American Finance Trust (Nasdaq: AFIN) announced a significant financing transaction with Bank of Texas, securing a $125 million loan secured by three buildings in Bridgewater, New Jersey, used by Sanofi. The loan features a 5-year interest-only term at a fixed rate of 3.22%, lower than the previous 5.16% rate. This refinancing has helped AFIN reduce its interest expenses and extend its debt maturity profile. Additionally, AFIN reported a 90% rent collection rate for August 2020, signaling strong performance amidst ongoing challenges.
American Finance Trust (AFIN) reported a revenue of $74.9 million for Q2 2020, down from $79.1 million in Q2 2019, significantly impacted by a prior lease termination fee. The net loss was $21.8 million, contrasting with net income of $7.9 million in the same quarter last year. Cash net operating income decreased to $54.7 million. Rent collection improved to 88% in July from 84% in Q2, aided by lease extensions worth $29.1 million. The company secured a $715 million CMBS loan to refinance debt, extending average maturity from 3.3 to 4.9 years.
American Finance Trust (Nasdaq: AFIN) announced a significant financing transaction, borrowing $715 million through a commercial mortgage-backed security (CMBS) loan. This loan features a 3.74% interest rate and a five-year term, securing it against 368 properties. The financing extends AFIN's average debt maturity from 3.5 years to 5.1 years, enabling a shift from high-risk, short-term debt to more stable, long-term financing. The total proceeds included approximately $499 million to repay existing loans, enhancing the company’s capital structure and de-risking its portfolio.
American Finance Trust, Inc. (AFIN) announced it will release its financial results for the second quarter ending June 30, 2020, on August 5, 2020, after market close. A conference call will follow on August 6, 2020, at 11:00 a.m. ET, to discuss the results and answer questions. The call may have delays due to high volumes and COVID-19 impacts. AFIN, a publicly traded REIT, focuses on managing a diversified portfolio of commercial properties in the U.S. Further details are available on its investor relations website.
American Finance Trust, Inc. (Nasdaq: AFIN) announced that replays of an interview with CEO Michael Weil and a fireside chat with CFO Katie Kurtz are now available on the company's website. The discussions provide insights into the company's performance and strategies amidst current market conditions. As a publicly traded REIT, AFIN focuses on acquiring and managing a diversified portfolio of service-oriented and retail commercial real estate properties in the U.S. For more information, visit www.americanfinancetrust.com.