VEREIT’s corporate commitment is to recognize and serve our primary constituencies: our tenants, stakeholders and employees. We achieve this through a business approach which is disciplined, transparent at every level and consistent. This model permeates into every part of our business, including company culture, environmental initiatives and our community involvement. Based in Phoenix, Arizona, 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 a longstanding commitment to positively impact the communities we are a part of and through initiatives sponsored by the organization, VEREIT employees can contribute to this effort in various ways. Because of this commitment, VEREIT has fostered a culture based on modeling the behavior we expect from others. VEREIT employees are respectful, ethical, dedicated, collaborative and hard-working.
Environmental Practices and Impact
The office building where VEREIT is headquartered has been certified as a platinum LEED green building by the U.S. Green Building Council. This designation certifies that the VEREIT headquarters is a highly efficient and cost-saving green building. The following components have been applied to VEREIT and its vendors that service its headquarters to receive this designation:
» Trash and recycling audits to ensure a single-stream recycling process is utilized
» Use of environmentally friendly cleaning products
» Electronic recycling and donations, which are also available for employees personally
» Utilization of energy efficient LED lighting
» Proper disposal of batteries, toner and ink
» Participation in the Waste-Not Food Program
» Office furnishings are low-Volatile Organic Compounds (VOC)
In addition, VEREIT purchases ENERGY STAR certified desktop and laptop computers, monitors and printers throughout its offices and remote locations.
VEREIT’s participation in the Waste-Not Food Program means that our corporate office’s excess perishable food is donated same day to individuals in need throughout Arizona. This food is provided to underserviced schools, senior facilities, transition homes, rehabilitation centers and daycares.
In 2017, VEREIT saved more than 390 trees from destruction through the Shred-It™ shredding and recycling initiative. Through this program, VEREIT demonstrates not only a dedication to security, but also a commitment to reducing carbon emissions, water use and energy waste.
VEREIT has also adopted a conservation program at our corporate office. Water machines have been installed and each employee is provided with a reusable water bottle upon hire. Through this program, VEREIT has significantly decreased the number of plastic water bottles used daily and created a more sustainable working environment.
The Company’s energy conservation program entails constant measurement of the corporate office temperature and established practices regarding air conditioning and heating. Window blinds are actively managed during the summer months to conserve energy and costs.
Trip Reduction Program
VEREIT participates in the Phoenix Valley Metro’s Clean Air Campaign Trip Reduction Program. Employees are rewarded for the use of alternative transit options including, walking, taking the bus and carpooling to work. VEREIT Employee Katie Kes was awarded the Outstanding Transportation Coordinator designation at the 30th annual Clean Air Campaign event for her efforts in reducing transportation-based emissions at VEREIT. The VEREIT headquarters offers a bike room, showers, and electric car charging stations in support of this initiative.
Tenant and Portfolio Environmental Practices
The properties in VEREIT’s portfolio are net leased and tenants are generally responsible for maintaining the buildings, including control of their energy usage and environmental sustainability practices. VEREIT works with tenants to promote environmental responsibility and energy efficient facilities, including facilitating the application by our tenants to receive Energy Star property ratings from the U.S. Environmental Protection Agency or LEED green building certification by the U.S. Green Building Council. VEREIT often utilizes green building criteria in capital expense projects by using recycled material in parking lot remediation work, as well as by using membranes with higher solar reflectance in roof replacement projects.
In evaluating potential real property acquisitions, VEREIT will obtain an environmental assessment, commonly referred to as a Phase I assessment, from an independent environmental consultant. This assessment provides VEREIT with an evaluation of the potential environmental risks and liabilities that might arise from the ownership or operation of the property based upon environmental laws and regulations in effect at the time the assessment is conducted. The information provided by the Phase I environmental assessment is taken into consideration when evaluating the overall investment.
VEREIT’s Board of Directors has an active role in overseeing the management of risks applicable to the company. On a day-to-day basis, VEREIT’s management team, at all levels of the organization, assesses and manages these risks.
VEREIT’s properties are located throughout the United States, Canada and Puerto Rico and as earthquakes, floods, hurricanes and other natural disasters occur, we regularly monitor the impact to our properties and our communities. We manage environmental impacts, including increased flooding and severe storms, by monitoring vulnerabilities and developing emergency response plans.
VEREIT also prepares for natural disasters by carrying All-Risk property and rental value insurance to include fire, wind/hail, earthquake, flood and other extended coverage for its properties, at policy specifications and insured limits that we believe are appropriate and adequate given the relative risk of loss, insurance coverages provided by tenants, the cost of the coverage and industry practice. However, earthquakes, floods, hurricanes and other natural disasters may result in uninsured losses which could decrease our cash available for distribution to our stockholders as well as decrease the value of our properties.
VEREIT Values is a program created in 2015 with the mission of connecting VEREIT employees with charitable organizations in their communities. Since its inception, employees have contributed more than 500 service hours to local nonprofit organizations. Last year, VEREIT employees contributed over $100,000 and have donated items in support of the causes they care about. Over the years, VEREIT employees have made donations to and volunteered their time to assist many nonprofit organizations, including:
» Ronald McDonald House Charities
» Pat Tillman Foundation
» New Pathways for Youth
» Dress for Success
» American Red Cross
» HALO Animal Rescue
Ethics and Integrity
VEREIT is a dynamic, highly-regarded organization, where the highest level of professionalism is at the core of all our interactions. As an organization, we strive to bring out the best in our people, who are at the heart of everything we do. To ensure a positive work environment, VEREIT has adopted a robust Code of Business Conduct and Ethics (the “Code”), which is publicly available here and which prohibits harassment and discrimination and requires compliance with laws including health and safety rules. The Code provides processes for the reporting of illegal or unethical conduct. VEREIT is committed to adhering to these policies and monitors compliance, which includes an annual certification acknowledging the Code and agreeing to adhere to its principles.
Employee Wellness and Satisfaction
At VEREIT, employee wellness is encouraged in every aspect of life, including physical fitness, mental well-being and social connectedness. VEREIT’s wellness program encompasses every part of health at VEREIT. Through this initiative, employees are given opportunities to gain awareness of their physical and mental health, and receive education on making positive changes for self-improvement. Prioritizing the health of VEREIT employees facilitates the growth of a richer community within the organization and beyond. In addition, VEREIT periodically conducts employee surveys to assess and evaluate employee satisfaction with working conditions and corporate culture.
As a large, secure, scalable, capital provider, VEREIT is committed to our community and the industry. VEREIT has implemented a talent acquisition strategy that involves partnerships with local universities. We hire paid summer interns each year in support of the development of future real estate professionals. Additionally, Glenn Rufrano, VEREIT’s CEO, serves on the advisory boards at New York University’s Real Estate Institute and at Baruch College. He also currently serves on the Dean’s Council for the W.P. Carey School of Business at Arizona State University.
VEREIT was selected as one of Arizona’s Most Admired Companies in 2017 and 2018 based on several factors including social responsibility, corporate responsibility, workplace culture, leadership excellence, customer opinion and innovation.