VEREIT (VER) Misses Q4 EPS by 43c, Revenues Miss

VEREIT (NYSE: VER) reported Q4 EPS of ($0.21), $0.43 worse than the analyst estimate of $0.22. Revenue for the quarter came in at $287.91 million versus the consensus estimate of $288.12 million.

2020 Financial and Operating Highlights

• Net income of $201.2 million and net income per diluted share of $0.72
• Achieved $3.11 AFFO per diluted share
• Rent collection of 98% for the fourth quarter
• Invested over $1.0 billion of capital, including approximately $280.0 million acquired for the institutional partnerships and $400.0 million allocated to the redemption of the Company's 6.7% Series F Preferred Stock
• Office dispositions totaled $332.5 million with an additional $88.9 million in strategic sales improving portfolio metrics
• Issued $1.8 billion aggregate principal amount of unsecured notes providing accretive refinancing of debt
• Issued 13.3 million shares for gross proceeds of $484.1 million under its at-the-market ("ATM") equity offering program
• Compared to last quarter, Total debt - as reported remained at $5.9 billion; Adjusted Principal Outstanding increased from $6.0 billion to $6.1 billion; Net Debt decreased from $5.8 billion to $5.6 billion; and Net Debt to Normalized EBITDA decreased from 5.8x to 5.6x

Management Commentary

Glenn J. Rufrano, Chief Executive Officer, stated, "We have had consistently high rent collections from the beginning of the pandemic and will diligently work to continue this success. By year end 2020, we moved to increase acquisition volume and are once again on offense. Bolstered by our $500 million in cash from both cash flow and equity raised, we are not dependent on external funding to achieve our 2021 volume estimates. Our acquisition model has a number of channels to find opportunities providing portfolio quality and AFFO growth. With the breadth of irons we have in the fire, our team has confidence in our guidance expectations, which includes AFFO growth of approximately 4.5% for 2021."

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

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