American Finance Trust, Inc. (AFIN) Misses Q3 EPS by 20c, Revenues Beat

American Finance Trust, Inc. (NASDAQ: AFIN) reported Q3 EPS of ($0.26), $0.20 worse than the analyst estimate of ($0.06). Revenue for the quarter came in at $74.9 million versus the consensus estimate of $56.97 million.

Michael Weil, Chief Executive Officer, commented, "With the completion of our first quarter as a publicly traded company we successfully demonstrated our ability to execute on our proven investment strategy. During the quarter we closed on almost $120 million of service retail and well positioned real estate assets leased long term to quality tenants at a weighted-average GAAP capitalization rate7 of 8.3%, a weighted-average going-in capitalization rate of 7.1%8, and 17.3 years of remaining lease term. We are well-positioned to drive shareholder value through embedded rent growth and a steady pipeline of potential acquisitions focused primarily on service retail properties."

Mr. Weil continued, "Our portfolio is 94.2% occupied and averages 1.4%9 annual contractual rent growth with over 80% of our leases containing rent escalators. The long average duration of our leases and high percentage of investment grade or implied investment grade tenants provides a solid foundation for our portfolio to endure and perform through any cycle in the real estate or credit markets. Our 616 single-tenant and multi-tenant service retail properties provide predictable cash flow to support the Company's objectives."

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

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