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VEREIT's Q2 FFO per share up YOY

VEREIT Inc. reported funds from operations for the second quarter of $179.0 million, or 17.9 cents per share, an increase on a per-share basis from $77.2 million, or 7.8 cents per share, in the second quarter of 2018.

For the quarter, AFFO decreased year over year on a per-share basis to $177.1 million, or 17.7 cents per share, from $178.8 million, or 18 cents per share.

The S&P Global Market Intelligence consensus estimates for second-quarter FFO and AFFO per share were 16 cents and 17 cents, respectively.

In reporting results, VEREIT said it expects full-year FFO per share in the range of 65 cents to 67 cents, compared with previous guidance in the range of 62 cents to 64 cents.

The company reaffirmed its full-year AFFO per share guidance.

The S&P Global Market Intelligence consensus estimates for full-year FFO and AFFO per share are 67 cents and 69 cents, respectively.

During the quarter, VEREIT acquired 25 properties for approximately $118.7 million, reflecting an average cash cap rate of 7.3%, and invested $8.3 million in a build-to-suit project.

VEREIT sold 53 properties for an aggregate $658.3 million with a gain of roughly $222.5 million.