8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 6, 2020

VEREIT, INC.
VEREIT OPERATING PARTNERSHIP, L.P.
(Exact name of Registrant as specified in its charter)
Maryland		001-35263	45-2482685
Delaware		333-197780	45-1255683
(State or other jurisdiction of incorporation)	(Commission File Number)		(I.R.S. Employer Identification No.)

2325 E. Camelback Road, 9th Floor
Phoenix,	AZ	85016
(Address of principal executive offices, including zip code)

(800)	606-3610
(Registrant’s telephone number, including area code)

________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class:		Trading symbol(s):	Name of each exchange on which registered:
Common Stock	$0.01 par value per share (VEREIT, Inc.)	VER	New York Stock Exchange
6.70% Series F Cumulative Redeemable Preferred Stock	$0.01 par value per share (VEREIT, Inc.)	VER PRF	New York Stock Exchange

 Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

VEREIT, Inc.		VEREIT Operating Partnership, L.P.
Emerging growth company	☐	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

VEREIT, Inc. ¨ VEREIT Operating Partnership, L.P. o

Item 2.02. Results of Operations and Financial Condition.

On August 6, 2020, VEREIT, Inc. together with its operating partnership, VEREIT Operating Partnership, L.P. (collectively, the “Company”) furnished the following documents: (i) a press release relating to its second quarter financial results and related matters, attached hereto as Exhibit 99.1; and (ii) supplemental information for the quarter ended June 30, 2020, attached hereto as Exhibit 99.2. The information set forth in this Item 2.02 and in the attached Exhibits 99.1 and 99.2 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information set forth in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933 (the “Securities Act”), as amended, regardless of any general incorporation language in such filing.

Item 7.01 Regulation FD Disclosure.

On August 6, 2020, the Company made available on the Investor Relations section of its website, http://ir.vereit.com, a presentation describing the Company’s business and real estate portfolio. A copy of the presentation is attached hereto as Exhibit 99.3. The information set forth in this Item 7.01 and in the presentation is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section. The information set forth in this Item 7.01, including Exhibit 99.3, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Press Release issued August 6, 2020 relating to Second Quarter 2020 Financial Results and Related Matters
99.2	Supplemental Information for the Quarter Ended June 30, 2020
99.3	Investor Review Presentation for the Quarter Ended June 30, 2020
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

VEREIT, INC.
By:	/s/ Michael J. Bartolotta
Name:	Michael J. Bartolotta
Title:	Executive Vice President and Chief Financial Officer

VEREIT OPERATING PARTNERSHIP, L.P. By: VEREIT, Inc., its sole general partner
By:	/s/ Michael J. Bartolotta
Name:	Michael J. Bartolotta
Title:	Executive Vice President and Chief Financial Officer

Date: August 6, 2020

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

VEREIT® Announces Second Quarter2020 Operating Results

Rent Collection for the Quarter of 85% Which Increased to 91% for July

Liquidity Increased from $1.2 Billion to $1.8 Billion with $600.0 Million Bond Issuance

Phoenix, AZ, August 6, 2020 -- VEREIT, Inc. (NYSE: VER) (“VEREIT” or the “Company”) announced today its operating results for the three months ending June 30, 2020.

Second Quarter 2020 Financial and Operating Highlights

• Net income of $54.2 million and net income per diluted share of $0.04

• Achieved $0.15 AFFO per diluted share

• Rent collection for the quarter of 85% which increased to 91% for July

• Acquisitions totaled $10.0 million in the second quarter and $156.2 million year-to-date

• Dispositions totaled $66.2 million in the second quarter and $200.3 million year-to-date, including the Company’s share of dispositions contributed to the office partnership of $70.2 million

• Issued $600.0 million aggregate principal amount of 3.40% senior notes due 2028 to ultimately refinance its 3.75% convertible senior notes due December 2020, redeem $150.0 million of VEREIT’s 6.7% Series F preferred stock, and to repay borrowings under the Operating Partnership's revolving credit facility

• Total debt decreased from $6.31 billion to $5.97 billion; Net Debt decreased from $5.82 billion to $5.80 billion, or 39.5% Net Debt to Gross Real Estate Investments

• Net Debt to Normalized EBITDA ended at 6.1x and includes the negative effects of portfolio enhancing abatement amendments, which largely impact second quarter revenue. Excluding this, Net Debt to Normalized EBITDA would have been 5.8x.

Second Quarter2020 Financial Results

Rental Revenue

Rental revenue for the quarter ended June 30, 2020decreased$33.4 million to $278.6 million as compared to rental revenue of $312.0 million for the same quarter in 2019.

Net Income and Net Income Attributable to Common Stockholders per Diluted Share

Net income for the quarter ended June 30, 2020 decreased$238.1 million to $54.2 million as compared to net income of $292.3 million for the same quarter in 2019, and net income per diluted share decreased $0.23 to $0.04 for the quarter ended June 30, 2020, as compared to net income per diluted share of $0.27 for the same quarter in 2019.

Normalized EBITDA

Normalized EBITDA for the quarter ended June 30, 2020 decreased $30.0 million to $238.5 million as compared to Normalized EBITDA of $268.5 million for the same quarter in 2019.

Funds From Operations Attributable to Common Stockholders and Limited Partners (“FFO”) and FFO per Diluted Share

FFO for the quarter ended June 30, 2020 decreased $23.1 million to $155.9 million, as compared to $179.0 million for the same quarter in 2019, and FFO per diluted share decreased $0.04 to $0.14 for the quarter ended June 30, 2020, as compared to FFO per diluted share of $0.18 for the same quarter in 2019.

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Adjusted FFO Attributable to Common Stockholders and Limited Partners (“AFFO”) and AFFO per Diluted Share

AFFO for the quarter ended June 30, 2020 decreased $16.0 million to $161.1 million, as compared to $177.1 million for the same quarter in 2019, and AFFO per diluted share decreased $0.03 to $0.15 for the quarter ended June 30, 2020, as compared to $0.18 for the same quarter in 2019.

Balance Sheet and Liquidity

As of the end of the second quarter, the Company increased its corporate liquidity from approximately $1.2 billion to approximately $1.8 billion, comprised of $278.9 million in cash and cash equivalents and the full $1.5 billion of availability under its credit facility. In addition, secured debt was reduced by $11.3 million, bringing the total amount reduced for the year to $132.6 million.

Capital Market Activity

The Company issued $600.0 million aggregate principal amount of 3.40% senior notes due 2028 at an issue price of 99.144% of par value. Proceeds from the senior notes along with borrowings under the Company’s revolving credit facility and cash on hand have been or will be used to fund the purchase of a portion of or the repayment at maturity of VEREIT’s 3.75% Convertible Senior Notes due December 2020, of which $50.2 million was purchased on June 25, 2020 with $271.6 million principal amount remaining. The Company also utilized proceeds to fund the partial redemption of $150.0 million of VEREIT’s 6.7% Series F preferred stock on July 22, 2020 and repay borrowings under the Operating Partnership's revolving credit facility.

Consolidated Financial Statistics

Financial Statistics as of the quarter ended June 30, 2020 are as follows: Net Debt to Normalized EBITDA of 6.1x, Fixed Charge Coverage Ratio of 3.1x, Unencumbered Asset Ratio of 81.2%, Net Debt to Gross Real Estate Investments of 39.5%, and Weighted Average Debt Term of 4.8 years. Net Debt to Normalized EBITDA includes the negative effects of portfolio enhancing abatement amendments, which largely impact second quarter revenue. In exchange for the abatements, increased lease term and other economic benefits were obtained. Excluding this, Net Debt to Normalized EBITDA would have been 5.8x.

Common Stock Dividend Information

On August 5, 2020, the Company’s Board of Directors declared a quarterly dividend for the third quarter of 2020 of $0.077 per share consistent with last quarter’s dividend. The dividend will be paid on October 15, 2020 to common stockholders of record as of September 30, 2020. The Board of Directors has not made any decisions with respect to its dividend policy beyond the third quarter and will continue to monitor the current environment.

2020 Guidance

As previously stated, given the economic uncertainty and rapidly-evolving circumstances related to COVID-19, the Company has withdrawn its previously issued 2020 guidance and is not providing an updated outlook at this time.

Management Commentary

Glenn J. Rufrano, Chief Executive Officer, stated, “Rent collection for Q2 was higher at 85% than previously announced and was further increased to 91% for July. In addition, liquidity improved to $1.8 billion with the $600.0 million bond issuance, which now finances our December 2020 convertible debt maturity and leaves us with no corporate bonds due until 2024. While we have had better than expected results on rent collections, we chose to maintain capital within the balance sheet, maximizing value to all stakeholders in the form of liquidity and future growth. Our board has, therefore, decided to maintain the current dividend, which at a 51% payout ratio for Q2, is a solid base on which to grow to a more traditional level.”

Real Estate Portfolio

As of June 30, 2020, the Company’s portfolio consisted of 3,836 properties with total portfolio occupancy of 98.8%, investment grade tenancy of 37.0% and a weighted-average remaining lease term of 8.5 years, increasing from 8.3 years.

Real Estate Leasing Activity

During the quarter, the Company entered into 64 new and renewal leases on approximately 2.1 million square feet, or 2.3% of the portfolio. Leasing activity included 0.9 million square feet of early renewals. This activity does not include pandemic related amendments.

Acquisitions

During the quarter ended June 30, 2020, the Company had acquisitions of $10.0 million in the form of a mezzanine position for last-mile distribution facilities.

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Dispositions

During the quarter ended June 30, 2020, the Company disposed of 17 properties for an aggregate sales price of $66.2 million. Of the total disposition amount, $14.7 million was used in the total weighted average cash cap rate calculation of 6.0%, including $4.7 million in net sales of Red Lobster restaurants. The gain on second quarter sales was approximately $9.0 million.

COVID-19 Company Update

As of July 27, 2020, VEREIT had received rent of approximately 86% for April, 85% for May, 86% for June and 85% for the second quarter. Of the uncollected rent balance for the second quarter, the Company has entered into rent relief agreements representing 7.2% of second quarter rents.

In addition, as of July 27, 2020, VEREIT had received rent of approximately 91% for July. Of the uncollected rent balance for July, the Company has entered into rent relief agreements representing 4.2% of July rents.

VEREIT is in continuing discussions with tenants regarding unpaid rent. The property type breakdown for rent collection is as follows:

Property Type	April	May	June	July
Total Retail	88%	87%	89%	96%
Casual Dining	35%	39%	38%	59%
Quick Service	82%	79%	81%	80%
Total Restaurant	55%	56%	56%	68%
Total Office	98%	97%	97%	97%
Total Industrial	99%	99%	94%	95%

Due to the effects of the COVID-19 pandemic, financial results include rental revenue of $278.6 million that includes deferred rent of $8.9 million and the negative impact from $11.2 million of abatement amendments and $8.4 million of reserved rent which includes $3.7 million of straight-line rent receivables. Further rent collection and relief request details can be found in our investor presentation filed today.

Subsequent Events

Dispositions

From July 1, 2020 through July 22, 2020, dispositions totaled $1.1 million. Dispositions year-to-date through July 22, 2020, totaled $200.3 million, including the Company’s share of dispositions contributed to the office partnership of $70.2 million.

Partial Redemption of Preferred Stock

On July 22, 2020, the Company redeemed 6.0 million shares of its 6.7% Series F Cumulative Redeemable Preferred Stock, representing approximately 19.44%, or $150.0 million, of its approximately 30.9 million shares outstanding. The shares were redeemed at a redemption price of $25.00 per share.

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Audio Webcast and Call Details

The live audio webcast will be available, beginning at 1:30 p.m. ET on Thursday, August 6, 2020, on the Company's Investor Relations website at: http://ir.vereit.com/.The dial-in information is as follows: (844) 746-0748 (domestic) or (412) 317-5274 (international).  Participants should log in 10-15 minutes early.

Approximately one hour following the call, a replay of the webcast will be available at the link above and archived for up to 12 months. A telephone replay of the conference call can also be accessed by dialing (877) 344-7529 (domestic) or (412) 317-0088 (international), passcode 10146036. The telephone replay will be available until August 20, 2020.

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 $14.7 billion including approximately 3,800 properties and 88.9 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 Regulation FD. Additional information about VEREIT can be found through social media platforms such as Twitter and LinkedIn.

Media Contact

Parke Chapman

Rubenstein Associates

212.843.8489 | pchapman@rubenstein.com

Investor Contact

Bonni Rosen, Senior Vice President, Investor Relations                

VEREIT            

877.405.2653 | BRosen@VEREIT.com

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About the Data

Rent collection percentages disclosed are based on contractual rent and recoveries paid by tenants to cover estimated tax, insurance and common area maintenance expenses, including the Company's pro rata share of such amounts related to properties owned by unconsolidated joint ventures. Percentages are calculated using a denominator that reflects pre-COVID-19 rents that has not been adjusted for any rent relief granted. Amounts exclude any tenants in bankruptcy.

In the second quarter of 2020, the Company updated its definition of Normalized EBITDA to include the impact of straight-line rent, in order to be consistent with peer companies. The Company recast the data presented for prior periods, including ratios impacted by the change.

Descriptions of FFO and AFFO, EBITDA and Normalized EBITDA, Principal Outstanding and Adjusted Principal Outstanding, Net Debt, Interest Expense, Excluding Non-Cash Amortization, Fixed Charge Coverage Ratio, Net Debt to Normalized EBITDA Annualized Ratio, Net Debt Leverage Ratio, and Unencumbered Asset Ratio are provided below. Refer to the subsequent tables for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure and the calculations of these financial ratios.

Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), EBITDA for Real Estate (“EBITDAre”), Normalized EBITDA and Normalized EBTIDA Adjusted for Abated Rent

Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts, Inc. (“Nareit”) has promulgated a supplemental performance measure known as Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"). Nareit defines EBITDAre as net income or loss computed in accordance with GAAP, adjusted for interest expense, income tax expense (benefit), depreciation and amortization, impairment write-downs on real estate, gains or losses from disposition of property and our pro rata share of EBITDAre adjustments related to unconsolidated partnerships and joint ventures. We calculated EBITDAre in accordance with Nareit's definition described above.

In addition to EBITDAre, we use Normalized EBITDA and Normalized EBITDA Adjusted for Abated Rent as non-GAAP supplemental performance measures to evaluate the operating performance of the Company. Normalized EBITDA, as defined by the Company, represents EBITDAre, modified to exclude non-routine items such as acquisition-related expenses, litigation and non-routine costs, net, net revenue or expense earned or incurred that is related to the services agreement associated with a discontinued operation, gains or losses on sale of investment securities or mortgage notes receivable, payments on fully reserved loan receivables and restructuring expenses. We also exclude certain non-cash items such as impairments of goodwill and intangible assets, gains or losses on derivatives, gains or losses on the extinguishment or forgiveness of debt, write-off of program development costs, and amortization of intangibles, above-market lease assets and below-market lease liabilities. Normalized EBITDA omits the Normalized EBITDA impact of Excluded Properties. Management believes that excluding these costs provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. Management also believes that Normalized EBITDA Adjusted for Abated Rent is useful to investors because the period for which rent is abated is less than 12 months and therefore should not be annualized. Therefore, EBITDA, EBITDAre, Normalized EBITDA and Normalized EBTIDA Adjusted for Abated Rent should not be considered as an alternative to net income, as computed in accordance with GAAP. The Company uses Normalized EBITDA as one measure of its operating performance when formulating corporate goals and evaluating the effectiveness of the Company's strategies. EBITDA, EBITDAre, Normalized EBITDA and Normalized EBITDA Adjusted for Abated Rent may not be comparable to similarly titled measures of other companies.

Excluded Properties

Excluded Properties are properties for which (i) the related mortgage loan is in default, and (ii) management decides to transfer the properties to the lender in connection with settling the mortgage note obligation. Certain non-GAAP measures and operating metrics omit the impact of such properties for the month beginning with the date that such criteria are met and ending with the disposition date, in order to better reflect the ongoing operations of the Company.

At and during the three months ended June 30, 2020 and March 31, 2020, there were no Excluded Properties. At and during the three months ended June 30, 2019, there was one Excluded Property which was an office property comprising 145,186 square feet, of which 6,926 square feet was vacant, with Principal Outstanding of $19.5 million.

Fixed Charge Coverage Ratio

Fixed Charge Coverage Ratio is the sum of (i) Interest Expense, excluding non-cash amortization, (ii) secured debt principal amortization on Adjusted Principal Outstanding and (iii) dividends attributable to preferred shares divided by Normalized EBITDA. Management believes that Fixed Charge Coverage Ratio is a useful supplemental measure of our ability to satisfy fixed financing obligations.

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Fixed Rate Debt

Fixed Rate Debt includes variable rate debt effectively fixed through the use of interest rate swap agreements.

Funds from Operations (“FFO”) and Adjusted Funds from Operations (“AFFO”)

Due to certain unique operating characteristics of real estate companies, as discussed below, the Nareit, an industry trade group, has promulgated a supplemental performance measure known as funds from operations (“FFO”), which we believe to be an appropriate supplemental performance measure to reflect the operating performance of a REIT. FFO is not equivalent to our net income or loss as determined under U.S. GAAP.

Nareit defines FFO as net income or loss computed in accordance with U.S. GAAP adjusted for gains or losses from disposition of property, depreciation and amortization of real estate assets, impairment write-downs on real estate, and our pro rata share of FFO adjustments related to unconsolidated partnerships and joint ventures. We calculate FFO in accordance with Nareit’s definition described above.

In addition to FFO, we use adjusted funds from operations (“AFFO”) as a non-GAAP supplemental financial performance measure to evaluate the operating performance of the Company. AFFO, as defined by the Company, excludes from FFO non-routine items such as acquisition-related expenses, litigation and non-routine costs, net, net revenue or expense earned or incurred that is related to the services agreement associated with a discontinued operation, gains or losses on sale of investment securities or mortgage notes receivable, payments on fully reserved loan receivables and restructuring expenses. We also exclude certain non-cash items such as impairments of goodwill and intangible assets, straight-line rent, net direct financing lease adjustments, gains or losses on derivatives, reserves for loan loss, gains or losses on the extinguishment or forgiveness of debt, non-current portion of the tax benefit or expense, equity-based compensation and amortization of intangible assets, deferred financing costs, premiums and discounts on debt and investments, above-market lease assets and below-market lease liabilities. We omit the impact of the Excluded Properties and related non-recourse mortgage notes from FFO to calculate AFFO. Management believes that excluding these costs from FFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. AFFO allows for a comparison of the performance of our operations with other publicly-traded REITs, as AFFO, or an equivalent measure, is routinely reported by publicly-traded REITs, and we believe often used by analysts and investors for comparison purposes.

For all of these reasons, we believe FFO and AFFO, in addition to net income (loss), as defined by U.S. GAAP, are helpful supplemental performance measures and useful in understanding the various ways in which our management evaluates the performance of the Company over time. However, not all REITs calculate FFO and AFFO the same way, so comparisons with other REITs may not be meaningful. FFO and AFFO should not be considered as alternatives to net income (loss) and are not intended to be used as a liquidity measure indicative of cash flow available to fund our cash needs. Neither the SEC, Nareit, nor any other regulatory body has evaluated the acceptability of the exclusions used to adjust FFO in order to calculate AFFO and its use as a non-GAAP financial performance measure.

Gross Real Estate Investments

Gross Real Estate Investments represent total gross real estate and related assets of Operating Properties, equity investments in the Cole REITs, investment in direct financing leases, investment securities backed by real estate and mortgage notes receivable, and the Company's pro rata share of such amounts related to properties owned by unconsolidated joint ventures, net of gross intangible lease liabilities. We believe that the presentation of Gross Real Estate Investments, which shows our total investments in real estate and related assets, in connection with Net Debt, provides useful information to investors to assess our overall financial flexibility, capital structure and leverage. Gross Real Estate Investments should not be considered as an alternative to the Company's real estate investments balance as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP.

Interest Expense, Excluding Non-Cash Amortization

Interest Expense, excluding non-cash amortization is a non-GAAP measure that represents interest expense incurred on the outstanding principal balance of our debt and the Company's pro rata share of the unconsolidated joint ventures' outstanding principal balance. This measure excludes (i) the amortization of deferred financing costs, premiums and discounts, which is included in interest expense in accordance with GAAP, and (ii) the impact of Excluded Properties and related non-recourse mortgage notes. We believe that the presentation of Interest Expense, excluding non-cash amortization, which shows the interest expense on our contractual debt obligations, provides useful information to investors to assess our overall solvency and financial flexibility. Interest Expense, excluding non-cash amortization should not be considered as an alternative to the Company's interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP.

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Net Debt Leverage Ratio

Net Debt Leverage Ratio equals Net Debt divided by Gross Real Estate Investments. We believe that the presentation of Net Debt Leverage Ratio provides useful information to investors because our management reviews Net Debt Leverage Ratio as part of its management of our overall liquidity, financial flexibility, capital structure and leverage.

Net Debt, Principal Outstanding and Adjusted Principal Outstanding 

Principal Outstanding is a non-GAAP measure that represents the Company's outstanding principal debt balance, excluding certain GAAP adjustments, such as premiums and discounts, financing and issuance costs, and related accumulated amortization. Adjusted Principal Outstanding includes the Company's pro rata share of the unconsolidated joint ventures' outstanding principal debt balance and omits the outstanding principal balance of mortgage notes secured by Excluded Properties. We believe that the presentation of Principal Outstanding and Adjusted Principal Outstanding, which show our contractual debt obligations, provides useful information to investors to assess our overall financial flexibility, capital structure and leverage. Principal Outstanding and Adjusted Principal Outstanding should not be considered as alternatives to the Company's consolidated debt balance as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP.

Net Debt is a non-GAAP measure used to show the Company's Adjusted Principal Outstanding, less all cash and cash equivalents and the Company's pro rata share of unconsolidated joint ventures' cash and cash equivalents. We believe that the presentation of Net Debt provides useful information to investors because our management reviews Net Debt as part of its management of our overall liquidity, financial flexibility, capital structure and leverage.

Net Debt to Normalized EBITDA Annualized Ratio

Net Debt to Normalized EBITDA Annualized (“Net Debt to Normalized EBITDA”) equals Net Debt divided by the respective quarter Normalized EBITDA multiplied by four. We believe that the presentation of Net Debt to Normalized EBITDA Annualized provides useful information to investors because our management reviews Net Debt to Normalized EBITDA Annualized as part of its management of our overall liquidity, financial flexibility, capital structure and leverage.

Net Debt to Normalized EBITDA Adjusted for Abated Rent Annualized Ratio

Net Debt to Normalized EBITDA Adjusted for Abated Rent Annualized equals Net Debt divided by the respective quarter Normalized EBITDA Adjusted for Abated Rent multiplied by four. Management believes that Net Debt to Normalized EBITDA Adjusted for Abated Rent Annualized is useful to investors because the period for which rent is abated is less than 12 months and therefore should not be annualized.

Unencumbered Asset Ratio

Unencumbered Asset Ratio equals unencumbered Gross Real Estate Investments divided by Gross Real Estate Investments. Management believes that Unencumbered Asset Ratio is a useful supplemental measure of our overall liquidity and leverage.

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Forward-Looking Statements

Information set forth herein contains “forward-looking statements” which reflect the Company’s expectations and projections regarding future events and plans, the Company’s future financial condition, results of operations, liquidity and business, including acquisitions, rent receipts, rent relief requests, and rent relief granted, debt levels, maturities and refinancings, liquidity, the payment of future dividends and the impact of COVID-19 on the Company’s business. Generally, the words “anticipates,” “assumes,” “believes,” “continues,” “could,” “estimates,” “expects,” “goals,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “targets,” “will,” variations of such words and similar expressions identify forward-looking statements. These forward-looking statements are based on information currently available and involve a number of known and unknown assumptions and risks, uncertainties and other factors, which are difficult to predict and beyond the Company’s control, that could cause actual events and plans or could cause the Company’s business, financial condition, liquidity and results of operations to differ materially from those expressed or implied in the forward-looking statements. Further, information regarding historical rent collections should not serve as an indication of future rent collections.

The following factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: the duration and extent of the impact of COVID-19 on our business and the businesses of our tenants (including their ability to timely make rent payments) and the economy generally; federal, state or local legislation or regulation that could impact the timely payment of rent by tenants in light of COVID-19; the Company’s ability to renew leases, lease vacant space or re-lease space as leases expire on favorable terms or at all; risks associated with tenant, geographic and industry concentrations with respect to the Company’s properties; risks accompanying the management of its industrial partnership and office partnership; the impact of impairment charges in respect of certain of the Company’s properties; unexpected costs or liabilities that may arise from potential dispositions, including related to limited partnership, tenant-in-common and Delaware statutory trust real estate programs and the Company’s management with respect to such programs; competition in the acquisition and disposition of properties and in the leasing of its properties including that the Company may be unable to acquire, dispose of, or lease properties on advantageous terms or at all; risks associated with bankruptcies or insolvencies of tenants, from tenant defaults generally or from the unpredictability of the business plans and financial condition of the Company’s tenants, which are heightened as a result of the COVID-19 pandemic; risks associated with the Company’s substantial indebtedness, including that such indebtedness may affect the Company’s ability to pay dividends and that the terms and restrictions within the agreements governing the Company’s indebtedness may restrict its borrowing and operating flexibility; the ability to retain or hire key personnel; and continuation or deterioration of current market conditions. Additional factors that may affect future results are contained in the Company’s filings with the SEC, which are available at the SEC’s website at www.sec.gov. The Company disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as required by law.

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VEREIT, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except for share and per share data) (Unaudited)

	June 30, 2020			March 31, 2020
ASSETS
Real estate investments, at cost:
Land	$	2,705,149		$	2,715,625
Buildings, fixtures and improvements	10,117,636			10,135,933
Intangible lease assets	1,891,831			1,899,900
Total real estate investments, at cost	14,714,616			14,751,458
Less: accumulated depreciation and amortization	3,756,132			3,659,980
Total real estate investments, net	10,958,484			11,091,478
Operating lease right-of-use assets	208,037			211,187
Investment in unconsolidated entities	86,300			78,718
Cash and cash equivalents	278,883			600,945
Restricted cash	21,203			18,720
Rent and tenant receivables and other assets, net	382,409			345,103
Goodwill	1,337,773			1,337,773
Real estate assets held for sale, net	48,093			88,513
Total assets	$	13,321,182		$	13,772,437
LIABILITIES AND EQUITY
Mortgage notes payable, net	$	1,393,652		$	1,405,701
Corporate bonds, net	3,404,935			2,814,474
Convertible debt, net	270,152			319,120
Credit facility, net	896,314			1,767,306
Below-market lease liabilities, net	130,208			134,410
Accounts payable and accrued expenses	112,551			125,358
Derivative, deferred rent and other liabilities	161,538			146,893
Distributions payable	85,231			150,493
Operating lease liabilities	215,322			217,567
Total liabilities	6,669,903			7,081,322
Series F preferred stock	309			309
Common stock	10,779			10,778
Additional paid-in capital	13,256,288			13,252,447
Accumulated other comprehensive loss	(106,109		)	(104,217		)
Accumulated deficit	(6,517,303		)	(6,475,568		)
Total stockholders’ equity	6,643,964			6,683,749
Non-controlling interests	7,315			7,366
Total equity	6,651,279			6,691,115
Total liabilities and equity	$	13,321,182		$	13,772,437

9

VEREIT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except for per share data) (Unaudited)

	Three Months Ended June 30,
	2020			2019
Revenues:
Rental	$	278,576		$	312,043
Fees from managed partnerships	421			145
Total revenues	278,997			312,188
Operating expenses:
Acquisition-related	1,169			985
Litigation and non-routine costs, net	(118		)	(3,769		)
Property operating	29,098			32,503
General and administrative	16,120			16,416
Depreciation and amortization	110,599			118,022
Impairments	12,094			8,308
Restructuring	—			290
Total operating expenses	168,962			172,755
Other (expense) income:
Interest expense	(65,613		)	(69,803		)
Loss on extinguishment and forgiveness of debt, net	(200		)	(1,472		)
Other income, net	778			3,030
Equity in income of unconsolidated entities	1,497			505
Gain on disposition of real estate and real estate assets held for sale, net	8,795			221,755
Total other expenses, net	(54,743		)	154,015
Income before taxes	55,292			293,448
Provision for income taxes	(1,053		)	(1,164		)
Net income	54,239			292,284
Net income attributable to non-controlling interests	(31		)	(6,626		)
Net income attributable to the General Partner	$	54,208		$	285,658
Basic and diluted net income per share attributable to common stockholders	$	0.04		$	0.27
Distributions declared per common share	$	0.0770		$	0.1375

10

VEREIT, INC.

EBITDA, EBITDAre AND NORMALIZED EBITDA

(In thousands) (Unaudited)

	Three Months Ended
	June 30, 2020			March 31, 2020			June 30, 2019
Net income	$	54,239		$	86,863		$	292,284
Adjustments:
Interest expense	65,613			64,696			69,803
Depreciation and amortization	110,599			124,080			118,022
Provision for income taxes	1,053			1,048			1,164
Proportionate share of adjustments for unconsolidated entities	1,775			1,761			738
EBITDA	$	233,279		$	278,448		$	482,011
Gain on disposition of real estate assets, net	(8,795		)	(25,249		)	(221,762		)
Impairments of real estate	12,094			8,380			8,308
EBITDAre	$	236,578		$	261,579		$	268,557
Payments received on fully reserved loans	—			—			—
Acquisition-related expenses	1,169			1,523			985
Litigation and non-routine costs, net	(118		)	(8,564		)	(3,769		)
Loss (gain) on investments	142			541			(5		)
Loss on derivative instruments, net	—			—			24
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities	788			748			611
Loss on extinguishment and forgiveness of debt, net	200			1,280			1,472
Net direct financing lease adjustments	372			365			410
Restructuring expenses	—			—			290
Other adjustments, net	54			(205		)	214
Proportionate share of adjustments for unconsolidated entities	(706		)	(36		)	(100		)
Adjustment for Excluded Properties	—			—			(203		)
Normalized EBITDA	$	238,479		$	257,231		$	268,486
Abated rent	11,184			—			—
Normalized EBITDA Adjusted for Abated Rent	$	249,663		$	257,231		$	268,486
Normalized EBITDA annualized	$	953,916		$	1,028,924		$	1,073,944
Normalized EBITDA Adjusted for Abated Rent annualized	$	998,652		$	1,028,924		$	1,073,944

11

VEREIT, INC.

FUNDS FROM OPERATIONS

(In thousands, except for share and per share data) (Unaudited)

	Three Months Ended June 30,
	2020			2019
Net income	$	54,239		$	292,284
Dividends on non-convertible preferred stock	(12,948		)	(17,973		)
Gain on disposition of real estate assets, net	(8,795		)	(221,762		)
Depreciation and amortization of real estate assets	110,207			117,616
Impairment of real estate	12,094			8,308
Proportionate share of adjustments for unconsolidated entities	1,146			565
FFO attributable to common stockholders and limited partners	$	155,943		$	179,038
Weighted-average shares outstanding - basic	1,078,366,566			973,723,139
Effect of weighted-average Limited Partner OP Units and dilutive securities	1,186,500			26,054,596
Weighted-average shares outstanding - diluted	1,079,553,066			999,777,735
FFO attributable to common stockholders and limited partners per diluted share	$	0.144		$	0.179

12

VEREIT, INC.

ADJUSTED FUNDS FROM OPERATIONS

(In thousands, except for share and per share data) (Unaudited)

	Three Months Ended June 30,
	2020			2019
FFO attributable to common stockholders and limited partners	$	155,943		$	179,038
Acquisition-related expenses	1,169			985
Litigation and non-routine costs, net	(118		)	(3,769		)
Loss on investments	142			(5		)
Loss on derivative instruments, net	—			24
Amortization of premiums and discounts on debt and investments, net	(362		)	(1,392		)
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities	788			611
Net direct financing lease adjustments	372			410
Amortization and write-off of deferred financing costs	2,898			3,346
Loss on extinguishment and forgiveness of debt, net	200			1,472
Straight-line rent	(3,404		)	(8,043		)
Equity-based compensation	3,857			3,706
Restructuring expenses	—			290
Other adjustments, net	441			617
Proportionate share of adjustments for unconsolidated entities	(843		)	(196		)
Adjustment for Excluded Properties	—			5
AFFO attributable to common stockholders and limited partners	$	161,083		$	177,099
Weighted-average shares outstanding - basic	1,078,366,566			973,723,139
Effect of weighted-average Limited Partner OP Units and dilutive securities	1,186,500			26,054,596
Weighted-average shares outstanding - diluted	1,079,553,066			999,777,735
AFFO attributable to common stockholders and limited partners per diluted share	$	0.149		$	0.177

13

VEREIT, INC.

FINANCIAL AND OPERATIONS STATISTICS AND RATIOS

(Dollars in thousands) (Unaudited)

	Three Months Ended
	June 30, 2020
Interest expense - as reported	$	(65,613	)
Adjustments:
Amortization of deferred financing costs and other non-cash charges	(2,995		)
Amortization of net premiums	459
Unconsolidated joint ventures’ pro rata share	(559		)
Interest Expense, Excluding Non-Cash Amortization	$	63,636

	Three Months Ended
	June 30, 2020
Interest Expense, Excluding Non-Cash Amortization	$	63,636
Secured debt principal amortization	861
Dividends attributable to preferred shares	12,948
Total fixed charges	77,445
Normalized EBITDA	238,479
Fixed Charge Coverage Ratio	3.08		x

	June 30, 2020			March 31, 2020
Mortgage notes payable, net	$	1,393,652		$	1,405,701
Corporate bonds, net	3,404,935			2,814,474
Convertible debt, net	270,152			319,120
Credit facility, net	896,314			1,767,306
Total debt - as reported	5,965,053			6,306,601
Deferred financing costs, net	41,152			37,896
Net discounts (premiums)	11,860			6,389
Principal Outstanding	6,018,065			6,350,886
Unconsolidated joint ventures’ pro rata share	68,360			68,360
Adjusted Principal Outstanding	$	6,086,425		$	6,419,246
Cash and cash equivalents	(278,883		)	(600,945		)
Pro rata share of unconsolidated joint ventures’ cash and cash equivalents	(3,433		)	(2,567		)
Net Debt	$	5,804,109		$	5,815,734

14

	June 30, 2020
Total real estate investments, at cost - as reported	$	14,714,616
Adjustments:
Investment in Cole REITs	6,867
Gross assets held for sale	54,046
Investment in direct financing leases, net	8,579
Mortgage notes receivable, net	9,959
Gross below market leases	(236,324		)
Unconsolidated joint ventures' pro rata share	146,886
Gross Real Estate Investments	$	14,704,629

	June 30, 2020			March 31, 2020
Net Debt	$	5,804,109		$	5,815,734
Normalized EBITDA Annualized	953,916			1,028,924
Net Debt to Normalized EBITDA Annualized Ratio	6.08		x	5.65		x

	June 30, 2020
Net Debt	$	5,804,109
Normalized EBITDA Adjusted for Abated Rent Annualized	998,652
Net Debt to Normalized EBITDA Adjusted for Abated Rent Annualized Ratio	5.81		x

	June 30, 2020
Net Debt	$	5,804,109
Gross Real Estate Investments	14,704,629
Net Debt Leverage Ratio	39.5		%
Unencumbered Gross Real Estate Investments	$	11,933,717
Gross Real Estate Investments	14,704,629
Unencumbered asset ratio	81.2		%

15

EX-99.2

Exhibit 99.2

	Q2 2020 SUPPLEMENTAL INFORMATION

VEREIT Supplemental Information

June 30, 2020

Section	Page
Company Overview	5
Quarterly Financial Summary	7
Financial and Operations Statistics and Ratios	8
Key Balance Sheet Metrics and Capital Structure	9
Balance Sheets	10
Statements of Operations	11
Funds From Operations (FFO)	12
Adjusted Funds From Operations (AFFO)	13
EBITDA, EBITDAre and Normalized EBITDA	14
Net Operating Income	15
Same Store Contract Rental Revenue	16
Debt and Preferred Equity Summary	17
Credit Facility and Corporate Bond Covenants	19
Acquisitions and Dispositions	20
Diversification Statistics	21
Top 10 Concentrations	22
Tenants Comprising Over 1% of Annualized Rental Income	24
Tenant Industry Diversification	25
Property Geographic Diversification	26
Lease Expirations	28
Lease Summary	32
Property Type Diversification and Rent Coverage	34
Unconsolidated Joint Venture Investment Summary	39
Definitions	40

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 2

	Q2 2020 SUPPLEMENTAL INFORMATION

About the Data

This data and other information described herein are as of and for the three months ended June 30, 2020, unless otherwise indicated. Certain balances have been reclassified to conform with the current period's presentations, including partnership fees earned from services provided to our unconsolidated joint ventures, which were previously included in other income, net. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be read in conjunction with the financial statements and the Management's Discussion and Analysis of Financial Condition and Results of Operations sections contained in VEREIT, Inc.'s (the "Company," "VEREIT," "us," "our" and "we") Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Reports on Form 10-Q for the periods ended June 30, 2020, March 31, 2020, September 30, 2019, and June 30, 2019.

The novel coronavirus ("COVID-19") pandemic has impacted all states where our tenants operate their businesses or where our properties are located, and measures taken to prevent or remediate COVID-19, including “shelter-in-place” or “stay-at-home” orders, other quarantine mandates and restrictions on the operations of certain types of businesses issued by local, state or federal authorities, have had an adverse effect on our business and the businesses of our tenants. While our business was not materially impacted during the six months ended June 30, 2020 from the COVID-19 pandemic, our rent collection was impacted and for the second quarter was 85% of rental revenue on an annualized basis. The full extent of the future impact of the COVID-19 pandemic on our business, financial condition, liquidity and results of operations is uncertain.

In the second quarter of 2020, the Company updated its definition of Normalized EBITDA to include the impact of straight-line rent, in order to be consistent with peer companies. The Company recast the data presented for prior periods, including ratios impacted by the change.

In the third quarter of 2019, the Company entered into agreements to settle certain outstanding litigation, including the class action litigation, In re American Realty Capital Properties, Inc. Litigation, No. 1:15-mc-00040 (AKH) (the “Class Action”). In accordance with the terms of the stipulation of settlement and settlement contemplated therein for the Class Action (the "Class Action Settlement"), certain defendants agreed to pay in the aggregate $1.025 billion, comprised of contributions from the Company’s former external manager and its principals (together, the “Former Manager”) totaling $225.0 million, $12.5 million from the Company’s former Chief Financial Officer (the “Former CFO”), $49.0 million from the Company’s former auditor, and the balance of $738.5 million from the Company. The contribution from the Company’s Former Manager and Former CFO was satisfied with a combination of (i) limited partner OP Units held by the Former Manager and Former CFO, (ii) amounts due related to dividends on certain of such limited partner OP Units previously withheld from distribution, (iii) the value of substantially all of the limited partner OP Units and dividends surrendered to the Company in July 2019 as a result of a settlement by the Former Manager with the U.S. Securities and Exchange Commission (the "SEC"), and (iv) cash paid by the Former Manager and Former CFO. Pursuant to the Class Action Settlement, on October 15, 2019, the Company funded $966.3 million in connection therewith, which includes the Company's contribution of $738.5 million and cash contributed by the Company to the Class Action Settlement fund for the surrendered limited partner OP Units and amounts due related to the previously withheld dividends. The Company determined that Net Debt (as defined herein) as of September 30, 2019 should include the amounts payable in cash pursuant to the Class Action Settlement. Management believed that including the impact of the payables in Net Debt provided useful information to investors to assess our liquidity, financial flexibility, capital structure and leverage, as the Company maintained a high cash balance at September 30, 2019 with the intent to use the cash to fund the Class Action Settlement. The Company also entered into settlement agreements and releases to settle the remaining opt out actions and paid $27.0 million during the three months ended September 30, 2019 in connection therewith, which when aggregated with the Company's contribution to the Class Action Settlement was a total cost to the Company of approximately $765.5 million in the third quarter of 2019.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 3

	Q2 2020 SUPPLEMENTAL INFORMATION

Forward-Looking Statements

Information set forth herein contains “forward-looking statements” which reflect the Company's expectations and projections regarding future events and plans, the Company's future financial condition, results of operations, liquidity and business, including acquisitions, rent receipts, rent relief requests and rent relief granted, debt levels, maturities and refinancings, liquidity, the payment of future dividends and the impact of COVID-19 on the Company's business. Generally, the words "anticipates," "assumes," "believes," "continues," "could," "estimates," "expects," "goals," "intends," "may," "plans," "projects," "seeks," "should," "targets," "will," variations of such words and similar expressions identify forward-looking statements. These forward-looking statements are based on information currently available and involve a number of known and unknown assumptions and risks, uncertainties and other factors, which are difficult to predict and beyond the Company's control, that could cause actual events and plans or could cause the Company's business, financial condition, liquidity and results of operations to differ materially from those expressed or implied in the forward-looking statements. Further, information regarding historical rent collections should not serve as an indication of future rent collections.

The following factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: the duration and extent of the impact of COVID-19 on our business and the businesses of our tenants (including their ability to timely make rent payments) and the economy generally; federal, state, or local legislation or regulation that could impact the timely payment of rent by tenants in light of COVID-19; the Company's ability to renew leases, lease vacant space or re-lease space as leases expire on favorable terms or at all; risks associated with tenant, geographic and industry concentrations with respect to the Company's properties; risks accompanying the management of its industrial partnership and office partnership; the impact of impairment charges in respect of certain of the Company's properties; unexpected costs or liabilities that may arise from potential dispositions, including related to limited partnership, tenant-in-common and Delaware statutory trust real estate programs and the Company's management with respect to such programs; competition in the acquisition and disposition of properties and in the leasing of its properties including that the Company may be unable to acquire, dispose of, or lease properties on advantageous terms or at all; risks associated with bankruptcies or insolvencies of tenants, from tenant defaults generally or from the unpredictability of the business plans and financial condition of the Company's tenants, which are heightened as a result of the COVID-19 pandemic; risks associated with the Company's substantial indebtedness, including that such indebtedness may affect the Company's ability to pay dividends and that the terms and restrictions within the agreements governing the Company's indebtedness may restrict its borrowing and operating flexibility; the ability to retain or hire key personnel; and continuation or deterioration of current market conditions. Additional factors that may affect future results are contained in the Company's filings with the SEC, which are available at the SEC’s website at www.sec.gov. The Company disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as required by law.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 4

	Q2 2020 SUPPLEMENTAL INFORMATION

Company Overview

(unaudited)

VEREIT is a real estate company incorporated in Maryland on December 2, 2010, which has elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes.

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. VEREIT's business model provides equity capital to creditworthy corporations in return for long-term leases on their properties. The Company targets properties that are strategically located and essential to the business operations of the tenant, as well as retail properties that offer necessity- and value-oriented products or services. At June 30, 2020, approximately 37.0% of the Company's Annualized Rental Income was earned from Investment-Grade Tenants, Economic Occupancy Rate was 98.8% and the Weighted Average Remaining Lease Term was 8.5 years.

Tenants, Trademarks and Logos

VEREIT is not affiliated with, is not endorsed by, does not endorse and is not sponsored by or a sponsor of the products or services pictured or mentioned. The names, logos and all related product and service names, design marks and slogans are the trademarks or service marks of their respective companies.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 5

	Q2 2020 SUPPLEMENTAL INFORMATION

Company Overview (cont.)

Senior Management	Board of Directors
Glenn J. Rufrano, Chief Executive Officer	Hugh R. Frater, Non-Executive Chairman
Michael J. Bartolotta, Executive Vice President and Chief Financial Officer	David B. Henry, Independent Director
Lauren Goldberg, Executive Vice President, General Counsel and Secretary	Mary Hogan Preusse, Independent Director
Paul H. McDowell, Executive Vice President and Chief Operating Officer	Richard J. Lieb, Independent Director
Thomas W. Roberts, Executive Vice President and Chief Investment Officer	Eugene A. Pinover, Independent Director
Gavin B. Brandon, Senior Vice President and Chief Accounting Officer	Julie G. Richardson, Independent Director
	Glenn J. Rufrano, Chief Executive Officer and Director

Corporate Offices and Contact Information

2325 E. Camelback Road, 9th Floor	19 West 44th Street, Suite 1401
Phoenix, AZ 85016	New York, NY 10036
800-606-3610	212-413-9100
www.VEREIT.com

Trading Symbols: VER, VER PRF

Stock Exchange Listing: New York Stock Exchange

Transfer Agent

Computershare Trust Company, N.A.

462 South 4th Street, Suite 1600

Louisville, KY 40202

855-866- 0787

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 6

	Q2 2020 SUPPLEMENTAL INFORMATION

Quarterly Financial Summary

(unaudited, dollars in thousands, except share and per share amounts)

The following table summarizes the Company's quarterly financial results and portfolio metrics. Data presented represents continuing operations.

	Three Months Ended
Financial Results	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Total revenues	$	278,997		$	299,182		$	305,685		$	303,301		$	312,188
Income (loss) from continuing operations	$	54,239		$	86,863		$	71,168		$	(741,529	)	$	292,284
Basic and diluted income (loss) from continuing operations per share attributable to common stockholders and limited partners	$	0.04		$	0.07		$	0.05		$	(0.76	)	$	0.27
Normalized EBITDA	$	238,479		$	257,231		$	261,538		$	264,326		$	268,486
FFO attributable to common stockholders and limited partners from continuing operations	$	155,943		$	181,822		$	149,433		$	(657,147	)	$	179,038
FFO attributable to common stockholders and limited partners from continuing operations per diluted share	$	0.144		$	0.168		$	0.139		$	(0.655	)	$	0.179
AFFO attributable to common stockholders and limited partners	$	161,083		$	180,974		$	173,853		$	177,580		$	177,099
AFFO attributable to common stockholders and limited partners per diluted share	$	0.149		$	0.168		$	0.161		$	0.177		$	0.177
Dividends declared per common share	$	0.0770		$	0.1375		$	0.1375		$	0.1375		$	0.1375
Weighted-average shares outstanding - diluted	1,079,553,066			1,079,751,240			1,077,647,052			1,002,899,652			999,777,735
Portfolio Metrics
Operating Properties	3,836			3,853			3,858			3,926			3,950
Rentable Square Feet (in thousands)	88,947			89,539			89,491			90,704			90,631
Economic Occupancy Rate	98.8		%	99.1		%	99.1		%	99.0		%	99.0		%
Weighted Average Remaining Lease Term (years)	8.5			8.3			8.3			8.4			8.6
Investment-Grade Tenants(1)	37.0		%	36.7		%	38.6		%	39.5		%	39.6		%

___________________________________

(1) The weighted-average credit rating of our investment-grade tenants was BBB+ as of June 30, 2020.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 7

	Q2 2020 SUPPLEMENTAL INFORMATION

Financial and Operations Statistics and Ratios

(unaudited, dollars in thousands)

	Three Months Ended
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Interest Coverage Ratio
Interest Expense, excluding non-cash amortization (1)	$	63,636		$	63,123		$	66,292		$	66,223		$	67,815
Normalized EBITDA (2)	238,479			257,231			261,538			264,326			268,486
Interest Coverage Ratio	3.75x			4.08x			3.95x			3.99x			3.96x
Fixed Charge Coverage Ratio
Interest Expense, excluding non-cash amortization (1)	$	63,636		$	63,123		$	66,292		$	66,223		$	67,815
Secured debt principal amortization	861			1,071			2,360			2,326			2,256
Dividends attributable to preferred shares	12,948			12,948			15,964			16,578			17,973
Total fixed charges	77,445			77,142			84,616			85,127			88,044
Normalized EBITDA (2)	238,479			257,231			261,538			264,326			268,486
Fixed Charge Coverage Ratio	3.08		x	3.33x			3.09x			3.11x			3.05x
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Net Debt Ratios
Net Debt (3)	$	5,804,109		$	5,815,734		$	5,790,308		$	5,658,503		$	5,514,805
Normalized EBITDA annualized	953,916			1,028,924			1,046,152			1,057,304			1,073,944
Net Debt to Normalized EBITDA annualized ratio	6.08		x	5.65		x	5.53		x	5.35		x	5.14		x
Net Debt (3)	$	5,804,109		$	5,815,734		$	5,790,308		$	5,658,503		$	5,514,805
Gross Real Estate Investments (3)	14,704,629			14,781,956			14,775,948			14,911,108			14,950,309
Net Debt Leverage Ratio	39.5		%	39.3		%	39.2		%	37.9		%	36.9		%
Unencumbered Assets/Real Estate Assets
Unencumbered Gross Real Estate Investments	$	11,933,717		$	12,005,190		$	11,681,648		$	11,374,138		$	11,361,522
Gross Real Estate Investments (3)	14,704,629			14,781,956			14,775,948			14,911,108			14,950,309
Unencumbered Asset Ratio	81.2		%	81.2		%	79.1		%	76.3		%	76.0		%

___________________________________

(1) Refer to the Statements of Operations section for interest expense calculated in accordance with GAAP and to the Definitions section for the required reconciliation to the most directly comparable GAAP financial measure.

(2) Refer to the Statements of Operations section for net income calculated in accordance with GAAP and to the EBITDA, EBITDAre and Normalized EBITDA section for the required reconciliation to the most directly comparable GAAP financial measure.

(3) Refer to the Balance Sheets section for total debt and real estate investments, at cost calculated in accordance with GAAP and to the Definitions section for the required reconciliation to the most directly comparable GAAP financial measure. As discussed in the About the Data section, Net Debt as of September 30, 2019 includes the amounts payable in cash pursuant to the Class Action Settlement paid on October 15, 2019.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 8

	Q2 2020 SUPPLEMENTAL INFORMATION

Key Balance Sheet Metrics and Capital Structure

(unaudited, dollars and shares in thousands, except per share amounts)

Common equity	50.3%
Corporate bonds	25.0%
Mortgage notes payable	10.1%
Credit facility term loan	6.5%
Preferred equity	5.6%
Convertible notes	2.0%
Unconsolidated joint ventures' pro rata share	0.5%

Fixed vs. Variable Rate Debt

Fixed	84.7	%
Swapped to Fixed	14.8	%
Variable	0.5	%

VEREIT Capitalization Table
	Wtd. Avg. Maturity (Years)	Rate (1)		June 30, 2020
Diluted shares outstanding				1,081,921
Stock price				$	6.43
Implied Equity Market Capitalization				$	6,956,752
Series F Perpetual Preferred (2)		6.70	%	$	773,025
Mortgage notes payable	2.5	5.00	%	1,396,432
Unconsolidated joint ventures' pro rata share	3.6	3.16	%	68,360
Total secured debt	2.5	4.92	%	$	1,464,792
Credit facility term loan	2.9	3.59	%	900,000
2020 convertible notes	0.5	3.75	%	271,633
2024 corporate bonds	3.6	4.60	%	500,000
2025 corporate bonds	5.3	4.63	%	550,000
2026 corporate bonds	5.9	4.88	%	600,000
2027 corporate bonds	7.1	3.95	%	600,000
2028 corporate bonds	7.5	3.40	%	600,000
2029 corporate bonds	9.5	3.10	%	600,000
Total unsecured debt	5.5	3.96	%	$	4,621,633
Total Adjusted Principal Outstanding	4.8	4.19	%	$	6,086,425
Total Capitalization				$	13,816,202
Less: Cash and cash equivalents				278,883
Less: Pro rata share of unconsolidated joint ventures' cash and cash equivalents				3,433
Enterprise Value				$	13,533,886
Net Debt/Enterprise Value				42.9		%
Net Debt/Normalized EBITDA Annualized				6.08		x
Net Debt + Preferred (2)/Normalized EBITDA Annualized				6.89		x
Fixed Charge Coverage Ratio				3.08		x
Liquidity (3)				$	1,778,883

___________________________________

(1)Weighted average interest rate for variable rate debt represents the interest rate in effect as of June 30, 2020.

(2)Balance represents 30.9 million shares of Series F Preferred Stock (and 30.9 million corresponding general partner Series F Preferred Units) and 49,766 limited partner Series F Preferred Units outstanding at June 30, 2020, multiplied by the liquidation preference of $25 per share. On July 22, 2020, the Company redeemed 6.0 million shares of Series F Preferred Stock at a redemption price of $25.00 per share by using $150.0 million.

(3)Liquidity represents cash and cash equivalents of $278.9 million and $1.5 billion available capacity on our $1.5 billion revolving credit facility.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 9

	Q2 2020 SUPPLEMENTAL INFORMATION

Balance Sheets

(unaudited, in thousands)

	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Assets
Real estate investments, at cost:
Land	$	2,705,149		$	2,715,625		$	2,738,679		$	2,728,560		$	2,763,348
Buildings, fixtures and improvements	10,117,636			10,135,933			10,200,550			10,287,047			10,352,928
Intangible lease assets	1,891,831			1,899,900			1,904,641			1,909,932			1,927,699
Total real estate investments, at cost	14,714,616			14,751,458			14,843,870			14,925,539			15,043,975
Less: accumulated depreciation and amortization	3,756,132			3,659,980			3,594,247			3,559,403			3,488,838
Total real estate investments, net	10,958,484			11,091,478			11,249,623			11,366,136			11,555,137
Operating lease right-of-use assets	208,037			211,187			215,227			218,393			221,798
Investment in unconsolidated entities	86,300			78,718			68,825			69,025			68,633
Cash and cash equivalents	278,883			600,945			12,921			1,029,315			211,510
Restricted cash	21,203			18,720			20,959			20,742			20,692
Rent and tenant receivables and other assets, net	382,409			345,103			348,395			347,455			343,788
Goodwill	1,337,773			1,337,773			1,337,773			1,337,773			1,337,773
Real estate assets held for sale, net	48,093			88,513			26,957			66,684			22,553
Total assets	$	13,321,182		$	13,772,437		$	13,280,680		$	14,455,523		$	13,781,884
Liabilities and Equity
Mortgage notes payable, net	$	1,393,652		$	1,405,701		$	1,528,134		$	1,717,817		$	1,745,331
Corporate bonds, net	3,404,935			2,814,474			2,813,739			2,622,320			2,621,130
Convertible debt, net	270,152			319,120			318,183			397,726			396,766
Credit facility, net	896,314			1,767,306			1,045,669			895,351			895,033
Below-market lease liabilities, net	130,208			134,410			143,583			147,997			152,654
Accounts payable and accrued expenses	112,551			125,358			126,320			1,125,703			127,799
Derivative, deferred rent and other liabilities	161,538			146,893			90,349			101,828			77,713
Distributions payable	85,231			150,493			150,364			201,451			187,359
Operating lease liabilities	215,322			217,567			221,061			223,288			225,972
Total liabilities	6,669,903			7,081,322			6,437,402			7,433,481			6,429,757
Series F preferred stock	309			309			309			389			429
Common stock	10,779			10,778			10,768			10,677			9,734
Additional paid-in capital	13,256,288			13,252,447			13,251,962			13,360,675			12,655,018
Accumulated other comprehensive loss	(106,109		)	(104,217		)	(27,670		)	(47,886		)	(28,026		)
Accumulated deficit	(6,517,303		)	(6,475,568		)	(6,399,626		)	(6,306,590		)	(5,416,759		)
Total stockholders' equity	6,643,964			6,683,749			6,835,743			7,017,265			7,220,396
Non-controlling interests	7,315			7,366			7,535			4,777			131,731
Total equity	6,651,279			6,691,115			6,843,278			7,022,042			7,352,127
Total liabilities and equity	$	13,321,182		$	13,772,437		$	13,280,680		$	14,455,523		$	13,781,884

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 10

	Q2 2020 SUPPLEMENTAL INFORMATION

Statements of Operations

(unaudited, in thousands, except per share data)

	Three Months Ended
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Revenues:
Rental	$	278,576		$	298,586		$	305,363		$	302,985		$	312,043
Fees from managed partnerships	421			596			322			316			145
Total revenues	278,997			299,182			305,685			303,301			312,188
Operating expenses:
Acquisition-related	1,169			1,523			1,168			1,199			985
Litigation and non-routine costs, net	(118		)	(8,564		)	8,659			832,024			(3,769		)
Property operating	29,098			30,490			34,066			30,822			32,503
General and administrative	16,120			15,056			16,966			14,483			16,416
Depreciation and amortization	110,599			124,080			112,307			115,111			118,022
Impairments	12,094			8,380			22,851			3,944			8,308
Restructuring	—			—			356			783			290
Total operating expenses	168,962			170,965			196,373			998,366			172,755
Other income (expense):
Interest expense	(65,613		)	(64,696		)	(69,628		)	(67,889		)	(69,803		)
(Loss) gain on extinguishment and forgiveness of debt, net	(200		)	(1,280		)	(17,413		)	975			(1,472		)
Other income, net	778			175			7,139			2,421			3,030
Equity in income of unconsolidated entities	1,497			246			936			677			505
Gain on disposition of real estate and held for sale assets, net	8,795			25,249			41,541			18,520			221,755
Total other (expenses) income, net	(54,743		)	(40,306		)	(37,425		)	(45,296		)	154,015
Income (loss) before taxes	55,292			87,911			71,887			(740,361		)	293,448
Provision for income taxes	(1,053		)	(1,048		)	(719		)	(1,168		)	(1,164		)
Net income (loss)	54,239			86,863			71,168			(741,529		)	292,284
Net (income) loss attributable to non-controlling interests	(31		)	(55		)	(43		)	15,089			(6,626		)
Net income (loss) attributable to the General Partner	$	54,208		$	86,808		$	71,125		$	(726,440	)	$	285,658
Basic and diluted net income (loss) per share attributable to common stockholders and limited partners	$	0.04		$	0.07		$	0.05		$	(0.76	)	$	0.27

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 11

	Q2 2020 SUPPLEMENTAL INFORMATION

Funds From Operations (FFO)

(unaudited, in thousands, except share and per share data)

	Three Months Ended
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Net income (loss)	$	54,239		$	86,863		$	71,168		$	(741,529	)	$	292,284
Dividends on Series F Preferred Stock	(12,948		)	(12,948		)	(15,964		)	(16,578		)	(17,973		)
Gain on disposition of real estate assets, net	(8,795		)	(25,249		)	(41,541		)	(18,520		)	(221,762		)
Depreciation and amortization of real estate assets	110,207			123,645			111,892			114,695			117,616
Impairment of real estate	12,094			8,380			22,851			3,944			8,308
Proportionate share of adjustments for unconsolidated entities	1,146			1,131			1,027			841			565
FFO attributable to common stockholders and limited partners	$	155,943		$	181,822		$	149,433		$	(657,147	)	$	179,038
Weighted-average shares outstanding - basic	1,078,366,566			1,077,937,799			1,070,625,899			978,982,729			973,723,139
Effect of weighted-average Limited Partner OP Units and dilutive securities (1)	1,186,500			1,813,441			7,021,153			23,916,923			26,054,596
Weighted-average shares outstanding - diluted (2)	1,079,553,066			1,079,751,240			1,077,647,052			1,002,899,652			999,777,735
FFO attributable to common stockholders and limited partners per diluted share (3)	$	0.144		$	0.168		$	0.139		$	(0.655	)	$	0.179

___________________________________

(1) In connection with the Class Action Settlement, the Former Manager and Former CFO surrendered 19.9 million limited partner OP Units that were canceled during the three months ended December 31, 2019. Dilutive securities include unvested restricted stock units and stock options.

(2) Weighted-average shares for all periods presented exclude the effect of the convertible debt as the Company would expect to settle the debt in cash and any shares underlying restricted stock units that are not issuable based on the Company’s level of achievement of certain performance targets through the respective reporting period.

(3) Refer to the Statements of Operations section for basic and diluted net income (loss) per share attributable to common stockholders and limited partners.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 12

	Q2 2020 SUPPLEMENTAL INFORMATION

Adjusted Funds From Operations (AFFO)
(unaudited, in thousands, except share and per share data)

	Three Months Ended
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
FFO attributable to common stockholders and limited partners	$	155,943		$	181,822		$	149,433		$	(657,147	)	$	179,038
Acquisition-related expenses	1,169			1,523			1,168			1,199			985
Litigation and non-routine costs, net	(118		)	(8,564		)	8,659			832,024			(3,769		)
Payments received on fully reserved loans	—			—			(133		)	—			—
Loss (gain) on investments	142			541			—			28			(5		)
Loss on derivative instruments, net	—			—			—			—			24
Amortization of premiums and discounts on debt and investments, net	(362		)	(689		)	(1,479		)	(1,177		)	(1,392		)
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities	788			748			504			692			611
Net direct financing lease adjustments	372			365			387			411			410
Amortization and write-off of deferred financing costs	2,898			2,841			5,305			3,319			3,346
Loss (gain) on extinguishment and forgiveness of debt, net	200			1,280			17,413			(975		)	1,472
Straight-line rent	(3,404		)	(2,054		)	(7,107		)	(5,470		)	(8,043		)
Equity-based compensation	3,857			2,602			2,934			2,924			3,706
Restructuring expenses	—			—			356			783			290
Other adjustments, net	441			228			(3,097		)	1,138			617
Proportionate share of adjustments for unconsolidated entities	(843		)	331			(493		)	(128		)	(196		)
Adjustment for Excluded Properties	—			—			3			(41		)	5
AFFO attributable to common stockholders and limited partners (1)	$	161,083		$	180,974		$	173,853		$	177,580		$	177,099
Weighted-average shares outstanding - basic	1,078,366,566			1,077,937,799			1,070,625,899			978,982,729			973,723,139
Effect of weighted-average Limited Partner OP Units and dilutive securities (2)	1,186,500			1,813,441			7,021,153			23,916,923			26,054,596
Weighted-average shares outstanding - diluted (3)	1,079,553,066			1,079,751,240			1,077,647,052			1,002,899,652			999,777,735
AFFO attributable to common stockholders and limited partners per diluted share (4)	$	0.149		$	0.168		$	0.161		$	0.177		$	0.177

___________________________________

(1) AFFO for the three months ended June 30, 2020, includes rental revenue that represents deferred rent of $3.6 million related to deferral agreements executed through June 30, 2020, and $5.3 million related to deferral agreements executed from July 1, 2020 through July 27, 2020, which qualify for the COVID-19 Lease Concessions Relief. AFFO for the three months ended June 30, 2020, was negatively impacted by (i) $11.2 million of abated rental revenue pursuant to lease amendments executed through June 30, 2020, which increased the weighted average lease term for the related properties and (ii) a reduction to rental revenue of $4.7 million that was related to the impact of the COVID-19 pandemic, of which $0.9 million represented an increase to the general allowance for rental revenue that the Company believes it may abate as a result of lease amendments and $3.8 million represented amounts not probable of collection at June 30, 2020 and rental revenue will be recognized as cash is received.

(2) In connection with the Class Action Settlement, the Former Manager and Former CFO surrendered 19.9 million limited partner OP Units that were canceled during the three months ended December 31, 2019. Dilutive securities include unvested restricted stock units and stock options.

(3) Weighted-average shares for all periods presented exclude the effect of the convertible debt as the Company would expect to settle the debt in cash and any shares underlying restricted stock units that are not issuable based on the Company’s level of achievement of certain performance targets through the respective reporting period.

(4) Refer to the Statements of Operations section for basic and diluted net income (loss) per share attributable to common stockholders and limited partners.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 13

	Q2 2020 SUPPLEMENTAL INFORMATION

EBITDA, EBITDAre and Normalized EBITDA

(unaudited, in thousands)

	Three Months Ended
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Net income (loss)	$	54,239		$	86,863		$	71,168		$	(741,529	)	$	292,284
Adjustments:
Interest expense	65,613			64,696			69,628			67,889			69,803
Depreciation and amortization	110,599			124,080			112,307			115,111			118,022
Provision for income taxes	1,053			1,048			719			1,168			1,164
Proportionate share of adjustments for unconsolidated entities	1,775			1,761			1,603			1,337			738
EBITDA	$	233,279		$	278,448		$	255,425		$	(556,024	)	$	482,011
Gain on disposition of real estate assets, net	(8,795		)	(25,249		)	(41,541		)	(18,520		)	(221,762		)
Impairment of real estate	12,094			8,380			22,851			3,944			8,308
EBITDAre	$	236,578		$	261,579		$	236,735		$	(570,600	)	$	268,557
Payments received on fully reserved loans	—			—			(133		)	—			—
Acquisition-related expenses	1,169			1,523			1,168			1,199			985
Litigation and non-routine costs, net	(118		)	(8,564		)	8,659			832,024			(3,769		)
Loss (gain) on investments	142			541			—			28			(5		)
Loss on derivative instruments, net	—			—			—			—			24
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities	788			748			504			692			611
Loss (gain) on extinguishment and forgiveness of debt, net	200			1,280			17,413			(975		)	1,472
Net direct financing lease adjustments	372			365			387			411			410
Restructuring expenses	—			—			356			783			290
Other adjustments, net	54			(205		)	(3,511		)	724			214
Proportionate share of adjustments for unconsolidated entities	(706		)	(36		)	(43		)	97			(100		)
Adjustment for Excluded Properties	—			—			3			(57		)	(203		)
Normalized EBITDA (1)	$	238,479		$	257,231		$	261,538		$	264,326		$	268,486

___________________________________

(1) Normalized EBITDA for the three months ended June 30, 2020, includes rental revenue that represents deferred rent of $3.6 million related to deferral agreements executed through June 30, 2020, and $5.3 million related to deferral agreements executed from July 1, 2020 through July 27, 2020, which qualify for the COVID-19 Lease Concessions Relief. Normalized EBTIDA for the three months ended June 30, 2020, was negatively impacted by (i) $11.2 million of abated rental revenue pursuant to lease amendments executed through June 30, 2020, which increased the weighted average lease term for the related properties and (ii) a reduction to rental revenue of $8.4 million that was related to the impact of the COVID-19 pandemic, of which $0.9 million represented an increase to the general allowance for rental revenue that the Company believes it may abate as a result of lease amendments and $3.8 million represented amounts not probable of collection at June 30, 2020 and rental revenue will be recognized as cash is received, and $3.7 million was for straight-line rent receivables.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 14

	Q2 2020 SUPPLEMENTAL INFORMATION

Net Operating Income

(unaudited, dollars in thousands)

NOI and Cash NOI

	Three Months Ended
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Rental revenue - as reported (1)	$	278,576		$	298,586		$	305,363		$	302,985		$	312,043
Property operating expense - as reported	(29,098		)	(30,490		)	(34,066		)	(30,822		)	(32,503		)
NOI	249,478			268,096			271,297			272,163			279,540
Adjustments:
Straight-line rent	(3,404		)	(2,054		)	(7,107		)	(5,470		)	(8,043		)
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities	788			748			504			692			611
Net direct financing lease adjustments	372			365			387			411			410
Unconsolidated joint ventures' pro rata share	2,475			2,404			1,920			1,817			1,176
Adjustment for Excluded Properties	—			—			3			(54		)	(203		)
Cash NOI (2)	$	249,709		$	269,559		$	267,004		$	269,559		$	273,491

___________________________________

(1) Rental revenue includes percentage rent of $1.4 million, $1.4 million, $1.4 million, $0.9 million and $1.2 million for the three months ended June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019, and June 30, 2019, respectively.

(2) Cash NOI for the three months ended June 30, 2020, includes rental revenue that represents deferred rent of $3.6 million related to deferral agreements executed through June 30, 2020, and $5.3 million related to deferral agreements executed from July 1, 2020 through July 27, 2020, which qualify for the COVID-19 Lease Concessions Relief. Cash NOI for the three months ended June 30, 2020, was negatively impacted by (i) $11.2 million of abated rental revenue pursuant to lease amendments executed through June 30, 2020, which increased the weighted average lease term for the related properties and (ii) a reduction to rental revenue of $4.7 million that was related to the impact of the COVID-19 pandemic, of which $0.9 million represented an increase to the general allowance for rental revenue that the Company believes it may abate as a result of lease amendments and $3.8 million represented amounts not probable of collection at June 30, 2020 and rental revenue will be recognized as cash is received.

Normalized Cash NOI

	Three Months Ended
	June 30, 2020
Cash NOI	$	249,709
Adjustments for intra-quarter dispositions (1)	(265		)
Normalized Cash NOI	$	249,444

___________________________________

(1) The adjustment eliminates Cash NOI for properties disposed of during the three months ended June 30, 2020.

(2) Normalized Cash NOI for the three months ended June 30, 2020, includes rental revenue that represents deferred rent of $3.6 million related to deferral agreements executed through June 30, 2020, and $5.3 million related to deferral agreements executed from July 1, 2020 through July 27, 2020, which qualify for the COVID-19 Lease Concessions Relief. Normalized Cash NOI for the three months ended June 30, 2020, was negatively impacted by (i) $11.2 million of abated rental revenue pursuant to lease amendments executed through June 30, 2020, which increased the weighted average lease term for the related properties and (ii) a reduction to rental revenue of $4.7 million that was related to the impact of the COVID-19 pandemic, of which $0.9 million represented an increase to the general allowance for rental revenue that the Company believes it may abate as a result of lease amendments and $3.8 million represented amounts not probable of collection at June 30, 2020 and rental revenue will be recognized as cash is received.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 15

	Q2 2020 SUPPLEMENTAL INFORMATION

Same Store Contract Rental Revenue

(unaudited, dollars in thousands)

The Company reviews the stabilized operating results from properties that we refer to as "same store." In determining the same store property pool, we include Operating Properties and properties owned by unconsolidated joint ventures that were owned for the entirety of both the current and prior reporting periods, except for development or redevelopment properties. The following tables show the Company's same store portfolio statistics, which for the three months ended June 30, 2020 included 3,751⁽¹⁾ Operating Properties, with 85.1 million aggregate square feet, acquired prior to April 1, 2019 and owned through June 30, 2020 and the pro rata share of Contract Rental Revenue from properties owned by unconsolidated joint ventures.

	Three Months Ended June 30,						Increase/(Decrease)
	2020			2019			$ Change			% Change
Contract Rental Revenue (2)	$	245,108		$	259,880		$	(14,772	)	(5.7	)%
Economic Occupancy Rate	98.8		%	99.3		%	N/A			(0.5	)%

		Contract Rental Revenue
	Number of	Three Months Ended June 30,				Increase/(Decrease)
	Properties	2020		2019		$ Change			% Change
Retail	1,988	$	110,814	$	112,334	$	(1,520	)	(1.4	)%
Restaurant	1,536	41,474		54,758		(13,284		)	(24.3	)%
Industrial	144	43,215		42,888		327			0.8	%
Office	75	49,547		49,843		(296		)	(0.6	)%
Other (3)	8	58		57		1			1.8	%
Total	3,751	$	245,108	$	259,880	$	(14,772	)	(5.7	)%

___________________________________

(1) Development and expansion properties are included in the same store population if the placed in service date was prior to April 1, 2019.

(2) Same Store Contract Rental Revenue for the three months ended June 30, 2020, includes contract rental revenue that represents deferred rent of $3.3 million related to deferral agreements executed through June 30, 2020, and $5.2 million related to deferral agreements executed from July 1 through July 27, 2020, which qualify for the COVID-19 Lease Concessions Relief.

(3) Other properties include billboards, land and parking lots.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 16

	Q2 2020 SUPPLEMENTAL INFORMATION

Adjusted Principal Outstanding and Preferred Equity Summary

(unaudited, dollars in thousands)

Principal Payments Due	Total		2020		2021		2022		2023		2024		2025		2026		Thereafter
Mortgage notes payable	$	1,396,432	$	78,261	$	299,015	$	266,951	$	124,217	$	621,021	$	1,078	$	1,138	$	4,751
Unsecured credit facility	900,000		—		—		—		900,000		—		—		—		—
Corporate bonds	3,450,000		—		—		—		—		500,000		550,000		600,000		1,800,000
Convertible notes	271,633		271,633		—		—		—		—		—		—		—
Unconsolidated joint ventures' pro rata share	68,360		—		—		—		14,510		53,850		—		—		—
Total Adjusted Principal Outstanding	$	6,086,425	$	349,894	$	299,015	$	266,951	$	1,038,727	$	1,174,871	$	551,078	$	601,138	$	1,804,751

Debt Type	Percentage of Adjusted Principal Outstanding		Weighted-Average Interest Rate		Weighted-Average Years to Maturity
Mortgage notes payable	22.9	%	5.00	%	2.5
Unsecured credit facility	14.8	%	3.59	%	2.9
Corporate bonds	56.7	%	4.07	%	6.6
Convertible notes	4.5	%	3.75	%	0.5
Unconsolidated joint ventures' pro rata share	1.1	%	3.16	%	3.6
Total	100.0	%	4.19	%	4.8

Debt Type	Percentage of Adjusted Principal Outstanding		Weighted-Average Interest Rate		Weighted-Average Years to Maturity
Total unsecured debt	75.9	%	3.96	%	5.5
Total secured debt	24.1	%	4.92	%	2.5
Total	100.0	%	4.19	%	4.8
Total fixed-rate debt (1)	99.5	%	4.20	%	4.8
Total variable-rate debt	0.5	%	2.61	%	1.3
Total	100.0	%	4.19	%	4.8

Preferred Equity	Balance (2)		Percent of Total Preferred Equity		Dividend Rate
Series F preferred stock	$	773,025	100.0	%	6.7	%

___________________________________

(1) Includes $900.0 million of variable rate debt effectively fixed through the use of interest rate swap agreements. Debt payment obligations in future periods are based on the effective interest rates fixed under the agreements.

(2) Balance represents 30.9 million shares of Series F Preferred Stock (and 30.9 million corresponding general partner Series F Preferred Units) and 49,766 limited partner Series F Preferred Units outstanding at June 30, 2020, multiplied by the liquidation preference of $25 per share.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 17

	Q2 2020 SUPPLEMENTAL INFORMATION

Adjusted Principal Outstanding and Preferred Equity Summary (cont.)

(unaudited, dollars in millions)

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 18

	Q2 2020 SUPPLEMENTAL INFORMATION

Credit Facility and Corporate Bond Covenants

(unaudited)

The following is a summary of key financial covenants for the Company's unsecured credit facility and corporate bonds, as defined and calculated per the terms of the facility's credit agreement and the bonds' governing documents, respectively. These calculations, which are notbased on GAAP measurements, are presented to investors to show that the Company is in compliance with the financial covenants and are not measures of our liquidity or performance. As of June 30, 2020, the Company believes it is in compliance with these covenants based on the covenant limits and calculations in place at that time.

Unsecured Credit Facility Key Covenants	Required	June 30, 2020
Ratio of total indebtedness to total asset value	≤ 60%	39.2%
Ratio of adjusted EBITDA to fixed charges	≥ 1.5x	3.10x
Ratio of secured indebtedness to total asset value	≤ 45%	7.9%
Ratio of unsecured indebtedness to unencumbered asset value	≤ 60%	37.7%
Ratio of unencumbered adjusted NOI to unsecured interest expense	≥ 1.75x	4.63x

Corporate Bond Key Covenants	Required	June 30, 2020
Limitation on incurrence of total debt	≤ 65%	39.3%
Limitation on incurrence of secured debt	≤ 40%	9.2%
Debt service coverage	≥ 1.5x	3.84x
Maintenance of total unencumbered assets	≥ 150%	270.0%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 19

	Q2 2020 SUPPLEMENTAL INFORMATION

Acquisitions and Dispositions

(unaudited, square feet and dollars in thousands)

Acquisitions

During the three months ended June 30, 2020, the Company acquired a mezzanine position in two last-mile distribution facilities for $10.0 million.

Dispositions

The following table summarizes the Company's disposition activity and the related gains/losses during the three months ended June 30, 2020.

Real Estate	Number of Properties	Square Feet	Weighted Average Lease Term (Years) (1)	Weighted Average Cash Cap Rate (2)		Sale Price		Gain (Loss)
Retail	1	88	4.5	5.3	%	$	10,000	$	2,101
Red Lobster - GGC Participation (3)	1	6	19.3	7.6	%	4,651		600
Office	1	155	0.7	N/A		46,450		4,379
Other restaurants	1	2	0.4	N/A		530		(1		)
Vacant and other (4)	13	60	—	N/A		4,573		1,915
Total real estate dispositions	17	311	2.7	6.0	%	$	66,204	$	8,994
Held for sale assets								(199		)
Total gain on disposition of real estate, net								$	8,795

___________________________________

(1) Represents the remaining lease term from the date of sale.

(2) Excludes certain properties' cash cap rates considered not meaningful due to factors such as physical and economic vacancy or short remaining lease terms. Of the $66.2 million of dispositions, $14.7 million was used in the total weighted average cash cap rate calculation of 6.0%.

(3) The Red Lobster property was sold under an agreement with the tenant, under which the tenant received a portion of the sales proceeds. The sales price and cash cap rate presented are based on our proceeds after making the participation payment to the tenant. The cash cap rate on the gross sales price of $5.4 million was 6.5%.

(4) Represents three vacant retail properties and 10 vacant restaurant properties, including one property that was relinquished to the ground lessor upon expiration of the ground lease for no proceeds.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 20

	Q2 2020 SUPPLEMENTAL INFORMATION

Diversification Statistics: Real Estate Portfolio

(unaudited, percentages based on portfolio Annualized Rental Income)

___________________________________________________

___________________________________________________

___________________________________________________

___________________________________________________

Statistics (square feet in thousands)
Operating Properties	3,836
Rentable Square Feet	88,947
Economic Occupancy Rate	98.8	%
Weighted Average Remaining Lease Term	8.5
Investment-Grade Tenants	37.0	%
Flat leases	19.0	%
NNN leases	62.8	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 21

	Q2 2020 SUPPLEMENTAL INFORMATION

Top 10 Concentrations: Real Estate Portfolio

(unaudited, square feet and dollars in thousands)

Tenant Concentration	Number of Leases	Leased Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio		Investment Rating
Red Lobster	25	1,518	1.7	%	$	52,582	4.8	%	CCC+
Dollar Tree/Family Dollar	122	3,389	3.8	%	38,781		3.5	%	BBB-
Dollar General	410	3,794	4.3	%	34,985		3.2	%	BBB
Walgreens	93	1,321	1.5	%	32,797		3.0	%	BBB
CVS	91	1,304	1.5	%	29,040		2.6	%	BBB
FedEx	42	2,741	3.1	%	28,605		2.6	%	BBB
LA Fitness	25	1,087	1.2	%	21,118		1.9	%	CCC+
BJ's Wholesale Club	3	2,223	2.5	%	20,565		1.9	%	BB-
Albertson's	26	1,536	1.7	%	18,628		1.7	%	B+
PetSmart	13	886	1.0	%	17,682		1.6	%	B-
Total	850	19,799	22.3	%	$	294,783	26.8	%

Tenant Industry Concentration	Number of Leases	Leased Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
Restaurants - Casual Dining	308	3,827	4.3	%	$	133,574	12.1	%
Manufacturing	51	16,466	18.5	%	99,395		9.0	%
Restaurants - Quick Service	786	3,139	3.5	%	96,732		8.8	%
Retail - Discount	560	9,082	10.2	%	90,677		8.2	%
Retail - Pharmacy	199	3,025	3.4	%	68,709		6.2	%
Retail - Home & Garden	112	8,360	9.4	%	61,507		5.6	%
Retail - Grocery & Supermarket	68	4,295	4.8	%	49,654		4.5	%
Retail - Motor Vehicle	183	6,138	6.9	%	49,014		4.4	%
Finance	161	1,975	2.2	%	42,856		3.9	%
Professional Services	47	3,219	3.6	%	40,406		3.7	%
Total	2,475	59,526	66.8	%	$	732,524	66.4	%

Geographic Concentration	Number of Properties	Rentable Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
Texas	543	10,453	11.8	%	$	140,957	12.8	%
Ohio	276	8,495	9.6	%	69,099		6.3	%
Illinois	154	4,674	5.3	%	64,982		5.9	%
Florida	250	4,282	4.8	%	64,310		5.8	%
Georgia	167	3,413	3.8	%	41,283		3.7	%
Pennsylvania	102	3,761	4.2	%	40,736		3.7	%
California	61	3,324	3.7	%	39,499		3.6	%
Indiana	132	4,507	5.1	%	38,333		3.5	%
North Carolina	149	3,265	3.7	%	35,091		3.2	%
New Jersey	30	1,609	1.8	%	34,652		3.1	%
Total	1,864	47,783	53.8	%	$	568,942	51.6	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 22

	Q2 2020 SUPPLEMENTAL INFORMATION

Top 10 Concentrations: Real Estate Portfolio
(unaudited, square feet and dollars in thousands)

Metropolitan Statistical Area (MSA) Concentration	Number of Properties	Rentable Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
Chicago, IL	98	3,987	4.5	%	$	55,357	5.0	%
Dallas, TX	110	3,434	3.9	%	47,331		4.3	%
Atlanta, GA	72	2,438	2.7	%	25,685		2.3	%
New York, NY	24	1,094	1.2	%	24,251		2.2	%
Houston, TX	86	2,337	2.6	%	24,209		2.2	%
Phoenix, AZ	48	1,327	1.5	%	23,704		2.2	%
Boston, MA	20	1,505	1.7	%	21,134		1.9	%
Philadelphia, PA	37	1,133	1.3	%	20,294		1.8	%
Cincinnati, OH	40	2,264	2.5	%	17,772		1.6	%
Washington, DC	20	612	0.7	%	16,284		1.5	%
Total	555	20,131	22.6	%	$	276,021	25.0	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 23

	Q2 2020 SUPPLEMENTAL INFORMATION

Tenants Comprising Over 1% of Annualized Rental Income

(unaudited, square feet and dollars in thousands)

Tenant	Number of Leases	Leased Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio		Investment Rating
Red Lobster	25	1,518	1.7	%	$	52,582	4.8	%	CCC+
Dollar Tree/Family Dollar	122	3,389	3.8	%	38,781		3.5	%	BBB-
Dollar General	410	3,794	4.3	%	34,985		3.2	%	BBB
Walgreens	93	1,321	1.5	%	32,797		3.0	%	BBB
CVS	91	1,304	1.5	%	29,040		2.6	%	BBB
FedEx	42	2,741	3.1	%	28,605		2.6	%	BBB
LA Fitness	25	1,087	1.2	%	21,118		1.9	%	CCC+
BJ's Wholesale Club	3	2,223	2.5	%	20,565		1.9	%	BB-
Albertson's	26	1,536	1.7	%	18,628		1.7	%	B+
PetSmart	13	886	1.0	%	17,682		1.6	%	B-
Goodyear	7	4,728	5.3	%	17,588		1.6	%	B+
Tractor Supply	61	1,274	1.4	%	16,583		1.5	%	NR
General Service Administration	14	704	0.8	%	14,842		1.3	%	AA+
At Home	5	1,406	1.6	%	12,112		1.1	%	CCC+
Advance Auto Parts	104	716	0.8	%	11,893		1.1	%	BBB-
Lowe's	14	1,751	2.0	%	11,442		1.0	%	BBB+
Merrill Lynch	1	482	0.5	%	11,104		1.0	%	A-
Total	1,056	30,860	34.7	%	$	390,347	35.4	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 24

	Q2 2020 SUPPLEMENTAL INFORMATION

Diversification: Tenant Industry

(unaudited, square feet and dollars in thousands)

Industry	Number of Leases	Leased Square Feet	Leased Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
Administration & Support Services	3	425	0.5	%	$	3,960	0.4	%
Agricultural	2	137	0.2	%	1,245		0.1	%
Education	5	219	0.3	%	2,155		0.2	%
Entertainment & Recreation	37	1,688	1.9	%	40,183		3.6	%
Finance	161	1,975	2.2	%	42,856		3.9	%
Government & Public Services	19	860	1.0	%	16,526		1.5	%
Healthcare	9	907	1.0	%	14,229		1.3	%
Information & Communication	5	389	0.4	%	5,351		0.5	%
Insurance	12	1,280	1.4	%	25,955		2.4	%
Logistics	45	3,443	3.9	%	34,360		3.1	%
Manufacturing	51	16,466	18.5	%	99,395		9.0	%
Mining & Natural Resources	4	412	0.5	%	6,605		0.6	%
Other Services	10	474	0.5	%	3,191		0.3	%
Professional Services	47	3,219	3.6	%	40,406		3.7	%
Rental	11	734	0.8	%	7,143		0.6	%
Restaurants - Casual Dining	308	3,827	4.3	%	133,574		12.1	%
Restaurants - Quick Service	786	3,139	3.5	%	96,732		8.8	%
Retail - Apparel & Jewelry	12	1,367	1.5	%	16,182		1.5	%
Retail - Department Stores	12	1,021	1.2	%	8,224		0.8	%
Retail - Discount	560	9,082	10.2	%	90,677		8.2	%
Retail - Electronics & Appliances	16	1,615	1.8	%	10,876		1.0	%
Retail - Gas & Convenience	125	694	0.8	%	33,235		3.0	%
Retail - Grocery & Supermarket	68	4,295	4.8	%	49,654		4.5	%
Retail - Hobby, Books & Music	16	2,104	2.4	%	13,326		1.2	%
Retail - Home & Garden	112	8,360	9.4	%	61,507		5.6	%
Retail - Home Furnishings	43	2,672	3.0	%	31,577		2.9	%
Retail - Internet	1	1,423	1.6	%	6,797		0.6	%
Retail - Medical Services	65	555	0.6	%	12,367		1.1	%
Retail - Motor Vehicle	183	6,138	6.9	%	49,014		4.4	%
Retail - Office Supply	3	56	0.1	%	587		0.1	%
Retail - Pet Supply	17	944	1.1	%	18,738		1.7	%
Retail - Pharmacy	199	3,025	3.4	%	68,709		6.2	%
Retail - Specialty (Other)	18	536	0.6	%	5,929		0.5	%
Retail - Sporting Goods	21	1,719	1.9	%	22,795		2.1	%
Retail - Warehouse Clubs	5	2,466	2.8	%	22,754		2.1	%
Other	18	227	0.2	%	5,378		0.4	%
Total	3,009	87,893	98.8	%	$	1,102,192	100.0	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 25

	Q2 2020 SUPPLEMENTAL INFORMATION

Diversification: Property Geographic

(unaudited, square feet and dollars in thousands)

Location	Number of Properties	Rentable Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
United States
Alabama	151	1,719	1.9	%	$	27,377	2.5	%
Alaska	3	25	—	%	798		0.1	%
Arizona	77	1,941	2.2	%	33,321		3.0	%
Arkansas	94	1,179	1.3	%	13,970		1.3	%
California	61	3,324	3.7	%	39,499		3.6	%
Colorado	45	1,680	1.9	%	25,657		2.3	%
Connecticut	15	81	0.1	%	2,062		0.2	%
Delaware	7	69	0.1	%	1,307		0.1	%
Florida	250	4,282	4.8	%	64,310		5.8	%
Georgia	167	3,413	3.8	%	41,283		3.7	%
Idaho	16	130	0.1	%	3,133		0.3	%
Illinois	154	4,674	5.3	%	64,982		5.9	%
Indiana	132	4,507	5.1	%	38,333		3.5	%
Iowa	46	1,067	1.2	%	12,433		1.1	%
Kansas	41	2,207	2.5	%	9,935		0.9	%
Kentucky	74	1,966	2.2	%	21,854		2.0	%
Louisiana	90	2,798	3.1	%	27,818		2.5	%
Maine	26	703	0.8	%	9,051		0.8	%
Maryland	27	596	0.7	%	14,230		1.3	%
Massachusetts	27	2,251	2.5	%	26,081		2.4	%
Michigan	164	1,945	2.2	%	33,742		3.1	%
Minnesota	52	793	0.9	%	12,685		1.1	%
Mississippi	74	1,913	2.1	%	14,470		1.3	%
Missouri	148	1,683	1.9	%	22,659		2.1	%
Montana	9	115	0.1	%	1,985		0.2	%
Nebraska	19	335	0.4	%	5,875		0.5	%
Nevada	28	717	0.8	%	8,455		0.8	%
New Hampshire	16	240	0.3	%	4,077		0.4	%
New Jersey	30	1,609	1.8	%	34,652		3.1	%
New Mexico	41	763	0.9	%	10,111		0.9	%
New York	69	1,483	1.7	%	26,055		2.4	%
North Carolina	149	3,266	3.7	%	35,091		3.2	%
North Dakota	12	211	0.2	%	4,398		0.4	%
Ohio	276	8,495	9.5	%	69,099		6.3	%
Oklahoma	75	1,773	2.0	%	24,897		2.2	%
Oregon	13	88	0.1	%	1,918		0.2	%
Pennsylvania	102	3,761	4.2	%	40,736		3.7	%
Rhode Island	4	141	0.2	%	2,259		0.2	%
South Carolina	100	2,198	2.5	%	21,498		2.0	%
South Dakota	12	180	0.2	%	2,139		0.2	%
Tennessee	105	2,875	3.2	%	28,141		2.5	%
Texas	543	10,453	11.7	%	140,957		12.8	%
Utah	11	515	0.6	%	5,798		0.5	%
Vermont	6	53	0.1	%	1,135		0.1	%
Virginia	99	2,596	2.9	%	33,925		3.1	%
Washington	26	607	0.7	%	10,503		0.9	%
West Virginia	36	227	0.3	%	5,375		0.5	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 26

	Q2 2020 SUPPLEMENTAL INFORMATION

Diversification: Property Geographic (cont.)

(unaudited, square feet and dollars in thousands)

Location	Number of Properties	Rentable Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
Wisconsin	104	1,164	1.3	%	19,870		1.8	%
Wyoming	7	48	0.1	%	1,149		0.1	%
Territories
Puerto Rico	3	88	0.1	%	1,104		0.1	%
Total	3,836	88,947	100.0	%	$	1,102,192	100.0	%

Percentages based on Annualized Rental Income.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 27

	Q2 2020 SUPPLEMENTAL INFORMATION

Lease Expirations

(unaudited, square feet and dollars in thousands)

Year of Expiration	Number of Leases Expiring	Leased Square Feet	Leased Square Feet as a % of Total Portfolio		Annualized Rental Income Expiring		Annualized Rental Income Expiring as a % of Total Portfolio
2020	68	695	0.8	%	$	10,595	1.0	%
2021	169	7,756	8.8	%	69,953		6.3	%
2022	237	7,742	8.7	%	70,082		6.4	%
2023	277	4,664	5.3	%	62,074		5.6	%
2024	253	9,945	11.2	%	120,189		10.9	%
2025	283	5,116	5.8	%	66,860		6.1	%
2026	228	8,034	9.0	%	76,886		7.0	%
2027	352	7,012	7.9	%	99,192		9.0	%
2028	313	5,964	6.7	%	71,404		6.5	%
2029	142	6,133	6.9	%	59,038		5.4	%
Thereafter	687	24,832	27.7	%	395,919		35.8	%
Total	3,009	87,893	98.8	%	$	1,102,192	100.0	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 28

	Q2 2020 SUPPLEMENTAL INFORMATION

Lease Expirations (cont.)

(unaudited, square feet and dollars in thousands)

Year of Expiration	Number of Leases Expiring	Leased Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income Expiring		Annualized Rental Income Expiring as a % of Total Portfolio
2020
Retail	30	253	0.3	%	$	3,376	0.3	%
Restaurant	34	199	0.2	%	4,016		0.4	%
Office	3	243	0.3	%	2,722		0.3	%
Other (1)	1	—	—	%	481		—	%
Total 2020	68	695	0.8	%	$	10,595	1.0	%
2021
Retail	63	855	1.0	%	$	13,433	1.2	%
Restaurant	74	361	0.4	%	9,146		0.8	%
Industrial	12	4,871	5.5	%	19,058		1.7	%
Office	18	1,669	1.9	%	28,256		2.6	%
Other (1)	2	—	—	%	60		—	%
Total 2021	169	7,756	8.8	%	$	69,953	6.3	%
2022
Retail	145	1,587	1.8	%	$	25,123	2.3	%
Restaurant	56	268	0.3	%	7,154		0.6	%
Industrial	22	4,730	5.3	%	16,935		1.6	%
Office	13	1,157	1.3	%	20,797		1.9	%
Other (1)	1	—	—	%	73		—	%
Total 2022	237	7,742	8.7	%	$	70,082	6.4	%
2023
Retail	174	2,378	2.7	%	$	31,576	2.9	%
Restaurant	73	295	0.3	%	7,797		0.7	%
Industrial	18	1,411	1.6	%	12,195		1.1	%
Office	7	580	0.7	%	10,040		0.9	%
Other (1)	5	—	—	%	466		—	%
Total 2023	277	4,664	5.3	%	$	62,074	5.6	%

___________________________________

(1) Includes redevelopment property, billboards, land and parking lots.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 29

	Q2 2020 SUPPLEMENTAL INFORMATION

Lease Expirations (cont.)

(unaudited, square feet and dollars in thousands)

Year of Expiration	Number of Leases Expiring	Leased Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income Expiring		Annualized Rental Income Expiring as a % of Total Portfolio
2024
Retail	138	2,509	2.8	%	$	35,464	3.2	%
Restaurant	76	338	0.4	%	8,698		0.8	%
Industrial	12	3,459	3.9	%	14,958		1.4	%
Office	25	3,639	4.1	%	60,875		5.5	%
Other (1)	2	—	—	%	194		—	%
Total 2024	253	9,945	11.2	%	$	120,189	10.9	%
2025
Retail	180	2,346	2.6	%	$	33,004	3.0	%
Restaurant	84	334	0.4	%	9,328		0.8	%
Industrial	13	1,853	2.1	%	15,104		1.4	%
Office	6	583	0.7	%	9,424		0.9	%
Total 2025	283	5,116	5.8	%	$	66,860	6.1	%
2026
Retail	97	2,038	2.3	%	$	23,513	2.2	%
Restaurant	108	486	0.5	%	16,842		1.5	%
Industrial	14	4,804	5.4	%	21,768		2.0	%
Office	8	706	0.8	%	14,617		1.3	%
Other (1)	1	—	—	%	146		—	%
Total 2026	228	8,034	9.0	%	$	76,886	7.0	%
2027
Retail	242	3,849	4.3	%	$	50,739	4.6	%
Restaurant	97	857	1.0	%	27,822		2.5	%
Industrial	9	1,751	2.0	%	12,472		1.1	%
Office	4	555	0.6	%	8,159		0.8	%
Total 2027	352	7,012	7.9	%	$	99,192	9.0	%

___________________________________

(1) Includes redevelopment property, billboards, land and parking lots.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 30

	Q2 2020 SUPPLEMENTAL INFORMATION

Lease Expirations (cont.)

(unaudited, square feet and dollars in thousands)

Year of Expiration	Number of Leases Expiring	Leased Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income Expiring		Annualized Rental Income Expiring as a % of Total Portfolio
2028
Retail	188	3,016	3.4	%	$	39,534	3.6	%
Restaurant	98	350	0.4	%	11,233		1.0	%
Industrial	19	2,166	2.4	%	14,524		1.3	%
Office	8	432	0.5	%	6,113		0.6	%
Total 2028	313	5,964	6.7	%	$	71,404	6.5	%
2029
Retail	86	2,377	2.7	%	$	28,592	2.6	%
Restaurant	48	279	0.3	%	9,520		0.9	%
Industrial	6	3,024	3.4	%	13,810		1.3	%
Office	2	453	0.5	%	7,116		0.6	%
Total 2029	142	6,133	6.9	%	$	59,038	5.4	%
Thereafter
Retail	337	12,225	13.7	%	$	210,142	19.0	%
Restaurant	321	3,119	3.4	%	116,418		10.6	%
Industrial	17	8,366	9.4	%	43,606		3.9	%
Office	8	1,122	1.2	%	25,538		2.3	%
Other (1)	4	—	—	%	215		—	%
Total Thereafter	687	24,832	27.7	%	$	395,919	35.8	%
Total Remaining Lease Expirations	3,009	87,893	98.8	%	$	1,102,192	100.0	%

___________________________________

(1) Includes redevelopment property, billboards, land and parking lots.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 31

	Q2 2020 SUPPLEMENTAL INFORMATION

Lease Summary

(unaudited)

Rent Escalations

(square feet and dollars in thousands)

	Number of Leases	Leased Square Feet	Leased Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
Fixed dollar or percent increase	1,926	61,733	69.4	%	$	784,006	71.1	%
CPI	171	7,395	8.3	%	108,472		9.9	%
Flat	912	18,765	21.1	%	209,714		19.0	%
Total	3,009	87,893	98.8	%	$	1,102,192	100.0	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 32

	Q2 2020 SUPPLEMENTAL INFORMATION

Lease Summary (cont.)

(unaudited)

Tenant Expense Obligation

(square feet and dollars in thousands)

	Number of Leases	Leased Square Feet	Leased Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
NNN	2,120	52,770	59.3	%	$	692,705	62.8	%
NN	862	33,842	38.0	%	378,271		34.4	%
Other (1)	27	1,281	1.5	%	31,216		2.8	%
Total	3,009	87,893	98.8	%	$	1,102,192	100.0	%

___________________________________

(1) Includes gross, modified gross, and billboard leases.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 33

	Q2 2020 SUPPLEMENTAL INFORMATION

Property Type Diversification and Rent Coverage

(unaudited, square feet and dollars in thousands)

PropertyType Diversification

Property Type	Number of Properties (1)	Rentable Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
Retail (1)	2,068	33,867	38.1	%	$	494,496	44.9	%
Restaurant	1,536	7,075	7.9	%	227,974		20.7	%
Industrial	147	36,456	41.0	%	184,430		16.7	%
Office	75	11,549	13.0	%	193,657		17.6	%
Other (2)	10	—	—	%	1,635		0.1	%
Total	3,836	88,947	100.0	%	$	1,102,192	100.0	%

___________________________________

(1) Includes six anchored shopping centers, representing 1.1% of Annualized Rental Income.

(2) Includes redevelopment property, billboards, construction in progress, land and parking lots.

Rent Coverage

The following table shows weighted-average rent coverage for retail and restaurant properties calculated as our tenants' property level EBITDAR (earnings before interest, tax, depreciation, amortization and rent), prior to the deduction of any corporate overhead expenses, for the most recently provided trailing twelve-month period, divided by annualized June2020 rent per the lease terms. ^{(1) (2)} 

Property Type	Number of Properties (3)	2020 Rent Coverage
Retail and Restaurant	1,494	2.50	x

__________________________________

(1) 83.1% of tenant financial information analyzed reflects periods ended March 31, 2020 or prior.

(2) In certain cases, property level EBITDAR reflects a period of less than twelve months, annualized.

(3) Property level performance data was collected for 93.1% of retail and restaurant properties required to provide unit level financial information, representing 45.1% of retail and restaurant properties owned at June 30, 2020 (excluding vacant and dark properties; percentages based on property count).

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 34

	Q2 2020 SUPPLEMENTAL INFORMATION

Diversification by Property Type: Retail

(unaudited, percentages based on Annualized Rental Income of the retail properties)

____________________________________________________

______________________________________________________

_________________________________________________

_________________________________________________

Statistics (square feet in thousands)
Operating Properties	2,068
Rentable Square Feet	33,867
Economic Occupancy Rate	98.7	%
Weighted Average Remaining Lease Term	9.0
Investment-Grade Tenants	45.9	%
Flat leases	27.6	%
NNN leases	66.5	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 35

	Q2 2020 SUPPLEMENTAL INFORMATION

Diversification by Property Type: Restaurants

(unaudited, percentages based on Annualized Rental Income of the restaurant properties)

______________________________________________________

______________________________________________________

_________________________________________________

_________________________________________________

Statistics (square feet in thousands)
Operating Properties	1,536
Rentable Square Feet	7,075
Economic Occupancy Rate	97.3	%
Weighted Average Remaining Lease Term	11.4
Investment-Grade Tenants	3.3	%
Flat leases	8.7	%
NNN leases	99.3	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 36

	Q2 2020 SUPPLEMENTAL INFORMATION

Diversification by Property Type: Industrial

(unaudited, percentages based on Annualized Rental Income of the industrial properties)

____________________________________________________

______________________________________________________

_________________________________________________

_________________________________________________

Statistics (square feet in thousands)
Operating Properties	147
Rentable Square Feet	36,456
Economic Occupancy Rate	99.9	%
Weighted Average Remaining Lease Term	7.1
Investment-Grade Tenants	36.2	%
Flat leases	17.3	%
NNN leases	53.0	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 37

	Q2 2020 SUPPLEMENTAL INFORMATION

Diversification by Property Type: Office

(unaudited, percentages based on Annualized Rental Income of the office properties)

____________________________________________________

______________________________________________________

_________________________________________________

_________________________________________________

Statistics (square feet in thousands)
Operating Properties	75
Rentable Square Feet	11,549
Economic Occupancy Rate	96.5	%
Weighted Average Remaining Lease Term	5.0
Investment-Grade Tenants	55.0	%
Flat leases	10.7	%
NNN leases	20.2	%

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 38

	Q2 2020 SUPPLEMENTAL INFORMATION

Unconsolidated Joint Venture Investment Summary

(unaudited, square feet and dollars in thousands)

Unconsolidated Joint Venture Investments

Joint Venture	Legal Ownership Percentage (1)	Property Type	Number of Properties	Pro Rata Share of Gross Real Estate Investments		Pro Rata Share of Rentable Square Feet	Pro Rata Share of Annualized Rental Income		Pro Rata Share of Adjusted Principal Outstanding
Industrial partnership	20%	Industrial	6	$	82,563	952	$	5,315	$	53,850
Office partnership	20%	Office	3	24,257		112	1,984		14,510
Faison JV Bethlehem GA	90%	Retail	1	40,066		295	3,539		—
Total				$	146,886	1,359	$	10,838	$	68,360

__________________________________

(1) Legal ownership percentage may, at times, not equal the Company's economic interest because of various provisions in the joint venture agreements regarding capital contributions, distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns.

See the Definitions section for a description of the Company's non-GAAP and operating metrics.

VEREIT, Inc. | WWW.VEREIT.COM | 39

	Q2 2020 SUPPLEMENTAL INFORMATION

Definitions

(unaudited, in thousands, except share and per share data)

Annualized Rental Income is rental revenue under our leases on Operating Properties on a straight-line basis, which includes the effect of rent escalations and any tenant concessions, such as free rent, and our pro rata share of such revenues from properties owned by unconsolidated joint ventures. Annualized Rental Income excludes any adjustments to rental income due to changes in the collectability assessment, contingent rent, such as percentage rent, and operating expense reimbursements. Management uses Annualized Rental Income as a basis for tenant, industry and geographic concentrations and other metrics within the portfolio. Annualized Rental Income is not indicative of future performance.

Cash Cap Rate equals the estimated future 12-month Cash NOI, excluding any rent concessions or abatements, at acquisition or disposition divided by the purchase or sale price. For properties acquired or disposed of as a portfolio, the amount presented represents the portfolio cash cap rate. For development projects, Cash Cap Rate equals the estimated future 12-month NOI from the date rent commences divided by the total estimated investment. For certain properties, the Cash Cap Rate is equal to future 12-month Contract Rental Revenue, excluding any rent concessions or abatements, divided by the purchase price or sale price, as the majority of the Company's properties are subject to Triple Net Leases.

Contract Rental Revenue includes minimum rent, percentage rent and other contingent consideration, and rental revenue from parking and storage space and the Company's pro rata share of such revenues from properties owned by unconsolidated joint ventures. Contract Rental Revenue excludes GAAP adjustments, such as straight-line rent and amortization of above-market lease assets and below-market lease liabilities. Contract Rental Revenue includes such revenues from properties subject to a direct financing lease, and omits the Contract Rental Revenue related to Excluded Properties. The Company believes that Contract Rental Revenue is a useful non-GAAP supplemental measure to investors and analysts for assessing performance. However, Contract Rental Revenue should not be considered as an alternative to revenue, as computed in accordance with GAAP, or as an indicator of the Company's financial performance. Contract Rental Revenue may not be comparable to similarly titled measures of other companies.

The following table shows the calculation of Contract Rental Revenue for thethree months ended June 30, 2020 and 2019 (dollar amounts in thousands):

	Three Months Ended June 30,
	2020			2019
Rental revenue - as reported	$	278,576		$	312,043
Adjustments:
Costs reimbursed related to CAM, property operating expenses and ground leases	(22,681		)	(27,076		)
Straight-line rent	(3,404		)	(8,043		)
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities	788			611
Net direct financing lease adjustments	372			410
Other non-contract rental revenue	(1,730		)	(217		)
Unconsolidated joint ventures' pro rata share	2,528			1,189
Contract Rental Revenue - Excluded Properties	—			(263		)
Contract Rental Revenue	$	254,449		$	278,654

COVID-19 Lease Concessions Relief refers to eligible concessions where, in accordance with the question-and-answer document, Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic, issued by the Financial Accounting Standards Board, the Company has elected to not apply the lease modification guidance in Accounting Standards Codification (“ASC”) Topic 842, Leases (“ASC 842”). Eligible concessions are changes to the lease agreement related to the effects of COVID-19 that provide a deferral of payments with no substantive changes to the consideration of the original contract. The Company accounts for eligible deferral concessions as if there were no changes made to the lease agreement and, accordingly, continues to recognize income and increases the lease receivable. Ineligible concessions are accounted for as a lease modification under ASC 842, which requires the Company to reevaluate the lease classification and remeasure and reallocate the consideration over the remaining lease term, and include any prepaid rent liabilities and accrued rent assets relating to the original lease as part of the lease payments for the modified lease. 

CPI is a lease in which base rent is adjusted based on changes in a consumer price index.

VEREIT, Inc. | WWW.VEREIT.COM | 40

	Q2 2020 SUPPLEMENTAL INFORMATION

Definitions (cont.)

(unaudited, in thousands, except share and per share data)

Direct Financing Lease is a lease that requires specific treatment due to the significance of the lease payments from the inception of the lease compared to the fair value of the property, term of the lease, a transfer of ownership, or a bargain purchase option. These leases are recorded as a net asset on the balance sheet. The amount booked is calculated as the fair value of the remaining lease payments on the leases and the estimated fair value of any expected residual property value at the end of the lease term.

Double Net Lease ("NN") is a lease under which the tenant agrees to pay all operating expenses associated with the property (e.g., real estate taxes, insurance, maintenance), but excludes some or all major repairs (e.g., roof, structure, parking lot).

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre") and Normalized EBITDA

Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts, Inc. ("Nareit"), an industry trade group, has promulgated a supplemental performance measure known as Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate. Nareit defines EBITDAre as net income or loss computed in accordance with GAAP, adjusted for interest expense, income tax expense (benefit), depreciation and amortization, impairment write-downs on real estate, gains or losses from disposition of property and our pro rata share of EBITDAre adjustments related to unconsolidated partnerships and joint ventures. We calculated EBITDAre in accordance with Nareit's definition described above.

In addition to EBITDAre, we use Normalized EBITDA as a non-GAAP supplemental performance measure to evaluate the operating performance of the Company. Normalized EBITDA, as defined by the Company, represents EBITDAre, modified to exclude non-routine items such as acquisition-related expenses, litigation and non-routine costs, net, net revenue or expense earned or incurred that is related to the services agreement associated with a discontinued operation, gains or losses on sale of investment securities or mortgage notes receivable, payments on fully reserved loan receivables and restructuring expenses. We also exclude certain non-cash items such as impairments of goodwill and intangible assets, gains or losses on derivatives, gains or losses on the extinguishment or forgiveness of debt, write-off of program development costs, and amortization of intangibles, above-market lease assets and below-market lease liabilities. Normalized EBITDA omits the Normalized EBITDA impact of Excluded Properties. Management believes that excluding these costs from EBITDAre provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. Therefore, EBITDA, EBITDAre and Normalized EBITDA should not be considered as an alternative to net income, as computed in accordance with GAAP. The Company uses Normalized EBITDA as one measure of its operating performance when formulating corporate goals and evaluating the effectiveness of the Company's strategies. EBITDA, EBITDAre and Normalized EBITDA may not be comparable to similarly titled measures of other companies.

Economic Occupancy Rate equals the sum of Leased Square Feet divided by Rentable Square Feet.

Enterprise Value equals the sum of the Implied Equity Market Capitalization, preferred stock and Net Debt.

Excluded Properties are properties for which (i) the related mortgage loan is in default, and (ii) management decides to transfer the properties to the lender in connection with settling the mortgage note obligation. Certain non-GAAP measures and operating metrics omit the impact of such properties for the month beginning with the date that such criteria are met and ending with the disposition date, in order to better reflect the ongoing operations of the Company.

At and during the three months ended June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, there were no Excluded Properties. At and during the three months ended June 30, 2019, there was one Excluded Property which was an office property comprising 145,186 square feet, of which 6,926 square feet was vacant, with Principal Outstanding of $19.5 million.

Fixed Charge Coverage Ratio is the sum of (i) Interest Expense, excluding non-cash amortization, (ii) secured debt principal amortization on Adjusted Principal Outstanding and (iii) dividends attributable to preferred shares divided by Normalized EBITDA. Management believes that Fixed Charge Coverage Ratio is a useful supplemental measure of our ability to satisfy fixed financing obligations.

Flat Lease is a lease that requires equal rent payments, with no increases, throughout the initial term of the lease agreement. A Flat Lease may include a period of free rent at the beginning or end of the lease.

VEREIT, Inc. | WWW.VEREIT.COM | 41

	Q2 2020 SUPPLEMENTAL INFORMATION

Definitions (cont.)

(unaudited, in thousands, except share and per share data)

Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO")

Due to certain unique operating characteristics of real estate companies, as discussed below, Nareit has promulgated a supplemental performance measure known as FFO, which we believe to be an appropriate supplemental performance measure to reflect the operating performance of a REIT. FFO is not equivalent to our net income or loss as determined under GAAP.

Nareit defines FFO as net income or loss computed in accordance with GAAP adjusted for gains or losses from disposition of property, depreciation and amortization of real estate assets, impairment write-downs on real estate, and our pro rata share of FFO adjustments related to unconsolidated partnerships and joint ventures. We calculate FFO in accordance with Nareit's definition described above.

In addition to FFO, we use AFFO as a non-GAAP supplemental financial performance measure to evaluate the operating performance of the Company. AFFO, as defined by the Company, excludes from FFO non-routine items such as acquisition-related expenses, litigation and non-routine costs, net, net revenue or expense earned or incurred that is related to the services agreement associated with a discontinued operation, gains or losses on sale of investment securities or mortgage notes receivable, payments on fully reserved loan receivables and restructuring expenses. We also exclude certain non-cash items such as impairments of goodwill and intangible assets, straight-line rent, net direct financing lease adjustments, gains or losses on derivatives, reserves for loan loss, gains or losses on the extinguishment or forgiveness of debt, non-current portion of the tax benefit or expense, equity-based compensation and amortization of intangible assets, deferred financing costs, premiums and discounts on debt and investments, above-market lease assets and below-market lease liabilities. We omit the impact of the Excluded Properties and related non-recourse mortgage notes from FFO to calculate AFFO. Management believes that excluding these costs from FFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. AFFO allows for a comparison of the performance of our operations with other publicly-traded REITs, as AFFO, or an equivalent measure, is routinely reported by publicly-traded REITs, and we believe often used by analysts and investors for comparison purposes.

For all of these reasons, we believe FFO and AFFO, in addition to net income (loss), as defined by GAAP, are helpful supplemental performance measures and useful in understanding the various ways in which our management evaluates the performance of the Company over time. However, not all REITs calculate FFO and AFFO the same way, so comparisons with other REITs may not be meaningful. FFO and AFFO should not be considered as alternatives to net income (loss) and are not intended to be used as a liquidity measure indicative of cash flow available to fund our cash needs. Neither the SEC, Nareit, nor any other regulatory body has evaluated the acceptability of the exclusions used to adjust FFO in order to calculate AFFO and its use as a non-GAAP financial performance measure.

GAAP is an abbreviation for generally accepted accounting principles in the United States.

Gross Leaseis a lease under which the landlord is responsible for all expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs).

Gross Real Estate Investments represent total gross real estate and related assets of Operating Properties, equity investments in the Cole REITs, investment in direct financing leases, investment securities backed by real estate and mortgage notes receivable, and the Company's pro rata share of such amounts related to properties owned by unconsolidated joint ventures, net of gross intangible lease liabilities. We believe that the presentation of Gross Real Estate Investments, which shows our total investments in real estate and related assets, in connection with Net Debt, provides useful information to investors to assess our overall financial flexibility, capital structure and leverage. Gross Real Estate Investments should not be considered as an alternative to the Company's real estate investments balance as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP.

The following table shows a reconciliation of Gross Real Estate Investments to the amounts presented in accordance with GAAP on the balance sheet for the periods presented (dollar amounts in thousands):

VEREIT, Inc. | WWW.VEREIT.COM | 42

	Q2 2020 SUPPLEMENTAL INFORMATION

Definitions (cont.)

(unaudited, in thousands, except share and per share data)

	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Total real estate investments, at cost - as reported	$	14,714,616		$	14,751,458		$	14,843,870		$	14,925,539		$	15,043,975
Adjustments:
Investment in Cole REITs	6,867			7,009			7,552			7,552			7,552
Gross assets held for sale	54,046			104,064			36,210			91,444			28,312
Investment in direct financing leases, net	8,579			8,951			9,341			9,914			10,323
Mortgage notes receivable, net	9,959			—			—			—			1,687
Gross intangible lease liabilities	(236,324		)	(236,378		)	(242,898		)	(244,908		)	(246,135		)
Unconsolidated joint ventures' pro rata share	146,886			146,852			121,873			121,567			121,295
Gross Real Estate Investments - Excluded Properties	—			—			—			—			(16,700		)
Gross Real Estate Investments	$	14,704,629		$	14,781,956		$	14,775,948		$	14,911,108		$	14,950,309

Implied Equity Market Capitalization equals shares of common stock outstanding, multiplied by the closing sale price of the Company's stock as reported on the New York Stock Exchange.

Industry is derived from the North American Industry Classification System, NAICS, which is a system used by federal statistical agencies to classify business establishments, for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy.

Interest Coverage Ratio equals Normalized EBITDA divided by Interest Expense, excluding non-cash amortization. Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations.

Interest Expense, excluding non-cash amortization is a non-GAAP measure that represents interest expense incurred on the outstanding principal balance of our debt and the Company's pro rata share of the unconsolidated joint ventures' outstanding principal balance. This measure excludes (i) the amortization of deferred financing costs, premiums and discounts, which is included in interest expense in accordance with GAAP, and (ii) the impact of Excluded Properties and related non-recourse mortgage notes. We believe that the presentation of Interest Expense, excluding non-cash amortization, which shows the interest expense on our contractual debt obligations, provides useful information to investors to assess our overall solvency and financial flexibility. Interest Expense, excluding non-cash amortization should not be considered as an alternative to the Company's interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP.

The following table shows a reconciliation of Interest Expense, excluding non-cash amortization to interest expense presented in accordance with GAAP on the statements of operations for the periods presented (dollar amounts in thousands):

	Three Months Ended
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Interest expense - as reported	$	65,613		$	64,696		$	69,628		$	67,889		$	69,803
Adjustments:
Amortization of deferred financing costs and other non-cash charges	(2,995		)	(2,924		)	(5,395		)	(3,254		)	(3,348		)
Amortization of net premiums	459			772			1,569			1,114			1,397
Unconsolidated joint ventures' pro rata share	559			579			490			490			171
Interest Expense, excluding non-cash amortization - Excluded Properties	—			—			—			(16		)	(208		)
Interest Expense, excluding non-cash amortization	$	63,636		$	63,123		$	66,292		$	66,223		$	67,815

Investment-Grade Tenants are those with a Standard & Poor’s credit rating of BBB- or higher or a Moody’s credit rating of Baa3 or higher.  The ratings may reflect those assigned by Standard & Poor’s or Moody’s to the lease guarantor or the parent company, as applicable.

Leased Square Feet is Rentable Square Feet leased (including month-to-month agreements).

VEREIT, Inc. | WWW.VEREIT.COM | 43

	Q2 2020 SUPPLEMENTAL INFORMATION

Definitions (cont.)

(unaudited, in thousands, except share and per share data)

Metropolitan Statistical Area (MSA) is a large metropolitan area represented by a large group of zip codes, as defined by Real Capital Analytics.

Modified Gross Lease is a lease under which the landlord is responsible for most expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs), but passes through some operating expenses to the tenant.

Net Debt, Principal Outstanding and Adjusted Principal Outstanding

Principal Outstanding is a non-GAAP measure that represents the Company's outstanding principal debt balance, excluding certain GAAP adjustments, such as premiums and discounts, financing and issuance costs, and related accumulated amortization. Adjusted Principal Outstanding includes the Company's pro rata share of the unconsolidated joint ventures' outstanding principal debt balance and omits the outstanding principal balance of mortgage notes secured by Excluded Properties. We believe that the presentation of Principal Outstanding and Adjusted Principal Outstanding, which show our contractual debt obligations, provides useful information to investors to assess our overall financial flexibility, capital structure and leverage. Principal Outstanding and Adjusted Principal Outstanding should not be considered as alternatives to the Company's consolidated debt balance as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with, and as a supplement to, the Company's financial information prepared in accordance with GAAP.

Net Debt is a non-GAAP measure used to show the Company's Adjusted Principal Outstanding, less all cash and cash equivalents and the Company's pro rata share of unconsolidated joint ventures' cash and cash equivalents. As discussed in the About the Data section, Net Debt at September 30, 2019 includes the impact of the amounts payable in cash pursuant to the Class Action Settlement. We believe that the presentation of Net Debt provides useful information to investors because our management reviews Net Debt as part of its management of our overall liquidity, financial flexibility, capital structure and leverage.

The following table shows a reconciliation of Net Debt, Principal Outstanding and Adjusted Principal Outstanding to the amounts presented in accordance with GAAP on the balance sheet for the periods presented (dollar amounts in thousands):

	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Mortgage notes payable, net	$	1,393,652		$	1,405,701		$	1,528,134		$	1,717,817		$	1,745,331
Corporate bonds, net	3,404,935			2,814,474			2,813,739			2,622,320			2,621,130
Convertible debt, net	270,152			319,120			318,183			397,726			396,766
Credit facility, net	896,314			1,767,306			1,045,669			895,351			895,033
Total debt - as reported	5,965,053			6,306,601			5,705,725			5,633,214			5,658,260
Deferred financing costs, net	41,152			37,896			39,721			39,807			42,085
Net discounts (premiums)	11,860			6,389			5,413			(4,322		)	(5,435		)
Principal Outstanding	6,018,065			6,350,886			5,750,859			5,668,699			5,694,910
Unconsolidated joint ventures' pro rata share	68,360			68,360			53,850			53,850			53,850
Principal Outstanding - Excluded Properties	—			—			—			—			(19,525		)
Adjusted Principal Outstanding	$	6,086,425		$	6,419,246		$	5,804,709		$	5,722,549		$	5,729,235
Cash and cash equivalents	(278,883		)	(600,945		)	(12,921		)	(1,029,315		)	(211,510		)
Pro rata share of unconsolidated joint ventures' cash and cash equivalents	(3,433		)	(2,567		)	(1,480		)	(1,046		)	(2,920		)
Amounts payable in cash pursuant to the Class Action Settlement	—			—			—			966,315			—
Net Debt	$	5,804,109		$	5,815,734		$	5,790,308		$	5,658,503		$	5,514,805

Net Debt Leverage Ratio equals Net Debt divided by Gross Real Estate Investments. We believe that the presentation of Net Debt Leverage Ratio provides useful information to investors because our management reviews Net Debt Leverage Ratio as part of its management of our overall liquidity, financial flexibility, capital structure and leverage.

VEREIT, Inc. | WWW.VEREIT.COM | 44

	Q2 2020 SUPPLEMENTAL INFORMATION

Definitions (cont.)

(unaudited, in thousands, except share and per share data)

Net Debt to Normalized EBITDA Annualized equals Net Debt divided by the respective quarter Normalized EBITDA multiplied by four. We believe that the presentation of Net Debt to Normalized EBITDA Annualized provides useful information to investors because our management reviews Net Debt to Normalized EBITDA Annualized as part of its management of our overall liquidity, financial flexibility, capital structure and leverage.

Net Operating Income ("NOI") and Cash NOI

NOI is a non-GAAP performance measure used to evaluate the operating performance of a real estate company. NOI represents total revenues less property operating expenses and excludes fee revenue earned for services to our unconsolidated real estate joint ventures, impairment, depreciation and amortization, general and administrative expenses, acquisition-related expenses, litigation and non-routine costs, net and restructuring expenses. Cash NOI excludes the impact of certain GAAP adjustments included in rental revenue, such as straight-line rent adjustments and amortization of above-market intangible lease assets and below-market lease intangible liabilities. Cash NOI includes the pro rata share of such amounts from properties owned by unconsolidated joint ventures and omits the Cash NOI impact of Excluded Properties. It is management's view that NOI and Cash NOI provide investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis. NOI and Cash NOI should not be considered as an alternative to operating income. Further, NOI and Cash NOI may not be comparable to similarly titled measures of other companies.

The following table shows the calculation of NOI and Cash NOI for the periods presented (dollar amounts in thousands):

	Three Months Ended
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Total revenues	$	278,997		$	299,182		$	305,685		$	303,301		$	312,188
Less total operating expenses	(168,962		)	(170,965		)	(196,373		)	(998,366		)	(172,755		)
Partnership fee revenue	(421		)	(596		)	(322		)	(316		)	(145		)
Acquisition-related expenses	1,169			1,523			1,168			1,199			985
Litigation and non-routine costs, net	(118		)	(8,564		)	8,659			832,024			(3,769		)
General and administrative	16,120			15,056			16,966			14,483			16,416
Depreciation and amortization	110,599			124,080			112,307			115,111			118,022
Impairment of real estate	12,094			8,380			22,851			3,944			8,308
Restructuring expenses	—			—			356			783			290
NOI	249,478			268,096			271,297			272,163			279,540
Straight-line rent	(3,404		)	(2,054		)	(7,107		)	(5,470		)	(8,043		)
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities	788			748			504			692			611
Net direct financing lease adjustments	372			365			387			411			410
Unconsolidated joint ventures' pro rata share	2,475			2,404			1,920			1,817			1,176
Cash NOI - Excluded Properties	—			—			3			(54		)	(203		)
Cash NOI	$	249,709		$	269,559		$	267,004		$	269,559		$	273,491

Normalized Cash NOI equals our Cash NOI for our most recently reported quarter and eliminates the Cash NOI for properties acquired or developments completed during the most recently reported quarter and replaces Cash NOI for the partial period with an amount estimated to be equivalent to Cash NOI for the full period. Additionally, Normalized Cash NOI eliminates the Cash NOI contributed by properties disposed of during the most recently reported period. It is management's view that Normalized Cash NOI provides investors relevant and useful information because it reflects only the Cash NOI of properties owned as of the most recent reporting period. Normalized Cash NOI should not be considered as an alternative to operating income.

Normalized EBITDAAnnualized equals Normalized EBITDA, for the respective quarter, multiplied by four.

Operating Properties refers to all properties owned and consolidated by the Company except Excluded Properties as of the reporting date.

VEREIT, Inc. | WWW.VEREIT.COM | 45

	Q2 2020 SUPPLEMENTAL INFORMATION

Definitions (cont.)

(unaudited, in thousands, except share and per share data)

Property Operating Expense includes reimbursable and non-reimbursable costs to operate a property, including real estate taxes, utilities, insurance, repairs, maintenance, legal, property management fees, etc.

Rentable Square Feet is leasable square feet of Operating Properties and the Company's pro rata share of leasable square feet of properties owned by unconsolidated joint ventures. Rentable Square Feet at June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019, and June 30, 2019 excludes the square feet of one redevelopment property.

Triple Net Lease ("NNN") is a lease under which the tenant agrees to pay all expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs).

Unencumbered Asset Ratio equals unencumbered Gross Real Estate Investments divided by Gross Real Estate Investments. Management believes that Unencumbered Asset Ratio is a useful supplemental measure of our overall liquidity and leverage.

Weighted Average Remaining Lease Term is the number of years remaining on each respective lease, weighted based on Annualized Rental Income.

VEREIT, Inc. | WWW.VEREIT.COM | 46

EX-99.3

Exhibit 99.3 Investor Review Q2 2020

About the Data INVESTOR REVIEW This data and other information described herein are as of and for the three months ended June€30, 2020 and based on Annualized Rental Income ("ARI"), unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be read in conjunction with the financial statements and the Management's Discussion and Analysis of Financial Condition and Results of Operations sections contained in VEREIT, Inc.'s (the "Company," "VEREIT," "us," "our" and "we") Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Report on Form 10-Q for the three months ended June€30, 2020, filed with the Securities and Exchange Commission ("SEC"). Rent€collection€percentages€disclosed€are€based€on€contractual€rent€and€recoveries€paid€by€tenants€to cover estimated tax, insurance and common area maintenance expenses, including the Company's pro rata share of such amounts related to properties€owned€by€unconsolidated€joint€ventures. Percentages are calculated using a denominator that reflects pre-COVID-19 rents that has not been adjusted for any rent relief granted. Amounts exclude any tenants in€bankruptcy. In the second quarter of 2020, the Company updated its definition of Normalized EBITDA to include the impact of straight-line rent, in order to be consistent with peer companies. The Company recast the data presented for prior periods, including ratios impacted by the change. For definitions and reconciliations of the Company's non-GAAP measures and operating metrics, please view the Definitions & Reconciliations section of this presentation. Tenants, Trademarks and Logos VEREIT is not affiliated with, is not endorsed by, does not endorse and is not sponsored by or a sponsor of the products or services pictured or mentioned. The names, logos and all related product and service names, design marks and slogans are the trademarks or service marks of their respective companies. 2 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Forward-Looking Statements INVESTOR REVIEW Information set forth herein contains ‚forward-looking statements" which reflect the Companyƒs expectations and projections regarding future events and plans, the Companyƒs future financial condition, results of operations, liquidity and business, including acquisitions, rent receipts, rent relief requests and rent relief granted, debt levels, maturities and refinancings, liquidity, the payment of future dividends and the impact of COVID-19 on the Companyƒs business. Generally, the words ‚anticipates,„ ‚assumes,„ ‚believes,„ ‚continues,„ ‚could,„ ‚estimates,„ ‚expects,„ ‚goals,„ ‚intends,„ ‚may,„ ‚plans,„ ‚projects,„ ‚seeks,„ ‚should,„ ‚targets,„ ‚will,„ variations of such words and similar expressions identify forward-looking statements. These forward-looking statements are based on information currently available and involve a number of known and unknown assumptions and risks, uncertainties and other factors, which are difficult to predict and beyond the Companyƒs control, that could cause actual events and plans or could cause the Companyƒs business, financial condition, liquidity and results of operations to differ materially from those expressed or implied in the forward-looking statements. Further, information provided regarding historical rent collections should not serve as an indication of future rent collections. The following factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: the duration and extent of the impact of COVID-19 on our business and the businesses of our tenants (including their ability to timely make rent payments) and the economy generally; federal, state or local legislation or regulation that could impact the timely payment of rent by tenants in light of COVID-19; the Companyƒs ability to renew leases, lease vacant space or re-lease space as leases expire on favorable terms or at all; risks associated with tenant, geographic and industry concentrations with respect to the Companyƒs properties; risks accompanying the management of its industrial partnership and office partnership; the impact of impairment charges in respect of certain of the Companyƒs properties; unexpected costs or liabilities that may arise from potential dispositions, including related to limited partnership, tenant-in-common and Delaware statutory trust real estate programs and the Companyƒs management with respect to such programs; competition in the acquisition and disposition of properties and in the leasing of its properties including that the Company may be unable to acquire, dispose of, or lease properties on advantageous terms or at all; risks associated with bankruptcies or insolvencies of tenants, from tenant defaults generally or from the unpredictability of the business plans and financial condition of the Companyƒs tenants, which are heightened as a result of the COVID-19 pandemic; risks associated with the Companyƒs substantial indebtedness, including that such indebtedness may affect the Companyƒs ability to pay dividends and that the terms and restrictions within the agreements governing the Companyƒs indebtedness may restrict its borrowing and operating flexibility; the ability to retain or hire key personnel; and continuation or deterioration of current market conditions. Additional factors that may affect future results are contained in the Companyƒs filings with the SEC, which are available at the SECƒs website at www.sec.gov. The Company disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as required by law. 3 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Contents INVESTOR REVIEW Company Overview 5 COVID-19 Impacts 11 Portfolio Metrics & Analysis 19 Key Financial Highlights 28 Quarter Highlights 31 Contact Information 33 Definitions & Reconciliations 34 4 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Company Overview Q2 2020 a …#†

Company Snapshot COMPANY OVERVIEW VEREIT is an owner and operator of one of the largest and most diversified single-tenant real estate portfolios in the U.S. VEREIT focuses on single-tenant, net-lease real estate ‡ Experienced management platform with capabilities across all aspects of property investment management $14.7 billion ‡ Large, diversified platform including approximately Gross Real Estate Investments 3,800 properties and 88.9 million square feet ‡ Long-term net-lease structure provides stable and Retail1 Restaurants1 predictable rent stream payments 2,068 Properties 1,536 Properties ‡ Diverse portfolio across sectors, geographies and tenants Industrial1 Office1 ‡ Provides equity capital to creditworthy corporations 147 Properties 75 Properties in return for long-term leases on their properties 1) Omits 10 properties that consist of a redevelopment property, billboards, construction in progress, land and parking lots. 6 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

VEREIT Is a Full-Service Real Estate Operating Company COMPANY OVERVIEW VEREIT's in-house team of acquisition and disposition experts allow the Company to have full knowledge of the transaction market. ‡ Since 2015, VEREIT has sold approximately $5.0 billion in properties and mortgage related investments at net gains and acquired approximately $2.0 billion in assets, with another $2.8 billion acquired for Cole through Q1 2019. ‡ Since 2015, VEREIT has completed 24.9 million square feet of leasing activity. ‡ VEREIT's leasing team continues to maintain occupancy with a focus on early renewals. ‡ In 2019, VEREIT completed 3.7 million square feet of leasing activity, of which 978,000 square feet were early renewals. ‡ YTD Q2 2020, VEREIT has completed 4.1 million square feet of leasing activity, of which 2.2 million square feet were early renewals. 7 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Experienced and Proven Management Team Along With Sound Corporate Governance COMPANY OVERVIEW Glenn J. Rufrano Paul McDowell Chief Executive Officer ‡ Since assuming role of CEO on April 1, 2015, has reconstituted Board of Executive Vice President and Chief Operating Officer Directors, formalized new management team and implemented business plan ‡ Responsible for VEREITƒs asset management, property management, to guide the Companyƒs strategy construction management, portfolio management, underwriting, ‡ Prior to VEREIT, was CEO of OƒConnor Capital Partners, a real estate investment credit analysis and leasing firm he co-founded in 1983 ‡ Also serves on VEREIT investment committee, which reviews each ‡ From 2010 to 2013 was Global President and CEO of Cushman & Wakefield, Inc. asset to ensure alignment with the Companyƒs objectives ‡ Previously held executive leadership roles at Centro Properties Group and New ‡ Previously was founder of CapLease, a formerly publicly traded net- Plan Excel Realty Trust, Inc. lease REIT, where he served as CEO from 2001-2014 and Chairman from 2007-2014 ‡ Previously served on the Boards of General Growth Properties, Trizec Properties, Inc., Columbia Property Trust, Inc. and Ventas, Inc. Michael J. Bartolotta Thomas W. Roberts Executive Vice President and Chief Financial Officer Executive Vice President and Chief Investment Officer ‡ Oversees VEREITƒs real estate transaction activities for institutional ‡ Oversees the accounting, external reporting, financial planning & analysis, partnerships, single-tenant retail, office and industrial properties treasury and IT functions at VEREIT including acquisitions, sale-leaseback transactions, build-to-suits ‡ Prior to joining VEREIT, served as EVP and CFO of Cushman & Wakefield, Inc. and dispositions from 2012 to 2015 ‡ Previously served as President and CEO of Opus West Corporation ‡ Prior to Cushman, was CFO for EXOR, Inc., a leading European investment from 1993 to 2009, where he was responsible for design, company from 1991 to 2012, where he was involved in over 15 U.S. construction and development of more than 50 million square feet acquisitions and divestitures ranging in size from $20mm to $700+mm of commercial real estate ‡ Served on Board of Directors of Cushman & Wakefield, Inc. ‡ Served as VP, Real Estate Development for Koll Company prior to Opus West Lauren Goldberg Corporate Governance Executive Vice President, General Counsel and Secretary VEREIT remains committed to sound corporate governance policies. ‡ Oversees the Companyƒs legal and regulatory affairs, compliance and risk ‡ Opted-out of Maryland anti-takeover statutes management ‡ Majority voting for uncontested director elections ‡ Prior to joining VEREIT, served as EVP, General Counsel and the Chief Compliance Officer for Revlon, the global cosmetics company, where she was ‡ Stockholder rights plan limits responsible for legal and regulatory affairs, served on senior operating ‡ Proxy access committee and oversaw corporate governance ‡ Clawback policy for the potential recoupment of officer compensation ‡ Previously served as SVP - Law for MacAndrews & Forbes, Inc., Assistant United States Attorney for the Southern District of New York, and as an associate with Stillman & Friedman P.C. and Fried, Frank, Harris, Shriver & Jacobson LLP ‡ Law degree from Columbia Law School and undergraduate degree from the Wharton School, University of Pennsylvania 8 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

VEREIT's Corporate Responsibility Standards COMPANY OVERVIEW The Company has a strong commitment to serve our tenants, stakeholders, and employees through our business approach which is disciplined, transparent, and consistent. This model Industry Impact permeates into every part of our business, including company culture, environmental VEREIT contributes to steering initiatives and our community involvement. Below are highlights of our commitment: the REIT industry on ESG issues Environmental through participation in Nareitƒs Real Estate Sustainability Corporate Headquarters - LEED green building certification at the Companyƒs corporate headquarters certifies that the building is highly Council. efficient and a cost-saving green building. Commitment to Sustainable Trip Reduction Program - We participate in the Phoenix Valley Metroƒs Transportation Clean Air Campaign Trip Reduction Program to encourage alternative modes of transportation for employees. In 2019, VEREIT received the€Outstanding Travel Reduction Award from the Phoenix Tenant Environmental Practices - Tenants play a primary role in the Department of Transportation. environmental practices of the properties included in the Companyƒs portfolio. The organizationƒs Property Management team engages with top tenants to participate in programs such as LEED certification, GHG Employee Satisfaction reporting, carbon intensity testing, water efficiency and FSC certification to maintain environmental standards. In part because of programs like vibe, Social the Companyƒs wellness initiative, VEREIT has received multiple corporate Diverse Hiring Practices - The Company has a commitment to equal employment opportunities and does not discriminate against any culture awards. person based on race, color, religion, sex, national origin, age, disability, sexual orientation, gender identification or expression, genetic information or any other basis made unlawful by federal, state or local Dedicated to Diversity law, ordinance or regulation. VEREIT has been designated as a ‚winning„ Community Involvement - Since 2015, our employees have company by the 2020 Women on Boards contributed more than 1,200 service hours to local nonprofit organizations and have made substantial financial contributions. organization for having more than 20% of women on its Board of Directors. Industry Growth - We participate in local university partnerships and manage an internship program to support the development of future real estate professionals. Community Engagement Governance The VEREIT Values program was created to connect employees with charitable Commitment to Sound Corporate Governance Policies - The Company remains committed to sound corporate governance policies organizations in the community. and has, among other things, opted-out of Marylandƒs anti-takeover statutes, adopted majority voting for uncontested director elections, adopted proxy access and stockholder rights plan limits and requires that all directors are elected annually. 9 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Key Accomplishments COMPANY OVERVIEW In 2015, Glenn Rufrano was hired as CEO and a business plan was established to revitalize and enhance the Company. Key components include: ‡ Strengthening and diversifying the portfolio ‡ Creating an investment-grade balance sheet ‡ Maintaining strong and consistent leadership Since then, these objectives have been accomplished in the following ways: VEREIT has sold approximately $5.0 billion in properties and mortgage related investments at net gains and acquired approximately $2.0 billion in assets. Additionally, VEREIT acquired $2.8 billion for Cole through Q1 2019. VEREIT has reduced total debt from $10.4 billion to $5.97 billion and Net Debt to Normalized EBITDA from 6.9x to 5.8x.1 VEREIT remains committed to having strong corporate governance through the reconstitution of its Board of Directors and implementation of sound corporate governance policies. Received Investment Grade Corporate Ratings from S&P, Moody's and Fitch. During the fourth quarter 2019, Fitch Ratings upgraded the Companyƒs corporate rating from ˆBBB-ˆ to ˆBBBƒ with the Rating Outlook remaining at ˆStableƒ and Moodyƒs affirmed the Companyƒs rating of ˆBaa3ƒ and updated the Rating Outlook from ˆStableƒ to ˆPositive.ƒ Simplified the business by selling Cole Capital. VEREIT accessed the public markets by issuing approximately $1.7 billion of equity and $3.4 billion of debt along with a credit facility comprised of a $1.5 billion unsecured revolving credit line and a $900.0 million unsecured term loan - enhancing our liquidity and financial flexibility. Formed an industrial partnership and office partnership increasing the Company's sourcing opportunities while utilizing VEREITƒs in-house infrastructure to maximize the value of the enterprises. Resolved all outstanding legacy litigation. 1) Based on Normalized EBITDA adjusted for abated rent annualized. 10 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

COVID-19 Impacts a …#†

Rent Collection and Relief Requests: Overview1 COVID-19 IMPACTS € As of July€27, 2020: COVID-19€ Collected IMPACTS 86% of April rent. € Collected 85% of May rent. € Collected 86% of June rent. € Collected 85% of Q2 rent, in aggregate. € Collected 91% of July rent. € Tenants representing 33% of total ARI have requested rent relief Property Type Rent Collection Rent Relief Requests2 as of July 27, 2020 as of July 27, 2020 April May June Q2 July Total 86% 85% 86% 85% 91% 33% Investment Grade 99% 99% 99% 99% 99% 7% Public 96% 96% 96% 94% 98% 19% Retail 88% 87% 89% 88% 96% 28% Investment Grade 100% 99% 99% 99% 99% 9% Public 93% 93% 95% 94% 98% 18% Restaurant 55% 56% 56% 56% 68% 69% Investment Grade 100% 96% 96% 97% 96% ‰% Public 98% 92% 92% 94% 99% 54% Industrial 99% 99% 94% 97% 95% 28% Investment Grade 100% 99% 99% 99% 99% 11% Public 100% 100% 94% 98% 99% 27% Office 98% 97% 97% 98% 97% 8% Investment Grade 99% 97% 97% 98% 98% 2% Public 100% 100% 100% 100% 98% 2% 1) Rent collection and rent relief data includes July rent expected to be received from a Government agency tenant that pays in arrears of approximately 2%. 2) Represents the portion of the % ARI that corresponds to the tenants that submitted requests for rent relief. 12 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Rent Collection and Relief Requests: Overview1 COVID-19 IMPACTS ‡ VEREIT has been in communication ‡ 8 of VEREIT's top 10 tenants have paid April rent, representing 78% of with all tenants who have requested top 10 tenant rent. ‡ 8 of VEREIT's top 10 tenants have paid May rent, representing 77% of rent relief to discuss the impact of top 10 tenant rent. COVID-19 on their businesses. ‡ 8 of VEREIT's top 10 tenants have paid June rent, representing 77% of top 10 tenant rent. ‡ VEREIT is evaluating tenant relief ‡ 10 of VEREIT's top 10 tenants have paid July rent, representing 90% of requests on a case-by-case basis top 10 tenant rent. with close attention to the tenants' ‡ 17 of VEREIT's top 20 tenants have paid April rent, representing 82% of ongoing operations, unit coverage, top 20 tenant rent. liquidity and financial health. ‡ 17 of VEREIT's top 20 tenants have paid May rent, representing 81% of top 20 tenant rent. ‡ Rent relief requests generally range ‡ 17 of VEREIT's top 20 tenants have paid June rent, representing 79% of from 2 to 4 months and would be top 20 tenant rent. expected to be paid back within 12 ‡ 20 of VEREIT's top 20 tenants have paid July rent, representing 92% of top 20 tenant rent. months. ‡ VEREIT received rent relief requests from tenants representing approximately 33% of ARI. - 17% were approved, - 3% are in negotiations, and - 13% have either been denied or VEREIT has not yet taken action ‡ Rent collection within the 13% was approximately 87% in Q2 and 89% in July 1) Rent collection and rent relief data as of July 27, 2020 and includes July rent expected to be received from a Government agency tenant that pays in arrears of approximately 2%. 13 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Rent Collection and Relief Requests by Industry1 Industry designations based on NAICS categorization COVID-19 IMPACTS Rent Relief April Rent May Rent June Rent July Rent Property Type % ARI Requests2 Collected Collected Collected Collected High Collection / Necessity: Retail - Discount 8.1% 11% 98% 97% 98% 98% Retail - Pharmacy 5.6% ‰% 100% 100% 100% 100% Retail - Grocery & Supermarket 3.8% ‰% 100% 100% 100% 100% Retail - Home & Garden 3.5% 15% 98% 96% 100% 100% Retail - Gas & Convenience 3.0% 2% 100% 100% 100% 100% Retail - Motor Vehicle 2.9% 28% 94% 97% 97% 100% Finance 1.9% 9% 100% 100% 100% 99% Retail - Warehouse Clubs 1.7% ‰% 100% 100% 100% 100% Retail - Medical Services 1.1% 5% 99% 99% 99% 100% Retail - Pet Supply 1.0% 100% 100% 94% 94% 82% Retail - Department Stores 0.7% 92% 100% 100% 100% 100% Retail - Electronics & Appliances 0.7% 96% 100% 100% 100% 95% Rental 0.6% 22% 100% 100% 100% 100% Retail - Hobby, Books & Music 0.5% 4% 95% 96% 97% 98% Retail - Specialty (Other) 0.4% 53% 87% 84% 85% 92% Retail - Apparel & Jewelry 0.3% 93% 47% 47% 97% 92% All Other 0.4% 57% 80% 81% 83% 82% Total Retail - High Collection / Necessity 36.2% 16% 98% 97% 99% 98% Restaurants - Quick Service 8.8% 52% 82% 79% 81% 80% Industrial 16.7% 28% 99% 99% 94% 95% Office 17.6% 8% 98% 97% 97% 97% Total High Collection / Necessity 79.3% 21% 97% 96% 96% 95% Improving: Retail - Home Furnishings 2.9% 61% 32% 27% 47% 99% Retail - Sporting Goods 2.1% 82% 50% 64% 67% 74% Total Improving 5.0% 70% 41% 45% 57% 86% Other: Restaurants - Casual Dining 12.1% 82% 35% 39% 38% 59% Entertainment & Recreation 3.6% 99% 33% 26% 28% 82% Total Other 15.7% 86% 34% 36% 36% 64% Total 100.0% 33% 86% 85% 86% 91% 1) Rent collection and rent relief data as of July 27, 2020 and includes July rent expected to be received from a Government agency tenant that pays in arrears of approximately 2%. 2) Represents the portion of the % ARI that corresponds to the tenants that submitted requests for rent relief. 14 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Collections by State 1,2 COVID-19 IMPACTS Retail Quick Service Casual Dining Industrial Office Total State Status % ARI Apr May Jun Jul Apr May Jun Jul Apr May Jun Jul Apr May Jun Jul Apr May Jun Jul Apr May Jun Jul Portfolio 100.0% 88% 87% 89% 96% 82% 79% 81% 80% 35% 39% 38% 59% 99% 99% 94% 95% 98% 97% 97% 97% 86% 85% 86% 91% Reopened 18.9% 89% 89% 91% 96% 75% 74% 77% 77% 41% 39% 43% 66% 100% 99% 94% 93% 100% 99% 99% 100% 87% 86% 87% 91% Reopening 24.3% 90% 90% 92% 98% 82% 80% 81% 76% 33% 35% 36% 59% 97% 97% 88% 88% 97% 96% 95% 96% 86% 86% 85% 89% Pausing 19.8% 86% 88% 89% 95% 85% 82% 81% 80% 36% 48% 36% 56% 100% 100% 100% 100% 100% 98% 98% 99% 86% 87% 86% 92% Reversing 36.9% 86% 85% 87% 96% 82% 79% 82% 85% 33% 38% 40% 57% 100% 100% 98% 97% 98% 96% 98% 94% 84% 84% 85% 90% 1) Source: The New York Times - See How All 50 States Are Reopening (and Closing Again) as of 07/29/20. 2) Reopened: WY, OK, UT, MT, AK, NH, IA, WI, ND, KS, MO, NE, MN, SD, VA, PA, WV Reopening: OH, IL, ME, MA, NY, VT, RI, HI, GA, TN Pausing: MD, DE, IN, CT, NJ, OR, ID, WA, SC, NC, AL, MS, AR Reversing: KY, MI, AZ, CO, CA, NM, NV, FL, TX, LA, PR 15 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Collections Details1,2 COVID-19 IMPACTS VEREIT's rent collection continues to improve. Q2 2020 Collections July 2020 Collections Rent Collected: 85.5% Rent Collected: 90.6% Uncollected Rent: 7.4% Uncollected Rent: 5.3% Deferrals Executed: 3.2% Deferrals Executed: 2.2% Abatement: 4.0% Abatement: 2.0% 14.5% of rent was not collected 9.4% of rent was not collected in Q2 2020. in July 2020. Q2 2020 July 2020 $ Amount % of Total $ Amount % of Total (in thousands) (in thousands) Total Uncollected Rent $ 41,044 14.5% $ 9,000 9.4% Less: Deferrals Executed 8,909 3.2% 2,068 2.2% Abatements Executed 11,184 4.0% 1,894 2.0% Uncollected Rent $ 20,951 7.4% $ 5,038 5.3% COVID-19 Related Reserved Rent3 $ 4,721 1.7% (included within Uncollected Rent) 1) Rent collection and rent relief data as of July 27, 2020 and includes July rent expected to be received from a Government agency tenant that pays in arrears of approximately 2%. 2) Amounts may not total due to rounding. 3) Excludes $3.7 million of straight-line rent receivables. 16 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Open Stores1 COVID-19 IMPACTS Open Store Count - May 15, 2020 Partially Open Open Closed % % % Total Retail & Restaurant 76% 16% 8% Total Retail 90% 5% 5% Casual Dining 20% 67% 13% Quick Service 79% 13% 8% Total Restaurant 57% 33% 10% Open Store Count - July 27, 2020 Partially Open Open Closed % % % Total Retail & Restaurant 94% 3% 3% Total Retail 98% 1% 1% Casual Dining 88% 7% 5% Quick Service 87% 8% 5% Total Restaurant 87% 8% 5% 1) Data estimates are compiled from available sources, including news reports, tenant contact and public filings. Figures are calculated based on store counts and not on ARI. 17 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

VEREIT Properties in Relation to COVID-19 Cases COVID-19 cases1 as of 07/29/20 COVID-19 IMPACTS 1) Cases by State Source: Centers for Disease Control and Prevention (CDC) - Cases in the U.S. Pacific Southwest cases include Hawaii. VEREIT does not own any properties in this state. 18 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Portfolio Metrics & Analysis Q2 2020 a …#†

Key Portfolio Metrics PORTFOLIO Portfolio Property Type As of 6/30/2020 Other: 0.1% Office: 17.6% Operating Properties 3,836 Total Rentable Square Feet (in millions) 88.9 Retail: 44.9% Annualized Rental Income $1.1 Billion Industrial: 16.7% Economic Occupancy Rate 98.8% WALT (years) 8.5 Restaurant: 20.7% 3 Investment Grade 1 37.0% Number of Tenants 602 Number of Industries 41 Number of States 2 49 Top 10 Tenant Concentration 26.8% Gross Real Estate Investments $14.7 Billion 1) Investment-grade tenants are those with an S&P credit rating of BBB- or higher or a Moody's credit rating of Baa3 or higher. The ratings may reflect those assigned by S&P or Moody's to the lease guarantor or the parent company, as applicable. 2) The CompanyÅs properties are also located in Puerto Rico (3 properties). 3) Restaurant category includes Casual Dining (12.1%) and Quick Service (8.8%) (industry percentages include restaurant tenants in other property types). 20 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Property Type Diversification PORTFOLIO Retail Restaurant Operating Properties1: 2,068 Operating Properties: 1,536 Rentable Square Feet: 33,867 Rentable Square Feet: 7,075 WALT: 9.0 years WALT: 11.4 years Investment Grade Tenants: 45.9% Investment Grade Tenants: 3.3% Annualized Rental Income: 44.9% Annualized Rental Income: 20.7% Top Ten Tenants: Top Ten Tenants: € Dollar Tree/Family Dollar ‡ Red Lobster € Dollar General € Bloomin' Brands € Walgreens € Apple American Group, LLC € CVS € GMRI, Inc € LA Fitness € Border Holdings, LLC € Albertson's € Golden Corral € Tractor Supply € Wendy's Company € BJ's Wholesale Club € Neighborhood Restaurant Partners Florida, LLC € At Home € Cracker Barrel € Advance Auto Parts € Arby's Restaurant Group, Inc. Industry 2018 Occupancy Cost 2 Target % Industry 2018 Occupancy Cost 2 Target % Automotive 8.7% 8.0 - 10.0% Casual Dining 7.0% 6.75 - 8.0% Discount 7.4% 6.0 - 8.0% Quick Service 7.4% 7.5 - 8.5% Grocery & Supermarket 2.9% 2.0 - 4.0% Home & Garden 2.0% 2.0 - 4.0% Q2 2020 Weighted-Average Rent Property Type Coverage 3 Pharmacy 4.8% 4.0 - 6.0% Other 3.9% N/A Retail and Restaurant 2.50x 1) Includes six anchored shopping centers, representing 1.1% of ARI. 2) Occupancy costs are calculated as rent per the lease terms, divided by property level sales for the year ended December 31, 2018. Property level sales data was collected for 79.5% of retail and restaurant properties required to provide unit level sales reports, representing 49.6% of retail and restaurant properties owned for the entirety of 2019 (excluding dark and vacant properties; percentages based on property count). 3) Rent coverage is calculated as our tenants' property level EBITDAR (earnings before interest, tax, depreciation, amortization and rent), prior to the deduction of any corporate overhead expenses, for the most recently provided trailing twelve-month period (or in certain cases, less than twelve months, annualized) divided by annualized June 2020 rent per the lease terms. Property level performance data was collected for 93.1% of retail and restaurant properties required to provide unit level financial information, representing 45.1% of retail and restaurant properties owned at June‚30, 2020 (excluding vacant and dark properties; percentages based on property count). 83.1% of tenant financial information analyzed reflects periods ended March 31, 2020 or prior. 21 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Property Type Diversification PORTFOLIO Office Industrial Operating Properties: 75 Operating Properties: 147 Rentable Square Feet: 11,549 Rentable Square Feet: 36,456 WALT: 5.0 years WALT: 7.1 years Investment Grade Tenants: 55.0% Investment Grade Tenants: 36.2% Annualized Rental Income: 17.6% Annualized Rental Income: 16.7% Top Ten Tenants: Top Ten Tenants: € General Service Administration € FedEx € Merrill Lynch € Goodyear € AON € Bed Bath & Beyond € Healthnow € Graphic Packaging € PetSmart € Bi-Lo, LLC € RSA Security € Rubbermaid € Cigna € Amazon € Peraton € General Mills € Rolls-Royce € Hanesbrands € Cimarex Energy € Tiffany & Co. ‡ Property types include single-tenant corporate headquarters ‡ Property types include single-tenant distribution and and mission-critical business operations with creditworthy warehouse facilities with creditworthy tenants tenants ‡ Essential and strategic locations with 88% dedicated to ‡ Strategic locations with 34% serving as corporate headquarters distribution or warehousing and 66% focused on corporate operations ‡ Close proximity to ports, railways, major freeways and/or ‡ Strong 10-mile demographics and local business environment interstate highways 22 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Portfolio Diversification by Tenant PORTFOLIO 1 1 ‡ VEREIT owns and actively manages a Tenant Group % ARI Public /Private Ratings Tenant Group % ARI Public /Private Ratings Red Lobster 4.8% Private CCC+ Home Depot 0.8% Public A diversified credit portfolio of net-lease real Dollar Tree/Family Dollar 3.5% Public BBB- Academy Sports + Outdoors 0.8% Private CCC+ estate assets primarily comprised of Dollar General 3.2% Public BBB Graphic Packaging 0.7% Public BB+ single-tenant properties. Walgreens 3.0% Public BBB Healthnow 0.7% Private BBB ‡ 48 tenants individually represent 0.5% or CVS 2.6% Public BBB Bi-Lo, LLC 0.7% Private B- greater of ARI, comprising 56.8% of the FedEx 2.6% Public BBB Apple American Group, LLC 0.7% Private B- total portfolio. The remaining 554 tenants LA Fitness 1.9% Private CCC+ GMRI, Inc 0.7% Public BBB- comprise 43.2% of the portfolio. BJ's Wholesale Club 1.9% Public BB- Talbots 0.7% Private CCC+ ‡ 21 of the 48 tenants are investment-grade Albertson's 1.7% Public B+ Kohl's 0.7% Public BBB- rated. PetSmart 1.6% Private B- RSA Security 0.6% Public BB+ ‡ 32 of the 48 tenants are public companies. Goodyear 1.6% Public B+ SunTrust Bank 0.6% Public A- Tractor Supply 1.5% Public NR Border Holdings, LLC 0.6% Private NR General Service Administration 1.3% Private AA+ Rubbermaid 0.6% Public BB+ At Home 1.1% Public CCC+ Amazon 0.6% Public AA- Advance Auto Parts 1.1% Public BBB- General Mills 0.6% Public BBB Lowe's 1.0% Public BBB+ Art Van Furniture 0.6% Private NR Merrill Lynch 1.0% Public A- Golden Corral 0.6% Private NR AON 1.0% Public A- Hanesbrands 0.6% Public BB Topgolf 1.0% Private CCC+ Cigna 0.5% Public A- Bed Bath & Beyond 1.0% Public B+ DaVita Dialysis 0.5% Public BB Best Buy 1.0% Public BBB Wendy's Company 0.5% Public NR Bloomin' Brands 0.8% Public B+ Neighborhood Restaurant Partners Florida, LLC 0.5% Private NR Cabela's 0.8% Private B Fresenius Medical Care 0.5% Public BBB Citizens Bank 0.8% Public A- Peraton 0.5% Private B 1) Bold indicates investment grade. Ratings may reflect those of the tenant, guarantor or a related parent company. 23 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Property Type Analysis: Retail1 ARI reflects retail properties only and does not include restaurants, office, industrial and other. Industry designations based on NAICS categorization. PORTFOLIO Diversified Retail Portfolio Rent Relief April Rent May Rent June Rent July Rent Industry Group % ARI Requests2 Collected Collected Collected Collected Retail - Discount 8.1% 11% 98% 97% 98% 98% Retail - Pharmacy 5.6% ‰% 100% 100% 100% 100% VEREIT's Single-Tenant Retail - Grocery & Supermarket 3.8% ‰% 100% 100% 100% 100% Retail Advantages Entertainment & Recreation 3.6% 99% 33% 26% 28% 82% ‡ Dominated by off-price and Retail - Home & Garden 3.5% 15% 98% 96% 100% 100% necessity shopping Retail - Gas & Convenience 3.0% 2% 100% 100% 100% 100% Retail - Motor Vehicle 2.9% 28% 94% 97% 97% 100% ‡ Approximately 71% of retail Retail - Home Furnishings 2.9% 61% 32% 27% 47% 99% revenue derived from Retail - Sporting Goods 2.1% 82% 50% 64% 67% 74% public companies Finance 1.9% 9% 100% 100% 100% 99% ‡ Credit tenants on long- Retail - Warehouse Clubs 1.7% ‰% 100% 100% 100% 100% term leases with substantial Retail - Medical Services 1.1% 5% 99% 99% 99% 100% capital investment (45.9% Retail - Pet Supply 1.0% 100% 100% 94% 94% 82% investment grade) Retail - Department Stores 0.7% 92% 100% 100% 100% 100% ‡ Generally, no use Retail - Electronics & Appliances 0.7% 96% 100% 100% 100% 95% restrictions or co-tenancy Rental 0.6% 22% 100% 100% 100% 100% issues Retail - Hobby, Books & Music 0.5% 4% 95% 96% 97% 98% Retail - Specialty (Other) 0.4% 53% 87% 84% 85% 92% ‡ Ability to target desired Retail - Apparel & Jewelry 0.3% 93% 47% 47% 97% 92% tenants and industries All Other3 0.5% 57% 80% 81% 83% 82% Total 44.9% 28% 88% 87% 89% 96% 1) Rent collection and rent relief data as of July 27, 2020 and includes July rent expected to be received from a Government agency tenant that pays in arrears of approximately 2%. 2) Represents the portion of the % ARI that corresponds to the tenants that submitted requests for rent relief. 3) Includes nine industries that each represent 0.2% or less. 24 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Property Type Analysis: Retail Category by Percent of Portfolio ARI ARI reflects retail properties only and does not include restaurants, office, industrial and other. Industry designations based on NAICS categorization. PORTFOLIO Retail - Discount Retail - Grocery & Supermarket Entertainment & Recreation Investment Tenant % ARI Investment Tenant % ARI Investment Tenant % ARI Grade Grade Grade Dollar Tree/ € Albertson's 1.7% LA Fitness 1.9% Family Dollar 3.5% Fresh Thyme 0.4% Topgolf 1.0% Dollar General 3.2% Farmers Market € 24 Hour Fitness 0.2% Wal-Mart 0.4% Giant Eagle 0.2% € Spare Time 0.2% Mills Fleet Farm 0.3% Harps Food Stores 0.2% Regal Cinemas 0.1% Burlington 0.2% Dahl's 0.2% Urban Air 0.1% Ross 0.1% € Adventure Park Natural Grocers 0.1% Marshalls 0.1% € AMC Theaters 0.1% Giant 0.1% DSW 0.1% € Chuze Fitness 0.1% Stop & Shop 0.1% € TJ Maxx 0.1% € Other ‰% Trader Joe's 0.1% Five Below 0.1% Total 3.6% Whole Foods 0.1% Big Lots 0.1% Publix 0.1% Other 0.1% Food Lion 0.1% Total 8.1% € Family Fare 0.1% Retail - Home & Garden Retail - Pharmacy Sprouts 0.1% Investment Tenant % ARI Grade Investment Other 0.2% Tenant % ARI Tractor Supply 1.5% Grade Total 3.8% Walgreens 3.0% € Lowe's 1.0% € CVS 2.3% € Home Depot 0.4% € Rite Aid 0.3% Floor & Decor 0.4% Total 5.6% Bed Bath & Beyond 0.1% Other 0.1% Total 3.5% NOTE: Amounts may not total due to rounding. 25 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Property Type Analysis: Retail Category by Percent of Portfolio ARI ARI reflects retail properties only and does not include restaurants, office, industrial and other. Industry designations based on NAICS categorization. PORTFOLIO Retail - Convenience Retail - Motor Vehicle Retail - Sporting Goods Investment Tenant % ARI Investment Investment Tenant % ARI Grade Tenant % ARI Grade Grade Thorntons 0.5% € Bass Pro Shops 0.8% Advance Auto 1.1% (Cabela's) 7-Eleven 0.5% € Parts Academy Sports + Kum & Go 0.4% Take 5 Oil Outdoors 0.8% Change 0.3% Stripes 0.4% Dick's Sporting Goods 0.2% CarMax 0.3% Circle K 0.3% € West Marine 0.2% Car Wash USA 0.2% RaceTrac 0.2% Other ‰% Mister Car Wash 0.2% Mad Max 0.2% Total 2.1% SuperAmerica 0.1% € Goo Goo 0.2% AutoZone 0.1% € Irving Oil 0.1% Finance O'Reilly Auto € Bread & Butter 0.1% Parts 0.1% Investment Shop Tenant % ARI Grade Fas Mart 0.1% America's PowerSports, Inc. 0.1% Citizens Bank 0.8% € E-Z Mart 0.1% Goodyear 0.1% SunTrust Bank 0.6% € WaWa 0.1% Other 0.3% US Bank 0.2% € Other 0.2% Total 2.9% PLS Check Cashers 0.2% Total 3.0% Santander 0.1% € Retail - Home Furnishings Other 0.2% Investment Total 1.9% Tenant % ARI Grade At Home 1.1% Retail - Warehouse Clubs Art Van Furniture 0.6% Investment Tenant % ARI Grade La-Z-Boy 0.4% BJ's Wholesale Club 1.5% Mattress Firm 0.3% Sam's Club 0.2% Steinhafels 0.3% € Total 1.7% Other 0.1% Total 2.9% NOTE: Amounts may not total due to rounding. 26 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Property Type Analysis: Retail Category by Percent of Portfolio ARI ARI reflects retail properties only and does not include restaurants, office, industrial and other. Industry designations based on NAICS categorization. PORTFOLIO Retail - Medical Services Retail - Electronics & Appliances Retail - Hobby, Books & Music Investment Investment Investment Tenant % ARI Grade Tenant % ARI Grade Tenant % ARI Grade Fresenius € Best Buy 0.7% € Hobby Lobby 0.3% Medical Care 0.5% Other ‰% Michaels 0.1% DaVita Dialysis 0.3% Total 0.7% Other ‰% Physicians Immediate Care 0.1% Total 0.5% Rental AMITA Health 0.1% Investment Retail - Specialty (Other) Other 0.2% Tenant % ARI Grade Investment Total 1.1% Aaron's 0.4% Tenant % ARI Grade Vanguard Car Ulta Beauty 0.1% Retail - Pet Supply Rental 0.1% Cash Wise 0.1% Investment Other ‰% € Tenant % ARI Grade Other 0.1% Total 0.6% PetSmart 0.9% Total 0.4% Petco 0.1% Total 1.0% Retail - Apparel & Jewelry Investment Tenant % ARI Grade Retail - Department Stores Duluth Trading 0.3% Investment Tenant % ARI Grade Other ‰% Kohl's 0.7% € Total 0.3% Beall's 0.1% Other ‰% Total 0.7% NOTE: Amounts may not total due to rounding. 27 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Key Financial Highlights Q2 2020 a …#†

Capital Structure Overview KEY FINANCIALS Q2-2020 Capitalization Credit Metric Summary 6/30/2020 Adjusted Principal Outstanding ($bn) 6.1 Net Debt to Normalized EBITDA Annualized1 6.08x Fixed Charge Coverage Ratio 3.08x Interest Coverage Ratio 3.75x Net Debt Leverage Ratio 39.5% 6/30/2020 Common equity 50.3% Unencumbered Asset Ratio 81.2% Corporate bonds 25.0% Secured Debt Ratio 10.0% Mortgage notes payable 10.1% Credit facility term loan 6.5% Total Unencumbered Assets ($bn) 11.9 Preferred equity2 5.6% Convertible notes 2.0% Unconsolidated joint ventures' pro rata share 0.5% Fixed Rate 84.7% 1) Excluding the effects of portfolio enhancing abatement amendments which largely impact second quarter revenue, Net Swapped to Fixed Rate 14.8% Debt to Normalized EBITDA would have been 5.8x. 2) On July‚22, 2020, the Company redeemed 6.0 million shares of Series F Preferred Stock at a redemption price of $25.00 per Variable Rate 0.5% share by using $150.0 million. 29 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Debt Maturity Profile Dollars in millions KEY FINANCIALS ‡ Weighted average debt term is 4.8 years $1,500 ‡ Weighted average interest rate is 4.19% $1,175 $1,039 $1,000 $551 $601 $601 $601 $601 $500 $350 $299 $267 $1 $0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Thereafter Mortgage notes payable Convertible notes Corporate bonds Credit facility-term loan Unconsolidated joint ventures' pro rata share 25% 19.2% 20% 17.1% 15% 9.1% 9.9% 9.9% 9.9% 9.9% 10% 5.7% 4.9% 4.4% 5% Å% 0% 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Thereafter 30 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Quarter Highlights Q2 2020 a …#†

Q2 2020 Highlights HIGHLIGHTS & GUIDANCE Rent Collection for the Quarter of 85% Which Increased to 91% for July Liquidity Increased from $1.2 Billion to $1.8 Billion with $600.0 Million Bond Issuance Q2 2020 Highlights ‡ Net income of $54.2 million and net income per diluted share of $0.04 ‡ Achieved $0.15 AFFO per diluted share ‡ Rent collection for the quarter of 85% which increased to 91% for July ‡ Acquisitions totaled $10.0 million in the second quarter and $156.2 million year-to-date ‡ Dispositions totaled $66.2 million in the second quarter and $200.3 million year-to-date, including the Company's share of dispositions contributed to the office partnership of $70.2 million ‡ Issued $600.0 million aggregate principal amount of 3.40% senior notes due 2028 to ultimately refinance its 3.75% convertible senior notes due December 2020, redeem $150.0 million of VEREITƒs 6.7% Series F preferred stock, and to repay borrowings under the Operating Partnership's revolving credit facility ‡ Total debt decreased from $6.31 billion to $5.97 billion; Net Debt decreased from $5.82 billion to $5.80 billion, or 39.5% Net Debt to Gross Real Estate Investments ‡ Net Debt to Normalized EBITDA ended at 6.1x which includes the negative effects of portfolio enhancing abatement amendments, which largely impact second quarter revenue. Excluding this, Net Debt to Normalized EBITDA would have been 5.8x. 32 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Contact Us CONTACT General Phone Number Registered Stockholders Follow Us 800.606.3610 Computershare Trust Company, N.A. LinkedIn (Transfer Agent) www.linkedin.com/company/vereit Phoenix PO Box 505000 2325 East Camelback Road Louisville, KY 40233-5000 Twitter 9th Floor twitter.com/vereitinc Phoenix, AZ 85016 By overnight delivery 602.778.6000 Computershare Trust Company, N.A. YouTube 462 South 4th Street, Suite 1600 https://www.youtube.com/channel/ New York City Louisville, KY 40202 UCUNu7AUOolITuwpNhr2JEGg 19 West 44th Street Suite 1401 Telephone inquiries Flickr New York, NY 10036 TFN 855.866.0787 https://www.flickr.com/ 212.413.9100 (US, CA, Puerto Rico) photos/143027056@N07/ TN 732.645.4073 Investor Relations (non-US) 877.405.2653 InvestorRelations@VEREIT.com Email web.queries@computershare.com 33 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Definitions & Reconciliations Q2 2020 a …#†

Definitions INVESTOR REVIEW Annualized Rental Income is rental revenue under our leases on Operating Properties on Normalized EBITDA omits the Normalized EBITDA impact of Excluded Properties. a straight-line basis, which includes the effect of rent escalations and any tenant concessions, Management believes that excluding these costs provides investors with supplemental such as free rent, and our pro rata share of such revenues from properties owned by performance information that is consistent with the performance models and analysis unconsolidated joint ventures. Annualized Rental Income excludes any adjustments to used by management, and provides investors a view of the performance of our portfolio rental income due to changes in the collectability assessment, contingent rent, such as over time. Management also believes that Normalized EBITDA Adjusted for Abated Rent percentage rent, and operating expense reimbursements. Management uses Annualized is useful to investors because the period for which rent is abated is less than 12 months Rental Income as a basis for tenant, industry and geographic concentrations and other and therefore should not be annualized. Therefore, EBITDA, EBITDAre , Normalized metrics within the portfolio. Annualized Rental Income is not indicative of future EBITDA and Normalized EBITDA Adjusted for Abated Rent should not be considered as performance. an alternative to net income, as computed in accordance with GAAP. The Company uses Normalized EBITDA as one measure of its operating performance when formulating Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA corporate goals and evaluating the effectiveness of the Company's strategies. EBITDA, for Real Estate ("EBITDAre"), Normalized EBITDA and Normalized EBITDA Adjusted for EBITDAre, Normalized EBITDA and Normalized EBITDA Adjusted for Abated Rent may Abated Rent not be comparable to similarly titled measures of other companies. Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts, Inc. ("Nareit"), an industry trade Economic Occupancy Rate equals the sum of Leased Square Feet divided by Rentable group, has promulgated a supplemental performance measure known as Earnings Before Square Feet. Interest, Taxes, Depreciation and Amortization for Real Estate. Nareit defines EBITDAre as Excluded Properties are properties for which (i) the related mortgage loan is in default, net income or loss computed in accordance with GAAP, adjusted for interest expense, and (ii) management decides to transfer the properties to the lender in connection with income tax expense (benefit), depreciation and amortization, impairment write-downs on settling the mortgage note obligation. Certain non-GAAP measures and operating real estate, gains or losses from disposition of property and our pro rata share of EBITDAre metrics omit the impact of such properties for the month beginning with the date that adjustments related to unconsolidated partnerships and joint ventures. We calculated such criteria are met and ending with the disposition date, in order to better reflect the EBITDAre in accordance with Nareit's definition described above. ongoing operations of the Company. In addition to EBITDAre, we use Normalized EBITDA and Normalized EBITDA Adjusted for At and during the three months ended June€30, 2020 and March€31, 2020, there were Abated Rent as non-GAAP supplemental performance measures to evaluate the operating no Excluded Properties. performance of the Company. Normalized EBITDA, as defined by the Company, represents EBITDAre, modified to exclude non-routine items such as acquisition-related expenses, Fixed Charge Coverage Ratio is the sum of (i) Interest Expense, excluding non-cash litigation and non-routine costs, net, net revenue or expense earned or incurred that is amortization, (ii) secured debt principal amortization on Adjusted Principal related to the services agreement associated with a discontinued operation, gains or losses Outstanding and (iii) dividends attributable to preferred shares divided by Normalized on sale of investment securities or mortgage notes receivable, payments on fully reserved EBITDA. Management believes that Fixed Charge Coverage Ratio is a useful loan receivables and restructuring expenses. We also exclude certain non-cash items such supplemental measure of our ability to satisfy fixed financing obligations. as impairments of goodwill and intangible assets, gains or losses on derivatives, gains or losses on the extinguishment or forgiveness of debt, write-off of program development costs, and amortization of intangibles, above-market lease assets and below-market lease liabilities. 35 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Definitions INVESTOR REVIEW Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO") For all of these reasons, we believe FFO and AFFO, in addition to net income (loss), as defined Due to certain unique operating characteristics of real estate companies, as discussed below, by GAAP, are helpful supplemental performance measures and useful in understanding the Nareit has promulgated a supplemental performance measure known as FFO, which we various ways in which our management evaluates the performance of the Company over believe to be an appropriate supplemental performance measure to reflect the operating time. However, not all REITs calculate FFO and AFFO the same way, so comparisons with performance of a REIT. FFO is not equivalent to our net income or loss as determined under other REITs may not be meaningful. FFO and AFFO should not be considered as alternatives GAAP. to net income (loss) and are not intended to be used as a liquidity measure indicative of cash flow available to fund our cash needs. Neither the SEC, Nareit, nor any other regulatory Nareit defines FFO as net income or loss computed in accordance with GAAP adjusted for body has evaluated the acceptability of the exclusions used to adjust FFO in order to gains or losses from disposition of property, depreciation and amortization of real estate calculate AFFO and its use as a non-GAAP financial performance measure. assets, impairment write-downs on real estate, and our pro rata share of FFO adjustments related to unconsolidated partnerships and joint ventures. We calculate FFO in accordance Gross Real Estate Investments represent total gross real estate and related assets of with Nareit's definition described above. Operating Properties, equity investments in the Cole REITs, investment in direct financing In addition to FFO, we use AFFO as a non-GAAP supplemental financial performance leases, investment securities backed by real estate and mortgage notes receivable, and the measure to evaluate the operating performance of the Company.€AFFO, as defined by the Company's pro rata share of such amounts related to properties owned by unconsolidated Company, excludes from FFO non-routine items such as acquisition-related expenses, joint ventures, net of gross intangible lease liabilities. litigation and non-routine costs, net, net revenue or expense earned or incurred that is We believe that the presentation of Gross Real Estate Investments, which shows our total related to the services agreement associated with a discontinued operation, gains or losses investments in real estate and related assets, in connection with Net Debt provides useful on sale of investment securities or mortgage notes receivable, payments on fully reserved information to investors to assess our overall financial flexibility, capital structure and loan receivables and restructuring expenses. We also exclude certain non-cash items such leverage. Gross Real Estate Investments should not be considered as an alternative to the as impairments of goodwill and intangible assets, straight-line rent, net direct financing Company's real estate investments balance as determined in accordance with GAAP or any lease adjustments, gains or losses on derivatives, reserves for loan loss, gains or losses on other GAAP financial measures and should only be considered together with, and as a the extinguishment or forgiveness of debt, non-current portion of the tax benefit or supplement to, the Company's financial information prepared in accordance with GAAP. expense, equity-based compensation and amortization of intangible assets, deferred financing costs, premiums and discounts on debt and investments, above-market lease Interest Coverage Ratio equals Normalized EBITDA divided by Interest Expense, excluding assets and below-market lease liabilities. non-cash amortization. Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations. We omit the impact of the Excluded Properties and related non-recourse mortgage notes from FFO to calculate AFFO. Management believes that excluding these costs from FFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. AFFO allows for a comparison of the performance of our operations with other publicly-traded REITs, as AFFO, or an equivalent measure, is routinely reported by publicly-traded REITs, and we believe often used by analysts and investors for comparison purposes. 36 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Definitions INVESTOR REVIEW Interest Expense, excluding non-cash amortization is a non-GAAP measure that Net Debt Leverage Ratio equals Net Debt divided by Gross Real Estate Investments. We represents interest expense incurred on the outstanding principal balance of our debt and believe that the presentation of Net Debt Leverage Ratio provides useful information to the Company's pro rata share of the unconsolidated joint ventures' outstanding principal investors because our management reviews Net Debt Leverage Ratio as part of its balance. This measure excludes (i) the amortization of deferred financing costs, premiums management of our overall liquidity, financial flexibility, capital structure and leverage. and discounts, which is included in interest expense in accordance with GAAP, and (ii)the impact of Excluded Properties and related non-recourse mortgage notes. We believe that Net Debt to Normalized EBITDA Annualized Ratio ("Net Debt to Normalized EBITDA") the presentation of Interest Expense, excluding non-cash amortization, which shows the equals Net Debt divided by the respective quarter Normalized EBITDA multiplied by four. interest expense on our contractual debt obligations, provides useful information to We believe that the presentation of Net Debt to Normalized EBITDA Annualized provides investors to assess our overall solvency and financial flexibility. Interest Expense, excluding useful information to investors because our management reviews Net Debt to Normalized non-cash amortization should not be considered as an alternative to the Company's interest EBITDA Annualized as part of its management of our overall liquidity, financial flexibility, expense as determined in accordance with GAAP or any other GAAP financial measures and capital structure and leverage. should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP. Net Debt to Normalized EBITDA Adjusted for Abatements Annualized Ratio equals Net Debt divided by the respective quarter Normalized EBITDA Adjusted for Abatements Leased Square Feet is Rentable Square Feet leased (including month-to-month multiplied by four. Management believes that Net Debt to Normalized EBITDA Adjusted for agreements). Abated Rent Annualized is useful to investors because the period for which rent is abated is less than 12 months and therefore should not be annualized. Net Debt, Principal Outstanding and Adjusted Principal Outstanding‚ Principal Outstanding is a non-GAAP measure that represents the Company's outstanding Operating Properties refers to all properties owned and consolidated by the Company principal debt balance, excluding certain GAAP adjustments, such as premiums and except Excluded Properties as of the reporting date. discounts, financing and issuance costs, and related accumulated amortization. Adjusted Principal Outstanding includes the Company's pro rata share of the unconsolidated joint Rentable Square Feet is leasable square feet of Operating Properties and the Company's ventures' outstanding principal debt balance and omits the outstanding principal balance pro rata share of leasable square feet of properties owned by unconsolidated joint ventures. of mortgage notes secured by Excluded Properties. We believe that the presentation of Rentable Square Feet at June€30, 2020 excludes the square feet of one redevelopment Principal Outstanding and Adjusted Principal Outstanding, which show our contractual property. debt obligations, provides useful information to investors to assess our overall financial Secured Debt Ratio equals secured Adjusted Principal Outstanding divided by Gross Real flexibility, capital structure and leverage. Principal Outstanding and Adjusted Principal Estate Investments. Outstanding should not be considered as alternatives to the Company's consolidated debt balance as determined in accordance with GAAP or any other GAAP financial measures and Unencumbered Asset Ratio equals unencumbered Gross Real Estate Investments divided should only be considered together with, and as a supplement to, the Company's financial by Gross Real Estate Investments. Management believes that Unencumbered Asset Ratio is information prepared in accordance with GAAP. a useful supplemental measure of our overall liquidity and leverage. Net Debt is a non-GAAP measure used to show the Company's Adjusted Principal Weighted Average Remaining Lease Term is the number of years remaining on each Outstanding, less all cash and cash equivalents and the Company's pro rata share of respective lease, weighted based on Annualized Rental Income. unconsolidated joint ventures' cash and cash equivalents. As discussed in the About the Data section, Net Debt at September 30, 2019 includes the impact of the amounts payable in cash pursuant to the Class Action Settlement. We believe that the presentation of Net Debt provides useful information to investors because our management reviews Net Debt as part of its management of our overall liquidity, financial flexibility, capital structure and leverage. 37 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Reconciliations (unaudited, in thousands) INVESTOR REVIEW FFO Three Months Ended June 30, 2020 Net income $ 54,239 Dividends on non-convertible preferred stock (12,948) Gain on disposition of real estate assets, net (8,795) Depreciation and amortization of real estate assets 110,207 Impairment of real estate 12,094 Proportionate share of adjustments for unconsolidated entities 1,146 FFO attributable to common stockholders and limited partners $ 155,943 38 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Reconciliations (unaudited, in thousands, except share and per share data) INVESTOR REVIEW AFFO Three Months Ended June 30, 2020 FFO attributable to common stockholders and limited partners $ 155,943 Acquisition-related expenses 1,169 Litigation and non-routine costs, net (118) Loss on investments 142 Amortization of premiums and discounts on debt and investments, net (362) Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities 788 Net direct financing lease adjustments 372 Amortization and write-off of deferred financing costs 2,898 Loss on extinguishment and forgiveness of debt, net 200 Straight-line rent (3,404) Equity-based compensation 3,857 Other adjustments, net 441 Proportionate share of adjustments for unconsolidated entities (843) AFFO attributable to common stockholders and limited partners $ 161,083 Weighted-average shares outstanding - basic 1,078,366,566 Effect of weighted-average Limited Partner OP Units and dilutive securities 1,186,500 Weighted-average shares outstanding - diluted 1,079,553,066 AFFO attributable to common stockholders and limited partners per diluted share $ 0.149 39 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Reconciliations (unaudited, dollars in thousands) INVESTOR REVIEW EBITDA and Normalized EBITDA Three Months Ended June‚30, 2020 March 31, 2020 December 31, 2014 Net income (loss) $ 54,239 $ 86,863 $ (360,427) Adjustments: Interest expense 65,613 64,696 126,157 Depreciation and amortization 110,599 124,080 226,272 Provision for (benefit from) income taxes 1,053 1,048 (26,571) Proportionate share of adjustments for unconsolidated entities 1,775 1,761 3,402 EBITDA $ 233,279 $ 278,448 $ (31,167) (Gain) loss on disposition of real estate assets, including joint ventures, net (8,795) (25,249) 1,263 Impairment of real estate 12,094 8,380 96,692 EBITDAre $ 236,578 $ 261,579 $ 66,788 Payments received on fully reserved loans ‰ ‰ ‰ Acquisition-related expenses 1,169 1,523 4,324 Litigation and non-routine costs, net (118) (8,564) 24,333 Loss on investments 142 541 ‰ Loss on derivative instruments, net ‰ ‰ 172 Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities 788 748 1,475 Loss on extinguishment and forgiveness of debt, net 200 1,280 605 Net direct financing lease adjustments 372 365 448 Legal settlements ‰ ‰ (60,000) Program development costs write-off ‰ ‰ 13,109 Other adjustments, net 54 (205) 335 Proportionate share of adjustments for unconsolidated entities (706) (36) 1,086 Normalized EBITDA $ 238,479 $ 257,231 $ 362,119 Abated rent $ 11,184 $ ‰ $ ‰ Normalized EBITDA Adjusted for Abated Rent $ 249,663 $ 257,231 $ 362,119 Normalized EBITDA Annualized $ 953,916 $ 1,028,924 $ 1,448,476 Normalized EBITDA Adjusted for Abated Rent Annualized $ 998,652 $ 1,028,924 $ 1,448,476 40 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Reconciliations (unaudited, dollars in thousands) INVESTOR REVIEW Debt, Net Debt to Normalized EBITDA and Net Debt to Normalized EBITDA Adjusted for Abated Rent June 30, 2020 March 31, 2020 December 31, 2014 Mortgage notes payable and other debt, net $ 1,393,652 $ 1,405,701 $ 3,773,922 Corporate bonds, net 3,404,935 2,814,474 2,531,081 Convertible debt, net 270,152 319,120 952,856 Credit facility, net 896,314 1,767,306 3,167,919 Total debt - as reported $ 5,965,053 $ 6,306,601 $ 10,425,778 Deferred financing costs, net 41,152 37,896 88,003 Net discounts (premiums) 11,860 6,389 (44,660) Principal Outstanding $ 6,018,065 $ 6,350,886 $ 10,469,121 Unconsolidated joint ventures' pro rata share 68,360 68,360 ‰ Adjusted Principal Outstanding $ 6,086,425 $ 6,419,246 $ 10,469,121 Cash and cash equivalents (278,883) (600,945) (416,711) Pro rata share of unconsolidated joint ventures' cash and cash equivalents (3,433) (2,567) ‰ Net Debt $ 5,804,109 $ 5,815,734 $ 10,052,410 Normalized EBITDA Annualized 953,916 1,028,924 1,448,476 Net Debt to Normalized EBITDA Annualized Ratio 6.08x 5.65x 6.94x June 30, 2020 December 31, 2014 Net Debt $ 5,804,109 $ 10,052,410 Normalized EBITDA Adjusted for Abated Rent Annualized 998,652 1,448,476 Net Debt to Normalized EBITDA Adjusted for Abated Rent Annualized Ratio 5.81x 6.94x 41 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

Reconciliations (unaudited, dollars in thousands) INVESTOR REVIEW Interest Three Months Ended June 30, 2020 June 30, 2020 Interest expense - as reported $ 65,613 Net Debt $ 5,804,109 Amortization of deferred financing costs and other non-cash Gross Real Estate Investments 14,704,629 charges (2,995) Net Debt Leverage Ratio 39.5% Amortization of net premiums 459 Unconsolidated joint ventures' pro rata share 559 Unencumbered Gross Real Estate Investments $ 11,933,717 Interest Expense, excluding non-cash amortization $ 63,636 Gross Real Estate Investments 14,704,629 Unencumbered Asset Ratio 81.2% Secured Adjusted Principal Outstanding $ 1,464,792 Gross Real Estate Investments 14,704,629 Secured Debt Ratio 10.0% Financial and Operations Statistics and Ratios Three Months Ended June 30, 2020 June 30, 2020 Interest Expense, excluding non-cash amortization $ 63,636 Total real estate investments, at cost - as reported $ 14,714,616 Normalized EBITDA 238,479 Adjustments: Investment in Cole REITs 6,867 Interest Coverage Ratio 3.75x Gross assets held for sale 54,046 Interest Expense, excluding non-cash amortization $ 63,636 Investment in direct financing leases, net 8,579 Mortgage notes receivable, net 9,959 Secured debt principal amortization 861 Gross below market leases (236,324) Dividends attributable to preferred shares 12,948 Unconsolidated joint ventures' pro rata share 146,886 Total fixed charges 77,445 Gross Real Estate Investments $ 14,704,629 Normalized EBITDA 238,479 Fixed Charge Coverage Ratio 3.08x 42 www.VEREIT.com | NYSE: VER | Å 2020 VEREIT, Inc.

XML

Document and Entity Information Document	Aug. 06, 2020
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Aug. 06, 2020
Entity Registrant Name	VEREIT, INC.
Entity Central Index Key	0001507385
Amendment Flag	false
Entity Incorporation, State or Country Code	MD
Entity File Number	001-35263
Entity Tax Identification Number	45-2482685
Entity Address, Address Line One	2325 E. Camelback Road, 9th Floor
Entity Address, City or Town	Phoenix,
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85016
City Area Code	(800)
Local Phone Number	606-3610
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
VEREIT Operating Partnership, L.P. [Member]
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Aug. 06, 2020
Entity Registrant Name	VEREIT OPERATING PARTNERSHIP, L.P.
Entity Central Index Key	0001528059
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity File Number	333-197780
Entity Tax Identification Number	45-1255683
Entity Address, Address Line One	2325 E. Camelback Road, 9th Floor
Entity Address, City or Town	Phoenix,
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85016
City Area Code	800
Local Phone Number	606-3610
Entity Emerging Growth Company	false
NEW YORK STOCK EXCHANGE, INC. [Member] | Common Stock [Member] | VEREIT Operating Partnership, L.P. [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	VER
Security Exchange Name	NYSE
NEW YORK STOCK EXCHANGE, INC. [Member] | Series F Preferred Stock [Member] | VEREIT Operating Partnership, L.P. [Member]
Entity Information [Line Items]
Title of 12(b) Security	6.70% Series F Cumulative Redeemable Preferred Stock
Trading Symbol	VER PRF
Security Exchange Name	NYSE