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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to __________
Commission file number: 001-38597
https://cdn.kscope.io/357318e7beea1dddd9ebc3b20d612d09-afin-20220930_g1.jpg
The Necessity Retail REIT, Inc.
(Exact name of registrant as specified in its charter)
Maryland  90-0929989
(State or other jurisdiction of incorporation or organization)  (I.R.S. Employer Identification No.)
650 Fifth Ave.30th Floor, New YorkNY                 10019 ____________________________________________________ _________________________________________________
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 415-6500
Former name, former address and former fiscal year, if changed since last report: Not Applicable
Securities registered pursuant to section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Class A Common Stock, $0.01 par value per shareRTLThe Nasdaq Global Select Market
7.50% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per shareRTLPPThe Nasdaq Global Select Market
7.375% Series C Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per shareRTLPOThe Nasdaq Global Select Market
Preferred Stock Purchase RightsThe Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  Accelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No
As of October 31, 2022, the registrant had 134,224,313 shares of common stock outstanding.



THE NECESSITY RETAIL REIT, INC.

TABLE OF CONTENTS

FORM 10-Q
Page

2

Table of Contents
PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.
THE NECESSITY RETAIL REIT, INC.

CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)
September 30,
2022
December 31,
2021
ASSETS 
Real estate investments, at cost:
Land$1,009,048 $729,048 
Buildings, fixtures and improvements3,515,775 2,729,719 
Acquired intangible lease assets654,735 402,673 
Total real estate investments, at cost5,179,558 3,861,440 
Less: accumulated depreciation and amortization(744,265)(654,667)
Total real estate investments, net4,435,293 3,206,773 
Cash and cash equivalents41,150 214,853 
Restricted cash19,288 21,996 
Deposits for real estate investments 41,928 
Deferred costs, net22,176 25,587 
Straight-line rent receivable67,953 70,789 
Operating lease right-of-use assets17,964 18,194 
Prepaid expenses and other assets 46,732 26,877 
Assets held for sale1,525 187,213 
Total assets$4,652,081 $3,814,210 
LIABILITIES AND EQUITY  
Mortgage notes payable, net $1,807,533 $1,464,930 
Credit facility478,000  
Senior notes, net491,983 491,015 
Below market lease liabilities, net140,241 78,073 
Accounts payable and accrued expenses (including $2,864 and $1,016 due to related parties as of September 30, 2022 and December 31, 2021, respectively)
55,506 32,907 
Operating lease liabilities19,153 19,195 
Derivative liabilities, at fair value 2,250 
Deferred rent and other liabilities7,919 9,524 
Dividends payable5,837 6,038 
Total liabilities3,006,172 2,103,932 
7.50% Series A cumulative redeemable perpetual preferred stock, $0.01 par value, liquidation preference $25.00 per share, 12,796,000 shares authorized, 7,933,711 issued and outstanding as of September 30, 2022 and December 31, 2021
79 79 
7.375% Series C cumulative redeemable perpetual preferred stock, $0.01 par value, liquidation preference $25.00 per share, 11,536,000 shares authorized, 4,595,175 and 4,594,498 issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
46 46 
Common stock, $0.01 par value per share, 300,000,000 shares authorized, 134,244,502 and 123,783,060 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
1,343 1,238 
Additional paid-in capital2,999,273 2,915,926 
Distributions in excess of accumulated earnings(1,374,378)(1,217,435)
Total stockholders’ equity1,626,363 1,699,854 
Non-controlling interests19,546 10,424 
Total equity1,645,909 1,710,278 
Total liabilities and equity$4,652,081 $3,814,210 

The accompanying notes are an integral part of these consolidated financial statements.
3

Table of Contents
THE NECESSITY RETAIL REIT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except per share data)
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Revenue from tenants
$116,176 $91,915 $328,048 $252,679 
Operating expenses:   
Asset management fees to related party7,939 9,880 24,061 25,123 
Property operating expense28,051 13,384 74,710 40,152 
Impairment of real estate investments30,046 4,554 94,942 4,645 
Acquisition, transaction and other costs210 3,426 695 3,604 
Equity-based compensation
3,857 4,149 10,878 13,779 
General and administrative8,499 5,589 23,722 15,578 
Depreciation and amortization57,494 32,762 141,755 97,509 
Total operating expenses
136,096 73,744 370,763 200,390 
          Operating (loss) income before gain on sale of real estate investments(19,920)18,171 (42,715)52,289 
Gain on sale of real estate investments1,608 478 68,615 775 
   Operating (loss) income (18,312)18,649 25,900 53,064 
Other (expense) income:
Interest expense(32,402)(19,232)(84,471)(58,927)
Other income25 18 987 62 
Gain on non-designated derivatives  2,250  
Total other expense, net
(32,377)(19,214)(81,234)(58,865)
Net loss(50,689)(565)(55,334)(5,801)
Net loss (income) attributable to non-controlling interests60 (4)54 4 
Allocation for preferred stock(5,837)(5,837)(17,511)(17,425)
Net loss attributable to common stockholders(56,466)(6,406)(72,791)(23,222)
Other comprehensive income (loss):
Change in unrealized income on derivatives 98  2,151 
Comprehensive loss attributable to common stockholders$(56,466)$(6,308)$(72,791)$(21,071)
Weighted-average shares outstanding — Basic133,115,729 118,862,852 131,478,484 112,770,685 
Weighted-average shares outstanding — Diluted133,115,729 118,862,852 131,478,484 112,770,685 
Net loss per share attributable to common stockholders — Basic and Diluted$(0.43)$(0.06)$(0.56)$(0.21)


The accompanying notes are an integral part of these consolidated financial statements.
4

Table of Contents
THE NECESSITY RETAIL REIT, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share data)
(Unaudited)

Nine Months Ended September 30, 2022
Mezzanine EquityTotal Equity
Series A Preferred StockSeries C Preferred StockCommon Stock
 Shares Subject to RepurchaseNumber of
Shares
Par ValueNumber of
Shares
Par ValueNumber of
Shares
Par ValueAdditional Paid-in
Capital
Distributions in excess of accumulated earningsTotal Stockholders’ EquityNon-controlling InterestsTotal Equity
Balance, December 31, 2021$ 7,933,711 $79 4,594,498 $46 123,783,060 $1,238 $2,915,926 $(1,217,435)$1,699,854 $10,424 $1,710,278 
Issuance of Common Stock, net— — — — — 3,762,559 38 32,450 — 32,488 — 32,488 
Issuance of Shares subject to repurchase, at fair market value upon closing49,965 — — — — 6,450,107 — — — — —  
Adjustments to redemption value3,423 — — — — — — (3,423)— (3,423)— (3,423)
Reclassification of Shares upon termination of repurchase rights(53,388)— — — — — 65 53,323 — 53,388 — 53,388 
Issuance of Series A Preferred Stock, net— — — — — — — (166)— (166)— (166)
Issuance of Series C Preferred Stock, net— — — 677 — — — (149)— (149)— (149)
Equity-based compensation (1)
— — — — — 287,735 2 1,348 — 1,350 9,528 10,878 
Common stock shares withheld upon vesting of restricted stock— — — — — (38,959) (278)— (278)— (278)
Dividends declared on Common Stock,$0.64 per share
— — — — — — — — (83,607)(83,607)— (83,607)
Dividends declared on Series A Preferred Stock, $1.41 per share
— — — — — — — — (11,157)(11,157)— (11,157)
Dividends declared on Series C Preferred Stock, $1.38 per share
— — — — — — — — (6,354)(6,354)— (6,354)
Distributions to non-controlling interest holders— — — — — — — — (545)(545)(110)(655)
Net loss— — — — — — — — (55,280)(55,280)(54)(55,334)
Rebalancing of ownership percentage— — — — — — — 242 — 242 (242) 
Balance, September 30, 2022$ 7,933,711 $79 4,595,175 $46 134,244,502 $1,343 $2,999,273 $(1,374,378)$1,626,363 $19,546 $1,645,909 
(1)Presented net of forfeitures. During the nine months ended September 30, 2022, 64,205 restricted shares with a fair value of approximately $0.5 million were forfeited.

Three Months Ended September 30, 2022
Mezzanine EquityTotal Equity
Series A Preferred StockSeries C Preferred StockCommon Stock
 Shares Subject to RepurchaseNumber of
Shares
Par ValueNumber of
Shares
Par ValueNumber of
Shares
Par ValueAdditional Paid-in
Capital
Distributions in excess of accumulated earningsTotal Stockholders’ EquityNon-controlling InterestsTotal Equity
Balance, June 30, 2022$53,388 7,933,711 $79 4,595,175 $46 133,272,305 $1,268 $2,937,395 $(1,289,400)$1,649,388 $16,843 $1,666,231 
Issuance of Common Stock, net— — — — — 997,230 11 7,850 — 7,861 — 7,861 
Reclassification of Shares upon termination of repurchase rights(53,388)— — — — — 65 53,323 — 53,388 — 53,388 
Issuance of Series A Preferred Stock, net— — — — — — — (44)— (44)— (44)
Issuance of Series C Preferred Stock, net— — —  — — — (31)— (31)— (31)
Equity-based compensation (1)
— — — — — 13,926 (1)682 — 681 3,176 3,857 
Common stock shares withheld upon vesting of restricted stock— — — — — (38,959)— (278)— (278)— (278)
Dividends declared on Common Stock,$0.21 per share
— — — — — — — — (28,331)(28,331)— (28,331)
Dividends declared on Series A Preferred Stock, $0.47 per share
— — — — — — — — (3,719)(3,719)— (3,719)
Dividends declared on Series C Preferred Stock, $0.46 per share
— — — — — — — — (2,118)(2,118)— (2,118)
Distributions to non-controlling interest holders— — — — — — — — (181)(181)(37)(218)
Net loss— — — — — — — — (50,629)(50,629)(60)(50,689)
Rebalancing of ownership percentage— — — — — — — 376 — 376 (376) 
Balance, September 30, 2022$ 7,933,711 $79 4,595,175 $46 134,244,502 $1,343 $2,999,273 $(1,374,378)$1,626,363 $19,546 $1,645,909 
(1)Presented net of forfeitures. During the three months ended September 30, 2022, 63,930 restricted shares with a fair value of approximately $0.5 million were forfeited.


The accompanying notes are an integral part of these consolidated financial statements.
5

Table of Contents
THE NECESSITY RETAIL REIT, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share data)
(Unaudited)


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Nine Months Ended September 30, 2021
Series A Preferred StockSeries C Preferred StockCommon Stock
 Number of
Shares
Par ValueNumber of
Shares
Par ValueNumber of
Shares
Par ValueAdditional Paid-in
Capital
Accumulated Other Comprehensive income (loss)Distributions in excess of accumulated earningsTotal Stockholders’ EquityNon-controlling InterestsTotal Equity
Balance, December 31, 20207,842,008 $79 3,535,700 $35 108,837,209 $1,088 $2,723,678 $(123)$(1,055,680)$1,669,077 $30,522 $1,699,599 
Issuance of Common Stock, net— — — — 14,456,837 145 125,937 — — 126,082 — 126,082 
Issuance of Series A Preferred Stock, net91,703 — — — — — 2,047 — — 2,047 — 2,047 
Issuance of Series C Preferred Stock, net— — 1,058,798 11 — — 25,492 — — 25,503 — 25,503 
Equity-based compensation (1)
— — — — 289,449 3 2,075 —  2,078 11,701 13,779 
Common stock shares withheld
upon vesting of restricted
shares
— — — — (77,021)(1)(723)— — (724)— (724)
Dividends declared on Common Stock, $0.63 per share
— — — — — — — — (71,287)(71,287)— (71,287)
Dividends declared on Series A Preferred Stock, $1.41 per share
— — — — — — — — (11,172)(11,172)— (11,172)
Dividends declared on Series C Preferred Stock, $1.45 per share
— — — — — — — — (6,499)(6,499)— (6,499)
Distributions to non-controlling interest holders— — — — — — — — (354)(354)(110)(464)
Net loss— — — — — — — — (5,797)(5,797)(4)(5,801)
Other comprehensive loss— — — — — — — 2,151 — 2,151 — 2,151