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VEREIT, Inc. (NYSE: VER) has priced an offering of $1.2 billion in senior notes, including $500 million of 2.200% notes due 2028 and $700 million of 2.850% notes due 2032. The offering, expected to close on November 17, 2020, will help repay credit facility term loan amounts and settle interest rate swap agreements. The notes will be guaranteed by VEREIT and are senior unsecured obligations of its operating partnership. VEREIT, managing a $14.6 billion real estate portfolio, aims to utilize proceeds for general corporate purposes.
VEREIT reported Q3 2020 results with net income of $98.0 million, or $0.08 per diluted share, a significant increase from a net loss of $741.5 million in Q3 2019. Total revenues fell to $295.3 million, down from $303.3 million a year prior. AFFO decreased to $166.5 million, affected by pandemic-related adjustments. The company achieved a 94% rent collection rate for Q3, improving to 97% in October. VEREIT also reduced total debt from $6.0 billion to $5.9 billion and executed a reverse stock split, effective December 17, 2020. The quarterly dividend remains stable at $0.077 per share.
VEREIT (NYSE: VER) announced it will release its Third Quarter 2020 Quarterly Report on Form 10-Q on November 5, 2020, and will hold an earnings conference call at 1:30 PM ET that same day. As of September 22, 2020, the company reported a rent collection rate of approximately 95% for September, with collections improving from previous months. VEREIT manages a real estate portfolio valued at $14.7 billion, encompassing around 3,800 properties. Forward-looking statements highlight potential risks that could impact future performance, emphasizing uncertainty in rent collections.
On September 8, 2020, VEREIT (NYSE: VER) announced the closing of $157.5 million in property dispositions to fund a $150 million redemption of its 6.70% Series F Preferred Stock on September 20, 2020. The dispositions included a $39.8 million contribution to an office partnership and a $107 million office sale at a 5.6% cap rate. Year-to-date, VEREIT reported $356.7 million in dispositions and a debt refinancing via $600 million in senior notes due 2028. As of September 2, 2020, rent collection was strong, reaching 94% in August, indicating effective management during challenging times.
VEREIT (NYSE: VER) announced its plan to redeem 6 million shares of its 6.70% Series F Cumulative Redeemable Preferred Stock on September 20, 2020. This redemption represents approximately 24.12% of the total Series F Preferred Stock outstanding. Shareholders will receive $25.0232639 per share, inclusive of accrued dividends. Additionally, as of August 18, 2020, VEREIT reported a 93% rent collection rate for August, with ongoing discussions about unpaid rent with tenants.
VEREIT and Ocean West have acquired a 2.3 million square foot distribution and warehouse facility in Dallas, Texas, for $246.7 million. The property is leased to an investment-grade home improvement retailer and features a long-term, twenty-year lease. This acquisition enhances VEREIT's industrial partnership with Korea Investment & Securities, which has amassed approximately $653.7 million in assets across seven properties. The investment is considered strong due to the tenant's creditworthiness and the strategic location of the asset.
VEREIT reported its second quarter 2020 operating results, showing a net income of $54.2 million and net income per diluted share of $0.04. The company achieved $0.15 AFFO per diluted share. Rent collection improved from 85% in Q2 to 91% in July. With $10 million in acquisitions and $66.2 million in dispositions, total debt decreased to $5.97 billion. Liquidity increased to $1.8 billion. The quarterly dividend remained stable at $0.077 per share. Guidance for 2020 was withdrawn due to COVID-19 uncertainties.
VEREIT, Inc. (NYSE: VER) plans to release its Second Quarter 2020 Quarterly Report on Form 10-Q on August 6, 2020. An earnings conference call will follow at 1:30 p.m. ET the same day, featuring CEO Glenn J. Rufrano and other executives. VEREIT, with total real estate investments of $14.8 billion, manages a significant portfolio of single-tenant commercial properties across the U.S. The company's proactive approach aims to maintain transparency with its investors through regular updates.
VEREIT announced the redemption of 6,000,000 shares of its 6.70% Series F Cumulative Redeemable Preferred Stock, representing approximately 19.44% of its total Series F shares, set for July 22, 2020. Each share will be redeemed at $25.00 plus accrued dividends, totaling $25.0325694. Additionally, a cash dividend of $0.1395833 will be paid for the period from June 15 to July 14, 2020, to holders as of July 1, 2020. On the redemption date, dividends will cease, and the redeemed shares will no longer be outstanding.
VEREIT, Inc. (NYSE: VER) announced the pricing of a $600 million offering of 3.40% senior notes due 2028, expected to close on June 29, 2020. The proceeds will be used to redeem approximately $100 million of the company's 6.70% Series F Cumulative Redeemable Preferred Stock and repay revolving credit facility borrowings. The senior notes will be senior unsecured obligations, guaranteed by VEREIT. The offering is managed by several financial institutions under an effective registration statement filed with the SEC.
