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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 September 30, 2020
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 FloorPhoenixAZ85016
(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.)VERNew York Stock Exchange
6.70% Series F Cumulative Redeemable Preferred Stock$0.01 par value per share (VEREIT, Inc.)VER PRFNew 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 filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
VEREIT Operating Partnership, L.P. Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging 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 1,091,706,178 shares of common stock of VEREIT, Inc. outstanding as of October 30, 2020.





EXPLANATORY NOTE

This report combines the Quarterly Reports on Form 10-Q for the three and nine months ended September 30, 2020 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 sole 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 September 30, 2020


Page
PART I
PART II



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
September 30, 2020December 31, 2019
ASSETS
Real estate investments, at cost:
Land
$2,691,122 $2,738,679 
Buildings, fixtures and improvements
10,046,076 10,200,550 
Intangible lease assets
1,872,899 1,904,641 
Total real estate investments, at cost14,610,097 14,843,870 
Less: accumulated depreciation and amortization3,829,368 3,594,247 
Total real estate investments, net10,780,729 11,249,623 
Operating lease right-of-use assets
205,346 215,227 
Investment in unconsolidated entities
100,339 68,825 
Cash and cash equivalents
207,321 12,921 
Restricted cash
14,955 20,959 
Rent and tenant receivables and other assets, net
391,239 348,395 
Goodwill
1,337,773 1,337,773 
Real estate assets held for sale, net
1,896 26,957 
Total assets$13,039,598 $13,280,680 
LIABILITIES AND EQUITY
Mortgage notes payable, net
$1,330,174 $1,528,134 
Corporate bonds, net
3,406,389 2,813,739 
Convertible debt, net
252,077 318,183 
Credit facility, net
896,630 1,045,669 
Below-market lease liabilities, net
124,009 143,583 
Accounts payable and accrued expenses
112,101 126,320 
Derivative, deferred rent and other liabilities
162,952 90,349 
Distributions payable
85,420 150,364 
Operating lease liabilities
214,102 221,061 
Total liabilities6,583,854 6,437,402 
Commitments and contingencies (Note 10)
Preferred stock, $0.01 par value, 100,000,000 shares authorized and 18,871,246 and 30,871,246 issued and outstanding as of September 30, 2020 and December 31, 2019, respectively
189 309 
Common stock, $0.01 par value, 1,500,000,000 shares authorized and 1,091,242,138 and 1,076,845,984 issued and outstanding as of September 30, 2020 and December 31, 2019, respectively
10,913 10,768 
Additional paid-in capital
13,048,678 13,251,962 
Accumulated other comprehensive loss
(97,008)(27,670)
Accumulated deficit
(6,514,171)(6,399,626)
Total stockholders’ equity6,448,601 6,835,743 
Non-controlling interests
7,143 7,535 
Total equity6,455,744 6,843,278 
Total liabilities and equity$13,039,598 $13,280,680 

The accompanying notes are an integral part of these statements.
4

Table of Contents
VEREIT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for per share data) (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Revenues:
Rental$293,692 $302,985 $870,854 $931,871 
Fees from managed partnerships1,586 316 2,603 498 
Total revenues295,278 303,301 873,457 932,369 
Operating expenses:
Acquisition-related1,050 1,199 3,742 3,169 
Litigation and non-routine costs, net105 832,024 (8,577)806,763 
Property operating31,400 30,822 90,988 95,703 
General and administrative14,774 14,483 45,950 45,745 
Depreciation and amortization109,191 115,111 343,870 369,688 
Impairments16,397 3,944 36,871 24,240 
Restructuring 783  10,149 
Total operating expenses172,917 998,366 512,844 1,355,457 
Other (expenses) income:
Interest expense(66,935)(67,889)(197,244)(208,946)
Gain (loss) on extinguishment and forgiveness of debt, net
61 975 (1,419)(497)
Other income, net
73 2,421 1,026 5,012 
Equity in income of unconsolidated entities
663 677 2,406 1,682 
Gain on disposition of real estate and real estate assets held for sale, net
42,814 18,520 76,858 251,106 
Total other (expenses) income, net(23,324)(45,296)(118,373)48,357 
Income (loss) before taxes
99,037 (740,361)242,240 (374,731)
Provision for income taxes
(1,054)(1,168)(3,155)(3,543)
Net income (loss)
97,983 (741,529)239,085 (378,274)
Net (income) loss attributable to non-controlling interests (1)
(51)15,089 (137)6,796 
Net income (loss) attributable to the General Partner
$97,932 $(726,440)$238,948 $(371,478)
Basic and diluted net income (loss) per share attributable to common stockholders
$0.08 $(0.76)$0.19 $(0.43)
_______________________________________________
(1)Represents net (income) loss attributable to limited partners and a consolidated joint venture partner.

The accompanying notes are an integral part of these statements.
5

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

Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Net income (loss)$97,983 $(741,529)$239,085 $(378,274)
Total other comprehensive income (loss)
Unrealized gain (loss) on interest rate derivatives
3,666 (20,927)(81,383)(48,539)
Reclassification of previous unrealized loss on interest rate derivatives into net income
5,441 656 11,995 870 
Total other comprehensive income (loss)
9,107 (20,271)(69,388)(47,669)
Total comprehensive income (loss)
107,090 (761,800)169,697 (425,943)
Comprehensive (income) loss attributable to non-controlling interests (1)
(57)15,500 (87)7,859 
Total comprehensive income (loss) attributable to the General Partner
$107,033 $(746,300)$169,610 $(418,084)
_______________________________________________
(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.
6

Table of Contents
VEREIT, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except for share data) (Unaudited)
Preferred StockCommon Stock
Number
of Shares
Par
Value
Number
of Shares
Par
Value
Additional Paid-In CapitalAccumulated Other Comprehensive
Income
Accumulated
Deficit
Total Stock-holders’ EquityNon-Controlling InterestsTotal Equity
Balance, January 1, 202030,871,246 $309 1,076,845,984 $10,768 $13,251,962 $(27,670)$(6,399,626)$6,835,743 $7,535 $6,843,278 
Conversion of OP Units to Common Stock— — 4,549 1 44 — — 45 (45) 
Redemption of Series F Preferred Stock— — — — (27)— — (27)— (27)
Repurchases of Common Stock to settle tax obligation— — (241,092)(2)(2,376)— — (2,378)— (2,378)
Equity-based compensation, net— — 1,172,038 11 2,844 — — 2,855 — 2,855 
Distributions declared on Common Stock —$0.1375 per common share
— — — — — — (148,194)(148,194)— (148,194)
Distributions to non-controlling interest holders— — — — — — — — (105)(105)
Dividend equivalents on awards granted under the Equity Plan— — — — — — (1,628)(1,628)— (1,628)
Distributions to preferred shareholders and unitholders— — — — — — (12,928)(12,928)(19)(12,947)
Net income— — — — — — 86,808 86,808 55 86,863 
Other comprehensive loss— — — — — (76,547)— (76,547)(55)(76,602)
Balance, March 31, 202030,871,246 309 1,077,781,479 10,778 13,252,447 (104,217)(6,475,568)6,683,749 7,366 6,691,115 
Redemption of Series F Preferred Stock— — — — (25)— — (25)— (25)
Equity-based compensation, net— — 67,075 1 4,070 — — 4,071 — 4,071 
Distributions declared on Common Stock — $0.077 per common share
— — — — — — (82,997)(82,997)— (82,997)
Distributions to non-controlling interest holders— — — — — — — — (61)(61)
Dividend equivalents on awards granted under the Equity Plan— — — — — — (18)(18)— (18)
Distributions to preferred shareholders and unitholders— — — — — — (12,928)(12,928)(20)(12,948)
Repurchase of convertible notes— — — (204)— — (204)— (204)
Net income— — — — — — 54,208 54,208 31 54,239 
Other comprehensive loss— — — — — (1,892)— (1,892)(1)(1,893)
Balance, June 30, 202030,871,246 309 1,077,848,554 10,779 13,256,288 (106,109)(6,517,303)6,643,964 7,315 6,651,279 
Issuance of Common Stock, net— — 13,296,662 133 89,146 — — 89,279 — 89,279 
Redemption of Limited Partners' Common OP Units— — — — — — — — (149)(149)
Redemption of Series F Preferred Stock(12,000,000)(120)— — (299,932)— — (300,052)— (300,052)
Repurchases of Common Stock to settle tax obligation— — (1,248)— (8)— — (8)— (8)
Equity-based compensation, net— — 98,170 1 3,210 — — 3,211 — 3,211 
Distributions declared on Common Stock — $0.077 per common share
— — — — — — (84,026)(84,026)— (84,026)
Distributions to non-controlling interest holders— — — — — — — — (59)(59)
Dividend equivalents on awards granted under the Equity Plan— — — — — — (24)(24)— (24)
7

Table of Contents
VEREIT, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except for share data) (Unaudited)
Preferred StockCommon Stock
Number
of Shares
Par
Value
Number
of Shares
Par
Value
Additional Paid-In CapitalAccumulated Other Comprehensive
Income
Accumulated
Deficit
Total Stock-holders’ EquityNon-Controlling InterestsTotal Equity
Distributions to preferred shareholders and unitholders— $— — $— $— $— $(10,750)$(10,750)$(21)$(10,771)
Repurchase of convertible notes— — — — (26)— — (26)— (26)
Net income— — — — — — 97,932 97,932 51 97,983 
Other comprehensive loss— — — — — 9,101 — 9,101 6 9,107 
Balance, September 30, 202018,871,246 $189 1,091,242,138 $10,913 $13,048,678 $(97,008)$(6,514,171)$6,448,601 $7,143 $6,455,744 

8

Table of Contents
VEREIT, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except for share data) (Unaudited)
Preferred StockCommon Stock
Number
of Shares
Par
Value
Number
of Shares
Par
Value
Additional Paid-In CapitalAccumulated Other Comprehensive
Income
Accumulated
Deficit
Total Stock-holders’ EquityNon-Controlling InterestsTotal Equity
Balance, January 1, 201942,834,138 $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 Stock37,108 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, 201942,871,246 429 971,576,377 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 —