and accounts payable of $4.8 million at September 30, 2014, and $3.0 million at September 30, 2013.