VEREIT® Announces Second Quarter 2019 Operating Results
www.bloomberg.com/press-releases/...er-2019-operating-results
Second Quarter 2019 Financial and Operating Highlights
o Net income of $292.3 million and net income per diluted share of $0.27
o Achieved $0.18 AFFO per diluted share
o Acquisitions totaled $118.7 million in the second quarter of 2019 and
$221.2 million year-to-date
o Formed an 80/20 industrial partnership on May 30, 2019, including six
VEREIT industrial assets totaling approximately $407.5 million which
contributed $326.0 million to total dispositions
o Portfolio dispositions totaled $332.3 million in the second quarter of
2019 and $430.3 million year-to-date
o Total debt decreased from $6.02 billion to $5.66 billion; Net Debt from
$6.05 billion to $5.51 billion, or 36.9% Net Debt to Gross Real Estate
Investments
o Net Debt to Normalized EBITDA was reduced from 5.7x to 5.3x
Second Quarter 2019 Financial Results
Rental Revenue
Rental Revenue for the quarter ended June 30, 2019 decreased $3.7 million to
$312.0 million as compared to revenue of $315.7 million for the same quarter
in 2018.
Net Income and Net Income Attributable to Common Stockholders per Diluted
Share
Net income for the quarter ended June 30, 2019 increased $367.0 million to
$292.3 million as compared to net loss of $(74.7) million for the same quarter
in 2018, and net income per diluted share increased $0.36 to $0.27 for the
quarter ended June 30, 2019, as compared to net loss per diluted share of
$(0.09) for the same quarter in 2018.
Normalized EBITDA
Normalized EBITDA for the quarter ended June 30, 2019 increased $0.9 million
to $260.3 million as compared to Normalized EBITDA of $259.4 million for the
same quarter in 2018.
Funds From Operations Attributable to Common Stockholders and Limited Partners
("FFO") and FFO per Diluted Share
FFO for the quarter ended June 30, 2019 increased $102.0 million to $179.0
million, as compared to $77.0 million for the same quarter in 2018, and FFO
per diluted share increased $0.10 to $0.18 for the quarter ended June 30,
2019, as compared to FFO per diluted share of $0.08 for the same quarter in
2018.
Adjusted FFO Attributable to Common Stockholders and Limited Partners ("AFFO")
and AFFO per Diluted Share
AFFO for the quarter ended June 30, 2019 decreased $1.7 million to $177.1
million, as compared to $178.8 million for the same quarter in 2018, and AFFO
per diluted share remained constant at $0.18 for the quarter ended June 30,
2019, as compared to the same quarter in 2018.