VER - VEREIT Q2 revenue earnings rise as rental collection rate rises

VEREIT (NYSE:VER) Q2 revenue and earnings continue to increase as rent collection rates improve and the company makes progress on collecting back rent. Q2 normalized EBITDA of $251.6M vs. $238.5M in the year-ago quarter. Q2 revenue of $291.3M rose from $279.0M in the year-ago quarter but misses the average analyst estimate of $293.0M. Sees merger with Realty Income closing in Q4 2021. Q2 rent collection rate at 99.4%; that compares with the 98.0% rate the company disclosed in its Q1 earnings release. As of July 21, 2021, the REIT collected $14.2M of deferred rent, representing ~100% of amounts due through June 30, 2021, or 75% of total executed deferrals. The company invested $860.9M of capital during Q2, including $387.9M in property acquisitions and build-to-suits placed into service, along with ~$473.0M to redeem its 6.7% series F preferred stock. Office dispositions totaled $270.8M, reducing office exposure to 14.4% at Q2-end. As

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VEREIT Q2 revenue, earnings rise as rental collection rate rises