EXHIBIT 99.2

American Finance Trust, Inc.

Supplemental Information

Quarter ended June 30, 2020 (unaudited)

American Finance Trust, Inc.

Supplemental Information

Quarter ended June 30, 2020 (Unaudited)

Table of Contents
Item	Page
Non-GAAP Definitions	3
Key Metrics	6
Consolidated Balance Sheets	8
Consolidated Statements of Operations	9
Non-GAAP Measures	10
Debt Overview	12
Future Minimum Lease Rents	13
Top Ten Tenants	14
Diversification by Property Type	15
Diversification by Geography	16
Lease Expirations	17
Please note that totals may not add due to rounding.

Forward-looking Statements:

This supplemental package of American Finance Trust, Inc. (the "Company") includes “forward looking statements.” These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. In addition, words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should” or similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the potential adverse effects of the ongoing global COVID-19 pandemic, including actions taken to contain or treat COVID-19, on the Company, the Company’s tenants and the global economy and financial markets, as well as those set forth in the Risk Factors section of the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2019 filed February 27, 2020 and all other filings filed with the Securities and Exchange Commission after that date. Further, forward-looking statements speak only as of the date they are made, and the Company 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.

Accounting Treatment of Rent Deferrals

The majority of the concessions granted to its tenants as a result of the COVID-19 pandemic are rent deferrals with the original lease term unchanged and collection of deferred rent deemed probable. The Company’s revenue recognition policy requires that it must be probable that the Company will collect virtually all of the lease payments due and does not provide for partial reserves, or the ability to assume partial recovery. In light of the COVID-19 pandemic, the FASB and SEC agreed that for leases where the total lease cash flows will remain substantially the same or less than those after the COVID-19 related effects, companies may choose to forgo the evaluation of the enforceable rights and obligations of the original lease contract as a practical expedient and account for rent concessions as if they were part of the enforceable rights and obligations of the parties under the existing lease contract. As a result, we do not expect rental revenue used to calculate Net Income and NAREIT FFO to be significantly impacted by these types of deferrals. In addition, since we currently believe that these amounts are collectible, we have excluded from the increase in straight-line rent for AFFO purposes the amounts recognized under GAAP relating to these types of rent deferrals.

2

American Finance Trust, Inc.

Supplemental Information

Quarter ended June 30, 2020 (Unaudited)

Non-GAAP Financial Measures

This section discusses non-GAAP financial measures we use to evaluate our performance, including Funds from Operations ("FFO"), Adjusted Funds from Operations ("AFFO"), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA"), Net Operating Income ("NOI") and Cash Net Operating Income ("Cash NOI"). While NOI is a property-level measure, AFFO is based on total Company performance and therefore reflects the impact of other items not specifically associated with NOI such as, interest expense, general and administrative expenses and operating fees to related parties. Additionally, NOI as defined herein, does not reflect an adjustment for straight-line rent but AFFO does. A description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure, which is net income (loss), is provided below. Adjustments for unconsolidated partnerships and joint ventures are calculated to exclude the proportionate share of the non-controlling interest to arrive at FFO, AFFO and NOI attributable to stockholders.

Caution on Use of Non-GAAP Measures

FFO, AFFO, Adjusted EBITDA, NOI and Cash NOI should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP measures.

Other REITs may not define FFO in accordance with the current National Association of Real Estate Investment Trusts ("NAREIT"), an industry trade group, definition (as we do), or may interpret the current NAREIT definition differently than we do, or may calculate AFFO differently than we do. Consequently, our presentation of FFO and AFFO may not be comparable to other similarly-titled measures presented by other REITs.

We consider FFO and AFFO useful indicators of our performance. Because FFO and AFFO calculations exclude such factors as depreciation and amortization of real estate assets and gains or losses from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), FFO and AFFO presentations facilitate comparisons of operating performance between periods and between other REITs in our peer group.

As a result, we believe that the use of FFO and AFFO, together with the required GAAP presentations, provide a more complete understanding of our performance, including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, FFO and AFFO are not indicative of cash available to fund ongoing cash needs, including the ability to pay cash dividends. Investors are cautioned that FFO and AFFO should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.

Funds from Operations and Adjusted Funds from Operations

Funds from Operations

Due to certain unique operating characteristics of real estate companies, as discussed below, NAREIT, an industry trade group, has promulgated a performance measure known as FFO, which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. FFO is not equivalent to net income or loss as determined under GAAP.

We calculate FFO, a non-GAAP measure, consistent with the standards established over time by the Board of Governors of NAREIT, as restated in a White Paper and approved by the Board of Governors of NAREIT effective in December 2018 (the “White Paper”). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gains and losses from sales of certain real estate assets, gain and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for consolidated partially-owned entities (including our Operating Partnership) and equity in earnings of unconsolidated affiliates are made to arrive at our proportionate share of FFO attributable to our stockholders. Our FFO calculation complies with NAREIT’s definition.

The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time. We believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a more complete understanding of our performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income.

3

American Finance Trust, Inc.

Supplemental Information

Quarter ended June 30, 2020 (Unaudited)

Adjusted Funds from Operations

In calculating AFFO, we start with FFO, then we exclude certain income or expense items from AFFO that we consider to be more reflective of investing activities, such as non-cash income and expense items and the income and expense effects of other activities that are not a fundamental attribute of our day to day operating business plan, such as amounts related to litigation arising out of AFIN's 2017 merger with American Realty Capital - Retail Centers of America, Inc. (the "Merger"). These amounts include legal costs incurred as a result of the litigation, portions of which have been and may in the future be reimbursed under insurance policies maintained by us. Insurance reimbursements are deducted from AFFO in the period of reimbursement. We believe that excluding the litigation costs and subsequent insurance reimbursements related to litigation arising out of the Merger helps to provide a better understanding of the operating performance of our business. Other income and expense items also include early extinguishment of debt and unrealized gains and losses, which may not ultimately be realized, such as gains or losses on derivative instruments and gains and losses on investments. In addition, by excluding non-cash income and expense items such as amortization of above-market and below-market leases intangibles, amortization of deferred financing costs, straight-line rent, and share-based compensation related to restricted shares and the multi-year outperformance agreement from AFFO, we believe we provide useful information regarding those income and expense items which have a direct impact on our ongoing operating performance.

In calculating AFFO, we exclude certain expenses which under GAAP are characterized as operating expenses in determining operating net income (loss). All paid and accrued merger, acquisition and transaction related fees and certain other expenses negatively impact our operating performance during the period in which expenses are incurred or properties are acquired will also have negative effects on returns to investors but are not reflective of our on-going performance. In addition, legal fees and expense associated with COVID-19-related lease disputes involving certain tenants negatively impact our operating performance but are not reflective of our on-going performance. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income (loss). In addition, as discussed above, we view gains and losses from fair value adjustments as items which are unrealized and may not ultimately be realized and not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management's analysis of our operating performance. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gains or losses, we believe AFFO provides useful supplemental information. By providing AFFO, we believe we are presenting useful information that can be used to better assess the sustainability of our ongoing operating performance without the impact of transactions or other items that are not related to the ongoing performance of our portfolio of properties. AFFO presented by us may not be comparable to AFFO reported by other REITs that define AFFO differently. Furthermore, we believe that in order to facilitate a clear understanding of our operating results, AFFO should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. AFFO should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or ability to pay dividends.

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income and Cash Net Operating Income.

We believe that Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition and transaction-related expenses, other non-cash items such as expense related to our multi-year outperformance agreement with the Advisor and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income as an indicator of our operating activities. Other REITs may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other REITs.

NOI is a non-GAAP financial measure used by us to evaluate the operating performance of our real estate. NOI is equal to total revenues, excluding contingent purchase price consideration, less property operating and maintenance expense. NOI excludes all other items of expense and income included in the financial statements in calculating net income (loss). We believe NOI provides useful and relevant information because it reflects only those income and expense items that are incurred at the property level and presents such items on an unleveraged basis. We use NOI to assess and compare property level performance and to make decisions concerning the operations of the properties. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating expenses and acquisition activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss). NOI excludes certain items included in calculating net income (loss) in order to provide results that are more closely related to a property's results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or our ability to pay dividends.

4

American Finance Trust, Inc.

Supplemental Information

Quarter ended June 30, 2020 (Unaudited)

Cash NOI, is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as NOI excluding amortization of above/below market lease intangibles and straight-line adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other REITs. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other REITs present Cash NOI.

5

American Finance Trust, Inc.

Supplemental Information

Quarter ended June 30, 2020 (Unaudited)

Key Metrics

As of and for the three months ended June 30, 2020

Financial Results (Amounts in thousands, except per share data)
Revenue from tenants	$	74,934
Net loss attributable to common stockholders	$	(21,803	)
Basic and diluted net loss per share attributable to common stockholders	$	(0.20	)
Cash NOI [1]	$	54,662
Adjusted EBITDA [1]	$	48,611
AFFO attributable to common stockholders [1]	$	21,194
Dividends declared on common stock [2]	$	23,058
Balance Sheet and Capitalization (Amounts in thousands, except ratios and percentages)
Gross asset value [3]	$	4,179,185
Net debt [4] [5]	$	1,682,808
Total consolidated debt [5]	$	1,819,507
Total assets	$	3,596,517
Liquidity [6]	$	162,667
Common shares outstanding as of June 30, 2020	108,528
Net debt to gross asset value	40.3		%
Net debt to adjusted EBITDA [1] (annualized based on quarterly results)	8.7		x
Weighted-average interest rate cost [7]	3.8		%
Weighted-average debt maturity (years) [8]	3.3
Interest Coverage Ratio [9]	2.6		x

Real Estate Portfolio	Single-Tenant Portfolio			Multi-Tenant Portfolio			Total Portfolio
Portfolio Metrics:
Real estate investments, at cost (in billions)	$	2.5		$	1.4		$	3.9
Number of properties	814			33			847
Square footage (in millions)	11.7			7.2			18.9
Annualized straight-line rent (in millions) [10]	$	186.4		$	85.6		$	272.0
Annualized straight-line rent per leased square foot	$	16.0		$	13.9		$	15.3
Occupancy [11]	99.2		%	86.2		%	94.3		%
Weighted-average remaining lease term (years) [12]	10.8			4.7			8.9
% investment grade [13]	63.3		%	N/A			N/A
% of anchor tenants in multi-tenant portfolio that are investment grade [13] [14]	N/A			28.0		%	N/A
% of leases with rent escalators [15]	86.9		%	66.4		%	80.4		%
Average annual rent escalator [15]	1.3		%	1.2		%	1.3		%

——

[1] This Non-GAAP metric is reconciled below.

[2] Represents dividends declared on shares of the Company’s common stock payable to holders of record on the applicable record date.

[3] Defined as total assets plus accumulated depreciation and amortization as of June 30, 2020.

[4] Represents total debt outstanding less cash and cash equivalents.

[5] Excludes the effect of deferred financing costs, net and mortgage premiums, net.

[6] Liquidity includes cash and cash equivalents as of June 30, 2020, and, after giving effect to the amendment to the credit facility and the $715 million CMBS refinancing and other transactions that occurred at the closing of the amendment to the credit facility on July 24, 2020, $26.0 million available for future borrowings under the Company's credit facility. The Company's credit facility currently requires the Company to maintain a combination of cash, cash equivalents and amounts available for future borrowings under the Credit Facility of not less than $100.0 million, which could limit Company's ability to incur additional indebtedness and use cash that would otherwise be available to the Company.

[7] Weighted based on the outstanding principal balance of the debt as of June 30, 2020.

[8] Weighted based on the outstanding principal balance of the debt as of June 30, 2020 and does not reflect any changes to maturity dates subsequent to

June 30, 2020. The Company has the right to extend the maturity date to April 2023.

[9] The interest coverage ratio is calculated by dividing adjusted EBITDA by cash paid for interest (interest expense less amortization of deferred financing

costs, net, change in accrued interest and amortization of mortgage premiums on borrowings) for the quarter ended June 30, 2020.

6

American Finance Trust, Inc.

Supplemental Information

Quarter ended June 30, 2020 (Unaudited)

Adjusted EBITDA and cash paid for interest are Non-GAAP metrics and are reconciled below.

[10] Calculated using the most recent available lease terms as of June 30, 2020.

[11] Only includes leases which have commenced and were taken possession by the tenant as of June 30, 2020.

[12] The weighted-average remaining lease term (years) is based on annualized straight-line rent.

[13] As used herein, investment grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. Ratings information is as of June 30, 2020. The weighted averages are based on straight-line rent. Single-tenant portfolio tenants are 50.6% actual investment grade rated and 12.7% implied investment grade rated.

[14] Anchor tenants are defined as tenants that occupy over 10,000 square feet of one of the Company's multi-tenant properties. Anchor tenants are 20.1% actual

investment grade rated and 7.9% implied investment grade rated.

[15] Based on annualized straight-line rent as of June 30, 2020. Contractual rent increases include fixed percent or actual increases, or CPI-indexed

increases.

7

American Finance Trust, Inc.

Supplemental Information

Quarter ended June 30, 2020

Consolidated Balance Sheets

Amounts in thousands, except share and per share data

	June 30, 2020			December 31, 2019
	(Unaudited)
ASSETS
Real estate investments, at cost:
Land	$	705,115		$	685,889
Buildings, fixtures and improvements	2,739,863			2,681,485
Acquired intangible lease assets	445,771			448,175
Total real estate investments, at cost	3,890,749			3,815,549
Less: accumulated depreciation and amortization	(582,668		)	(529,052		)
Total real estate investments, net	3,308,081			3,286,497
Cash and cash equivalents	136,699			81,898
Restricted cash	20,132			17,942
Deposits for real estate investments	2,290			85
Deferred costs, net	16,096			17,467
Straight-line rent receivable	54,655			46,976
Operating lease right-of-use assets	18,718			18,959
Prepaid expenses and other assets (including $457 and $503 due from related parties as of June 30, 2020 and December 31, 2019, respectively)	39,846			19,188
Assets held for sale	—			1,176
Total assets	$	3,596,517		$	3,490,188
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage notes payable, net	$	1,305,104		$	1,310,943
Credit facility	503,147			333,147
Below market lease liabilities, net	79,549			84,041
Accounts payable and accrued expenses (including $599 and $1,153 due to related parties as of June 30, 2020 and December 31, 2019, respectively)	32,333			26,817
Operating lease liabilities	19,307			19,318
Deferred rent and other liabilities	9,431			10,392
Dividends payable	3,617			3,300
Total liabilities	1,952,488			1,787,958
7.50% Series A cumulative redeemable perpetual preferred stock, $0.01 par value, liquidation preference $25.00 per share, 8,796,000 shares authorized, 7,719,689 and 6,917,230 issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	77			69
Common stock, $0.01 par value per share, 300,000,000 shares authorized, 108,527,734 and 108,475,266 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	1,085			1,085
Additional paid-in capital	2,635,166			2,615,089
Distributions in excess of accumulated earnings	(1,016,977		)	(932,912		)
Total stockholders' equity	1,619,351			1,683,331
Non-controlling interests	24,678			18,899
Total equity	1,644,029			1,702,230
Total liabilities and equity	$	3,596,517		$	3,490,188

8

American Finance Trust, Inc.

Supplemental Information

Quarter ended June 30, 2020 (Unaudited)

Consolidated Statements of Operations

Amounts in thousands, except share and per share data

	Three Months Ended
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Revenue from tenants	$	74,934		$	74,564		$	76,231		$	72,863
Operating expenses:
Asset management fees to related party	6,918			6,905			6,777			6,545
Property operating expense	12,541			12,282			14,344			12,398
Impairment of real estate investments	11,502			—			—			—
Acquisition, transaction and other costs [1]	721			452			3,022			489
Equity-based compensation [2]	3,247			3,211			3,211			3,217
General and administrative	6,864			5,328			4,300			3,573
Depreciation and amortization	35,443			34,335			31,802			29,901
Total operating expenses	77,236			62,513			63,456			56,123
Operating (loss) income before gain on sale of real estate investments	(2,302		)	12,051			12,775			16,740
Gain on sale of real estate investments	2,838			1,440			4,519			1,933
Operating income	536			13,491			17,294			18,673
Other (expense) income:
Interest expense	(18,801		)	(19,106		)	(18,990		)	(18,569		)
Other income	61			72			367			48
Total other expense, net	(18,740		)	(19,034		)	(18,623		)	(18,521		)
Net (loss) income	(18,204		)	(5,543		)	(1,329		)	152
Net loss (income) attributable to non-controlling interests	20			9			(1		)	(4		)
Preferred stock dividends	(3,619		)	(3,619		)	(3,497		)	(3,079		)
Net loss attributable to common stockholders	$	(21,803	)	$	(9,153	)	$	(4,827	)	$	(2,931	)
Basic and Diluted Net (Loss) Income Per Share:
Net loss per share attributable to common stockholders — Basic and Diluted	$	(0.20	)	$	(0.08	)	$	(0.04	)	$	(0.03	)
Weighted-average shares outstanding — Basic	108,386,013			108,364,082			107,286,620			106,139,668
Weighted-average shares outstanding — Diluted	108,386,013			108,364,082			107,286,620			106,139,668

——

[1] Forthe three months ended June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, includes litigation costs related to the Merger of $0.3 million, $0.3 million $0.7 million and $0.2 million, respectively.

[2] Forthe three months ended June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, includes equity-based compensation expense related to the Company's restricted common shares of $0.3 million, $0.2 million, $0.2 million, and $0.3 million, respectively.

9

American Finance Trust, Inc.

Supplemental Information

Quarter ended June 30, 2020 (Unaudited)

Non-GAAP Measures

Amounts in thousands

	Three Months Ended
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
EBITDA:
Net (loss) income	$	(18,204	)	$	(5,543	)	$	(1,329	)	$	152
Depreciation and amortization	35,443			34,335			31,802			29,901
Interest expense	18,801			19,106			18,990			18,569
EBITDA	36,040			47,898			49,463			48,622
Impairment of real estate investments	11,502			—			—			—
Acquisition, transaction and other costs [1]	721			452			3,022			489
Equity-based compensation [2]	3,247			3,211			3,211			3,217
Gain on sale of real estate investments	(2,838		)	(1,440		)	(4,519		)	(1,933		)
Other income	(61		)	(72		)	(367		)	(48		)
Adjusted EBITDA	48,611			50,049			50,810			50,347
Asset management fees to related party	6,918			6,905			6,777			6,545
General and administrative	6,864			5,328			4,300			3,573
NOI	62,393			62,282			61,887			60,465
Amortization of market lease and other intangibles, net	(2,289		)	(992		)	(1,307		)	(2,503		)
Straight-line rent	(5,442		)	(2,265		)	(2,847		)	(2,716		)
Cash NOI	$	54,662		$	59,025		$	57,733		$	55,246
Cash Paid for Interest:
Interest expense	$	18,801		$	19,106		$	18,990		$	18,569
Amortization of deferred financing costs, net and change in accrued interest	(990		)	(1,712		)	(2,394		)	(725		)
Amortization of mortgage discounts and premiums on borrowings	589			560			1,344			839
Total cash paid for interest	$	18,400		$	17,954		$	17,940		$	18,683

——

[1] Forthe three months ended June30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, includes litigation costs related to the Merger of $0.3 million, $0.3 million, $0.7 million and $0.2 million, respectively.

[2] Forthe three months ended June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, includes equity-based compensation expense related to the Company's restricted common shares of $0.3 million, $0.2 million, $0.2 million and $0.3 million, respectively.

10

American Finance Trust, Inc.

Supplemental Information

Quarter ended June 30, 2020 (Unaudited)

Non-GAAP Measures

Amounts in thousands, except per share data

	Three Months Ended
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Funds from operations (FFO):
Net loss attributable to common stockholders (in accordance with GAAP)	$	(21,803	)	$	(9,153	)	$	(4,827	)	$	(2,931	)
Impairment of real estate investments	11,502			—			—			—
Depreciation and amortization	35,443			34,335			31,802			29,901
Gain on sale of real estate investments	(2,838		)	(1,440		)	(4,519		)	(1,933		)
Proportionate share of adjustments for non-controlling interest to arrive at FFO	(71		)	(52		)	(44		)	(45		)
FFO attributable to common stockholders	22,233			23,690			22,412			24,992
Acquisition, transaction and other costs [1]	721			452			3,022			489
Litigation cost reimbursements related to the Merger [2]	—			(9		)	(316		)	—
Legal fees and expenses — COVID-19 lease disputes [3]	242			—			—			—
Amortization of market lease and other intangibles, net	(2,289		)	(992		)	(1,307		)	(2,503		)
Straight-line rent	(5,442		)	(2,265		)	(2,847		)	(2,716		)
Straight-line rent (rent deferral agreements) [4]	2,082			—			—			—
Amortization of mortgage premiums on borrowings	(589		)	(560		)	(1,344		)	(839		)
Equity-based compensation [5]	3,247			3,211			3,211			3,217
Amortization of deferred financing costs, net and change in accrued interest	990			1,712			2,394			725
Proportionate share of adjustments for non-controlling interest to arrive at AFFO	(1		)	(2		)	(5		)	3
AFFO attributable to common stockholders	$	21,194		$	25,237		$	25,220		$	23,368
Weighted-average common shares outstanding	108,386			108,364			107,287			106,140
Net loss per share attributable to common stockholders — Basic and Diluted	$	(0.20	)	$	(0.08	)	$	(0.04	)	$	(0.03	)
FFO per common share	$	0.21		$	0.22		$	0.21		$	0.24
AFFO per common share	$	0.20		$	0.23		$	0.24		$	0.22
Dividends declared	$	23,058		$	29,831		$	29,468		$	29,212

——

[1] Primarily includes prepayment costs incurred in connection with early debt extinguishment as well as litigation costs related to the Merger.

[2] Included in "Other Income" in the Company's consolidated statement of operations.

[3] Reflects legal costs incurred during the second quarter related to disputes with tenants due to store closures or other challenges resulting from COVID-19. The tenants involved in these disputes had not recently defaulted on their rent and, prior to the second quarter of 2020, had recently exhibited a pattern of regular payment. Based on the tenants involved in these matters, their history of rent payments, and the impact of the pandemic on current economic conditions, management views these costs as COVID-19-related and separable from the Company’s ordinary general and administrative expenses related to tenant defaults. The Company engaged counsel in connection with these issues separate and distinct from counsel the Company typically engages for tenant defaults. The amount reflects what the Company believes to be only those incremental legal costs above what we typically incur for tenant-related dispute issues. The Company may continue to incur these COVID-19 related legal costs in the future.

[4] Represents the amount of deferred rent pursuant to lease negotiations which qualify for FASB relief for which rent was deferred but not reduced. These amounts are included in the straight-line rent receivable on our balance sheet but are considered to be cash, for purposes of AFFO, that is expected to be collected.

[5] Includes amortization expense of the Company's restricted common shares and LTIP Units related to its multi-year outperformance agreement for all periods presented.

11

American Finance Trust, Inc.

Supplemental Information

Quarter ended June 30, 2020 (Unaudited)

Debt Overview

As of June 30, 2020

Amounts in thousands, except ratios and percentages

Year of Maturity	Number of Encumbered Properties	Weighted-Average Debt Maturity (Years) [3]	Weighted-Average Interest Rate [3][4]		Total Outstanding Balance [5]		Percent
Non-Recourse Debt
2020 (remainder)	245	0.3	4.5	%	$	536,728
2021	102	0.9	5.3	%	201,471
2022	—	—	—	%	2,311
2023	—	—	—	%	2,643
2024	1	3.7	5.0	%	22,287
Thereafter	263	7.3	4.2	%	550,920
Total Non-Recourse Debt	611	3.5	4.5	%	1,316,360		72	%
Recourse Debt [1]
Credit Facility [2]		2.8	2.1	%	503,147
Total Recourse Debt		2.8	2.1	%	503,147		28	%
Total Debt		3.3	3.8	%	$	1,819,507	100	%

——

[1] Recourse debt is debt that is guaranteed by the Company.

[2]The maturity date of the Company's credit facility is April 2022. The Company has the right to extend the maturity date to April 2023.

[3] Weighted based on the outstanding principal balance of the debt.

[4] As of June 30, 2020, the Company’s total combined debt was 72.3% fixed rate and 27.7% floating rate.

[5] Excludes the effect of deferred financing costs, net and mortgage premiums and discounts, net.

12

American Finance Trust, Inc.

Supplemental Information

Quarter ended June 30, 2020 (Unaudited)

Future Minimum Base Lease Rents Due to the Company

As of June 30, 2020

Amounts in thousands

	Future Minimum Base Rent Payments [1]
2020 (remainder)	$	129,178
2021	256,234
2022	244,104
2023	231,629
2024	212,196
2025	193,939
Thereafter	1,210,450
Total	$	2,477,730

——

[1] Represents future minimum base rent payments on a cash basis due to the Company over the next five years and thereafter. These amounts exclude contingent

rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on

exceeding certain economic indexes among other items.

13

American Finance Trust, Inc.

Supplemental Information

Quarter ended June 30, 2020 (Unaudited)

Top Ten Tenants (by annualized straight-line rent)

As of June 30, 2020

Amounts in thousands, except percentages

Tenant / Lease Guarantor	Property Type	Tenant Industry	Annualized SL Rent [1]		SL Rent Percent		Remaining Lease Term [2]	Investment Grade [3]
Truist Bank	Retail	Retail Banking	$	17,701	7	%	9.1	Yes
Sanofi US	Office	Pharmaceuticals	17,143		6	%	12.5	Yes
Mountain Express	Retail	Gas/Convenience	13,237		5	%	18.2	No
AmeriCold	Distribution	Refrigerated Warehousing	12,720		5	%	7.2	Yes
Fresenius	Retail	Healthcare	11,374		4	%	8.2	Yes
Tenants 6 - 10	Various	Various	36,256		13	%	9.8	4 of 5 - Yes
Subtotal			108,431		40	%	10.7
Remaining portfolio			163,600		60	%
Total Portfolio			$	272,031	100	%

——

[1] Calculated using the most recent available lease terms as of June 30, 2020.

[2] Based on straight-line rent as of June 30, 2020.

[3] The top ten tenants are 72.1% actual investment grade rated and 8.1% implied investment grade rated (see page 6 for definition of Investment Grade).

14

American Finance Trust, Inc.

Supplemental Information

Quarter ended June 30, 2020 (Unaudited)

Diversification by Property Type

As of June 30, 2020

Amounts in thousands, except percentages

	Total Portfolio
Property Type	Annualized SL Rent [1]		SL Rent Percent		Square Feet	Sq. ft. Percent
Retail (including Power and Lifestyle Centers)	$	217,076	80	%	13,103	69	%
Distribution	28,856		11	%	4,351	23	%
Office	26,099		9	%	1,443	8	%
Total	$	272,031	100	%	18,897	100	%

	Retail Properties
Tenant Type	Annualized SL Rent [1]		SL Rent Percent		Square Feet [2]	Sq. ft. Percent
Single-Tenant:
Service-oriented [3]	$	107,996	50	%	3,634	30	%
Traditional retail [4]	23,423		11	%	2,240	19	%
Multi-Tenant:
Experiential/e-commerce defensive [5]	42,515		19	%	2,459	20	%
Other traditional retail	43,142		20	%	3,728	31	%
Total	$	217,076	100	%	12,061	100	%

——

[1] Calculated using the most recent available lease terms as of June 30, 2020.

[2] Represents total rentable square feet of retail properties occupied as of June 30, 2020.

[3] Includes single-tenant retail properties leased to tenants in the retail banking, restaurant, grocery, pharmacy, gas/convenience, healthcare, and auto services sectors.

[4] Includes single-tenant retail properties leased to tenants in the discount retail, home improvement, furniture, specialty retail, auto retail, sporting goods sectors, wireless/electronics, department stores and home improvement.

[5] Represents multi-tenant properties leased to tenants in the restaurant, discount retail, entertainment, salon/beauty, and grocery sectors, among others.

15

American Finance Trust, Inc.

Supplemental Information

Quarter ended June 30, 2020 (Unaudited)

Diversification by Geography

As of June 30, 2020

Amounts in thousands, except percentages

	Total Portfolio
Region	Annualized SL Rent [1]		SL Rent Percent		Square Feet	Sq. ft. Percent
Alabama	$	14,941	5.5	%	1,376	7.3	%
Alaska	409		0.2	%	9	0.1	%
Arizona	352		0.1	%	22	0.1	%
Arkansas	2,387		0.9	%	88	0.4	%
California	228		0.1	%	9	0.1	%
Colorado	776		0.3	%	52	0.3	%
Connecticut	1,640		0.6	%	84	0.4	%
Delaware	176		0.1	%	5	0.1	%
District of Columbia	236		0.1	%	4	0.1	%
Florida	19,534		7.2	%	1,203	6.2	%
Georgia	28,774		10.6	%	1,951	10.3	%
Idaho	331		0.1	%	14	0.1	%
Illinois	9,357		3.4	%	707	3.7	%
Indiana	2,018		0.7	%	90	0.5	%
Iowa	2,752		1.0	%	167	0.9	%
Kansas	3,070		1.1	%	264	1.4	%
Kentucky	10,743		3.9	%	663	3.5	%
Louisiana	5,379		2.0	%	319	1.7	%
Maine	202		0.1	%	12	0.1	%
Maryland	1,069		0.4	%	29	0.2	%
Massachusetts	6,069		2.2	%	591	3.1	%
Michigan	6,342		2.3	%	383	2.0	%
Minnesota	10,971		4.0	%	761	4.0	%
Mississippi	4,233		1.6	%	212	1.1	%
Missouri	5,830		2.1	%	486	2.6	%
Montana	1,243		0.5	%	45	0.2	%
Nebraska	514		0.2	%	12	0.1	%
Nevada	6,422		2.4	%	408	2.2	%
New Hampshire	127		0.1	%	6	0.1	%
New Jersey	18,655		6.9	%	817	4.3	%
New Mexico	629		0.2	%	47	0.2	%
New York	2,351		0.9	%	171	0.9	%
North Carolina	17,910		6.6	%	1,514	8.0	%
North Dakota	1,222		0.4	%	170	0.9	%
Ohio	17,843		6.6	%	1,017	5.4	%
Oklahoma	8,864		3.3	%	849	4.5	%
Pennsylvania	9,216		3.4	%	540	2.9	%
Rhode Island	2,419		0.9	%	149	0.8	%
South Carolina	14,175		5.2	%	1,474	7.8	%
South Dakota	339		0.1	%	47	0.2	%
Tennessee	4,442		1.6	%	316	1.7	%
Texas	12,965		4.8	%	830	4.4	%
Utah	1,087		0.4	%	41	0.2	%
Virginia	3,459		1.3	%	212	1.1	%
West Virginia	1,876		0.7	%	99	0.5	%
Wisconsin	7,137		2.6	%	566	3.0	%
Wyoming	1,317		0.5	%	66	0.3	%
Total	$	272,031	100	%	18,897	100	%

[1] Calculated using the most recent available lease terms as of June 30, 2020.

16

American Finance Trust, Inc.

Supplemental Information

Quarter ended June 30, 2020 (Unaudited)

Lease Expirations

As of June 30, 2020

Amounts in thousands, except ratios and percentages

Year of Expiration	Number of Leases Expiring	Annualized SL Rent [1]		Annualized SL Rent Percent		Leased Square Feet	Percent of Leased Square Feet Expiring
		(In thousands)				(In thousands)
2020 (Remaining)	23	$	4,182	1.5	%	222	1.2	%
2021	78	14,353		5.3	%	1,306	7.3	%
2022	89	11,210		4.1	%	1,078	6.1	%
2023	115	17,348		6.4	%	1,233	6.9	%
2024	113	21,082		7.7	%	1,569	8.8	%
2025	109	22,796		8.4	%	1,730	9.7	%
2026	44	15,970		5.9	%	1,046	5.9	%
2027	94	32,669		12.0	%	3,543	19.9	%
2028	73	9,684		3.6	%	744	4.2	%
2029	134	23,579		8.7	%	1,308	7.3	%
2030	47	11,079		4.1	%	898	5.0	%
2031	42	10,376		3.8	%	421	2.4	%
2032	23	21,247		7.8	%	940	5.3	%
2033	35	4,476		1.6	%	166	0.9	%
2034	15	2,125		0.8	%	128	0.7	%
2035	2	472		0.2	%	37	0.2	%
Thereafter (>2035)	346	49,383		18.1	%	1,444	8.1	%
Total	1,382	$	272,031	100	%	17,813	100	%

——

[1] Calculated using the most recent available lease terms as of June 30, 2020.

17