EX-99.1
2
e24702_ex99-1.txt
EXHIBIT 99.1

                                     [LOGO]
                               American Financial
                                  Realty Trust

Muriel Lange                            Anthony DeFazio
Investor Relations                      Media Relations
(215) 887-2280 (X3023)                  (215) 887-2280 (X2919)
Email:  mlange@afrt.com                 Email: adefazio@afrt.com

      American Financial Realty Trust Announces 2006 Second Quarter Results

JENKINTOWN,   Pa.  August  8,   2006--American   Financial  Realty  Trust  (AFR)
(NYSE:AFR),  today reported  financial results for the second quarter ended June
30,  2006.  The  Company   reported  second  quarter  revenues  from  continuing
operations  of $141.7  million,  an increase in revenue of  approximately  $21.2
million compared to the second quarter of 2005, and $2.1 million better than the
first  quarter of 2006.  The primary  improvement  over prior year resulted from
approximately   $18.5  million  of  incremental   rent  and  operating   expense
reimbursement revenues from new acquisitions.

Second quarter  adjusted funds from operations  ("AFFO") were $72.1 million,  an
increase over the first quarter of $40.8  million,  which includes $46.1 million
in net gains on proceeds from the Resnick sale, and which is net of $2.1 million
of charges related to the impairment of certain  leasehold  obligations,  broken
deal and repositioning costs incurred during the quarter.

The weighted  average  diluted  common  shares and Operating  Partnership  units
outstanding were 131.8 million for the period.

2006 Second Quarter Dividend

AFR declared a quarterly  dividend for  shareholders  of beneficial  interest of
$0.27 per share totaling $35.9 million.  The dividend was paid on July 21, 2006,
to shareholders of record and Operating Partnership unitholders on July 1, 2006.

Highlights

Lewis S. Ranieri,  Chairman of the Board of Trustees for AFR, said, "The Company
continues  to work  diligently  on ways to maximize  shareholder  value and will
announce a set of strategic decisions toward that end in the near future.  While
we are conducting  this review,  we continue to focus on our  previously  stated
objectives of non-core asset dispositions,  improving core operating performance
through leasing and operating expense control as outlined in this press release.
"

Nicholas S. Schorsch, President and Chief Executive Officer, said, "This quarter
demonstrated  our  continuing  focus  on  our  real  estate  portfolio  and  the
improvement of our core operating


                                     - 1 -


performance through the disposition of 43 non-core properties  (exclusive of the
Resnick asset sale),  while at the same time  completing a major  transaction in
partnership  with our new joint venture partner Dillon Read that resulted in the
acquisition  of 236 fully  occupied net leased bank branches from Citizens Bank.
The unique  nature of the mix of these assets,  Dillon  Read's  capital base and
AFR's  branch  banking  real estate  capabilities  came  together  perfectly  in
completing this $317 million acquisition."

      Occupancy:  Stable  occupancy  was  86.5%  as of  June  30,  2006.  Stable
      occupancy,  benchmarked to the prior quarter total occupancy, was up 0.6%.
      Total  Portfolio  occupancy for the current period was 86.2%, up 0.3% from
      the March quarter. Same Store occupancy for the period was 89.2%.

      Recapture space: This quarter the Company recaptured approximately 101,000
      square  feet  under  contract  terms.  Total  potential   recapture  space
      remaining in three portfolios is approximately 499,000 square feet.

      Acquisitions:  At the end of the quarter,  the Company closed on the first
      installment  of 120 out of a pool of 236 net  leased  bank  branches  from
      Citizens Bank, aggregating approximately 476,000 rentable square feet. The
      properties were 100% occupied at an overall  capitalization  rate of 7.0%.
      The remainder of the properties  closed early in the third quarter.  These
      assets  were  acquired  in  a  joint  venture  with  Dillon  Read,  a  new
      institutional  resource for AFR. The Company will retain  approximately  a
      25.4%  interest in the  venture's  net cash flow and act as the  venture's
      manager,  for which it will  receive  both a  management  fee and promoted
      interests.   Total  equity  capital   committed  by  the  Company  to  the
      acquisition of all 236 properties was approximately $19.7 million,  net of
      lender reserves of $3.9 million.

      During  the  quarter,   the  Company   directly   acquired  12  properties
      aggregating  approximately 80,400 rentable square feet, for a net purchase
      price of approximately  $20.8 million.  A majority of these properties are
      bank branch facilities,  acquired under sale leaseback  transactions,  and
      are 100%  occupied  with terms  ranging  from ten to twenty  years,  at an
      overall capitalization rate of 7.27%.

      Leasing:  Activity for the quarter added approximately 255,400 square feet
      of new  occupied  space  with  average  rent per  square  foot of  $14.76,
      generating  approximately $3.8 million on an annualized basis.  Associated
      tenant improvement  costs,  calculated on a weighted average lease term of
      8.2 years,  were $1.50 per square foot per year.  Additionally  during the
      quarter a new sublease was signed for approximately  25,800 square feet at
      Harborside Plaza.

      Dispositions:  Excluding  the Resnick  strategic  asset sale,  the Company
      generated  gross  proceeds  of   approximately   $64.9  million  from  the
      disposition  of  43  non-core  properties  which  were  approximately  64%
      occupied at the time of sale,  comprising  approximately  rentable 911,000
      square  feet  and  resulting  in  net  proceeds  of  $48.8  million.   The
      dispositions eliminated approximately 328,000 square feet of vacant space,
      eliminated or defeased  approximately $25.9 million of property level debt
      and improved actual future


                                     - 2 -


      quarter net operating  income by $0.4 million  through the  elimination of
      carrying costs from the vacant space.  These  dispositions  will result in
      improving  future  period  operating  margins  by  approximately  39 basis
      points.

      Consistent  with our program to actively  manage our debt  portfolio,  the
      debt related to these dispositions had an average constant of 7.30%, which
      was  above  the  Company's  average  debt  constant  of  6.93%.  This debt
      reduction resulted in a $0.9 million  prepayment  charge.  Included in the
      $25.9  million  of debt  prepayment  was $7.5  million  from an  "in-kind"
      defeasance; there was no charge taken for this defeasance since it was not
      an extinguishment of the debt.

      Strategic   Repositioning:   As  a  part   of  the   Company's   strategic
      repositioning it closed on the previously announced sale of five assets to
      Resnick  Development  Corp.  The  sale of these  assets,  in  addition  to
      realizing  approximately $46.1 million in gains, net of related defeasance
      costs, lowered our net debt to asset ratio by 140 basis points.

Second Quarter Results

The Company reported adjusted funds from operations ("AFFO")(1) of $21.6 million
in the second quarter of 2006, before net gains and inclusive of $2.1 million of
expenses related to the impairments of leasehold  interests and costs related to
the Company's  repositioning measures. For the three months ended June 30, 2006,
the Company's  weighted average diluted common shares and Operating  Partnership
units  outstanding  totaled 131.8  million.  The Company  reported net income of
$13.5 million,  or $0.10 per share for the second quarter of 2006, compared to a
net loss of $(23.4)  million or $(0.19)  per share in the first  quarter of 2006
and a net loss of $(25.2)  million or $(0.21)  per share  reported in the second
quarter of 2005. The Company's net income is largely attributable to a gain from
discontinued operations,  which totaled $46.1 million resulting from a strategic
disposition in the second quarter of 2006.

Funds from operations ("FFO")(2),  including gains on sales of assets, was $55.2
million, or $0.42 per share, an increase of $36.5 million over the first quarter
of 2006,  when FFO was $18.7 million or $0.14 per share and an increase of $42.3
million or $0.32  from $12.9  million  reported  in the second  quarter of 2005.
Excluding gains, FFO, computed in accordance with the


----------
(1)The Company calculates AFFO by subtracting from or adding to FFO (i) non-real
estate related  depreciation and amortization,  (ii)  un-reimbursable  recurring
capital expenditures  associated with the ongoing operation of real property and
tenant  improvement  allowances  and  leasing  commissions  associated  with the
re-leasing of previously  occupied  non-bank  tenanted  spaces,  which  occurred
during the  period,  (iii)  straight-lining  of rents and fee  income,  and (iv)
amortization  of various  deferred  costs.  The SEC classifies AFFO as a non-per
share reportable statistic and as such the Company does not report AFFO on a per
share  basis.  Please  see the  section  that  follows  on  "Non-GAAP  Financial
Measures" for a further  description of the Company's use of NAREIT FFO, FFO and
AFFO.

(2)The  Company  calculates  FFO  pursuant  to an  alternative  definition  that
includes both gains and losses,  including  impairments taken in anticipation of
the sale of real estate  property.  The Company  includes  gains and losses from
property  sales in its  definition  of FFO  because it believes  that  strategic
disposition  of properties is a significant  component of its business model and
that gains (and losses) from property  sales,  as well as  impairments  taken in
anticipation of such sales, demonstrate (in part) the Company's execution of its
business  model.  The Company also  believes that an inclusive  presentation  of
gains,  losses and  impairments  in FFO more  accurately  reflects the Company's
overall  performance.  The  Company's  definition of FFO differs from NAREIT FFO
only with respect to its treatment of gains and losses from property sales.


                                     - 3 -


definition of the National Association of Real Estate Investment Trusts ("NAREIT
FFO")(3), was $(8.2) million or ($0.06) per share.

EBITDA  decreased  by $1.9  million  or 3.2%  from  first  quarter  of 2006  and
increased by  approximately  $10.3  million or 21.5% over the second  quarter of
2005.  The decrease from the first quarter was primarily due to special  charges
of $1.2 million related to additional  impairment  charges of certain  leasehold
obligations  compared to the first quarter,  the closing of the Company's London
office and costs related to banking and consulting fees related to the Company's
repositioning  plan. The decrease is also  attributable to certain lease true-up
adjustments  recorded  in the  second  quarter  of  approximately  $0.5  million
relating primarily to real estate taxes and non-billable expenses in addition to
higher payroll costs and professional fees of approximately $0.5 million.

MG&A  expenses  increased  $1.0  million  compared  to the first  quarter  2006,
resulting from costs incurred in developing our repositioning  plan, the closing
of our London office,  higher internal audit fees related to additional internal
audit services currently being performed and additional staff in our information
technology area primarily to support the enterprise resource planning system.

Property net operating  income remained  constant  compared to the prior quarter
excluding the effect of special  charges related to the impairments of leasehold
interests  of $1.1  million  and $0.9  million  incurred in the second and first
quarters,  respectively,  which were classified as property operating  expenses.

Interest  expense from  continuing  operations is $(1.4) million higher than the
prior quarter.  This increase is related to an additional day of interest in the
current period of $(0.4)  million,  higher  amortization  of deferred  financing
costs of $(0.1) million, an increase in the interest rates on floating rate debt
of $(0.2) million and $(0.7)  million of higher  interest on debt balances which
increased  just at the end of the first quarter.

Portfolio and Tenant  Overview

The following  table  provides  portfolio  statistics on the AFR portfolio as of
June 30, 2006,  with  comparisons  to the  portfolio  as of March 31, 2006.  The
portfolio statistics report the Company's consolidated joint venture properties,
including the State Street Financial Center that is 70% owned by the Company, as
if such  properties  were 100%  owned by the  Company.  The table  excludes  the
Company's unconsolidated  partnership investment with Dillon Read in the portion
of the Citizens  Bank  portfolio  that was acquired by the joint venture on June
29, 2006.


----------
(3) NAREIT FFO is defined as net income (loss) before minority interest,  in our
operating partnership (computed in accordance with generally accepted accounting
principles),  excluding gains (or losses) from debt  restructuring and gains (or
losses) from sales of  property,  less any  impairments  of asset values at cost
(unrealized  loss),  plus real  estate  related  depreciation  and  amortization
(excluding   amortization   of  deferred   costs)  and  after   adjustments  for
unconsolidated partnerships and joint ventures.


                                     - 4 -


-----------------------------------------------------------------------------
                                               As of             As of
                                             June 30,          March 31,
                                               2006               2006
-----------------------------------------------------------------------------
Number of Properties(1)                        1,142            1,178(1)
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-- Branches                                     669               679
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-- Office Buildings                             448               470
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-- Land                                         25                 29
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Number of States                              38 & DC           39 & DC
-----------------------------------------------------------------------------
Total Square Feet                           35,169,201         37,147,132
-----------------------------------------------------------------------------
-- Branches                                  4,672,492         4,694,904
-----------------------------------------------------------------------------
-- Office Buildings                         30,496,709         32,452,228
-----------------------------------------------------------------------------
Occupancy
-----------------------------------------------------------------------------
--Total Occupancy                              86.2%             85.9%
-----------------------------------------------------------------------------
--Stable Occupancy                             86.5%             87.4%
-----------------------------------------------------------------------------
--Same Store Occupancy                         89.2%             89.2%
-----------------------------------------------------------------------------
% Rent from Financial Institutions             84.8%             85.6%
-----------------------------------------------------------------------------
% Rent from "A-" Rated Tenants                 81.5%             82.9%
-----------------------------------------------------------------------------
% Rent from Net Leases                         81.6%             83.2%
-----------------------------------------------------------------------------
Lease Expirations (within 1 year)              1.4%               2.0%
-----------------------------------------------------------------------------
Average Remaining Lease Term (years)           12.8               13.1
-----------------------------------------------------------------------------
Average Remaining Debt Term (years)            10.6               11.0
-----------------------------------------------------------------------------
% Fixed Rate Debt to Total Debt                87.9%             88.7%
-----------------------------------------------------------------------------

(1)Land is now included in Total Number of Properties

Balance Sheet

As of June 30, 2006,  the Company's  total debt (net of cash and certain  escrow
balances)   to   adjusted   enterprise   value  (net  debt  and  equity   market
capitalization)  was 69.4%, an increase over the previous quarter resulting from
a changing share price.  The ratio of net debt to total real estate  investments
and real estate  intangibles  (at cost) was 67.0%,  an  improvement of 160 basis
points.

As of June 30, 2006, the Company had total  indebtedness of  approximately  $3.0
billion,  with a weighted  average  remaining  term of 10.6 years and a weighted
average  interest  rate  (including  amortized  hedging  costs) of  5.73%.  Debt
decreased by  approximately  $282.3 million,  $231.4 million  resulting from the
Resnick asset sale,  the balance  primarily  resulting  from our non-core  asset
disposition program, the payoff of the mortgage on One Montgomery, which expired
in June, and scheduled principal  amortization.  The debt comprising the Resnick
sale  portfolio  had an  average  constant  of 8.05%.  As such this  disposition
improved  our  overall  portfolio  cost of debt by  reducing  our  average  debt
constant by 8 basis points.



                                     - 5 -


In June,  the Company  repaid $19.0  million in debt relating to the maturity of
the One Montgomery  Street  property level debt. The Company also repaid another
$0.7 million property level loan at maturity during the quarter.

Conference Call

As the Company's  Chairman has  previously  stated,  the Company is engaged in a
review and  evaluation  of a number of ways to enhance  shareholder  value.  The
Company is postponing its previously  scheduled  conference call until a date in
the near future, when it will be prepared to more completely discuss this review
and the decisions resulting from it.

Supplemental Quarterly Financial and Operating Data

American  Financial  publishes  supplemental  quarterly  financial and operating
data, which can be found under the Investor  Relations  section of the Company's
website  at  www.afrt.com.  These  materials  are also  available  via e-mail by
calling 312-640-6770.

Non-GAAP Financial Measures

The  Company  believes  that FFO is  helpful  to  investors  as a measure of the
Company's  performance  as an equity REIT because it provides  investors with an
understanding  of the Company's  operating  performance and  profitability.  The
Company  includes  gains and losses from property sales in its definition of FFO
because  it  believes  that  the  strategic   disposition  of  properties  is  a
significant component of the Company's business model, and that gains and losses
from dispositions  demonstrate (in part) the Company's execution of its business
model. FFO is a non-GAAP  financial  measure commonly used in the REIT industry,
and therefore this measure may be useful in comparing the Company's  performance
with that of other REITs.  However, the Company's definition of FFO differs from
NAREIT FFO (which is also  disclosed by the Company) and  investors  should take
definitional differences into account when comparing FFO reported by other REITs
(including  particularly those REITs that exclude gains and losses from property
sales in their definition of FFO). Additionally, FFO and FFO per share should be
evaluated along with GAAP net income and net income per share (the most directly
comparable GAAP measures) in evaluating the performance of equity REITs.

The  Company  believes  that AFFO is  helpful to  investors  as a measure of its
liquidity position,  because,  along with cash flows from operating  activities,
this measure  provides  investors  with an  understanding  of its ability to pay
dividends.  In  addition,  because  this  measure is  commonly  used in the REIT
industry,  the  Company's  use of AFFO may assist  investors  in  comparing  the
Company's liquidity position with that of other REITs. The Company's  definition
of AFFO  differs  from that of other  equity  REITs and  investors  should  take
definitional  differences  into account when  comparing  AFFO  reported by other
REITs  (including  particularly  those REITs that exclude  gains and losses from
property sales in their definition of AFFO).

The Company  believes that EBITDA,  which  represents  earnings before interest,
taxes,  depreciation  and amortization is also helpful to investors as a measure
of the Company's  performance.


                                     - 6 -


About American Financial Realty Trust

American Financial Realty Trust is a self-administered, self-managed real estate
investment  trust that  acquires  properties  from,  and leases  properties  to,
regulated  financial  institutions.  The  Company  owns and  manages  its assets
primarily under long-term triple net and bond net leases with banks. The Company
is led by  chief  executive  officer  Nicholas  S.  Schorsch  and  non-executive
chairman Lewis S. Ranieri.  The Company is traded on the New York Stock Exchange
under the ticker symbol AFR.

For more  information on American  Financial  Realty Trust,  visit the Company's
website at www.afrt.com.

Forward-Looking Statements

Certain statements in this press release constitute  forward-looking  statements
within the  meaning of the  federal  securities  laws.  You can  identify  these
statements  by our  use  of the  words  "expects,"  "anticipates,"  "estimates,"
"intends,"  "believes" and similar  expressions that do not relate to historical
information.  You  should  exercise  caution  in  interpreting  and  relying  on
forward-looking  statements  because  they involve  known and unknown  risks and
uncertainties  which are, in some cases,  beyond the Company's control and could
materially affect actual results,  performance or achievements.  These risks and
uncertainties  include  the risks  detailed  from time to time in the  Company's
filings with the  Securities  and  Exchange  Commission,  and  include,  without
limitation,  changes in general economic conditions and the extent of any tenant
bankruptcies and  insolvencies;  the Company's  ability to maintain and increase
occupancy;   the  Company's  ability  to  timely  lease  or  re-lease  space  at
anticipated net effective  rents;  the cost and  availability of debt and equity
financing;  and the  Company's  ability to acquire and dispose of certain of its
assets from time to time on acceptable  terms. The Company assumes no obligation
to update or supplement forward-looking statements that become untrue because of
subsequent events.

Financial Statements

The attached  financial  statements  and data are  presented to  supplement  the
Company's  audited  and  unaudited  regulatory  filings  and  should  be read in
conjunction with those filings. The unaudited financial data presented herein is
provided from the  perspective  of timeliness to assist readers of quarterly and
annual  financial  filings.  This  financial  data  was  prepared  prior  to the
Company's auditors  completing their audit. As such, data otherwise contained in
future  regulatory  filings  covering  this same time period may differ from the
data  presented  herein.   The  Company  does  not  accept   responsibility  for
highlighting these changes in its subsequent filings.


                                     - 7 -


                         AMERICAN FINANCIAL REALTY TRUST

                           CONSOLIDATED BALANCE SHEETS
                       June 30, 2006 and December 31, 2005
            (Unaudited in thousands, except share and per share data)

June 30, December 31, 2006 2005 ----------------- ---------------- Assets: Real estate investments, at cost: Land $ 473,870 $ 475,457 Land held for development 18,930 24,563 Buildings and improvements 2,658,484 2,645,618 Equipment and fixtures 400,768 401,661 Leasehold interests 9,283 9,579 Investment in joint venture 19,876 -- ----------------- ---------------- Total real estate investments, at cost 3,581,211 3,556,878 Less accumulated depreciation (324,688) (260,852) ----------------- ---------------- Total real estate investments, net 3,256,523 3,296,026 Cash and cash equivalents 82,707 110,245 Restricted cash 83,309 73,535 Marketable investments and accrued interest 3,676 3,353 Pledged government securities, net 7,349 -- Tenant and other receivables, net 61,392 51,435 Prepaid expenses and other assets 40,977 37,789 Assets held for sale 103,651 341,338 Intangible assets, net of accumulated amortization of $82,480 and $64,369 612,658 642,467 Deferred costs, net of accumulated amortization of $18,163 and $13,179 72,127 67,388 ----------------- ---------------- Total assets $ 4,324,369 $ 4,623,576 ================= ================ Liabilities and Shareholders' Equity: Mortgage notes payable $ 2,377,605 $ 2,467,596 Credit facilities 223,713 171,265 Convertible notes, net 446,239 446,134 Accounts payable 4,979 4,350 Accrued interest expense 18,803 19,484 Accrued expenses and other liabilities 67,524 55,938 Dividends and distributions payable 35,876 35,693 Below-market lease liabilities, net of accumulated amortization of $10,040 and $8,912 61,966 67,613 Deferred revenue 191,632 150,771 Liabilities related to assets held for sale 10,731 243,665 ----------------- ---------------- Total liabilities 3,439,068 3,662,509 ----------------- ---------------- Minority interest 48,425 53,224 Shareholders' equity: Preferred shares, 100,000,000 shares authorized at $0.001 per share, no shares issued and outstanding at June 30, 2006 and December 31, 2005 -- -- Common shares, 500,000,000 shares authorized at $0.001 per share, 129,511,868 and 128,712,181 issued and outstanding at June 30, 2006 and December 31, 2005, respectively 130 129 Capital contributed in excess of par 1,378,797 1,371,648 Accumulated deficit (537,193) (457,313) Accumulated other comprehensive loss (4,858) (6,621) ----------------- ---------------- Total shareholders' equity 836,876 907,843 ----------------- ---------------- Total liabilities and shareholders' equity $ 4,324,369 $ 4,623,576 ================= ================
- 8 - AMERICAN FINANCIAL REALTY TRUST CONSOLIDATED STATEMENTS OF OPERATIONS Three and Six Months Ended June 30, 2006 and 2005 (Unaudited and in thousands, except per share data)
Three Months Ended Six Months Ended June 30, June 30, ---------------------- ------------------------ 2006 2005 2006 2005 --------- --------- --------- ---------- Revenues: Rental income $ 91,664 $ 77,480 $ 182,243 $ 149,183 Operating expense reimbursements 48,489 41,249 94,995 82,398 Interest and other income, net 1,507 1,806 2,538 2,379 Equity income from joint venture 19 -- 19 -- ------------ ------------ ------------ ------------- Total revenues 141,679 120,535 279,795 233,960 ------------ ------------ ------------ ------------- Property operating expenses 72,927 59,513 142,455 117,752 ------------ ------------ ------------ ------------- Property net operating income 68,752 61,022 137,340 116,208 Expenses: Marketing, general and administrative 7,370 5,607 13,722 11,200 Broken deal costs 124 192 132 940 Amortization of deferred equity compensation 2,765 2,788 5,322 5,550 Severance and related accelerated amortization of deferred compensation 282 4,503 282 4,503 ------------ ------------ ------------ ------------- EBITDA 58,211 47,932 117,882 94,015 ------------ ------------ ------------ ------------- Interest expense on mortgages and other debt 46,569 35,501 91,753 68,272 Depreciation and amortization 44,632 37,697 90,047 72,605 ------------ ------------ ------------ ------------- Loss before net loss on investments, gain on sale of properties in continuing operations, minority interest and discontinued operations (32,990) (25,266) (63,918) (46,862) Net loss on investments -- (530) -- (530) Net gain on disposal of properties in continuing operations 349 122 807 122 ------------ ------------ ------------ ------------- Loss from continuing operations before minority interest (32,641) (25,674) (63,111) (47,270) Minority interest 1,735 1,275 2,879 2,503 ------------ ------------ ------------ ------------- Loss from continuing operations (30,906) (24,399) (60,232) (44,767) ------------ ------------ ------------ ------------- Discontinued operations: Loss from operations, net of minority interest of $147, $64, $151 and $187 for the three and six months ended June 30, 2006 and 2005, respectively (5,663) (2,442) (5,821) (7,072) Yield maintenance fees, net of minority interest of $296, $3, $352 and $3 for the three and six months ended June 30, 2006 and 2005, respectively (11,412) (120) (13,553) (120) Net gains on disposals, net of minority interest of $1,595, $48, $1,808 and $123 for the three and six months ended June 30, 2006 and 2005, respectively 61,438 1,810 69,655 4,667 ------------ ------------ ------------ ------------- Income (loss) from discontinued operations 44,363 (752) 50,281 (2,525) ------------ ------------ ------------ ------------- Net income (loss) $ 13,457 $ (25,151) $ (9,951) $ (47,292) ============ ============ ============ ============= Basic and diluted income (loss) per share: From continuing operations $ (0.24) $ (0.21) $ (0.47) $ (0.40) From discontinued operations 0.34 -- 0.39 (0.02) ------------ ------------ ------------ ------------- Total basic and diluted income (loss) per share $ 0.10 $ (0.21) $ (0.08) $ (0.42) ============ ============ ============ =============
- 9 - Set forth below is a reconciliation of our calculations of FFO and AFFO to net loss (unaudited, in thousands except per share data):
Three Months Ended Six Months Ended June 30, June 30, -------------------------- -------------------------- 2006 2005 2006 2005 --------- ---------- ---------- ---------- Funds from operations (NAREIT defined): Net loss $ 13,457 $ (25,151) $ (9,951) $ (47,292) Add: Minority interest - Operating Partnership 350 (695) (272) (1,402) Depreciation and amortization 42,430 40,083 85,952 77,607 Less: Non-real estate depreciation and amortization (954) (338) (1,738) (626) Amortization of fair market rental adjustment, net (53) (1,047) (94) (1,018) Net gains from disposals, net of income taxes (63,382) (1,979) (72,270) (4,912) --------- ---------- ---------- ---------- Funds from operations (NAREIT defined) $ (8,152) $ 10,873 $ 1,627 $ 22,357 --------- ---------- ---------- ---------- Funds from operations - diluted per share $ (0.062) $ 0.088 $ 0.012 $ 0.187 --------- ---------- ---------- ---------- ------------------------------------------------------------------------------------------------------------------------------------ Funds from operations (AFR defined): Funds from operations (NAREIT defined) $ (8,152) $ 10,873 $ 1,627 $ 22,357 Add: Net gains from disposals, net of income taxes 63,382 1,979 72,270 4,912 --------- ---------- ---------- ---------- Funds from operations (AFR defined): $ 55,230 $ 12,882 $ 73,897 $ 27,269 --------- ---------- ---------- ---------- Funds from operations - diluted per share $ 0.419 $ 0.104 $ 0.560 $ 0.228 --------- ---------- ---------- ---------- ------------------------------------------------------------------------------------------------------------------------------------ Adjusted funds from operations: Funds from operations (AFR defined) $ 55,230 $ 12,852 $ 73,897 $ 27,269 Add: Non-real estate depreciation and amortization 954 338 1,738 626 Reverse straightline rental income 10,342 11,810 20,111 23,869 Amortization of deferred compensation 2,765 2,788 5,321 5,550 Amortization of deferred costs and interest rate cap adjustment 6,571 1,532 9,136 3,687 Straightline fee income (66) 949 403 1,798 Accelerated amortization of deferred compensation - severance -- 3,026 -- 3,026 Less: Straightline rental income (2,344) (2,240) (4,664) (4,586) Recurring capex and tenant improvements (1,337) -- (2,375) -- Amortization of tenant improvements and leasing commissions -- (556) -- (1,000) Capital expenditure reimbursement revenue (28) -- (145) -- --------- ---------- ---------- ---------- Adjusted funds from operations $ 72,087 $ 30,499 $ 103,422 $ 60,239 --------- ---------- ---------- ---------- ------------------------------------------------------------------------------------------------------------------------------------ Quarterly dividend $ 35,876 $ 35,612 $ 71,758 $ 66,643 AFFO / quarterly dividend 2.01x 0.86x 1.44x 0.90x
- 10 -

The following information was filed by American Financial Realty Trust on Tuesday, August 8, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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