Phoenix real estate giant Vereit to be acquired, move headquarters Russ Wiles, Arizona Republic
Vereit, a Phoenix-based owner of offices, restaurants, stores and other commercial properties, will be acquired by Realty Income Corp. of San Diego, with the companies planning to spin-off nearly all of their office properties.
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The announcement on Thursday morning means Arizona will lose one of its larger, locally headquartered public corporations as a result, though the combined entity will retain Vereit s current office at 2325 E. Camelback Rd.
Vereit s stock was worth about $11 billion prior to the announcement. The company earned $201 million in net income on nearly $1.2 billion in revenue in 2020. Its portfolio of 3,800 properties is focused on retail, restaurant, office and industrial locations.
Operator
Good afternoon, and welcome to the VEREIT 2020 Fourth Quarter Earnings Call. [Operator Instructions] [Operator Instructions]
I would now like to turn the conference over to Bonni Rosen, Senior Vice President of Investor Relations with VEREIT. Please go ahead.
Bonni Rosen
Senior Vice President of Investor Relations
Thank you for joining us today for the VEREIT 2020 Fourth Quarter Earnings Call. Joining me today are Glenn Rufrano, our Chief Executive Officer; Paul McDowell, our Chief Operating Officer; Mike Bartolotta, our Chief Financial Officer; and Tom Roberts, our Chief Investment Officer. Today s call is being webcast on our website at vereit.com in the Investor Relations section. There will be a replay of the call beginning at approximately 2:30 p.m. Eastern time today. Dial-in for the replay is one (877) 344-7529 with a confirmation code of 10151852.
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PHOENIX, Feb. 23, 2021 /PRNewswire/ VEREIT, Inc. ( 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 the appointment of Priscilla Almodovar and Susan Skerritt to the
Company s Board of Directors ( Board ). The appointments of the two new Independent Directors are effective immediately following the expected filing of VEREIT s 2020 Annual Report on Form 10-K ( Annual Report ) on Wednesday, February 24, 2021, and expands the Board to include nine members. We are pleased to have Priscilla and Susan join VEREIT s well-qualified Board of Directors. They bring real estate industry tenure, financial expertise and collaborative leadership qualities to VEREIT s Board. The diverse and knowledgeable perspectives brought by these additions will help us, and certainly me, in making the appropriate decisions moving
VEREIT, Inc Announces Appointment of Priscilla Almodovar and Susan Skerritt to its Board of Directors prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
Author Bio
Reuben Gregg Brewer believes dividends are a window into a company s soul. He tries to invest in good souls.
Real estate investment trust (REIT)
VEREIT (NYSE:VER) cut its dividend in 2020, which is not a good thing. But that cut was, in some ways, the final step away from the company s previous incarnation, American Realty Capital Properties. With its past now fully behind it, VEREIT is ready to start showing the world what it can do. That s why I m not selling anytime soon.
Giving in to my demons
I watched as real estate investment trust American Realty built itself into a giant in the net-lease space, with a portfolio rivaling that of even industry bellwether