VEREIT (VER) Tops Q1 EPS by 23c, Revenues Beat

VEREIT (NYSE: VER) reported Q1 EPS of $0.50, $0.23 better than the analyst estimate of $0.27. Revenue for the quarter came in at $290.8 million versus the consensus estimate of $287.76 million.

First Quarter 2021 Financial and Operating Highlights

• Net income of $120.7 million and net income per diluted share of $0.50
• Achieved $0.80 AFFO per diluted share
• Rent collection of 99%
• Compared to last quarter, Total debt - as reported decreased from $5.9 billion to $5.6 billion; Adjusted Principal Outstanding decreased from $6.1 billion to $5.8 billion; Net Debt decreased from $5.6 billion to $5.5 billion; and Net Debt to Normalized EBITDA decreased from 5.64x to 5.45x
• Redeemed $100.0 million of the Company's 6.7% Series F preferred stock which leaves approximately $373.0 million outstanding
• S&P Global Ratings upgraded the Company's corporate rating from 'BBB-' to 'BBB' with the Rating Outlook remaining at 'Stable,' Moody's upgraded the Company's rating from 'Baa3' to 'Baa2' with the Rating Outlook remaining at 'Stable' and Fitch Ratings affirmed the Company's rating of 'BBB' with the Rating Outlook remaining at 'Stable'
• Subsequent to the end of the quarter, the Company signed a definitive merger agreement with Realty Income Corporation. Upon closing, the contemplated merger would create a combined company with an enterprise value of approximately $50 billion. The merger is expected to close in the fourth quarter of 2021, subject to customary closing conditions, including the approval of both VEREIT's and Realty Income's shareholders.

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

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