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VEREIT Releases Q3 Results


VEREIT CEO Glenn Rufrano (pictured) is very pleased with the REIT's Q3 performance on the heels of some big deals, including a $204M Red Lobster sale to private equity firm Golden Gate Capital.

The REIT sold 77 properties, completing $830M of dispositions, which brings them to $1.2B worth of dispositions for the year.

In addition to the big Red Lobster deal, VEREIT sold its interest in three unconsolidated JV properties for roughly $393.4M at an average cap rate of 6.3%. VEREIT will be joining forces with Golden Gate Capital to sell another $400M of Red Lobster real estate.

The firm also held a board election and solidified its senior management program, hiring Michael Bartolotta as CFO and treasurer, Paul McDowell as COO, Tom Roberts as CIO, Lauren Goldberg as general counsel, and Bill Miller as president and CEO of Cole Capital.