PHOENIX, Aug. 20, 2020 /PRNewswire/ -- VEREIT, Inc.
(NYSE: VER) ("VEREIT") announced today that it intends to redeem
6,000,000 shares of its 6.70% Series F Cumulative Redeemable
Preferred Stock ("Series F Preferred Stock"), representing
approximately 24.12% of its approximately 24.9 million shares of
Series F Preferred Stock outstanding, on September 20, 2020 (the "Redemption Date") using
proceeds from expected dispositions and cash on hand. The shares of
Series F Preferred Stock will be redeemed at a redemption price of
$25.00 per share, plus accrued and
unpaid dividends from September 15,
2020 to, but not including, the Redemption Date in an amount
equal to $0.0232639 per share, for
total proceeds of $25.0232639 per
share (the "Redemption Price"). Payment of the Redemption Price
will be made on September 21, 2020,
the first business day after the Redemption Date. As
previously announced, VEREIT will pay the cash dividend on the
Series F Preferred Stock of $0.1395833 for the period from August 15, 2020 through September 14, 2020 to holders of Series F
Preferred Stock as of September 1,
2020, which is the record date for such dividend, on
September 15, 2020.
Dividends on the shares of Series F Preferred Stock that
are to be redeemed will cease to accrue on the Redemption Date.
Upon redemption, the redeemed shares of Series F Preferred
Stock will no longer be outstanding, and all rights of the holders
of such shares will terminate, except the right of the holders to
receive the cash payable upon such redemption, without
interest.
All shares of Series F Preferred Stock are held in book-entry
form and will be redeemed on a pro rata basis from the holders of
record of such shares. As specified in the notice of partial
redemption, shares of Series F Preferred Stock held in book-entry
form through the Depository Trust Company ("DTC") will be redeemed
according to DTC's procedures and shares of Series F Preferred
Stock held through the records of Computershare Trust Company, N.A.
(the "Redemption Agent") will be automatically redeemed by the
Redemption Agent. Payment to DTC and the registered holders for the
redeemed shares of Series F Preferred Stock will be made by the
Redemption Agent.
The address for the Redemption Agent is as follows:
Computershare Trust Company, N.A.
150 Royall Street
Canton, MA 02021
Attn: Corporate Actions
Telephone: (800) 546-5141
Rent Collection Update
As of August 18, 2020, VEREIT had
received rent of approximately 93% for August, which includes
approximately 2% to be paid in arrears by a Government agency
tenant. VEREIT is in ongoing discussions with tenants regarding
unpaid rent.
About VEREIT
VEREIT is a full-service real estate operating company which
owns and manages one of the largest portfolios of single-tenant
commercial properties in the U.S. VEREIT has total real estate
investments of $14.7 billion including approximately
3,800 properties and 88.9 million square feet. VEREIT's business
model provides equity capital to creditworthy corporations in
return for long-term leases on their properties. VEREIT is a
publicly traded Maryland
corporation listed on the New York Stock Exchange. VEREIT
uses, and intends to continue to use, its Investor Relations
website, which can be found at www.VEREIT.com, as a
means of disclosing material nonpublic information and for
complying with its disclosure obligations under Regulation
FD. Additional information about VEREIT can be found through
social media platforms such as Twitter and LinkedIn.
About the Data
Rent collection percentages disclosed are based on contractual rent and recoveries paid by tenants to
cover estimated tax, insurance and common area maintenance
expenses, including the Company's pro rata share of such amounts
related to
properties owned by unconsolidated joint ventures.
Percentages are calculated using a denominator that reflects
pre-COVID-19 rents that has not been adjusted for any rent relief
granted. Amounts exclude any tenants in bankruptcy.
Forward-Looking Statements
Information set forth in this press release contains
"forward-looking statements" which reflect VEREIT's expectations
and projections regarding future events and plans, including
statements regarding the redemption of the Series F Preferred Stock
and the payment of the Redemption Price with proceeds from expected
dispositions and cash on hand. Generally, the words "anticipates,"
"assumes," "believes," "continues," "could," "estimates,"
"expects," "goals," "intends," "may," "plans," "projects," "seeks,"
"should," "targets," "will," variations of such words and similar
expressions identify forward-looking statements. These
forward-looking statements are based on information currently
available and involve a number of known and unknown assumptions and
risks, uncertainties and other factors, which may be difficult to
predict and beyond VEREIT's control, that could cause actual events
and plans or could cause VEREIT's business, financial condition,
liquidity and results of operations to differ materially from those
expressed or implied in the forward-looking
statements. Further, information regarding historical rent
collections should not serve as an indication of future rent
collections. These factors include the risks and uncertainties
detailed from time to time in VEREIT's filings with the Securities
and Exchange Commission ("SEC"), which are available at the SEC's
website at www.sec.gov. VEREIT disclaims any obligation to publicly
update or revise any forward-looking statements contained in this
press release whether as a result of changes in underlying
assumptions or factors, new information, future events or
otherwise, except as required by law.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/vereit-announces-partial-redemption-of-6-70-series-f-cumulative-redeemable-preferred-stock-and-provides-august-rent-collection-of-93-301116034.html
SOURCE VEREIT, Inc.