American Finance Trust, Inc. (AFIN) Reports Q2 AFFO of $0.20

American Finance Trust, Inc. (NASDAQ: AFIN) reported Q2 AFFO of $0.20, versus ($0.28) reported last year. Revenue for the quarter came in at $74.9 million versus the consensus estimate of $75.71 million.

• Revenue was $74.9 million as compared to $79.1 million for the second quarter 2019 due primarily to the $7.6 million lease termination fee recorded in second quarter 2019 (the "2019 Termination Fee")
• Net loss attributable to common stockholders was $21.8 million compared to net income of $7.9 million for the second quarter 2019, due in part to the 2019 Termination Fee.
• Cash net operating income ("NOI") was $54.7 million compared to $62.7 million for the second quarter 2019, largely as a result of the $7.6 million 2019 Termination Fee
• Funds from Operations ("FFO") of $22.2 million, or $0.21 per diluted share compared to $24.4 million, or $0.23 per diluted share, for the second quarter 2019
• Adjusted Funds from Operations ("AFFO") of $21.2 million or $0.20 per share, compared to $30.0 million or $0.28 per diluted share in the prior year second quarter and $25.2 million, or $0.23 per diluted share in the quarter ended March 31, 2020 due to increased legal expenses related to COVID-19 and the $0.07 per share impact from the 2019 Termination Fee
• Collected over 84% of cash rent due in second quarter 20201, including 94% in single tenant portfolio and 96% among the top 20 tenants2
• Subsequent to quarter end, July cash rent collection of 88% as of July 31, 2020 including 96% in single tenant portfolio and 72% in multi-tenant portfolio, outpacing second quarter results as rent deferral agreements end and tenants resume paying full rent
• Executed lease extensions averaging 36 months and totaling $29.1 million in net additional rent in exchange for short-term rent deferrals or credits
• Portfolio occupancy of 94.3% up from 93.4% in second quarter 2019
• Total multi-tenant occupancy increased to 86.2% from 85.1% year-over-year
• High quality portfolio with 63% of tenants in single-tenant portfolio and 80% of the top 10 tenants3 portfolio-wide rated as investment grade or implied investment grade4
• Annual rent escalators5 averaging 1.3% per year in 80.4% of leases provide contractually embedded rent growth
• Subsequent to quarter-end, entered into a $715 million CMBS loan that is interest-only at an interest rate of 3.74%, has a five-year term and is secured by 368 single-tenant properties, de-risking and extending the weighted average portfolio debt maturity from 3.3 years to 4.9 years6, with only 30% of debt maturing through 2024
• Proceeds from the 5-year CMBS loan, in part, refinanced a $497 million loan that had a higher interest rate of 4.36% and only two months remaining until maturity

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

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