American Finance Trust Announces 95% Rent Collected In Fourth Quarter; Over $60 Million Of Fourth Quarter Acquisitions
January 07, 2021 at 06:00 AM EST
NEW YORK, Jan. 7, 2021 /PRNewswire/ -- American Finance Trust, Inc. (Nasdaq: AFIN) ("AFIN" or the "Company") announced today that it collected 95% of the original cash rent due for the fourth quarter of 2020 as of January 5, 2021, including 98% of the original cash rent due in the Company's single-tenant portfolio. The Company also announced that it had acquired 35 properties for $61.3 million1 during the fourth quarter. Fourth quarter acquisitions consisted primarily of necessity retail assets and the acquisitions had a weighted-average cap rate2 of 9.2% and a weighted average remaining lease term3 of 9.4 years.
"As anticipated, we collected substantially all of the original cash rent due across the portfolio and marked another quarter of strong results" said Michael Weil, CEO of AFIN. "Our single-tenant portfolio remained excellent with 98% of rent collected while our multi-tenant portfolio improved to 87% during the quarter. We are also pleased to resume our acquisition program, closing on over $60 million of necessity and service-oriented retail assets in the fourth quarter, bringing our total 2020 acquisitions to $218 million1. The portfolio has been intentionally constructed and has performed brilliantly throughout a very challenging year."
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SOURCE American Finance Trust, Inc.