Home Featured VEREIT Q2 Results Demonstrate Effective Capital Allocation Says CEO

VEREIT Q2 Results Demonstrate Effective Capital Allocation Says CEO

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Phoenix, AZ-based VEREIT recently revealed operating results for the three months ending June 30, 2017. According to Glenn Rufrano, CEO, VEREIT’s second quarter results demonstrate effective capital allocation and the ability to successfully execute on targeted acquisitions and dispositions. “Based on our year-to-date performance, we are able to narrow our AFFO guidance,” he says.

“During the past two years, we have proven our ability to execute on our plan to re-shape the portfolio and enhance our balance sheet,” adds Rufrano. “With a business model focused on a large, diversified portfolio comprised of single-tenant retail, restaurant, office and industrial, we can reduce risk while maintaining optionality through various market conditions. We are now poised to provide capital to corporate clients through a pointed acquisition process.”

Second quarter 2017 highlights are as follows:

  • Net Income of $34.2 million and Net Income per diluted share of $0.02
  • Achieved $0.18 AFFO per diluted share including $0.01 from Cole Capital
  • Completed $101.6 million of acquisitions and $224.8 million of dispositions and $70.2 million of acquisitions and $9.6 million of dispositions subsequent to the quarter
  • Decreased Debt from $6.3 billion to $6.1 billion and Net Debt from $6.0 billion to $5.7 billion, or 37.9% net debt to gross real estate investments
  • Reduced Net Debt to Normalized EBITDA from 5.5x to 5.4x
  • Cole Capital® raised $78.0 million of new equity capital
  • Company narrows AFFO per diluted share guidance range from $0.70 – $0.73 to $0.71 – $0.73