VEREIT® Completes One-for-Five Reverse Stock Split

Rhea-AI Summary

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.

Positive

• Quarterly dividend increased from $0.077 to $0.385 post-split, reflecting shareholder value enhancement.

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• None.

PHOENIX, Dec. 17, 2020 /PRNewswire/ -- VEREIT, Inc. (NYSE: VER) ("VEREIT" or the "Company"), a full-service real estate operating company which owns and manages one of the largest portfolios of single-tenant commercial properties in the U.S., announced today that the Company has completed its previously announced one-for-five reverse stock split of its outstanding shares of common stock.

Pursuant to the reverse stock split, every five shares of VEREIT's issued and outstanding shares of common stock, $0.01 par value per share, were converted into one share of common stock, $0.01 par value per share. Fractional shares resulting from the reverse stock split will be paid in cash based on the trailing average closing price of the Company's common stock on the New York Stock Exchange for a period of three trading days prior to the effective date of the reverse stock split. The previously announced quarterly dividend of $0.077 per common share for stockholders of record as of December 31, 2020 will now be $0.385 per share after accounting for the one-for-five reverse stock split. The shares will begin trading on a split-adjusted basis on the NYSE at the opening of trading on December 18, 2020 under the same ticker, "VER," with a new CUSIP number of 92339V 308.

The reverse stock split affected all record holders of the Company's common stock uniformly and did not affect any record holder's percentage ownership interest in the Company, except for de minimis changes as a result of the elimination of fractional shares. The reverse stock split did not affect the number of the Company's authorized shares of common stock.

About VEREIT
VEREIT is a full-service real estate operating company which owns and manages one of the largest portfolios of single-tenant commercial properties in the U.S. VEREIT has total real estate investments of $14.6 billion including approximately 3,800 properties and 88.9 million square feet. VEREIT's business model provides equity capital to creditworthy corporations in return for long-term leases on their properties.  VEREIT is a publicly traded Maryland corporation listed on the New York Stock Exchange.  VEREIT uses, and intends to continue to use, its Investor Relations website, which can be found at www.VEREIT.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD.  Additional information about VEREIT can be found through social media platforms such as Twitter and LinkedIn.

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SOURCE VEREIT, Inc.

FAQ

What is the recent stock split announcement for VEREIT (VER)?

VEREIT announced a one-for-five reverse stock split, effective December 18, 2020.

How does the reverse stock split affect VEREIT's dividend?

Post-split, the quarterly dividend will be $0.385 per share for stockholders of record as of December 31, 2020.

When will VEREIT shares begin trading on a split-adjusted basis?

Shares will start trading on a split-adjusted basis on December 18, 2020.

What will happen to fractional shares after VEREIT's reverse stock split?

Fractional shares resulting from the reverse stock split will be paid in cash based on the average closing price prior to the split.