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American Finance Trust to acquire 73 properties for $187M

American Finance Trust Inc. agreed to buy 73 properties for approximately $186.7 million.

The real estate investment trust also agreed to sell five properties, four of which are leased to SunTrust Banks Inc., for approximately $14.9 million. It also entered into a nonbinding letter of intent to sell one property for about $1.9 million.

The REIT noted that it bought a property for $3.0 million and sold two properties for about $6.6 million, subsequent to June 30 and through Aug. 28.

The company also launched an underwritten public offering of its 7.50% series A cumulative redeemable perpetual preferred stock and expects to grant a 30-day overallotment option to the underwriters to acquire additional shares.

American Finance aims to use the net proceeds for general corporate purposes.

BMO Capital Markets Corp. and B. Riley FBR Inc. are joint book-running managers for the offering. Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc. and William Blair & Co. LLC are joint lead managers, while Boenning & Scattergood Inc. and National Securities Corp. are co-managers.