VEREIT (VER) withdraws 2020 guidance

VEREIT, Inc. (NYSE: VER) today announced that it expects to issue, jointly with its operating partnership, VEREIT Operating Partnership, L.P. (the "Operating Partnership"), its First Quarter 2020 Quarterly Report on Form 10-Q on Wednesday, May 20, 2020. The Company will also host an earnings conference call, which will also be webcasted, on the same day at 4:15 p.m. Eastern Time to discuss the operating results.

Transparency is a cornerstone of VEREIT's business approach, and in response to the impact of the novel coronavirus (COVID-19) and the rapidly evolving market, the Company understands the need for shareholders to have access to information. For this purpose, below are a number of year-to-date updates on VEREIT's business activity including the withdrawal of 2020 guidance, balance sheet liquidity, transaction activity, details on its real estate portfolio, and a status update on CEO Glenn Rufrano.

2020 GuidanceGiven the economic uncertainty and rapidly-evolving circumstances related to COVID-19, the Company is withdrawing its previously issued 2020 guidance and is not providing an updated outlook at this time.

Balance Sheet StatusAs a cautious safeguard, during the first quarter, VEREIT initiated an additional draw, in excess of normal operating requirements, of $600 million on the Company's revolving line of credit to enhance its cash position. As of April 17, 2020, VEREIT had corporate liquidity of approximately $1.2 billion comprised of $565.1 million in cash and cash equivalents and $588.0 million of availability under its credit facility.

Year-to-Date Transaction Activity

• Acquisitions totaled $146.2 million; in addition, the office partnership acquired a $33.1 million property of which the Company's cash contribution to the purchase amount was $2.7 million
• Dispositions totaled $179.4 million including the Company's share of dispositions contributed to the office partnership of $70.2 million
• As the impact of COVID-19 grew in March, VEREIT paused balance sheet acquisition transactions in process to take time to better understand the current environment

Real Estate Portfolio UpdateAs of April 17, 2020, VEREIT has received approximately 75% of April rent, and expects to receive an additional 2% paid in arrears by a Government agency tenant. VEREIT is in continuing discussions with tenants regarding unpaid rent. The property type breakdown for the April rent referred to above is as follows:

• Retail: 79%
• Restaurants: 35%
• Office: 94% - includes an additional 8% of expected rent paid in arrears by a Government agency tenant
• Industrial: 96%

Our dedicated property type asset management teams have been in discussion with tenants to understand the impact of COVID-19 on their businesses. Rent relief requests have been received for tenants representing approximately 33% of rental income on an annualized basis, including some tenants that paid April rent. These requests vary in timeframes, but are concentrated within the two to four month range. Whether VEREIT enters into any lease amendments or agreements with its tenants to grant rent relief will be decided as appropriate, based on each tenant's unique financial and operating situation. The Company is evaluating each tenant request on a case-by-case basis, including analyzing metrics such as industry segment, corporate financial health, rent coverage, and the tenant's liquidity. The Company cannot predict at this time the amount of rent expected to be collected in months subsequent to April 2020.

CEO Glenn RufranoOn March 30, 2020, VEREIT filed a Form 8-K to disclose that Glenn Rufrano, VEREIT's Chief Executive Officer, tested positive for the novel coronavirus (COVID-19). Mr. Rufrano has since recovered and is now back at work, remotely, along with the rest of the firm.

Audio Webcast and Call DetailsThe live audio webcast will be available, beginning at 4:15 p.m. ET on Wednesday, May 20, 2020, on the Company's Investor Relations website at: http://ir.vereit.com/. The dial-in information is as follows: (844) 746-0748 (domestic) or (412) 317-5274 (international). Participants should log in 10-15 minutes early.

Approximately one hour following the call, a replay of the webcast will be available at the link above and archived for up to 12 months. A telephone replay of the conference call can also be accessed by dialing (877) 344-7529 (domestic) or (412) 317-0088 (international), passcode 10143075. The telephone replay will be available until June 3, 2020.

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