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VEREIT

VER is a registered REIT with a portfolio of commercial real estate properties that are generally single tenant and structured in long duration, triple-net leases. VER recently sold its Cole Capital segment (investment management arm), which closed in 1Q18 and streamlines the operating profile. At 3Q18, VER's real estate portfolio was comprised of 4,021 operating properties. The portfolio had an economic occupancy rate of 99.1% and a weighted-average remaining lease term of 8.9 years. Geographically diverse in the U.S., VER's top regions include: Texas (~12.6% of annualized rental income), Ohio (~5.9%), Illinois (~5.5%), and Florida (~5.5%). VER's top industries include restaurants (~22% of annualized rental income), retail (~42%), and office (~19%). VER's top tenant is Red Lobster (~5.9% of annualized rental income at 3Q18). (07 Dec 2018)

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Focused

VEREIT: 3Q18 Earnings Quick Cuts

Worth Watching: 06 Nov 2018, 9:15 PM ET - VEREIT (VER) reported a solid 3Q18 as the portfolio continues to churn out consistent results: occupancy increased 30 bp sequentially to 99.1%, same store rental revenue grew 0.3% (0.9% ex. early lease renewal), and the company recaptured 96% of e ..
Focused

VEREIT: $43 mn in Additional Settlements

Worth Watching: 28 Oct 2018, 9:06 AM ET - VEREIT (Baa3/BBB-/BBB-) will pay $43 mn to four plaintiffs that opted out of the class action lawsuit, which is still proceeding with a trial date set for September 2019. Including this latest settlement, VER has paid $218 mn related to the 2014 a ..
Focused

Retail REITs: Sears Bankruptcy as Opportunity

Worth Watching: 15 Oct 2018, 1:28 PM ET - Retail REITs: With the news that Sears is (finally?) filing for bankruptcy, we size REIT exposures to the long-struggling retailer and see the impacts as broadly manageable. From an operating performance perspective, the vast majority of REITs see ..
Focused

REIT/CRE 3Q18 Preview: What We're Watching

Sector Analysis: 12 Oct 2018, 5:57 AM ET - We lay out what we're watching as we head into 3Q18 earnings, for property types, individual credits, and with a macro component given the breadth and depth of economic touch points for U.S. real estate.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 
Focused

VEREIT: $550 mn of 7Y Notes Shows Good Execution

Worth Watching: 04 Oct 2018, 9:46 PM ET - VEREIT (Baa3/BBB-/BBB-) issued $550 mn of 7Y notes with proceeds earmarked to pay down the revolver, which was drawn to fund the redemption of the $600 mn of converts that matured on August 1. The issuance, VER's first market tap in over a year ..
Focused

VER: $85 mn in Settlements with Opt Out Plaintiffs

Worth Watching: 02 Oct 2018, 10:34 PM ET - VER (Baa3/BBB-/BBB-) will pay $85 mn to eight plaintiffs that opted out of the class action lawsuit, which is still proceeding with a trial date set for September 2019. So far, the company has paid $175 mn related to the 2014 accounting scandal, i ..

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.
Focused

REITs/CRE 2Q18: How Are Property Types Performing?

Sector Analysis: 22 Aug 2018, 5:10 AM ET - In Part 2 of our REITs/CRE 2Q18 review, we delve into the recent trends—both operating fundamentals and capital markets—across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 2Q18: Themes, Trends and Takeaways

Sector Analysis: 13 Aug 2018, 5:32 AM ET - In part 1 of our REITs/CRE 2Q18 review, we discuss key themes emerging from earnings, including sector relative value, overall market conditions, the continue run-up in construction costs and more.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.
Focused

VEREIT: 2Q18 Earnings Quick Cuts

Worth Watching: 05 Aug 2018, 10:11 PM ET - VEREIT (VER) reported a solid 2Q18 as the portfolio continues to churn out consistent results, reflecting the triple-net lease business model. The company's large facility refi was a highlight of the quarter, as VER put in place a new $2 bn rev ..

CA Goes to the Polls: A Rent Control Primer

Sector Analysis: 11 Jul 2018, 9:42 PM ET - In November, Californians will vote on a ballot initiative that seeks to repeal Costa-Hawkins, a 1995-era law restricting municipalities' ability to institute rent control policies, with implications for multifamily REITs in particular.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.
Focused

VEREIT: $90 mn Settlement with Vanguard

Worth Watching: 11 Jun 2018, 11:42 PM ET - VEREIT (Baa3/BBB-/BBB-) will pay $90 mn to Vanguard Specialized Funds to settle previously disclosed litigation related to the 2014 accounting scandal. Vanguard filed a lawsuit in October 2015 asserting claims related to the allegedly false and mi ..

REITweek 2018: Cool, Calm, and Collected

Sector Analysis: 08 Jun 2018, 5:22 AM ET - We attended NAREIT's REITweek 2018 convention, providing our top level thoughts on the overall sector tone and analysis on individual company presentations.
Focused

VEREIT: Closes $2.9 bn Unsecured Credit Facility

Worth Watching: 23 May 2018, 11:29 PM ET - VEREIT (Baa3/BBB-/BBB-) closed a new $2.9 bn unsecured credit facility to replace its prior $2.3 bn facility that was set to expire in June 2018. The new facility includes a $2 bn unsecured revolving credit facility expiring in May 2022 (can be ex ..

REITs/CRE 1Q18: How Are Property Types Performing?

Sector Analysis: 17 May 2018, 4:27 AM ET - In Part 2 of our REITs/CRE 1Q18 review, we delve into the recent trends--both operating fundamentals and capital markets--across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 1Q18: Themes, Trends and Takeaways

Sector Analysis: 14 May 2018, 4:40 AM ET - In part 1 of our REITs/CRE 1Q18 review, we discuss key themes emerging from earnings, including construction cost overruns, public/private market valuation disconnect, sector relative value, and more.
Focused

VEREIT: 1Q18 Earnings Quick Cuts

Worth Watching: 04 May 2018, 3:34 PM ET - VEREIT (VER) turned in a solid 1Q18 as FFO came in line with consensus estimates. It was another relatively uneventful quarter as the company continues to grow through acquisitions while pruning the portfolio through selective dispositions, includ ..

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