American Finance Trust Announces 4th Quarter and Full Year 2020 Results.

NEW YORK: 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 located primarily in the U.S., announced today its financial and operating results for the quarter and year ended December 31, 2020.

Fourth Quarter 2020 and Subsequent Events Highlights

Revenue increased 1% to $77.2 million from $76.2 million in the fourth quarter 2019

Net loss attributable to common stockholders was $8.6 million, or $0.08 per diluted common share, compared to a net loss of $4.8 million, or $0.04 per diluted common share for the fourth quarter 2019

Cash Net Operating income ("Cash NOI") grew by 2% to $58.7 million as compared to $57.7 million for the fourth quarter 2019

Funds from Operations ("FFO") grew by 14% to $25.5 million, or $0.23 per diluted share, compared to $22.4 million, or $0.21 per diluted share, for the fourth quarter 2019

Adjusted Funds from Operations ("AFFO") increased 3% to $26.1 million, or $0.24 per diluted share, from $25.2 million, or $0.24 per diluted share, in the prior year fourth quarter and increased 2.4% from $25.5 million, or $0.23 per share in the third quarter 2020

Raised gross proceeds of $88.4 million from a public offering of 7.375% Series C Cumulative Redeemable Perpetual Preferred Stock

Conservative Net Leverage1 of 40.2% and ample Liquidity2 of $228.9 million at year end

Closed on the acquisition of 35 properties for an aggregate contract purchase price3 of $61.3 million at a weighted average capitalization rate of 9.2%4

Collected over 96% of cash rent due in fourth quarter 20205, including 99% in single tenant portfolio, 88% in the multi-tenant portfolio, and 99% among the top 20 tenants6

Portfolio occupancy of 93.9%, including 99.4% in the single tenant portfolio

Executed occupancy7 of 88.2% in multi-tenant portfolio, exceeding pre-COVID levels, giving effect to approximately 215,000 square feet, net, of pipeline leases8, expected to add $1.6 million of annual rent

Subsequent to quarter end, January 2021 cash rent collection of 97% as of February 15, 2021 including 99% in the single tenant portfolio and 92% in the multi-tenant portfolio

Full Year 2020 Highlights

Acquired 107 properties for an aggregate contract purchase price of $218.3 million at an 8.6% weighted average capitalization rate with weighted average remaining lease term of 14.3 years at closing

Revenue increased 2% year-over-year to $305.2 million as compared to $299.7 million in prior year

Net loss attributable to stockholders was $46.7 million, or $0.43 per diluted common share, compared to a net loss of $3.1 million, or $0.03 per diluted common share in prior year

Cash NOI was $227.3 million as compared to $231.3 million in the prior year

FFO was $97.0 million, or $0.90 per diluted share compared to $98.6 million, or $0.93 per diluted share, in the prior year

AFFO was $98.0 million, or $0.90 per diluted common share compared to $104.9 million, or $0.99 per diluted common share, in the prior year

Dividends paid of $90.7 million

High quality portfolio with 61.5% of tenants in single-tenant portfolio and 70% of the top 20 tenants portfolio wide rated as investment grade or implied investment grade9

Annual rent escalators10 with a...

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