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VEREIT (VER)

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 $14.6 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 Maryland corporation.

VER stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

28 Oct 21
20 May 22
31 Dec 22
Quarter (USD) Jun 20 Mar 20 Sep 19 Jun 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Nov 21 Priscilla Almodovar Common Stock Sale back to company Dispose D No No 0 3,304 0 0
1 Nov 21 Michael J. Bartolotta Common Stock Sale back to company Dispose D No No 0 70,776 0 0
1 Nov 21 Michael J. Bartolotta Common Stock Sale back to company Dispose D No No 0 31,746 0 70,776
1 Nov 21 Michael J. Bartolotta Common Stock Sale back to company Dispose D No No 0 58,773 0 102,522
1 Nov 21 Michael J. Bartolotta Common Stock Grant Acquire A No No 38.33 10,957 419.98K 161,295
1 Nov 21 Michael J. Bartolotta Common Stock Grant Acquire A No No 48.2 6,504 313.49K 150,338
1 Nov 21 Michael J. Bartolotta Common Stock Grant Acquire A No No 40.8 8,088 329.99K 143,834
1 Nov 21 Michael J. Bartolotta Stock Option Common Stock Sale back to company Dispose D No No 34.2 78,947 2.7M 0
1 Nov 21 Michael J. Bartolotta Stock Option Common Stock Sale back to company Dispose D No No 41.3 81,081 3.35M 0
1 Nov 21 Gavin Brandon Common Stock Sale back to company Dispose D No No 0 7,446 0 0
0.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 3 341 -99.1%
Opened positions 0 24 EXIT
Closed positions 338 50 +576.0%
Increased positions 1 107 -99.1%
Reduced positions 1 145 -99.3%
13F shares Current Prev Q Change
Total value 3.59M 12.69B -100.0%
Total shares 72.13K 209.04M -100.0%
Total puts 0 43.5K EXIT
Total calls 0 202.6K EXIT
Total put/call ratio 0.2
Largest owners Shares Value Change
ING ING Groep 60K $3.02M 0.0%
Thrivent Financial For Lutherans 7.65K $351K -91.1%
Kalos Management 4.48K $223K +4.0%
CNS Cohen & Steers 0 $0 EXIT
Integrated Core Strategies 0 $0
Private Capital 0 $0 EXIT
Largest transactions Shares Bought/sold Change
CNS Cohen & Steers 0 -40.13M EXIT
Vanguard 0 -32.56M EXIT
BLK Blackrock 0 -17.56M EXIT
DSECF Daiwa Securities 0 -9.6M EXIT
STT State Street 0 -9.56M EXIT
FMR 0 -8.3M EXIT
JPM JPMorgan Chase & Co. 0 -5.69M EXIT
Soros Fund Management 0 -4.36M EXIT
Millennium Management 0 -3.92M EXIT
Geode Capital Management 0 -3.65M EXIT

Financial report summary

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Risks
  • We are primarily dependent on single-tenant leases for our revenue and, accordingly, if we are unable to renew leases, lease vacant space, including vacant space resulting from tenant defaults, or re-lease space as leases expire, on favorable terms or at all, our financial condition could be adversely affected.
  • We are subject to tenant, geographic and industry concentrations that make us more susceptible to adverse events with respect to certain tenants, geographic areas or industries.
  • Our net leases may require us to pay property-related expenses that are not the obligations of our tenants.
  • Real estate investments are relatively illiquid and we may not be able to dispose of properties when appropriate or on favorable terms which could, among other things, adversely impact our ability to make cash distributions to our stockholders and unitholders.
  • A substantial portion of our properties are leased to tenants with a below investment grade rating, as determined by major credit rating agencies, or are leased to tenants that are not rated, and may have a greater risk of default.
  • Dividends paid from sources other than our cash flow from operations could affect our profitability, restrict our ability to generate sufficient cash flow from operations, and dilute stockholders’ and unitholders’ interests in us.
  • We could face potential adverse effects from the bankruptcies or insolvencies of tenants or from tenant defaults generally.
  • If a sale-leaseback transaction is re-characterized by the IRS or in a tenant’s bankruptcy proceeding, our REIT status or financial condition could be adversely affected.
  • We may be unable to enter into and consummate property acquisitions on advantageous terms or our property acquisitions may not perform as we expect due to competitive conditions and other factors.
  • The value of our real estate investments is subject to risks including risks associated with the real estate industry.
  • Uninsured losses or losses in excess of our insurance coverage could materially adversely affect our financial condition and cash flows, and there can be no assurance as to future costs and the scope of insurance coverage that may be available.
  • Historical 1031 real estate programs may divert resources and subject us to unexpected liabilities and costs.
  • Competition that traditional retail tenants face from e-commerce retail sales, or the integration of brick and mortar stores with e-commerce retailers, could adversely affect our business.
  • We may acquire properties or portfolios of properties through tax deferred contribution transactions, which could result in the dilution of our stockholders and unitholders, and limit our ability to sell or refinance such assets.
  • We intend to rely on external sources of capital to fund future capital needs, and if we encounter difficulty in obtaining such capital, we may not be able to meet maturing obligations or make any additional investments.
  • We have substantial amounts of indebtedness outstanding, which may affect our ability to pay dividends, and may expose us to interest rate fluctuation risk and to the risk of default under our debt obligations.
  • Our indenture and the Credit Agreement contain restrictive covenants that limit our operating flexibility.
  • Adverse changes in our credit ratings could affect our borrowing capacity and borrowing terms.
  • We may be adversely affected by changes in LIBOR reporting practices, the method in which LIBOR is determined, or the use of alternative reference rates.
  • The Board of Directors may create and issue a class or series of common or preferred stock without stockholder approval.
  • The trading price of our Common Stock has been and may continue to be subject to wide fluctuations.
  • Future offerings of debt, which would be senior to our Common Stock upon liquidation, or preferred equity securities that may be senior to our Common Stock for purposes of dividend distributions or upon liquidation, may adversely affect the market price of our Common Stock.
  • The change of control conversion feature of the Series F Preferred Stock may make it more difficult for a party to take over the Company or discourage a party from taking over the Company.
  • We are subject to extensive environmental regulation creating uncertainty of future environmental expenditures and liabilities.
  • Our build-to-suit acquisitions are subject to additional risks related to properties under development.
  • We are a holding company with no direct operations. As a result, we rely on funds received from the Operating Partnership to pay liabilities and dividends, our stockholders’ claims will be structurally subordinated to all liabilities of the Operating Partnership and our stockholders do not have any voting rights with respect to the Operating Partnership’s activities, including the issuance of additional OP Units.
  • Our charter, bylaws, Maryland law, and the LPA have provisions that may delay or prevent a change of control transaction.
  • The Company’s fiduciary duties as sole general partner of the Operating Partnership could create conflicts of interest.
  • The Board of Directors may change significant corporate policies without stockholder approval.
  • Our rights and the rights of our stockholders to take action against our directors and officers are limited under Maryland law.
  • Our failure to remain qualified as a REIT would subject us to U.S. federal income tax and potentially state and local tax, and would adversely affect our operations and the market price of our capital stock.
  • Even if we continue to qualify as a REIT, in certain circumstances, we may incur tax liabilities that would reduce our cash available for distribution to our stockholders and unitholders.
  • Complying with REIT requirements (including annual distribution requirements) may force us to forgo or liquidate otherwise attractive investment opportunities. This could reduce our operating flexibility, cause us to borrow funds during unfavorable market conditions, delay or hinder our ability to meet our investment objectives and reduce your overall return.
  • If the Operating Partnership or certain other subsidiaries fail to qualify as a partnership or are not otherwise disregarded for U.S. federal income tax purposes, then we would cease to qualify as a REIT.
  • We may be subject to adverse legislative or regulatory tax changes including changes that modify the taxation of REITs and their shareholders increasing tax liability as well as reduce our operating flexibility and the market price of our capital stock.
  • Non-U.S. stockholders may be subject to U.S. federal withholding and income taxes.
  • Our property taxes could increase due to property tax rate changes or reassessment, which would impact our cash flows.
  • The share ownership restrictions of the Internal Revenue Code for REITs and the 9.8% share ownership limit in our charter may inhibit market activity in our shares of stock and restrict our business combination opportunities.
  • If we are unable to maintain effective disclosure controls and procedures and effective internal control over financial reporting, investor confidence and our stock price could be adversely affected.
  • Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information, and/or damage to our business relationships or reputation, all of which could negatively impact our financial results.
  • We may not be able to maintain our competitive advantages if we are not able to attract and retain key personnel.
Management Discussion
  • Our business was not materially impacted during the three and nine months ended September 30, 2021 and 2020 by the COVID-19 pandemic. During the three months ended September 30, 2021 our rent collection was 99.1% of rental revenue and as of October 20, 2021, we collected $16.8 million of deferred rent, representing approximately 100% of the amounts due from January 1, 2021 through September 30, 2021. The full extent of the future impact of the COVID-19 pandemic on our business, financial condition, liquidity and results of operations remains uncertain.
  • The decrease in rental revenue of $4.0 million and $0.3 million during the three and nine months ended September 30, 2021, respectively, as compared to the same periods in 2020 was primarily due to real estate dispositions, partially offset by real estate acquisitions. Subsequent to January 1, 2020, the Company acquired 185 occupied properties for an aggregate purchase price of $761.7 million and disposed of 160 consolidated properties for an aggregate sales price of $871.1 million.
  • Fees from managed partnerships consist of fees earned for providing various services to the Company’s unconsolidated joint venture entities. The decrease of $1.1 million and $0.9 million during the three and nine months ended September 30, 2021, respectively, as compared to the same period in 2020 was primarily due to a $1.1 million acquisition fee recorded in 2020 for the purchase of one property in the industrial partnership.

Content analysis

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Legalese
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H.S. sophomore Avg
New words: Orion, tendered, validly, withdrawn
Removed: construction, indefinitely, liquidation, mandatory, negative, omitting, preference, PRF, Redeemable, redevelopment, sinking, stated, thereon