Welcome to our dedicated page for VEREIT news (Ticker: VER), a resource for investors and traders seeking the latest updates and insights on VEREIT stock.
This page provides an archive of news coverage related to VEREIT, Inc. (historically NYSE: VER), a full-service real estate operating company that owned and managed one of the largest portfolios of single-tenant commercial properties in the United States. The news flow around VER focuses on its net lease real estate activities, corporate actions, and its combination with Realty Income Corporation.
Readers can review company announcements on quarterly operating results, including disclosures on net income, Funds From Operations (FFO), Adjusted Funds From Operations (AFFO), rent collection levels, leasing activity, acquisitions, and strategic dispositions. VEREIT also released updates on its capital structure, such as the redemption of its 6.70% Series F Cumulative Redeemable Preferred Stock and details of its liquidity and debt metrics.
Another major theme in the VER news record is the merger with Realty Income. Press releases document the signing of the merger agreement, shareholder approvals, the anticipated and actual closing dates, and the exchange ratio under which VEREIT stockholders received Realty Income common stock. Related announcements from Realty Income discuss dividend tax allocations for VEREIT securities and the treatment of legacy VEREIT notes exchanged for new Realty Income notes.
Because VEREIT was acquired by Realty Income, this news stream serves primarily as a historical archive. Investors and researchers can use it to understand how VEREIT’s single-tenant commercial portfolio evolved, how its net lease strategy was communicated, and how the merger and subsequent office asset spin-off into Orion Office REIT Inc. were described. Bookmarking this page can help users quickly revisit key milestones in the VER timeline.
VEREIT announced the redemption of 6,000,000 shares of its 6.70% Series F Cumulative Redeemable Preferred Stock, representing approximately 19.44% of its total Series F shares, set for July 22, 2020. Each share will be redeemed at $25.00 plus accrued dividends, totaling $25.0325694. Additionally, a cash dividend of $0.1395833 will be paid for the period from June 15 to July 14, 2020, to holders as of July 1, 2020. On the redemption date, dividends will cease, and the redeemed shares will no longer be outstanding.
VEREIT, Inc. (NYSE: VER) announced the pricing of a $600 million offering of 3.40% senior notes due 2028, expected to close on June 29, 2020. The proceeds will be used to redeem approximately $100 million of the company's 6.70% Series F Cumulative Redeemable Preferred Stock and repay revolving credit facility borrowings. The senior notes will be senior unsecured obligations, guaranteed by VEREIT. The offering is managed by several financial institutions under an effective registration statement filed with the SEC.
VEREIT (NYSE: VER) announced an update on its real estate portfolio amid the COVID-19 pandemic. As of June 16, 2020, the company collected approximately 84% of April and May rents and 82% of June rents, with ongoing discussions regarding unpaid rents. VEREIT's strong collection rates are attributed to property diversification and investment-grade tenants. The company reported corporate liquidity of around $1.2 billion. All major credit agencies maintain investment-grade ratings for VEREIT, reflecting its solid financial footing amidst ongoing pandemic challenges.