Vereit reports November rent collection of 97%

Vereit announced its November rent collection and updated transaction activity. Vereit had received rent of approximately 97% for November, which includes approximately 1% to be paid in arrears by a Government agency tenant and is in line with October rent collection of 97%. The company invested $811M of capital year-to-date, including $280M acquired for the institutional partnerships and $300M allocated to the redemption of 6.7% preferred stock. The company is on target for the high end of Q4 2020 to Q1 2021 acquisition pipeline of $150M to $300M with $75M completed quarter-to-date at a cap rate in excess of 7%. The company has sold approximately $53M in office quarter-to-date and has an additional $100M under contract with the total approximate cap rate averaging 6%. Once completed, this will bring total office dispositions for the year to approximately $430M. The company issued $1.2B aggregate principal amount of senior notes with a 2.7% weighted average interest rate and weighted average duration of 10 years providing a low cost of debt capital and leaving no uncovered bond maturities until 2024. Proceeds from the offering have been used primarily to repay the $900.0M credit facility term loan.