afin-20220630
000156816212/312022Q2FALSEP6M0.0350.10416670.02083330.0625000P4YP4Y0.060.060.060.06000.0638.5260273972602700015681622022-01-012022-06-300001568162us-gaap:CommonClassAMember2022-01-012022-06-300001568162us-gaap:SeriesAPreferredStockMember2022-01-012022-06-300001568162us-gaap:SeriesCPreferredStockMember2022-01-012022-06-300001568162afin:PreferredStockPurchaseRightsMember2022-01-012022-06-3000015681622022-08-01xbrli:shares00015681622022-06-30iso4217:USD00015681622021-12-31xbrli:pure0001568162us-gaap:SeriesAPreferredStockMember2021-01-012021-12-310001568162us-gaap:SeriesAPreferredStockMember2021-12-31iso4217:USDxbrli:shares0001568162us-gaap:SeriesAPreferredStockMember2022-06-300001568162us-gaap:SeriesCPreferredStockMember2021-01-012021-12-310001568162us-gaap:SeriesCPreferredStockMember2021-12-310001568162us-gaap:SeriesCPreferredStockMember2022-06-300001568162us-gaap:CommonStockMember2022-01-012022-06-3000015681622022-04-012022-06-3000015681622021-04-012021-06-3000015681622021-01-012021-06-300001568162us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2021-12-310001568162us-gaap:PreferredStockMemberus-gaap:SeriesCPreferredStockMember2021-12-310001568162us-gaap:CommonStockMember2021-12-310001568162us-gaap:AdditionalPaidInCapitalMember2021-12-310001568162us-gaap:RetainedEarningsMember2021-12-310001568162us-gaap:ParentMember2021-12-310001568162us-gaap:NoncontrollingInterestMember2021-12-310001568162us-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-300001568162us-gaap:ParentMember2022-01-012022-06-300001568162us-gaap:AdditionalPaidInCapitalMemberus-gaap:SeriesAPreferredStockMember2022-01-012022-06-300001568162us-gaap:ParentMemberus-gaap:SeriesAPreferredStockMember2022-01-012022-06-300001568162us-gaap:PreferredStockMemberus-gaap:SeriesCPreferredStockMember2022-01-012022-06-300001568162us-gaap:AdditionalPaidInCapitalMemberus-gaap:SeriesCPreferredStockMember2022-01-012022-06-300001568162us-gaap:ParentMemberus-gaap:SeriesCPreferredStockMember2022-01-012022-06-300001568162us-gaap:NoncontrollingInterestMember2022-01-012022-06-300001568162us-gaap:RetainedEarningsMember2022-01-012022-06-300001568162us-gaap:RetainedEarningsMemberus-gaap:SeriesAPreferredStockMember2022-01-012022-06-300001568162us-gaap:RetainedEarningsMemberus-gaap:SeriesCPreferredStockMember2022-01-012022-06-300001568162us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2022-06-300001568162us-gaap:PreferredStockMemberus-gaap:SeriesCPreferredStockMember2022-06-300001568162us-gaap:CommonStockMember2022-06-300001568162us-gaap:AdditionalPaidInCapitalMember2022-06-300001568162us-gaap:RetainedEarningsMember2022-06-300001568162us-gaap:ParentMember2022-06-300001568162us-gaap:NoncontrollingInterestMember2022-06-3000015681622022-03-310001568162us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2022-03-310001568162us-gaap:PreferredStockMemberus-gaap:SeriesCPreferredStockMember2022-03-310001568162us-gaap:CommonStockMember2022-03-310001568162us-gaap:AdditionalPaidInCapitalMember2022-03-310001568162us-gaap:RetainedEarningsMember2022-03-310001568162us-gaap:ParentMember2022-03-310001568162us-gaap:NoncontrollingInterestMember2022-03-310001568162us-gaap:CommonStockMember2022-04-012022-06-300001568162us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001568162us-gaap:ParentMember2022-04-012022-06-300001568162us-gaap:AdditionalPaidInCapitalMemberus-gaap:SeriesAPreferredStockMember2022-04-012022-06-300001568162us-gaap:ParentMemberus-gaap:SeriesAPreferredStockMember2022-04-012022-06-300001568162us-gaap:SeriesAPreferredStockMember2022-04-012022-06-300001568162us-gaap:PreferredStockMemberus-gaap:SeriesCPreferredStockMember2022-04-012022-06-300001568162us-gaap:AdditionalPaidInCapitalMemberus-gaap:SeriesCPreferredStockMember2022-04-012022-06-300001568162us-gaap:ParentMemberus-gaap:SeriesCPreferredStockMember2022-04-012022-06-300001568162us-gaap:SeriesCPreferredStockMember2022-04-012022-06-300001568162us-gaap:NoncontrollingInterestMember2022-04-012022-06-300001568162us-gaap:RetainedEarningsMember2022-04-012022-06-300001568162us-gaap:RetainedEarningsMemberus-gaap:SeriesAPreferredStockMember2022-04-012022-06-300001568162us-gaap:RetainedEarningsMemberus-gaap:SeriesCPreferredStockMember2022-04-012022-06-300001568162us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2020-12-310001568162us-gaap:PreferredStockMemberus-gaap:SeriesCPreferredStockMember2020-12-310001568162us-gaap:CommonStockMember2020-12-310001568162us-gaap:AdditionalPaidInCapitalMember2020-12-310001568162us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001568162us-gaap:RetainedEarningsMember2020-12-310001568162us-gaap:ParentMember2020-12-310001568162us-gaap:NoncontrollingInterestMember2020-12-3100015681622020-12-310001568162us-gaap:CommonStockMember2021-01-012021-06-300001568162us-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-300001568162us-gaap:ParentMember2021-01-012021-06-300001568162us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2021-01-012021-06-300001568162us-gaap:AdditionalPaidInCapitalMemberus-gaap:SeriesAPreferredStockMember2021-01-012021-06-300001568162us-gaap:ParentMemberus-gaap:SeriesAPreferredStockMember2021-01-012021-06-300001568162us-gaap:SeriesAPreferredStockMember2021-01-012021-06-300001568162us-gaap:PreferredStockMemberus-gaap:SeriesCPreferredStockMember2021-01-012021-06-300001568162us-gaap:AdditionalPaidInCapitalMemberus-gaap:SeriesCPreferredStockMember2021-01-012021-06-300001568162us-gaap:ParentMemberus-gaap:SeriesCPreferredStockMember2021-01-012021-06-300001568162us-gaap:SeriesCPreferredStockMember2021-01-012021-06-300001568162us-gaap:RetainedEarningsMember2021-01-012021-06-300001568162us-gaap:NoncontrollingInterestMember2021-01-012021-06-300001568162us-gaap:RetainedEarningsMemberus-gaap:SeriesAPreferredStockMember2021-01-012021-06-300001568162us-gaap:RetainedEarningsMemberus-gaap:SeriesCPreferredStockMember2021-01-012021-06-300001568162us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001568162us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2021-06-300001568162us-gaap:PreferredStockMemberus-gaap:SeriesCPreferredStockMember2021-06-300001568162us-gaap:CommonStockMember2021-06-300001568162us-gaap:AdditionalPaidInCapitalMember2021-06-300001568162us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001568162us-gaap:RetainedEarningsMember2021-06-300001568162us-gaap:ParentMember2021-06-300001568162us-gaap:NoncontrollingInterestMember2021-06-3000015681622021-06-300001568162us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2021-03-310001568162us-gaap:PreferredStockMemberus-gaap:SeriesCPreferredStockMember2021-03-310001568162us-gaap:CommonStockMember2021-03-310001568162us-gaap:AdditionalPaidInCapitalMember2021-03-310001568162us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001568162us-gaap:RetainedEarningsMember2021-03-310001568162us-gaap:ParentMember2021-03-310001568162us-gaap:NoncontrollingInterestMember2021-03-3100015681622021-03-310001568162us-gaap:CommonStockMember2021-04-012021-06-300001568162us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001568162us-gaap:ParentMember2021-04-012021-06-300001568162us-gaap:AdditionalPaidInCapitalMemberus-gaap:SeriesAPreferredStockMember2021-04-012021-06-300001568162us-gaap:ParentMemberus-gaap:SeriesAPreferredStockMember2021-04-012021-06-300001568162us-gaap:SeriesAPreferredStockMember2021-04-012021-06-300001568162us-gaap:PreferredStockMemberus-gaap:SeriesCPreferredStockMember2021-04-012021-06-300001568162us-gaap:AdditionalPaidInCapitalMemberus-gaap:SeriesCPreferredStockMember2021-04-012021-06-300001568162us-gaap:ParentMemberus-gaap:SeriesCPreferredStockMember2021-04-012021-06-300001568162us-gaap:SeriesCPreferredStockMember2021-04-012021-06-300001568162us-gaap:RetainedEarningsMember2021-04-012021-06-300001568162us-gaap:NoncontrollingInterestMember2021-04-012021-06-300001568162us-gaap:RetainedEarningsMemberus-gaap:SeriesAPreferredStockMember2021-04-012021-06-300001568162us-gaap:RetainedEarningsMemberus-gaap:SeriesCPreferredStockMember2021-04-012021-06-300001568162us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001568162us-gaap:CommonClassAMember2021-01-012021-06-300001568162afin:MultiTenantRetailCentersMemberafin:CIMPortfolioAcquisitionMember2021-12-172021-12-17afin:property0001568162afin:A2SingleTenantPropertiesMemberafin:CIMPortfolioAcquisitionMember2021-12-172021-12-170001568162afin:CIMPortfolioAcquisitionMember2021-12-172021-12-170001568162afin:CIMPortfolioAcquisitionMember2022-01-012022-03-310001568162afin:CIMPortfolioAcquisitionMember2022-03-310001568162us-gaap:MortgagesMemberafin:CIMPortfolioAcquisitionMember2022-03-310001568162us-gaap:MortgagesMemberafin:CIMPortfolioAcquisitionMember2022-01-012022-03-310001568162us-gaap:CommonClassAMemberafin:CIMPortfolioAcquisitionMember2022-01-012022-03-310001568162afin:CIMPortfolioAcquisitionMember2022-04-012022-06-300001568162afin:CIMPortfolioAcquisitionMember2022-01-012022-06-300001568162afin:CIMPortfolioAcquisitionMember2022-06-300001568162srt:MinimumMemberus-gaap:MortgagesMemberafin:CIMPortfolioAcquisitionMember2022-06-300001568162us-gaap:MortgagesMemberafin:CIMPortfolioAcquisitionMembersrt:MaximumMember2022-06-300001568162afin:CIMPortfolioAcquisitionMemberus-gaap:SubsequentEventMember2022-07-072022-07-070001568162afin:CIMPortfolioAcquisitionMemberus-gaap:SubsequentEventMember2022-07-070001568162us-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMemberafin:CIMPortfolioAcquisitionMember2022-07-070001568162afin:AdditionalSingleTenantPropertiesMember2022-04-012022-06-300001568162afin:AdditionalSingleTenantPropertiesMember2022-01-012022-06-300001568162afin:AdditionalMultiTenantRetailPropertiesMember2022-01-012022-06-30utr:sqft0001568162afin:NetLeasedCommercialPropertiesMember2022-06-300001568162afin:NetLeasedRetailPropertiesMember2022-06-300001568162afin:StabilizedCoreRetailPropertiesMember2022-06-3000015681622022-01-012022-03-3100015681622021-10-012021-12-310001568162afin:TruistBankMember2022-04-012022-06-300001568162afin:TruistBankMember2022-06-300001568162us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2022-06-300001568162us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-12-310001568162srt:MinimumMember2022-01-012022-06-300001568162srt:MaximumMember2022-01-012022-06-3000015681622021-01-012021-12-31afin:segment0001568162us-gaap:BuildingMember2022-01-012022-06-300001568162us-gaap:LandImprovementsMember2022-01-012022-06-300001568162afin:FixturesAndImprovementsMember2022-01-012022-06-300001568162us-gaap:CommonClassAMember2018-07-190001568162afin:A2018LTIPUnitAwardMember2021-07-192021-07-190001568162afin:AdvisorMemberafin:AmericanRealtyCapitalAdvisorsVLlcMemberafin:A2018LTIPUnitAwardMember2021-05-042021-05-040001568162afin:A2018LTIPUnitAwardMember2021-05-042021-05-04afin:day0001568162afin:AdvisorMemberafin:A2021OPPMemberafin:AmericanRealtyCapitalAdvisorsVLlcMember2021-07-212021-07-210001568162us-gaap:LeasesAcquiredInPlaceMember2022-01-012022-06-300001568162us-gaap:LeasesAcquiredInPlaceMember2021-01-012021-06-300001568162us-gaap:AboveMarketLeasesMember2022-01-012022-06-300001568162us-gaap:AboveMarketLeasesMember2021-01-012021-06-300001568162afin:BelowMarketGroundLeaseMember2022-01-012022-06-300001568162afin:BelowMarketGroundLeaseMember2021-01-012021-06-300001568162afin:CIMPortfolioAcquisitionMember2021-01-012021-06-300001568162afin:BelowMarketLeaseMember2022-01-012022-06-300001568162us-gaap:LeasesAcquiredInPlaceMemberafin:DepreciationandAmortizationMember2022-04-012022-06-300001568162us-gaap:LeasesAcquiredInPlaceMemberafin:DepreciationandAmortizationMember2021-04-012021-06-300001568162us-gaap:LeasesAcquiredInPlaceMemberafin:DepreciationandAmortizationMember2022-01-012022-06-300001568162us-gaap:LeasesAcquiredInPlaceMemberafin:DepreciationandAmortizationMember2021-01-012021-06-300001568162afin:RentalIncomeMemberus-gaap:AboveMarketLeasesMember2022-04-012022-06-300001568162afin:RentalIncomeMemberus-gaap:AboveMarketLeasesMember2021-04-012021-06-300001568162afin:RentalIncomeMemberus-gaap:AboveMarketLeasesMember2022-01-012022-06-300001568162afin:RentalIncomeMemberus-gaap:AboveMarketLeasesMember2021-01-012021-06-300001568162afin:RentalIncomeMemberafin:BelowMarketLeaseMember2022-04-012022-06-300001568162afin:RentalIncomeMemberafin:BelowMarketLeaseMember2021-04-012021-06-300001568162afin:RentalIncomeMemberafin:BelowMarketLeaseMember2022-01-012022-06-300001568162afin:RentalIncomeMemberafin:BelowMarketLeaseMember2021-01-012021-06-300001568162afin:RentalIncomeMember2022-04-012022-06-300001568162afin:RentalIncomeMember2021-04-012021-06-300001568162afin:RentalIncomeMember2022-01-012022-06-300001568162afin:RentalIncomeMember2021-01-012021-06-300001568162afin:BelowMarketGroundLeaseMemberus-gaap:OperatingExpenseMember2022-04-012022-06-300001568162afin:BelowMarketGroundLeaseMemberus-gaap:OperatingExpenseMember2021-04-012021-06-300001568162afin:BelowMarketGroundLeaseMemberus-gaap:OperatingExpenseMember2022-01-012022-06-300001568162afin:BelowMarketGroundLeaseMemberus-gaap:OperatingExpenseMember2021-01-012021-06-300001568162us-gaap:OperatingExpenseMemberafin:AboveMarketGroundLeasesMember2022-04-012022-06-300001568162us-gaap:OperatingExpenseMemberafin:AboveMarketGroundLeasesMember2021-04-012021-06-300001568162us-gaap:OperatingExpenseMemberafin:AboveMarketGroundLeasesMember2022-01-012022-06-300001568162us-gaap:OperatingExpenseMemberafin:AboveMarketGroundLeasesMember2021-01-012021-06-300001568162us-gaap:OperatingExpenseMember2022-04-012022-06-300001568162us-gaap:OperatingExpenseMember2021-04-012021-06-300001568162us-gaap:OperatingExpenseMember2022-01-012022-06-300001568162us-gaap:OperatingExpenseMember2021-01-012021-06-300001568162us-gaap:LeasesAcquiredInPlaceMemberafin:DepreciationandAmortizationMember2022-06-300001568162afin:RentalIncomeMemberus-gaap:AboveMarketLeasesMember2022-06-300001568162afin:RentalIncomeMemberafin:BelowMarketLeaseMember2022-06-300001568162afin:RentalIncomeMember2022-06-300001568162afin:CIMPortfolioAcquisitionMember2021-01-012021-12-310001568162us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberafin:TruistBankMember2022-06-300001568162afin:TwoMultiTenantPropertiesMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2022-06-300001568162afin:CIMPortfolioAcquisitionMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2022-06-300001568162us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2022-01-012022-06-300001568162us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-01-012021-12-310001568162us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2022-04-012022-06-300001568162us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2022-01-012022-06-300001568162us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2021-04-012021-06-300001568162us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2021-01-012021-06-300001568162stpr:MN2022-04-012022-06-300001568162stpr:MN2022-01-012022-06-300001568162afin:TruistBankMember2022-01-012022-06-300001568162afin:UnitedHealthcarePropertyMember2022-01-012022-06-300001568162afin:UnitedHealthcarePropertyMember2021-10-012021-12-310001568162afin:ClassA1NetLeaseMortgageNoteMemberus-gaap:MortgagesMember2022-06-300001568162afin:ClassA1NetLeaseMortgageNoteMemberus-gaap:MortgagesMember2021-12-310001568162afin:ClassA2NetLeaseMortgageNoteMemberus-gaap:MortgagesMember2022-06-300001568162afin:ClassA2NetLeaseMortgageNoteMemberus-gaap:MortgagesMember2021-12-310001568162afin:A2021ClassA1NetLeaseMortgageNotesMemberus-gaap:MortgagesMember2022-06-300001568162afin:A2021ClassA1NetLeaseMortgageNotesMemberus-gaap:MortgagesMember2021-12-310001568162afin:A2021ClassA2NetLeaseMortgageNotesMemberus-gaap:MortgagesMember2022-06-300001568162afin:A2021ClassA2NetLeaseMortgageNotesMemberus-gaap:MortgagesMember2021-12-310001568162us-gaap:MortgagesMemberafin:A2021ClassA3NetLeaseMortgageNotesMember2022-06-300001568162us-gaap:MortgagesMemberafin:A2021ClassA3NetLeaseMortgageNotesMember2021-12-310001568162afin:A2021ClassA4NetLeaseMortgageNotesMemberus-gaap:MortgagesMember2022-06-300001568162afin:A2021ClassA4NetLeaseMortgageNotesMemberus-gaap:MortgagesMember2021-12-310001568162us-gaap:MortgagesMemberafin:NetLeaseMortgageNoteMember2022-06-300001568162us-gaap:MortgagesMemberafin:NetLeaseMortgageNoteMember2021-12-310001568162afin:StopandShopIMemberus-gaap:MortgagesMember2022-06-300001568162afin:StopandShopIMemberus-gaap:MortgagesMember2021-12-310001568162us-gaap:MortgagesMemberafin:ColumnFinancialMortgageNotesMember2022-06-300001568162us-gaap:MortgagesMemberafin:ColumnFinancialMortgageNotesMember2021-12-310001568162us-gaap:MortgagesMemberafin:BobEvans1Member2022-06-300001568162us-gaap:MortgagesMemberafin:BobEvans1Member2021-12-310001568162afin:MortgageLoanIIMemberus-gaap:MortgagesMember2022-06-300001568162afin:MortgageLoanIIMemberus-gaap:MortgagesMember2021-12-310001568162us-gaap:MortgagesMemberafin:MortgageLoanIIIMember2022-06-300001568162us-gaap:MortgagesMemberafin:MortgageLoanIIIMember2021-12-310001568162us-gaap:MortgagesMemberafin:CottonwoodCommonsMember2022-06-300001568162us-gaap:MortgagesMemberafin:CottonwoodCommonsMember2021-12-310001568162afin:TheMarquisMemberus-gaap:MortgagesMember2022-06-300001568162afin:TheMarquisMemberus-gaap:MortgagesMember2021-12-310001568162us-gaap:MortgagesMemberafin:AssumedMultiTenantMortgageIMember2022-06-300001568162us-gaap:MortgagesMemberafin:AssumedMultiTenantMortgageIMember2021-12-310001568162us-gaap:MortgagesMemberafin:AssumedMultiTenantMortgageIIMember2022-06-300001568162us-gaap:MortgagesMemberafin:AssumedMultiTenantMortgageIIMember2021-12-310001568162us-gaap:MortgagesMemberafin:AssumedMultiTenantMortgageIIIMember2022-06-300001568162us-gaap:MortgagesMemberafin:AssumedMultiTenantMortgageIIIMember2021-12-310001568162us-gaap:MortgagesMemberafin:AssumedMultiTenantMortgageIVMember2022-06-300001568162us-gaap:MortgagesMemberafin:AssumedMultiTenantMortgageIVMember2021-12-310001568162afin:AssumedMultiTenantMortgageVMemberus-gaap:MortgagesMember2022-06-300001568162afin:AssumedMultiTenantMortgageVMemberus-gaap:MortgagesMember2021-12-310001568162us-gaap:MortgagesMemberafin:ThePlantMember2022-06-300001568162us-gaap:MortgagesMemberafin:ThePlantMember2021-12-310001568162us-gaap:MortgagesMember2022-06-300001568162us-gaap:MortgagesMember2021-12-310001568162afin:AmendedCreditFacilityMember2022-06-300001568162us-gaap:LineOfCreditMember2022-06-300001568162us-gaap:SeniorNotesMember2022-06-300001568162us-gaap:LineOfCreditMember2022-01-012022-06-30afin:option0001568162afin:NewCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-09-300001568162afin:NewCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-10-070001568162us-gaap:LetterOfCreditMemberafin:NewCreditFacilityMember2021-10-070001568162afin:NewCreditFacilityMemberus-gaap:BridgeLoanMember2021-10-070001568162afin:NewCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-10-072021-10-07afin:extension0001568162afin:NewCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2022-06-300001568162us-gaap:BaseRateMembersrt:MinimumMemberafin:NewCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-10-072021-10-070001568162us-gaap:BaseRateMemberafin:NewCreditFacilityMemberus-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2021-10-072021-10-070001568162srt:MinimumMemberus-gaap:LondonInterbankOfferedRateLIBORMemberafin:NewCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-10-072021-10-070001568162us-gaap:LondonInterbankOfferedRateLIBORMemberafin:NewCreditFacilityMemberus-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2021-10-072021-10-070001568162afin:NewCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberafin:LondonInterbankOfferedRateLIBORFloorMember2021-10-072021-10-070001568162us-gaap:RevolvingCreditFacilityMember2022-06-300001568162us-gaap:RevolvingCreditFacilityMember2021-12-310001568162afin:FourConsecutiveFiscalQuartersMemberafin:NewCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2022-01-012022-06-300001568162afin:NewCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberafin:TwoConsecutiveFiscalQuartersMember2022-01-012022-06-300001568162afin:A4500SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2021-10-070001568162afin:A4500SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2022-06-300001568162afin:A4500SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2021-12-31afin:investment0001568162us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-06-300001568162us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001568162us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-06-300001568162us-gaap:FairValueInputsLevel3Memberus-gaap:MortgagesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-06-300001568162us-gaap:FairValueInputsLevel3Memberus-gaap:MortgagesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001568162us-gaap:MortgagesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-06-300001568162us-gaap:MortgagesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001568162us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-06-300001568162us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2022-06-300001568162us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2021-12-310001568162us-gaap:InterestRateSwapMember2020-10-130001568162afin:SanofiUSINewLoanMemberus-gaap:MortgagesMemberafin:SanofiUSIMember2020-10-130001568162us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-10-012021-12-310001568162us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-10-012021-12-310001568162us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2022-04-012022-06-300001568162us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2021-04-012021-06-300001568162us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2022-01-012022-06-300001568162us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2021-01-012021-06-300001568162us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2022-04-012022-06-300001568162us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2021-04-012021-06-300001568162us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2022-01-012022-06-300001568162us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2021-01-012021-06-300001568162us-gaap:MortgagesMemberafin:CIMPortfolioAcquisitionMember2022-01-012022-06-300001568162us-gaap:CommonClassAMemberafin:CIMPortfolioAcquisitionMember2021-12-172021-12-170001568162afin:CIMPortfolioAcquisitionMember2021-12-170001568162us-gaap:CommonClassAMemberafin:CIMPortfolioAcquisitionMember2021-12-170001568162afin:CIMPortfolioAcquisitionMember2021-12-310001568162us-gaap:CommonClassAMemberafin:CIMPortfolioAcquisitionMember2022-01-012022-06-300001568162us-gaap:CommonClassAMemberafin:ClassACommonStockATMProgramMember2019-05-012019-05-310001568162us-gaap:CommonClassAMemberafin:ClassACommonStockATMProgramMember2022-01-012022-06-300001568162us-gaap:CommonClassAMember2021-04-012021-06-300001568162us-gaap:CommonClassAMemberafin:ClassACommonStockATMProgramMember2021-04-012021-06-300001568162us-gaap:CommonClassAMemberafin:ClassACommonStockATMProgramMember2021-01-012021-06-300001568162us-gaap:SeriesBPreferredStockMember2022-06-300001568162us-gaap:SeriesBPreferredStockMember2021-12-310001568162afin:SeriesACumulativeRedeemablePerpetualPreferredStockMember2022-06-300001568162afin:SeriesACumulativeRedeemablePerpetualPreferredStockMember2021-12-310001568162afin:SeriesAPreferredStockATMProgramMemberafin:SeriesACumulativeRedeemablePerpetualPreferredStockMember2019-05-012019-05-310001568162afin:SeriesAPreferredStockATMProgramMemberafin:SeriesACumulativeRedeemablePerpetualPreferredStockMember2019-10-012019-10-310001568162afin:SeriesAPreferredStockATMProgramMemberafin:SeriesACumulativeRedeemablePerpetualPreferredStockMember2021-01-012021-01-310001568162afin:SeriesAPreferredStockATMProgramMemberafin:SeriesACumulativeRedeemablePerpetualPreferredStockMember2022-01-012022-06-300001568162afin:SeriesAPreferredStockATMProgramMemberafin:SeriesACumulativeRedeemablePerpetualPreferredStockMember2021-01-012021-06-300001568162afin:SeriesCPreferredStockATMProgramMemberus-gaap:SeriesCPreferredStockMember2021-01-012021-01-310001568162afin:SeriesCPreferredStockATMProgramMemberus-gaap:SeriesCPreferredStockMember2021-04-012021-06-300001568162afin:SeriesCPreferredStockATMProgramMemberus-gaap:SeriesCPreferredStockMember2021-01-012021-06-3000015681622020-04-012020-04-300001568162us-gaap:SeriesBPreferredStockMember2020-04-300001568162afin:LTIPUnitsMember2022-06-300001568162afin:LTIPUnitsMember2021-12-310001568162us-gaap:CapitalUnitClassAMember2022-06-300001568162us-gaap:CapitalUnitClassAMember2021-12-310001568162afin:LTIPUnitsMember2021-07-202021-07-200001568162afin:LTIPUnitsMemberus-gaap:AdditionalPaidInCapitalMember2021-07-202021-07-200001568162afin:LTIPUnitsMemberus-gaap:NoncontrollingInterestMember2021-07-202021-07-200001568162us-gaap:SeriesBPreferredStockMember2020-04-012020-04-300001568162us-gaap:LandMember2022-01-012022-06-300001568162srt:MinimumMemberus-gaap:LandMember2022-06-300001568162us-gaap:LandMembersrt:MaximumMember2022-06-300001568162us-gaap:LandMember2022-06-300001568162us-gaap:LandMember2022-04-012022-06-300001568162afin:AdvisorMember2022-01-012022-06-300001568162afin:AdvisorMemberafin:TerminationFeesforAgreementMember2022-01-012022-06-300001568162afin:AdvisorMemberafin:SubjectFeesMember2022-01-012022-06-300001568162afin:AdvisorMemberafin:SubjectFeesApplicableifInternalizationOccursOnorAfterJanuary12029Member2022-01-012022-06-300001568162afin:AdvisorMemberafin:BasisSpreadPurchasePriceMember2022-01-012022-06-300001568162afin:AdvisorMemberafin:BaseSubjectFeesSpreadMember2022-01-012022-06-300001568162afin:AdvisorMemberafin:ContractPurchasePriceMemberafin:AmericanRealtyCapitalAdvisorsVLlcMember2022-06-300001568162afin:AdvisorMemberafin:AdvanceOnLoanOrOtherInvestmentMemberafin:AmericanRealtyCapitalAdvisorsVLlcMember2022-06-300001568162afin:AdvisorMemberafin:ContactPurchasePriceAllOfPortfolioCostsMemberafin:AmericanRealtyCapitalAdvisorsVLlcMember2022-06-300001568162afin:AdvisorMemberafin:ContractPurchasePriceAllAssetsAcquiredMemberafin:AmericanRealtyCapitalAdvisorsVLlcMember2022-06-300001568162afin:AcquisitionAndRelatedExpensesMember2022-04-012022-06-300001568162afin:AcquisitionAndRelatedExpensesMember2022-01-012022-06-300001568162afin:AcquisitionAndRelatedExpensesMember2021-04-012021-06-300001568162afin:AcquisitionAndRelatedExpensesMember2021-01-012021-06-300001568162afin:AdvisorMemberafin:BaseManagementFeeSubsequenttoSecondYearfollowingEffectiveTimeMember2022-01-012022-06-300001568162afin:AdvisorMemberafin:BaseManagementFeeFirstYearfollowingEffectiveTimeMember2022-01-012022-06-300001568162afin:AdvisorMemberafin:BaseManagementFeeSecondYearfollowingEffectiveTimeMember2022-01-012022-06-300001568162afin:AdvisorMemberafin:BaseManagementFeeMember2022-04-012022-06-300001568162afin:AdvisorMemberafin:BaseManagementFeeMember2022-01-012022-06-300001568162afin:AdvisorMemberafin:BaseManagementFeeMember2021-04-012021-06-300001568162afin:AdvisorMemberafin:BaseManagementFeeMember2021-01-012021-06-300001568162afin:AdvisorMemberafin:AnnualSubordinatedPerformanceFeeMember2022-01-012022-06-300001568162afin:AdvisorMemberafin:AnnualSubordinatedPerformanceFeeMember2018-07-032018-07-030001568162afin:AdvisorMemberafin:AnnualSubordinatedPerformanceFeeMember2020-03-302020-03-300001568162afin:AdvisorMemberafin:RelatedPartyTransactionVariableManagementFeeMember2022-04-012022-06-300001568162afin:AdvisorMemberafin:RelatedPartyTransactionVariableManagementFeeMember2022-01-012022-06-300001568162afin:AdvisorMemberafin:RelatedPartyTransactionVariableManagementFeeMember2021-04-012021-06-300001568162afin:AdvisorMemberafin:RelatedPartyTransactionVariableManagementFeeMember2021-01-012021-06-300001568162us-gaap:SecuredDebtMemberafin:PropertyManagerMemberafin:PropertyManagementFeeMember2017-12-310001568162afin:PropertyManagerMemberafin:PropertyManagementFeeMember2017-12-31afin:agreement0001568162afin:PropertyManagerMemberafin:PropertyManagementFeeMember2016-09-062016-09-060001568162afin:PropertyManagerMemberafin:TransitionFeesMember2016-09-062016-09-060001568162afin:PropertyManagementFeeMember2019-12-310001568162afin:PropertyManagerMemberafin:TransitionFeesMember2019-12-012019-12-310001568162afin:PropertyManagerMemberafin:PropertyManagementFeeMember2021-06-012021-06-300001568162afin:AdvisorMemberafin:AdministrativeServicesMemberafin:AmericanRealtyCapitalAdvisorsVLlcMember2022-04-012022-06-300001568162afin:AdvisorMemberafin:AdministrativeServicesMemberafin:AmericanRealtyCapitalAdvisorsVLlcMember2022-01-012022-06-300001568162afin:AdvisorMemberafin:AdministrativeServicesMemberafin:AmericanRealtyCapitalAdvisorsVLlcMember2021-04-012021-06-300001568162afin:AdvisorMemberafin:AdministrativeServicesMemberafin:AmericanRealtyCapitalAdvisorsVLlcMember2021-01-012021-06-300001568162afin:AdvisorMemberafin:SalariesWagesBenefitsAndOverheadMemberafin:AmericanRealtyCapitalAdvisorsVLlcMember2022-01-012022-06-300001568162afin:AdvisorMemberafin:SalariesWagesBenefitsAndOverheadMemberafin:AmericanRealtyCapitalAdvisorsVLlcMember2019-01-012019-12-31afin:quarter0001568162afin:AdvisorMemberafin:SalariesWagesBenefitsAndOverheadMemberafin:AmericanRealtyCapitalAdvisorsVLlcMember2021-01-012021-12-310001568162afin:ProfessionalFeeCreditMember2021-04-012021-06-300001568162afin:AcquisitionAndRelatedExpensesMember2022-06-300001568162afin:AcquisitionAndRelatedExpensesMember2021-12-310001568162afin:AssetManagementFeesMember2022-04-012022-06-300001568162afin:AssetManagementFeesMember2021-04-012021-06-300001568162afin:AssetManagementFeesMember2022-01-012022-06-300001568162afin:AssetManagementFeesMember2021-01-012021-06-300001568162afin:AssetManagementFeesMember2022-06-300001568162afin:AssetManagementFeesMember2021-12-310001568162afin:PropertyManagementAndLeasingFeesMember2022-04-012022-06-300001568162afin:PropertyManagementAndLeasingFeesMember2021-04-012021-06-300001568162afin:PropertyManagementAndLeasingFeesMember2022-01-012022-06-300001568162afin:PropertyManagementAndLeasingFeesMember2021-01-012021-06-300001568162afin:PropertyManagementAndLeasingFeesMember2022-06-300001568162afin:PropertyManagementAndLeasingFeesMember2021-12-310001568162afin:TransferAgentandOtherProfessionalFeesMember2022-04-012022-06-300001568162afin:TransferAgentandOtherProfessionalFeesMember2021-04-012021-06-300001568162afin:TransferAgentandOtherProfessionalFeesMember2022-01-012022-06-300001568162afin:TransferAgentandOtherProfessionalFeesMember2021-01-012021-06-300001568162afin:TransferAgentandOtherProfessionalFeesMember2022-06-300001568162afin:TransferAgentandOtherProfessionalFeesMember2021-12-310001568162afin:ProfessionalFeeCreditMember2022-04-012022-06-300001568162afin:ProfessionalFeeCreditMember2022-01-012022-06-300001568162afin:ProfessionalFeeCreditMember2021-01-012021-06-300001568162afin:ProfessionalFeeCreditMember2022-06-300001568162afin:ProfessionalFeeCreditMember2021-12-310001568162afin:OperationFeesAndReimbursementsMember2022-04-012022-06-300001568162afin:OperationFeesAndReimbursementsMember2021-04-012021-06-300001568162afin:OperationFeesAndReimbursementsMember2022-01-012022-06-300001568162afin:OperationFeesAndReimbursementsMember2021-01-012021-06-300001568162afin:OperationFeesAndReimbursementsMember2022-06-300001568162afin:OperationFeesAndReimbursementsMember2021-12-310001568162afin:AdvisorMemberafin:BaseManagementMonthlyFeeMember2016-09-062016-09-060001568162afin:A2018EquityPlanMember2018-07-032018-07-0300015681622018-07-032018-07-030001568162us-gaap:RestrictedStockMember2021-01-012021-12-310001568162us-gaap:RestrictedStockMember2020-01-012020-12-310001568162us-gaap:EmployeeStockMember2022-01-012022-06-300001568162srt:MinimumMemberus-gaap:RestrictedStockMember2022-01-012022-06-300001568162srt:MaximumMemberus-gaap:RestrictedStockMember2022-01-012022-06-300001568162us-gaap:RestrictedStockMember2022-01-012022-06-300001568162us-gaap:ShareBasedPaymentArrangementEmployeeMemberus-gaap:RestrictedStockMember2022-01-012022-06-300001568162afin:RestrictedSharePlanMemberus-gaap:RestrictedStockMember2021-12-310001568162afin:RestrictedSharePlanMemberus-gaap:RestrictedStockMember2022-01-012022-06-300001568162afin:RestrictedSharePlanMemberus-gaap:RestrictedStockMember2022-06-300001568162afin:RestrictedSharePlanMemberus-gaap:RestrictedStockMember2022-04-012022-06-300001568162afin:RestrictedSharePlanMemberus-gaap:RestrictedStockMember2021-04-012021-06-300001568162afin:RestrictedSharePlanMemberus-gaap:RestrictedStockMember2021-01-012021-06-300001568162afin:FormerChiefFinancialOfficerMemberafin:RestrictedSharePlanMemberus-gaap:RestrictedStockMember2021-02-262021-02-260001568162afin:FormerChiefFinancialOfficerMemberafin:RestrictedSharePlanAdditionalAwardMemberus-gaap:RestrictedStockMember2021-02-262021-02-260001568162afin:FormerChiefFinancialOfficerMemberafin:RestrictedSharePlanMemberus-gaap:RestrictedStockMember2021-01-012021-06-300001568162afin:A2021OPPMember2021-01-012021-12-310001568162afin:AdvisorMemberafin:A2021OPPMemberafin:AmericanRealtyCapitalAdvisorsVLlcMember2021-07-202021-07-200001568162afin:AdvisorMemberafin:AmericanRealtyCapitalAdvisorsVLlcMemberafin:A2018LTIPUnitAwardMember2018-08-302018-08-3000015681622018-08-302018-08-300001568162afin:A2018LTIPUnitAwardMember2018-08-302018-08-300001568162afin:A2018LTIPUnitAwardMember2018-08-300001568162afin:A2018LTIPUnitAwardMember2019-03-040001568162afin:A2018LTIPUnitAwardMember2019-03-030001568162afin:LTIPAwardIncreaseInFairValueMember2019-03-040001568162afin:A2018LTIPUnitAwardMember2022-04-012022-06-300001568162afin:A2018LTIPUnitAwardMember2022-01-012022-06-300001568162afin:A2018LTIPUnitAwardMember2021-04-012021-06-300001568162afin:A2018LTIPUnitAwardMember2021-01-012021-06-300001568162afin:A2021OPPMember2022-06-300001568162afin:A2021OPPMember2022-01-012022-06-300001568162afin:LTIPUnitMember2018-08-300001568162afin:LTIPUnitMember2022-01-012022-06-300001568162afin:LTIPUnitMember2021-01-012021-06-300001568162afin:A2021LTIPUnitAwardMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2021-05-042021-05-040001568162us-gaap:ShareBasedCompensationAwardTrancheTwoMemberafin:A2021LTIPUnitAwardMember2021-05-042021-05-040001568162us-gaap:ShareBasedCompensationAwardTrancheThreeMemberafin:A2021LTIPUnitAwardMember2021-05-042021-05-040001568162afin:A2021LTIPUnitAwardMemberafin:SharebasedCompensationAwardTrancheFourMember2021-05-042021-05-040001568162afin:BroadstoneNetLeaseIncOfficePropertiesIncomeTrustRPTRealtyAndSpiritRealtyCapitalIncMemberafin:A2021LTIPUnitAwardMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2021-05-042021-05-040001568162afin:BroadstoneNetLeaseIncOfficePropertiesIncomeTrustRPTRealtyAndSpiritRealtyCapitalIncMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMemberafin:A2021LTIPUnitAwardMember2021-05-042021-05-040001568162afin:BroadstoneNetLeaseIncOfficePropertiesIncomeTrustRPTRealtyAndSpiritRealtyCapitalIncMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMemberafin:A2021LTIPUnitAwardMember2021-05-042021-05-040001568162afin:BroadstoneNetLeaseIncOfficePropertiesIncomeTrustRPTRealtyAndSpiritRealtyCapitalIncMemberafin:A2021LTIPUnitAwardMemberafin:SharebasedCompensationAwardTrancheFourMember2021-05-042021-05-040001568162srt:DirectorMember2022-01-012022-06-300001568162us-gaap:RestrictedStockMembersrt:DirectorMember2022-01-012022-06-300001568162afin:LeadIndependentDirectorMember2022-01-012022-06-300001568162afin:ChairOfAuditCommitteeMember2022-01-012022-06-300001568162afin:OtherAuditCommitteeMembersMember2022-01-012022-06-300001568162afin:ChairOfCompensationCommitteeMember2022-01-012022-06-300001568162afin:OtherCompensationCommitteeOrNCGCommitteeMemberMember2022-01-012022-06-300001568162srt:DirectorMember2021-01-012021-06-300001568162afin:BroadstoneNetLeaseIncOfficePropertiesIncomeTrustRPTRealtyAndSpiritRealtyCapitalIncMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMembersrt:MinimumMemberafin:A2021LTIPUnitAwardMember2021-05-042021-05-040001568162afin:BroadstoneNetLeaseIncOfficePropertiesIncomeTrustRPTRealtyAndSpiritRealtyCapitalIncMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMembersrt:MaximumMemberafin:A2021LTIPUnitAwardMember2021-05-042021-05-040001568162afin:BroadstoneNetLeaseIncOfficePropertiesIncomeTrustRPTRealtyAndSpiritRealtyCapitalIncMembersrt:MinimumMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMemberafin:A2021LTIPUnitAwardMember2021-05-042021-05-040001568162afin:BroadstoneNetLeaseIncOfficePropertiesIncomeTrustRPTRealtyAndSpiritRealtyCapitalIncMembersrt:MaximumMemberafin:A2021LTIPUnitAwardMemberafin:SharebasedCompensationAwardTrancheFourMember2021-05-042021-05-040001568162us-gaap:RestrictedStockMember2022-04-012022-06-300001568162us-gaap:RestrictedStockMember2021-04-012021-06-300001568162us-gaap:RestrictedStockMember2022-01-012022-06-300001568162us-gaap:RestrictedStockMember2021-01-012021-06-300001568162afin:ClassAUnitsMember2022-04-012022-06-300001568162afin:ClassAUnitsMember2021-04-012021-06-300001568162afin:ClassAUnitsMember2022-01-012022-06-300001568162afin:ClassAUnitsMember2021-01-012021-06-300001568162afin:A2018LTIPUnitAwardMember2022-04-012022-06-300001568162afin:A2018LTIPUnitAwardMember2021-04-012021-06-300001568162afin:LTIPUnitMember2022-01-012022-06-300001568162afin:LTIPUnitMember2021-01-012021-06-300001568162afin:A2021LTIPUnitAwardMember2022-04-012022-06-300001568162afin:A2021LTIPUnitAwardMember2021-04-012021-06-300001568162afin:A2021LTIPUnitAwardMember2022-01-012022-06-300001568162afin:A2021LTIPUnitAwardMember2021-01-012021-06-300001568162afin:RestrictedSharePlanMemberus-gaap:RestrictedStockMember2021-06-300001568162afin:A2021LTIPUnitAwardMember2022-06-300001568162afin:A2018LTIPUnitAwardMember2021-06-300001568162us-gaap:OperatingSegmentsMemberafin:SingleTenantPropertiesMember2022-04-012022-06-300001568162us-gaap:OperatingSegmentsMemberafin:MultiTenantPropertiesMember2022-04-012022-06-300001568162us-gaap:OperatingSegmentsMemberafin:SingleTenantPropertiesMember2021-04-012021-06-300001568162us-gaap:OperatingSegmentsMemberafin:MultiTenantPropertiesMember2021-04-012021-06-300001568162us-gaap:OperatingSegmentsMemberafin:SingleTenantPropertiesMember2022-01-012022-06-300001568162us-gaap:OperatingSegmentsMemberafin:MultiTenantPropertiesMember2022-01-012022-06-300001568162us-gaap:OperatingSegmentsMemberafin:SingleTenantPropertiesMember2021-01-012021-06-300001568162us-gaap:OperatingSegmentsMemberafin:MultiTenantPropertiesMember2021-01-012021-06-300001568162us-gaap:OperatingSegmentsMemberafin:SingleTenantPropertiesMember2022-06-300001568162us-gaap:OperatingSegmentsMemberafin:SingleTenantPropertiesMember2021-12-310001568162us-gaap:OperatingSegmentsMemberafin:MultiTenantPropertiesMember2022-06-300001568162us-gaap:OperatingSegmentsMemberafin:MultiTenantPropertiesMember2021-12-310001568162us-gaap:OperatingSegmentsMember2022-04-012022-06-300001568162us-gaap:OperatingSegmentsMember2021-04-012021-06-300001568162us-gaap:OperatingSegmentsMember2022-01-012022-06-300001568162us-gaap:OperatingSegmentsMember2021-01-012021-06-300001568162us-gaap:SubsequentEventMember2022-07-072022-07-070001568162us-gaap:SubsequentEventMember2022-07-012022-08-04
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 June 30, 2022
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/da3ee9e24705fe1ce77f2bbbffb64fee-afin-20220630_g1.jpg
The Necessity Retail REIT, 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
Former name, former address and former fiscal year, if changed since last report: Not Applicable
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 shareRTLThe Nasdaq Global Select Market
7.50% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per shareRTLPPThe Nasdaq Global Select Market
7.375% Series C Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per shareRTLPOThe 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 August 1, 2022, the registrant had 133,268,193 shares of common stock outstanding.



THE NECESSITY RETAIL REIT, INC.

TABLE OF CONTENTS

FORM 10-Q
Page

2

Table of Contents
PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.
THE NECESSITY RETAIL REIT, INC.

CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)
June 30,
2022
December 31,
2021
ASSETS 
Real estate investments, at cost:
Land$1,000,884 $729,048 
Buildings, fixtures and improvements3,450,564 2,729,719 
Acquired intangible lease assets616,870 402,673 
Total real estate investments, at cost5,068,318 3,861,440 
Less: accumulated depreciation and amortization(697,288)(654,667)
Total real estate investments, net4,371,030 3,206,773 
Cash and cash equivalents69,431 214,853 
Restricted cash17,619 21,996 
Deposits for real estate investments16,250 41,928 
Deferred costs, net19,565 25,587 
Straight-line rent receivable65,307 70,789 
Operating lease right-of-use assets17,946 18,194 
Prepaid expenses and other assets 33,666 26,877 
Assets held for sale80,779 187,213 
Total assets$4,691,593 $3,814,210 
LIABILITIES, MEZZANINE EQUITY AND EQUITY  
Mortgage notes payable, net $1,768,025 $1,464,930 
Credit facility488,000  
Senior notes, net491,651 491,015 
Below market lease liabilities, net132,523 78,073 
Accounts payable and accrued expenses (including $2,394 and $1,016 due to related parties as of June 30, 2022 and December 31, 2021, respectively)
58,700 32,907 
Operating lease liabilities19,164 19,195 
Derivative liabilities, at fair value 2,250 
Deferred rent and other liabilities8,075 9,524 
Dividends payable5,836 6,038 
Total liabilities2,971,974 2,103,932 
Mezzanine Equity:
Shares subject to repurchase53,388  
7.50% Series A cumulative redeemable perpetual preferred stock, $0.01 par value, liquidation preference $25.00 per share, 12,796,000 shares authorized, 7,933,711 issued and outstanding as of June 30, 2022 and December 31, 2021
79 79 
7.375% Series C cumulative redeemable perpetual preferred stock, $0.01 par value, liquidation preference $25.00 per share, 11,536,000 shares authorized, 4,595,175 and 4,594,498 issued and outstanding as of June 30, 2022 and December 31, 2021, respectively
46 46 
Common stock, $0.01 par value per share, 300,000,000 shares authorized, 133,272,305(1) and 123,783,060 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively
1,268 1,238 
Additional paid-in capital2,937,395 2,915,926 
Distributions in excess of accumulated earnings(1,289,400)(1,217,435)
Total stockholders’ equity1,649,388 1,699,854 
Non-controlling interests16,843 10,424 
Total equity1,666,231 1,710,278 
Total liabilities, mezzanine equity and total equity$4,691,593 $3,814,210 
______
(1)Includes 6,450,107 shares subject to repurchase issued to the Seller of the CIM Portfolio Acquisition.

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

Table of Contents
THE NECESSITY RETAIL REIT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except per share data)
(Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Revenue from tenants
$116,929 $81,577 $211,872 $160,764 
Operating expenses:   
Asset management fees to related party8,296 7,922 16,122 15,243 
Property operating expense27,520 13,329 46,659 26,768 
Impairment of real estate investments58,954 91 64,896 91 
Acquisition, transaction and other costs206 136 485 178 
Equity-based compensation
3,523 5,283 7,021 9,630 
General and administrative8,390 3,540 15,223 9,989 
Depreciation and amortization46,573 32,428 84,261 64,747 
Total operating expenses
153,462 62,729 234,667 126,646 
          Operating (loss) income before gain on sale of real estate investments(36,533)18,848 (22,795)34,118 
Gain on sale of real estate investments13,438 11 67,007 297 
   Operating (loss) income (23,095)18,859 44,212 34,415 
Other (expense) income:
Interest expense(28,329)(20,361)(52,069)(39,695)
Other income944 20 962 44 
Gain on non-designated derivatives  2,250  
Total other expense, net
(27,385)(20,341)(48,857)(39,651)
Net loss(50,480)(1,482)(4,645)(5,236)
Net loss (income) attributable to non-controlling interests58 2 (6)8 
Allocation for preferred stock(5,837)(5,925)(11,674)(11,588)
Net loss attributable to common stockholders (1)
(56,259)(7,405)(16,325)(16,816)
Other comprehensive income (loss):
Change in unrealized income on derivatives (431) 2,053 
Comprehensive loss attributable to common stockholders (1)
$(56,259)$(7,836)$(16,325)$(14,763)
Weighted-average shares outstanding — Basic (2)
132,629,704 110,898,056 130,646,294 109,674,113 
Weighted-average shares outstanding — Diluted (2)
132,629,704 110,898,056 130,646,294 109,674,113 
Net loss per share attributable to common stockholders — Basic and Diluted$(0.43)$(0.07)$(0.13)$(0.16)
______
(1)Holders of shares subject to repurchase are considered common stockholders.
(2)Includes 6,450,107 shares subject to repurchase issued to the Seller of the CIM Portfolio Acquisition for the three and six months ended June 30, 2022.


The accompanying notes are an integral part of these consolidated financial statements.
4

Table of Contents
THE NECESSITY RETAIL REIT, INC.

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

Six Months Ended June 30, 2022
Mezzanine EquityTotal Equity
Series A Preferred StockSeries C Preferred StockCommon Stock
 Shares Subject to RepurchaseNumber of
Shares
Par ValueNumber of
Shares
Par Value
Number of
Shares (1)
Par ValueAdditional Paid-in
Capital
Distributions in excess of accumulated earningsTotal Stockholders’ EquityNon-controlling InterestsTotal Equity
Balance, December 31, 2021$ 7,933,711 $79 4,594,498 $46 123,783,060 $1,238 $2,915,926 $(1,217,435)$1,699,854 $10,424 $1,710,278 
Issuance of Common Stock, net— — — — — 2,765,329 27 24,600 — 24,627 — 24,627 
Issuance of Shares subject to repurchase, at fair market value upon closing49,965 — — — — 6,450,107 — — —  —  
Adjustments to redemption value3,423 — — — — — — (3,423)— (3,423)— (3,423)
Issuance of Series A Preferred Stock, net— — — — — — — (122)— (122)— (122)
Issuance of Series C Preferred Stock, net— — — 677 — — — (118)— (118)— (118)
Equity-based compensation (2)
— — — — — 273,809 3 666 — 669 6,352 7,021 
Dividends declared on Common Stock,$0.43 per share
— — — — — — — — (55,276)(55,276)— (55,276)
Dividends declared on Series A Preferred Stock, $0.94 per share
— — — — — — — — (7,438)(7,438)— (7,438)
Dividends declared on Series C Preferred Stock, $0.92 per share
— — — — — — — — (4,236)(4,236)— (4,236)
Distributions to non-controlling interest holders— — — — — — — — (364)(364)(73)(437)
Net income (loss)— — — — — — — — (4,651)(4,651)6 (4,645)
Rebalancing of ownership percentage— — — — — — — (134)— (134)134  
Balance, June 30, 2022$53,388 7,933,711 $79 4,595,175 $46 133,272,305 $1,268 $2,937,395 $(1,289,400)$1,649,388 $16,843 $1,666,231 
(1)Includes shares of Class A common stock subject to repurchase.
(2)Presented net of forfeitures. During the six months ended June 30, 2022, 275 restricted shares with a fair value of approximately $3,000 were forfeited.

Three Months Ended June 30, 2022
Mezzanine EquityTotal Equity
Series A Preferred StockSeries C Preferred StockCommon Stock
 Shares Subject to RepurchaseNumber of
Shares
Par ValueNumber of
Shares
Par Value
Number of
Shares (1)
Par ValueAdditional Paid-in
Capital
Distributions in excess of accumulated earningsTotal Stockholders’ EquityNon-controlling InterestsTotal Equity
Balance, March 31, 2022$53,388 7,933,711 $79 4,594,498 $46 132,994,603 $1,265 $2,937,262 $(1,204,337)$1,734,315 $13,590 $1,747,905 
Issuance of Common Stock, net— — — — — 3,618  133 — 133 — 133 
Issuance of Series A Preferred Stock, net— — — — — — — (103)— (103)— (103)
Issuance of Series C Preferred Stock, net— — — 677 — — — (82)— (82)— (82)
Equity-based compensation— — — — — 274,084 3 356 — 359 3,176 3,535 
Dividends declared on Common Stock,$0.21 per share
— — — — — — — — (28,599)(28,599)— (28,599)
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
— — — — — — — — (2,118)(2,118)— (2,118)
Distributions to non-controlling interest holders— — — — — — — — (205)(205)(36)(241)
Net loss— — — — — — — — (50,422)(50,422)(58)(50,480)
Rebalancing of ownership percentage— — — — — — — (171)— (171)171 — 
Balance, June 30, 2022$53,388 7,933,711 $79 4,595,175 $46 133,272,305 $1,268 $2,937,395 $(1,289,400)$1,649,388 $16,843 $1,666,231 

(1)Includes shares of Class A common stock subject to repurchase.

The accompanying notes are an integral part of these consolidated financial statements.
5

Table of Contents
THE NECESSITY RETAIL REIT, INC.

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


Six Months Ended June 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— — — — 8,634,223 86 76,913 — — 76,999 — 76,999 
Issuance of Series A Preferred Stock, net91,703 — — — — — 2,156 — — 2,156 — 2,156 
Issuance of Series C Preferred Stock, net— — 1,058,798 11 — — 25,596 — — 25,607 — 25,607 
Equity-based compensation (1)
— — — — 293,599 3 1,763 — (154)1,612 5,928 7,540 
Common stock shares withheld
upon vesting of restricted
shares
— — — — (58,445)— (559)— — (559)— (559)
Dividends declared on Common Stock, $0.42 per share
— — — — — — — — (46,097)(46,097)— (46,097)
Dividends declared on Series A Preferred Stock, $0.94 per share
— — — — — — — — (7,453)(7,453)— (7,453)
Dividends declared on Series C Preferred Stock, $0.99 per share
— — — — — — — — (4,380)(4,380)— (4,380)
Distributions to non-controlling interest holders— — — — — — — — (190)(190)(73)(263)
Net loss— — — — — — — — (5,228)(5,228)(8)(5,236)
Other comprehensive loss— — — — — — — 2,053 — 2,053 — 2,053 
Rebalancing of ownership percentage— — — — — — (57)— — (57)57  
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 
(1) Presented net of forfeitures. During the six months ended June 30, 2021, 19,875 restricted shares with a fair value of approximately $136,000 were forfeited.

Three Months Ended June 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, March 31, 20217,933,711 $79 4,099,801 $41 108,872,337 $1,089 $2,740,648 $2,361 $(1,088,559)$1,655,659 $33,440 $1,689,099 
Issuance of Common Stock, net— — — — 8,634,223 86 77,002 — — 77,088 — 77,088 
Issuance of Series A Preferred Stock, net— — — — — — (46)— — (