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VEREIT, Inc.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2021 10-Q, filed Oct 29, 2021. Its latest SEC filing is a SC 13G/A from Feb 14, 2022.

The sections below describe the company as of the FY2020 annual report.

What Did They Do?

Owns and manages single-tenant commercial properties leased to businesses.

How Did They Make Money?

VEREIT earns rent from tenants under long-term property leases and spreads lease rent across the lease term; for leases it judges unlikely to be collected, rent is counted as cash arrives.

revenue

Who Were Their Customers?

Commercial tenants lease VEREIT’s single-tenant properties under long-term agreements.

Did Revenues Turn Into Profits?

Yes. It kept 17 cents of every revenue dollar as net income in .

Net income,
17% of revenue
▲ Now profitable vs (−$300.4M, −24%)

How Were They Changing?

Since the FY2020 annual report
Latest quarter: Q3 FY2021, the three months to Sep 30, 2021
Revenue
▼ −2%
vs $295.3M in Q3 FY2020
Net income
▼ −38%
vs $98.9M in Q3 FY2020
  • Nov 1, 2021 Realty Income completed its merger with VEREIT VEREIT shares converted into Realty Income shares, and its common stock was removed from NYSE trading; an office-asset spin-off was expected to follow.

Shrank. Revenue fell 13% in 4 years, from $1.3B in to $1.2B in , about 3% a year.

Cole Capital sale The older report described Cole Capital as an investment-management segment; the latest says it had been sold and VEREIT reports only a real-estate segment.

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