VER - Vereit rent collections rise dividend rises guides on the light side

Vereit (VER) rent collections continue to improve, collecting ~99% of rent for January.Collects 98% of rent for Q4, 95% for Q3 and 87% for Q2.The REIT increases its quarterly dividend by 20% to 46.2 cents per share.Still, its 2021 adjusted FFO per share guidance $3.20-$3.30 comes in soft vs. average analyst estimate of $3.28.Assumes acquisitions of $1.0B-$1.3B at average cash cap rates of 6.5%-7.5% in 2021.Assumes office dispositions of $200M-$250M at average cash cap rates of 6.0%-6.75%; strategic dispositions of $50M-$100M.Sees net debt to normalized EBITDA of 5.5x-6.0x."We have had consistently high rent collections from the beginning of the pandemic and will diligently work to continue this success. By year end 2020, we moved to increase acquisition volume and are once again on offense," comments CEO Glenn J. Rufrano.Q4 adjusted FFO per share of 76 cents vs. 79 cent consensus, compares with 15 cents in Q3 and 81 cents in the

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Vereit rent collections rise, dividend rises, guides on the light side