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 Fourth Quarter Results

JENKINTOWN,  Pa.  February  28,  2007--American  Financial  Realty  Trust  (AFR)
(NYSE:AFR),  today reported financial results for the quarter ended December 31,
2006. The Company reported fourth quarter revenues from continuing operations of
$106.2  million,  a decrease of $17.1  million  from the third  quarter of 2006,
which is  based  on  previously  reported  amounts  (not  adjusted  for  changes
resulting from discontinued operations). The decrease in revenues from the third
quarter is  primarily  attributable  to the  reclassification  of 208  buildings
containing  approximately 5.3 million square feet from continuing  operations to
discontinued   operations  as  part  of  the  Company's   previously   announced
repositioning plan.

Fourth quarter funds from operations ("FFO")(1), computed in accordance with the
definition of the National  Association of Real Estate  Investment  Trusts,  was
$(75.4)  million or $(0.57) per share, a decrease of $(47.5)  million or $(0.36)
per share,  compared  to the third  quarter  of 2006  based  upon the  Company's
weighted  average  diluted  common  shares  and  Operating   Partnership   units
outstanding  during the period of 132.4  million.  The  decrease in FFO from the
third quarter is principally  the result of impairment  and  defeasance  charges
recognized in the period for assets sold or reclassified as Held-for-Sale. Gains
recognized  on  related  asset  sales  are not  recognized  for the  purpose  of
computing FFO.

Fourth  quarter  adjusted  funds  from  operations   ("AFFO")(2)  (inclusive  of
repositioning charges of $0.4 million, which was approximately $1.0 million less
than our previous estimate) was $21.4 million or $0.16 on a per share equivalent
basis.  This compares  favorably to third quarter 2006

(1)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.

(2) Commencing  with the third quarter 2006,  AFFO no longer includes GAAP gains
(the difference  between sale price and net book value (original  purchase price
less  accumulated  depreciation))  as a component  of AFR's core  earnings.  The
Company includes economic gains (the difference  between sale price and original
purchase  price)   realized  during  the  reporting   period  solely  to  offset
transaction  costs incurred on assets sold and impairments taken within the same
period.  Quarter over quarter and year over year AFFO  comparisons  for 2006 and
2005 using the Company's  revised AFFO reporting  methodology  were presented in
its October 9, 2006 press release, which is available on the Company's website.

by $26.7 million,  which reported AFFO of $(5.3) million. The difference between
quarters is  primarily  the result of $25.0  million in MG&A and cash  severance
related costs.

Full Year Results

Full year AFFO was $62.9 million or $0.48 per share after all costs and expenses
related to the  repositioning of $26.6 million or $0.20 per share.  Before these
costs and expenses, AFFO would have been $89.5 million or $0.68 per share.

2006 Fourth Quarter Dividend

AFR declared a quarterly  dividend for  shareholders  of beneficial  interest of
$0.19 per share totaling  approximately $25.3 million.  The dividend was paid on
January 19, 2007, to  shareholders  and  Operating  Partnership  unitholders  of
record as of December 31, 2006.

Fourth Quarter 2006 Highlights

Occupancy(3):  Stable  occupancy of 87.5%;  Total  occupancy of 86.9%;  and Same
Store occupancy of 93.1%. As of December 31, 2006, the portfolio included within
continuing  operations  had  occupancy  of  91.5%,  while  the  non-core  assets
reclassified as Held-for-Sale had an average occupancy percentage of 67.2%.

Dispositions:  $917.2  million of gross proceeds from the sale of 27 properties.
During the quarter the Company also terminated three leasehold  obligations at a
cost of $0.5 million.  Combined, these dispositions and terminations resulted in
a reduction  to its real estate  portfolio  of 1.5 million  square  feet,  which
included approximately 283,000 square feet of vacancy.

Acquisitions:  $55.8  million  comprising  43  properties,  including  two  land
parcels, of which 25 were acquired vacant,  subject to an outstanding Formulated
Price Contact (FPC). All properties  aggregating  approximately 290,000 rentable
square feet, of which approximately 170,000 square feet were occupied.

Leasing:  260,600  square  feet of new  leasing,  resulting  in net  leasing  of
approximately 138,300 square feet, excluding recapture space.

Strategic Positioning Update

Harold W. Pote, Chief Executive Officer for AFR, said, "This quarter's results
reflect real progress on all fronts in the repositioning of our company. As I
will enumerate, we have executed our repositioning plan very effectively. The
financial impact of the plan has been largely reflected in the quarter. We have
made every effort to recognize all repositioning related costs and to reclassify
into the Held-for-Sale category all properties which are targeted for

(3) Stable  occupancy is the total  occupancy less any space acquired during the
quarter and all  activity  in the  quarter  associated  with those  assets,  and
recapture space. Total occupancy encompasses the entire portfolio,  exclusive of
joint  venture  assets,  at any  specific  point in time.  Same Store  occupancy
includes  properties  that  were  owned  at the  beginning  and  the  end of the
reporting  period,  excluding  assets held for sale. See AFR 4Q `06 Supplemental
for additional details.


disposition.  Thus, we believe our  shareholders  will now be able to understand
future period operating results with clarity. "

"Relative to our announced plan:

      Step  1.  Sell  between  $1.5-2.0  billion  in  assets  which  are  either
      off-strategy  or non-core to our  customer  relationships,  or represent a
      drag on shareholder value.

      "During this quarter we completed approximately $917.2 million of property
      dispositions.  These  dispositions  are in each of the two  categories  of
      assets we identified in our  disposition  criteria.  The most  significant
      disposition  of the period was the sale of State Street  Financial  Center
      for $889  million.  This is an example of an asset which  offered  neither
      potential net operating  income  growth,  nor  opportunity  for additional
      acquisitions  from  the  customer.  Second,  we  completed  the sale of 26
      non-core  properties for  approximately  $28.2 million.  We identified and
      moved  into  the   Held-for-Sale   category  208   properties   comprising
      approximately $575.0 million of both non-core and non-relational assets at
      net book value, which we anticipate will be sold by the end of 2007."

      Step 2. Rationalize the Company's liability structure by reducing leverage
      (the ratio of our net debt to total book value  assets) to between  60-65%
      and  improve net cash flow by repaying  debt with high  interest  rates or
      debt service constants.

      "During the fourth quarter we repaid or extinguished  approximately $861.3
      million of debt, the proceeds for which were sourced primarily through the
      sale of State Street.  At year end, we made  significant  progress towards
      our  de-leveraging  objective,  which resulted in the reduction of our net
      debt to total book value asset ratio from 71.6% to 66.6%."

      Step 3. Reduce general and administrative costs by $6-8 million.

      "This was accomplished by year-end 2006, when the annualized G&A run rate,
      inclusive of non-cash equity  compensation  costs, stood at $ 27.4 million
      compared  to $35.4  million in the second  quarter  (net of  expiring  IPO
      related non-cash equity compensation),  and we continue to seek additional

      Step 4.  Reduce the  dividend  by 30% to $0.19 per share per  quarter  and
      strive to cover this dividend from  operating cash flow by the second half
      of 2007.

      "AFFO  coverage of the dividend paid improved from 43% for the nine months
      ended September 30, 2006 to 85.1% in the fourth quarter."

      Step 5. Restore AFR's credibility in the markets by clearer enunciation of
      our strategy, enhanced financial reporting and consistent execution.

      "As we have committed in the past, we have endeavored to get the financial
      effects of the repositioning  reflected in the results of this quarter. By
      moving 208 properties into a


      Held-for-Sale   status,   we  have   minimized   the   disruptiveness   of
      reclassifications in these future periods to discontinued operations."

Mr. Pote concluded,  "We will continue to communicate our progress in completing
our  repositioning  strategy.  However,  our  primary  focus  is now  turned  to
improving our core operating performance and acquisition of new assets."

Fourth Quarter Results

All financial  comparisons  to prior  periods are based on  previously  reported
amounts,  which  are  not  adjusted  for  changes  resulting  from  discontinued

The Company  reported  AFFO(1) of $21.4 million in the fourth quarter of 2006 or
$0.16 on a per  share  equivalent  basis  (inclusive  of  Operating  Partnership
units).  The  Company  recognized  all  anticipated  costs  associated  with its
repositioning  in 2006. As such,  the fourth  quarter  results  reflect both the
direct MG&A related expenses associated with the repositioning, as well as asset
valuation adjustments associated with the Company's  rationalization of its real
estate portfolio.

MG&A costs related to repositioning  had a limited impact on operating  results.
All MG&A  related  costs  that  the  Company  anticipates  to  incur  have  been
recognized  as  repositioning  costs in the results  reported as of December 31,

During the fourth quarter,  the Company  completed a detailed review of its real
estate portfolio.  The principal objective of this review was to determine which
of its assets did not provide for long term growth in customer relationships and
did not meet its long term investment criteria. As a result, 208 properties were
reclassified  as  Held-for-Sale,  resulting in the  significant  variance to the
prior quarter relative to discontinued operations.  These 208 properties include
four  large  office  properties,  the sale of  which  will  provide  significant
proceeds  from which the Company  will  pay-down  debt or fund new  acquisitions
supporting the achievement of one of its prime repositioning  objectives related
to reducing overall debt levels. The remaining assets were deemed to be non-core
properties.  In the course of this review,  impairment  charges  totaling  $45.6
million  were  recognized  on 120  of  the  non-core  properties  classified  as
Held-for-Sale. The Company expects GAAP gains, which can only be recognized when
sales are  completed on the remaining  pool of  disposition  assets,  to compare
favorably to the amount of this impairment.

The Company completed the sale of State Street Financial Center, a key objective
of its repositioning  plan, during the quarter.  The sale of this asset resulted
in a GAAP gain of  $225.8  million.  Economic  gains  related  to this sale were
approximately  $106.7  million.  Economic  gains from all period  sales  totaled
$109.6 million, of which $84.7 million was applied to offset

(4) The Company  calculates AFFO by subtracting from or adding to FFO as defined
by NAREIT (i)  non-real  estate  related  depreciation  and  amortization,  (ii)
non-reimbursable  recurring  capital  expenditures  associated  with the ongoing
operation  of real  property  after the second year of  operation,  (iii) tenant
improvement allowances and leasing commissions associated with the re-leasing of
previously occupied non-bank tenanted spaces,  which was paid during the period,
(iv)  the  effects  of   straight-lining  of  rents  and  fee  income,  and  (v)
amortization of various deferred costs, (vi) deferred financing costs, (vii) non
cash stock compensation,  and (viii) economic gains to the extent they are equal
to or less than current  period  transaction  costs and  impairments  related to
non-core asset sales. The SEC classifies AFFO as a non-GAAP measure.


debt defeasance and impairments related to assets either sold or reclassified as
Held-for-Sale  and the costs related to the repayment of property level debt for
the calculation of AFFO.

EBITDA  increased  by $26.1  million over the third  quarter of 2006,  primarily
resulting from the MG&A and severance related  repositioning costs recognized in
the third  quarter of $29.8  million,  which was offset in part by net operating
income attributable to assets classified as Held-for-Sale.

Interest expense related to continuing operations, excluding the amortization of
deferred financing costs, totaled $34.9 million, a decrease of $1.9 million from
the $36.8  million  reported  in the third  quarter  of 2006.  The  decrease  in
interest  expense  primarily  reflects  the  impact  of debt  related  to assets
classified as Held-for-Sale,  offset by working capital borrowings in the period
and the paydown of the acquisition credit facility on December 28, 2006.

Fourth Quarter 2006 Portfolio and Tenant Overview

Disposition activity:

During the quarter, 27 properties were sold and three leaseholds were terminated
comprising  approximately  1.5 million square feet, of which 283,000 square feet
were vacant, resulting in gross proceeds of $917.2 million. Included among these
properties  were the sale of the State Street  Financial  Center and 26 non-core

Acquisition Activity:

The Company  acquired  14 fully  occupied  bank  branches  and two small  office
properties from Sterling Bank for $28.8 million inclusive of acquisition  costs.
The bank  properties  were  leased to  Sterling  Bank on a triple  net long term
basis.  The lease income stream provides for annual  escalations of rent,  while
transferring all costs of operation of the properties to Sterling Bank.

Hal Pote, President and CEO said, "Our recent acquisition and sale lease-back to
Sterling Bank is an example of the external growth  potential that exists in the
mid-tier regional bank market."

The Company also acquired 25 vacant bank branch  properties and two land parcels
for $25.9 million. The branches comprise  approximately  112,000 rentable square

Leasing activity:

New and expanded  leasing activity for the quarter added  approximately  260,600
square feet of new and expanded occupied space with average rent per square foot
of $12.28.(2)  Associated  tenant  improvement  costs,  calculated on a weighted
average  lease  term of 9.64  years,  were $0.69 per  square  foot per year.  At
December 31, 2006,  total potential  recapture space remaining in two portfolios
was  approximately  268,300  square  feet,  a  significant  portion  of which is
expected to become available by the end of first quarter 2007.

(5) See AFR 4Q 2006 Supplemental page 25 for additional detail.


The following table provides statistics on the AFR portfolio as of December 31,
2006, with comparisons to the portfolio as of September 30, 2006.

------------------------------------------------------------------------------------------------------------------------ As of As of As of December 31, December 31, September 30, 2006 2006 2006 Net of Held -for-Sale ------------------------------------------------------------------------------------------------------------------------ Number of Properties 1,148 911 1,135 ------------------------------------------------------------------------------------------------------------------------ -- Branches 700 566 679 ------------------------------------------------------------------------------------------------------------------------ -- Branches owned in joint venture 239 239 239 ------------------------------------------------------------------------------------------------------------------------ -- Office Buildings 424 321 432 ------------------------------------------------------------------------------------------------------------------------ -- Land 24 24 24 ------------------------------------------------------------------------------------------------------------------------ Total Square Feet 33,249,218 26,985,774 34,474,983 ------------------------------------------------------------------------------------------------------------------------ -- Branches 4,806,357 3,649,605 4,682,382 ------------------------------------------------------------------------------------------------------------------------ -- Branches owned in joint venture 982,634 982,634 974,834 ------------------------------------------------------------------------------------------------------------------------ -- Office Buildings 28,442,861 23,336,169 29,792,601 ------------------------------------------------------------------------------------------------------------------------ Occupancy ------------------------------------------------------------------------------------------------------------------------ --Total Occupancy 86.9% 91.5% 86.6% ------------------------------------------------------------------------------------------------------------------------ --Stable Occupancy 87.5% 92.2% 87.3% ------------------------------------------------------------------------------------------------------------------------ --Same Store Occupancy (667 properties) 93.1% 93.1% 93.0% ------------------------------------------------------------------------------------------------------------------------ % Rent from Financial Institutions 81.2% 81.9% 84.8% ------------------------------------------------------------------------------------------------------------------------ % Rent from "A-" Rated Tenants 76.5% 76.6% 81.3% ------------------------------------------------------------------------------------------------------------------------ % Rent from Net Leases 77.8% 78.7% 81.6% ------------------------------------------------------------------------------------------------------------------------ Lease Expirations (within 1 year) 1.5% 1.2% 1.5% ------------------------------------------------------------------------------------------------------------------------ Average Remaining Lease Term (years) 11.6 11.8 12.7 ------------------------------------------------------------------------------------------------------------------------ Average Remaining Debt Term (years) 9.5 N/A 10.3 ------------------------------------------------------------------------------------------------------------------------ % Fixed Rate Debt to Total Debt 90.4% N/A 86.4% ------------------------------------------------------------------------------------------------------------------------
Chief Financial Officer Dave Nettina commented, "As we stated on August 17th, we are committed to providing our investors straightforward and transparent financial reporting. Last quarter we committed that we would recognize all costs associated with the repositioning in this current quarter, which is reflected in the charge to G&A costs and the classification of 208 properties to Held-for-Sale. Having done so, readers of our financial statements will be able to track the completion of these transactions within discontinued operations, which are meant to unlock shareholder value, without these transactions confusing the results of ongoing operations. We are now transitioning our focus to growth in shareholder value, which investors will be able to monitor from our reported results from ongoing core operations and profitable new acquisitions. Key to our repositioning plan is our ability to maintain the high level of income -6- derived from credit tenants, which we project will be approximately 76% following our disposition program, which will reduce the number of properties in our investment portfolio by approximately 23%. The disposition of these under-performing assets will result in higher levels of tenant occupancy, which we project will be between 90% to 92%, and result in increased net operating income resulting from the elimination of carry costs associated with these non-core properties," concluded Mr. Nettina. Balance Sheet As of December 31, 2006, the Company's total debt (net of cash and certain escrow balances) to adjusted enterprise value (net debt and equity market capitalization) was 60.4%, and the ratio of net debt to Total Assets at net book value was 66.6%. This compares favorably to the prior quarter in which the ratio of net debt to Total Assets was 71.6%. The Company has stated that it is targeting a general reduction of its overall leverage to a range of 60-65% of debt to total assets at net book value and, as the quarter end results indicate, it has made significant progress toward achieving this goal. The ratio of net secured debt to total real estate investments and real estate intangibles (at cost) was 52.7%, an improvement of 630 basis points over the prior quarter. The improvement in these ratios is primarily the result of the sale and repayment of related property level debt on State Street Financial Center and the repayment of other debt with net proceeds from the sale. Debt principal repayments and defeasance related to asset dispositions totaled $788.0 million during the quarter, which includes $589.6 million relating to debt and defeasance costs on the sale of the State Street Financial Center. The State Street Financial Center debt had a weighted average interest rate of 5.93% and a debt constant of 7.75% at the time of repayment, while the leverage ratio of debt to net book value was 82.1%. In addition to State Street, other property related debt of $198.4 was repaid. This included $150.3 million repayment of our acquisition line of credit, 24 small mortgage loans with relative high constants and the repayment of a short term acquisition note of $40.3 million. As of December 31, 2006, the Company had total indebtedness of approximately $2.4 billion, with a weighted average remaining term of 9.5 years and a weighted average interest rate (including amortized hedging costs) of 5.66%, which is lower than the previous quarter's average of 5.74%. Debt decreased by approximately $650.8 million, compared to September 30, 2006. Subsequent Events: First quarter asset sales: o HSBC Operations center, 158,000 square feet, sold for $27.5 million. This asset represented an asset acquired from another landlord and which was unlikely to result in repeat business with the bank. o Bank of America Financial Center-Spokane, 328,000 square feet, sold for $36.0 million. This asset had relatively low occupancy by Bank of America and did not meet our criteria to be Held-for-Investment. -7- Conference Call Management will conduct a conference call and audio webcast at 11:00 a.m. ET on February 28, 2007 to review the Company's quarterly results. The conference call dial-in number is 303-262-2125. The audio webcast will be available to the public, on a listen-only basis, via the Investor Relations section of the Company's website at www.afrt.com. Please allow extra time, prior to the call, to visit the site and download the necessary software to listen to the Internet broadcast. 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 and AFFO are helpful to investors as measures of the Company's performance as an equity REIT because they provide investors with an understanding of the Company's operating performance and profitability. FFO and AFFO are non-GAAP financial measures commonly used in the REIT industry, and therefore these measures may be useful in comparing the Company's performance with that of other REITs. However, the Company's definitions of FFO and AFFO may differ from those used by other companies, and investors should take definitional differences into account when comparing FFO and AFFO reported by other REITs. Additionally, FFO and AFFO (and their per share equivalents) 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 EBITDA, which represents earnings before interest, taxes, depreciation and amortization, is also helpful to investors as a measure of the Company's performance. 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 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. -8- 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. -9- AMERICAN FINANCIAL REALTY TRUST CONSOLIDATED BALANCE SHEETS December 31, 2006 and December 31, 2005 (In thousands, except share and per share data) December 31, December 31, 2006 2005 ----------- ----------- Assets: Real estate investments, at cost: Land $ 333,716 $ 475,457 Land held for development 14,632 24,563 Buildings and improvements 1,947,977 2,645,618 Equipment and fixtures 283,704 401,661 Leasehold interests 16,039 9,579 Investment in joint venture 21,903 -- ----------- ----------- Total real estate investments, at cost 2,617,971 3,556,878 Less accumulated depreciation (297,371) (260,852) ----------- ----------- Total real estate investments, net 2,320,600 3,296,026 Cash and cash equivalents 106,006 110,245 Restricted cash 76,448 73,535 Marketable investments and accrued interest 3,457 3,353 Pledged treasury securities, net 32,391 -- Tenant and other receivables, net 62,946 51,435 Prepaid expenses and other assets 32,191 37,789 Assets held for sale 594,781 341,338 Intangible assets, net of accumulated amortization of $70,044 and $64,369 314,753 642,467 Deferred costs, net of accumulated amortization of $20,070 and $13,179 62,591 67,388 ----------- ----------- Total assets $ 3,606,164 $ 4,623,576 =========== =========== Liabilities and Shareholders' Equity: Mortgage notes payable $ 1,557,313 $ 2,467,596 Credit facilities 212,609 171,265 Convertible notes, net 446,343 446,134 Accounts payable 7,246 4,350 Accrued interest expense 15,601 19,484 Accrued expenses and other liabilities 58,940 55,938 Dividends and distributions payable 25,328 35,693 Below-market lease liabilities, net of accumulated amortization of $10,874 and $8,912 57,173 67,613 Deferred revenue 179,456 150,771 Liabilities related to assets held for sale 247,798 243,665 ----------- ----------- Total liabilities 2,807,807 3,662,509 Minority interest 12,393 53,224 Shareholders' equity: Preferred shares, 100,000,000 shares authorized at $0.001 per share, no shares issued and outstanding at December 31, 2006 and 2005, respectively -- -- Common shares, 500,000,000 shares authorized at $0.001 per share, 131,966,141 and 128,712,181 issued and outstanding at December 31, 2006 and 2005, respectively 131 129 Capital contributed in excess of par 1,389,827 1,371,648 Accumulated deficit (599,596) (457,313) Accumulated other comprehensive loss (4,398) (6,621) ----------- ----------- Total shareholders' equity 785,964 907,843 ----------- ----------- Total liabilities and shareholders' equity $ 3,606,164 $ 4,623,576 =========== =========== -10- AMERICAN FINANCIAL REALTY TRUST CONSOLIDATED STATEMENTS OF OPERATIONS Quarters and Years Ended December 31, 2006 and 2005 (Unaudited and in thousands, except per share data)
Quarter Year Ended Ended December 31, December 31, ---------------------- ---------------------- 2006 2005 2006 2005 --------- --------- --------- --------- Revenues: Rental income $ 65,313 $ 60,098 $ 253,485 $ 219,689 Operating expense reimbursements 40,871 41,890 166,712 155,181 Interest and other income 3,014 881 6,425 5,202 --------- --------- --------- --------- Total revenues 109,198 102,869 426,622 380,072 Expenses: Property operating expenses: Ground rents and leasehold obligations 3,377 3,338 14,336 13,427 Real estate taxes 10,330 9,857 42,868 35,232 Property and leasehold impairments 1,871 (28) 5,500 144 Other property operating expenses 42,839 35,241 166,310 142,148 --------- --------- --------- --------- Total property operating expenses 58,417 48,408 229,014 190,951 --------- --------- --------- --------- Property net operating income 50,781 54,461 197,608 189,121 Expenses: Marketing, general and administrative 5,571 6,840 24,934 24,144 Broken deal costs 4 227 176 1,220 Repositioning 418 -- 9,065 -- Amortization of deferred equity compensation 1,285 2,332 8,687 10,411 Severance and related accelerated amortization of deferred compensation 13 -- 21,917 4,503 --------- --------- --------- --------- EBITDA 43,490 45,062 132,829 148,843 Interest expense on mortgages and other debt 37,993 37,771 142,432 120,514 Depreciation and amortization 31,742 30,601 126,307 115,439 --------- --------- --------- --------- Loss before net gain on sale of properties in continuing operations, equity in loss of joint venture, not loss on investments, minority interest and discontinued operations (26,245) (23,310) (135,910) (87,110) Gain on sale of land 13 1,474 2,043 1,596 Equity in loss from joint venture (697) -- (1,397) -- Net loss on investments -- -- -- (530) --------- --------- --------- --------- Loss from continuing operations before minority interest (26,929) (21,836) (135,264) (86,044) Minority interest 223 368 2,686 1,984 --------- --------- --------- --------- Loss from continuing operations (26,706) (21,468) (132,578) (84,060) Discontinued operations: Loss from discontinued operations before yield maintenance fees, net of minority interest of $147, $911, $1,850, and $3,062 for the three months and years ended December 31, 2006 and 2005, respectively (51,121) (12,977) (79,174) (29,182) Yield maintenance fees, net of minority interest of $15,319, $11, $15,564 and $16 for the three months and years ended December 31, 2006 and 2005, respectively (32,718) (397) (46,402) (567) Net gains on disposals net of minority interest of $72,587, $367, $74,046 and $562 for the three months and years ended December 31, 2006 and 2005, respectively 156,081 13,878 237,556 20,194 --------- --------- --------- --------- Income (loss) from discontinued operations 72,242 504 111,980 (9,555) --------- --------- --------- --------- Net income (loss) $ 45,536 $ (20,964) $ (20,598) $ (93,615) ========= ========= ========= ========= Basic and diluted income (loss) per share From continuing operations $ (0.21) $ (0.17) $ (1.04) $ (0.71) From discontinued operations $ 0.56 $ 0.00 $ 0.87 $ (0.07) --------- --------- --------- --------- Total basic and diluted income (loss) per share $ 0.35 $ (0.17) $ (0.17) $ (0.78) ========= ========= ========= =========
-11- AMERICAN FINANCIAL REALTY TRUST Comparative Computation of FFO and AFFO (Unaudited - in thousands, except per share data)
Quarter Year to Date Ended December 31, Ended December 31, ---------------------- ---------------------- 2006 2005 2006 2005 --------- --------- --------- --------- Funds from operations per NAREIT -------------------------------------------------------------------------------------------------------------- Net loss $ 45,536 $ (20,964) $ (20,598) $ (93,615) Add: Minority interest - Operating Partnership 782 (548) (871) (2,588) Depreciation and amortization 38,270 44,973 168,077 167,987 Less: Non-real estate depreciation and amortization (1,103) (559) (4,325) (1,599) Amortization of fair market rental adjustment, net (42) 60 (186) (1,047) Gain on sales of properties, net (158,890) (15,719) (243,854) (22,352) --------- --------- --------- --------- Funds from operations $ (75,447) $ 7,243 $(101,757) $ 46,786 ========= ========= ========= ========= Funds from operations - diluted per share $ (0.570) $ 0.055 $ (0.770) $ 0.372 ========= ========= ========= ========= Adjusted funds from operations -------------------------------------------------------------------------------------------------------------- Funds from operations $ (75,447) $ 7,243 $(101,757) $ 46,786 Add: Economic gains 84,660 1,044 107,252 2,260 Non-real estate depreciation and amortization 1,103 559 4,325 1,599 Reverse straightline rental income 11,060 8,756 41,629 43,990 Amortization of deferred compensation 1,285 2,332 8,687 10,411 Amortization of deferred costs 4,847 8,147 16,976 14,042 Straightline fee income (217) 1,888 (1,032) 4,840 Amortization of deferred compensation - severance -- -- 4,344 3,026 Less: Capital expenditure reimbursement revenue (776) -- (874) -- Recurring capex and tenant improvements (2nd cycle) (1,762) -- (5,386) -- Amortization of tenant improvements and leasing commissions -- (1,225) -- (2,882) Straightline rental income (3,340) (2,583) (11,283) (9,783) --------- --------- --------- --------- Adjusted funds from operations $ 21,413 $ 26,161 $ 62,881 $ 114,289 ========= ========= ========= ========= Coverage ratios: Quarterly dividends $ 25,328 $ 35,693 $ 122,419 $ 102,262 AFFO / Quarterly Dividend 0.85x 0.73x 0.51x 1.12x

The following information was filed by American Financial Realty Trust on Wednesday, February 28, 2007 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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