- Vereit (NYSE:VER), the REIT which agreed to be acquired by Realty Income, posts Q1 FFO per share of 78 cents, rising from 38 cents in Q4 2020 but still down from 84 cents in the year-ago quarter.
- Exceeds consensus estimate of 77 cents.
- Q1 total revenue of $290.8M, missing the average analyst estimate of $293.2M, dropped from $299.2M a year ago.
- Q1 normalized EBITDA declined to $251.2M from $257.2M in the year-ago quarter.
- As of March 31, 2021, total portfolio occupancy was 98.0%,.
- As of April 22, 2021, the company received rent of ~99% for Q1, which is based on the terms of lease agreements in effect at Jan. 1, 2021 and excludes tenants being accounted for on a cash basis.
- Collected $9.8M of deferred rent, representing ~100% of amounts due through March 31, 2021, or 54% of total executed deferrals.
- During the quarter, Vereit acquired 54 properties for $138.4M at an average cash cap rate of 7.1%.
- Vereit disposed of 10 office properties for $235.5M. Of this amount, $225.6M was used in the total weighted average cash cap rate calculation of 6.2%. The gain on Q1 office dispositions was $56.8M.
- In its strategic dispositions program, the company disposed of 20 properties for $35.7M, with $27.0M used in the total weighted average cash cap calculation of 5.0%. The gain on Q1 strategic dispositions was $19.4M.
- Due to its pending merger with Realty Income, Vereit is no longer providing guidance and is not holding an earnings conference call.
- Earlier, VEREIT FFO beats by $0.01, misses on revenue