VEREIT® Reaches Agreement to Settle Pending SEC Investigation
PHOENIX, Nov. 18, 2019 /PRNewswire/ -- VEREIT, Inc. (NYSE: VER) and VEREIT Operating Partnership, L.P. (together with VEREIT, Inc., "VEREIT" or the "Company") announced today that the Company and the staff of the Enforcement Division of the Securities Exchange Commission ("SEC") have reached agreement on the material terms of a negotiated resolution relating to the SEC's investigation of the matters disclosed in the Company's October 29, 2014 Form 8-K relating to, among other things, the preliminary results of an investigation conducted by the Company's audit committee regarding certain accounting practices. The agreement with the SEC staff, which is subject to documentation and approval by the SEC's Commissioners, includes payment of $8 million as a civil penalty.
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 $14.9 billion including approximately 3,900 properties and 90.7 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 Regulations FD. Additional information about VEREIT can be found through social media platforms such as Twitter and LinkedIn.
Forward-Looking Statements
Information set forth herein contains "forward-looking statements" (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), which reflect the Company's expectations regarding future events and plans, the negotiation of definitive documentation regarding, and approval of, the settlement of the SEC investigation. Generally, the words "expects," "anticipates," "assumes," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions identify forward-looking statements. The forward-looking statements involve a number of assumptions, risks, uncertainties and other factors which are difficult to predict, may be beyond the Company's control and that could cause actual results to differ materially from those contained in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: risks associated with obtaining SEC approval of the settlement, and the other factors contained in the Company's filings with the Securities and Exchange Commission, which are available at the Securities and Exchange Commission's website at www.sec.gov. The Company disclaims any obligation to publicly update or revise any forward-looking statements contained in this press release whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as required by law.
SOURCE VEREIT, Inc.
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