VEREIT® Announces Partial Redemption of 6.70% Series F Cumulative Redeemable Preferred Stock and Provides August Rent Collection of 93%
PHOENIX , Aug. 20, 2020 |PRNewswire| -- VEREIT, Inc. (NYSE: VER ) ("VEREIT") announced today that it intends to redeem 6,000,000 shares of its 6.70% Series F Cumulative Redeemable Preferred Stock ("Series F Preferred Stock"), representing approximately 24.12% of its approximately 24.9 million shares of Series F Preferred Stock outstanding, on September 20, 2020 (the "Redemption Date") using proceeds from expected dispositions and cash on hand. The shares of Series F Preferred Stock will be redeemed at a redemption price of $25.00 per share, plus accrued and unpaid dividends from September 15, 2020 to, but not including, the Redemption Date in an amount equal to $0.0232639 per share, for total proceeds of $25.0232639 per share (the "Redemption Price"). Payment of the Redemption Price will be made on September 21, 2020 , the first business day after the Redemption Date. As previously announced, VEREIT will pay the cash dividend on the Series F Preferred Stock of $0.1395833 for the period from August 15, 2020 through September 14, 2020 to holders of Series F Preferred Stock as of September 1, 2020 , which is the record date for such dividend, on September 15, 2020 .
VEREIT® Announces Partial Redemption of 6.70% Series F Cumulative Redeemable Preferred Stock and Provides August Rent Collection of 93%
PHOENIX , Aug. 20, 2020 |PRNewswire| -- VEREIT, Inc. (NYSE: VER ) ("VEREIT") announced today that it intends to redeem 6,000,000 shares of its 6.70% Series F Cumulative Redeemable Preferred Stock ("Series F Preferred Stock"), representing approximately 24.12% of its approximately 24.9 million shares of Series F Preferred Stock outstanding, on September 20, 2020 (the "Redemption Date") using proceeds from expected dispositions and cash on hand. The shares of Series F Preferred Stock will be redeemed at a redemption price of $25.00 per share, plus accrued and unpaid dividends from September 15, 2020 to, but not including, the Redemption Date in an amount equal to $0.0232639 per share, for total proceeds of $25.0232639 per share (the "Redemption Price"). Payment of the Redemption Price will be made on September 21, 2020 , the first business day after the Redemption Date. As previously announced, VEREIT will pay the cash dividend on the Series F Preferred Stock of $0.1395833 for the period from August 15, 2020 through September 14, 2020 to holders of Series F Preferred Stock as of September 1, 2020 , which is the record date for such dividend, on September 15, 2020 .