EXHIBIT 99.1

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FOR IMMEDIATE RELEASE
 

AMERICAN FINANCE TRUST ANNOUNCES THIRD QUARTER 2019 RESULTS

  
New York, November 6, 2019
- 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-oriented12 and traditional retail and distribution related commercial real estate properties in the U.S., announced today its financial and operating results for the third quarter ended September 30, 2019.
 
Third Quarter 2019 Highlights    

Revenue was $72.9 million, down 3% compared to $74.9 million for the third quarter 2018
Net loss attributable to common stockholders was $2.9 million, or $0.03 per diluted share, compared to a net loss of $27.2 million, or $0.26 per diluted share, for the third quarter 2018
Funds from Operations (“FFO”) was $25.0 million, or $0.24 per diluted share up $0.17 per share from $7.9 million, or $0.07 per diluted share, for the third quarter 2018
Adjusted Funds from Operations (“AFFO”) was $23.4 million, or $0.22 on a per share basis, compared to $24.9 million or $0.24 on a per share basis, in the prior year third quarter
Cash net operating income (“NOI”) grew by 4% to $55.2 million compared to $53.0 million for the third quarter 2018
Closed on the acquisition of 69 properties for $178.8 million1 at a 7.2% weighted average cash capitalization rate4 and a weighted-average capitalization rate2 of 7.7%
Closed acquisitions increase annualized straight-line rent3 by $13.6 million which, due to closings at the end of the third quarter, will have full impact in fourth quarter 2019
Over $360.0 million in year to date acquisitions at a weighted average cash capitalization4 rate of 7.2% and a weighted average capitalization rate of 8.0% with 12.8 years of average remaining lease term5 
Liquidity6 of $255.4 million to be used for future acquisitions to the extent available
Total multi-tenant occupancy increased to 89.1%7 from 85.1% in the prior quarter and executed occupancy8 grew to 90.2% from 88.0% in prior quarter
74.6% of tenants in single-tenant portfolio and 38.5% of anchor tenants9 in multi-tenant portfolio rated as investment grade or implied investment grade10  
Annual rent escalators11 averaging 1.3% per year in 81.0% of leases provide contractually embedded rent growth


CEO Comments    

Michael Weil, Chief Executive Officer, commented, “We produced another quarter of strong growth as we continued to execute on our acquisition and leasing strategy. We closed on $179 million of primarily service retail acquisitions, including a $143 million dialysis portfolio, in which 88% of the annualized straight-line rent is guaranteed by either DaVita or Fresenius, two industry leading publicly traded companies. These acquisitions added $14 million to our annualized straight-line rent and the full benefit of these acquisitions will impact earnings in the fourth quarter. Combined with ongoing leasing in the multi-tenant portfolio, our portfolio occupancy increased by 180 bps over the prior quarter, including seasonal leases. Closed and pipeline acquisitions for the year stand at $419 million at a 7.2% weighted average cash cap rate and an 7.9% weighted average cap rate with almost 13 years of average remaining lease term. We look forward to realizing the full benefit of our late-quarter acquisitions as we continue building on our strong growth to close out the year.”



1

The following information was filed by American Finance Trust, Inc (AFIN) on Wednesday, November 6, 2019 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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