EXHIBIT 99.1

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FOR IMMEDIATE RELEASE
 

AMERICAN FINANCE TRUST ANNOUNCES FIRST QUARTER 2020 RESULTS

  
New York, May 6, 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-oriented1 and traditional retail and distribution related commercial real estate properties in the U.S., announced today its financial and operating results for the first quarter ended March 31, 2020.
 
First Quarter 2020 Highlights    

Revenue increased 4% to $74.6 million as compared to $71.5 million for the first quarter 2019
Net loss attributable to common stockholders was $9.2 million, or $0.08 per diluted share, compared to a net loss of $3.2 million, or $0.03 per diluted share, for the first quarter 2019
Cash net operating income (“NOI”) grew by 6% to $59.0 million compared to $55.7 million for the first quarter 2019
Funds from Operations (“FFO”) was $23.7 million, or $0.22 per diluted share compared to $26.8 million, or $0.25 per diluted share, for the first quarter 2019
Adjusted Funds from Operations (“AFFO”) was $25.2 million, or $0.23 per diluted share, compared to $26.3 million or $0.25 per diluted share in the prior year first quarter
Announced a dividend change to be paid beginning in April for the second quarter to $0.21 per share per quarter, or $0.85 per share on an annualized basis, expected to strengthen AFIN's cash flow by $6.8 million per quarter
Closed on the acquisition of 31 properties for an aggregate contract purchase price of $90.0 million2 at a 7.4% weighted average cash capitalization rate3 and a weighted-average capitalization rate4 of 8.4%
Total multi-tenant occupancy increased to 87.3% from 85.0% year-over-year
High quality portfolio with 66% of tenants in single-tenant portfolio and 44% of the top 10 tenants5 in multi-tenant portfolio rated as investment grade or implied investment grade6  
Annual rent escalators7 averaging 1.3% per year in 80.9% of leases provide contractually embedded rent growth
Ample Liquidity8 of $215.0 million after borrowing an additional $153 million under credit facilities in March to enhance financial flexibility in response to COVID-19
Collected over 79% of cash rent due in April, including 92% in single tenant portfolio, with rent deferral amendments approved for 4% of the unpaid cash rent, while 16% of lease deferrals are in negotiation (see additional details in April Rents section below)


CEO Comments    

Michael Weil, Chief Executive Officer, commented, “Our first quarter results highlight the strong momentum we had coming into this year. Going forward, we continue to have a high degree of confidence in our long-term outlook, reflecting the resilience and capabilities of our team and the financial strength of our portfolio. I am proud of the focused effort and proactive communications we took in early March to create direct dialog with our tenants in response to the unprecedented COVID-19 pandemic. This led to tremendous success, as we collected over 79% of the rents due in April during the month, including 97% of the rent payable from the top 20 tenants in our portfolio.”



1

The following information was filed by American Finance Trust, Inc (AFIN) on Wednesday, May 6, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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