American Finance Trust, Inc. (AFIN) Misses Q4 EPS by 7c, Revenues Beat

American Finance Trust, Inc. (NASDAQ: AFIN) reported Q4 EPS of ($0.13), $0.07 worse than the analyst estimate of ($0.06). Revenue for the quarter came in at $75.1 million versus the consensus estimate of $57.08 million.

• Revenues increased 3.7% to $75.1 million from $72.4 million in fourth quarter 2017
• Net loss attributable to stockholders was $13.5 million
• Adjusted Funds from Operations (\"AFFO\") was $24.6 million as compared to $24.9 million in third quarter 2018
• Closed on the acquisition of 29 properties for an aggregate contract purchase price of $48.6 million at a weighted average capitalization rate1 of 7.8%
• Executed 8 new leases and 30 lease renewals/amendments in the quarter totaling 326,423 square feet
• In November, added to the MSCI US REIT Index (the \"RMZ\")
• Institutional ownership of common equity has increased from less than 1% at listing to 16% as of the end of the quarter
• Strong current pipeline includes an additional 69 properties for an aggregate contract purchase price2 of $131.0 million, of which 98% are occupied by service retail tenants3
• Multi-tenant leasing pipeline of four new leases and renewals under negotiation for an additional 32,000 square feet4

CEO Comments

Michael Weil, Chief Executive Officer, commented, "2018 was a milestone year for AFIN as the company executed important strategic and operational initiatives, and continued to focus on fortifying our foundation for the future. We had a very productive year with new real estate acquisitions as we selectively acquired 130 single-tenant net-leased properties for $239.0 million. We believe these acquisitions further enhance AFIN's portfolio mix, as 90% of these acquisitions are service retail properties. Our acquisition activity is complemented by our strong leasing strategy to drive occupancy and NOI growth from the multi-tenant component of our portfolio."

Mr. Weil continued, "We maintain a healthy balance sheet in order to be well positioned to capitalize on opportunities as we identify suitable acquisitions. We have a promising leasing outlook, as we already have several signed leases with rental income set to begin cash rent payments in 2019. Finally, there is the potential for AFIN to be included in other equity indexes in addition to its recent inclusion in the RMZ REIT index."

For earnings history and earnings-related data on American Finance Trust, Inc. (AFIN) click here.

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