New York, August 5, 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 second quarter ended June 30, 2020.
Second Quarter 2020 and Subsequent Event Highlights    

Revenue was $74.9 million as compared to $79.1 million for the second quarter 2019 due primarily to the $7.6 million lease termination fee recorded in second quarter 2019 (the “2019 Termination Fee”)
Net loss attributable to common stockholders was $21.8 million compared to net income of $7.9 million for the second quarter 2019, due in part to the 2019 Termination Fee.
Cash net operating income (“NOI”) was $54.7 million compared to $62.7 million for the second quarter 2019, largely as a result of the $7.6 million 2019 Termination Fee
Funds from Operations (“FFO”) of $22.2 million, or $0.21 per diluted share compared to $24.4 million, or $0.23 per diluted share, for the second quarter 2019
Adjusted Funds from Operations (“AFFO”) of $21.2 million or $0.20 per share, compared to $30.0 million or $0.28 per diluted share in the prior year second quarter and $25.2 million, or $0.23 per diluted share in the quarter ended March 31, 2020 due to increased legal expenses related to COVID-19 and the $0.07 per share impact from the 2019 Termination Fee
Collected over 84% of cash rent due in second quarter 20201, including 94% in single tenant portfolio and 96% among the top 20 tenants2 
Subsequent to quarter end, July cash rent collection of 88% as of July 31, 2020 including 96% in single tenant portfolio and 72% in multi-tenant portfolio, outpacing second quarter results as rent deferral agreements end and tenants resume paying full rent
Executed lease extensions averaging 36 months and totaling $29.1 million in net additional rent in exchange for short-term rent deferrals or credits
Portfolio occupancy of 94.3% up from 93.4% in second quarter 2019
Total multi-tenant occupancy increased to 86.2% from 85.1% year-over-year
High quality portfolio with 63% of tenants in single-tenant portfolio and 80% of the top 10 tenants3 portfolio-wide rated as investment grade or implied investment grade4  
Annual rent escalators5 averaging 1.3% per year in 80.4% of leases provide contractually embedded rent growth
Subsequent to quarter-end, entered into a $715 million CMBS loan that is interest-only at an interest rate of 3.74%, has a five-year term and is secured by 368 single-tenant properties, de-risking and extending the weighted average portfolio debt maturity from 3.3 years to 4.9 years6, with only 30% of debt maturing through 2024
Proceeds from the 5-year CMBS loan, in part, refinanced a $497 million loan that had a higher interest rate of 4.36% and only two months remaining until maturity

Michael Weil, Chief Executive Officer, commented, “The strength and resiliency of AFIN's high-quality, long-term and primarily investment-grade or implied investment-grade portfolio that is focused on necessity retail was evident during a quarter that was full of global challenges. By working directly with our tenants, we were able to collect 84% of the cash rent due in the quarter and create long term value by adding $29.1 million of straight-line rent through lease extensions in exchange for rent deferrals and credits. In July we surpassed our second quarter performance by collecting over 88% of cash rents overall, including 96% in our single tenant portfolio, and continued focusing on our long-term objectives with the closing of a large CMBS transaction, which further de-risked our portfolio and extended our weighted-average debt maturity by 1.6 years to almost 5 years.”


The following information was filed by American Finance Trust, Inc (AFIN) on Wednesday, August 5, 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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