The Necessity Retail REIT Completes Over 685,000 Square Feet, $9 Million of Leasing in Second Quarter

Provided By PR Newswire

Last update: Jul 6, 2023

NEW YORK, July 6, 2023 /PRNewswire/ -- The Necessity Retail REIT, Inc. (Nasdaq: RTL/ RTLPP / RTLPO) ("RTL" or "the Company") announced today that it completed approximately 686,000 square feet of new and renewal leases (the "2Q Leases") with 57 tenants during the quarter ended June 30, 2023. The 2Q Leases total approximately $9.06 million in base rent during the first year of term. The Company signed 19 new leases totaling nearly 247,000 square feet with a weighted average lease term of 10.4 years, based on first year base rent. Additionally, the Company signed 38 lease renewals totaling nearly 440,000 square feet with a weighted average lease term of 5.4 years.