American Finance Trust Announces 100% Of Second Quarter Cash Rent Collected Through May; $238 Million Year To Date Acquisitions Closed Or In Pipeline; Robust Leasing Results
"AFIN has constructed a robust pipeline of acquisitions that includes numerous categories of necessity retail, including properties leased to gas and convenience, grocery, medical and discount tenants," said
The Company announced a forward acquisition pipeline of 41 properties to be acquired at an aggregate contract purchase price of
The Company announced a forward leasing pipeline of six letters of intent for new leases at multi-tenant properties that total 41,962 square feet4. Net of 10,659 square feet of lease terminations, the net leasing pipeline totals 31,303 square feet.
- We calculate "original cash rent collections" by comparing original cash rent due under our lease agreements to the total amount of rent collected during the period, which includes both original cash rent due and payments of amounts deferred from prior periods. Eliminating the impact of deferred rent paid, we collected 98% of original cash rent due.
- Cash capitalization rate is a rate of return on a real estate investment property based on the expected, annualized cash rental income during the first year of ownership that the property will generate under its existing lease or leases. Cash capitalization rate is calculated by dividing this annualized cash rental income the property will generate (before debt service and depreciation and after fixed costs and variable costs) by the purchase price of the property. excluding acquisition costs. The weighted-average cash capitalization rate is based upon square feet.
- Capitalization rate is a rate of return on a real estate investment property based on the expected, annualized straight-line rental income that the property will generate under its existing lease or leases. Capitalization rate is calculated by dividing the annualized straight-lined rental income the property will generate (before debt service and depreciation and after fixed costs and variable costs) by the purchase price of the property, excluding acquisition costs. The weighted-average capitalization rate is based upon square feet.
- Includes all leases under negotiation with an executed non-binding letter of intent ("LOI") by both parties as of
June 7, 2021. There can be no assurance that LOIs will lead to definitive leases that will commence on their current terms, or at all. Leasing pipeline should not be considered an indication of future performance.
The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. In addition, words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should" or similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of AFIN's control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the potential adverse effects of the ongoing global COVID-19 pandemic, including actions taken to contain or treat COVID-19, on AFIN, AFIN's tenants and the global economy and financial markets and that the information about rent collections may not be indicative of any future period, as well as those set forth in the Risk Factors section of AFIN's most recent Annual Report on Form 10-K for the year ended
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