Vereit to redeem $150 million of 6.7% series F preferred stock

By Taylor Fox

New York, Aug. 20 – Vereit, Inc. intends to redeem $150 million, or 6 million shares, of its 6.7% series F cumulative redeemable preferred stock on Sept. 20, according to a news release.

The shares represent 24.12% of its 24.9 million shares of series F preferred stock outstanding.

The preferreds will be redeemed using proceeds from expected dispositions and cash on hand at a redemption price of $25.00 per share, plus accrued and unpaid dividends from Sept. 15 to the redemption date in an amount equal to $0.0232639 per share, for total proceeds of $25.0232639 per share.

Payment will be made on Sept. 21, the first business day after the redemption date.

Vereit will pay the cash dividend on the series F preferred stock of $0.1395833 for the period from Aug. 15 through Sept. 14 to holders of series F preferred stock as of Sept. 1, which is the record date for such dividend, on Sept. 15.

Dividends on the shares to be redeemed will cease to accrue on the redemption date.

Vereit is a Phoenix-based owner and manager of a portfolio of retail, restaurant, office and industrial real estate assets.

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