AFIN - American Finance Trust completes initial acquisitions worth $547M changes name and trading symbol

American Finance Trust (AFIN +0.4%) through its operating partnership, completed the initial acquisition of 44 open-air shopping centers for $547M. This is the first tranche of acquisitions from the earlier announced definitive agreement to acquire a portfolio of 79 Power, Anchored and Grocery Centers and two single tenant properties from certain subsidiaries of CIM Real Estate Finance Trust for $1.3B, representing a 7.19% cash capitalization rate. It expects to acquire the remaining properties in the transaction by the end of 1Q22. On transaction closure, the company will be the preeminent REIT focused on Necessity-Based retail with a best-in-class portfolio that will comprise 1K+ properties, 29M sq. feet and $382M in pro-forma annualized straight-line rent. The transaction is expected to be accretive immediately, adding grocery stores (22% of Pro Forma multi-tenant SLR is derived from grocery centers) and office concentration will be reduced to 1%. Separately, the company's name changed to The Necessity Retail

For further details see:

American Finance Trust completes initial acquisitions worth $547M, changes name and trading symbol