American Finance Trust, Inc., a real estate investment trust focused on acquiring and managing a diversified portfolio of primarily service-oriented and traditional retail and distribution related commercial real estate properties in the U.S., today provided an update on transactions completed in the fourth quarter and full year 2019. The Company closed on the acquisition of 53 properties during the fourth quarter 2019 for approximately $62 million1 bringing the full year total to 218 properties for $423 million.

The 53 properties closed in the fourth quarter were purchased at a weighted average cash capitalization rate of 7.3%2, equating to a weighted average capitalization rate of 7.5%3, with a weighted average remaining lease term of 12.1 years4. For the full year, the 218 properties closed were purchased at a weighted average cash capitalization rate of 7.2%2, equating to a weighted average capitalization rate of 7.8%3, with a weighted average remaining lease term of 12.6 years4. AFIN funded the transactions with a combination of its credit facility, mortgage debt and cash on hand.

During the fourth quarter, AFIN sold five properties, all leased to Truist Bank (formerly known as SunTrust Bank) for gross proceeds of $16.3 million5 of which approximately $6.3 million was used to repay related debt. For the full year 2019, AFIN sold 25 properties for gross proceeds of $132 million5 of which approximately $92.6 million was used to repay related debt.

AFIN's Chief Executive Officer Michael Weil commented, "Consistent with prior quarters, AFIN ended the year with an active fourth quarter, closing on over $60 million of acquisitions. We believe our full-year 2019 volume of over $420 million of primarily service-retail acquisitions and our growing pipeline of assets already under agreement will further enhance AFIN's portfolio in the coming year."