The board of American Finance Trust Inc. (NASDAQ: AFIN), a former non-traded real estate investment trust sponsored by AR Global that recently listed half of its shares on the Nasdaq Global Select Market, has changed the date its Class B-1 shares will convert to Class A shares and list on NASDAQ to October 10, 2018, one week earlier than planned.
American Finance Trust’s listed Class A shares represent approximately 50 percent of the company’s outstanding shares of common stock, while Class B-1 and Class B-2 shares represent approximately 25 percent each of the outstanding shares.
The company noted that Class B-2 shares will convert into Class A shares and list on January 15, 2019, as planned.
AFIN stock closed at $17.76 on Thursday. Shares of the non-traded REIT originally sold for $25.00 each.
American Finance Trust is a publicly traded real estate investment trust focused on managing and acquiring single and multi-tenant portfolio that is service-retail focused. While structured as a non-traded REIT, the company’s offering raised more than $1.6 billion in investor equity between April and October 2013.
The company’s $3.4 billion portfolio consists of 558 single-tenant net lease and multi-tenant retail and lifestyle center properties, according to Summit Investment Research.