Welcome to our dedicated page for The Necessity Retail REIT news (Ticker: RTL), a resource for investors and traders seeking the latest updates and insights on The Necessity Retail REIT stock.
The Necessity Retail REIT, Inc. (Nasdaq: RTL), is a leading publicly traded real estate investment trust (REIT) focused on acquiring and managing a diversified portfolio of necessity-based retail properties in the United States. The company specializes in single-tenant and open-air shopping center properties, primarily encumbered by long-term triple net leases with creditworthy tenants.
With a mission to secure stable, long-term cash flows, RTL's portfolio as of June 30, 2023, comprised 991 net leased properties across 46 states and the District of Columbia, totaling approximately 27.4 million rentable square feet. The company's disciplined investment strategy prioritizes high-traffic locations and essential retail services, ensuring resilience against economic fluctuations.
Recent achievements include executing over 700,000 square feet of leasing and completing a strategic $93 million disposition to reduce exposure to the casual dining sector, underscoring RTL's proactive asset management approach. Financially, RTL reported a net debt reduction of $74 million since the end of the first quarter of 2023, reflecting its robust operational performance and strategic financial management.
RTL is currently navigating a merger with Global Net Lease, Inc. (NYSE: GNL), aiming to create the third-largest listed net lease REIT globally. This merger is expected to enhance governance, provide greater access to capital, and contribute to earnings accretion in the first quarter post-closing. The company's comprehensive risk management practices and focus on essential retail properties position it as a stable and attractive investment in the REIT sector.
For more information and the latest updates, investors can visit the company's website at www.necessityretailreit.com.
The Necessity Retail REIT (Nasdaq: RTL) announced that CEO Michael Weil will participate in a fireside chat at Nareit's REITweek 2022 Investor Conference on June 8, 2022, at 9:30 a.m. ET in New York. The event, moderated by Bryan Maher of B Riley Financial, will provide insights into RTL's strategy and performance. Investors can access a live audio webcast on RTL's website, with a replay available later. The conference runs from June 7 to June 9, 2022, during which RTL will also hold meetings with institutional investors and analysts.
The Necessity Retail REIT (Nasdaq: RTL) announced the acquisition of The Plant, a 509,000 square foot shopping center in San Jose, CA, for approximately $175 million. This marks the closure of 80 properties totaling $1.2 billion from a $1.3 billion acquisition portfolio from CIM Real Estate Finance Trust. CEO Michael Weil expressed optimism about the asset's value and its contribution to long-term growth for RTL. The final property in this acquisition is expected to close upon completion of loan assumption.
On May 12, 2022, The Necessity Retail REIT (Nasdaq: RTL/ RTLPO / RTLPP) announced CEO Michael Weil's feature in a GlobeSt article discussing the retail real estate sector's current state. Weil emphasized the significance of the omnichannel retail strategy, stating that bricks-and-mortar stores are vital to this approach. He described the ongoing changes in retail as a 'renaissance.' The REIT focuses on managing a diversified portfolio of necessity-based retail properties across the U.S. More details can be found in the linked GlobeSt article.
The Necessity Retail REIT (Nasdaq: RTL, RTLPO, RTLPP) announced CEO Michael Weil's feature in Shopping Center Business, discussing consumer shopping habits post-pandemic. He emphasized the resilience of necessity retail, noting nearly 100% rent collection and no bankruptcies among tenants during the pandemic. Weil highlighted the REIT's focus on building a recession-resistant portfolio through stringent credit underwriting and tenant business strategies. This strategy positions RTL favorably to meet ongoing consumer needs in a changing retail landscape.
The Necessity Retail REIT (Nasdaq: RTL) reported significant growth in its Q1 2022 results. Revenue rose 19.9% to $94.9 million compared to Q1 2021, while net income jumped to $39.9 million from a loss of $9.4 million.
Cash NOI increased 16.7% to $73.6 million. FFO reached $30.0 million, or $0.23 per diluted share, and AFFO was $31.8 million with an AFFO per share of $0.24.
The company also acquired 59 properties for $842 million and disposed of six for $265.2 million. Occupancy for open-air assets rose to 87.6%.
The Necessity Retail REIT (Nasdaq: RTL) announced the acquisition of 23 open-air shopping centers for $277.8 million. This acquisition forms part of a larger portfolio purchase of 81 properties totaling $1.3 billion. To date, 79 properties have closed, with two more expected to finalize by the end of Q2 2022. CEO Michael Weil emphasizes the transformation of RTL into a pure-play necessity-based retail REIT and anticipates significant cash flow contributions from these properties.
The Necessity Retail REIT (Nasdaq: RTL, RTLPO, RTLPP) will announce its first-quarter financial results for 2022 on May 4, 2022, after market close. An audio webcast and conference call are scheduled for May 5, 2022, at 11:00 a.m. ET, where management will discuss the results and address questions from analysts and investors. The call will be accessible via the company’s website, and a replay will be available afterward. Investors should be aware of potential risks, including the impacts of COVID-19 on business performance.
The Necessity Retail REIT, Inc. (Nasdaq: RTL, RTLPO, RTLPP) has declared a quarterly dividend of $0.2125 per share on its Class A common stock, totaling $0.85 annually. This dividend will be payable on April 18, 2022 to shareholders on record by April 11, 2022. The dividends are intended to be paid quarterly in arrears, showcasing the company's commitment to return value to shareholders. The statement also provided a reminder of potential risks associated with forward-looking statements concerning the company’s performance amid ongoing market uncertainties.
The Necessity Retail REIT (Nasdaq: RTL, RTLPO, RTLPP) announced CEO Michael Weil's participation at the MoneyShow Virtual Expo held from March 22-24, 2022. During the event, Weil delivered standalone and panel presentations discussing the focus of RTL on necessity retail properties. A link to his presentation titled The Retail Renaissance – Why You Should Consider a REIT Focused on Necessity Retail was provided. The REIT specializes in managing a diversified portfolio of necessity-based retail properties across the U.S.
The Necessity Retail REIT (Nasdaq: RTL, RTLPO, RTLPP) announced that CEO Michael Weil presented at the Sidoti & Company Small Cap Virtual Conference on March 23-24, 2022. During the event, Weil discussed the company's strategy focused on acquiring and managing a diversified portfolio of necessity-based retail properties in the U.S. RTL emphasizes its commitment to investing where America shops, catering primarily to single-tenant and open-air shopping centers. The session is available via a provided link for further insights.
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