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Realty Income Corporation (NYSE: O) has announced a definitive merger agreement to acquire VEREIT, Inc. (NYSE: VER) in an all-stock transaction valued at approximately $50 billion. VEREIT shareholders will receive 0.705 shares of Realty Income for each share held. Post-merger, the companies will execute a taxable spin-off of most office properties into a new publicly traded REIT, designated as 'SpinCo.' The merger is projected to be over 10% accretive to Realty Income's AFFO per share, enhancing cash flow durability and strategic growth potential.
VEREIT, Inc. (NYSE: VER) announced it will release its First Quarter 2021 Quarterly Report on Form 10-Q on May 6, 2021. The company will also hold an earnings conference call at 1:30 p.m. ET on the same day to discuss its financial results. VEREIT boasts total real estate investments of $14.6 billion, including around 3,800 properties and 89.5 million square feet, focusing on long-term leases with creditworthy corporations. Investors can access the live webcast and subsequent replay on the company's Investor Relations website.
VEREIT, Inc. (NYSE: VER) reported its Q4 and full-year 2020 results, showing a net income of $201.2 million, up from a net loss in 2019. Despite a decrease in total revenues to $1.16 billion for 2020, the company achieved a 98% rent collection rate in Q4. VEREIT invested over $1 billion in capital and significantly reduced debt, reflecting strong liquidity of $2 billion. The Board announced a 20% dividend increase, now at $0.462 per share. For 2021, VEREIT expects AFFO per diluted share between $3.20 and $3.30, with continued focus on acquisitions and portfolio quality improvements.
VEREIT announced the appointment of Priscilla Almodovar and Susan Skerritt to its Board of Directors, effective immediately after the filing of its 2020 Annual Report on February 24, 2021. This expands the Board to nine members. Both directors possess extensive experience in real estate and finance, with Almodovar being the CEO of Enterprise Community Partners and Skerritt previously serving as the CEO of Deutsche Bank Trust Company Americas. Their diverse expertise is expected to enhance VEREIT's decision-making capabilities.
VEREIT, Inc. announced the tax classification for its 2020 dividends for both Common Stock (VER) and Series F Preferred Stock (VER-PF). The classification lists the dividends primarily as nondividend distributions due to a deduction related to a class action settlement. Shareholders are advised to consult tax advisors for specific treatment. In 2020, the total real estate investments of VEREIT reached $14.6 billion, with approximately 3,800 properties under management.
VEREIT, Inc. (NYSE: VER) plans to issue its 2020 Annual Report on Form 10-K on February 24, 2021. The report will be followed by an earnings conference call at 1:30 p.m. ET on the same day, accessible via their Investor Relations website. VEREIT manages a $14.6 billion portfolio, including 3,800 properties across 88.9 million square feet, demonstrating its strong position in the single-tenant commercial real estate sector. The company emphasizes the importance of its disclosures under Regulation FD and acknowledges forward-looking statements in its communications.
VEREIT, Inc. (NYSE: VER) announced a 97% rent collection rate for December 2020, consistent with previous months. Major tenants received favorable credit updates, enhancing VEREIT's tenant credit profile. The company invested $1.0 billion in 2020 and expects to exceed acquisition targets, with $180 million already completed. VEREIT also aims to reduce its office portfolio from 17% to below 15% of annualized rental income, with $53 million sold in Q4 2020 and an additional $100 million under contract. Total real estate investments stand at $14.6 billion.
On December 17, 2020, VEREIT completed a one-for-five reverse stock split affecting its common shares. Each five shares were converted into one share, with cash payments for fractional shares based on the average closing price prior to the split. Following this adjustment, the quarterly dividend increased from $0.077 to $0.385 per share for stockholders of record as of December 31, 2020. The shares will trade under the same ticker 'VER' starting December 18, 2020, with no impact on ownership percentage except for minor adjustments due to fractional shares.
VEREIT (NYSE: VER) announced a partial redemption of 4,000,000 shares of its 6.70% Series F Cumulative Redeemable Preferred Stock, accounting for about 21.20% of the total outstanding shares. The redemption will occur on January 15, 2021, at a price of $25.00 per share. Additionally, the company anticipates a property acquisition pipeline of $150 million to $300 million, expecting results at the high end. Holders of the Series F shares will receive a cash dividend of $0.1395833 for the period from December 15, 2020, to January 14, 2021, paid on the redemption date.
VEREIT (NYSE: VER) announced its November 2020 rent collection at approximately 97%, consistent with October's figures. The Company invested $811 million year-to-date, including $280 million in institutional partnerships and $300 million toward redeeming preferred stock. VEREIT's Q4 2020 to Q1 2021 acquisition pipeline targets $150 million to $300 million. The firm aims to reduce office properties from 17% to below 15% of rental income, with $430 million in total expected dispositions. The issuance of $1.2 billion in senior notes provides low-cost capital without bond maturities until 2024.
