- Q2 adjusted FFO of $180.1M or $0.19 per share vs.$202.3M and $0.22 one year ago.
- The company in June issued $1B in senior notes and entered into a new $300M bank term loan agreement. Proceeds from the two were used to help redeem $1.3B of outstanding 2% senior notes due next year (took place after the end of Q2). The early refinancing means a $0.02 cut in the top end of full-year AFFO per share guidance to $0.75-$0.78.
- "Culling of the portfolio remains on track," says CEO Glenn Rufrano, noting $612M of sales this year, with accelerated activity on Red Lobster sales.
- Same-store rent increases were flat Y/Y.
- Cole Capital AFFO of $2.5M vs. $7M earned one year ago. The operation did raise $174.1M during the quarter vs. $91.4M raised in Q2 one year ago.
- CC at 1 ET
- Previously: VEREIT FFO in-line, beats on revenue (Aug. 3)
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VER flat premarket