AR Global Investments, LLC

Response to CID [redacted]:We are in receipt of a letter from The Revdex.com Serving Metropolitan New York (the “Revdex.com”) forwarding a complaint from [redacted] concerning American Finance Trust, Inc.’s (“AFIN”) rejection of his share repurchase request.AFIN has...

a share repurchase program (“SRP”) in place, which provides a mechanism for limited liquidity for qualifying shareholders, subject to the discretion of the AFIN board.  We acknowledge that [redacted] submitted a request for repurchase, to be considered with other requests received by the company during the six months ending June **, 2017.  Pursuant to its discretion, the AFIN board revisited the terms of the SRP in June 2017 and amended and restated its terms to limit repurchases to requests submitted in connection with a shareholder’s death or Qualifying Disability (the “Amended and Restated SRP”).  AFIN announced the terms of the Amended SRP on June **, 2017 in a Form 8-K filed with the SEC (the“[redacted]).  The Form 8-K Filing describes in detail the specific requirements for such requests, which are referred to as “Hardship Repurchases.”In response to [redacted]’s suggestion that “it is preposterous to claim that my request is to be governed by a policy that is not even in affect yet,” as noted in the Form 8-K Filing, the AFIN board determined that share repurchase requests, like [redacted]’s, submitted during the semiannual share repurchase period ended June **, 2017 are to be processed consistent with the terms of the Amended and Restated SRP.AFIN is a publicly registered, non-listed real estate investment trust which, as disclosed in its offering documents, has an estimated holding period of three to six years after its offering closed to new investments.  AFIN closed to new investments in October 2013; as such, it is currently within its estimated holding period. As of March **, 2017, AFIN owned a diversified portfolio of commercial properties that are net leased predominantly to investment grade and other creditworthy tenants, and stabilized core retail properties, consisting primarily of power centers and lifestyle centers.  Overall, at March **, 2017, AFIN’s $3.4 billion portfolio (at cost) of 491 properties was 97.3% leased, with a weighted-average remaining lease term of 7.5 years.  The company currently pays distributions to stockholders on a monthly basis equivalent to $1.30 per share on an annualized basis.AFIN communicated with [redacted] following the filing of its Amended and Restated SRP on July **, 2017 to inform him that his request would be canceled because it did not qualify as a Hardship Repurchase.  If [redacted] disagrees with this determination, we invite him to provide the requisite documentation described in the Amended and Restated SRP.