8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 6, 2021

VEREIT, INC.
VEREIT OPERATING PARTNERSHIP, L.P.
(Exact name of Registrant as specified in its charter)
Maryland		001-35263	45-2482685
Delaware		333-197780	45-1255683
(State or other jurisdiction of incorporation)	(Commission File Number)		(I.R.S. Employer Identification No.)

2325 E. Camelback Road, 9th Floor
Phoenix,	AZ	85016
(Address of principal executive offices, including zip code)

(800)	606-3610
(Registrant’s telephone number, including area code)

________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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.)	VER	New York Stock Exchange
6.70% Series F Cumulative Redeemable Preferred Stock	$0.01 par value per share (VEREIT, Inc.)	VER PRF	New York Stock Exchange

 Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

VEREIT, Inc.		VEREIT Operating Partnership, L.P.
Emerging growth company	☐	Emerging 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 provided pursuant to Section 13(a) of the Exchange Act.   

VEREIT, Inc. ¨ VEREIT Operating Partnership, L.P. o

Item 2.02. Results of Operations and Financial Condition.

On May 6, 2021, VEREIT, Inc. together with its operating partnership, VEREIT Operating Partnership, L.P. (collectively, the “Company”) furnished the following documents: (i) a press release relating to its first quarter financial results and related matters, attached hereto as Exhibit 99.1; and (ii) supplemental information for the quarter ended March 31, 2021, attached hereto as Exhibit 99.2. The information set forth in this Item 2.02 and in the attached Exhibits 99.1 and 99.2 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information set forth in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Press Release issued May 6, 2021 relating to First Quarter 2021 Financial Results and Related Matters
99.2	Supplemental Information for the Quarter Ended March 31, 2021
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

VEREIT, INC.
By:	/s/ Michael J. Bartolotta
Name:	Michael J. Bartolotta
Title:	Executive Vice President and Chief Financial Officer

VEREIT OPERATING PARTNERSHIP, L.P. By: VEREIT, Inc., its sole general partner
By:	/s/ Michael J. Bartolotta
Name:	Michael J. Bartolotta
Title:	Executive Vice President and Chief Financial Officer

Date: May 6, 2021

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

VEREIT® Announces First Quarter 2021 Operating Results

Phoenix, AZ, May 6, 2021 -- VEREIT, Inc. (NYSE: VER) (“VEREIT” or the “Company”) announced today its operating results for the three months ending March 31, 2021.

First Quarter 2021 Financial and Operating Highlights

•Net income of $120.7 million and net income per diluted share of $0.50

•Achieved $0.80 AFFO per diluted share

•Rent collection of 99%

•Compared to last quarter, Total debt - as reported decreased from $5.9 billion to $5.6 billion; Adjusted Principal Outstanding decreased from $6.1 billion to $5.8 billion; Net Debt decreased from $5.6 billion to $5.5 billion; and Net Debt to Normalized EBITDA decreased from 5.64x to 5.45x

•Redeemed $100.0 million of the Company’s 6.7% Series F preferred stock which leaves approximately $373.0 million outstanding

•S&P Global Ratings upgraded the Company’s corporate rating from ‘BBB-‘ to ‘BBB’ with the Rating Outlook remaining at ‘Stable,’ Moody’s upgraded the Company’s rating from ‘Baa3’ to ‘Baa2’ with the Rating Outlook remaining at ‘Stable’ and Fitch Ratings affirmed the Company’s rating of ‘BBB’ with the Rating Outlook remaining at ‘Stable’

•Subsequent to the end of the quarter, the Company signed a definitive merger agreement with Realty Income Corporation. Upon closing, the contemplated merger would create a combined company with an enterprise value of approximately $50 billion. The merger is expected to close in the fourth quarter of 2021, subject to customary closing conditions, including the approval of both VEREIT’s and Realty Income’s shareholders.

Year-To-Date Transaction Highlights as of April 30, 2021

•Acquisitions totaled $168.1 million with over $300.0 million under contract or letter of intent

•Office dispositions totaled $235.5 million reducing office exposure to 14.9%

•Strategic dispositions totaled $48.3 million

First Quarter 2021 Financial Results

Total Revenues

Total revenues for the quarter ended March 31, 2021 decreased $8.4 million to $290.8 million as compared to total revenues of $299.2 million for the same quarter in 2020.

Net Income and Net Income Attributable to Common Stockholders per Diluted Share

Net income for the quarter ended March 31, 2021 increased$33.8 million to a net income of $120.7 million as compared to net income of $86.9 million for the same quarter in 2020, and net income per diluted share increased $0.16 to a net income per diluted share of $0.50 for the quarter ended March 31, 2021, as compared to net income per diluted share of $0.34 for the same quarter in 2020.

Normalized EBITDA

Normalized EBITDA for the quarter ended March 31, 2021 decreased $6.0 million to $251.2 million as compared to Normalized EBITDA of $257.2 million for the same quarter in 2020.

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Funds From Operations Attributable to Common Stockholders and Limited Partners (“FFO”) and FFO per Diluted Share

FFO for the quarter ended March 31, 2021 decreased $2.8 million to $179.0 million, as compared to $181.8 million for the same quarter in 2020, and FFO per diluted share decreased $0.06 to $0.78 for the quarter ended March 31, 2021, as compared to FFO per diluted share of $0.84 for the same quarter in 2020.

Adjusted FFO Attributable to Common Stockholders and Limited Partners (“AFFO”) and AFFO per Diluted Share

AFFO for the quarter ended March 31, 2021 increased $2.0 million to $183.0 million, as compared to $181.0 million for the same quarter in 2020, and AFFO per diluted share decreased $0.04 to $0.80 for the quarter ended March 31, 2021, as compared to $0.84 for the same quarter in 2020.

Balance Sheet and Liquidity

As of the end of the first quarter, the Company had corporate liquidity of approximately $1.8 billion, comprised of $318.6 million in cash and cash equivalents and $1.5 billion of availability under its credit facility. In addition, secured debt was reduced by $292.8 million.

Capital Market Activity

The Company redeemed $100.0 million of VEREIT’s 6.7% Series F preferred stock on January 15, 2021, which was previously announced on December 16, 2020. This leaves approximately $373.0 million outstanding.

Consolidated Financial Statistics

Financial Statistics as of the quarter ended March 31, 2021 are as follows: Net Debt to Normalized EBITDA of 5.45x, Fixed Charge Coverage Ratio of 3.8x, Unencumbered Asset Ratio of 86.0%, Net Debt to Gross Real Estate Investments of 37.8%, and Weighted Average Debt Term of 6.0 years.

Common Stock Dividend Information

On May 04, 2021, the Company’s Board of Directors declared a quarterly dividend of $0.462 per share for the second quarter of 2021. The dividend will be paid on July 15, 2021 to common stockholders of record as of June 30, 2021.

Real Estate Portfolio

As of March 31, 2021, the Company’s portfolio consisted of 3,855 properties with total portfolio occupancy of 98.0%, investment grade tenancy of 37.8% and a weighted-average remaining lease term of 8.4 years.

Real Estate Leasing Activity

During the first quarter, the Company entered into 61 new and renewal leases on approximately 1.4 million square feet, or 1.5% of the portfolio. Leasing activity included 0.3 million square feet of early renewals.

Acquisitions

During the quarter ended March 31, 2021, the Company invested in 54 properties for $138.4 million at an average cash cap rate of 7.1%.

Office Dispositions

During the quarter ended March 31, 2021, the Company disposed of 10 office properties for an aggregate sales price of $235.5 million. Of this amount, $225.6 million was used in the total weighted average cash cap rate calculation of 6.2%. The gain on first quarter office dispositions was $56.8 million.

Strategic Dispositions

During the quarter ended March 31, 2021, the Company disposed of 20 properties for an aggregate sales price of $35.7 million. Of this amount, $27.0 million was used in the total weighted average cash cap rate calculation of 5.0%. The gain on first quarter strategic dispositions was $19.4 million.

COVID-19 Company Update

As of April 22, 2021, VEREIT had received rent of approximately 99% for the first quarter of 2021, which is based on the terms of lease agreements in effect at January 1, 2021 and excludes tenants being accounted for on a cash basis. The property type breakdown for rent collection is as follows:

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Property Type	Q1 2021
Total Retail	99%
Casual Dining	99%
Quick Service	96%
Total Restaurant	98%
Total Office	100%
Total Industrial	100%

As of April 22, 2021, we collected $9.8 million of deferred rent, representing approximately 100% of amounts due through March 31, 2021, or 54% of total executed deferrals. Further rent collection details can be found in our investor presentation made available today.

2021 Guidance Update

In light of the Company’s proposed merger with Realty Income announced on April 29, 2021, the Company will no longer provide guidance nor is it affirming past guidance.

Subsequent Events

Acquisitions

From April 1, 2021 through April 30, 2021, the Company acquired 19 properties for $29.7 million, bringing acquisitions year-to-date through April 30, 2021, to $168.1 million, with over $300.0 million under contract or letter of intent.

Office Dispositions

There were no office dispositions subsequent to the quarter end.

Strategic Dispositions

From April 1, 2021 through April 30, 2021, the Company disposed of nine properties for an aggregate sales price of $12.6 million, bringing strategic dispositions year-to-date through April 30, 2021, to approximately $48.3 million.

Audio Webcast and Call Details

In light of the Company’s proposed merger with Realty Income, the Company will no longer host its previously planned earnings call.

About the Company

VEREIT is 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. The Company has total real estate investments of $14.5 billion including approximately 3,900 properties and 88.7 million square feet. VEREIT’s business model provides equity capital to creditworthy corporations in return for long-term leases on their properties. VEREIT is a publicly traded Maryland corporation listed on the New York Stock Exchange. VEREIT uses, and intends to continue to use, its Investor Relations website, which can be found at www.VEREIT.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Additional information about VEREIT can be found through social media platforms such as Twitter and LinkedIn.

Media Contact

Parke Chapman

Rubenstein Associates

212.843.8489 | pchapman@rubenstein.com

Investor Contact

Bonni Rosen, Senior Vice President, Investor Relations                

VEREIT            

877.405.2653| BRosen@VEREIT.com

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About the Data

Prior period shares and per share amounts have been updated to reflect the reverse stock split, which took effect on December 17, 2020.

Rent collection percentages disclosed are based on contractual rent and recoveries paid by tenants to cover estimated tax, insurance and common area maintenance expenses, including the Company's pro rata share of such amounts related to properties owned by unconsolidated joint ventures. Percentages are based on the terms of the lease agreements in effect at January 1, 2021 and exclude rent due and cash received for leases being accounted for on a cash basis as of January 1, 2021. This change better reflects normalized collections and has a very modest impact of approximately 1.0%. Percentages also exclude any tenants in bankruptcy prior to the pandemic.

In the second quarter of 2020, the Company updated its definition of Normalized EBITDA to include the impact of straight-line rent, in order to be consistent with peer companies. The Company recast the data presented for prior periods, including ratios impacted by the change.

Descriptions of FFO and AFFO, EBITDA and Normalized EBITDA, Principal Outstanding and Adjusted Principal Outstanding, Net Debt, Interest Expense, Excluding Non-Cash Amortization, Fixed Charge Coverage Ratio, Net Debt to Normalized EBITDA Annualized Ratio, Net Debt Leverage Ratio, and Unencumbered Asset Ratio are provided below. Refer to the subsequent tables for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure and the calculations of these financial ratios.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”) and Normalized EBITDA

Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts, Inc. (“Nareit”), an industry trade group, has promulgated a supplemental performance measure known as Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate. Nareit defines EBITDAre as net income or loss computed in accordance with GAAP, adjusted for interest expense, income tax expense (benefit), depreciation and amortization, impairment write-downs on real estate, gains or losses from disposition of property and our pro rata share of EBITDAre adjustments related to unconsolidated partnerships and joint ventures. We calculated EBITDAre in accordance with Nareit's definition described above.

In addition to EBITDAre, we use Normalized EBITDA as a non-GAAP supplemental performance measure to evaluate the operating performance of the Company. Normalized EBITDA, as defined by the Company, represents EBITDAre, modified to exclude non-routine items such as acquisition-related expenses, litigation and non-routine costs, net and gains or losses on sale of investment securities or mortgage notes receivable. We also exclude certain non-cash items such as impairments of goodwill, intangible and right of use assets, gains or losses on derivatives, gains or losses on the extinguishment or forgiveness of debt and amortization of intangibles, above-market lease assets and below-market lease liabilities. Management believes that excluding these costs from EBITDAre provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. Therefore, EBITDAre and Normalized EBITDA should not be considered as an alternative to net income, as computed in accordance with GAAP. The Company uses Normalized EBITDA as one measure of its operating performance when formulating corporate goals and evaluating the effectiveness of the Company's strategies. EBITDAre and Normalized EBITDA may not be comparable to similarly titled measures of other companies.

Fixed Charge Coverage Ratio

Fixed Charge Coverage Ratio is the sum of (i) Interest Expense, excluding non-cash amortization, (ii) secured debt principal amortization on Adjusted Principal Outstanding and (iii) dividends attributable to preferred shares divided by Normalized EBITDA. Management believes that Fixed Charge Coverage Ratio is a useful supplemental measure of our ability to satisfy fixed financing obligations.

Funds from Operations (“FFO”) and Adjusted Funds from Operations (“AFFO”)

Due to certain unique operating characteristics of real estate companies, as discussed below, Nareit has promulgated a supplemental performance measure known as FFO, which we believe to be an appropriate supplemental performance measure to reflect the operating performance of a REIT. FFO is not equivalent to our net income or loss as determined under U.S. GAAP.

Nareit defines FFO as net income or loss computed in accordance with U.S. GAAP adjusted for gains or losses from disposition of property, depreciation and amortization of real estate assets, impairment write-downs on real estate, and our

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pro rata share of FFO adjustments related to unconsolidated partnerships and joint ventures. We calculate FFO in accordance with Nareit’s definition described above.

In addition to FFO, we use AFFO as a non-GAAP supplemental financial performance measure to evaluate the operating performance of the Company. AFFO, as defined by the Company, excludes from FFO non-routine items such as acquisition-related expenses, litigation and non-routine costs, net and gains or losses on sale of investment securities or mortgage notes receivable. We also exclude certain non-cash items such as impairments of goodwill, intangible and right of use assets, straight-line rent, net direct financing lease adjustments, gains or losses on derivatives, gains or losses on the extinguishment or forgiveness of debt, equity-based compensation and amortization of intangible assets, deferred financing costs, premiums and discounts on debt and investments, above-market lease assets and below-market lease liabilities. Management believes that excluding these items from FFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. AFFO allows for a comparison of the performance of our operations with other publicly-traded REITs, as AFFO, or an equivalent measure, is routinely reported by publicly-traded REITs, and we believe often used by analysts and investors for comparison purposes.

For all of these reasons, we believe FFO and AFFO, in addition to net income (loss), as defined by U.S. GAAP, are helpful supplemental performance measures and useful in understanding the various ways in which our management evaluates the performance of the Company over time. However, not all REITs calculate FFO and AFFO the same way, so comparisons with other REITs may not be meaningful. FFO and AFFO should not be considered as alternatives to net income (loss) and are not intended to be used as a liquidity measure indicative of cash flow available to fund our cash needs. Neither the SEC, Nareit, nor any other regulatory body has evaluated the acceptability of the exclusions used to adjust FFO in order to calculate AFFO and its use as a non-GAAP financial performance measure.

Gross Real Estate Investments

Gross Real Estate Investments represent total gross real estate and related assets of Operating Properties, equity investments in the Cole REITs, investment in direct financing leases, investment securities backed by real estate and mortgage notes receivable, and the Company's pro rata share of such amounts related to properties owned by Unconsolidated Joint Ventures, net of gross intangible lease liabilities. We believe that the presentation of Gross Real Estate Investments, which shows our total investments in real estate and related assets, in connection with Net Debt, provides useful information to investors to assess our overall financial flexibility, capital structure and leverage. Gross Real Estate Investments should not be considered as an alternative to the Company's real estate investments balance as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP.

Interest Expense, Excluding Non-Cash Amortization

Interest Expense, excluding non-cash amortization is a non-GAAP measure that represents interest expense incurred on the outstanding principal balance of our debt and the Company's pro rata share of the Unconsolidated Joint Ventures' outstanding principal balance. This measure excludes the amortization of deferred financing costs, premiums and discounts, which is included in interest expense in accordance with GAAP. We believe that the presentation of Interest Expense, excluding non-cash amortization, which shows the interest expense on our contractual debt obligations, provides useful information to investors to assess our overall solvency and financial flexibility. Interest Expense, excluding non-cash amortization should not be considered as an alternative to the Company's interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP.

Net Debt Leverage Ratio

Net Debt Leverage Ratio equals Net Debt divided by Gross Real Estate Investments. We believe that the presentation of Net Debt Leverage Ratio provides useful information to investors because our management reviews Net Debt Leverage Ratio as part of its management of our overall liquidity, financial flexibility, capital structure and leverage.

Net Debt, Principal Outstanding and Adjusted Principal Outstanding 

Principal Outstanding is a non-GAAP measure that represents the Company's outstanding principal debt balance, excluding certain GAAP adjustments, such as premiums and discounts, financing and issuance costs, and related accumulated amortization. Adjusted Principal Outstanding includes the Company's pro rata share of the Unconsolidated Joint Ventures' outstanding principal debt balance. We believe that the presentation of Principal Outstanding and Adjusted Principal Outstanding, which show our contractual debt obligations, provides useful information to investors to assess our overall financial flexibility, capital structure and leverage. Principal Outstanding and Adjusted Principal Outstanding should not be considered as alternatives to the Company's consolidated debt balance as determined in accordance with GAAP or

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any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP.

Net Debt is a non-GAAP measure used to show the Company's Adjusted Principal Outstanding, less all cash and cash equivalents and the Company's pro rata share of the Unconsolidated Joint Ventures' cash and cash equivalents. We believe that the presentation of Net Debt provides useful information to investors because our management reviews Net Debt as part of its management of our overall liquidity, financial flexibility, capital structure and leverage.

Net Debt to Normalized EBITDA Annualized Ratio

Net Debt to Normalized EBITDA Annualized (“Net Debt to Normalized EBITDA”) equals Net Debt divided by the respective quarter Normalized EBITDA multiplied by four. We believe that the presentation of Net Debt to Normalized EBITDA Annualized provides useful information to investors because our management reviews Net Debt to Normalized EBITDA Annualized as part of its management of our overall liquidity, financial flexibility, capital structure and leverage.

Unencumbered Asset Ratio

Unencumbered Asset Ratio equals unencumbered Gross Real Estate Investments divided by Gross Real Estate Investments. Management believes that Unencumbered Asset Ratio is a useful supplemental measure of our overall liquidity and leverage.

Unconsolidated Joint Ventures

Unconsolidated Joint Ventures include the Company's investments in unconsolidated joint ventures formed to acquire and own real estate properties and exclude other investments in unconsolidated entities.

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Forward-Looking Statements

Information set forth herein contains “forward-looking statements” which reflect the Company’s expectations and projections regarding future events and plans, the Company’s future financial condition, results of operations, liquidity and business, including leasing and occupancy, acquisitions, dispositions, rent receipts, rent relief requests, rent relief granted, the payment of future dividends, the impact of the coronavirus (COVID-19) on the Company’s business, and the pending merger (the “Merger”) with Realty Income Corporation. Generally, the words “anticipates,” “assumes,” “believes,” “continues,” “could,” “estimates,” “expects,” “goals,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “targets,” “will,” variations of such words and similar expressions identify forward-looking statements. These forward-looking statements are based on information currently available and involve a number of known and unknown assumptions and risks, uncertainties and other factors, which are difficult to predict and beyond the Company’s control, that could cause actual events and plans or could cause the Company’s business, financial condition, liquidity and results of operations to differ materially from those expressed or implied in the forward-looking statements. Further, information regarding historical rent collections should not serve as an indication of future rent collections.

The following factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: the Company’s ability to consummate the proposed Merger and the timing of the closing of the proposed Merger; the potential impact of the announcement of the proposed transactions or consummation of the proposed transactions on business relationships, including with tenants, clients, employees, customers and competitors; potential litigation associated with the Merger; costs, fees, expenses and charges related to the proposed transactions; risks as a result of the restrictions imposed by operating covenants contained in the Merger Agreement restricting the Company generally from issuing equity, incurring or pre-paying debt and limitations on the use of its revolving credit facility; the duration and extent of the impact of COVID-19 on our business and the businesses of our tenants (including their ability to timely make rental payments) and the economy generally; federal, state or local legislation or regulation that could impact the timely payment of rent by tenants in light of COVID-19; the Company’s ability to renew leases, lease vacant space or re-lease space as leases expire on favorable terms or at all; risks associated with tenant, geographic and industry concentrations with respect to the Company’s properties; risks accompanying the management of its industrial and office partnerships; the impact of impairment charges in respect of certain of the Company’s properties; unexpected costs or liabilities that may arise from potential dispositions, including related to limited partnership, tenant-in-common and Delaware statutory trust real estate programs and the Company’s management with respect to such programs; competition in the acquisition and disposition of properties and in the leasing of its properties including that the Company may be unable to acquire, dispose of, or lease properties on advantageous terms or at all; risks associated with bankruptcies or insolvencies of tenants, from tenant defaults generally or from the unpredictability of the business plans and financial condition of the Company’s tenants, which are heightened as a result of the COVID-19 pandemic; risks associated with the Company’s substantial indebtedness, including that such indebtedness may affect the Company’s ability to pay dividends and that the terms and restrictions within the agreements governing the Company’s indebtedness may restrict its borrowing and operating flexibility; the ability to retain or hire key personnel; and the continuation or deterioration of current market conditions. Additional factors that may affect future results are contained in the Company’s filings with the SEC, which are available at the SEC’s website at www.sec.gov. The Company disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as required by law.

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VEREIT, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except for share and per share data) (Unaudited)

	March 31, 2021		December 31, 2020
ASSETS
Real estate investments, at cost:
Land	$	2,698,232	$	2,699,110
Buildings, fixtures and improvements	9,941,903		10,032,055
Intangible lease assets	1,883,826		1,872,461
Total real estate investments, at cost	14,523,961		14,603,626
Less: accumulated depreciation and amortization	3,861,411		3,833,084
Total real estate investments, net	10,662,550		10,770,542
Operating lease right-of-use assets	191,443		195,518
Investment in unconsolidated entities	80,513		81,639
Cash and cash equivalents	318,561		523,539
Restricted cash	12,704		13,842
Rent and tenant receivables and other assets, net	368,926		366,620
Goodwill	1,337,773		1,337,773
Real estate assets held for sale, net	4,888		65,583
Total assets	$	12,977,358	$	13,355,056
LIABILITIES AND EQUITY
Mortgage notes payable, net	$	1,035,328	$	1,328,835
Corporate bonds, net	4,586,252		4,584,230
Below-market lease liabilities, net	117,121		120,938
Accounts payable and accrued expenses	116,486		117,015
Derivative, deferred rent and other liabilities	62,944		63,204
Distributions payable	106,989		89,514
Operating lease liabilities	202,024		209,104
Total liabilities	6,227,144		6,512,840
Series F preferred stock	149		189
Common stock	2,291		2,289
Additional paid-in capital	13,350,661		13,449,412
Accumulated other comprehensive income	634		536
Accumulated deficit	(6,610,678)		(6,617,380)
Total stockholders’ equity	6,743,057		6,835,046
Non-controlling interests	7,157		7,170
Total equity	6,750,214		6,842,216
Total liabilities and equity	$	12,977,358	$	13,355,056

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VEREIT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except for share and per share data) (Unaudited)

	Three Months Ended March 31,
	2021		2020
Revenues:
Rental	$	290,309	$	298,586
Fees from managed partnerships	500		596
Total revenues	290,809		299,182
Operating expenses:
Acquisition-related	1,354		1,523
Litigation and non-routine costs, net	68		(8,564)
Property operating	30,605		30,490
General and administrative	14,526		15,056
Depreciation and amortization	108,075		124,080
Impairments	31,849		8,380
Total operating expenses	186,477		170,965
Other income (expense):
Interest expense	(60,736)		(64,696)
Loss on extinguishment and forgiveness of debt, net	(2,132)		(1,280)
Other income, net	3,666		175
Equity in income of unconsolidated entities	447		246
Gain on disposition of real estate and real estate assets held for sale, net	76,074		25,249
Total other income (expenses), net	17,319		(40,306)
Income before taxes	121,651		87,911
Provision for income taxes	(928)		(1,048)
Net income	120,723		86,863
Net income attributable to non-controlling interests	(76)		(55)
Net income attributable to the General Partner	$	120,647	$	86,808
Basic and diluted net income per share attributable to common stockholders	$	0.50	$	0.34
Distributions declared per common share	$	0.46	$	0.69

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VEREIT, INC.

EBITDAre AND NORMALIZED EBITDA

(In thousands) (Unaudited)

	Three Months Ended
	March 31, 2021		December 31, 2020		March 31, 2020
Net income (loss)	$	120,723	$	(37,866)	$	86,863
Adjustments:
Interest expense	60,736		68,416		64,696
Depreciation and amortization	108,075		108,138		124,080
Provision for income taxes	928		1,358		1,048
Proportionate share of adjustments for unconsolidated entities	2,249		2,443		1,761
Gain on disposition of real estate assets, net	(76,074)		(18,965)		(25,249)
Impairments of real estate	31,849		24,852		8,380
EBITDAre	$	248,486	$	148,376	$	261,579
Impairment of intangibles and right of use assets	—		3,352		—
Acquisition-related expenses	1,354		1,048		1,523
Litigation and non-routine costs, net	68		10,925		(8,564)
(Gain) loss on investments	(695)		(313)		541
Loss on derivative instruments, net	—		85,392		—
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities	1,547		1,428		748
Loss on extinguishment and forgiveness of debt, net	2,132		67		1,280
Net direct financing lease adjustments	366		379		365
Other adjustments, net	(2,055)		(3,919)		(205)
Proportionate share of adjustments for unconsolidated entities	(32)		(46)		(36)
Normalized EBITDA	$	251,171	$	246,689	$	257,231
Normalized EBITDA annualized	$	1,004,684	$	986,756	$	1,028,924

10

VEREIT, INC.

FUNDS FROM OPERATIONS

(In thousands, except for share and per share data) (Unaudited)

	Three Months Ended March 31,
	2021		2020
Net income	$	120,723	$	86,863
Dividends on non-convertible preferred stock	(6,525)		(12,948)
Gain on disposition of real estate assets, net	(76,074)		(25,249)
Depreciation and amortization of real estate assets	107,700		123,645
Impairment of real estate	31,849		8,380
Proportionate share of adjustments for unconsolidated entities	1,315		1,131
FFO attributable to common stockholders and limited partners	$	178,988	$	181,822
Weighted-average shares outstanding - basic	229,159,472		215,587,560
Effect of weighted-average Limited Partner OP Units and dilutive securities	270,395		362,688
Weighted-average shares outstanding - diluted	229,429,867		215,950,248
FFO attributable to common stockholders and limited partners per diluted share	$	0.78	$	0.84

11

VEREIT, INC.

ADJUSTED FUNDS FROM OPERATIONS

(In thousands, except for share and per share data) (Unaudited)

	Three Months Ended March 31,
	2021		2020
FFO attributable to common stockholders and limited partners	$	178,988	$	181,822
Acquisition-related expenses	1,354		1,523
Litigation and non-routine costs, net	68		(8,564)
(Gain) loss on investments	(695)		541
Amortization of premiums and discounts on debt and investments, net	87		(689)
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities	1,547		748
Net direct financing lease adjustments	366		365
Amortization and write-off of deferred financing costs	2,555		2,841
Loss on extinguishment and forgiveness of debt, net	2,132		1,280
Straight-line rent	(4,219)		(2,054)
Equity-based compensation	2,669		2,602
Other adjustments, net	(1,661)		228
Proportionate share of adjustments for unconsolidated entities	(144)		331
AFFO attributable to common stockholders and limited partners	$	183,047	$	180,974
Weighted-average shares outstanding - basic	229,159,472		215,587,560
Effect of weighted-average Limited Partner OP Units and dilutive securities	270,395		362,688
Weighted-average shares outstanding - diluted	229,429,867		215,950,248
AFFO attributable to common stockholders and limited partners per diluted share	$	0.80	$	0.84

12

VEREIT, INC.

FINANCIAL AND OPERATIONS STATISTICS AND RATIOS

(Dollars in thousands) (Unaudited)

	Three Months Ended
	March 31, 2021
Interest expense - as reported	$	60,736
Adjustments:
Amortization of deferred financing costs and other non-cash charges	(2,412)
Amortization of net premiums	(248)
Proportionate share of amounts for Unconsolidated Joint Ventures	784
Interest Expense, Excluding Non-Cash Amortization	$	58,860

	Three Months Ended
	March 31, 2021
Interest Expense, Excluding Non-Cash Amortization	$	58,860
Secured debt principal amortization	687
Dividends attributable to preferred shares	6,525
Total fixed charges	66,072
Normalized EBITDA	251,171
Fixed Charge Coverage Ratio	3.80x

	March 31, 2021		December 31, 2020
Mortgage notes payable, net	$	1,035,328	$	1,328,835
Corporate bonds, net	4,586,252		4,584,230
Total debt - as reported	5,621,580		5,913,065
Deferred financing costs, net	42,503		44,573
Net discounts (premiums)	26,305		25,557
Principal Outstanding	5,690,388		5,983,195
Proportionate share of amounts for Unconsolidated Joint Ventures	106,516		106,516
Adjusted Principal Outstanding	$	5,796,904	$	6,089,711
Cash and cash equivalents	(318,561)		(523,539)
Pro rata share of Unconsolidated Joint Ventures’ cash and cash equivalents	(1,587)		(1,619)
Net Debt	$	5,476,756	$	5,564,553

13

	March 31, 2021
Total real estate investments, at cost - as reported	$	14,523,961
Adjustments:
Investment in Cole REITs	7,951
Gross assets held for sale	7,145
Investment in direct financing leases, net	6,181
Gross below market leases	(225,657)
Proportionate share of amounts for Unconsolidated Joint Ventures	165,646
Gross Real Estate Investments	$	14,485,227

	March 31, 2021		December 31, 2020
Net Debt	$	5,476,756	$	5,564,553
Normalized EBITDA Annualized	1,004,684		986,756
Net Debt to Normalized EBITDA Annualized Ratio	5.45x		5.64x

	March 31, 2021
Net Debt	$	5,476,756
Gross Real Estate Investments	14,485,227
Net Debt Leverage Ratio	37.8		%
Unencumbered Gross Real Estate Investments	$	12,455,130
Gross Real Estate Investments	14,485,227
Unencumbered asset ratio	86.0		%

14

EX-99.2

Exhibit 99.2

	Q1 2021 SUPPLEMENTAL INFORMATION

VEREIT Supplemental Information

March 31, 2021

Section	Page
Company Overview	5
Quarterly Financial Summary	7
Financial and Operations Statistics and Ratios	8
Key Balance Sheet Metrics and Capital Structure	9
Balance Sheets	10
Statements of Operations	11
Funds From Operations (FFO)	12
Adjusted Funds From Operations (AFFO)	13
EBITDAre and Normalized EBITDA	14
Net Operating Income	15
Same Store Contract Rental Revenue	16
Debt and Preferred Equity Summary	17
Credit Facility and Corporate Bond Covenants	19
Acquisitions and Dispositions	20
Diversification Statistics	21
Top 10 Concentrations	22
Tenants Comprising Over 1% of Annualized Rental Income	24
Tenant Industry Diversification	25
Property Geographic Diversification	26
Lease Expirations	28
Lease Summary	32
Property Type Diversification and Rent Coverage	34
Unconsolidated Joint Venture Investment Summary	39
Definitions	40

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 2

	Q1 2021 SUPPLEMENTAL INFORMATION

About the Data

This data and other information described herein are as of and for the three months ended March 31, 2021, unless otherwise indicated. Certain balances have been reclassified to conform with the current period's presentations, including partnership fees earned from services provided to our unconsolidated joint ventures, which were previously included in other income, net. The Company effected a one-for-five reverse stock split of its common stock after markets closed on December 17, 2020, whereby every five shares of VEREIT's issued and outstanding shares of common stock, $0.01 par value per share, were converted into one share of common stock, $0.01 par value per share. Prior period shares and per share amounts have been updated to reflect the reverse stock split. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be read in conjunction with the financial statements and the Management's Discussion and Analysis of Financial Condition and Results of Operations sections contained in VEREIT, Inc.'s (the "Company," "VEREIT," "us," "our" and "we") Annual Report on Form 10-K for the year ended December 31, 2020 and Quarterly Reports on Form 10-Q for the periods ended March 31, 2021, September 30, 2020, June 30, 2020, and March 31, 2020.

Our business was not materially impacted during the three months ended March 31, 2021 or during the year ended December 31, 2020 by the COVID-19 pandemic. During the three months ended March 31, 2021 our rent collection was 99% of rental revenue and as of April 22, 2021, we collected $9.8 million of deferred rent, representing approximately 100% of amounts due through March 31, 2021. The full extent of the future impact of the COVID-19 pandemic on our business, financial condition, liquidity and results of operations remains uncertain. The table below summarizes the impact of deferred rent, abatements and reductions to rental revenue as a result of the COVID-19 pandemic on certain non-GAAP measures (dollars in thousands).

	Three Months Ended
	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020
Deferred rent included in FFO, AFFO, EBITDAre, Normalized EBITDA and Cash NOI (1)	$	60	$	132	$	4,250	$	13,559
Abatements (2)	$	42	$	607	$	6,524	$	11,184
Reductions to rental revenue due to:
Rent not probable of collection, net (3)	$	1,508	$	5,479	$	4,089	$	3,810
General allowance	508		3,584		5,122		911
Reductions to rental revenue - FFO, AFFO, and Cash NOI	$	2,016	$	9,063	$	9,211	$	4,721
Straight-line rent receivable reserves	(49)		(1,129)		999		3,659
Reductions to rental revenue - EBITDAre and Normalized EBITDA	$	1,967	$	7,934	$	10,210	$	8,380

___________________________________

(1)Includes rental revenue related to deferral agreements executed through April 22, 2021, which qualify for the COVID-19 Lease Concessions Relief.

(2)Abatements were accounted for as lease modifications under ASC 842.

(3)Rental revenue will be recognized as cash is received.

In the second quarter of 2020, the Company updated its definition of Normalized EBITDA to include the impact of straight-line rent, in order to be consistent with peer companies. The Company recast the data presented for prior periods, including ratios impacted by the change.

Subsequent to the issuance of the Company’s consolidated financial statements for the year ended December 31, 2020, the Company identified an overstatement in amounts recorded to depreciation expense. As a result, the Company revised the accompanying consolidated balance sheet as of December 31, 2020 to reduce accumulated depreciation and amortization and accumulated deficit by $30.6 million. The Company determined that the correction is not material to the previously issued consolidated financial statements. As such, no adjustments were made to the consolidated balance sheets or statements of operations for the periods ended September 30, 2020, June 30, 2020 or March 31, 2020.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 3

	Q1 2021 SUPPLEMENTAL INFORMATION

Forward-Looking Statements

Information set forth herein contains “forward-looking statements” which reflect the Company's expectations and projections regarding future events and plans, the Company's future financial condition, results of operations, liquidity and business, including leasing and occupancy, acquisitions, dispositions, rent receipts, rent relief requests, rent relief granted, the payment of future dividends, the impact of the coronavirus (COVID-19) on the Company's business, and the pending merger (the “Merger”) with Realty Income Corporation. Generally, the words "anticipates," "assumes," "believes," "continues," "could," "estimates," "expects," "goals," "intends," "may," "plans," "projects," "seeks," "should," "targets," "will," variations of such words and similar expressions identify forward-looking statements. These forward-looking statements are based on information currently available and involve a number of known and unknown assumptions and risks, uncertainties and other factors, which are difficult to predict and beyond the Company's control, that could cause actual events and plans or could cause the Company's business, financial condition, liquidity and results of operations to differ materially from those expressed or implied in the forward-looking statements. Further, information regarding historical rent collections should not serve as an indication of future rent collections.

The following factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: the Company's ability to consummate the proposed Merger and the timing of the closing of the proposed Merger; the potential impact of the announcement of the proposed transactions or consummation of the proposed transactions on business relationships, including with tenants, clients, employees, customers and competitors; potential litigation associated with the Merger; costs, fees, expenses and charges related to the proposed transactions; risks as a result of the restrictions imposed by operating covenants contained in the Merger Agreement restricting the Company generally from issuing equity, incurring or pre-paying debt and limitations on the use of its revolving credit facility; the duration and extent of the impact of COVID-19 on our business and the businesses of our tenants (including their ability to timely make rental payments) and the economy generally; federal, state, or local legislation or regulation that could impact the timely payment of rent by tenants in light of COVID-19; the Company's ability to renew leases, lease vacant space or re-lease space as leases expire on favorable terms or at all; risks associated with tenant, geographic and industry concentrations with respect to the Company's properties; risks accompanying the management of its industrial and office partnerships; the impact of impairment charges in respect of certain of the Company's properties; unexpected costs or liabilities that may arise from potential dispositions, including related to limited partnership, tenant-in-common and Delaware statutory trust real estate programs and the Company's management with respect to such programs; competition in the acquisition and disposition of properties and in the leasing of its properties including that the Company may be unable to acquire, dispose of, or lease properties on advantageous terms or at all; risks associated with bankruptcies or insolvencies of tenants, from tenant defaults generally or from the unpredictability of the business plans and financial condition of the Company's tenants, which are heightened as a result of the COVID-19 pandemic; risks associated with the Company's substantial indebtedness, including that such indebtedness may affect the Company's ability to pay dividends and that the terms and restrictions within the agreements governing the Company's indebtedness may restrict its borrowing and operating flexibility; the ability to retain or hire key personnel; and the continuation or deterioration of current market conditions. Additional factors that may affect future results are contained in the Company's filings with the SEC, which are available at the SEC’s website at www.sec.gov. The Company disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as required by law.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 4

	Q1 2021 SUPPLEMENTAL INFORMATION

Company Overview

(unaudited)

VEREIT is a real estate company incorporated in Maryland on December 2, 2010, which has elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes.

VEREIT is 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. VEREIT's business model provides equity capital to creditworthy corporations in return for long-term leases on their properties. The Company targets properties that are strategically located and essential to the business operations of the tenant, as well as retail properties that offer necessity- and value-oriented products or services. At March 31, 2021, approximately 37.8% of the Company's Annualized Rental Income was earned from Investment-Grade Tenants, Economic Occupancy Rate was 98.0% and the Weighted Average Remaining Lease Term was 8.4 years.

Tenants, Trademarks and Logos

VEREIT is not affiliated with, is not endorsed by, does not endorse and is not sponsored by or a sponsor of the products or services pictured or mentioned. The names, logos and all related product and service names, design marks and slogans are the trademarks or service marks of their respective companies.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 5

	Q1 2021 SUPPLEMENTAL INFORMATION

Company Overview (cont.)

Senior Management	Board of Directors
Glenn J. Rufrano, Chief Executive Officer	Hugh R. Frater, Non-Executive Chairman
Michael J. Bartolotta, Executive Vice President and Chief Financial Officer	Priscilla Almodovar, Independent Director
Lauren Goldberg, Executive Vice President, General Counsel and Secretary	David B. Henry, Independent Director
Paul H. McDowell, Executive Vice President and Chief Operating Officer	Mary Hogan Preusse, Independent Director
Thomas W. Roberts, Executive Vice President and Chief Investment Officer	Richard J. Lieb, Independent Director
Gavin B. Brandon, Senior Vice President and Chief Accounting Officer	Eugene A. Pinover, Independent Director
	Julie G. Richardson, Independent Director
	Susan E. Skerritt, Independent Director
	Glenn J. Rufrano, Chief Executive Officer and Director

Corporate Offices and Contact Information

2325 E. Camelback Road, 9th Floor	19 West 44th Street, Suite 1401
Phoenix, AZ 85016	New York, NY 10036
800-606-3610	212-413-9100
www.VEREIT.com

Trading Symbols: VER, VER PRF

Stock Exchange Listing: New York Stock Exchange

Transfer Agent

Computershare Trust Company, N.A.

462 South 4th Street, Suite 1600

Louisville, KY 40202

855-866- 0787

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 6

	Q1 2021 SUPPLEMENTAL INFORMATION

Quarterly Financial Summary

(unaudited, dollars in thousands, except share and per share amounts)

The following table summarizes the Company's quarterly financial results and portfolio metrics.

	Three Months Ended
Financial Results	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Total revenues	$	290,809		$	287,909		$	295,278		$	278,997		$	299,182
Net income (loss)	$	120,723		$	(37,866)		$	97,983		$	54,239		$	86,863
Basic and diluted net income (loss) per share attributable to common stockholders and limited partners	$	0.50		$	(0.21)		$	0.40		$	0.19		$	0.34
Normalized EBITDA	$	251,171		$	246,689		$	252,933		$	238,479		$	257,231
FFO attributable to common stockholders and limited partners	$	178,988		$	69,313		$	171,233		$	155,943		$	181,822
FFO attributable to common stockholders and limited partners per diluted share	$	0.78		$	0.31		$	0.79		$	0.72		$	0.84
AFFO attributable to common stockholders and limited partners	$	183,047		$	169,798		$	166,547		$	161,083		$	180,974
AFFO attributable to common stockholders and limited partners per diluted share	$	0.80		$	0.76		$	0.77		$	0.75		$	0.84
Dividends declared per common share	$	0.46		$	0.39		$	0.39		$	0.39		$	0.69
Weighted-average shares outstanding - diluted	229,429,867			222,511,425			217,027,675			215,910,613			215,950,248
Portfolio Metrics
Operating Properties	3,855			3,831			3,820			3,836			3,853
Rentable Square Feet (in thousands)	88,747			89,493			88,869			88,947			89,539
Economic Occupancy Rate	98.0		%	98.1		%	98.5		%	98.8		%	99.1		%
Weighted Average Remaining Lease Term (years)	8.4			8.4			8.4			8.5			8.3
Investment-Grade Tenants(1)	37.8		%	38.7		%	37.7		%	37.0		%	36.7		%

___________________________________

(1)The weighted-average credit rating of our investment-grade tenants was BBB+ as of March 31, 2021.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 7

	Q1 2021 SUPPLEMENTAL INFORMATION

Financial and Operations Statistics and Ratios

(unaudited, dollars in thousands)

	Three Months Ended
	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Interest Coverage Ratio
Interest Expense, excluding non-cash amortization (1)	$	58,860		$	63,153		$	64,713		$	63,636		$	63,123
Normalized EBITDA (2)	251,171			246,689			252,933			238,479			257,231
Interest Coverage Ratio	4.27x			3.91x			3.91x			3.75x			4.08x
Fixed Charge Coverage Ratio
Interest Expense, excluding non-cash amortization (1)	$	58,860		$	63,153		$	64,713		$	63,636		$	63,123
Secured debt principal amortization	687			858			834			861			1,071
Dividends attributable to preferred shares	6,525			7,923			10,771			12,948			12,948
Total fixed charges	66,072			71,934			76,318			77,445			77,142
Normalized EBITDA (2)	251,171			246,689			252,933			238,479			257,231
Fixed Charge Coverage Ratio	3.80x			3.43x			3.31x			3.08x			3.33x
	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Net Debt Ratios
Net Debt (3)	$	5,476,756		$	5,564,553		$	5,832,236		$	5,804,109		$	5,815,734
Normalized EBITDA annualized	1,004,684			986,756			1,011,732			953,916			1,028,924
Net Debt to Normalized EBITDA annualized ratio	5.45x			5.64x			5.76x			6.08x			5.65x
Net Debt (3)	$	5,476,756		$	5,564,553		$	5,832,236		$	5,804,109		$	5,815,734
Gross Real Estate Investments (3)	14,485,227			14,646,970			14,621,857			14,704,629			14,781,956
Net Debt Leverage Ratio	37.8		%	38.0		%	39.9		%	39.5		%	39.3		%
Unencumbered Assets/Real Estate Assets
Unencumbered Gross Real Estate Investments	$	12,455,130		$	11,968,277		$	11,936,645		$	11,933,717		$	12,005,190
Gross Real Estate Investments (3)	14,485,227			14,646,970			14,621,857			14,704,629			14,781,956
Unencumbered Asset Ratio	86.0		%	81.7		%	81.6		%	81.2		%	81.2		%

___________________________________

(1)Refer to the Statements of Operations section for interest expense calculated in accordance with GAAP and to the Definitions section for the required reconciliation to the most directly comparable GAAP financial measure.

(2)Refer to the Statements of Operations section for net income calculated in accordance with GAAP and to the EBITDAre and Normalized EBITDA section for the required reconciliation to the most directly comparable GAAP financial measure.

(3)Refer to the Balance Sheets section for total debt and real estate investments, at cost calculated in accordance with GAAP and to the Definitions section for the required reconciliation to the most directly comparable GAAP financial measure.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 8

	Q1 2021 SUPPLEMENTAL INFORMATION

Key Balance Sheet Metrics and Capital Structure

(unaudited, dollars and shares in thousands, except per share amounts)

Common equity	59.0%
Corporate bonds	30.9%
Mortgage notes payable	6.9%
Preferred equity	2.5%
Proportionate share of amounts for Unconsolidated Joint Ventures	0.7%

Fixed vs. Variable Rate Debt

Fixed	99.4	%
Variable	0.6	%

VEREIT Capitalization Table
	Wtd. Avg. Maturity (Years)	Rate (1)		March 31, 2021
Diluted shares outstanding				230,060
Stock price				$	38.62
Implied Equity Market Capitalization				$	8,884,917
Series F Perpetual Preferred (2)		6.70	%	$	373,025
Mortgage notes payable	2.3	4.87	%	1,040,389
Proportionate share of amounts for Unconsolidated Joint Ventures	3.9	2.94	%	106,516
Total secured debt	2.4	4.69	%	$	1,146,905
Corporate bonds due 2024	2.9	4.60	%	500,000
Corporate bonds due 2025	4.6	4.63	%	550,000
Corporate bonds due 2026	5.2	4.88	%	600,000
Corporate bonds due 2027	6.4	3.95	%	600,000
Corporate bonds due January 2028	6.8	3.40	%	600,000
Corporate bonds due June 2028	7.2	2.20	%	500,000
Corporate bonds due 2029	8.7	3.10	%	600,000
Corporate bonds due 2032	11.7	2.85	%	700,000
Total unsecured debt	6.9	3.68	%	$	4,650,000
Total Adjusted Principal Outstanding	6.0	3.88	%	$	5,796,905
Total Capitalization				$	15,054,847
Less: Cash and cash equivalents				318,561
Less: Pro rata share of Unconsolidated Joint Ventures' cash and cash equivalents				1,587
Enterprise Value				$	14,734,699
Net Debt/Enterprise Value				37.2		%
Net Debt/Normalized EBITDA Annualized				5.45x
Net Debt + Preferred (2)/Normalized EBITDA Annualized				5.82x
Fixed Charge Coverage Ratio				3.80x
Liquidity (3)				$	1,816,008

___________________________________

(1)Weighted average interest rate for variable rate debt represents the interest rate in effect as of March 31, 2021.

(2)Balance represents 14.9 million shares of Series F Preferred Stock (and 14.9 million corresponding general partner Series F Preferred Units) and 49,766 limited partner Series F Preferred Units outstanding at March 31, 2021, multiplied by the liquidation preference of $25 per share.

(3)Liquidity represents cash and cash equivalents of $318.6 million and approximately $1.5 billion available capacity on our $1.5 billion revolving credit facility. Available capacity on our revolving credit facility is reduced by letters of credit outstanding of $2.6 million at March 31, 2021.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 9

	Q1 2021 SUPPLEMENTAL INFORMATION

Balance Sheets

(unaudited, in thousands)

	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
Assets
Real estate investments, at cost:
Land	$	2,698,232	$	2,699,110	$	2,691,122	$	2,705,149	$	2,715,625
Buildings, fixtures and improvements	9,941,903		10,032,055		10,046,076		10,117,636		10,135,933
Intangible lease assets	1,883,826		1,872,461		1,872,899		1,891,831		1,899,900
Total real estate investments, at cost	14,523,961		14,603,626		14,610,097		14,714,616		14,751,458
Less: accumulated depreciation and amortization	3,861,411		3,833,084		3,829,368		3,756,132		3,659,980
Total real estate investments, net	10,662,550		10,770,542		10,780,729		10,958,484		11,091,478
Operating lease right-of-use assets	191,443		195,518		205,346		208,037		211,187
Investment in unconsolidated entities	80,513		81,639		100,339		86,300		78,718
Cash and cash equivalents	318,561		523,539		207,321		278,883		600,945
Restricted cash	12,704		13,842		14,955		21,203		18,720
Rent and tenant receivables and other assets, net	368,926		366,620		391,239		382,409		345,103
Goodwill	1,337,773		1,337,773		1,337,773		1,337,773		1,337,773
Real estate assets held for sale, net	4,888		65,583		1,896		48,093		88,513
Total assets	$	12,977,358	$	13,355,056	$	13,039,598	$	13,321,182	$	13,772,437
Liabilities and Equity
Mortgage notes payable, net	$	1,035,328	$	1,328,835	$	1,330,174	$	1,393,652	$	1,405,701
Corporate bonds, net	4,586,252		4,584,230		3,406,389		3,404,935		2,814,474
Convertible debt, net	—		—		252,077		270,152		319,120
Credit facility, net	—		—		896,630		896,314		1,767,306
Below-market lease liabilities, net	117,121		120,938		124,009		130,208		134,410
Accounts payable and accrued expenses	116,486		117,015		112,101		112,551		125,358
Derivative, deferred rent and other liabilities	62,944		63,204		162,952		161,538		146,893
Distributions payable	106,989		89,514		85,420		85,231		150,493
Operating lease liabilities	202,024		209,104		214,102		215,322		217,567
Total liabilities	6,227,144		6,512,840		6,583,854		6,669,903		7,081,322
Series F preferred stock	149		189		189		309		309
Common stock	2,291		2,289		2,183		2,156		2,156
Additional paid-in capital	13,350,661		13,449,412		13,057,408		13,264,911		13,261,069
Accumulated other comprehensive income (loss)	634		536		(97,008)		(106,109)		(104,217)
Accumulated deficit	(6,610,678)		(6,617,380)		(6,514,171)		(6,517,303)		(6,475,568)
Total stockholders' equity	6,743,057		6,835,046		6,448,601		6,643,964		6,683,749
Non-controlling interests	7,157		7,170		7,143		7,315		7,366
Total equity	6,750,214		6,842,216		6,455,744		6,651,279		6,691,115
Total liabilities and equity	$	12,977,358	$	13,355,056	$	13,039,598	$	13,321,182	$	13,772,437

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 10

	Q1 2021 SUPPLEMENTAL INFORMATION

Statements of Operations

(unaudited, in thousands, except per share data)

	Three Months Ended
	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
Revenues:
Rental	$	290,309	$	287,431	$	293,692	$	278,576	$	298,586
Fees from managed partnerships	500		478		1,586		421		596
Total revenues	290,809		287,909		295,278		278,997		299,182
Operating expenses:
Acquisition-related	1,354		1,048		1,050		1,169		1,523
Litigation and non-routine costs, net	68		10,925		105		(118)		(8,564)
Property operating	30,605		31,979		31,400		29,098		30,490
General and administrative	14,526		15,399		14,774		16,120		15,056
Depreciation and amortization	108,075		108,138		109,191		110,599		124,080
Impairments	31,849		28,204		16,397		12,094		8,380
Total operating expenses	186,477		195,693		172,917		168,962		170,965
Other income (expense):
Interest expense	(60,736)		(68,416)		(66,935)		(65,613)		(64,696)
(Loss) gain on extinguishment and forgiveness of debt, net	(2,132)		(67)		61		(200)		(1,280)
Other income, net	3,666		5,584		73		778		175
Loss on derivative instruments, net	—		(85,392)		—		—		—
Equity in income and gain on disposition of unconsolidated entities	447		1,133		663		1,497		246
Gain on disposition of real estate and held for sale assets, net	76,074		18,434		42,814		8,795		25,249
Total other income (expenses), net	17,319		(128,724)		(23,324)		(54,743)		(40,306)
Income (loss) before taxes	121,651		(36,508)		99,037		55,292		87,911
Provision for income taxes	(928)		(1,358)		(1,054)		(1,053)		(1,048)
Net income (loss)	120,723		(37,866)		97,983		54,239		86,863
Net (income) loss attributable to non-controlling interests	(76)		46		(51)		(31)		(55)
Net income (loss) attributable to the General Partner	$	120,647	$	(37,820)	$	97,932	$	54,208	$	86,808
Basic and diluted net income (loss) per share attributable to common stockholders and limited partners	$	0.50	$	(0.21)	$	0.40	$	0.19	$	0.34

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 11

	Q1 2021 SUPPLEMENTAL INFORMATION

Funds From Operations (FFO)

(unaudited, in thousands, except share and per share data)

	Three Months Ended
	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
Net income (loss)	$	120,723	$	(37,866)	$	97,983	$	54,239	$	86,863
Dividends on Series F Preferred Stock	(6,525)		(7,923)		(10,771)		(12,948)		(12,948)
Gain on disposition of real estate assets, net	(76,074)		(18,965)		(42,814)		(8,795)		(25,249)
Depreciation and amortization of real estate assets	107,700		107,758		108,803		110,207		123,645
Impairment of real estate	31,849		24,852		16,397		12,094		8,380
Proportionate share of adjustments for unconsolidated entities	1,315		1,457		1,635		1,146		1,131
FFO attributable to common stockholders and limited partners	$	178,988	$	69,313	$	171,233	$	155,943	$	181,822
Weighted-average shares outstanding - basic	229,159,472		222,152,574		216,737,561		215,673,313		215,587,560
Effect of weighted-average Limited Partner OP Units and dilutive securities (1)	270,395		358,851		290,114		237,300		362,688
Weighted-average shares outstanding - diluted (2)	229,429,867		222,511,425		217,027,675		215,910,613		215,950,248
FFO attributable to common stockholders and limited partners per diluted share (3)	$	0.78	$	0.31	$	0.79	$	0.72	$	0.84

___________________________________

(1)Dilutive securities include unvested restricted stock units and stock options.

(2)Weighted-average shares for all periods presented exclude the effect of the Company's convertible debt which was fully repaid in cash as of December 31, 2020 and the underlying restricted stock units that would not have met the vesting criteria based on certain performance targets as of the end of the respective reporting period.

(3)Refer to the Statements of Operations section for basic and diluted net income (loss) per share attributable to common stockholders and limited partners.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 12

	Q1 2021 SUPPLEMENTAL INFORMATION

Adjusted Funds From Operations (AFFO)

(unaudited, in thousands, except share and per share data)

	Three Months Ended
	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
FFO attributable to common stockholders and limited partners	$	178,988	$	69,313	$	171,233	$	155,943	$	181,822
Acquisition-related expenses	1,354		1,048		1,050		1,169		1,523
Litigation and non-routine costs, net	68		10,925		105		(118)		(8,564)
Impairment of intangibles and right of use assets	—		3,352		—		—		—
(Gain) loss on investments	(695)		(313)		(76)		142		541
Loss on derivative instruments, net	—		85,392		—		—		—
Amortization of premiums and discounts on debt and investments, net	87		(193)		(201)		(362)		(689)
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities	1,547		1,428		393		788		748
Net direct financing lease adjustments	366		379		381		372		365
Amortization and write-off of deferred financing costs	2,555		6,262		3,114		2,898		2,841
Loss (gain) on extinguishment and forgiveness of debt, net	2,132		67		(61)		200		1,280
Straight-line rent	(4,219)		(7,108)		(12,595)		(3,404)		(2,054)
Equity-based compensation	2,669		2,952		2,991		3,857		2,602
Other adjustments, net	(1,661)		(3,536)		379		441		228
Proportionate share of adjustments for unconsolidated entities	(144)		(170)		(166)		(843)		331
AFFO attributable to common stockholders and limited partners	$	183,047	$	169,798	$	166,547	$	161,083	$	180,974
Weighted-average shares outstanding - basic	229,159,472		222,152,574		216,737,561		215,673,313		215,587,560
Effect of weighted-average Limited Partner OP Units and dilutive securities (1)	270,395		358,851		290,114		237,300		362,688
Weighted-average shares outstanding - diluted (2)	229,429,867		222,511,425		217,027,675		215,910,613		215,950,248
AFFO attributable to common stockholders and limited partners per diluted share (3)	$	0.80	$	0.76	$	0.77	$	0.75	$	0.84

___________________________________

(1)Dilutive securities include unvested restricted stock units and stock options.

(2)Weighted-average shares for all periods presented exclude the effect of the Company's convertible debt which was fully repaid in cash as of December 31, 2020 and the underlying restricted stock units that would not have met the vesting criteria based on certain performance targets as of the end of the respective reporting period.

(3)Refer to the Statements of Operations section for basic and diluted net income (loss) per share attributable to common stockholders and limited partners.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 13

	Q1 2021 SUPPLEMENTAL INFORMATION

EBITDAre and Normalized EBITDA

(unaudited, in thousands)

	Three Months Ended
	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
Net income (loss)	$	120,723	$	(37,866)	$	97,983	$	54,239	$	86,863
Adjustments:
Interest expense	60,736		68,416		66,935		65,613		64,696
Depreciation and amortization	108,075		108,138		109,191		110,599		124,080
Provision for income taxes	928		1,358		1,054		1,053		1,048
Proportionate share of adjustments for unconsolidated entities	2,249		2,443		2,451		1,775		1,761
Gain on disposition of real estate assets, net	(76,074)		(18,965)		(42,814)		(8,795)		(25,249)
Impairment of real estate	31,849		24,852		16,397		12,094		8,380
EBITDAre	$	248,486	$	148,376	$	251,197	$	236,578	$	261,579
Impairment of intangibles and right of use assets	—		3,352		—		—		—
Acquisition-related expenses	1,354		1,048		1,050		1,169		1,523
Litigation and non-routine costs, net	68		10,925		105		(118)		(8,564)
(Gain) loss on investments	(695)		(313)		(76)		142		541
Loss on derivative instruments, net	—		85,392		—		—		—
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities	1,547		1,428		393		788		748
Loss (gain) on extinguishment and forgiveness of debt, net	2,132		67		(61)		200		1,280
Net direct financing lease adjustments	366		379		381		372		365
Other adjustments, net	(2,055)		(3,919)		(8)		54		(205)
Proportionate share of adjustments for unconsolidated entities	(32)		(46)		(48)		(706)		(36)
Normalized EBITDA	$	251,171	$	246,689	$	252,933	$	238,479	$	257,231

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 14

	Q1 2021 SUPPLEMENTAL INFORMATION

Net Operating Income

(unaudited, dollars in thousands)

NOI and Cash NOI

	Three Months Ended
	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
Rental revenue - as reported (1)	$	290,309	$	287,431	$	293,692	$	278,576	$	298,586
Property operating expense - as reported	(30,605)		(31,979)		(31,400)		(29,098)		(30,490)
NOI	259,704		255,452		262,292		249,478		268,096
Adjustments:
Straight-line rent	(4,219)		(7,108)		(12,595)		(3,404)		(2,054)
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities	1,547		1,428		393		788		748
Net direct financing lease adjustments	366		379		381		372		365
Other non-cash adjustments	(18)		—		—		—		—
Proportionate share of amounts for Unconsolidated Joint Ventures	2,507		2,799		2,876		2,475		2,404
Cash NOI	$	259,887	$	252,950	$	253,347	$	249,709	$	269,559

___________________________________

(1)Rental revenue includes percentage rent of $1.7 million, $2.9 million, $1.0 million, $1.4 million and $1.4 million for the three months ended March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020, respectively.

Normalized Cash NOI

	Three Months Ended
	March 31, 2021
Cash NOI	$	259,887
Adjustments for intra-quarter acquisitions and dispositions (1)	(1,164)
Normalized Cash NOI	$	258,723

___________________________________

(1)The adjustment eliminates Cash NOI for properties acquired during the three months ended March 31, 2021 and replaces Cash NOI for the partial period with an amount estimated to be equivalent to Cash NOI for the full period. The adjustment also eliminates Cash NOI for properties disposed of during the three months ended March 31, 2021.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 15

	Q1 2021 SUPPLEMENTAL INFORMATION

Same Store Contract Rental Revenue

(unaudited, dollars in thousands)

The Company reviews the stabilized operating results from properties that we refer to as "same store." In determining the same store property pool, we include Operating Properties and properties owned by unconsolidated joint ventures that were owned for the entirety of both the current and prior reporting periods, except for development or redevelopment properties. The following tables show the Company's same store portfolio statistics, which for the three months ended March 31, 2021 included 3,751(1) Operating Properties, with 85.2 million aggregate square feet, acquired prior to January 1, 2020 and owned through March 31, 2021 and the pro rata share of Contract Rental Revenue from properties owned by unconsolidated joint ventures.

	Three Months Ended March 31,						Increase/(Decrease)
	2021			2020			$ Change		% Change
Contract Rental Revenue	$	256,676		$	259,326		$	(2,650)	(1.0)	%
Economic Occupancy Rate	97.9		%	99.3		%	N/A		(1.4)	%

		Contract Rental Revenue
	Number of	Three Months Ended March 31,				Increase/(Decrease)
	Properties	2021		2020		$ Change		% Change
Retail	2,033	$	118,424	$	118,439	$	(15)	—	%
Restaurant	1,504	51,546		53,919		(2,373)		(4.4)	%
Industrial	145	44,791		44,974		(183)		(0.4)	%
Office	61	41,877		41,958		(81)		(0.2)	%
Other (2)	8	38		36		2		5.6	%
Total	3,751	$	256,676	$	259,326	$	(2,650)	(1.0)	%

___________________________________

(1)Development and expansion properties are included in the same store population if the placed in service date was prior to January 1, 2020.

(2)Other properties include billboards, land and parking lots.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 16

	Q1 2021 SUPPLEMENTAL INFORMATION

Adjusted Principal Outstanding and Preferred Equity Summary

(unaudited, dollars in thousands)

Principal Payments Due	Total		2021		2022		2023		2024		2025		2026		2027		Thereafter
Mortgage notes payable	$	1,040,389	$	48,985	$	239,201	$	124,217	$	621,021	$	1,078	$	1,138	$	1,202	$	3,547
Corporate bonds	4,650,000		—		—		—		500,000		550,000		600,000		600,000		2,400,000
Proportionate share of amounts for Unconsolidated Joint Ventures	106,516		—		—		20,510		53,850		—		—		32,156		—
Total Adjusted Principal Outstanding	$	5,796,905	$	48,985	$	239,201	$	144,727	$	1,174,871	$	551,078	$	601,138	$	633,358	$	2,403,547

Debt Type	Percentage of Adjusted Principal Outstanding		Weighted-Average Interest Rate		Weighted-Average Years to Maturity
Mortgage notes payable	18.0	%	4.87	%	2.3
Corporate bonds	80.2	%	3.68	%	6.9
Proportionate share of amounts for Unconsolidated Joint Ventures	1.8	%	2.94	%	3.9
Total	100.0	%	3.88	%	6.0

Debt Type	Percentage of Adjusted Principal Outstanding		Weighted-Average Interest Rate		Weighted-Average Years to Maturity
Total unsecured debt	80.2	%	3.68	%	6.9
Total secured debt	19.8	%	4.69	%	2.4
Total	100.0	%	3.88	%	6.0
Total fixed-rate debt	99.4	%	3.89	%	6.0
Total variable-rate debt	0.6	%	2.52	%	1.2
Total	100.0	%	3.88	%	6.0

Preferred Equity	Balance (1)		Dividend Rate
Series F preferred stock	$	373,025	6.7	%

___________________________________

(1)Balance represents 14.9 million shares of Series F Preferred Stock (and 14.9 million corresponding general partner Series F Preferred Units) and 49,766 limited partner Series F Preferred Units outstanding at March 31, 2021, multiplied by the liquidation preference of $25 per share.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 17

	Q1 2021 SUPPLEMENTAL INFORMATION

Adjusted Principal Outstanding and Preferred Equity Summary (cont.)

(unaudited, dollars in millions)

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 18

	Q1 2021 SUPPLEMENTAL INFORMATION

Credit Facility and Corporate Bond Covenants

(unaudited)

The following is a summary of key financial covenants for the Company's unsecured credit facility and corporate bonds, as defined and calculated per the terms of the facility's credit agreement and the bonds' governing documents, respectively. These calculations, which are not based on GAAP measurements, are presented to investors to show that the Company is in compliance with the financial covenants and are not measures of our liquidity or performance. As of March 31, 2021, the Company believes it is in compliance with these covenants based on the covenant limits and calculations in place at that time.

Unsecured Credit Facility Key Covenants	Required	March 31, 2021
Ratio of total indebtedness to total asset value	≤ 60%	37.6%
Ratio of adjusted EBITDA to fixed charges	≥ 1.5x	3.30x
Ratio of secured indebtedness to total asset value	≤ 45%	5.7%
Ratio of unsecured indebtedness to unencumbered asset value	≤ 60%	38.6%
Ratio of unencumbered adjusted NOI to unsecured interest expense	≥ 1.75x	4.56x

Corporate Bond Key Covenants	Required	March 31, 2021
Limitation on incurrence of total debt	≤ 65%	37.6%
Limitation on incurrence of secured debt	≤ 40%	6.9%
Debt service coverage	≥ 1.5x	4.18x
Maintenance of total unencumbered assets	≥ 150%	280.7%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 19

	Q1 2021 SUPPLEMENTAL INFORMATION

Acquisitions and Dispositions

(unaudited, square feet and dollars in thousands)

Acquisitions

The following table summarizes the Company's acquisition activity during the three months ended March 31, 2021.

Property Type	Number of Properties	Square Feet	Weighted Average Lease Term (Years) (1)	Weighted Average Cash Cap Rate		Purchase Price (2)
Retail	37	309	16.2	7.4	%	$	96,889
Industrial	1	64	15.0	6.5	%	5,625
Restaurant	16	52	20.0	6.3	%	35,924
Total acquisitions	54	425	17.1	7.1	%	$	138,438

Dispositions

The following table summarizes the Company's disposition activity and the related gains/losses during the three months ended March 31, 2021.

	Number of Properties	Square Feet	Weighted Average Lease Term (Years) (3)	Weighted Average Cash Cap Rate (4)		Sale Price		Gain (Loss)
Office (5)	10	883	9.5	6.2	%	$	235,500	$	56,755
Industrial	1	146	4.5	5.0	%	27,029		14,725
Other restaurants	2	9	3.8	N/A		4,375		1,228
Vacant and other (6)	17	133	N/A	N/A		4,248		3,439
Total dispositions	30	1,171	8.9	6.1	%	$	271,152	$	76,147
Held for sale assets								(73)
Total gain on disposition of real estate, net								$	76,074

___________________________________

(1)Represents the remaining lease term from the date of acquisition.

(2)Excludes acquisition-related expenses capitalized.

(3)Represents the remaining lease term from the date of sale.

(4)Excludes certain Cash Cap Rates considered not meaningful due to factors such as physical and economic vacancy or short remaining lease terms. Of the $271.2 million of dispositions, $252.6 million was used in the total weighted average Cash Cap Rate calculation of 6.1%.

(5)The Cash Cap Rate for one office property is based on the five-year average base rent following the disposition date.

(6)Represents 13 restaurants, of which six were vacant and seven were relinquished to the ground lessor upon expiration or termination of the ground lease for no proceeds, and four vacant retail properties.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 20

	Q1 2021 SUPPLEMENTAL INFORMATION

Diversification Statistics: Real Estate Portfolio

(unaudited, percentages based on portfolio Annualized Rental Income)

___________________________________________________

___________________________________________________

___________________________________________________

___________________________________________________

Statistics (square feet in thousands)
Operating Properties	3,855
Rentable Square Feet	88,747
Economic Occupancy Rate	98.0	%
Weighted Average Remaining Lease Term	8.4
Investment-Grade Tenants	37.8	%
Flat leases	19.6	%
NNN leases	64.4	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 21

	Q1 2021 SUPPLEMENTAL INFORMATION

Top 10 Concentrations: Real Estate Portfolio

(unaudited, square feet and dollars in thousands)

Tenant Concentration	Number of Leases	Leased Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio		Investment Rating
Red Lobster	25	1,489	1.7	%	$	52,351	4.9	%	NR
Dollar Tree/Family Dollar	115	3,373	3.8	%	38,780		3.6	%	BBB
Dollar General	404	3,743	4.2	%	34,667		3.2	%	BBB
Walgreens	93	1,321	1.5	%	32,692		3.0	%	BBB
CVS	90	1,293	1.5	%	28,774		2.7	%	BBB
FedEx	41	2,595	2.9	%	27,630		2.6	%	BBB
BJ's Wholesale Club	3	2,223	2.5	%	20,800		1.9	%	BB
LA Fitness	24	1,049	1.2	%	20,467		1.9	%	CCC+
Albertsons	26	1,536	1.7	%	18,628		1.7	%	BB-
Goodyear	5	4,728	5.3	%	17,421		1.6	%	B+
Total	826	23,350	26.3	%	$	292,210	27.1	%

Tenant Industry Concentration	Number of Leases	Leased Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
Restaurants - Casual Dining	302	3,699	4.2	%	$	130,746	12.2	%
Manufacturing	52	16,662	18.8	%	94,308		8.8	%
Restaurants - Quick Service	777	2,899	3.3	%	92,253		8.6	%
Retail - Discount	549	9,018	10.2	%	90,357		8.4	%
Retail - Pharmacy	198	3,014	3.4	%	68,338		6.4	%
Retail - Home & Garden	110	8,846	10.0	%	65,137		6.1	%
Retail - Grocery & Supermarket	69	4,300	4.8	%	49,697		4.6	%
Retail - Motor Vehicle	182	6,143	6.9	%	48,945		4.5	%
Retail - Gas & Convenience	158	824	0.9	%	40,398		3.8	%
Entertainment & Recreation	37	1,675	1.9	%	39,488		3.7	%
Total	2,434	57,080	64.4	%	$	719,667	67.1	%

Geographic Concentration	Number of Properties	Rentable Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
Texas	540	10,266	11.6	%	$	132,962	12.4	%
Ohio	278	8,598	9.7	%	67,761		6.3	%
Florida	251	4,427	5.0	%	65,956		6.1	%
Illinois	153	4,672	5.3	%	64,572		6.0	%
Georgia	163	3,414	3.8	%	39,986		3.7	%
Pennsylvania	100	3,772	4.3	%	38,749		3.6	%
Indiana	132	4,511	5.1	%	38,440		3.6	%
North Carolina	148	3,265	3.7	%	35,180		3.3	%
California	58	3,260	3.7	%	34,646		3.2	%
Michigan	170	1,978	2.2	%	33,590		3.1	%
Total	1,993	48,163	54.4	%	$	551,842	51.3	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 22

	Q1 2021 SUPPLEMENTAL INFORMATION

Top 10 Concentrations: Real Estate Portfolio

(unaudited, square feet and dollars in thousands)

Metropolitan Statistical Area (MSA) Concentration	Number of Properties	Rentable Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
Chicago, IL	97	3,984	4.5	%	$	55,117	5.1	%
Dallas, TX	107	3,411	3.8	%	41,346		3.8	%
Atlanta, GA	72	2,467	2.8	%	25,409		2.4	%
Houston, TX	84	2,102	2.4	%	22,346		2.1	%
Boston, MA	20	1,505	1.7	%	21,158		2.0	%
Philadelphia, PA	35	1,114	1.3	%	19,964		1.9	%
New York, NY	23	1,082	1.2	%	19,782		1.8	%
Cincinnati, OH	42	2,315	2.6	%	18,553		1.7	%
Indianapolis, IN	42	1,733	2.0	%	17,306		1.6	%
Cleveland, OH	59	1,107	1.2	%	14,538		1.4	%
Total	581	20,820	23.5	%	$	255,519	23.8	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 23

	Q1 2021 SUPPLEMENTAL INFORMATION

Tenants Comprising Over 1% of Annualized Rental Income

(unaudited, square feet and dollars in thousands)

Tenant	Number of Leases	Leased Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio		Investment Rating
Red Lobster	25	1,489	1.7	%	$	52,351	4.9	%	NR
Dollar Tree/Family Dollar	115	3,373	3.8	%	38,780		3.6	%	BBB
Dollar General	404	3,743	4.2	%	34,667		3.2	%	BBB
Walgreens	93	1,321	1.5	%	32,692		3.0	%	BBB
CVS	90	1,293	1.5	%	28,774		2.7	%	BBB
FedEx	41	2,595	2.9	%	27,630		2.6	%	BBB
BJ's Wholesale Club	3	2,223	2.5	%	20,800		1.9	%	BB
LA Fitness	24	1,049	1.2	%	20,467		1.9	%	CCC+
Albertsons	26	1,536	1.7	%	18,628		1.7	%	BB-
Goodyear	5	4,728	5.3	%	17,421		1.6	%	B+
Tractor Supply	61	1,274	1.4	%	16,676		1.5	%	BBB
At Home	5	1,406	1.6	%	12,235		1.1	%	B
Advance Auto Parts	104	716	0.8	%	11,905		1.1	%	BBB-
Home Depot	9	1,751	2.0	%	11,836		1.1	%	A
Lowe's	14	1,751	2.0	%	11,442		1.1	%	BBB+
Merrill Lynch	1	482	0.5	%	11,104		1.0	%	A-
AON	2	819	0.9	%	10,822		1.0	%	A-
Total	1,022	31,549	35.5	%	$	378,230	35.0	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 24

	Q1 2021 SUPPLEMENTAL INFORMATION

Diversification: Tenant Industry

(unaudited, square feet and dollars in thousands)

Industry	Number of Leases	Leased Square Feet	Leased Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
Administration & Support Services	3	425	0.5	%	$	3,960	0.4	%
Agricultural	2	137	0.1	%	1,245		0.1	%
Education	5	219	0.2	%	2,179		0.2	%
Entertainment & Recreation	37	1,675	1.9	%	39,488		3.7	%
Finance	155	1,710	1.9	%	38,712		3.6	%
Government & Public Services	11	589	0.7	%	9,552		0.9	%
Healthcare	8	802	0.9	%	11,457		1.1	%
Information & Communication	7	389	0.4	%	5,357		0.5	%
Insurance	12	1,155	1.3	%	24,118		2.2	%
Logistics	44	3,297	3.7	%	33,385		3.1	%
Manufacturing	52	16,662	18.8	%	94,308		8.8	%
Mining & Natural Resources	5	424	0.5	%	6,807		0.6	%
Other Services	12	473	0.5	%	3,944		0.4	%
Professional Services	45	2,881	3.2	%	37,770		3.5	%
Rental	10	878	1.0	%	9,521		0.9	%
Restaurants - Casual Dining	302	3,699	4.2	%	130,746		12.2	%
Restaurants - Quick Service	777	2,899	3.3	%	92,253		8.6	%
Retail - Apparel & Jewelry	15	1,380	1.6	%	16,537		1.5	%
Retail - Department Stores	13	1,028	1.2	%	8,298		0.8	%
Retail - Discount	549	9,018	10.2	%	90,357		8.4	%
Retail - Electronics & Appliances	14	1,559	1.8	%	10,045		0.9	%
Retail - Gas & Convenience	158	824	0.9	%	40,398		3.8	%
Retail - Grocery & Supermarket	69	4,300	4.8	%	49,697		4.6	%
Retail - Hobby, Books & Music	16	2,106	2.4	%	12,873		1.2	%
Retail - Home & Garden	110	8,846	10.0	%	65,137		6.1	%
Retail - Home Furnishings	50	2,631	3.0	%	29,457		2.7	%
Retail - Internet	1	1,423	1.6	%	6,797		0.6	%
Retail - Medical Services	68	548	0.6	%	12,132		1.1	%
Retail - Motor Vehicle	182	6,143	6.9	%	48,945		4.5	%
Retail - Pet Supply	15	578	0.6	%	10,686		1.0	%
Retail - Pharmacy	198	3,014	3.4	%	68,338		6.4	%
Retail - Specialty (Other)	22	538	0.6	%	5,966		0.6	%
Retail - Sporting Goods	25	1,971	2.2	%	26,113		2.4	%
Retail - Warehouse Clubs	5	2,466	2.8	%	22,989		2.1	%
Other	21	251	0.3	%	6,397		0.5	%
Total	3,018	86,938	98.0	%	$	1,075,964	100.0	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 25

	Q1 2021 SUPPLEMENTAL INFORMATION

Diversification: Property Geographic

(unaudited, square feet and dollars in thousands)

Location	Number of Properties	Rentable Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
United States
Alabama	150	1,678	1.9	%	$	26,879	2.5	%
Alaska	3	25	—	%	806		0.1	%
Arizona	76	1,460	1.6	%	23,631		2.2	%
Arkansas	128	1,279	1.4	%	19,621		1.8	%
California	58	3,260	3.7	%	34,646		3.2	%
Colorado	42	1,548	1.7	%	23,449		2.2	%
Connecticut	14	85	0.1	%	1,832		0.2	%
Delaware	6	59	0.1	%	1,075		0.1	%
Florida	251	4,427	5.0	%	65,956		6.1	%
Georgia	163	3,414	3.8	%	39,986		3.7	%
Idaho	17	143	0.2	%	3,381		0.3	%
Illinois	153	4,672	5.3	%	64,572		6.0	%
Indiana	132	4,511	5.1	%	38,440		3.6	%
Iowa	46	1,067	1.2	%	12,391		1.2	%
Kansas	41	2,207	2.5	%	10,659		1.0	%
Kentucky	75	1,979	2.2	%	21,872		2.0	%
Louisiana	90	2,771	3.1	%	28,180		2.6	%
Maine	25	692	0.8	%	8,979		0.8	%
Maryland	26	585	0.7	%	14,181		1.3	%
Massachusetts	27	2,251	2.5	%	26,256		2.4	%
Michigan	170	1,978	2.2	%	33,590		3.1	%
Minnesota	53	1,084	1.2	%	13,662		1.3	%
Mississippi	72	1,899	2.1	%	14,596		1.4	%
Missouri	146	1,688	1.9	%	22,788		2.1	%
Montana	9	115	0.1	%	2,024		0.2	%
Nebraska	19	366	0.4	%	5,872		0.5	%
Nevada	30	743	0.8	%	8,888		0.8	%
New Hampshire	16	240	0.3	%	4,101		0.4	%
New Jersey	29	1,601	1.8	%	30,305		2.8	%
New Mexico	41	763	0.9	%	10,005		0.9	%
New York	68	1,471	1.7	%	25,603		2.4	%
North Carolina	148	3,265	3.7	%	35,180		3.3	%
North Dakota	12	211	0.2	%	4,406		0.4	%
Ohio	278	8,598	9.7	%	67,761		6.3	%
Oklahoma	83	1,792	2.0	%	26,375		2.5	%
Oregon	11	65	0.1	%	1,918		0.2	%
Pennsylvania	100	3,772	4.3	%	38,749		3.6	%
Rhode Island	4	141	0.2	%	1,957		0.2	%
South Carolina	100	2,251	2.5	%	22,870		2.1	%
South Dakota	10	169	0.2	%	2,072		0.2	%
Tennessee	105	2,875	3.2	%	27,944		2.6	%
Texas	540	10,266	11.6	%	132,962		12.4	%
Utah	11	515	0.6	%	5,801		0.5	%
Vermont	6	53	0.1	%	1,140		0.1	%
Virginia	97	2,451	2.8	%	28,688		2.7	%
Washington	26	607	0.7	%	10,475		1.0	%
West Virginia	34	214	0.2	%	5,244		0.5	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 26

	Q1 2021 SUPPLEMENTAL INFORMATION

Diversification: Property Geographic (cont.)

(unaudited, square feet and dollars in thousands)

Location	Number of Properties	Rentable Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
Wisconsin	103	1,284	1.4	%	20,467		1.9	%
Wyoming	8	69	0.1	%	1,375		0.1	%
Territories
Puerto Rico	3	88	0.1	%	2,354		0.2	%
Total	3,855	88,747	100.0	%	$	1,075,964	100.0	%

Percentages based on Annualized Rental Income.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 27

	Q1 2021 SUPPLEMENTAL INFORMATION

Lease Expirations

(unaudited, square feet and dollars in thousands)

Year of Expiration	Number of Leases Expiring	Leased Square Feet	Leased Square Feet as a % of Total Portfolio		Annualized Rental Income Expiring		Annualized Rental Income Expiring as a % of Total Portfolio
2021	92	5,737	6.5	%	$	41,709	3.9	%
2022	218	7,368	8.3	%	65,276		6.1	%
2023	269	4,474	5.0	%	58,945		5.5	%
2024	247	9,868	11.1	%	119,498		11.1	%
2025	305	5,039	5.7	%	66,071		6.1	%
2026	257	9,070	10.2	%	86,895		8.1	%
2027	334	6,814	7.7	%	94,365		8.8	%
2028	328	5,828	6.6	%	69,908		6.5	%
2029	154	5,800	6.5	%	55,317		5.1	%
2030	104	4,729	5.3	%	53,412		5.0	%
Thereafter	710	22,211	25.1	%	364,568		33.8	%
Total	3,018	86,938	98.0	%	$	1,075,964	100.0	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 28

	Q1 2021 SUPPLEMENTAL INFORMATION

Lease Expirations (cont.)

(unaudited, square feet and dollars in thousands)

Year of Expiration	Number of Leases Expiring	Leased Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income Expiring		Annualized Rental Income Expiring as a % of Total Portfolio
2021
Retail	33	308	0.4	%	$	5,296	0.5	%
Restaurant	41	208	0.2	%	4,599		0.4	%
Industrial	5	4,087	4.6	%	13,561		1.3	%
Office	11	1,134	1.3	%	18,193		1.7	%
Other (1)	2	—	—	%	60		—	%
Total 2021	92	5,737	6.5	%	$	41,709	3.9	%
2022
Retail	131	1,397	1.5	%	$	22,386	2.1	%
Restaurant	54	225	0.3	%	6,421		0.6	%
Industrial	21	4,710	5.3	%	16,578		1.6	%
Office	11	1,036	1.2	%	19,818		1.8	%
Other (1)	1	—	—	%	73		—	%
Total 2022	218	7,368	8.3	%	$	65,276	6.1	%
2023
Retail	168	2,189	2.4	%	$	28,837	2.7	%
Restaurant	72	294	0.3	%	7,670		0.7	%
Industrial	18	1,411	1.6	%	12,195		1.1	%
Office	7	580	0.7	%	10,040		1.0	%
Other (1)	4	—	—	%	203		—	%
Total 2023	269	4,474	5.0	%	$	58,945	5.5	%
2024
Retail	138	2,390	2.7	%	$	34,476	3.2	%
Restaurant	71	307	0.3	%	8,019		0.7	%
Industrial	14	3,558	4.0	%	16,654		1.6	%
Office	22	3,613	4.1	%	60,155		5.6	%
Other (1)	2	—	—	%	194		—	%
Total 2024	247	9,868	11.1	%	$	119,498	11.1	%

___________________________________

(1)Includes redevelopment property, billboards, land and parking lots.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 29

	Q1 2021 SUPPLEMENTAL INFORMATION

Lease Expirations (cont.)

(unaudited, square feet and dollars in thousands)

Year of Expiration	Number of Leases Expiring	Leased Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income Expiring		Annualized Rental Income Expiring as a % of Total Portfolio
2025
Retail	194	2,390	2.7	%	$	32,580	3.0	%
Restaurant	94	359	0.4	%	10,307		1.0	%
Industrial	11	1,707	1.9	%	13,760		1.3	%
Office	6	583	0.7	%	9,424		0.8	%
Total 2025	305	5,039	5.7	%	$	66,071	6.1	%
2026
Retail	111	1,974	2.2	%	$	25,128	2.4	%
Restaurant	117	480	0.6	%	17,155		1.6	%
Industrial	16	5,631	6.3	%	25,043		2.3	%
Office	12	985	1.1	%	19,423		1.8	%
Other (1)	1	—	—	%	146		—	%
Total 2026	257	9,070	10.2	%	$	86,895	8.1	%
2027
Retail	250	3,949	4.5	%	$	52,094	4.8	%
Restaurant	71	539	0.6	%	21,372		2.0	%
Industrial	9	1,771	2.0	%	12,740		1.2	%
Office	4	555	0.6	%	8,159		0.8	%
Total 2027	334	6,814	7.7	%	$	94,365	8.8	%
2028
Retail	192	2,979	3.4	%	$	38,322	3.6	%
Restaurant	111	490	0.6	%	13,374		1.3	%
Industrial	19	2,166	2.4	%	14,363		1.3	%
Office	5	193	0.2	%	3,585		0.3	%
Other (1)	1	—	—	%	264		—	%
Total 2028	328	5,828	6.6	%	$	69,908	6.5	%

___________________________________

(1)Includes redevelopment property, billboards, land and parking lots.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 30

	Q1 2021 SUPPLEMENTAL INFORMATION

Lease Expirations (cont.)

(unaudited, square feet and dollars in thousands)

Year of Expiration	Number of Leases Expiring	Leased Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income Expiring		Annualized Rental Income Expiring as a % of Total Portfolio
2029
Retail	94	2,245	2.5	%	$	27,910	2.6	%
Restaurant	52	321	0.4	%	10,179		0.9	%
Industrial	6	3,023	3.4	%	13,810		1.3	%
Office	2	211	0.2	%	3,418		0.3	%
Total 2029	154	5,800	6.5	%	$	55,317	5.1	%
2030
Retail	75	3,385	3.8	%	$	44,035	4.1	%
Restaurant	23	183	0.2	%	3,919		0.4	%
Industrial	6	1,128	1.3	%	4,246		0.4	%
Office	—	33	—	%	1,212		0.1	%
Total 2030	104	4,729	5.3	%	$	53,412	5.0	%
Thereafter
Retail	346	10,469	11.8	%	$	190,934	17.7	%
Restaurant	341	3,118	3.6	%	117,519		10.9	%
Industrial	17	8,162	9.2	%	49,481		4.6	%
Office	3	462	0.5	%	6,419		0.6	%
Other (1)	3	—	—	%	215		—	%
Total Thereafter	710	22,211	25.1	%	$	364,568	33.8	%
Total Remaining Lease Expirations	3,018	86,938	98.0	%	$	1,075,964	100.0	%

___________________________________

(1)Includes redevelopment property, billboards, land and parking lots.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 31

	Q1 2021 SUPPLEMENTAL INFORMATION

Lease Summary

(unaudited)

Rent Escalations

(square feet and dollars in thousands)

	Number of Leases	Leased Square Feet	Leased Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
Fixed dollar or percent increase	1,937	60,194	67.8	%	$	752,580	69.9	%
CPI	167	7,709	8.7	%	112,663		10.5	%
Flat	914	19,035	21.5	%	210,721		19.6	%
Total	3,018	86,938	98.0	%	$	1,075,964	100.0	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 32

	Q1 2021 SUPPLEMENTAL INFORMATION

Lease Summary (cont.)

(unaudited)

Tenant Expense Obligation

(square feet and dollars in thousands)

	Number of Leases	Leased Square Feet	Leased Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
NNN	2,119	53,329	60.1	%	$	693,288	64.4	%
NN	881	32,649	36.8	%	362,600		33.7	%
Other (1)	18	960	1.1	%	20,076		1.9	%
Total	3,018	86,938	98.0	%	$	1,075,964	100.0	%

___________________________________

(1)Includes gross, modified gross, and billboard leases.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 33

	Q1 2021 SUPPLEMENTAL INFORMATION

Property Type Diversification and Rent Coverage

(unaudited, square feet and dollars in thousands)

PropertyType Diversification

Property Type	Number of Properties (1)	Rentable Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
Retail (1)	2,106	34,465	38.8	%	$	501,998	46.6	%
Restaurant	1,520	6,930	7.8	%	220,534		20.5	%
Industrial	158	37,396	42.2	%	192,431		17.9	%
Office	61	9,956	11.2	%	159,846		14.9	%
Other (2)	10	—	—	%	1,155		0.1	%
Total	3,855	88,747	100.0	%	$	1,075,964	100.0	%

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(1) Includes seven anchored shopping centers, representing 1.5% of Annualized Rental Income.

(2) Includes redevelopment property, billboards, construction in progress, land and parking lots.

Rent Coverage

The following table shows weighted-average rent coverage for retail and restaurant properties calculated as our tenants' property level EBITDAR (earnings before interest, tax, depreciation, amortization and rent), prior to the deduction of any corporate overhead expenses, for the most recently provided trailing twelve-month period, divided by annualized March 2021 rent per the lease terms. (1) (2)

Property Type	Number of Properties (3)	2021 Rent Coverage
Retail and Restaurant	1,462	2.34x

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(1)41.6% of tenant financial information analyzed reflects periods ended March 31, 2020 or prior.

(2)In certain cases, property level EBITDAR reflects a period of less than twelve months, annualized.

(3)Property level performance data was collected for 90.9% of retail and restaurant properties required to provide unit level financial information, representing 45.6% of retail and restaurant properties owned at March 31, 2021 (excluding vacant and dark properties; percentages based on property count).

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

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	Q1 2021 SUPPLEMENTAL INFORMATION

Diversification by Property Type: Retail

(unaudited, percentages based on Annualized Rental Income of the retail properties)

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Statistics (square feet in thousands)
Operating Properties	2,106
Rentable Square Feet	34,465
Economic Occupancy Rate	97.7	%
Weighted Average Remaining Lease Term	8.8
Investment-Grade Tenants	48.4	%
Flat leases	27.7	%
NNN leases	66.4	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

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	Q1 2021 SUPPLEMENTAL INFORMATION

Diversification by Property Type: Restaurants

(unaudited, percentages based on Annualized Rental Income of the retail properties)

Tenant Diversification

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Statistics (square feet in thousands)
Operating Properties	1,520
Rentable Square Feet	6,930
Economic Occupancy Rate	94.1	%
Weighted Average Remaining Lease Term	11.6
Investment-Grade Tenants	3.5	%
Flat leases	8.8	%
NNN leases	99.3	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

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	Q1 2021 SUPPLEMENTAL INFORMATION

Diversification by Property Type: Industrial

(unaudited, percentages based on Annualized Rental Income of the retail properties)

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Statistics (square feet in thousands)
Operating Properties	158
Rentable Square Feet	37,396
Economic Occupancy Rate	99.9	%
Weighted Average Remaining Lease Term	7.1
Investment-Grade Tenants	36.5	%
Flat leases	16.5	%
NNN leases	54.7	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

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	Q1 2021 SUPPLEMENTAL INFORMATION

Diversification by Property Type: Office

(unaudited, percentages based on Annualized Rental Income of the retail properties)

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Statistics (square feet in thousands)
Operating Properties	61
Rentable Square Feet	9,956
Economic Occupancy Rate	94.3	%
Weighted Average Remaining Lease Term	3.8
Investment-Grade Tenants	53.5	%
Flat leases	12.5	%
NNN leases	22.0	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

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	Q1 2021 SUPPLEMENTAL INFORMATION

Unconsolidated Joint Venture Investment Summary

(unaudited, square feet and dollars in thousands)

Unconsolidated Joint Venture Investments

The following table summarizes the Company's investments in Unconsolidated Joint Ventures as of March 31, 2021.

Joint Venture	Legal Ownership Percentage (1)	Property Type	Number of Properties	Pro Rata Share of Gross Real Estate Investments		Pro Rata Share of Rentable Square Feet	Pro Rata Share of Annualized Rental Income		Pro Rata Share of Adjusted Principal Outstanding
Industrial partnership	20%	Industrial	7	$	131,787	1,409	$	8,154	$	86,006
Office partnership	20%	Office	4	33,859		145	3,196		20,510
Total				$	165,646	1,554	$	11,350	$	106,516

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(1)Legal ownership percentage may, at times, not equal the Company's economic interest because of various provisions in the joint venture agreements regarding capital contributions, distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

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	Q1 2021 SUPPLEMENTAL INFORMATION

Definitions

(unaudited, in thousands, except share and per share data)

Annualized Rental Income is rental revenue under our leases on Operating Properties on a straight-line basis, which includes the effect of rent escalations and any tenant concessions, such as free rent, and our pro rata share of such revenues from properties owned by Unconsolidated Joint Ventures. Annualized Rental Income excludes any adjustments to rental income due to changes in the collectability assessment, contingent rent, such as percentage rent, and operating expense reimbursements. Management uses Annualized Rental Income as a basis for tenant, industry and geographic concentrations and other metrics within the portfolio. Annualized Rental Income is not indicative of future performance.

Cash Cap Rate for real estate properties equals the estimated future 12-month Cash NOI, excluding any rent concessions or abatements, at acquisition or disposition divided by the purchase or sale price. For properties acquired or disposed of as a portfolio, the amount presented represents the portfolio cash cap rate. For development projects, Cash Cap Rate equals the estimated future 12-month NOI from the date rent commences divided by the total estimated investment. For certain properties, the Cash Cap Rate is equal to future 12-month Contract Rental Revenue, excluding any rent concessions or abatements, divided by the purchase price or sale price, as the majority of the Company's properties are subject to Triple Net Leases. For mezzanine positions, the acquisition Cash Cap Rate equals the annual interest rate or cumulative preferred return rate and the disposition Cash Cap Rate equals the annual interest or cumulative preferred return divided by gross proceeds.

Contract Rental Revenue includes minimum rent, percentage rent and other contingent consideration, and rental revenue from parking and storage space and the Company's pro rata share of such revenues from properties owned by Unconsolidated Joint Ventures. Contract Rental Revenue excludes GAAP adjustments, such as straight-line rent and amortization of above-market lease assets and below-market lease liabilities. Contract Rental Revenue includes such revenues from properties subject to a direct financing lease. The Company believes that Contract Rental Revenue is a useful non-GAAP supplemental measure to investors and analysts for assessing performance. However, Contract Rental Revenue should not be considered as an alternative to revenue, as computed in accordance with GAAP, or as an indicator of the Company's financial performance. Contract Rental Revenue may not be comparable to similarly titled measures of other companies.

The following table shows the calculation of Contract Rental Revenue for the three months ended March 31, 2021 and 2020 (dollar amounts in thousands):

	Three Months Ended March 31,
	2021		2020
Rental revenue - as reported	$	290,309	$	298,586
Adjustments:
Costs reimbursed related to CAM, property operating expenses and ground leases	(24,163)		(27,506)
Straight-line rent	(4,219)		(2,055)
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities	1,547		748
Net direct financing lease adjustments	366		365
Other non-contract rental revenue	(564)		69
Proportionate share of amounts for Unconsolidated Joint Ventures	2,611		2,480
Contract Rental Revenue	$	265,887	$	272,687

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	Q1 2021 SUPPLEMENTAL INFORMATION

Definitions (cont.)

(unaudited, in thousands, except share and per share data)

COVID-19 Lease Concessions Relief refers to eligible concessions where, in accordance with the question-and-answer document, Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic, issued by the Financial Accounting Standards Board, the Company has elected to not apply the lease modification guidance in Accounting Standards Codification (“ASC”) Topic 842, Leases (“ASC 842”). Eligible concessions are changes to the lease agreement related to the effects of COVID-19 that provide a deferral of payments with no substantive changes to the consideration of the original contract. The Company accounts for eligible deferral concessions as if there were no changes made to the lease agreement and, accordingly, continues to recognize income and increases the lease receivable. Ineligible concessions are accounted for as a lease modification under ASC 842, which requires the Company to reevaluate the lease classification and remeasure and reallocate the consideration over the remaining lease term, and include any prepaid rent liabilities and accrued rent assets relating to the original lease as part of the lease payments for the modified lease. 

CPI is a lease in which base rent is adjusted based on changes in a consumer price index.

Direct Financing Lease is a lease that requires specific treatment due to the significance of the lease payments from the inception of the lease compared to the fair value of the property, term of the lease, a transfer of ownership, or a bargain purchase option. These leases are recorded as a net asset on the balance sheet. The amount booked is calculated as the fair value of the remaining lease payments on the leases and the estimated fair value of any expected residual property value at the end of the lease term.

Double Net Lease ("NN") is a lease under which the tenant agrees to pay all operating expenses associated with the property (e.g., real estate taxes, insurance, maintenance), but excludes some or all major repairs (e.g., roof, structure, parking lot).

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") and Normalized EBITDA

Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts, Inc. ("Nareit"), an industry trade group, has promulgated a supplemental performance measure known as Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate. Nareit defines EBITDAre as net income or loss computed in accordance with GAAP, adjusted for interest expense, income tax expense (benefit), depreciation and amortization, impairment write-downs on real estate, gains or losses from disposition of property and our pro rata share of EBITDAre adjustments related to unconsolidated partnerships and joint ventures. We calculated EBITDAre in accordance with Nareit's definition described above.

In addition to EBITDAre, we use Normalized EBITDA as a non-GAAP supplemental performance measure to evaluate the operating performance of the Company. Normalized EBITDA, as defined by the Company, represents EBITDAre, modified to exclude non-routine items such as acquisition-related expenses, litigation and non-routine costs, net and gains or losses on sale of investment securities or mortgage notes receivable. We also exclude certain non-cash items such as impairments of goodwill, intangible and right of use assets, gains or losses on derivatives, gains or losses on the extinguishment or forgiveness of debt and amortization of intangibles, above-market lease assets and below-market lease liabilities. Management believes that excluding these costs from EBITDAre provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. Therefore, EBITDAre and Normalized EBITDA should not be considered as an alternative to net income, as computed in accordance with GAAP. The Company uses Normalized EBITDA as one measure of its operating performance when formulating corporate goals and evaluating the effectiveness of the Company's strategies. EBITDAre and Normalized EBITDA may not be comparable to similarly titled measures of other companies.

Economic Occupancy Rate equals the sum of Leased Square Feet divided by Rentable Square Feet.

Enterprise Value equals the sum of the Implied Equity Market Capitalization, preferred stock and Net Debt.

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	Q1 2021 SUPPLEMENTAL INFORMATION

Definitions (cont.)

(unaudited, in thousands, except share and per share data)

Fixed Charge Coverage Ratio is the sum of (i) Interest Expense, excluding non-cash amortization, (ii) secured debt principal amortization on Adjusted Principal Outstanding and (iii) dividends attributable to preferred shares divided by Normalized EBITDA. Management believes that Fixed Charge Coverage Ratio is a useful supplemental measure of our ability to satisfy fixed financing obligations.

Flat Lease is a lease that requires equal rent payments, with no increases, throughout the initial term of the lease agreement. A Flat Lease may include a period of free rent at the beginning or end of the lease.

Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO")

Due to certain unique operating characteristics of real estate companies, as discussed below, Nareit has promulgated a supplemental performance measure known as FFO, which we believe to be an appropriate supplemental performance measure to reflect the operating performance of a REIT. FFO is not equivalent to our net income or loss as determined under GAAP.

Nareit defines FFO as net income or loss computed in accordance with GAAP adjusted for gains or losses from disposition of property, depreciation and amortization of real estate assets, impairment write-downs on real estate, and our pro rata share of FFO adjustments related to unconsolidated partnerships and joint ventures. We calculate FFO in accordance with Nareit's definition described above.

In addition to FFO, we use AFFO as a non-GAAP supplemental financial performance measure to evaluate the operating performance of the Company. AFFO, as defined by the Company, excludes from FFO non-routine items such as acquisition-related expenses, litigation and non-routine costs, net and gains or losses on sale of investment securities or mortgage notes receivable. We also exclude certain non-cash items such as impairments of goodwill, intangible and right of use assets, straight-line rent, net direct financing lease adjustments, gains or losses on derivatives, gains or losses on the extinguishment or forgiveness of debt, equity-based compensation and amortization of intangible assets, deferred financing costs, premiums and discounts on debt and investments, above-market lease assets and below-market lease liabilities. Management believes that excluding these items from FFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. AFFO allows for a comparison of the performance of our operations with other publicly-traded REITs, as AFFO, or an equivalent measure, is routinely reported by publicly-traded REITs, and we believe often used by analysts and investors for comparison purposes.

For all of these reasons, we believe FFO and AFFO, in addition to net income (loss), as defined by GAAP, are helpful supplemental performance measures and useful in understanding the various ways in which our management evaluates the performance of the Company over time. However, not all REITs calculate FFO and AFFO the same way, so comparisons with other REITs may not be meaningful. FFO and AFFO should not be considered as alternatives to net income (loss) and are not intended to be used as a liquidity measure indicative of cash flow available to fund our cash needs. Neither the SEC, Nareit, nor any other regulatory body has evaluated the acceptability of the exclusions used to adjust FFO in order to calculate AFFO and its use as a non-GAAP financial performance measure.

GAAP is an abbreviation for generally accepted accounting principles in the United States.

Gross Leaseis a lease under which the landlord is responsible for all expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs).

Gross Real Estate Investments represent total gross real estate and related assets of Operating Properties, equity investments in the Cole REITs, investment in direct financing leases, investment securities backed by real estate and mortgage notes receivable, and the Company's pro rata share of such amounts related to properties owned by Unconsolidated Joint Ventures, net of gross intangible lease liabilities. We believe that the presentation of Gross Real Estate Investments, which shows our total investments in real estate and related assets, in connection with Net Debt, provides useful information to investors to assess our overall financial flexibility, capital structure and leverage. Gross Real Estate Investments should not be considered as an alternative to the Company's real estate investments balance as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP.

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	Q1 2021 SUPPLEMENTAL INFORMATION

Definitions (cont.)

(unaudited, in thousands, except share and per share data)

The following table shows a reconciliation of Gross Real Estate Investments to the amounts presented in accordance with GAAP on the balance sheet for the periods presented (dollar amounts in thousands):

	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
Total real estate investments, at cost - as reported	$	14,523,961	$	14,603,626	$	14,610,097	$	14,714,616	$	14,751,458
Adjustments:
Investment in Cole REITs	7,951		7,255		6,943		6,867		7,009
Gross assets held for sale	7,145		91,341		2,379		54,046		104,064
Investment in direct financing leases, net	6,181		6,547		8,198		8,579		8,951
Mortgage notes receivable, net	—		—		15,727		9,959		—
Gross intangible lease liabilities	(225,657)		(227,442)		(227,165)		(236,324)		(236,378)
Proportionate share of amounts for Unconsolidated Joint Ventures	165,646		165,643		205,678		146,886		146,852
Gross Real Estate Investments	$	14,485,227	$	14,646,970	$	14,621,857	$	14,704,629	$	14,781,956

Implied Equity Market Capitalization equals shares of common stock outstanding, multiplied by the closing sale price of the Company's stock as reported on the New York Stock Exchange.

Industry is derived from the North American Industry Classification System, NAICS, which is a system used by federal statistical agencies to classify business establishments, for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy.

Interest Coverage Ratio equals Normalized EBITDA divided by Interest Expense, excluding non-cash amortization. Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations.

Interest Expense, excluding non-cash amortization is a non-GAAP measure that represents interest expense incurred on the outstanding principal balance of our debt and the Company's pro rata share of the Unconsolidated Joint Ventures' outstanding principal balance. This measure excludes the amortization of deferred financing costs, premiums and discounts, which is included in interest expense in accordance with GAAP. We believe that the presentation of Interest Expense, excluding non-cash amortization, which shows the interest expense on our contractual debt obligations, provides useful information to investors to assess our overall solvency and financial flexibility. Interest Expense, excluding non-cash amortization should not be considered as an alternative to the Company's interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP.

The following table shows a reconciliation of Interest Expense, excluding non-cash amortization to interest expense presented in accordance with GAAP on the statements of operations for the periods presented (dollar amounts in thousands):

	Three Months Ended
	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
Interest expense - as reported	$	60,736	$	68,416	$	66,935	$	65,613	$	64,696
Adjustments:
Amortization of deferred financing costs and other non-cash charges	(2,412)		(6,189)		(3,212)		(2,995)		(2,924)
Amortization of net premiums	(248)		120		299		459		772
Proportionate share of amounts for Unconsolidated Joint Ventures	784		806		691		559		579
Interest Expense, excluding non-cash amortization	$	58,860	$	63,153	$	64,713	$	63,636	$	63,123

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	Q1 2021 SUPPLEMENTAL INFORMATION

Definitions (cont.)

(unaudited, in thousands, except share and per share data)

Investment-Grade Tenants are those with a Standard & Poor’s credit rating of BBB- or higher or a Moody’s credit rating of Baa3 or higher.  The ratings may reflect those assigned by Standard & Poor’s or Moody’s to the lease guarantor or the parent company, as applicable.

Leased Square Feet is Rentable Square Feet leased (including month-to-month agreements).

Metropolitan Statistical Area (MSA) is a large metropolitan area represented by a large group of zip codes, as defined by Real Capital Analytics.

Modified Gross Lease is a lease under which the landlord is responsible for most expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs), but passes through some operating expenses to the tenant.

Net Debt, Principal Outstanding and Adjusted Principal Outstanding

Principal Outstanding is a non-GAAP measure that represents the Company's outstanding principal debt balance, excluding certain GAAP adjustments, such as premiums and discounts, financing and issuance costs, and related accumulated amortization. Adjusted Principal Outstanding includes the Company's pro rata share of the Unconsolidated Joint Ventures' outstanding principal debt balance. We believe that the presentation of Principal Outstanding and Adjusted Principal Outstanding, which show our contractual debt obligations, provides useful information to investors to assess our overall financial flexibility, capital structure and leverage. Principal Outstanding and Adjusted Principal Outstanding should not be considered as alternatives to the Company's consolidated debt balance as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP.

Net Debt is a non-GAAP measure used to show the Company's Adjusted Principal Outstanding, less all cash and cash equivalents and the Company's pro rata share of the Unconsolidated Joint Ventures' cash and cash equivalents. We believe that the presentation of Net Debt provides useful information to investors because our management reviews Net Debt as part of its management of our overall liquidity, financial flexibility, capital structure and leverage.

The following table shows a reconciliation of Net Debt, Principal Outstanding and Adjusted Principal Outstanding to the amounts presented in accordance with GAAP on the balance sheet for the periods presented (dollar amounts in thousands):

	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
Mortgage notes payable, net	$	1,035,328	$	1,328,835	$	1,330,174	$	1,393,652	$	1,405,701
Corporate bonds, net	4,586,252		4,584,230		3,406,389		3,404,935		2,814,474
Convertible debt, net	—		—		252,077		270,152		319,120
Credit facility, net	—		—		896,630		896,314		1,767,306
Total debt - as reported	5,621,580		5,913,065		5,885,270		5,965,053		6,306,601
Deferred financing costs, net	42,503		44,573		39,204		41,152		37,896
Net discounts	26,305		25,557		12,343		11,860		6,389
Principal Outstanding	5,690,388		5,983,195		5,936,817		6,018,065		6,350,886
Proportionate share of amounts for Unconsolidated Joint Ventures	106,516		106,516		106,516		68,360		68,360
Adjusted Principal Outstanding	$	5,796,904	$	6,089,711	$	6,043,333	$	6,086,425	$	6,419,246
Cash and cash equivalents	(318,561)		(523,539)		(207,321)		(278,883)		(600,945)
Pro rata share of Unconsolidated Joint Ventures' cash and cash equivalents	(1,587)		(1,619)		(3,776)		(3,433)		(2,567)
Net Debt	$	5,476,756	$	5,564,553	$	5,832,236	$	5,804,109	$	5,815,734

Net Debt Leverage Ratio equals Net Debt divided by Gross Real Estate Investments. We believe that the presentation of Net Debt Leverage Ratio provides useful information to investors because our management reviews Net Debt Leverage Ratio as part of its management of our overall liquidity, financial flexibility, capital structure and leverage.

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	Q1 2021 SUPPLEMENTAL INFORMATION

Definitions (cont.)

(unaudited, in thousands, except share and per share data)

Net Debt to Normalized EBITDA Annualized Ratio equals Net Debt divided by the respective quarter Normalized EBITDA multiplied by four. We believe that the presentation of Net Debt to Normalized EBITDA Annualized provides useful information to investors because our management reviews Net Debt to Normalized EBITDA Annualized as part of its management of our overall liquidity, financial flexibility, capital structure and leverage.

Net Operating Income ("NOI") and Cash NOI

NOI is a non-GAAP performance measure used to evaluate the operating performance of a real estate company. NOI represents total revenues less property operating expenses and excludes fee revenue earned for services to our unconsolidated real estate joint ventures, impairment, depreciation and amortization, general and administrative expenses, acquisition-related expenses, litigation and non-routine costs, net and restructuring expenses. Cash NOI excludes the impact of certain GAAP adjustments included in rental revenue, such as straight-line rent adjustments and amortization of above-market intangible lease assets and below-market lease intangible liabilities. Cash NOI includes the pro rata share of such amounts from properties owned by Unconsolidated Joint Ventures. It is management's view that NOI and Cash NOI provide investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis. NOI and Cash NOI should not be considered as an alternative to operating income. Further, NOI and Cash NOI may not be comparable to similarly titled measures of other companies.

The following table shows the calculation of NOI and Cash NOI for the periods presented (dollar amounts in thousands):

	Three Months Ended
	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
Total revenues	$	290,809	$	287,909	$	295,278	$	278,997	$	299,182
Less total operating expenses	(186,477)		(195,693)		(172,917)		(168,962)		(170,965)
Partnership fee revenue	(500)		(478)		(1,586)		(421)		(596)
Acquisition-related expenses	1,354		1,048		1,050		1,169		1,523
Litigation and non-routine costs, net	68		10,925		105		(118)		(8,564)
General and administrative	14,526		15,399		14,774		16,120		15,056
Depreciation and amortization	108,075		108,138		109,191		110,599		124,080
Impairment of real estate	31,849		28,204		16,397		12,094		8,380
NOI	259,704		255,452		262,292		249,478		268,096
Straight-line rent	(4,219)		(7,108)		(12,595)		(3,404)		(2,054)
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities	1,547		1,428		393		788		748
Net direct financing lease adjustments	366		379		381		372		365
Other non-cash adjustments	(18)		—		—		—		—
Proportionate share of amounts for Unconsolidated Joint Ventures	2,507		2,799		2,876		2,475		2,404
Cash NOI	$	259,887	$	252,950	$	253,347	$	249,709	$	269,559

Normalized Cash NOI equals our Cash NOI for our most recently reported quarter and eliminates the Cash NOI for properties acquired or developments completed during the most recently reported quarter and replaces Cash NOI for the partial period with an amount estimated to be equivalent to Cash NOI for the full period. Additionally, Normalized Cash NOI eliminates the Cash NOI contributed by properties disposed of during the most recently reported period. It is management's view that Normalized Cash NOI provides investors relevant and useful information because it reflects only the Cash NOI of properties owned as of the most recent reporting period. Normalized Cash NOI should not be considered as an alternative to operating income.

Normalized EBITDAAnnualized equals Normalized EBITDA, for the respective quarter, multiplied by four.

Operating Properties refers to all properties owned and consolidated by the Company as of the reporting date.

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	Q1 2021 SUPPLEMENTAL INFORMATION

Definitions (cont.)

(unaudited, in thousands, except share and per share data)

Property Operating Expense includes reimbursable and non-reimbursable costs to operate a property, including real estate taxes, utilities, insurance, repairs, maintenance, legal, property management fees, etc.

Rentable Square Feet is leasable square feet of Operating Properties and the Company's pro rata share of leasable square feet of properties owned by Unconsolidated Joint Ventures. Rentable Square Feet at March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020 excludes the square feet of one redevelopment property.

Triple Net Lease ("NNN") is a lease under which the tenant agrees to pay all expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs).

Unconsolidated Joint Ventures include the Company's investments in unconsolidated joint ventures formed to acquire and own real estate properties and exclude other investments in unconsolidated entities.

Unencumbered Asset Ratio equals unencumbered Gross Real Estate Investments divided by Gross Real Estate Investments. Management believes that Unencumbered Asset Ratio is a useful supplemental measure of our overall liquidity and leverage.

Weighted Average Remaining Lease Term is the number of years remaining on each respective lease, weighted based on Annualized Rental Income.

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Document and Entity Information Document	May 06, 2021
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	May 06, 2021
Entity Registrant Name	VEREIT, INC.
Entity Central Index Key	0001507385
Amendment Flag	false
Entity Incorporation, State or Country Code	MD
Entity File Number	001-35263
Entity Tax Identification Number	45-2482685
Entity Address, Address Line One	2325 E. Camelback Road, 9th Floor
Entity Address, City or Town	Phoenix,
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85016
City Area Code	(800)
Local Phone Number	606-3610
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
VEREIT Operating Partnership, L.P. [Member]
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	May 06, 2021
Entity Registrant Name	VEREIT OPERATING PARTNERSHIP, L.P.
Entity Central Index Key	0001528059
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity File Number	333-197780
Entity Tax Identification Number	45-1255683
Entity Address, Address Line One	2325 E. Camelback Road, 9th Floor
Entity Address, City or Town	Phoenix,
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85016
City Area Code	(800)
Local Phone Number	606-3610
Entity Emerging Growth Company	false
NEW YORK STOCK EXCHANGE, INC. [Member] | Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	VER
Security Exchange Name	NYSE
NEW YORK STOCK EXCHANGE, INC. [Member] | Series F Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	6.70% Series F Cumulative Redeemable Preferred Stock
Trading Symbol	VER PRF
Security Exchange Name	NYSE