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Realty Income Corporation announced the tax status for its 2021 common stock dividends and those of VEREIT. Total common dividends paid in 2021 amounted to $4.8927123 for Realty Income, with 30.958% as ordinary income and 67.295% as non-taxable distributions. VEREIT's total common dividends were $1.7710000, with 73.695% as ordinary income. Realty Income also detailed the market value of newly exchanged notes from VEREIT. Shareholders should consult tax advisors regarding tax treatment of dividends received.
Realty Income Corporation (NYSE: O) has completed its merger with VEREIT, Inc. (NYSE: VER), marking a significant consolidation in the net lease sector. The merger, announced on November 1, 2021, was approved by stockholders and allows VEREIT stockholders to receive 0.705 shares of Realty Income for each share held. The combined company aims to leverage its increased scale and diversification to enhance shareholder value. Additionally, a spin-off of office assets into a new REIT, Orion Office REIT Inc. (NYSE: ONL), will occur on November 12, 2021, benefiting stockholders with special dividends.
Vereit (NYSE: VER) reported its Q3 2021 results, demonstrating a net income of $61.6 million and earnings per diluted share of $0.25. The company achieved a significant AFFO per diluted share of $0.83, up 7.8% from the previous year. Rent collection was strong at 99.1%. However, total revenues decreased by $5.1 million year-over-year to $290.2 million. The company's net debt increased to $5.8 billion, with a net debt to normalized EBITDA ratio of 5.75x. The firm is set to close its merger with Realty Income Corporation on November 1, 2021.
Realty Income Corporation (NYSE: O) and VEREIT, Inc. (NYSE: VER) announced the anticipated closing of their merger on November 1, 2021. Concurrently, Realty Income's spin-off of office assets into a new entity, Orion Office REIT Inc. (NYSE: ONL), is effective as of October 22, 2021. Realty Income shareholders will receive one share of Orion for every ten shares held, with the record date set for November 2, 2021 and distribution on November 12, 2021. Shareholders are advised to consult financial advisors regarding tax implications of the transactions.
VEREIT has declared a cash dividend of $0.154 per common share for October, representing one-third of its prior quarterly dividend. This dividend is payable on November 15, 2021 to shareholders of record on November 2, 2021, contingent upon the merger with Realty Income Corporation not closing before that date. VEREIT plans to continue monthly dividends until the merger closes. The company has total real estate investments of $14.5 billion, managing approximately 3,900 properties nationwide.
Realty Income Corporation and VEREIT announced that their stockholders approved the merger agreement on August 12, 2021. Realty Income garnered approximately 98.9% approval from its stockholders, while VEREIT achieved 99.7%. Under the merger terms, VEREIT stockholders will receive 0.705 shares of Realty Income stock for each share held. The merger is expected to finalize in the fourth quarter of 2021, pending customary closing conditions.
VEREIT (NYSE: VER) reported strong financial results for Q2 2021, with net income of $77.9 million, or $0.31 per diluted share, and an 8% increase in AFFO per share to $0.81. Total revenues rose to $291.3 million, a $12.3 million increase from the previous year. The company achieved a rent collection rate of 99.4% and completed significant transactions totaling $860.9 million in investments. A merger with Realty Income Corporation, valued at $50 billion, is expected to close in Q4 2021. The company declared a quarterly dividend of $0.462 per share.
VEREIT (NYSE: VER) announced plans to redeem all outstanding shares of its 6.70% Series F Cumulative Redeemable Preferred Stock on August 15, 2021, at a price of $25.00 per share. Payments will be made the following day, August 16, 2021. Shareholders will also receive a cash dividend of $0.1395833 for the period from July 15 to August 14, 2021, payable on the same date. This redemption will terminate all rights associated with these shares, except for the right to receive the redemption cash.
VEREIT, Inc. (NYSE: VER) announced it will release its Second Quarter 2021 Quarterly Report on Form 10-Q on August 5, 2021, alongside its operating partnership. Notably, the company will not conduct a conference call this quarter due to its proposed merger with Realty Income Corporation. VEREIT boasts a real estate investment portfolio worth $14.5 billion, encompassing approximately 3,900 properties and 88.7 million square feet, providing long-term leases to creditworthy corporations.
VEREIT reported its Q1 2021 results, showcasing a net income of $120.7 million and an AFFO of $0.80 per share. The company maintained a strong rent collection rate of 99%. Notably, total debt decreased from $5.9 billion to $5.6 billion, and net debt to normalized EBITDA improved to 5.45x. In a strategic move, VEREIT redeemed $100 million of preferred stock and announced a merger with Realty Income, aiming for a combined enterprise value of approximately $50 billion. The company’s total revenues saw a decline to $290.8 million, down from $299.2 million year-over-year.
