AR Global’s American Finance Trust Sets NASDAQ Listing Date
The board of American Finance Trust Inc., a publicly registered non-traded real estate investment trust, has approved a plan to list the company’s common stock on The Nasdaq Global Select Market under the symbol “AFIN.”
The board of American Finance Trust Inc., a publicly registered non-traded real estate investment trust, has approved a plan to list the company’s common stock on The Nasdaq Global Select Market on July 19, 2018 under the symbol “AFIN.”
Initially, the company plans to list 50 percent of its shares of common stock, while 25 percent will list within 90 days of the July 19th listing date, and the remaining 25 percent will list within 180 days of the listing date.
In connection with the listing, the board also changed the rate at which the company pays distributions from an annualized rate of $1.30 per share to an annualized rate of $1.10 per share, effective as of July 1, 2018.
The company will also transition to declaring distributions based on monthly, rather than daily, record dates. These changes will not impact the distributions authorized for the month of June 2018 (paid in July) but will impact all subsequent distributions.
The company has suspended its distribution reinvestment plan effective immediately and all July distributions will be paid in cash.
The DRIP will likely be amended so that all distributions paid after the listing date may be reinvested in shares of Class A common stock at a price based on the trading price on the date the distributions are paid.
The board has also terminated the company’s share repurchase program, effective June 30, 2018. No repurchases of shares of any class of common stock will be paid, including requests received during the first semester of 2018.
American Finance Trust common stock has a $23.56 per share net asset value as of December 31, 2017. Shares were originally sold for $25.00 each.
American Finance Trust will host a webcast on Tuesday July 3, 2018 at 11:30 a.m. EST to discuss the listing. There is no dial-in for the webcast, but participants may join by clicking here. To view the slide-show presentation, click here.
American Finance Trust commenced its initial public offering in April 2013, which closed six months later after raising $1.6 billion in investor equity. In February 2017, the company completed its merger with affiliated non-traded REIT, American Realty Capital – Retail Centers of America, and currently owns a portfolio of 540 properties with a total purchase price of $3.5 billion.
