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 5.2% represents per annum distributions of $1.30 per share based on initial IPO price per share of $25.00. Distribution rate is 5.5%

based on $23.56 per share, AFIN’s estimated per share net asset value as of December 31, 2017.

PORTFOLIO HIGHLIGHTS (As of March 31, 2018)

Property Highlights

Number of Properties 558

Rentable Square Feet 19.1 million

Percentage Leased 94.3%

Weighted Average Remaining Lease Term (Yrs.) 8.3

Financial Highlights

Real Estate Investments, at cost $3.5 billion

Corporate Leverage Ratio3 42.1%

Weighted Average Effective Interest Rate 4.61%

Top States*

(Annualized GAAP1 SLR2 Income %)

New Jersey7.9%

Other71.4%

9.2%7.3%

3.7%3.0%

5.4%

Georgia7.7%

Ohio5.5%

Florida8.4%

North Carolina6.7%

Alabama6.7%

* As of March 31, 2018, we had tenants in 40 states + Washington, D.C.

Other45.4%

American Finance Trust, Inc. (“AFIN”) continued to benefit from the diversity and stability of our portfolio during the first quarter of 2018.

During the first quarter, we acquired 24 properties including 19 gas/convenience stores, three restaurants and two healthcare offices. These properties totaled 88,724 square feet and had a contract purchase price of $44.2 million. The annualized straight-line rental income and weighted average remaining lease term of these properties as of March 31, 2018 were $3.7 million and 17.9 years, respectively. We also sold six properties during the period for an aggregate contract price of $62.8 million. These sales underscore our commitment to optimizing portfolio value through an ongoing focus on proactive asset management.

FIRST QUARTER 2018 UPDATE

TOP 5 TENANT PROFILE (As of March 31, 2018)

American Finance Trust

FIRST QUARTER 2018 REPORT

Distribution Information

Distribution Rate4 (as of March 31, 2018) 5.2%

Distribution Frequency Monthly

Top 5 Tenants IndustryCredit Rating Details

Annualized GAAP SLR Income %

SunTrust Bank Retail Banking S&P: BBB+ 9.2%

Sanofi US Healthcare S&P: AA 7.3%

AmeriCold Refrigerated Warehousing S&P: B+ 5.4%

Stop & Shop Supermarket S&P: BBB 3.7%

Lowe’s Home Improvement S&P: A- 3.0%

Total 28.6%

Texas6.4%

SHAREHOLDER COMMUNICATION - NOT FOR USE AS SALES MATERIAL

South Carolina5.3%

For more information on AFIN, please visit the company website, www.americanfinancetrust.com or call our Investor Relations 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 for the quarter ended March 31, 2018, as filed with the U.S. Securities and Exchange Commission (“SEC”) on May 14, 2018.

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 19, 2018 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 9309-9335 Center Lake Drive, Charlotte, NC

Gross Leasable Area 109,112 square feet

Purchase Price1 $35.9 million

Acquisition Date1 February 16, 2017

Lease Type Triple Net

Occupancy 90.4%

PROPERTY SUMMARYLocated in Charlotte, North Carolina, Northlake Commons (the “Property”) is a 109,112 square foot lifestyle center that is 90.4% leased. The Property features a mix of restaurant and retail businesses including Olive Garden, Party City, AT&T, FedEx Office (Kinko’s), Men’s Warehouse and Panera Bread.

PROPERTY SPOTLIGHT NORTHLAKE COMMONS

LOCATION SUMMARYOver 7.1 million people live within a 100-mile radius of Charlotte. As a result, Charlotte has become a financial, distribution and transportation center for the entire region. As Charlotte increasingly fulfills its regional role, it will continue to be one of the most attractive investment areas in the Southeastern United States. Charlotte’s largest employers represent a variety of industry sectors, including banking and finance; healthcare; government services; retail; transportation; manufacturing and telecommunications. Charlotte ranks fifth in the nation in the number of Fortune 500 headquartered companies, and is home to operations for 311 Fortune 500 companies.

TENANT PROFILESPanera Bread is a chain of bakery-café fast casual restaurants in the United States and Canada. Its headquarters are in Sunset Hills, Missouri, a suburb of St. Louis, and operates as Saint Louis Bread Company in the St. Louis metropolitan area. Panera was also rated #1 for Best Healthy Option, Best Salad, and Best Facilities, among restaurants with fewer than 5,000 locations. Panera Bread has over 1,700 locations in the United States and Canada.

Party City is an American retail chain of party supply stores. The company is the largest retailer of party goods in the United States and Canada, operating over 750 company-owned and franchise outlets under the Party City, Halloween City, and Factory Card & Party Outlet brands. Party City is owned by Amscan Holdings Inc.; Amscan Holdings is the largest designer, manufacturer, and distributor of decorated party goods and party accessories in the world. The company is also a leading supplier of gifts, home décor, and tabletop products as well as the primary source for gift wrap, gift bags, stationery, and licensed products.

FedEx (Kinko’s) is a chain of stores that provide a retail outlet for FedEx Express and FedEx Ground shipping, as well as printing, copying, and binding services. FedEx Kinko’s is owned by FedEx Corporation. FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally through its 1,750 locations. It operates in four segments: FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services. The company was founded in 1971 and is headquartered in Memphis, Tennessee.

1 Acquired through the merger with American Realty Capital-Retail Centers of America, Inc.

Charlotte, NC