American Finance Trust Inc. disclosed $72.2 million of acquisitions and contracts, and about $77.0 million of dispositions and agreements in the period following Dec. 31, 2017.
The retail-focused real estate investment trust acquired 24 properties for $43.7 million and agreed to acquire an additional 16 properties for $28.5 million, with plans to finance the acquisitions using available cash on hand, proceeds from the divestment of assets and its credit facility.
The company also divested six properties in the same period for $62.8 million and repaid mortgage debt of $39.4 million in connection with the sales. It also entered into agreements to sell six more properties for a total of about $14.2 million, which include a roughly $2.6 million contract sale price for three properties occupied by SunTrust Banks Inc.
In its annual filing, the company also said it entered into a $210.0 million mortgage loan agreement, secured by 12 of the company's properties with approximately 2.4 million rentable square feet. The loan matures Jan. 1, 2028, and carries a 4.191% annual interest rate.
Net proceeds from the loan were used to repay a roughly $18.0 million loan and fund about $2.4 million in required reserves, with the remaining approximately $185.1 million intended for general corporate purposes.