VEREIT (VER) Tops Q3 EPS by 4c, Revenues Beat

VEREIT (NYSE: VER) reported Q3 EPS of $0.08, $0.04 better than the analyst estimate of $0.04. Revenue for the quarter came in at $295.3 million versus the consensus estimate of $277.96 million.

Third Quarter 2020 Financial and Operating Highlights

• Net income of $98.0 million and net income per diluted share of $0.08; Total debt - as reported decreased from $6.0 billion to $5.9 billion
• Achieved $0.15 AFFO per diluted share
• Rent collection for the quarter of 94% which increased to 97% for October
• Invested $488.9 million of capital year-to-date, including $300.0 million allocated to the redemption of the Company's 6.7% Series F preferred stock in the third quarter and $188.9 million of property acquisitions
• Acquired $246.8 million in the third quarter for the industrial partnership and $33.1 million for the office partnership earlier in the year
• Dispositions totaled $357.7 million year-to-date, including the Company's share of dispositions contributed to the office partnership of $110.0 million, with $158.3 million in the third quarter
• Adjusted Principal Outstanding decreased from $6.1 billion to $6.0 billion and Net Debt was unchanged at $5.8 billion, or 39.9% Net Debt to Gross Real Estate Investments
• Net Debt to Normalized EBITDA decreased from 6.08x to 5.76x

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

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