Glenn Rufrano, CEO of VEREIT, Inc. (NYSE: VER), joined REIT.com for a video interview at REITWeek 2017: NAREIT’s Investor Forum at the New York Hilton Midtown.
VEREIT owns and manages a portfolio of retail, restaurant, office and industrial real estate assets.
Rufrano explained that the company’s acquisition target for 2017 is in a range of $450 million to $600 million. In addition, VEREIT plans to sell a similar amount of assets to diversify its holdings and create a “fortress” portfolio for the long term, he said.
Rufrano also commented on VEREIT’s balance sheet. He noted that the company’s net debt to earnings before interest, taxes, depreciation and amortization (EBITDA) ratio has shrunk to a level of 5.5 from 7.5.
VEREIT also hasn’t drawn on a $2.3 billion revolving line of credit. At the same time, the company has received investment-grade ratings from Moody’s, Standard & Poor’s and Fitch Ratings.
“We are in very good shape; we are happy where we are,” Rufrano said.