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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
 
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _________ to __________
Commission file numbers: 001-35263 and 333-197780
VEREIT, Inc.
VEREIT Operating Partnership, L.P.
(Exact name of registrant as specified in its charter)
Maryland
(VEREIT, Inc.)
 
45-2482685
Delaware
(VEREIT Operating Partnership, L.P.)
 
45-1255683
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
2325 E. Camelback Road, 9th Floor
Phoenix
AZ
 
85016
(Address of principal executive offices)
 
(Zip Code)
800
606-3610
(Registrant’s telephone number, including area code)
 
 
 
 
 
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class:
Trading symbol(s):
Name of each exchange on which registered:
Common Stock
$0.01 par value per share (VEREIT, Inc.)
VER
New York Stock Exchange
6.70% Series F Cumulative Redeemable Preferred Stock
$0.01 par value per share (VEREIT, Inc.)
VER PF
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. VEREIT, Inc. Yes x No o VEREIT Operating Partnership, L.P. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). VEREIT, Inc. Yes x No o VEREIT Operating Partnership, L.P. Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
VEREIT, Inc.
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
 
 
 
 
 
 
 
 
Smaller reporting company
 
Emerging growth company
 
 
VEREIT Operating Partnership, L.P.
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
 
 
 
 
 
 
 
 
Smaller reporting company
 
Emerging growth company
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. VEREIT, Inc. ¨ VEREIT Operating Partnership, L.P. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
VEREIT, Inc. Yes No x VEREIT Operating Partnership, L.P. Yes No x
There were 973,385,899 shares of common stock of VEREIT, Inc. outstanding as of August 2, 2019.




EXPLANATORY NOTE

This report combines the Quarterly Reports on Form 10-Q for the three and six months ended June 30, 2019 of VEREIT, Inc., a Maryland corporation, and VEREIT Operating Partnership, L.P., a Delaware limited partnership, of which VEREIT, Inc. is the sole general partner. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” “VEREIT,” the “Company” or the “General Partner” mean VEREIT, Inc. together with its consolidated subsidiaries, including VEREIT Operating Partnership, L.P., and all references to the “Operating Partnership” or “OP” mean VEREIT Operating Partnership, L.P. together with its consolidated subsidiaries.
As the sole general partner of VEREIT Operating Partnership, L.P., VEREIT, Inc. has the full, exclusive and complete responsibility for the Operating Partnership’s day-to-day management and control.
We believe combining the Quarterly Reports on Form 10-Q of VEREIT, Inc. and VEREIT Operating Partnership, L.P. into this single report results in the following benefits:
enhancing investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminating duplicative disclosure and providing a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and
creating time and cost efficiencies through the preparation of one combined report instead of two separate reports.
There are a few differences between the Company and the Operating Partnership, which are reflected in the disclosure in this report. We believe it is important to understand the differences between the Company and the Operating Partnership in the context of how we operate as an interrelated consolidated company. VEREIT, Inc. is a real estate investment trust whose only material asset is its ownership of partnership interests of the Operating Partnership. As a result, VEREIT, Inc. does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity or debt from time to time and guaranteeing certain unsecured debt of the Operating Partnership and certain of its subsidiaries. The Operating Partnership holds substantially all of the assets of the Company and holds the ownership interests in the Company’s joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from public equity or debt issuances by VEREIT, Inc., which are generally contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s direct or indirect incurrence of indebtedness or through the issuance of partnership units. To help investors understand the significant differences between VEREIT, Inc. and the Operating Partnership, there are separate sections in this report that separately discuss VEREIT, Inc. and the Operating Partnership, including the consolidated financial statements and certain notes to the consolidated financial statements as well as separate disclosures in Item 4. Controls and Procedures and Exhibit 31 and Exhibit 32 certifications. As general partner with control of the Operating Partnership, VEREIT, Inc. consolidates the Operating Partnership for financial reporting purposes. Therefore, the assets and liabilities of VEREIT, Inc. and VEREIT Operating Partnership, L.P. are the same on their respective consolidated financial statements. The separate discussions of VEREIT, Inc. and VEREIT Operating Partnership, L.P. in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.



VEREIT, INC. and VEREIT OPERATING PARTNERSHIP, L.P.
For the quarterly period ended June 30, 2019

 
Page



Table of Contents
VEREIT, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share data) (Unaudited)

PART I — FINANCIAL INFORMATION
Item 1. Unaudited Financial Statements

4

Table of Contents
VEREIT, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share data) (Unaudited)

 
 
June 30, 2019
 
December 31, 2018
ASSETS
 
 
 
 
Real estate investments, at cost:
 
 
 
 
Land
 
$
2,763,348

 
$
2,843,212

Buildings, fixtures and improvements
 
10,352,928

 
10,749,228

Intangible lease assets
 
1,927,699

 
2,012,399

Total real estate investments, at cost
 
15,043,975

 
15,604,839

Less: accumulated depreciation and amortization
 
3,488,838

 
3,436,772

Total real estate investments, net
 
11,555,137

 
12,168,067

Operating lease right-of-use assets
 
221,798

 

Investment in unconsolidated entities
 
68,633

 
35,289

Cash and cash equivalents
 
211,510

 
30,758

Restricted cash
 
20,692

 
22,905

Rent and tenant receivables and other assets, net
 
343,788

 
366,092

Goodwill
 
1,337,773

 
1,337,773

Real estate assets held for sale, net
 
22,553

 
2,609

Total assets
 
$
13,781,884


$
13,963,493

 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
Mortgage notes payable, net
 
$
1,745,331

 
$
1,922,657

Corporate bonds, net
 
2,621,130

 
3,368,609

Convertible debt, net
 
396,766

 
394,883

Credit facility, net
 
895,033

 
401,773

Below-market lease liabilities, net
 
152,654

 
173,479

Accounts payable and accrued expenses
 
127,799

 
145,611

Deferred rent and other liabilities
 
77,713

 
69,714

Distributions payable
 
187,359

 
186,623

Operating lease liabilities
 
225,972

 

Total liabilities
 
6,429,757


6,663,349

Commitments and contingencies (Note 10)
 

 


Preferred stock, $0.01 par value, 100,000,000 shares authorized and 42,871,246 and 42,834,138 issued and outstanding as of June 30, 2019 and December 31, 2018, respectively
 
429

 
428

Common stock, $0.01 par value, 1,500,000,000 shares authorized and 973,385,899 and 967,515,165 issued and outstanding as of June 30, 2019 and December 31, 2018, respectively
 
9,734

 
9,675

Additional paid-in-capital
 
12,655,018

 
12,615,472

Accumulated other comprehensive loss
 
(28,026
)
 
(1,280
)
Accumulated deficit
 
(5,416,759
)
 
(5,467,236
)
Total stockholders’ equity
 
7,220,396

 
7,157,059

Non-controlling interests
 
131,731

 
143,085

Total equity
 
7,352,127

 
7,300,144

Total liabilities and equity
 
$
13,781,884


$
13,963,493


The accompanying notes are an integral part of these statements.

5

Table of Contents
VEREIT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for per share data) (Unaudited)

 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Rental revenue
 
$
312,043

 
$
315,664

 
$
628,886

 
$
630,738

Operating expenses:
 
 
 
 
 
 
 
 
Acquisition-related
 
985

 
909

 
1,970

 
1,686

Litigation and non-routine costs, net
 
(3,769
)
 
107,087

 
(25,261
)
 
128,827

Property operating
 
32,503

 
31,436

 
64,881

 
62,001

General and administrative
 
16,416

 
16,287

 
31,262

 
31,527

Depreciation and amortization
 
118,022

 
164,235

 
254,577

 
330,387

Impairments
 
8,308

 
11,664

 
20,296

 
17,700

Restructuring
 
290

 

 
9,366

 

Total operating expenses
 
172,755

 
331,618

 
357,091


572,128

Other (expenses) income:
 
 
 
 
 
 
 
 
Interest expense
 
(69,803
)
 
(70,320
)
 
(141,057
)
 
(140,745
)
(Loss) gain on extinguishment and forgiveness of debt, net
 
(1,472
)
 
5,249

 
(1,472
)
 
5,249

Other income, net
 
3,175

 
1,320

 
2,773

 
9,029

Equity in income and gain on disposition of unconsolidated entities
 
505

 
327

 
1,005

 
1,392

Gain on disposition of real estate and real estate assets held for sale, net
 
221,755

 
5,821

 
232,586

 
23,156

Total other income (expenses), net
 
154,160


(57,603
)

93,835


(101,919
)
Income (loss) before taxes
 
293,448


(73,557
)

365,630


(43,309
)
Provision for income taxes
 
(1,164
)
 
(1,134
)
 
(2,375
)
 
(2,346
)
Income (loss) from continuing operations
 
292,284

 
(74,691
)
 
363,255


(45,655
)
Income from discontinued operations, net of income taxes
 

 
224

 

 
3,725

Net income (loss)
 
292,284

 
(74,467
)
 
363,255

 
(41,930
)
Net (income) loss attributable to non-controlling interests (1)
 
(6,626
)
 
1,797

 
(8,293
)
 
1,055

Net income (loss) attributable to the General Partner
 
$
285,658

 
$
(72,670
)
 
$
354,962


$
(40,875
)
 
 
 
 
 
 
 
 
 
Basic and diluted net income (loss) per share from continuing operations attributable to common stockholders
 
$
0.27

 
$
(0.09
)
 
$
0.33

 
$
(0.08
)
Basic and diluted net income per share from discontinued operations attributable to common stockholders
 
$

 
$
0.00

 
$

 
$
0.00

Basic and diluted net income (loss) per share attributable to common stockholders
 
$
0.27

 
$
(0.09
)
 
$
0.33

 
$
(0.08
)
_______________________________________________
(1)
Represents (income) loss attributable to limited partners and a consolidated joint venture partner.

The accompanying notes are an integral part of these statements.

6

Table of Contents
VEREIT, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands) (Unaudited)

 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Net income (loss)
 
$
292,284

 
$
(74,467
)
 
$
363,255

 
$
(41,930
)
Other comprehensive loss:
 
 
 
 
 
 
 
 
Unrealized loss on interest rate derivatives
 
(16,308
)
 

 
(27,594
)
 

Reclassification of previous unrealized loss on interest rate derivatives into net income (loss)
 
99

 
56

 
196

 
161

Unrealized loss on investment securities, net
 

 
(62
)
 

 
(899
)
Total other comprehensive loss
 
(16,209
)

(6
)

(27,398
)

(738
)
 
 
 
 
 
 
 
 
 
Total comprehensive income (loss)
 
276,075

 
(74,473
)
 
335,857

 
(42,668
)
Comprehensive (income) loss attributable to non-controlling interests (1)
 
(6,241
)
 
1,797

 
(7,641
)
 
1,072

Total comprehensive income (loss) attributable to the General Partner
 
$
269,834

 
$
(72,676
)
 
$
328,216

 
$
(41,596
)
_______________________________________________
(1)
Represents comprehensive (income) loss attributable to limited partners and a consolidated joint venture partner.

The accompanying notes are an integral part of these statements.

7

Table of Contents
VEREIT, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except for share data) (Unaudited)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Stock
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number
of Shares
 
Par
Value
 
Number
of Shares
 
Par
Value
 
Additional Paid-In Capital
 
Accumulated Other Comprehensive
 Income
 
Accumulated
Deficit
 
Total Stock-holders’ Equity
 
Non-Controlling Interests
 
Total Equity
Balance, January 1, 2019
 
42,834,138

 
$
428

 
967,515,165

 
$
9,675

 
$
12,615,472

 
$
(1,280
)
 
$
(5,467,236
)
 
$
7,157,059

 
$
143,085

 
$
7,300,144

Issuance of Common Stock, net
 

 

 
3,309,808

 
33

 
27,511

 

 

 
27,544

 

 
27,544

Conversion of OP Units to Common Stock
 

 

 

 

 
(26
)
 

 

 
(26
)
 
26

 

Conversion of Series F Preferred Units to Series F Preferred Stock
 
37,108

 
1

 

 

 
922





 
923

 
(923
)
 

Repurchases of Common Stock to settle tax obligation
 

 

 
(199,083
)
 
(2
)
 
(1,593
)
 

 

 
(1,595
)
 

 
(1,595
)
Equity-based compensation, net
 

 

 
950,487

 
10

 
2,862

 

 

 
2,872

 

 
2,872

Contributions from non-controlling interest holders
 

 

 

 

 

 

 

 

 
64

 
64

Distributions declared on Common Stock —
$0.1375 per common share
 

 

 

 

 

 

 
(133,480
)
 
(133,480
)
 

 
(133,480
)
Distributions to non-controlling interest holders
 

 

 

 

 

 

 

 

 
(3,262
)
 
(3,262
)
Dividend equivalents on awards granted under the Equity Plan
 

 

 

 

 

 

 
(1,222
)
 
(1,222
)
 

 
(1,222
)
Distributions to preferred shareholders and unitholders
 

 

 

 

 

 

 
(17,940
)
 
(17,940
)
 
(33
)
 
(17,973
)
Net income
 

 

 

 

 

 

 
69,304

 
69,304

 
1,667

 
70,971

Other comprehensive loss
 

 

 

 

 

 
(10,922
)
 

 
(10,922
)
 
(267
)
 
(11,189
)
Balance, March 31, 2019
 
42,871,246


$
429


971,576,377


$
9,716


$
12,645,148


$
(12,202
)

$
(5,550,574
)

$
7,092,517


$
140,357


$
7,232,874

Issuance of Common Stock, net
 

 

 
1,773,456

 
18

 
14,516

 

 

 
14,534

 

 
14,534

Repurchases of Common Stock to settle tax obligation
 

 

 

 

 
(9
)
 

 

 
(9
)
 

 
(9
)
Equity-based compensation, net
 

 

 
36,066

 

 
3,883

 

 

 
3,883

 

 
3,883

 Distributions declared on Common Stock—
$0.1375 per common share
 

 

 

 

 

 

 
(133,841
)
 
(133,841
)
 

 
(133,841
)
Distributions to non-controlling interest holders
 

 

 

 

 

 

 

 

 
(3,264
)
 
(3,264
)
Dividend equivalents on awards granted under the Equity Plan
 

 

 

 

 

 

 
(44
)
 
(44
)
 

 
(44
)
Distributions to preferred shareholders and unitholders
 

 

 

 

 

 

 
(17,958
)
 
(17,958
)
 
(15
)
 
(17,973
)
Distributions payable relinquished
 

 

 

 

 

 

 

 

 
6,429

 
6,429

Surrender of Limited Partner OP Units
 

 

 

 

 
(8,520
)
 

 

 
(8,520
)
 
(18,017
)
 
(26,537
)
Net income
 

 

 

 

 

 

 
285,658

 
285,658

 
6,626

 
292,284

Other comprehensive loss
 

 

 

 

 

 
(15,824
)
 

 
(15,824
)
 
(385
)
 
(16,209
)
Balance, June 30, 2019
 
42,871,246


$
429


973,385,899


$
9,734


$
12,655,018


$
(28,026
)

$
(5,416,759
)

$
7,220,396


$
131,731


$
7,352,127






8

Table of Contents
VEREIT, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except for share data) (Unaudited)

 
 
Preferred Stock
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number
of Shares
 
Par
Value
 
Number
of Shares
 
Par
Value
 
Additional Paid-In Capital
 
Accumulated Other Comprehensive Loss
 
Accumulated
Deficit
 
Total Stock-holders’ Equity
 
Non-Controlling Interests
 
Total Equity
Balance, January 1, 2018
 
42,834,138

 
$
428

 
974,208,583

 
$
9,742

 
$
12,654,258

 
$
(3,569
)
 
$
(4,776,581
)
 
$
7,884,278

 
$
158,598

 
$
8,042,876

Repurchases of Common Stock under share repurchase programs
 

 

 
(6,399,666
)
 
(64
)
 
(44,521
)
 

 

 
(44,585
)
 

 
(44,585
)
Repurchases of Common Stock to settle tax obligation
 

 

 
(230,436
)
 
(2
)
 
(1,658
)
 

 

 
(1,660
)
 

 
(1,660
)
Equity-based compensation, net
 

 

 
576,005

 
5

 
2,927

 

 

 
2,932

 

 
2,932

Distributions declared on Common Stock —
$0.1375 per common share
 

 

 

 

 

 

 
(133,104
)
 
(133,104
)
 

 
(133,104
)
Distributions to non-controlling interest holders
 

 

 

 

 

 

 

 

 
(3,264
)
 
(3,264
)
Dividend equivalents on awards granted under the Equity Plan
 

 

 

 

 

 

 
(522
)
 
(522
)
 

 
(522
)
Distributions to preferred shareholders and unitholders
 

 

 

 

 

 

 
(17,937
)
 
(17,937
)
 
(36
)
 
(17,973
)
Net income
 

 

 

 

 

 

 
31,795

 
31,795

 
742

 
32,537

Other comprehensive loss
 

 

 

 

 

 
(715
)
 

 
(715
)
 
(17
)
 
(732
)
Balance, March 31, 2018
 
42,834,138


$
428


968,154,486

 
$
9,681

 
$
12,611,006

 
$
(4,284
)
 
$
(4,896,349
)

$
7,720,482


$
156,023


$
7,876,505

Conversion of OP Units to Common Stock
 

 

 
32,439

 

 
241

 

 

 
241

 
(241
)
 

Repurchases of Common Stock under share repurchase programs
 

 

 
(807,210
)
 
(8
)
 
(5,561
)
 

 

 
(5,569
)
 

 
(5,569
)
Repurchases of Common Stock to settle tax obligation
 

 

 
(69,931
)
 
(1