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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to __________
Commission file number: 001-38597
https://cdn.kscope.io/52970107ff03a15a277badd3079789e3-afin-20210930_g1.jpg
American Finance Trust, Inc.
(Exact name of registrant as specified in its charter)
Maryland  90-0929989
(State or other jurisdiction of incorporation or organization)  (I.R.S. Employer Identification No.)
650 Fifth Ave.30th Floor, New YorkNY                 10019
____________________________________________________ _________________________________________________
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 415-6500
Securities registered pursuant to section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Class A Common Stock, $0.01 par value per shareAFINThe Nasdaq Global Select Market
7.50% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per shareAFINPThe Nasdaq Global Select Market
7.375% Series C Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per shareAFINOThe Nasdaq Global Select Market
Preferred Stock Purchase RightsThe Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  Accelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No
As of October 29, 2021, the registrant had 123,506,474 shares of common stock outstanding.



AMERICAN FINANCE TRUST, INC.

TABLE OF CONTENTS

FORM 10-Q
Page

2

Table of Contents
PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

AMERICAN FINANCE TRUST, INC.

CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)
September 30,
2021
December 31,
2020
ASSETS 
Real estate investments, at cost:
Land$746,355 $723,316 
Buildings, fixtures and improvements2,943,693 2,830,508 
Acquired intangible lease assets462,378 454,245 
Total real estate investments, at cost4,152,426 4,008,069 
Less: accumulated depreciation and amortization(723,792)(639,367)
Total real estate investments, net3,428,634 3,368,702 
Cash and cash equivalents98,989 102,860 
Restricted cash15,863 10,537 
Deposits for real estate investments752 137 
Derivative assets, at fair value2,028  
Deferred costs, net17,216 16,663 
Straight-line rent receivable71,370 66,581 
Operating lease right-of-use assets18,318 18,546 
Prepaid expenses and other assets (including $140 and $1,939 due from related parties as of September 30, 2021 and December 31, 2020, respectively)
41,998 23,941 
Assets held for sale  
Total assets$3,695,168 $3,607,967 
LIABILITIES AND EQUITY  
Mortgage notes payable, net $1,587,462 $1,490,798 
Credit facility186,242 280,857 
Below market lease liabilities, net79,809 78,674 
Accounts payable and accrued expenses (including $3,404 and $273 due to related parties as of September 30, 2021 and December 31, 2020, respectively)
33,256 25,210 
Operating lease liabilities19,209 19,237 
Derivative liabilities, at fair value 123 
Deferred rent and other liabilities9,976 9,794 
Dividends payable6,000 3,675 
Total liabilities1,921,954 1,908,368 
7.50% Series A cumulative redeemable perpetual preferred stock, $0.01 par value, liquidation preference $25.00 per share, 12,796,000 and 8,796,000 shares authorized, 7,933,711 and 7,842,008 issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
79 79 
7.375% Series C cumulative redeemable perpetual preferred stock, $0.01 par value, liquidation preference $25.00 per share, 11,536,000 and 3,680,000 shares authorized, 4,594,498 and 3,535,700 issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
46 35 
Common stock, $0.01 par value per share, 300,000,000 shares authorized, 123,506,474 and 108,837,209 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
1,235 1,088 
Additional paid-in capital2,913,276 2,723,678 
Accumulated other comprehensive income (loss)2,028 (123)
Distributions in excess of accumulated earnings(1,150,789)(1,055,680)
Total stockholders’ equity1,765,875 1,669,077 
Non-controlling interests7,339 30,522 
Total equity1,773,214 1,699,599 
Total liabilities and equity$3,695,168 $3,607,967 

The accompanying notes are an integral part of these consolidated financial statements.
3

Table of Contents
AMERICAN FINANCE TRUST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
(In thousands, except per share data)
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Revenue from tenants
$91,915 $78,489 $252,679 $227,987 
Operating expenses:   
Asset management fees to related party9,880 6,918 25,123 20,741 
Property operating expense13,384 14,226 40,152 39,049 
Impairment of real estate investments4,554  4,645 11,502 
Acquisition, transaction and other costs3,426 1,507 3,604 2,680 
Equity-based compensation
4,149 3,235 13,779 9,693 
General and administrative5,589 3,312 15,578 15,504 
Depreciation and amortization32,762 34,951 97,509 104,729 
Total operating expenses
73,744 64,149 200,390 203,898 
          Operating income before gain on sale of real estate investments
18,171 14,340 52,289 24,089 
Gain on sale/exchange of real estate investments478 2,178 775 6,456 
   Operating income
18,649 16,518 53,064 30,545 
Other (expense) income:
Interest expense(19,232)(20,871)(58,927)(58,778)
Other income18 871 62 1,004 
Total other expense, net
(19,214)(20,000)(58,865)(57,774)
Net loss(565)(3,482)(5,801)(27,229)
Net (income) loss attributable to non-controlling interests(4)10 4 39 
Allocation for preferred stock(5,837)(3,619)(17,425)(10,857)
Net loss attributable to common stockholders(6,406)(7,091)(23,222)(38,047)
Other comprehensive income (loss):
Change in unrealized income on derivatives98 (546)2,151 (546)
Comprehensive loss attributable to common stockholders$(6,308)$(7,637)$(21,071)$(38,593)
Weighted-average shares outstanding — Basic and Diluted
118,862,852 108,429,315 112,770,685 108,393,269 
Net loss per share attributable to common stockholders — Basic and Diluted$(0.06)$(0.07)$(0.21)$(0.36)
 

The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents
AMERICAN FINANCE TRUST, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share data)
(Unaudited)

Nine Months Ended September 30, 2021
Series A Preferred StockSeries C Preferred StockCommon Stock
 Number of
Shares
Par ValueNumber of
Shares
Par ValueNumber of
Shares
Par ValueAdditional Paid-in
Capital
Accumulated Other Comprehensive income (loss)Distributions in excess of accumulated earningsTotal Stockholders’ EquityNon-controlling InterestsTotal Equity
Balance, December 31, 20207,842,008 $79 3,535,700 $35 108,837,209 $1,088 $2,723,678 $(123)$(1,055,680)$1,669,077 $30,522 $1,699,599 
Issuance of Common Stock, net— — — — 14,456,837 145 125,937 — — 126,082 — 126,082 
Issuance of Series A Preferred Stock, net91,703  — — — — 2,047 — — 2,047 — 2,047 
Issuance of Series C Preferred Stock, net— — 1,058,798 11 — — 25,492 — — 25,503 — 25,503 
Equity-based compensation (1)
— — — — 289,449 3 2,075 —  2,078 11,701 13,779 
Common stock shares withheld upon vesting of restricted stock— — — — (77,021)(1)(723)— — (724)— (724)
Dividends declared on Common Stock,$0.63 per share
— — — — — — — — (71,287)(71,287)— (71,287)
Dividends declared on Series A Preferred Stock, $1.41 per share
— — — — — — — — (11,172)(11,172)— (11,172)
Dividends declared on Series C Preferred Stock, $1.45 per share
— — — — — — — — (6,499)(6,499)— (6,499)
Distributions to non-controlling interest holders— — — — — — — — (354)(354)(110)(464)
Net loss— — — — — — — — (5,797)(5,797)(4)(5,801)
Other comprehensive loss— — — — — — — 2,151 — 2,151 — 2,151 
Forfeiture of 2018 LTIP Units— — — — — — 34,826 — — 34,826 (34,826)— 
Rebalancing of ownership percentage— — — — — — (56)— — (56)56  
Balance, September 30, 20217,933,711 $79 4,594,498 $46 123,506,474 $1,235 $2,913,276 $2,028 $(1,150,789)$1,765,875 $7,339 $1,773,214 

Three Months Ended September 30, 2021
Series A Preferred StockSeries C Preferred StockCommon Stock
 Number of
Shares
Par ValueNumber of
Shares
Par ValueNumber of
Shares
Par ValueAdditional Paid-in
Capital
Accumulated Other Comprehensive income (loss)Distributions in excess of accumulated earningsTotal Stockholders’ EquityNon-controlling InterestsTotal Equity
Balance, June 30, 20217,933,711 $79 4,594,498 $46 117,706,586 $1,177 $2,829,490 $1,930 $(1,119,182)$1,713,540 $36,426 $1,749,966 
Issuance of Common Stock, net— — — — 5,822,614 59 49,024 — — 49,083 — 49,083 
Issuance of Series A Preferred Stock, net— — — — — — (109)— — (109)— (109)
Issuance of Series C Preferred Stock, net— — — — — — (104)— — (104)— (104)
Equity-based compensation (1)
— — — — (4,150) 312 — 154 466 5,773 6,239 
Common stock shares withheld upon vesting of restricted shares— — — — (18,576)(1)(164)— — (165)— (165)
Dividends declared on Common Stock,$0.21 per share
— — — — — — — — (25,190)(25,190)— (25,190)
Dividends declared on Series A Preferred Stock, $0.47 per share
— — — — — — — — (3,719)(3,719)— (3,719)
Dividends declared on Series C Preferred Stock, $0.46 per share
— — — — — — — — (2,119)(2,119)— (2,119)
Distributions to non-controlling interest holders— — — — — — — — (164)(164)(37)(201)
Net loss— — — — — — — — (569)(569)4 (565)
Other comprehensive loss— — — — — — — 98 — 98 — 98 
Forfeiture of 2018 LTIP Units— — — — — — 34,826 — — 34,826 (34,826)— 
Rebalancing of ownership percentage— — — — — — 1 — — 1 (1) 
Balance, September 30, 20217,933,711 $79 4,594,498 $46 123,506,474 $1,235 $2,913,276 $2,028 $(1,150,789)$1,765,875 $7,339 $1,773,214 
The accompanying notes are an integral part of these consolidated financial statements.

(1) Presented net of forfeitures. 24,025 restricted shares with a fair value of approximately $165,000 were forfeited during the period.
5

Table of Contents
AMERICAN FINANCE TRUST, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share data)
(Unaudited)
Nine Months Ended September 30, 2020
Preferred StockCommon Stock
 Number of
Shares
Par ValueNumber of
Shares
Par ValueAdditional Paid-in
Capital
Accumulated Other Comprehensive income (loss)Distributions in excess of accumulated earningsTotal Stockholders' EquityNon-controlling InterestsTotal Equity
Balance, December 31, 20196,917,230 $69 108,475,266 $1,085 $2,615,089 $ $(932,912)$1,683,331 $18,899 $1,702,230 
Issuance of Common Stock, net— — — — (184)— — (184)— (184)
Issuance of Preferred Stock, net802,459 8 — — 19,509 — — 19,517 — 19,517 
Equity-based compensation— — 361,943 3 797 — — 800 8,893 9,693 
Dividends declared on Common Stock, $0.70 per share
— — — — — — (75,954)(75,954)— (75,954)
Dividends declared on Preferred Stock, $1.41 per share
— — — — — — (10,856)(10,856)— (10,856)
Distributions to non-controlling interest holders— — — — — — (315)(315)(120)(435)
Other comprehensive loss— — — — — (546)— (546)— (546)
Net loss— — — — — — (27,190)(27,190)(39)(27,229)
Rebalancing of ownership percentage— — — — 65 — — 65 (65)— 
Balance, September 30, 20207,719,689 $77 108,837,209 $1,088 $2,635,276 $(546)$(1,047,227)$1,588,668 $27,568 $1,616,236 

Three Months Ended September 30, 2020
Preferred StockCommon Stock
 Number of
Shares
Par ValueNumber of
Shares
Par ValueAdditional Paid-in
Capital
Accumulated Other Comprehensive income (loss)Distributions in excess of accumulated earningsTotal Stockholders' EquityNon-controlling InterestsTotal Equity
Balance, June 30, 20207,719,689 $77 108,527,734 $1,085 $2,635,166 $ $(1,016,977)$1,619,351 $24,678 $1,644,029 
Issuance of Common Stock, net— — — — (94)— — (94)— (94)
Issuance of Preferred Stock, net— — — — (92)— — (92)— (92)
Equity-based compensation
— — 309,475 3 269 — — 272 2,963 3,235 
Dividends declared on Common Stock,$0.21 per share
— — — — — — (23,065)(23,065)— (23,065)
Dividends declared on Preferred Stock,$0.47 per share
— — — — — — (3,618)(3,618)— (3,618)
Distributions to non-controlling interest holders
— — — — — — (95)(95)(36)(131)
Other comprehensive loss— — — — — (546)— (546)— (546)
Net loss— — — — — — (3,472)(3,472)(10)(3,482)
Rebalancing of ownership percentage— — — — 27 — — 27 (27)— 
Balance, September 30, 20207,719,689 $77 108,837,209 $