Vereit

VEREIT, Inc. (VER) CEO Glenn Rufrano on Q4 2019 Results - Earnings Call Transcript

https://seekingalpha.com/article/4327544-vereit-inc-ver-ceo-glenn-rufrano-on-q4-2019-results-earnings-call-transcript

VEREIT® Announces Fourth Quarter and Full Year 2019 Operating Results

https://www.bloomberg.com/press-releases/2020-02-26/vereit-announces-fourth-quarter-and-full-year-2019-operating-results

2019 Financial and Operating Highlights

  o Net loss of $(307.1) million and net loss per diluted share of $(0.37)
  o Achieved $0.69 AFFO per diluted share
  o Acquisitions totaled $425.6 million
  o Dispositions totaled $1.06 billion, comprised of $729.5 million portfolio
    dispositions and $326.0 million from the industrial partnership
  o Announced settlements of pending litigation which received final approval
    on January 21, 2020
  o Total debt decreased from $6.09 billion to $5.71 billion; Net Debt
    decreased from $6.09 billion to $5.79 billion, or 39.2% Net Debt to Gross
    Real Estate Investments
  o Net Debt to Normalized EBITDA decreased from 5.9x to 5.7x and preferred
    stock outstanding was reduced from $1.1 billion to $773.0 million
  o Fitch Ratings upgraded the Company's corporate rating from 'BBB-' to 'BBB'
    with the Rating Outlook remaining at 'Stable' and Moody's affirmed the
    Company's rating of 'Baa3' and updated the Rating Outlook from 'Stable' to
    'Positive'

VEREIT® Announces Closing of New Office Partnership and Fourth Quarter 2019 Activity

https://www.bloomberg.com/press-releases/2020-01-14/vereit-announces-closing-of-new-office-partnership-and-fourth-quarter-2019-activity

Fourth Quarter 2019 Transaction Highlights

  o Acquisitions in the fourth quarter were $166.2 million bringing the total
    for 2019 to $425.6 million
  o Portfolio dispositions in the fourth quarter were $225.5 million bringing
    the total for 2019 to $1.1 billion comprised of $739.5 million portfolio
    dispositions and $326.0 million from the industrial partnership
  o Issued 9.0 million shares under the Company's "at the market" ("ATM")
    equity offering program for gross proceeds of $86.7 million at a weighted
    average price of $9.60 per share
  o Issued $600.0 million aggregate principal amount of 3.10% senior notes due
    2029
  o Proceeds from the senior notes along with borrowings under the Company's
    revolving credit facility and cash on hand were used to fund the
    redemption of all $400.0 million of the 4.125% senior notes due 2021,
    repurchase of $80.7 million of the 3.75% convertible senior notes due
    2020, redemption of $200.0 million of VEREIT's 6.7% Series F preferred
    stock, and repayment of $185.6 million of mortgage debt

Fourth Quarter 2019 Litigation Update

  o As previously disclosed, VEREIT reached an agreement, which is subject to
    documentation and approval by the Commissioners of the Securities &
    Exchange Commission ("SEC"), to settle the SEC investigation for $8.0
    million as a civil penalty
  o The court issued an order granting preliminary approval of both the class
    action settlement and derivative action settlement with a hearing
    scheduled for January 21, 2020 to consider final approval of both
    settlements
  o Deadline of December 31, 2019 to file objections to the class action or
    derivative action settlements passed with no objections filed

VEREIT® Reaches Agreement to Settle Pending SEC Investigation

https://www.bloomberg.com/press-releases/2019-11-18/vereit-reaches-agreement-to-settle-pending-sec-investigation

VEREIT, Inc. (NYSE: VER) and VEREIT
Operating Partnership, L.P. (together with VEREIT, Inc., "VEREIT" or the
"Company") announced today that the Company and the staff of the Enforcement
Division of the Securities Exchange Commission ("SEC") have reached agreement
on the material terms of a negotiated resolution relating to the SEC's
investigation of the matters disclosed in the Company's October 29, 2014 Form
8-K relating to, among other things, the preliminary results of an
investigation conducted by the Company's audit committee regarding certain
accounting practices.  The agreement with the SEC staff, which is subject to
documentation and approval by the SEC's Commissioners, includes payment of $8
million as a civil penalty.