VEREIT (VER) cuts dividend 44% on weaker revenue collection.

VEREIT (VER) announced today that it is lowering its second quarter dividend to $0.077/share, representing a 44% decrease from the prior quarter due to issues related to the COVID-19 pandemic.  The dividend announcement was included as part of VER's 1Q'20 earnings release where the company disclosed that it has received approximately 81% of its April rent and 78% for May.

As stated by Glenn J. Rufrano, Chief Executive Officer: "We chose this base amount on which to build the dividend while protecting against any increase in debt.  As more information is available in each of the next two quarters, this decision will be under constant review."

VEREIT is a large-cap equity REIT specializing in net-lease properties. The company's current portfolio comprises 3,853 retail, industrial, and office properties in 49 states with a total enterprise value of approximately $11.3 billion.