American Finance Trust Announces Second Quarter 2018 Operating Results
New York, August 9, 2018 - American Finance Trust, Inc. (Nasdaq: AFIN) (“AFIN” or the “Company”), a real estate investment trust focused on acquiring and managing a diversified portfolio of primarily service-oriented and traditional retail and distribution related commercial real estate properties in the U.S., announced today its financial and operating results for the second quarter ended June 30, 2018.
Second Quarter 2018 Highlights    

Entered into a new $415 million revolving unsecured corporate credit facility with BMO Harris Bank N.A., as administrative agent, Citizens Bank N.A. and SunTrust Robinson Humphrey, Inc. as joint lead arrangers
Revenues totaled $71.1 million for the second quarter 2018 as compared to $70.1 million for the first quarter 2018
Net loss attributable to stockholders was $12.0 million for the second quarter 2018 as compared to $15.4 million of net income attributable to stockholders in the first quarter 2018
Adjusted Funds from Operations (“AFFO”) in the second quarter was $25.8 million as compared to $26.5 million in the first quarter, diluted weighted-average shares for the respective periods were 105,028,459 and 105,415,211, respectively
Portfolio 94.6% leased with an 8.3 year weighted-average lease term remaining at June quarter end1, including eight new leases and 19 lease renewals executed in the quarter totaling over 338,500 square feet
79.5% of tenants in single-tenant portfolio and 42.3% of anchor tenants2 in multi-tenant portfolio rated as investment grade or implied investment grade3 
Closed on the acquisition of 15 properties totaling over 58,000 square feet for an aggregate contract purchase price of $27.4 million. Current pipeline (inclusive of properties that have closed or are expected to close after June 30, 2018) includes an additional 96 properties for an aggregate contract purchase price of $154.7 million, totaling $225.9 million in contract purchase price4 for closed and pipeline acquisitions in 2018, over 90% of which are occupied by service retail tenants5 
Subsequent to quarter end, the Company listed on The Nasdaq Global Select Market in July 2018

Michael Weil, Chief Executive Officer, commented, “We are excited to be listed on the Nasdaq and to be publishing our quarterly results for the first time as a publicly traded company. We have demonstrated strong execution of our investment strategy and have closed on $71.9 million in transactions as of June 30, 2018 and have a robust pipeline of future acquisitions, concentrated in service retail properties, that we expect to close later this year. Our closed and pipeline acquisitions reflect a weighted-average GAAP capitalization rate6 of 8.3%, a weighted-average going-in capitalization rate of 7.2%7, and 16.9 years of remaining lease term. With the Company's new $415 million credit facility at attractive terms, we believe we are well-positioned to finance our growth. Additionally, we believe we have the opportunity to increase our strong occupancy of 94.6% through continuing lease-up as we capture embedded rent growth from our creditworthy tenant base."

Mr. Weil continued, "Our portfolio averages 1.3%8 annual contractual rent growth with over 80% of our leases containing rent escalators and our portfolio derives most of its rent from investment grade or implied investment grade tenants. With 560 primarily single-tenant and multi-tenant service retail properties we have a large and diverse mix that provides consistent cash flow to support a sustainable dividend.”


The following information was filed by American Finance Trust, Inc (AFIN) on Thursday, August 9, 2018 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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