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UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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VEREIT, INC.
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VEREIT OPERATING PARTNERSHIP, L.P.
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(Exact name of Registrant as specified in its charter)
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Maryland
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001-35263
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45-2482685
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Delaware
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333-197780
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45-1255683
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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2325 E. Camelback Road, 9th Floor
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Phoenix,
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AZ
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85016
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(Address of principal executive offices, including zip code)
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(800)
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606-3610
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(Registrant’s telephone number, including area code)
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Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
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Title of each class:
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Trading symbol(s):
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Name of each exchange on which registered:
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Common Stock
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$0.01 par value per share (VEREIT, Inc.)
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VER
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New York Stock Exchange
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6.70% Series F Cumulative Redeemable Preferred Stock
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$0.01 par value per share (VEREIT, Inc.)
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VER PF
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New York Stock Exchange
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VEREIT, Inc.
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VEREIT Operating Partnership, L.P.
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Emerging growth company
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☐
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Emerging growth company
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☐
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•
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As of June 16, 2020, VEREIT had received approximately 84% of April rent, 84% of May rent and 82% of June rent, which includes approximately 2% to be paid in arrears by a Government agency tenant. The Company is in ongoing discussions with tenants regarding unpaid rent. The property type breakdown is as follows:
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•
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Rent relief requests have been received from tenants representing approximately 33% of rental income on an annualized basis as of June 16, 2020, including some tenants that paid April, May and/or June rent. As of June 16, 2020, of the 33% (i) 16% had been approved by the Company, (ii) 6% are in negotiation, and (iii) 11% have either been denied by the Company or the Company has not taken formal action. These requests vary in time frame, but are concentrated within the two to four month range. The property type breakdown is as follows:
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•
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As of June 16, 2020 VEREIT had corporate liquidity of approximately $1.2 billion comprised of $101.0 million in cash and cash equivalents and $1.1 billion of availability under its credit facility.
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Exhibit No.
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Description
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99.1
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99.2
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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VEREIT, INC.
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By:
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/s/ Michael J. Bartolotta
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Name:
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Michael J. Bartolotta
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Title:
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Executive Vice President and Chief Financial Officer
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VEREIT OPERATING PARTNERSHIP, L.P.
By: VEREIT, Inc., its sole general partner
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By:
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/s/ Michael J. Bartolotta
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Name:
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Michael J. Bartolotta
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Title:
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Executive Vice President and Chief Financial Officer
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Property Type
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April
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May
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June
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Total Retail
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86%
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86%
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86%
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Casual Dining
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27%
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37%
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29%
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Quick Service
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78%
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77%
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78%
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Total Restaurant
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49%
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54%
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50%
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Total Office
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98%
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96%
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96%
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Total Industrial
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99%
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99%
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94%
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Property Type
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April
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May
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Free-Standing Retail
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71.4%
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70.1%
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Shopping Center
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45.6%
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47.7%
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Office
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93.3%
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92.1%
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Industrial
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98.6%
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95.7%
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Rating Agency
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Rating
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Outlook
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Fitch
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BBB
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Stable
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Moody's
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Baa3
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Positive
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S&P
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BBB-
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Stable
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