VEREIT (VER) Reports Q1 EPS of $0.01

VEREIT (NYSE: VER) reported Q1 EPS of $0.01.

First Quarter 2018 Highlights

• Net income of $32.5 million and net income per diluted share of $0.01, including net income of $29.0 million and net income per diluted share of $0.01 from continuing operations
• Achieved $0.185 AFFO per diluted share, including $0.182 from continuing operations
• Completed $139.2 million of acquisitions and $136.2 million of dispositions
• Repurchased 6.4 million shares of common stock at an average price of $6.94 per share
• Decreased Debt from $6.07 billion to $6.01 billion; Net Debt decreased from $6.05 billion to $5.99 billion, or 38.6% Net Debt to Gross Real Estate Investments
• Net Debt to Normalized EBITDA ended at 5.7x
• Closed the sale of Cole Capital on February 1, 2018, simplifying the business model

The summary below of financial results reflects continuing operations only.

First Quarter 2018 Financial Results

RevenueRevenue for the quarter ended March 31, 2018 decreased $5.8 million to $315.1 million as compared to revenue of $320.9 million for the same quarter in 2017, primarily due to 2017 dispositions, net of acquisitions, and the timing of those dispositions and acquisitions.

For earnings history and earnings-related data on VEREIT (VER) click here.

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