- 79 Properties Acquired
Year-to-Date for $1.1 Billion
-
- Two Properties Representing Approximately
$200 Million Expected to Close Upon
Completion of Loan Assumptions by End of Second Quarter
-
NEW
YORK, May 2, 2022 /PRNewswire/ -- The
Necessity Retail REIT, Inc. (Nasdaq: RTL) ("RTL" or the "Company")
announced today that the Company, through its operating
partnership, completed the acquisition of 23 open-air shopping
centers for a $277.8 Million,
excluding closing costs. The closing is the fourth and fifth
tranche from the previously announced agreement to acquire a
portfolio of 81 Power, Anchored and Grocery Centers1
from certain subsidiaries of CIM Real Estate Finance Trust, Inc.
for $1.3 billion. To date, 79 of the
81 properties have closed.
![(PRNewsfoto/American Finance Trust, Inc.) (PRNewsfoto/American Finance Trust, Inc.)](https://mma.prnewswire.com/media/1711843/The_Necessity_Retail_REIT_Logo.jpg)
"This acquisition, paired with our targeted asset sales over the
past few years, has significantly transformed RTL into a pure-play
necessity-based retail REIT," said Michael
Weil, CEO of RTL. "Bringing these properties onto our
platform and integrating with new tenants, managers and communities
has been handled seamlessly by our team. We are energized by what
we think is the significant embedded upside in this portfolio and
look forward to the cash flow contributions that will be derived
from these properties for years to come."
Footnote 1 Portfolio
includes 79 Power, Anchored and Grocery Centers and two single
tenant properties.
About The Necessity Retail REIT Where America
Shops
The Necessity Retail REIT (Nasdaq: RTL) is
the preeminent publicly traded real estate investment trust (REIT)
focused "Where America Shops". RTL acquires and manages a
diversified portfolio of primarily necessity-based retail single
tenant and open-air shopping center properties in the U.S.
Additional information about RTL can be found on its website at
www.necessityretailreit.com.
Important Notice
The statements in this
press release that are not historical facts may be forward-looking
statements. These forward-looking statements involve risks and
uncertainties that could cause actual results or events to be
materially different. The words "anticipates," "believes,"
"expects," "estimates," "projects," "plans," "intends," "may,"
"will," "seek," "would" and similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements are subject to risks, uncertainties and
other factors, many of which are outside of the Company's control,
which could cause actual results to differ materially from the
results contemplated by the forward-looking statements. These risks
and uncertainties include the potential adverse effects of the
ongoing global COVID-19 pandemic, including actions taken to
contain or treat COVID-19, on the Company, the Company's tenants,
any assets under contract to be acquired including their respective
tenants and uncertainty and volatility in the global economy and
financial markets from, among other things, COVID-19 and the
ongoing war in Ukraine, all of
which may adversely affect market conditions and capital
availability as well as those risks and uncertainties set forth in
the Risk Factors section of the Company's Annual Report on Form
10-K for the year ended December 31,
2021 filed on February 24,
2022 and all other filings with the SEC after that date as
such risks, uncertainties and other important factors may be
updated from time to time in the Company's subsequent reports
Forward looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update or revise any
forward-looking statement to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating
results, unless required to do so by law.
Contacts:
Investor
Relations
ir@rtlreit.com
(866) 902-0063
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SOURCE The Necessity Retail REIT, Inc.