American Finance Trust Reports Results of Self Tender Offer

June 12, 2018

American Finance Trust Reports Results of Self Tender Offer

June 6, 2018 | James Sprow | BlueVault 

According to an SEC filing on June 5, 2018, American Finance Trust, a nontraded REIT originally named American Realty Capital Trust V, has closed its tender offer after receiving and accepting for purchase 207,713 validly tendered shares. The shares will be purchased at a price equal to $15.45 per share, net to the seller in cash, less any applicable withholding taxes and without interest, for a total cost of approximately $3.2 million. Payment for the shares purchased pursuant to the offer commenced on June 5, 2018. The shares accepted for purchase in the offer represent 0.2% of the issued and outstanding shares as of May 31, 2018.

American Finance Trust (American Realty Capital Trust V) commenced its initial public offering on April 4, 2013, issuing shares at $25.00 per share. The REIT’s current distribution yield rate, based upon the original share price, is 5.20%.

On March 19, 2018, the independent directors of the Board, who comprise a majority of the Board, with Edward M. Weil, Jr. abstaining, unanimously approved an Estimated Per-Share NAV as of December 31, 2017 equal to $23.56 based on the estimated fair value of the Company’s assets less the estimated fair value of the Company’s liabilities, divided by 105,172,185 shares of common stock outstanding on a fully diluted basis as of December 31, 2017.

As of March 31, 2018, the REIT owned 558 properties, comprised of 19.1 million rentable square feet, which were 94.3% leased, including 523 of net leased commercial properties (478 which are retail properties) and 35 retail properties which were acquired in the merger with ARC – Retail Centers of America.

On May 22, 2018, the Company announced that it has engaged BMO Capital Markets Corp. to, among other things, provide strategic advice to the Company related to positioning the Company in the public markets.  The Company previously disclosed its intention to list its common stock on the NASDAQ under the symbol “AFIN” at a time to be determined by the board of directors.

Sources:  SEC, Blue Vault

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