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VEREIT, Inc., 6.70% Series F Cumulative Redeemable Preferred Stock
Ticker Symbol: VER-F* CUSIP: 92339V209 Previous CUSIP: 02917T401 Exchange: NYSE
* NOTE: This security is no longer trading as of 8/15/2021
Security has been Called for: Sunday, August 15, 2021
July 16, 2021 -- VEREIT, Inc. (NYSE: VER) ("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 today that it intends to redeem all of the outstanding shares of its 6.70% Series F Cumulative Redeemable Preferred Stock ("Series F Preferred Stock") on August 15, 2021 (the "Redemption Date") using cash on hand and its undrawn revolver. Concurrently with the redemption of the Series F Preferred Stock, VEREIT Operating Partnership, L.P. ("VEREIT OP"), the operating partnership of the Company, intends to redeem all outstanding Series F Preferred Units of VEREIT OP in accordance with the terms of VEREIT OP's agreement of limited partnership.
The shares of Series F Preferred Stock will be redeemed at a redemption price of $25.00 per share (the "Redemption Price"). Payment of the Redemption Price will be made on August 16, 2021, the first business day after the Redemption Date. As previously announced, VEREIT will pay the cash dividend on the Series F Preferred Stock of $0.1395833 for the period from July 15, 2021 through August 14, 2021 to holders of Series F Preferred Stock as of August 1, 2021, which is the record date for such dividend, on August 16, 2021.
Dividends on the shares of Series F Preferred Stock will cease to accrue on the Redemption Date. Upon redemption, the Series F Preferred Stock will no longer be outstanding, and all rights of the holders of such shares will terminate, except the right of the holders to receive the cash payable upon such redemption, without interest. June 5, 2019 -- VEREIT, Inc. announced today that it intends to redeem 4,000,000 shares of its 6.70% Series F Cumulative Redeemable Preferred Stock, representing approximately 9.33% of its approximately 42.9 million shares of Series F Preferred Stock, on July 5, 2019. The shares of Series F Preferred Stock will be redeemed at a redemption price of $25.00 per share. As previously announced, VEREIT will pay the cash dividend on the Series F Preferred Stock of $0.1395833 for the period from June 15, 2019 through July 14, 2019 to holders of Series F Preferred Stock as of July 1, 2019, which is the record date for such dividend, on July 15, 2019. Dividends on the shares of Series F Preferred Stock that are to be redeemed will cease to accrue on the Redemption Date. Upon redemption, the redeemed shares of Series F Preferred Stock will no longer be outstanding, and all rights of the holders of such shares will terminate, except the right of the holders to receive the cash payable upon such redemption and in connection with the Dividend, without interest. VEREIT will fund the aggregate redemption with cash available from the institutional partnership that closed on May 30, 2019. All shares of Series F Preferred Stock are held in book-entry form and will be redeemed on a pro rata basis from the holders of record of such shares. As specified in the notice of partial redemption, shares of Series F Preferred Stock held in book-entry form through the Depository Trust Company ("DTC") will be redeemed according to DTC's procedures and shares of Series F Preferred Stock held through the records of Computershare Trust Company, N.A. (the "Redemption Agent") will be automatically redeemed by the Redemption Agent. Payment to DTC and the registered holders for the redeemed shares of Series F Preferred Stock will be made by the Redemption Agent. ____________ July 31, 2015 -- Company name, symbol and market change from NASDAQ to NYSE.________________Jan. 3, 2014 // American Realty Capital Properties, Inc. (NASDAQ: ARCP) today closed its previously announced transaction to acquire American Realty Capital Trust IV, Inc. following the approval of the transaction by ARCT IV stockholders at ARCT IV's special meeting. Under the terms of the merger agreement, as amended, ARCP issued the following consideration to ARCT IV stockholders for each ARCT IV share: (1) $9.00 in cash; (2) 0.5190 of a share of ARCP common stock (valued at $6.68 using the ARCP closing price of $12.87 on January 2, 2014, the trading day prior to the closing of the merger and representing 21.9% of the total nominal consideration); and (3) 0.5937 shares of ARCP's 6.70% Series F Cumulative Redeemable Preferred Stock (NASDAQ: ARCPP) (valued at $14.84 based on a liquidation preference of $25.00 per share of perpetual preferred stock and representing 48.6% of the total nominal consideration), for a fixed nominal consideration, as of January 2, 2014, of $30.52. ARCP issued 36.9 million shares of common stock and 42.2 million shares of Series F Preferred Stock to former ARCT IV stockholders at the closing of the merger. ARCP expects the Series F Preferred Stock to commence trading on the NASDAQ Global Select Market on Monday, January 6, 2014, the first full trading day following the closing of the merger. ARCP expects newly issued common shares to be available in former ARCT IV stockholders' accounts on Monday, January 6, 2014 as well.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: VEREIT, Inc., formerly American Realty Capital Properties, Inc., 6.70% Series F Cumulative Redeemable Preferred Stock, liquidation preference $25 per share, redeemable after the fifth anniversary of the date of issue (1/3/2014) at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 6.70% per annum ($1.675 per annum or $0.139583 per month) to be paid monthly on the 15th day of each month to holders of record on the record date that will be the first day of the calendar month (NOTE: the ex-dividend date is one business day prior to the record date). Upon the occurrence of a change of control the company will have the option within 120 days to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will NOT have the following conversion right. Upon the occurrence of a change of control, and the company has NOT provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details). Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (VER*)
IPO - 1/3/2014 - 42.97 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: ARCPP Changed: 7/31/2015
Previous Name: American Realty Capital Properties, 6.70% Series F Cumul Redeem Preferred Stock Changed: 7/31/2015
Market Value $635.0 Million
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 2325 East Camelback Road, Suite 1100, Phoenix, AZ 85016 |
Main Phone Number |
602-778-6000 |
Fax Number |
Not Available |
Investor Relations
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877-405-2653
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Toll Free Phone Number |
800-606-3610 |
CEO - Glenn J. Rufrano |
CFO - Michael J. Bartolotta |
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