American Finance Trust (AFIN) is a retail REIT that has taken a heavy hit due to the coronavirus as many of its customers are without business and are struggling to make rental payments. The vast majority of AFIN's single-tenant portfolio is in the retail industry (70%) with the remaining being distribution and office spaces. The company's higher risk multi-tenant portfolio is 50% retail and 50% "experiential/E-commerce defensive"; however, it is essentially all in the retail space which is heavily impacted by the lock-downs.
While PPP loans help keep these small businesses afloat, they