EX-99.1
2
e28145ex99_1.txt
PRESS RELEASE

                                                                    Exhibit 99.1

                                   [LOGO] AFR
                               AMERICAN FINANCIAL
                                  REALTY TRUST

At the Company:                                  Media Inquiries:
Muriel Lange                                     Margot Olcay
Investor Relations                               Rubenstein Communications, Inc.
(215) 887-2280 (X3023)                           Phone: (212) 843-8284
Email: mlange@afrt.com                           E-mail: molcay@rubenstein.com

      American Financial Realty Trust Announces 2007 Second Quarter Results

o     Records revenues of $100.7 million

o     Reports Adjusted funds from operations  (AFFO) of $23.1 million,  or $0.18
      per share

o     Leverage ratio of 63% (of net assets at net book value)

JENKINTOWN,  PA.  August 3, 2007 - American  Financial  Realty Trust  (NYSE:AFR)
today reported  financial  results for the second  quarter of 2007,  which ended
June 30, 2007. For the quarter,  the Company  reported  revenues from continuing
operations of $100.7 million, excluding interest and other income, a decrease of
$0.3 million compared with the prior quarter, which ended March 31, 2007.

Funds from operations  ("FFO")(1) during the second quarter were $1.7 million or
a  decrease  of $0.04  per share  compared  with the  first  quarter,  which was
primarily driven by impairment charges on assets Held-for-Sale, partially offset
by lower interest expense.

Adjusted  funds from  operations  ("AFFO")(2)  in the second  quarter were $23.1
million,  or $0.18 per share,  an increase of $0.01 per share  compared with the
prior quarter.

----------
(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.



For the second quarter, the Company's weighted average diluted common shares and
operating  partnership  units  outstanding  were 130.6  million,  reflecting the
repurchase  of 1.6 million  shares during the period,  completing  the Company's
initial  repurchase of 2.4 million shares of its  authorized  $100 million share
repurchase program which commenced in the first quarter.

MG&A expenses for the second quarter,  inclusive of deferred equity compensation
costs decreased $0.5 million compared with the prior quarter.

Assets sold during the second quarter  resulted in a GAAP gain of $40.7 million,
before minority  interest.  Impairment  charges of $13.3 million were recognized
for  properties  sold  during the period and other  properties  that the Company
expects to sell in subsequent  quarters.  Additionally,  the Company realized an
aggregate  $8.1 million gain on the  extinguishment  of debt from the  Fireman's
Fund transaction.

For the second  quarter,  economic  gains  related to assets sold totaled  $27.3
million.  Of these gains,  $13.4  million were  included in AFFO as an offset of
costs  associated  with  dispositions  (impairment  costs and yield  maintenance
fees).

EBITDA during the second quarter was $44.5 million,  an increase of $0.7 million
compared with the prior quarter of $43.8 million.

Interest expense related to continuing operations, excluding the amortization of
deferred financing costs, was $31.1 million,  compared with $30.9 million in the
first quarter of 2007.

AFR's second quarter dividend for  shareholders of beneficial  interest of $0.19
per share was paid on July 20, 2007, to shareholders  and Operating  Partnership
unit holders on June 30, 2007.

EXECUTIVE COMMENTARY

"The Company's  continued  positive  trajectory over the past four quarters is a
testament to the  leadership of our president and CEO, Hal Pote, who passed away
suddenly on June 26, 2007. Hal had a significant  impact on the Company,  and we
are saddened by his untimely  death,"  stated  Lewis S.  Ranieri,  non-executive
chairman of the board of trustees.

"Taking the Company forward is our executive  management team, Glenn Blumenthal,
chief operating officer,  Edward Matey Jr., general counsel,  and David Nettina,
chief  financial  officer and chief real  estate  officer  (CRO),  who have been
appointed  members  of  the  interim  office  of the  president.  We  have  full
confidence that this expert team,  which had been working so closely with Hal to
implement the Company's strategic plan, will continue to lead the Company in the
right  direction  with  the  full  support  of  our  talented  and  hard-working
employees."

"This  quarter's  results  continue to reflect  the  changing  character  of our
investment  portfolio,"  said  David  Nettina,  co-president,   chief  financial
officer,  and CRO for AFR. "Our core operating  results,  or adjusted funds from
operations (AFFO) were in line with our expectations at $0.18 per share, and one
cent better than the prior quarter. We continue to progress toward full dividend
coverage,  increasing  the AFFO  dividend  coverage  ratio to 92% in the  second
quarter.


                                      -2-


"During the second  quarter,  we continued to make  progress on all key fronts,"
continued Nettina.  "We maintained our focus on the reduction of our general and
administrative  costs.  This quarter G&A decreased $4.6 million  compared to the
same quarter last year.  Normalizing  this  improvement  for the reversal of our
former  CEO's equity  stock  award,  G&A was $2.9 million  better than the prior
quarter a year ago, which was our target quarter by which we measure the success
of our repositioning program.

"In addition,  we're driving  profitability  in the  properties  retained in our
investment   portfolio  through  continued   lease-up  and  expense   management
initiatives  such as achieving a $2.9  million or 30%  reduction in our property
and casualty insurance program.

"Finally,  we are moving toward developing joint venture  opportunities in order
to more efficiently  deploy our capital and to better match  investment  returns
with underlying cost of capital."

Glenn Blumenthal,  co-president and chief operating officer,  commented,  "As of
June 30, 2007, our top ten  customers,  who comprise 65% of our base revenue and
70% of our square  footage,  are  tenants  who  command  an A- or better  credit
rating.  In  addition,  at our Blair  Mill and  North  Wakefield  properties  we
increased our occupancy to 100%,  which also eliminated both of these properties
from our previous list of top ten vacancies.  As a result, the properties in our
core portfolio now post a 90.7 % occupancy rate."

Added  Blumenthal,  "We are  continuing  to  build a  pipeline  of new  business
opportunities,  including  our  calling  program  through  our  joint  marketing
partnership  with  Sandler  O'Neill  &  Partners,  and are  currently  in active
discussion  with more than 20 mid-size  community  banks and recently closed the
acquisition of Heritage Oaks."

SECOND QUARTER 2007 PORTFOLIO AND TENANT OVERVIEW

Occupancy(3):  As of  June  30,  2007,  the  portfolio  included  in  continuing
operations  had occupancy of 90.7%,  while  Held-for-Sale  assets had an average
occupancy of 57.8%.  Stable occupancy was 86.7%;  total occupancy was 86.3%; and
Same Store occupancy was 91.5%.

Dispositions:  The Company sold 18 properties and one excess land parcel, all of
which were non-core or off-strategy assets, for an aggregate sales price, net of
transaction costs, of $329.2 million. These dispositions resulted in a reduction
to the real estate portfolio of 1.09 million square feet, of which approximately
174,000  square feet were vacant.  Included in the second  quarter sales was the
Fireman's Fund Headquarters, a three building Class "A" office campus located in
Novato,  California,  which  was  sold  for a price  of  $312.0  million  before
transaction  costs.  Net  proceeds  to the  Company  from  the  sale,  excluding
transaction-

----------
(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
      2Q 2007 Supplemental for additional details.


                                      -3-


related  expenses and after the  assumption of the debt by the  purchaser,  were
approximately  $122.4  million,  which will be used  primarily to repay  Company
debt.

Acquisitions:  The  Company  acquired  24 bank  branch  properties  and two land
parcels,  and assumed one leasehold interest under outstanding  Formulated Price
Contracts  with Bank of America and Wachovia for  approximately  $19.2  million.
These properties comprise  approximately 100,600 square feet, and all but one of
the properties was vacant at the time of acquisition.

In  addition,  during the  quarter  the  Company  completed  the  sale-leaseback
transaction of four fully occupied bank  properties  from Heritage Oaks Bank for
an aggregate  purchase price of approximately  $13.0 million before  acquisition
costs.  The  portfolio  assets,   consisting  of  three  bank  branches  and  an
administrative office building,  aggregate  approximately 38,400 rentable square
felt and are located in the  municipalities  of Arroyo  Grande,  Paso Robles and
Santa Maria, California.

Combined, all of the acquisitions comprise approximately 139,000 rentable square
feet.

Leasing activity: During the quarter, the Company increased occupancy to 100% at
its Blair Mill and North Wakefield properties, eliminating both from the top ten
vacancies list. AFR added approximately 337,000 square feet of new leasing, from
62 leases, with an average rent per square foot of $13.59.(4)  Associated tenant
improvement  costs,  calculated  on a weighted  average lease term of 7.4 years,
were $1.92 per square foot per year. Net leasing  absorption for the quarter was
approximately 61,000 square feet.

As of June 30,  2007,  the total  potential  recapture  space  remaining  in two
portfolios was approximately 93,000 square feet, half of which is expected to be
returned in the third quarter.

The  following  table  provides  statistics  on the AFR portfolio as of June 30,
2007, with comparisons to the portfolio as of March 31, 2007.

----------
(4)   See AFR 2Q 2007 Supplemental page 29 for additional details.


                                      -4-


------------------------------------------------------------------------------------------------------------------------------------ As of As of As of As of June 30, June 30, March 31, March 31, 2007 2007, 2007 2007, Net of Held- Net of Held- for-Sale for-Sale ------------------------------------------------------------------------------------------------------------------------------------ Number of Properties 1,119 937 1,106 901 ------------------------------------------------------------------------------------------------------------------------------------ -- Branches 703 603 684 570 ------------------------------------------------------------------------------------------------------------------------------------ -- Branches owned in joint venture 239 239 239 239 ------------------------------------------------------------------------------------------------------------------------------------ -- Office Buildings 404 322 412 321 ------------------------------------------------------------------------------------------------------------------------------------ -- Land 12 12 10 10 ------------------------------------------------------------------------------------------------------------------------------------ Total Square Feet 31,459,705 27,220,525 32,366,761 27,011,091 ------------------------------------------------------------------------------------------------------------------------------------ -- Branches 4,827,082 3,834,301 4,761,813 3,675,304 ------------------------------------------------------------------------------------------------------------------------------------ -- Branches owned in joint venture 982,634 982,634 982,634 982,634 ------------------------------------------------------------------------------------------------------------------------------------ -- Office Buildings 26,632,623 23,386,224 27,604,948 23,335,787 ------------------------------------------------------------------------------------------------------------------------------------ Occupancy ------------------------------------------------------------------------------------------------------------------------------------ --Total Occupancy 86.3% 90.7% 86.5% 90.6% ------------------------------------------------------------------------------------------------------------------------------------ --Stable Occupancy 86.7% 91.1% 87.0% 90.9% ------------------------------------------------------------------------------------------------------------------------------------ --Same Store Occupancy (812 properties) 91.5% 91.5% 91.1% 91.1% ------------------------------------------------------------------------------------------------------------------------------------ % Rent from Financial Institutions 80.1% 80.9% 81.0% 81.1% ------------------------------------------------------------------------------------------------------------------------------------ % Rent from "A-" Rated Tenants 74.5% 75.0% 76.3% 75.8% ------------------------------------------------------------------------------------------------------------------------------------ % Rent from Net Leases 76.4% 77.4% 77.8% 77.9% ------------------------------------------------------------------------------------------------------------------------------------ Lease Expirations (within 1 year) 1.6% 1.5% 1.8% 1.7% ------------------------------------------------------------------------------------------------------------------------------------ Average Remaining Lease Term (years) 11.3 11.4 11.5 11.6 ------------------------------------------------------------------------------------------------------------------------------------ Average Remaining Debt Term (years) 9.7 N/A 9.3 N/A ------------------------------------------------------------------------------------------------------------------------------------ % Fixed Rate Debt to Total Debt 96.5% N/A 90.7% N/A ------------------------------------------------------------------------------------------------------------------------------------
BALANCE SHEET UPDATE As of June 30, 2007, the Company's total net debt (net of cash and certain escrow balances) to enterprise value (net debt and equity market capitalization) was 59%, and the ratio of net debt to net assets at net book value was 63%, within the Company's stated targeted range of 60 - 65%. The ratio of net secured debt to total real estate investments and real estate intangibles (at cost and before joint venture investments) was 46%, an improvement of 500 basis points compared with the prior quarter. Total mortgage debt extinguishment and defeasance related to asset dispositions, in addition to monthly principal amortization, totaled $192.6 million, which was principally related to the sale of the Fireman's Fund headquarters. During the second quarter, other property related debt of $88.7 million was repaid. -5- As of June 30, 2007, the Company had total indebtedness of approximately $2.1 billion, with a weighted average remaining term of 9.7 years and a weighted average interest rate (including amortized hedging costs) of 5.63%, which is compared to 5.68% in the prior quarter. During the quarter, debt decreased by approximately $281.3 million compared with the prior quarter. Debt declined as a result of the existing mortgage on the Fireman's Fund property being assumed by the purchaser ($186.1 million) and a net paydown of other debt of $95.2 million, principally on our credit line was paid from the excess proceeds received principally from the Fireman's Fund sale. Subsequent Events To date in the third quarter 14 property sales were completed for a sales price of approximately $13.8 million, comprising approximately 222,000 square feet. Conference Call Management will conduct a conference call and audio web cast at 11 a.m. ET on August 3, 2007 to review the Company's quarterly results. The conference call dial-in number is (303) 262-2130. The audio web cast 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. -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 through its operating partnership and various affiliates 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. 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 Comparative Balance Sheets (Unaudited - in thousands)
June 30, 2007 December 31, 2006 ------------- ----------------- Assets Real estate investments, at cost: Land $ 337,640 $ 333,716 Land held for development 8,417 14,632 Building and improvements 1,986,403 1,947,977 Equipment and fixtures 287,697 283,704 Leasehold interests 16,153 16,039 Investment in joint venture 17,660 21,903 ----------- ----------- Total real estate investments, at cost 2,653,970 2,617,971 Less accumulated depreciation (347,151) (297,371) ----------- ----------- Total real estate investment, net 2,306,819 2,320,600 Cash and cash equivalents 74,464 106,006 Restricted cash 79,781 76,448 Marketable investments and accrued interest 3,684 3,457 Pledged government securities, net 76,801 32,391 Tenant and other receivables, net 72,152 62,946 Prepaid expenses and other assets 30,327 32,191 Assets held for sale 218,636 594,781 Intangible assets, net of accumulated amortization of $82,479 and $70,044 305,220 314,753 Deferred costs, net of accumulated amortization of $25,100 and $20,070 63,171 62,591 ----------- ----------- Total assets $ 3,231,055 $ 3,606,164 =========== =========== Liabilities and Shareholders' Equity Mortgage notes payable $ 1,593,263 $ 1,557,313 Credit facilities 73,436 212,609 Convertible notes, net 446,447 446,343 Accounts payable 1,957 7,246 Accrued interest expense 15,934 15,601 Accrued expenses and other liabilities 57,661 58,940 Dividends and distributions payable 24,996 25,328 Below market lease liabilities, net of accumulated amortization of $12,376 and $10,874 55,652 57,173 Deferred revenue 225,866 179,456 Liabilities related to assets held for sale 19,104 247,798 ----------- ----------- Total liabilities 2,514,316 2,807,807 Minority interest 9,344 12,393 Shareholders' equity: Preferred shares, 100,000,000 shares authorized at $0.001 per share, no shares issued and outstanding at June 30, 2007 and December 31, 2006 Common shares, 500,000,000 shares authorized at $0.001 per share, 129,917,303 issued and 128,288,610 outstanding at June 30, 2007; 130,966,141 issued and outstanding at December 31, 2006 132 131 Capital contributed in excess of par 1,392,936 1,389,827 Accumulated deficit (652,935) (599,596) Common shares held in treasury, 2,378,568 shares at June 30, 2007 (24,991) -- Accumulated other comprehensive loss (7,747) (4,398) ----------- ----------- Total shareholders' equity 707,395 785,964 ----------- ----------- Total liabilities and shareholders' equity $ 3,231,055 $ 3,606,164 =========== ===========
-8- AMERICAN FINANCIAL REALTY TRUST Comparative Statements of Operations (Unaudited - in thousands, except per share data)
Quarter Ended Year to Date Ended ----------------------------- ----------------------------- June 30, 2007 June 30, 2006 June 30, 2007 June 30, 2006 ------------- ------------- ------------- ------------- Revenues: Rental revenue $ 66,183 $ 62,927 $ 132,922 $ 124,735 Operating expense reimbursements 34,520 43,187 69,513 83,679 --------- --------- --------- --------- Total revenues 100,703 106,114 202,435 208,414 Property operating expenses: Ground rent and leasehold obligations 3,631 3,789 6,843 7,393 Real estate taxes 10,585 11,385 21,423 21,554 Utilities 10,073 12,875 21,406 26,762 Property and leasehold impairments 510 1,155 1,686 2,026 Direct billable expenses 2,172 1,533 3,637 2,730 Other property operating expenses 25,076 27,797 49,322 52,124 --------- --------- --------- --------- Total operating expenses 52,047 58,534 104,317 112,589 --------- --------- --------- --------- Property net operating income 48,656 47,580 98,118 95,825 Expenses: Marketing, general and administrative 5,735 7,776 10,750 14,136 Amortization of deferred equity compensation 189 2,765 1,575 5,322 --------- --------- --------- --------- Operating income 42,732 37,039 85,793 76,367 Interest & other income 1,766 1,454 2,743 2,467 --------- --------- --------- --------- EBITDA 44,498 38,493 88,536 78,834 Interest expense 32,868 35,097 65,756 68,995 Depreciation and amortization 32,791 30,948 65,252 62,761 --------- --------- --------- --------- Loss before equity in loss from unconsolidated joint venture, gain on sale of properties in continuing operations, minority interest and discontinued operations (21,161) (27,552) (42,472) (52,922) Equity in net (loss) income from unconsolidated joint ventures (701) 19 (1,460) 19 Net gains from disposal of properties in continuing operations 604 360 680 817 --------- --------- --------- --------- Loss from continuing operations before minority interest (21,258) (27,173) (43,252) (52,086) Minority interest (146) 1,109 80 1,619 --------- --------- --------- --------- Net loss from continuing operations (21,404) (26,064) (43,172) (50,467) ========= ========= ========= ========= Discontinued operations: Loss from operations, net of minority interest of $172, $773, $182, and $1,412 for the three and six months ended June 30, 2007 and 2006, respectively $ (12,078) $ (10,508) $ (13,604) $ (15,588) Yield maintenance fees and gains from the extinguishment of debt, net of minority interest of $115, $296, $89 and $351 for the three and six months ended June 30, 2007 and 2006, respectively 8,123 (11,399) 6,294 (13,540) Net gains from disposals, net of minority interest of $557, $1,594, $731, and $1,808 for the three and six months ended June 20, 2007 and 2006, respectively 39,497 61,428 46,708 69,644 --------- --------- --------- --------- Net income from discontinued operations 35,542 39,521 39,398 40,516 --------- --------- --------- --------- Net income (loss) $ 14,138 $ 13,457 $ (3,774) $ (9,951) ========= ========= ========= ========= Basis and diluted income (loss) per share: From continuing operations $ (0.17) $ (0.21) $ (0.34) $ (0.40) From discontinued operations 0.28 0.31 0.31 0.32 --------- --------- --------- --------- Total basis and diluted income (loss) per share: $ 0.11 $ 0.10 $ (0.03) $ (0.08) ========= ========= ========= =========
-9- Set forth below is a reconciliation of our calculations of FFO and AFFO to net loss (unaudited, in thousands except per share data):
Six Months Ended Three Months Ended June 30, --------------------------------- -------------------- June 30, June 30, March 31, June 30, June 30, 2007 2006 2007 2007 2006 -------- -------- --------- -------- --------- Funds from operations (NAREIT defined): Net loss $ 14,138 $ 13,457 $(17,913) $ (3,774) $ (9,951) Add: Minority interest - Operating Partnership 247 350 (277) (30) (272) Depreciation and amortization 33,611 42,430 33,158 66,769 85,952 Less: Non-real estate depreciation and amortization (1,116) (954) (1,121) (2,237) (1,738) Amortization of fair market rental adjustment, net 49 (53) (56) (7) (94) Net gains from extinguishment of debt (4,583) -- -- (4,583) -- Net gains from disposals, net of income taxes (40,658) (63,382) (7,460) (48,118) (72,270) -------- -------- -------- -------- -------- Funds from operations (NAREIT defined) $ 1,689 $ (8,152) $ 6,331 $ 8,020 $ 1,627 -------- -------- -------- -------- -------- Funds from operations - diluted per share $ 0.01 $ (0.06) $ 0.05 $ 0.06 $ 0.01 -------- -------- -------- -------- -------- ----------------------------------------------------------------------------------------------------------------------------------- Adjusted funds from operations: Funds from operations $ 1,689 $ (8,152) $ 6,331 $ 8,020 $ 1,627 Add: Economic gains 13,402 13,065 4,999 18,401 15,467 Non-real estate depreciation and amortization 1,116 954 1,121 2,237 1,738 Reverse straightline rental income 10,569 10,342 10,654 21,223 20,111 Amortization of deferred compensation 189 2,765 1,386 1,575 5,321 Amortization of deferred costs and interest rate cap adjustment (711) 6,571 2,685 1,974 9,136 Straightline fee income 1,379 (66) (217) 1,162 403 Less: Straightline rental income (2,552) (2,344) (2,378) (4,930) (4,664) Recurring capex and tenant improvements (1,130) (1,337) (2,049) (3,179) (2,375) Capital expenditure reimbursement revenue (880) (28) (260) (1,140) (145) -------- -------- -------- -------- -------- Adjusted funds from operations $ 23,071 $ 21,770 $ 22,272 $ 45,343 $ 46,763 -------- -------- -------- -------- -------- Adjusted funds from operations - diluted per share $ 0.18 $ 0.17 $ 0.17 $ 0.34 $ 0.35 -------- -------- -------- -------- -------- ----------------------------------------------------------------------------------------------------------------------------------- AFFO coverage ratio: Quarterly dividend $ 25,031 $ 35,876 $ 25,159 $ 50,293 $ 71,757 AFFO / quarterly dividend 0.92x 0.61x 0.88x 0.90x 0.65x
-10-

The following information was filed by American Financial Realty Trust on Friday, August 3, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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