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 Fourth Quarter and Full Year 2015 Operating Results
2015 AFFO Per Diluted Share of $0.84 and Dispositions of $1.4 Billion Just Above Guidance Ranges
Net Debt to Normalized EBITDA Reduced to 7.0x and Created $1.8 Billion of Capacity on Revolving Line of Credit
Remediated all Material Weaknesses


Phoenix, AZ, February 24, 2016 -- VEREIT, Inc. (NYSE: VER) (“VEREIT” or the “Company”) announced today its operating results for the three months and full year ending December 31, 2015, as well as progress on its business plan.

2015 Highlights
Completed reconstitution of board and enhanced corporate governance practices
Formalized new senior management team
Changed company name and moved listing to the NYSE
Remediated all material weaknesses identified at December 31, 2014
Achieved $0.84 AFFO per diluted share, which is just above the Company's 2015 earnings guidance
Increased occupancy to 98.6% with same store sales growth at 1.2%
Completed $1.4 billion of dispositions, reaching the high end of the Company's disposition guidance
Reduced debt by $2.4 billion including secured and unsecured debt
Increased liquidity with $1.8 billion of capacity available on its revolving line of credit
Reduced Net Debt to Normalized EBITDA from 7.5x to 7.0x which is the top end of the investment-grade metrics target
Increased Cole Capital new equity capital raise 75% quarter-over-quarter for the period ending December 31, 2015
Established quarterly dividend of $0.1375 per share or $0.55 on an annual basis

Fourth Quarter and Full Year 2015 Consolidated Financial Results

Revenue
Consolidated revenue for the quarter ended December 31, 2015 decreased $35.4 million to $383.4 million as compared to revenue of $418.8 million for the same quarter in 2014. Consolidated revenue for 2015 decreased $23.2 million to $1.56 billion as compared to revenue of $1.58 billion for 2014.

Net Income (Loss)
Consolidated net loss for the quarter ended December 31, 2015 decreased $168.2 million to $(192.2) million as compared to a net loss of $(360.4) million for the same quarter in 2014. Consolidated net loss for 2015 decreased $687.4 million to $(323.5) million as compared to a net loss of $(1.01) billion in 2014.

Normalized EBITDA
Consolidated normalized EBITDA for the quarter ended December 31, 2015 decreased $50.1 million to $286.7 million as compared to normalized EBITDA of $336.8 million for the same quarter in 2014. Normalized EBITDA for 2015 increased $38.9 million to $1.21 billion as compared to $1.17 billion in 2014.

FFO and FFO per Diluted Common Share
Funds From Operations attributable to common stockholders and limited partners (“FFO”) for the quarter ended December 31, 2015 increased $63.4 million to $4.6 million, as compared to $(58.8) million for the same quarter in 2014 and FFO per diluted share increased $0.068 to $0.005, as compared to $(0.063) for the same quarter in 2014. FFO for 2015 increased $436.1 million to $585.2 million, as compared to $149.1 million for 2014 and FFO per diluted share for 2015 increased $0.45 to $0.63, as compared to $0.18 for 2014.

1

The following information was filed by VEREIT, Inc. on Wednesday, February 24, 2016 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 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.

$10.24 -0.13 (-1.25%)

Day's Range:
$10.24 to $10.36

52-Week Range:
$6.68 to $11.09

Volume:
5,952,379

Volume (Avg):
9,354,550

Earnings per Share:
$-0.40

PEG / Short / PE Ratios:
2.07 / 1.12 / N/A

Market Cap:
$9.26B

Book Value:
8.98

EBITDA:
$1.19B