Leases Over Two Million Square Feet in
2022
NEW
YORK, Dec. 21, 2022 /PRNewswire/ -- The
Necessity Retail REIT, Inc. (Nasdaq: RTL/ RTLPP / RTLPO) ("RTL" or
the "Company") announced today that it has closed on four property
sales for $1.6 million and it expects
to close on four additional property sales for $72.8 million in the fourth quarter of 2022. For
the year ended December 31, 2022, RTL
will have disposed of 27 properties for a total contract sales
price of $405.4 million, including
the four properties expected to close by year end.
Additionally, the Company also announced that it
signed over two million square feet of new and renewal leases in
its multi-tenant segment in 2022.
"Our dispositions this year demonstrate our strong strategic
execution following the $1.3 billion
open-air shopping center acquisition we completed earlier this year
and, along with robust leasing activity, further strengthened our
Necessity Retail focused portfolio," said Michael Weil, CEO of RTL. "The net proceeds
generated by the fourth quarter asset sales will be available and
may be used for debt repayment. We expect to close on additional
dispositions in our pipeline in early 2023. We believe in the
long-term strength of retail in the US and that brick-and-mortar
stores will continue to play a critical role in the industry."
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 on
"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 RTL'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 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 the related
impact on RTL, RTL's tenants and the global economy and financial
markets, and (b) that any potential future acquisition is subject
to market conditions and capital availability and may not be
completed on favorable terms, or at all, as well as those risks and
uncertainties set forth in the Risk Factors section of RTL'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
Securities and Exchange Commission after that date, as such risks,
uncertainties and other important factors may be updated from time
to time in RTL's subsequent reports. Further, forward-looking
statements speak only as of the date they are made, and RTL
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 over
time, 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.