VEREIT® Announces $157.5 Million of Dispositions Accretively Redeeming $150.0 Million of Preferred Stock and Provides Updated August Rent Collection of 94%
PHOENIX , Sept. 8, 2020 |PRNewswire| -- VEREIT, Inc. (NYSE: VER ) ("VEREIT"), a full-service real estate operating company which owns and manages one of the largest portfolios of single-tenant commercial properties in the U.S., announced the closing of $157.5 million of dispositions in the third quarter to accretively fund the previously announced partial redemption of $150.0 million of its 6.70% Series F Cumulative Redeemable Preferred Stock ("Preferred Stock") on September 20 , 2020. The disposition total includes the Company's share of a property contributed to the office partnership of $39.8 million . The other portfolio dispositions were comprised of an additional office sale for $107.0 million at a 5.6% capitalization rate as well as $10.7 million of non-core assets which included a Red Lobster restaurant. Year-to-Date Transaction Summary as of September 2, 2020 Full story available on Benzinga.com
VEREIT® Announces $157.5 Million of Dispositions Accretively Redeeming $150.0 Million of Preferred Stock and Provides Updated August Rent Collection of 94%
PHOENIX , Sept. 8, 2020 |PRNewswire| -- VEREIT, Inc. (NYSE: VER ) ("VEREIT"), a full-service real estate operating company which owns and manages one of the largest portfolios of single-tenant commercial properties in the U.S., announced the closing of $157.5 million of dispositions in the third quarter to accretively fund the previously announced partial redemption of $150.0 million of its 6.70% Series F Cumulative Redeemable Preferred Stock ("Preferred Stock") on September 20 , 2020. The disposition total includes the Company's share of a property contributed to the office partnership of $39.8 million . The other portfolio dispositions were comprised of an additional office sale for $107.0 million at a 5.6% capitalization rate as well as $10.7 million of non-core assets which included a Red Lobster restaurant. Year-to-Date Transaction Summary as of September 2, 2020 Full story available on Benzinga.com