American Finance Trust, Inc (AFIN) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

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American Finance Trust, Inc
Ticker: AFIN CIK: 1568162

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

American Finance Trust Announces Fourth Quarter and Full Year 2019 Results

New York, February 26, 2020

- 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 quarter and year ended December 31, 2019.

Full Year 2019 Highlights


•	Revenue increased 3% year-over-year to $299.7 million as compared to $291.2 million in prior year


•	Net loss attributable to stockholders was $3.1 million, or $0.03 per diluted common share, compared to a net loss of $37.4 million, or $0.35 per diluted common share in prior year


•	Funds from operations ("FFO") increased 7.7% year-over-year to $98.6 million, or $0.93 per diluted share from $91.6 million, or $0.87 per diluted share, in prior year


•	Adjusted funds from operations ("AFFO") increased 1.8% year-over-year to $104.9 million, or $0.99 per diluted common share from $103.0 million, or $0.98 per diluted common share, in prior year


•	Cash net operating income ("Cash NOI") increased 9% to $231.3 million as compared to $212.1 million in the prior year


•	Year-over-year acquisitions increased 77% to $423.0 million¹ at a weighted average cash capitalization rate² of 7.2% compared to $239.0 million at a weighted average cash capitalization rate of 7.1%


•	Strong acquisition pipeline of an additional 54 properties for an aggregate contract purchase price of $82.5 million with an 18.4 year weighted-average lease term remaining³


•	Multi-tenant leasing pipeline of new leases and renewals under negotiation for an additional 86,000 square feet, bringing multi-tenant executed occupancy⁴to 88.3%


•	High quality portfolio of investment grade or implied investment grade⁵ rated tenants in 100% of Top 10 tenants portfolio-wide, 81.6% of tenants in single-tenant portfolio and 37.3% of anchor tenants⁶ in multi-tenant portfolio


•	Contractually embedded rent growth with annual rent escalators⁷ averaging 1.3% per year in 80.3% of total leases

Fourth Quarter 2019 Highlights


•	Revenue increased 2% to $76.2 million from $75.1 million in fourth quarter 2018


•	Net loss attributable to common stockholders was $4.8 million, or $0.04 per diluted common share, compared to a net loss of $13.5 million, or $0.13 per diluted common share for fourth quarter 2018


•	FFO was $22.4 million, or $0.21 per diluted share, compared to $27.9 million, or $0.26 per diluted share, for the fourth quarter 2018


•	AFFO increased 2% to $25.2 million, or $0.24 per diluted share, compared to $24.6 million, or $0.23 per diluted share in the prior year fourth quarter


•	Cash NOI grew by 9% to $57.7 million as compared to $52.9 million for the fourth quarter 2018


•	Closed on the acquisition of 53 properties for an aggregate contract purchase price of $62.0 million at a weighted average cash capitalization rate of 7.3% and a weighted average capitalization rate of 7.5%⁸


•	Liquidity⁹ of $232.8 million to be used for future acquisitions, including current forward pipeline of $82.5 million

CEO Comments

Michael Weil, Chief Executive Officer, commented, "We are proud to report increases in revenue, cash NOI and AFFO per share. We continue to improve the portfolio by opportunistically acquiring service-oriented retail properties with long-term leases. Year over year acquisitions increased 77% to $423 million at a weighted average capitalization rate of 7.8% with over 85% of acquisitions leased to service-oriented retail tenants with lease durations averaging over 12.5 years. These acquisitions improve our portfolio's diversification, weighted-average lease term and property mix. We believe we are well positioned to continue our deliberate portfolio growth through high-quality, accretive acquisitions in 2020 and beyond."

The following information was filed by American Finance Trust, Inc (AFIN) on Wednesday, February 26, 2020 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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