The Necessity Retail REIT (Nasdaq: RTL, RTLPO, RTLPP) announced its intent to continue quarterly dividends on its Series A and Series C Preferred Stocks. The Series A Preferred will yield $1.875 annually, with a quarterly payment of $0.46875, payable on April 18, 2022. Similarly, the Series C Preferred will yield $1.84375 annually, with a quarterly payment of $0.4609375, also payable on April 18, 2022. Both dividends will be paid to shareholders on record as of April 8, 2022.
The Necessity Retail REIT (Nasdaq: RTL) announced that its independent directors purchased a total of 158,470 shares of RTL common stock, reflecting confidence in the company's long-term value. Lead Independent Director Lisa Kabnick emphasized the importance of real estate leased to necessity-based retail tenants and cited the agreement to acquire 79 shopping centers, of which 54 are already closed. The total shares owned by directors now stands at 402,848. This move signals a strong belief in RTL's future amidst ongoing market challenges.
The Necessity Retail REIT (Nasdaq: RTL) announced the completion of its acquisition of 10 open-air shopping centers for $220.8 million, part of a larger $1.3 billion transaction involving 79 properties from CIM Real Estate Finance Trust. This acquisition marks over 58% completion of the planned portfolio expansion. CEO Michael Weil emphasized the strategic growth of RTL's portfolio, aiming for a $5.2 billion REIT focused on necessity-based retail. The company remains optimistic about the integration of these properties while preparing for the acquisition of the remaining assets.
The Necessity Retail REIT (Nasdaq: RTL) reported a 10% revenue increase in 2021, reaching $335.2 million. However, the net loss attributable to shareholders was $63.4 million ($0.56 per share). Cash NOI rose 18% to $268.3 million, while FFO decreased to $95.3 million. The company acquired 69 properties for $177.9 million and announced plans to acquire a $1.3 billion open-air shopping center portfolio. Occupancy rates improved, reaching 87.6%. The company executed a $500 million unsecured notes offering, maintaining 100% fixed-rate debt with an interest coverage ratio of 3.0.
American Finance Trust, Inc. (Nasdaq: AFIN) announced a definitive agreement to acquire a portfolio of 81 multi-tenant Power, Anchored, and Grocery Centers from CIM Real Estate Finance Trust for $1.3 billion, with a 7.19% cash capitalization rate. Concurrently, AFIN will sell a non-core portfolio of three office buildings to Sanofi S.A. for $261 million, generating a $10 million increase from the original purchase price. Both transactions aim to enhance AFIN's financial performance, expected to be immediately accretive to AFFO per share.