VER - Vereit Q3 earnings top consensus in last quarter as stand-alone company

Right before it's set to merge with Realty Income (NYSE:O), Vereit (NYSE:VER) discloses Q3 adjusted FFO per share of $0.83, topping the consensus estimate of $0.80, and rising 7.8% from Q3 2020. Compares with $0.81 adjusted FFO per share in Q2 2021., Rent collection of 99.1% slips from 99.4% in Q2. As previously announced, expects Realty Income's acquisition of Vereit to close on Nov. 1, 2021. Net debt to normalized EBITDA increased to 5.75x from 5.46x; the increase in debt metrics was affected by the redemption of $373M of the company's 6.7% series F preferred stock during the quarter. Normalized EBITDA of $253.6M increased from $251.6M in Q2 and $252.9M in Q3 2020. During the quarter, same-store contact rental renewal increased 3.2% vs. the same quarter in 2020. As of Oct. 20, 2021, Vereit (VER) collected $16.8M of deferred rent, representing 100% of amounts due through Sept. 30, 2021, or

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Vereit Q3 earnings top consensus in last quarter as stand-alone company