PHOENIX, July 16, 2021 /PRNewswire/ -- VEREIT, Inc. (NYSE:
VER) ("VEREIT" or the "Company"), 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 today that it intends to redeem all of the outstanding
shares of its 6.70% Series F Cumulative Redeemable Preferred Stock
("Series F Preferred Stock") on August 15,
2021 (the "Redemption Date") using cash on hand and its
undrawn revolver. Concurrently with the redemption of the Series F
Preferred Stock, VEREIT Operating Partnership, L.P. ("VEREIT OP"),
the operating partnership of the Company, intends to redeem all
outstanding Series F Preferred Units of VEREIT OP in accordance
with the terms of VEREIT OP's agreement of limited partnership.
The shares of Series F Preferred Stock will be redeemed at a
redemption price of $25.00 per share
(the "Redemption Price"). Payment of the Redemption Price will be
made on August 16, 2021, 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 July 15, 2021 through
August 14, 2021 to holders of Series
F Preferred Stock as of August 1,
2021, which is the record date for such dividend, on
August 16, 2021.
Dividends on the shares of Series F Preferred Stock will
cease to accrue on the Redemption Date. Upon redemption, the
Series F Preferred Stock will no longer be outstanding, and
all rights of the holders of such shares will terminate, except the
right of the holders to receive the cash payable upon such
redemption, without interest.
All shares of Series F Preferred Stock are held in book-entry
form. As specified in the notice of redemption, shares of Series F
Preferred Stock held in book-entry form through the Depository
Trust Company ("DTC") will be redeemed according to DTC's
procedures and shares of Series F Preferred Stock held through the
records of Computershare Trust Company, N.A. (the "Redemption
Agent") will be automatically redeemed by the Redemption Agent.
Payment to DTC and the registered holders for the redeemed shares
of Series F Preferred Stock will be made by the Redemption
Agent.
The address for the Redemption Agent is as follows:
Computershare Trust Company, N.A.
150 Royall Street
Canton, MA 02021
Attn: Corporate Actions
Telephone: (800) 546-5141
About VEREIT
VEREIT is 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. VEREIT has total real estate
investments of $14.5 billion including approximately
3,900 properties and 88.7 million square feet. VEREIT's business
model provides equity capital to creditworthy corporations in
return for long-term leases on their properties. VEREIT is a
publicly traded Maryland
corporation listed on the New York Stock Exchange. VEREIT
uses, and intends to continue to use, its Investor Relations
website, which can be found at www.VEREIT.com, as a
means of disclosing material nonpublic information and for
complying with its disclosure obligations under Regulation
FD. Additional information about VEREIT can be found through
social media platforms such as Twitter and LinkedIn.
Forward-Looking Statements
Information set forth in this press release contains
forward-looking statements which reflect VEREIT's expectations and
projections regarding future events and plans, including statements
regarding the redemption of the Series F Preferred Stock and the
Series F Preferred Units and payment of the Redemption Price.
Generally, the words "anticipates," "assumes," "believes,"
"continues," "could," "estimates," "expects," "goals," "intends,"
"may," "plans," "projects," "seeks," "should," "targets," "will,"
variations of such words and similar expressions identify
forward-looking statements. These forward-looking statements are
based on information currently available and involve a number of
known and unknown assumptions and risks, uncertainties and other
factors, which may be difficult to predict and beyond VEREIT's
control, that could cause actual events and plans or could cause
VEREIT's business, financial condition, liquidity and results of
operations to differ materially from those expressed or implied in
the forward-looking statements. These factors include the
risks and uncertainties detailed from time to time in VEREIT's
filings with the Securities and Exchange Commission ("SEC"), which
are available at the SEC's website at www.sec.gov. VEREIT disclaims
any obligation to publicly update or revise any forward-looking
statements contained in this press release whether as a result of
changes in underlying assumptions or factors, new information,
future events or otherwise, except as required by law.
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SOURCE VEREIT, Inc.