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American Finance Trust, Inc. (Nasdaq: AFIN) will announce its financial results for Q4 and full year 2021 on February 23, 2022, post-market close. The management team will host a conference call on February 24, 2022, at 11:00 a.m. ET, providing insights into business performance followed by a Q&A session. Interested parties can access the live call on the AFIN website. The press release also includes a caution about forward-looking statements and the risks related to ongoing market uncertainties and conditions that might affect future transactions.
American Finance Trust, Inc. (Nasdaq: AFIN) released a podcast interview featuring CEO Michael Weil, now accessible on the Company's website. The discussion emphasizes AFIN's strategies and commitment to brick-and-mortar retail. AFIN is transitioning to rebrand itself as The Necessity Retail REIT, focusing on a diversified portfolio of retail and distribution-related commercial real estate in the U.S. The company faces uncertainties, particularly related to the ongoing COVID-19 pandemic and potential acquisition challenges.
American Finance Trust, Inc. (AFIN) announced the acquisition of 69 retail properties for $179.9 million in 2021, enhancing its necessity-retail portfolio. The leases at nine properties were extended, adding $7.2 million in net straight-line rent. The company signed 167 new leases or renewals, totaling 1.7 million square feet, reflecting strong leasing performance. AFIN anticipates a $1.3 billion acquisition of open-air shopping centers soon, positioning itself strategically in the retail sector.
On January 6, 2022, American Finance Trust, Inc. (AFIN) finalized the sale of a non-core portfolio of three office buildings leased to Sanofi for $261 million, yielding a 6.38% cash capitalization rate. This sale reduces AFIN's office asset exposure from 7% to 1% based on Pro Forma annualized straight-line rent as of September 30, 2021. The proceeds will partially fund a $1.3 billion acquisition of a portfolio of grocery and power centers, enhancing the company’s focus on necessity retail.
American Finance Trust (Nasdaq: AFIN, AFINP, AFINO) declared a quarterly dividend of $0.2125 per share for its Class A common stock, totaling an annualized rate of $0.85 per share. The dividend is payable on January 18, 2022, to shareholders on record as of January 13, 2022. AFIN intends to continue quarterly dividend payments in arrears, reinforcing confidence in its ongoing financial stability amidst market uncertainties, including impacts from COVID-19.
American Finance Trust announced it will continue to pay quarterly dividends on its 7.50% Series A Preferred Stock at an annualized rate of $1.875 per share, translating to $0.46875 per share quarterly, payable on January 18, 2022. Holders of record must be noted by January 7, 2022. Additionally, the company will pay dividends on its 7.375% Series C Preferred Stock at an annualized rate of $1.84375 per share, or $0.4609375 quarterly, also payable on January 18, 2022. Both dividend payments emphasize the company's commitment to shareholders.
CIM Real Estate Finance Trust, Inc. (CMFT) has entered an agreement to sell its shopping centers to American Finance Trust, Inc. (AFIN) for up to $1.27 billion cash, $53.4 million in AFIN stock, and performance-based additional consideration. The deal aims to help CMFT focus on its core business of investing in senior secured loans and credit leases. The transaction is expected to close in Q1 2022, resulting in CMFT holding a leased portfolio of 114 tenant concepts across 45 states, with a total of 13.2 million gross rentable square feet.
American Finance Trust, Inc. (Nasdaq: AFIN) announced a definitive agreement to acquire a portfolio of 81 multi-tenant Power, Anchored, and Grocery Centers from CIM Real Estate Finance Trust for $1.3 billion, with a 7.19% cash capitalization rate. Concurrently, AFIN will sell a non-core portfolio of three office buildings to Sanofi S.A. for $261 million, generating a $10 million increase from the original purchase price. Both transactions aim to enhance AFIN's financial performance, expected to be immediately accretive to AFFO per share.
American Finance Trust (AFIN) reported a 17.1% increase in revenue for Q3 2021, totaling $91.9 million, including a $10.4 million lease buyout fee. Net loss attributable to common stockholders narrowed to $6.4 million from $7.1 million in Q3 2020. Cash NOI grew 37.9% to $75.7 million, while FFO rose to $30.3 million ($0.25 per share). The company maintained a strong portfolio with 100% cash rent collection and closed $86.5 million in acquisitions, projecting over $200 million by year-end. The balance sheet improved with a Net Debt to Adjusted EBITDA of 6.8x.
