NEW YORK, May 31, 2022 — 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 $175.0 million, excluding closing costs. The closing is the sixth tranche from the previously announced agreement to acquire a portfolio of 81 Power, Anchored and Grocery Centers1 from certain subsidiaries of CIM Real Estate Finance Trust, Inc. for $1.3 billion. To date, 80 of the 81 properties have closed, representing $1.2 billion of the total $1.3 billion contract purchase price, and $110 million2 of the total $115 million annualized straight-line rent.
“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 90% of the CIM acquisition, based on purchase price. We have already started to benefit from the accretive impact of these acquisitions in the first quarter, and we look forward to realizing the long-term benefits we believe these properties will provide to RTL.”
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 “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.