NEW
YORK, April 25, 2023 /PRNewswire/ -- The
Necessity Retail REIT, Inc. (Nasdaq: RTL/ RTLPP / RTLPO) ("RTL" or
the "Company") announced today that it has completed six property
sales for a total of $72.4 million
since the beginning of the year, including sales previously
announced. Additionally, the Company announced that it has a
disposition pipeline that includes the sale of three properties for
$5.4 million that are subject to
definitive purchase and sale agreements ("PSAs") and 46 properties
for a total of $103.7 million for
which non-binding letters of intent ("LOIs") have been signed.
Combined, the completed dispositions plus pipeline total
$181.5 million in property sales. The
net proceeds generated by the sale of properties will be available
and is expected to be used for debt repayment.
"The dispositions we have completed this year and the pipeline
of property sales we are building, the net proceeds of which we
expect to use for debt repayment, demonstrate our continued
strategic execution following the $1.4
billion of acquisitions we completed last year," said
Michael Weil, CEO of RTL. "RTL
remains focused on incremental lease-up and our previously
announced disposition strategy to reduce leverage."
Footnote
1. Pipeline as of April 24, 2023. PSAs are subject to conditions
and LOIs are non-binding. There can be no assurance these pipeline
acquisitions will be completed on their current terms, or at
all.
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 the
outcome to be materially different. The words such as "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 the potential adverse effects of
(i) the global COVID-19 pandemic, including actions taken to
contain or treat COVID-19, (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 (iii) inflationary conditions and higher interest rate
environments, as well as those set forth in the Risk Factors
section of RTL's most recent Annual Report on Form 10-K for the
year ended December 31, 2022 filed on
February 23, 2023, 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.