VEREIT, Inc. (VER) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

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Exhibit 99.1

FOR IMMEDIATE RELEASE

VEREIT Announces Third Quarter 2015 Operating Results
Earnings and Portfolio Metrics In-Line with Company Expectations
Announces Sale of $204 Million Red Lobster® Pool and an Additional $400 Million to Be Sold via a Strategic Partnership

Phoenix, AZ, November 5, 2015 -- VEREIT, Inc. (NYSE: VER) (“VEREIT” or the “Company”) announced today its operating results for the three months ended September 30, 2015 and progress on its business plan.

Third Quarter 2015 Consolidated Financial Results

Revenue
Consolidated revenue for the quarter ended September 30, 2015 decreased $72.1 million to $385.0 million as compared to revenue of $457.1 million for the same quarter in 2014.

Net Income
Consolidated net income for the quarter ended September 30, 2015 increased $296.1 million to $8.1 million as compared to a net loss of $(288.0) million for the same quarter in 2014.

Normalized EBITDA
Consolidated normalized EBITDA for the quarter ended September 30, 2015 decreased $56.5 million to $301.8 million as compared to normalized EBITDA of $358.3 million for the same quarter in 2014.

FFO and FFO per Diluted Common Share
Funds From Operations (“FFO”) for the quarter ended September 30, 2015 decreased $4.2 million to $191.6 million, as compared to $195.8 million for the same quarter in 2014 and FFO per diluted share remained the same at $0.21 for the quarters ended September 30, 2015 and September 30, 2014.

AFFO and AFFO per Diluted Common Share
Adjusted Funds From Operations (“AFFO”) for the quarter ended September 30, 2015 decreased $48.1 million to $196.4 million as compared to $244.5 million for the same quarter in 2014 and AFFO per diluted share decreased $0.05 to $0.21 for the quarter ended September 30, 2015, as compared to $0.26 for the same quarter in 2014.

Dividend Information
As previously announced on August 5, 2015, the Company’s Board of Directors declared a quarterly dividend of $0.1375 per share for each of the third and fourth quarters of 2015, representing an annual distribution rate of $0.55 per share. The third quarter dividend had a record date of September 30, 2015 and was paid on October 15, 2015. The fourth quarter dividend will be paid on January 15, 2016 to common stockholders of record as of December 31, 2015.

Balance Sheet and Liquidity
During the quarter, the Company paid down $190.0 million on its revolving line of credit, reducing the total amount outstanding under the revolving line of credit to $1.1 billion, leaving approximately $1.2 billion of capacity available. The Company’s credit facility is made up of its revolving line of credit and a $1.0 billion term loan.

Consolidated Financial Statistics
Consolidated Financial Statistics as of the quarter ended September 30, 2015 are as follows: Net Debt to Normalized EBITDA of 7.3x, Fixed Charge Coverage Ratio of 2.8x, Unencumbered Gross Real Estate Assets to Total Gross Assets ratio of 63.7%, Net Debt to Gross Real Estate assets of 50.3% and Weighted Average Debt Term of 4.0 years.


1

The following information was filed by VEREIT, Inc. on Thursday, November 5, 2015 as an 8K 2.02 statement, which is a press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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  • Form Type: Annual
  • Number of times amended: 0
  • Accession Number: 0001507385-16-000097
  • Submitted to the SEC: Wednesday, February 24, 2016
  • Accepted by the SEC: Tuesday, February 23, 2016
  • Period Ending: December 2015
Companies
 

VER Morningstar

VEREIT, Inc.

$8.67 -0.05 (-0.57%)

Day's Range:
$8.57 to $8.76

52-Week Range:
$6.68 to $11.09

Volume:
4,695,914

Volume (Avg):
6,290,560

Earnings per Share:
$-0.38

PEG / Short / PE Ratios:
-12.46 / 1.53 / N/A

Market Cap:
$8.44B

Book Value:
8.95

EBITDA:
$1.16B