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A Pattern of Exceeding Goals

NEW YORK CITY—Two years into his tenure, VEREIT CEO Glenn Rufrano charts the net lease giant's progress in re-establishing itself, telling GlobeSt.com, "I believe we are now fully credible" in the public markets.

By Paul Bubny | paulbubny | Updated on May 01, 2017

VEREIT CEO Glenn Rufrano Rufrano says VEREIT has surpassed many of the metrics in the business plan the company mapped out in 2015.

NEW YORK CITY—As 2014 segued into 2015, the net lease REIT then known as American Realty Capital Properties was shaken by revelations of accounting irregularities that led to the resignation of its senior management team. Two years ago, the company began re-establishing its credibility in the marketplace with a new CEO (Glenn Rufrano) and new name (VEREIT).

Since then, the company has bested many of the objectives its board and management team set out in ’15. A recent milestone was its recognition with investment-grade ratings from Standard & Poor’s and Fitch Ratings—and earlier this month, Moody’s Investors Services upgraded VEREIT’s senior unsecured rating to Baa3. Moody’s cited the REIT’s “significant progress in achieving several of the goals set forth in its 2015 business plan, which among other objectives included strengthening the balance sheet, improving its credit metrics and enhancing the quality of the real estate portfolio.” S&P upgraded the REIT to BBB- last week, matching the prior rating of its debt.

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