VER - Vereit: The High-Yield Comeback Kid
Investment Thesis
Vereit, Inc. (VER) is a real estate investment trust that owns 3,853 net leased properties worth $14.8 billion. These properties are spread across the United States, although its real estate is mostly concentrated in the central and eastern parts of the country.
VER is the successor to its previous manifestation, American Realty Capital Properties, which got in trouble for securities fraud (i.e. an accounting "error" of $23 million) in 2014. The company's CFO purposely misstated a financial metric in order to continue the CEO's empire-building acquisition spree. After changing its name