NEW
YORK, July 6, 2023 /PRNewswire/ -- The Necessity
Retail REIT, Inc. (Nasdaq: RTL/ RTLPP / RTLPO) ("RTL" or "the
Company") announced today that it completed approximately 686,000
square feet of new and renewal leases (the "2Q Leases") with 57
tenants during the quarter ended June 30,
2023. The 2Q Leases total approximately $9.06 million in base rent during the first year
of term. The Company signed 19 new leases totaling nearly 247,000
square feet with a weighted average lease term of 10.4 years, based
on first year base rent. Additionally, the Company signed 38 lease
renewals totaling nearly 440,000 square feet with a weighted
average lease term of 5.4 years.
"RTL continued to demonstrate the strength of necessity retail
with excellent leasing results in the second quarter," said
Michael Weil, CEO of RTL. "We signed
or renewed leases with a wide variety of national and local tenants
at properties across our portfolio. Sixteen leases were signed with
anchor tenants in our open-air shopping center segment, including
high-traffic tenants such as Academy Sports & Outdoors,
Burlington Coat Factory, Best Buy and Dick's Sporting Goods.
Among lease renewals, the 6.4% leasing spread we achieved in the
combined first and second quarters signals strong ongoing demand
for our high-quality retail space."
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.