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September 08 2023 - 4:19PM
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 8, 2023
The Necessity Retail REIT, Inc.
(Exact Name of Registrant as Specified in Charter)
Maryland |
|
001-38597 |
|
90-0929989 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification No.) |
650
Fifth Avenue, 30th
Floor
New York,
New York 10019 |
(Address, including zip code, of Principal Executive Offices) |
Registrant’s telephone
number, including area code: (212) 415-6500
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to section 12(b) of the Act:
Title
of each class: |
|
Trading
Symbol(s) |
|
Name
of each
exchange on
which registered: |
Class
A Common Stock, $0.01 par value per share |
|
RTL |
|
The Nasdaq Global Select Market |
7.50% Series A Cumulative Redeemable
Perpetual Preferred Stock, $0.01 par value per share |
|
RTLPP |
|
The Nasdaq Global Select Market |
7.375% Series C Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share |
|
RTLPO |
|
The Nasdaq Global Select Market |
Preferred Stock Purchase Rights |
|
|
|
The Nasdaq Global Select Market |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item | 5.07. Submission of Matters to a Vote of Security Holders. |
On September 8,
2023, at a Special Meeting of Stockholders (the “Special Meeting”) of The Necessity Retail REIT, Inc.
(“RTL” or the “Company”), the holders of shares of the Class A common stock, $0.01 par value per share,
of the Company (the “RTL Class A Common Stock”) voted on (1) approval of the merger of RTL and Global
Net Lease, Inc. (“GNL”), which will be effected through a merger of RTL with and into Osmosis Sub I, LLC
(“REIT Merger Sub”), a wholly owned subsidiary of GNL, with REIT Merger Sub surviving the merger (the “REIT
Merger”), as a result of which (i) each issued and outstanding share of RTL Class A Common Stock will be converted
into the right to receive 0.670 shares of GNL’s Common Stock, $0.01 par value per share; (ii) each issued and outstanding
share of RTL’s 7.50% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share, will be
converted into the right to receive one share of GNL’s 7.50% Series D Cumulative Redeemable Perpetual Preferred Stock,
par value $0.01 per share; and (iii) each issued and outstanding share of RTL’s 7.375% Series C Cumulative
Redeemable Perpetual Preferred Stock, par value $0.01 per share, will be converted into the right to receive one share of
GNL’s 7.375% Series E Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share, in each case pursuant
to the Agreement and Plan of Merger, dated as of May 23, 2023 (as may be amended from time to time, the “REIT Merger
Agreement”), by and among RTL, The Necessity Retail REIT Operating Partnership, L.P., GNL, Global Net Lease Operating
Partnership, L.P., REIT Merger Sub, and Osmosis Sub II, LLC, and the other transactions contemplated by such REIT Merger Agreement
(the “RTL Merger Proposal”); (2) approval, by advisory (non-binding) vote, certain compensation arrangements for
RTL’s named executive officers in connection with the Mergers (the “RTL Merger-Related Compensation Proposal”);
and (3) approval of the adjournment of the RTL Special Meeting one or more times if necessary or appropriate to permit, among
other things, further solicitation of proxies in favor of the RTL Merger Proposal (the “Adjournment Proposal”).
There
were 133,882,768 shares of the RTL Class A Common Stock outstanding and entitled to vote on August 8, 2023, the record
date for the Special Meeting, and 89,768,288 shares of RTL Class A Common Stock
were represented in person or by proxy at the Special Meeting, which number constituted a quorum.
At the Special Meeting,
each of the RTL Merger Proposal and the RTL Merger-Related Compensation Proposal was approved by the holders of RTL Class A Common
Stock. Sufficient votes were received to approve the Adjournment Proposal, but such an adjournment was not necessary in light of the approval
of the RTL Merger Proposal.
The final voting results
from the Special Meeting were as follows:
Proposal 1. RTL Merger Proposal.
Votes For |
|
Votes Against |
|
Abstentions |
|
Broker Non-Votes |
73,143,092 |
|
15,468,795 |
|
1,156,400 |
|
- |
Proposal 2. RTL Merger-Related Compensation Proposal.
Votes For |
|
Votes Against |
|
Abstentions |
|
Broker Non-Votes |
66,141,081 |
|
20,993,379 |
|
2,633,826 |
|
- |
Proposal 3. Adjournment Proposal.
Votes For |
|
Votes Against |
|
Abstentions |
|
Broker Non-Votes |
68,320,499 |
|
19,102,317 |
|
2,345,470 |
|
- |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
|
THE NECESSITY RETAIL REIT, INC. |
|
|
|
Date: September 8, 2023 |
By: |
/s/ Edward M. Weil, Jr. |
|
|
Edward M. Weil, Jr. |
|
|
Chief Executive Officer and President |
v3.23.2
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Sep. 08, 2023 |
Document Information [Line Items] |
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Document Type |
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Amendment Flag |
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Document Period End Date |
Sep. 08, 2023
|
Entity File Number |
001-38597
|
Entity Registrant Name |
The Necessity Retail REIT, Inc.
|
Entity Central Index Key |
0001568162
|
Entity Tax Identification Number |
90-0929989
|
Entity Incorporation, State or Country Code |
MD
|
Entity Address, Address Line One |
650
Fifth Avenue
|
Entity Address, Address Line Two |
30th
Floor
|
Entity Address, City or Town |
New York
|
Entity Address, State or Province |
NY
|
Entity Address, Postal Zip Code |
10019
|
City Area Code |
212
|
Local Phone Number |
415-6500
|
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Document Information [Line Items] |
|
Title of 12(b) Security |
Class
A Common Stock, $0.01 par value per share
|
Trading Symbol |
RTL
|
Security Exchange Name |
NASDAQ
|
Series A Preferred Stock [Member] |
|
Document Information [Line Items] |
|
Title of 12(b) Security |
7.50% Series A Cumulative Redeemable
Perpetual Preferred Stock, $0.01 par value per share
|
Trading Symbol |
RTLPP
|
Security Exchange Name |
NASDAQ
|
Series C Preferred Stock [Member] |
|
Document Information [Line Items] |
|
Title of 12(b) Security |
7.375% Series C Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
|
Trading Symbol |
RTLPO
|
Security Exchange Name |
NASDAQ
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Preferred Stock Purchase Rights [Member] |
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Document Information [Line Items] |
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Title of 12(b) Security |
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Security Exchange Name |
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