NEW
YORK, July 5, 2023 /PRNewswire/ -- The
Necessity Retail REIT, Inc. (Nasdaq: RTL/ RTLPP / RTLPO) ("RTL" or
"the Company") announced today that it closed on the sale of 44
properties leased to Bob Evans
restaurants for a total of $93
million. The properties sold are in Kentucky, Indiana, Ohio, Michigan, Delaware, Pennsylvania, Virginia, West
Virginia, and Maryland.
"The sale of this portfolio is the latest example of our
commitment to maximizing portfolio value, in this case by
strategically reducing our exposure to fast casual dining assets
while enabling us to recycle capital accretively," said
Michael Weil, CEO of RTL. "With this
sale, we have intentionally reduced our total portfolio exposure to
fast casual dining to less than 2% from 4%, based on annualized
straight-line rent. We will continue to pursue the strategic sale
of select properties as we focus on optimizing our portfolio and on
building a pipeline of similarly favorable dispositions."
About The Necessity Retail REIT Where America
Shops
The Necessity Retail REIT, Inc. (Nasdaq: RTL) is a publicly
traded real estate investment trust listed on the Nasdaq focused on
acquiring and managing a diversified portfolio of primarily
service-oriented and traditional retail and distribution related
commercial real estate 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
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
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 the Company, the Company's tenants and the global economy
and financial markets, and (iii) inflationary conditions and higher
interest rate environments, as well as those risks and
uncertainties set forth in the Risk Factors section of the
Company'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 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 over time, unless required
by law.
Contacts:
Investor
Relations
ir@rtlreit.com
(866) 902-0063
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SOURCE The Necessity Retail REIT, Inc.