On 07 Jan 2020, VEREIT, Inc. (NYSE: VER) changed 0.22% to recent value of $9.19. The stock transacted 14461575 shares during most recent day however it has an average volume of 10696.77K shares. It spotted trading -9.28% off 52-week high price. On the other end, the stock has been noted 26.58% away from the low price over the last 52-weeks.
VEREIT, Inc. (VER) reported recently its operating results for the three months ending September 30, 2019.
Third Quarter 2019 Financial and Operating Highlights
Net loss of $(741.5M) and net loss per diluted share of $(0.76)
Achieved $0.18 AFFO per diluted share
Acquisitions totaled $59.8M in the third quarter of 2019 and $283.6M year-to-date
Dispositions totaled $109.5M in the third quarter of 2019 and $847.3M year-to-date including the industrial joint venture
Total debt reduced from $5.66B to $5.63B; Net Debt increased from $5.51B to $5.66B, or 37.9% Net Debt to Gross Real Estate Investments
Reported settlements of pending litigations at a cost to the Company of about $765.5M
Completed $887.0M ordinary stock offering
Net Debt to Normalized EBITDA ended at 5.5x which includes the equity offering and settlement funding
Third Quarter 2019 Financial Results
Rental Revenue for the quarter ended September 30, 2019 reduced $10.9M to $303.0M as contrast to revenue of $313.9M for the same quarter in 2018.
Net Loss and Net Loss Attributable to Ordinary Stockholders per Diluted Share
Net loss for the quarter ended September 30, 2019 increased $667.6M to $(741.5)M as contrast to net loss of $(73.9)M for the same quarter in 2018, and net loss per diluted share increased $0.67 to $(0.76) for the quarter ended September 30, 2019, as contrast to net loss per diluted share of $(0.09) for the same quarter in 2018.
Normalized EBITDA for the quarter ended September 30, 2019 reduced $2.5M to $258.6M as contrast to Normalized EBITDA of $261.1M for the same quarter in 2018.
Funds From Operations Attributable to Ordinary Stockholders and Limited Partners (“FFO”) and FFO per Diluted Share
FFO for the quarter ended September 30, 2019 reduced $695.2M to $(657.1)M, as contrast to $38.1M for the same quarter in 2018, and FFO per diluted share reduced $0.70 to $(0.66) for the quarter ended September 30, 2019, as contrast to FFO per diluted share of $0.04 for the same quarter in 2018.
Adjusted FFO Attributable to Ordinary Stockholders and Limited Partners (“AFFO”) and AFFO per Diluted Share
AFFO for the quarter ended September 30, 2019 reduced $0.9M to $177.6M, as contrast to $178.5M for the same quarter in 2018, and AFFO per diluted share remained constant at $0.18 for the quarter ended September 30, 2019, as contrast to the same quarter in 2018.
Glenn J. Rufrano, Chief Executive Officer, stated, “Since 2015, VEREIT has improved the portfolio by selling over $4.6B of assets and acquiring $1.7B, built a well-laddered balance sheet, reduced debt from $10.5B to $5.7B, and maintained an experienced leadership team. As we move past the litigation overhang, we are ready to be on the offensive as we head into 2020.”
Ordinary Stock Dividend Information
On November 5, 2019, the Company’s Board of Directors reported a quarterly dividend of $0.1375 per share for the fourth quarter of 2019, representing an yearly distribution rate of $0.55 per share. The dividend will be paid on January 15, 2020 to ordinary stockholders of record as of December 31, 2019.
VER has a gross margin of 89.70% and an operating margin of -23.40% while its profit margin remained -29.80% for the last 12 months. Its earnings per share (EPS) expected to touch remained -656.40% for this year while earning per share for the next 5-years is expected to reach at 5.00%. The company has 1050.23M of outstanding shares and 1050.23M shares were floated in the market. According to the most recent quarter its current ratio was # ref that represents company’s ability to meet its current financial obligations. The price moved ahead of -0.62% from the mean of 20 days, -3.05% from mean of 50 days SMA and performed -0.12% from mean of 200 days price. Company’s performance for the week was 0.66%, -4.37% for month and YTD performance remained -0.54%.