THE NECESSITY RETAIL REIT CLOSES ON THE PLANT IN SAN JOSE, CA FOR $175 MILLION AS PART OF THE PREVIOUSLY ANNOUNCED $1.3 BILLION OPEN-AIR SHOPPING CENTER ACQUISITION
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.
- Acquisition of The Plant enhances RTL's portfolio with a desirable asset.
- Completion of 80 out of 81 properties signifies strong execution of the CIM acquisition.
- Total acquisition value of $1.3 billion expected to provide long-term benefits.
- None.
- 80 Properties Closed Year-to-Date for
- Final
NEW YORK, May 31, 2022 /PRNewswire/ -- The Necessity Retail REIT, Inc. (Nasdaq: RTL) ("RTL" or the "Company") announced today that the Company, through its operating partnership, completed the acquisition of The Plant, a 509,000 square foot open-air shopping center in San Jose, CA for approximately
"The Plant is a highly desirable asset in the portfolio of open-air shopping centers we have acquired in 2022," said Michael Weil, CEO of RTL. "We are excited to add The Plant to our portfolio and to now have completed over
1 Portfolio includes 79 Power, Anchored and Grocery Centers and two single tenant properties.
2 Comprised of
The Necessity Retail REIT (Nasdaq: RTL) is the preeminent publicly traded real estate investment trust (REIT) focused "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.
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 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 (a) the potential adverse effects of (i) the ongoing global COVID-19 pandemic, including actions taken to contain or treat COVID-19, and (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 other countries, as well as other public and private actors and companies, on the Company, the Company's tenants, and the global economy and financial markets, and (b) that any potential future acquisition including the remaining property in the CIM portfolio is subject to market conditions and capital availability and may not be identified or completed on favorable terms, or at all, as well as those risks and uncertainties set forth in the Risk Factors section of the Company's Annual Report on Form 10-K for the year ended December 31, 2021 filed on February 24, 2022 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, 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.
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