AmericanFinance Trust Inc.'s board is calling on stockholders to reject atender offer byMacKenzie Realty CapitalInc. and MacKenzie Capital Management LP to buy up to 150,000shares of the company's outstanding common stock at $16.00 apiece.

The company's board said the tender offer is "notadvisable" and not in the stockholders' best interests, given that the offerprice is substantially less than American Finance's estimated per-share NAV of$24.17 and the potential long-term value of its common stock, among otherreasons, according to a March 30 filing.

MacKenzie's offer, unless extended, will expire at 11:59p.m. PT on April 29.

The company said earlier that MacKenzie Realty and itsaffiliates currently do not beneficially own any stake in American Finance. The150,000 shares subject to the tender offer equate to 0.23% of the company'soutstanding stock.