1 Accounting principles generally accepted in the United States of America. 2 Straight-line rental.3 Total debt to total assets. 4 Distribution rate of 6.6% represents per annum distributions of $1.65 per share based on initial IPO price per share of $25.00. Distribution rate is 7.1%

based on $23.37 per share, AFIN’s estimated per-share net asset value as of December 31, 2016.5 AFIN entered into an agreement on March 24, 2017 to sell three C&S assets, which will materially lower AFIN’s C&S exposure.

PORTFOLIO HIGHLIGHTS (As of March 31, 2017)

Property Highlights

Number of Properties 491

Rentable Square Feet 20.3 million

Percentage Leased 97.3%

Weighted-Average Remaining Lease Term (Yrs.) 7.5

Financial Highlights

Real Estate Investments, at cost $3.4 billion

Corporate Leverage Ratio3 40.1%

Weighted-Average Effective Interest Rate 4.39%

Top States*

(Annualized GAAP1 SLR2 Income %)

New Jersey8.1%

Other65.2%

11.6%

7.5%

5.1%

3.9%

6.7%

Georgia7.3%

Massachusetts5.3%

Florida8.5%

North Carolina9.0%

Alabama6.4%

* As of March 31, 2017, we had tenants in 38 states + DC.

Other49.4%

American Finance Trust, Inc. (“AFIN”) continued to benefit from the diversity and stability of our portfolio during the first quarter of 2017. We also sold five assets during the period, for total proceeds of $149 million, resulting in a $5.2 million gain. These sales underscore our commitment to optimizing portfolio value through an ongoing focus on proactive asset management.

In February 2017, after receiving shareholder approvals, we closed on our merger with American Realty Capital-Retail Centers of America, Inc. (“ARC-Retail”). This transaction enhanced the size and scale of AFIN’s portfolio with the addition of 35 institutional quality multi-tenant retail properties, bringing our portfolio to 491 owned assets, representing 20.3 million square feet. The transaction significantly diversifies the portfolio, adding high quality tenants, while expanding AFIN’s national footprint and presence in key markets.

FIRST QUARTER 2017 UPDATE

TOP 5 TENANT PROFILE (As of March 31, 2017)

American Finance Trust

FIRST QUARTER 2017 REPORT

Distribution Information

Distribution Rate4 (as of March 31, 2017) 6.6%

Distribution Frequency Monthly

Top 5 Tenants IndustryCredit Rating Details

Annualized GAAP SLR Income %

SunTrust Bank Retail Banking S&P: BBB+ 11.6%

Sanofi US Healthcare S&P: AA 7.5%

C&S Wholesale Grocer5 Distribution S&P: BB 6.7%

AmeriCold Refrigerated Warehousing S&P: B+ 5.1%

Stop & Shop Supermarket S&P: BBB 3.9%

Total 34.8%

Texas6.0%

SHAREHOLDER COMMUNICATION - NOT FOR USE AS SALES MATERIAL

For more information on AFIN, please visit the company website, www.americanfinancetrust.com or call our Investor Services department at 866-902-0063.

The information included herein should be read in connection with your review of AFIN’s Quarterly Report on Form 10-Q as of and for the quarter ended March 31, 2017, as filed with the U.S. Securities and Exchange Commission (“SEC”) on May 12, 2017.

Forward-Looking Statement Disclosure

The statements in this report include statements regarding the intent, belief or current expectations of AFIN and members of its management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as “may,” “will,” “seeks,” “strives,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should” or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements due to certain factors, including those set forth in the Risk Factors section of AFIN’s Annual Report on Form 10-K filed on March 13, 2017 and any subsequent Quarterly Reports on Form 10-Q, which are available at the SEC’s website at www.sec.gov. Further, forward-looking statements speak only as of the date they are made, and AFIN undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

PROPERTY AT A GLANCE

Address 8006 South Gessner Road Houston, TX 77036

Gross Leasable Area 181,809 square feet

Purchase Price $35.6 million

Acquisition Date3 February 16, 2017

Lease Type Multi-Tenant

Occupancy 99.3%

OVERVIEWThe Southway Shopping Center is a power center that was purchased on February 16, 2017, for $35.6 million through the merger with ARC-Retail. The property encompasses 181,809 square feet and is 99.3% leased as of March 31, 2017.

PROPERTY SPOTLIGHT SOUTHWAY SHOPPING CENTER

Houston, TX

LOCATION SUMMARYHouston is the largest city in Texas and the fourth-largest city in the United States1. The city’s retail market continues to benefit from the combination of population growth, increasing home values, strong job creation, and an affordable cost of living. Houston leads the United States in population growth since 2000, adding over 1.5 million residents2. Houston also has the fastest rate of job growth among the largest 12 metropolitan areas in the country2.

SELECT TENANT PROFILESBest Buy, Ross Dress for Less and Marshall’s account for 52.9% of the rentable square footage and 44.5% of the annualized rental income of the property.

Best Buy Co., Inc. (NYSE:BBY) is investment grade rated by S&P and Moody’s. The company is a specialty retailer of consumer electronics, home office products, entertainment software, appliances and related services. Its stores offer video products, such as televisions and digital camcorders, audio products, such as MP3 players and mobile electronics and accessories.

Ross Stores, Inc. (NASDAQ: ROST) is investment grade rated by S&P and Moody’s. The company targets customers primarily from middle-income households and offers first-quality, in-season, name brand and designer apparel, accessories, footwear and home fashions at a 20% to 60% discount to department stores’ and specialty retail stores’ prices. Ross Stores, Inc. is an S&P 500, Fortune 500 and NASDAQ-100 company.

1 2010 US Census 2 Urban Institute (May 2014)3 Original ARC-Retail acquisition date was June 6, 2014

The TJX Companies, Inc. (Marshall’s) (NYSE: TJX) is investment grade rated by S&P and Moody’s. Marshall’s was acquired by The TJX Companies, Inc. in 1995 and sells family apparel, home fashions and other merchandise.