VEREIT (VER) Misses Q3 EPS by 9c, Revenues Beat; FY18 EPS Outlook Below Consensus

VEREIT (NYSE: VER) reported Q3 EPS of ($0.09), $0.09 worse than the analyst estimate of $0.00. Revenue for the quarter came in at $313.9 million versus the consensus estimate of $291.19 million.

• Net loss of $(73.9) million and net loss per diluted share of $(0.09)
• Achieved $0.18 AFFO per diluted share
• Completed $98.6 million of acquisitions and $191.0 million of dispositions
• Decreased Debt from $6.04 billion to $5.95 billion; Net Debt decreased from $6.05 billion to $5.95 billion, or 38.7% Net Debt to Gross Real Estate Investments
• Net Debt to Normalized EBITDA decreased from 5.8x to 5.7x
• Company narrows 2018 AFFO per diluted share guidance range from $0.70 - $0.72 to $0.71 - $0.72 Revenue for increased $7.4 million to $313.9 million as compared to revenue of $306.5 million for the same quarter in 2017, primarily due to net acquisitions since July 1, 2017.

GUIDANCE:

VEREIT sees FY2018 EPS of ($0.17)-($0.16), versus the consensus of ($0.09).

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

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