Vinson & Elkins advised BMO Capital Markets, financial advisor to American Finance Trust, Inc. (AFIN), in connection with the listing of AFIN’s shares of Class A Common Stock on The Nasdaq Global Select Market on July 19, 2018.
American Finance Trust, Inc. has listed its shares of Class A Common Stock on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “AFIN” on July 19, 2018.
The Class A shares being listed on July 19th represent 50% of AFIN’s outstanding common stock. The Company’s Class B-1 and Class B-2 Common Stock, representing 25% each of AFIN’s outstanding common stock, will automatically convert to Class A common stock and become listed on Nasdaq no later than 90 days and 180 days, respectively, from July 19, 2018. As a result, all of the shares of common stock will be fully listed within 180 days of the listing date.
AFIN is a public real estate investment trust. As of March 31, 2018 AFIN’s real estate assets, at cost, total $3.5 billion. Its high quality diversified portfolio at March 31, 2018 consisted of 558 single-tenant net lease and multi-tenant retail and lifestyle center properties with an average weighted remaining lease term of 8.3 years. Its 19.1 million square foot portfolio was 94.3% occupied at that time.
Vinson & Elkins advised BMO Capital Markets with a team including Greg Cope (Picture) and associate Zach Swartz. Also assisting was associate Sheldon Nagesh.
Law Firms: Vinson & Elkins LLP;
Clients: BMO Capital Markets;