What is VEREIT?
VEREIT (VER) is an American real estate investment trust (REIT), headquartered in Phoenix, Arizona, USA. The company owns, buys, operates and leases a diversified portfolio of more than 4,100 properties, totalling 93.3 million square feet, in 49 US states. The company's real estate assets include industrial, office, restaurant, and retail properties. VEREIT's client base comprises 685 tenants in 42 various industries.
Diving into company’s culture and focus
The name VEREIT is composed of two words blended together – VER from the Latin “veritas” meaning truth and REIT representing real estate investment trust. This combination is also significant for the company’s vison and focus. VEREIT states its company culture as ethical, dedicated, collaborative, hard-working and respectful.
The company focuses on acquiring properties that meet certain pre-set criteria. These properties should be strategically located, and essential for the business operations of their clients.
Properties chosen by the brand should be necessary and value-orientated, this is assessed by the company through metrics including the property type, concentration in the area, and key economic factors for diversity and balance.
The company is headed by its Management Team and Board of Directors. The Management Team is composed of:
- Glenn Rufrano – CEO – Taking on the role in 2015, Rufrano reconstituted the Board of Directors, formalised the management team, and introduced a business plan for the company’s future development. Before joining VEREIT, he served as CEO and chairman at Capital Partners, and has an extensive background in business and management.
- Michael J. Bartolotta – Executive Vice President and CFO – Bartolotta overseas the financial and business aspects of the company, working alongside CEO Rufrano. Prior to assuming this role, he worked as CFO of Wakefield Inc.
- Lauren Goldberg – Executive Vice President, General Counsel and Secretary – takes command of the company's legal and regulatory affairs, compliance, and risk management.
- Thomas W. Roberts – Executive Vice President and Chief Investment Officer – manages real estate transactions and company acquisitions.
- Paul McDowell – Executive Vice President and COO – undertakes the role of the company’s asset manager, property manager, construction manager, underwriter, credit analyser and head of leasing.
- The Board of Directors is composed of 8 people, including the company’s CEO Rufrano, Non-Executive Chairman of the Board Hugh R. Frater and 6 independent directors.
VEREIT boasts a number of spotlight acquisitions serving some of the world’s top companies, these include:
- Long-term lease for financial services leader Merrill Lynch – this property is composed of a 3-building, 481,854 square foot tailored office campus. It houses Merrill Lynch’s executive team, credit card credit card processing and billing, IT, and inbound call center functions, with a staff team totalling 6,800 employees.
- A well-located online retailer warehouse portfolio used by international online retailer Amazon. This set of properties includes 3 fulfillment centres across 2 states and totals 3.0 million square feet.
- An e-commerce and retail store distribution centre for Fortune 500 retailer Best Buy. This property includes 1 million square feet, and is used as a distribution centre fulfillment centre for the multinational consumer electronic retailer.
The company’s Q4 2017 reports showed a very promising end to the 2017 year. With a net income of $32.4 million and net loss per diluted share of only $0.04. VEREIT also achieved $745.6 million in acquisitions and around $574.9 million in deposits.
Yet, despite a successful end to the 2017 year, the company’s share price has not fared so well and experienced dips from February 2018 to May 2018.
What is VEREIT traded?
VEREIT is listed on the New York Stock Exchange (NYSE) under the ticker VER. Follow the VEREIT share price at Capital.com and explore the VER charts to keep ahead of the trend with VEREIT shares.