VER - Vereit rent collections improve; announces 1-for-5 reverse stock split

Vereit (VER) reports rent collections are improving as it  collected 97% of October rents, up from the 94% it collected of Q3 rent.Announces a one-for-five reverse stock split of its common stock, which is expected to be effective after the markets close on Dec. 17, 2020.Sees 2020 adjusted FFO per share of ~62 cents, or $3.10 when adjusted for its plan one-for-five reverse stock split; the pre-reverse split figure of 62 cents is a penny higher than the average analyst estimate of 61 cents.Q3 adjusted FFO of 15 cents matches the consensus estimate and declined from 18 cents in the year-ago quarter.Q3 revenue of $295.3M vs. $283.9M consensus and $303.3M in the year-ago quarter.Due to the effects of the COVID-19 pandemic, AFFO for Q3 includes deferred rent of $3.9M and the negative impacts from $6.5M of abatement amendments, of which $5.9M relate to Q3 rent and $0.6M to Q2 rent,

For further details see:

Vereit rent collections improve; announces 1-for-5 reverse stock split