Home Alts News AR Global’s American Finance Trust Completes First Day of Trading on Nasdaq

AR Global’s American Finance Trust Completes First Day of Trading on Nasdaq

American Finance Trust Inc., a former non-traded real estate investment trust sponsored by AR Global, completed its first day trading on The Nasdaq Global Select Market under the ticker symbol “AFIN.”

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American Finance Trust Inc., a former non-traded real estate investment trust sponsored by AR Global, completed its first day of trading on The Nasdaq Global Select Market under the ticker symbol “AFIN.”

After opening at $13.15 and reaching a high of $16.80, the stock closed at $15.00, with approximately 600,000 shares traded during the day. Shares of the non-traded REIT originally sold for $25.00 each.

“We are pleased with the results of today’s listing and appreciate the confidence and support provided by our more than 50,000 long-term shareholders and their financial advisors,” said Michael Weil, the company’s chief executive officer. “This event marks an important milestone for us as we believe it provides a strong platform for future growth, offers daily liquidity to investors who invested in our public non-listed shares and an opportunity for new investors to own shares of a well-diversified REIT.”

As of March 31, 2018, the company’s portfolio consisted of 558 single-tenant net lease and multi-tenant retail and lifestyle center properties with an average weighted remaining lease term of 8.3 years. According to Summit Investment Research, the properties have a combined investment cost of approximately $3.4 billion.

The listed Class A shares represent approximately 50 percent of the company’s outstanding shares of common stock. Class B-1 and Class B-2 shares represent approximately 25 percent each of AFIN’s outstanding common stock, and will automatically convert to Class A shares and list on Nasdaq no later than 90 days and 180 days, respectively, from April 19th. All shares will be fully listed before January 15, 2019, the company said.

American Finance Trust is a publicly traded real estate investment trust listed 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.

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