American Finance Trust announced its financial and operating results for the quarter and year ended December 31, 2018.
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American Finance Trust fourth quarter 2018 highlights: Revenues increased 3.7% to $75.1 million from $72.4 million in fourth quarter 2017.
Net loss attributable to stockholders was $13.5 million. Adjusted Funds from Operations ("AFFO") was $24.6 million as compared to $24.9 million in third quarter 2018.
Closed on the acquisition of 29 properties for an aggregate contract purchase price of $48.6 million at a weighted average capitalization rate of 7.8%.
American Finance Trust executed 8 new leases and 30 lease renewals/amendments in the quarter totaling 326,423 square feet.
In November, added to the MSCI US REIT Index (the "RMZ").
Institutional ownership of common equity has increased from less than 1% at listing to 16% as of the end of the quarter.
Strong current pipeline includes an additional 69 properties for an aggregate contract purchase price2 of $131.0 million, of which 98% are occupied by service retail tenants.
Multi-tenant leasing pipeline of four new leases and renewals under negotiation for an additional 32,000 square feet.
Full year 2018 highlights
American Finance Trust revenues increased 7.5% year-over-year to $291.2 million as compared to $270.9 million in prior year.
Net loss attributable to stockholders of $37.4 million includes one-time charges related to the July listing of AFIN on the Nasdaq Global Select Market.
AFFO was $103.0 million as compared to $117.7 million in prior year.
Closed on the acquisition of 130 properties for an aggregate contract purchase price of $239.0 million at a weighted average cap rate of 8.1%.
Portfolio 94.7% leased with an 8.6 year weighted-average lease term remaining at year end.
Rent escalators in 78.4% of leases provide contractually embedded rent growth in existing portfolios.
77.2% of tenants in single-tenant portfolio and 46.9% of anchor tenants6 in multi-tenant portfolio rated as investment grade or implied investment grade. ■