American Finance Trust, Inc (AFIN) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

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American Finance Trust, Inc
Ticker: AFIN CIK: 1568162

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

AMERICAN FINANCE TRUST ANNOUNCES THIRD QUARTER 2020 RESULTS

New York, November 4, 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 third quarter ended September 30, 2020.

Third Quarter 2020 and Subsequent Event Highlights

•Revenue grew 7.7% to $78.5 million as compared to $72.9 million for the third quarter 2019

•Net loss attributable to common stockholders was $7.1 million as compared to $21.8 million in the prior quarter and $2.9 million for the third quarter 2019

•Cash net operating income (“NOI”) was $54.9 million compared to $55.2 million for the third quarter 2019

•Funds from Operations (“FFO”) of $25.6 million, or $0.24 per diluted share compared to $25.0 million, or $0.24 per diluted share, for the third quarter 2019

•Adjusted Funds from Operations (“AFFO”) increased 20.3% to $25.5 million or $0.23 per share compared to $21.2 million or $0.20 per share in the prior quarter and increased 8.9% compared to $23.4 million, or $0.22 per diluted share, in the prior year third quarter

•Declared dividends of $23.1 million or $0.21 per share

•Accretive financing transactions lowered weighted average interest rate compared to the same quarter in 2019, to 3.8% from 4.5% and increased the weighted average debt maturity to 5.0 years from 3.9 years with no significant near-term maturities

•Collected over 92% of cash rent due in third quarter 20201, including 97% in single tenant portfolio, 82% in the multi-tenant portfolio, and 97% among the top 20 tenants2

•Subsequent to quarter end, October cash rent collection of 94% as of October 31, 2020 including 97% in single tenant portfolio and 82% in multi-tenant portfolio

•Executed lease extensions year to date averaging 36 months and totaling $44.1 million in net additional rent in exchange for short-term rent deferrals or credits

•Significant multi-tenant leasing pipeline to add $1.9 million of annual rent and 121,000 square feet from 14 new long-term leases with a weighted-average lease term of 10 years.3

•High quality portfolio with 62% of tenants in single-tenant portfolio and 80% of the top 10 tenants4 portfolio-wide rated as investment grade or implied investment grade5

•Annual rent escalators6 averaging 1.2% per year in 78.4% of leases provide contractually embedded rent growth

“Our third quarter results highlight the resilience of our best-in-class, necessity-based retail portfolio that is net leased to mostly investment-grade and implied investment grade tenants, has remained remarkably stable throughout the pandemic,” Michael Weil, Chief Executive Officer, commented. “We significantly improved rent collection across our portfolio during the quarter, recording receipt of 92% of the third quarter cash rent due, up from 86% in the second quarter, and are continuing to trend upwards with 94% of rent collected in October. New lease extensions negotiated and signed during the pandemic have added over $40 million of rent to our future cash flow. We have also further de-risked our balance sheet, completing several transactions that increased our weighted average debt term to 5.0 years from 3.9 years and lowered our weighted-average interest rate to 3.8% from 4.5% a year ago. We now have no significant near-term debt maturing, and 76% of our debt matures in 2025 or later, giving us significant balance sheet flexibility to support our future growth.”

The following information was filed by American Finance Trust, Inc (AFIN) on Wednesday, November 4, 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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