AMERICAN FINANCE TRUST CLOSES ON FIRST TRANCHE OF PREVIOUSLY ANNOUNCED $1.3 BILLION OPEN-AIR SHOPPING CENTER ACQUISITION, CHANGES NAME TO THE NECESSITY RETAIL REIT "WHERE AMERICA SHOPS", TO BEGIN TRADING AS RTL ON NASDAQ

NEW YORK, Feb. 14, 2022 /PRNewswire/ -- American Finance Trust, Inc. (Nasdaq: AFIN) ("AFIN" or the "Company") announced today that the Company, through its operating partnership, completed the initial acquisition of 44 open-air shopping centers for a total of $547 Million, excluding closing costs (the "Closing"). The Closing is the first tranche of acquisitions from the previously announced definitive agreement to acquire a portfolio of 79 Power, Anchored and Grocery Centers and two single tenant properties (the "Transaction") from certain subsidiaries of CIM Real Estate Finance Trust, Inc. for $1.3 billion, representing a 7.19% cash capitalization rate. The Company expects to acquire the remaining properties in the Transaction by the end of the first quarter, 2022. Upon completing the Transaction, the Company will be the preeminent REIT focused on Necessity-Based retail with a best-in-class portfolio that will comprise over 1,000 properties, 29 million square feet and $382 million in Pro-Forma¹ annualized straight-line rent.

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