VEREIT, Inc. (VER) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Subscribe PDF Word MS-Excel Facebook Twitter Google+ Evernote Reddit E-mail Ask 9W Smartphone and Tablet last10k.com/sec-filings/ver/0001507385-17-000019.htm
Exhibit 99.1

vreitlogojpega02.jpg
FOR IMMEDIATE RELEASE

VEREIT® Announces Fourth Quarter and Full Year 2016 Operating Results
Exceeded Business Plan Disposition Targets with $2.6 Billion of Sales since 2015
Issued $1.0 Billion of Senior Notes and $702.5 Million of Equity; Significantly Improved Balance Sheet
Received Investment-Grade Ratings on Debt from Two Rating Agencies



Phoenix, AZ, February 23, 2017-- VEREIT, Inc. (NYSE: VER) (“VEREIT” or the “Company”) announced today its operating results for the three months and full year ending December 31, 2016, as well as progress on its business plan.

2016 Highlights
Net Loss of $200.8 million and Net Loss per diluted share of $0.29
Achieved $0.78 AFFO per diluted share, within the 2016 guidance range of $0.75 - $0.78
Completed $1.14 billion in dispositions and $100.2 million of acquisitions
Decreased Debt from $8.1 billion to $6.4 billion and Net Debt from $8.0 billion to $6.1 billion
Reduced Net Debt to Normalized EBITDA from 7.0x to 5.7x since the beginning of 2016
Issued $1.0 billion of senior notes and completed $702.5 million common stock offering; prepaid the Company’s senior notes due February 2017
Credit rating updates:
S&P raised its corporate credit rating of VEREIT to 'BB+' and the rating on corporate debt to 'BBB-'
Fitch issued VEREIT a first time investment grade rating of ‘BBB-‘
Moody’s affirmed the ‘Ba1’ credit rating of VEREIT and revised the outlook to ‘positive’
Cole Capital® raised $487.2 million of new equity capital


Fourth Quarter and Full Year 2016 Consolidated Financial Results

Revenue
Consolidated revenue for the quarter ended December 31, 2016 decreased $31.5 million to $351.9 million as compared to revenue of $383.4 million for the same quarter in 2015. Consolidated revenue for 2016 decreased $0.1 billion to $1.5 billion as compared to revenue of $1.6 billion for 2015.

Net (Loss) Income and Net (Loss) Income Attributable to Common Stockholders and Limited Partners per Diluted Share
Consolidated net loss for the quarter ended December 31, 2016 decreased $74.0 million to a net loss of $118.2 million as compared to net loss of $192.2 million for the same quarter in 2015, and net loss per diluted share decreased $0.09 to $0.14 for the quarter ended December 31, 2016, as compared to a net loss per diluted share of $0.23 for the same quarter in 2015. Consolidated net loss for 2016 decreased $122.7 million to $200.8 million as compared to a net loss of $323.5 million in 2015. Net loss per diluted share decreased $0.14 to $0.29 for 2016, as compared to a net loss per diluted share of $0.43 for 2015.

Normalized EBITDA
Consolidated normalized EBITDA for the quarter ended December 31, 2016 decreased $15.3 million to $271.4 million as compared to normalized EBITDA of $286.7 million for the same quarter in 2015. Normalized EBITDA for 2016 decreased $0.1 billion to $1.1 billion as compared to $1.2 billion in 2015.


1

The following information was filed by VEREIT, Inc. on Thursday, February 23, 2017 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.

Please wait while we load the requested 10-K report. If it does not load, please click the link below:

https://www.last10k.com/sec-filings/ver/0001507385-17-000019.htm
  • Form Type: Annual
  • Number of times amended: 0
  • Accession Number: 0001507385-17-000019
  • Submitted to the SEC: Thursday, February 23, 2017
  • Accepted by the SEC: Wednesday, February 22, 2017
  • Period Ending: December 2016
Companies
 

VER Morningstar

VEREIT, Inc.

$8.98 +0.05 (+0.56%)

Day's Range:
$8.86 to $8.99

52-Week Range:
$7.91 to $11.09

Volume:
6,690,889

Volume (Avg):
6,251,290

Earnings per Share:
$-0.29

PEG / Short / PE Ratios:
89.30 / 1.51 / N/A

Market Cap:
$8.75B

Book Value:
8.67

EBITDA:
$1.16B