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 December 31, 2017)

Property Highlights

Number of Properties 540

Rentable Square Feet 19.4 million

Percentage Leased 95.2%

Weighted Average Remaining Lease Term (Yrs.) 8.1

Financial Highlights

Real Estate Investments, at cost $3.5 billion

Corporate Leverage Ratio3 39.8%

Weighted Average Effective Interest Rate 4.62%

Top States*

(Annualized GAAP1 SLR2 Income %)

New Jersey7.7%

Other69.8%

11.2%

7.1%

3.6%3.0%

5.3%

Georgia7.5%

Ohio5.4%

Florida8.5%

North Carolina8.6%

Alabama6.8%

* As of December 31, 2017, we had tenants in 40 states + Washington, D.C.

Other44.0%

American Finance Trust, Inc. (“AFIN”) continued to benefit from the diversity and stability of our portfolio during the fourth quarter of 2017.

During the fourth quarter, we acquired 29 properties including 20 restaurants, six gas/convenience stores, two specialty retail stores and one distribution facility. These properties totaled 122,584 square feet and had a contract purchase price of $42.2 million. The annualized straight-line rental income and weighted average remaining lease term of these properties as of December 31, 2017 were $3.3 million and 18.3 years, respectively. We also sold six properties during the period, for total proceeds of $13.6 million. These sales underscore our commitment to optimizing portfolio value through an ongoing focus on proactive asset management.

FOURTH QUARTER 2017 UPDATE

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

American Finance Trust

FOURTH QUARTER 2017 REPORT

Distribution Information

Distribution Rate4 (as of December 31, 2017) 5.2%

Distribution Frequency Monthly

Top 5 Tenants IndustryCredit Rating Details

Annualized GAAP SLR Income %

SunTrust Bank Retail Banking S&P: BBB+ 11.2%

Sanofi US Healthcare S&P: AA 7.1%

AmeriCold Refrigerated Warehousing S&P: B+ 5.3%

Stop & Shop Supermarket S&P: BBB 3.6%

American Express Travel Related Services Financial Services S&P: A- 3.0%

Total 30.2%

Texas6.3%

SHAREHOLDER COMMUNICATION - NOT FOR USE AS SALES MATERIAL

South Carolina5.2%

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 Annual Report on Form 10-K as of and for the year ended December 31, 2017, as filed with the U.S. Securities and Exchange Commission (“SEC”) on March 19, 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 9465 Civic Centre Blvd West Chester, Ohio

Gross Leasable Area1 167,155 square feet

Purchase Price2 $40.5 million

Acquisition Date2 February 16, 2017

Lease Type Triple Net

Occupancy 94.5%

PROPERTY SUMMARYLocated in West Chester, Ohio, the Streets of West Chester lifestyle center (the “Property”) is a 167,155 square foot lifestyle center that is 94.5% leased to 13 tenants. The Property features a mix of national entertainment, restaurant and retail businesses, including AMC Theaters, P.F. Chang’s, Jos. A. Bank, Sleep Number, Ann Taylor Loft, and Mitchell’s Fish Market seafood restaurant and bar.

PROPERTY SPOTLIGHT STREETS OF WEST CHESTER

LOCATION SUMMARYWest Chester Township is located approximately 18 miles north of Cincinnati, Ohio. It is one of the most populous townships in the state of Ohio with a population of 60,958 (2010 U.S. Census). It was one of the fastest growing communities in the region from 1990 to 2010. The Streets of West Chester is surrounded by The Original Pancake House, Steak & Shake, Champs Americana, Red Robin, Panera Bread, Smokey Bones BBQ & Grill, Third Federal Savings & Loan and Urgent Dental Care of Cincinnati.

TENANT PROFILESAMC Entertainment Holdings, Inc. (NASDAQ: AMC) is rated “B” by Standard & Poor’s. AMC Entertainment Holdings, Inc., through its subsidiaries, operates as a theatrical exhibition company in the United States and internationally. The company was founded in 1920 and is headquartered in Kansas City, Missouri. As of December 31, 2017, it owned, operated, or had interests in 649 theatres with a total of 8,224 screens in the United States.

P.F. Chang’s was founded in 1996, and is based in Scottsdale, Arizona. As of October 17, 2017, it owned and operated approximately 300 restaurants in the United States, including three airport locations in 22 countries and territories.

Jos. A Bank Clothiers, Inc. was founded in 1905, headquartered in Hampstead, Maryland and currently has over 4,500 employees. Jos. A Bank and its subsidiaries design, retail, and direct-market men’s tailored and casual clothing and accessories. The company sells its products through retail stores, catalogs, and the Internet, as well as franchise stores.

West Chester, OH

1 The Gross Leasable Area excludes 69,687 square feet in ground leases. 2 Acquired through the merger with American Realty Capital-Retail Centers of America, Inc. (“ARC-Retail”). ARC-Retail originally purchased the Property on April 3, 2014 for $40.5 million.