Tuesday, April 17, 2018

Glenn Rufrano Talks About Why VEREIT Is Cutting Back on Office and Buying Up Retail Assets

NREI Online

Glenn Rufrano, CEO of VERIET, recently commented on the company's portfolio mix.

With restaurants, we’re at about 20 percent of our income and we like where we are. We’re not increasing our restaurant portfolio. Our office portfolio was 25 percent of our income in 2015. We wanted it to be 20 percent or less. Because office exceeded our defined diversification metrics, we’ve been reducing office. In the last quarter, we were down to 19.6 percent; we finally broke 20 percent for the first time. We’ll continue to cull office a bit. Because we’re not buying office and restaurant, that leaves retail and industrial as the two primary forms of acquisition that we will be looking for in 2018.. . . more