NEW
YORK, Feb. 28, 2023 /PRNewswire/ -- The
Necessity Retail REIT, Inc. (Nasdaq: RTL/ RTLPP / RTLPO) ("RTL" or
the "Company") announced today that it closed on the sale of four
properties leased to Stop & Shop in Massachusetts and Rhode Island for a total of $70 million.
"The sale of this portfolio is an example of our commitment to
strategically dispose of assets that have reached their full value,
as demonstrated by the favorable pricing we received," said
Michael Weil, CEO of RTL. "The net
proceeds generated by this sale will be used to further reduce debt
as we continue to execute on our previously announced leverage
reduction initiative. As we discussed in our earnings call, we
continue to pursue the strategic sale of select properties as we
focus on optimizing our balance sheet and on building a pipeline of
similarly favorable dispositions."
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 ongoing 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 SEC 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 by
law.
Contacts:
Investor Relations
ir@rtlreit.com
(866) 902-0063
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SOURCE The Necessity Retail REIT, Inc.