VEREIT® Announces Second Quarter 2019 Operating Results
https://www.bloomberg.com/press-releases/...er-2019-operating-results Second Quarter 2019 Financial and Operating Highlights
o Net income of $292.3 million and net income per diluted share of $0.27 o Achieved $0.18 AFFO per diluted share o Acquisitions totaled $118.7 million in the second quarter of 2019 and $221.2 million year-to-date o Formed an 80/20 industrial partnership on May 30, 2019, including six VEREIT industrial assets totaling approximately $407.5 million which contributed $326.0 million to total dispositions o Portfolio dispositions totaled $332.3 million in the second quarter of 2019 and $430.3 million year-to-date o Total debt decreased from $6.02 billion to $5.66 billion; Net Debt from $6.05 billion to $5.51 billion, or 36.9% Net Debt to Gross Real Estate Investments o Net Debt to Normalized EBITDA was reduced from 5.7x to 5.3x Second Quarter 2019 Financial Results Rental Revenue Rental Revenue for the quarter ended June 30, 2019 decreased $3.7 million to $312.0 million as compared to revenue of $315.7 million for the same quarter in 2018. Net Income and Net Income Attributable to Common Stockholders per Diluted Share Net income for the quarter ended June 30, 2019 increased $367.0 million to $292.3 million as compared to net loss of $(74.7) million for the same quarter in 2018, and net income per diluted share increased $0.36 to $0.27 for the quarter ended June 30, 2019, as compared to net loss per diluted share of $(0.09) for the same quarter in 2018. Normalized EBITDA Normalized EBITDA for the quarter ended June 30, 2019 increased $0.9 million to $260.3 million as compared to Normalized EBITDA of $259.4 million for the same quarter in 2018. Funds From Operations Attributable to Common Stockholders and Limited Partners ("FFO") and FFO per Diluted Share FFO for the quarter ended June 30, 2019 increased $102.0 million to $179.0 million, as compared to $77.0 million for the same quarter in 2018, and FFO per diluted share increased $0.10 to $0.18 for the quarter ended June 30, 2019, as compared to FFO per diluted share of $0.08 for the same quarter in 2018. Adjusted FFO Attributable to Common Stockholders and Limited Partners ("AFFO") and AFFO per Diluted Share AFFO for the quarter ended June 30, 2019 decreased $1.7 million to $177.1 million, as compared to $178.8 million for the same quarter in 2018, and AFFO per diluted share remained constant at $0.18 for the quarter ended June 30, 2019, as compared to the same quarter in 2018.
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