- 80
Properties Closed Year-to-Date for $1.2
Billion -
- Final
$65 Million Property Expected to
Close Upon Completion of Loan Assumption -
NEW
YORK, May 31, 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 The Plant, a 509,000
square foot open-air shopping center in San Jose, CA for approximately $175.0 million, excluding closing costs. The
closing is the sixth 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, 80 of the 81 properties have closed, representing
$1.2 billion of the total
$1.3 billion contract purchase price,
and $110 million2 of the
total $115 million annualized
straight-line rent.
![(PRNewsfoto/American Finance Trust, Inc.) (PRNewsfoto/American Finance Trust, Inc.)](https://mma.prnewswire.com/media/1711843/The_Necessity_Retail_REIT_Logo.jpg)
"The Plant is a highly desirable asset in the portfolio of
open-air shopping centers we have acquired in 2022," said
Michael Weil, CEO of RTL. "We are
excited to add The Plant to our portfolio and to now have completed
over 90% of the CIM acquisition, based on purchase price. We have
already started to benefit from the accretive impact of these
acquisitions in the first quarter, and we look forward to realizing
the long-term benefits we believe these properties will provide to
RTL."
Footnote
1 Portfolio includes 79 Power, Anchored and
Grocery Centers and two single tenant properties.
2 Comprised of $72
million for properties acquired as of March 31, 2022 and $38
million for properties acquired subsequent to March 31, 2022. The amount for properties
acquired subsequent to March 31, 2022
is based on seller data as of March 31,
2022.
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 "may,"
"will," "seeks," "anticipates," "believes," "expects," "estimates,"
"projects," "plans," "intends," "should" 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 a number of 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 (a) the potential
adverse effects of (i) the ongoing global COVID-19 pandemic,
including actions taken to contain or treat COVID-19, and (ii) the
geopolitical instability due to the ongoing military conflict
between Russia and Ukraine, including related sanctions and other
penalties imposed by the U.S. and European Union, and other
countries, as well as other public and private actors and
companies, on the Company, the Company's tenants, and the global
economy and financial markets, and (b) that any potential future
acquisition including the remaining property in the CIM portfolio
is subject to market conditions and capital availability and may
not be identified or completed on favorable terms, or at all, 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. Further, 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.