American Finance Trust, Inc. (AFIN) Misses Q3 EPS by 7c

American Finance Trust, Inc. (NASDAQ: AFIN) reported Q3 EPS of ($0.07), $0.07 worse than the analyst estimate of $0.00. Revenue for the quarter came in at $78.5 million versus the consensus estimate of $76.53 million.

• Revenue grew 7.7% to $78.5 million as compared to $72.9 million for the third quarter 2019
• Net loss attributable to common stockholders was $7.1 million as compared to $21.8 million in the prior quarter and $2.9 million for the third quarter 2019
• Cash net operating income ("NOI") was $54.9 million compared to $55.2 million for the third quarter 2019
• Funds from Operations ("FFO") of $25.6 million, or $0.24 per diluted share compared to $25.0 million, or $0.24 per diluted share, for the third quarter 2019
• Adjusted Funds from Operations ("AFFO") increased 20.3% to $25.5 million or $0.23 per share compared to $21.2 million or $0.20 per share in the prior quarter and increased 8.9% compared to $23.4 million, or $0.22 per diluted share, in the prior year third quarter
• Declared dividends of $23.1 million or $0.21 per share
• Accretive financing transactions lowered weighted average interest rate compared to the same quarter in 2019, to 3.8% from 4.5% and increased the weighted average debt maturity to 5.0 years from 3.9 years with no significant near-term maturities
• Collected over 92% of cash rent due in third quarter 20201, including 97% in single tenant portfolio, 82% in the multi-tenant portfolio, and 97% among the top 20 tenants2
• Subsequent to quarter end, October cash rent collection of 94% as of October 31, 2020 including 97% in single tenant portfolio and 82% in multi-tenant portfolio
• Executed lease extensions year to date averaging 36 months and totaling $44.1 million in net additional rent in exchange for short-term rent deferrals or credits
• Significant multi-tenant leasing pipeline to add $1.9 million of annual rent and 121,000 square feet from 14 new long-term leases with a weighted-average lease term of 10 years.3
• High quality portfolio with 62% of tenants in single-tenant portfolio and 80% of the top 10 tenants4 portfolio-wide rated as investment grade or implied investment grade5
• Annual rent escalators6 averaging 1.2% per year in 78.4% of leases provide contractually embedded rent growth

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

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