3 Misunderstood High-Yield REITs [The Motley Fool]
VEREIT, Inc. (VER)
Last vereit, inc. earnings: 2/26 06:15 am
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Source: The Motley Fool
3 Misunderstood High-Yield REITs There's been broad strength across much of the real estate investment trust (REIT) Vanguard Real Estate Index ETF . The legal overhang VEREIT NYSE:VER cast doubt on the company's internal practices Image source: Getty Images Under new CEO Glenn Rufrano, VEREIT worked to Realty Income But there's a reason for the relatively high yield: VEREIT is still dealing with the lawsuits that resulted from the accounting issue. That said, there's been material progress here, as well. The company has settled with owners of a bit more than a third of the shares for a total cost of around $ million. Assuming it can reach similar agreements with the other shareholders, the cost of dealing with this issue will be in the $ billion range. That's a lot of money. However, VEREIT's revolving credit facility had well more than a $ billion of room on it at the start of 09. In other words, it should be able to handle the hit and maintain its distributions. The projected 09 adj
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