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American Finance Trust (AFIN) reported impressive financial results for Q4 2020, collecting 95% of the original cash rent due, including 98% from its single-tenant portfolio. The company acquired 35 properties for $61.3 million, focusing on necessity retail assets, with an average cap rate of 9.2% and a remaining lease term of 9.4 years. This brings total acquisitions in 2020 to $218 million.
American Finance Trust announced a dividend of $0.2125 per share of Class A common stock, payable on January 15, 2021, to shareholders on record as of January 11, 2021. The company intends to maintain an annualized dividend rate of $0.85 per share, distributed quarterly. This consistent dividend policy reflects AFIN's commitment to returning value to shareholders while navigating potential risks associated with the ongoing global COVID-19 pandemic, which may impact financial performance.
American Finance Trust (Nasdaq: AFIN) successfully closed its public offering of 7.375% Series C Cumulative Redeemable Perpetual Preferred Stock, issuing 3,535,700 shares, including an overallotment option. This offering raised over $88 million with a $25.00 liquidation preference per share. CEO Michael Weil highlighted strong investor demand and plans to use the proceeds for general corporate purposes, including property acquisitions. AFIN's portfolio remains resilient amid COVID-19, positioning the company for growth in 2021.
American Finance Trust, Inc. (Nasdaq: AFIN, AFINP, AFINO) announced a quarterly dividend of $0.46875 per share on its 7.50% Series A Cumulative Redeemable Perpetual Preferred Stock. The dividend, amounting to an annualized rate of $1.875, will be payable on January 15, 2021, to stockholders of record as of January 5, 2021. This announcement reaffirms the company's ongoing commitment to providing returns to its preferred stockholders amidst the challenging economic landscape.
American Finance Trust (Nasdaq: AFIN) announced the pricing of a public offering of 3,200,000 shares of 7.375% Series C Cumulative Redeemable Perpetual Preferred Stock at $25.00 per share, with a potential overallotment option for an additional 480,000 shares. The net proceeds are estimated at $77.5 million, intended for general corporate purposes, possibly including property acquisitions. The closing is expected around December 18, 2020. AFIN has filed necessary documents with the SEC to facilitate this offering.
American Finance Trust (Nasdaq: AFIN) announced a public offering of its Series C Cumulative Redeemable Perpetual Preferred Stock under its existing shelf registration statement. The offering includes a 30-day overallotment option for underwriters. Proceeds will support general corporate purposes, including potential property acquisitions. AFIN plans to list the Series C Preferred Stock on the Nasdaq Global Select Market. The joint bookrunning managers for this offering include BMO Capital Markets, B. Riley Securities, and Truist Securities.
American Finance Trust (Nasdaq: AFIN) announced it has collected 95% of cash rent due for Q4 2020 as of December 2, 2020, including 99% from its single-tenant portfolio. CEO Michael Weil attributes this success to proactive tenant engagement and a resilient necessity retail portfolio, primarily leased to high-quality tenants. This portfolio includes 80% top tenants with investment-grade ratings. AFIN continues to monitor economic conditions, especially the impacts of COVID-19 on rent collections.
American Finance Trust (AFIN) reported a revenue increase of 7.7% to $78.5 million for Q3 2020, compared to $72.9 million in Q3 2019. Despite a net loss of $7.1 million, this marks an improvement from $21.8 million in the prior quarter. Cash net operating income was $54.9 million, while funds from operations stood at $25.6 million. Rent collection improved to 92% in Q3, with 94% collected in October. The company extended leases contributing an additional $44.1 million in future rent. AFIN decreased its interest rate to 3.8% and extended debt maturity to 5.0 years.
American Finance Trust, Inc. (Nasdaq: AFIN) will announce its third-quarter financial results for the period ending September 30, 2020, on November 4, 2020, after market close. A conference call will follow on November 5, 2020, at 11:00 a.m. ET to discuss the results and provide business commentary. Investors can access the call via dial-in or webcast on the company's website. The company operates as a REIT focused on service-oriented and retail properties across the U.S.
American Finance Trust, Inc. (Nasdaq: AFIN) announced that as of October 2, 2020, it has collected 91% of the original cash rent due for Q3 2020, with 96% collected from its single-tenant portfolio. The company reported a 14% increase in rent collection in its multi-tenant portfolio compared to Q2 2020, attributing this success to its necessity retail-focused properties and high-quality tenants. CEO Michael Weil highlighted the resilience of their collection rates amid the challenges posed by the ongoing global pandemic.
