VEREIT Grows FFO, Moves Forward on Changes
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Rufrano: “We have the opportunity for a fresh start.”
PHOENIX—In its first quarterly report under a new name,VEREIT reported year-over-year gains in funds from operations, revenue and normalized EBITDA, while alsoMOVING
forward on its business plan. To that end, the net lease REIT, which has begun trading on the New York Stock Exchange under the VER symbol, said it planned to enhance its portfolio by selling up to $2.2 billion of assets by the end of 2016, and also sought to reduce its net debt to EBITDA ratio to a range of 6.0x to 7.0x.
Both goals are in line with CEO Glenn Rufrano’s program to re-establish trust in the company, which underwent rapid growth as American Realty Capital Properties and was beset last fall by revelations of accounting irregularities and the resignations of its senior management team. Even before the accounting scandal came to light, some activist investors questioned whether the REIT’s growth rate was sustainable…
