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 6.6% represents per annum distributions of $1.65 per share based on initial IPO price per share of $25.00. Distribution rate is 7.1%

based on $23.37 per share, AFIN’s estimated per share net asset value as of December 31, 2016. Effective with the monthly distribution rate payable in August 2017, the annualized rate changed to $1.30 per share, or 5.2% based on the $25.00 initial IPO price per share and 5.56% on the $23.37 estimated per share net asset value as of December 31, 2016.

PORTFOLIO HIGHLIGHTS (As of June 30, 2017)

Property Highlights

Number of Properties 516

Rentable Square Feet 19.2 million

Percentage Leased 95.8%

Weighted-Average Remaining Lease Term (Yrs.) 7.8

Financial Highlights

Real Estate Investments, at cost $3.5 billion

Corporate Leverage Ratio3 39.6%

Weighted-Average Effective Interest Rate 4.31%

Top States*

(Annualized GAAP1 SLR2 Income %)

New Jersey8.4%

Other68.2%

11.8%

7.7%

4.1%3.0%

5.2%

Georgia7.4%

Ohio5.4%

Florida8.6%

North Carolina8.9%

Alabama6.7%

* As of June 30, 2017, we had tenants in 39 states + Washington, D.C.

Other43.3%

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

During the second quarter, we acquired 32 properties including 26 restaurants, 3 retail properties and 3 distribution facilities. These properties totaled 256,771 square feet and had a contract purchase price of $70.2 million. The annualized straight-line rental income and weighted average remaining lease term of these properties as of June 30, 2017 were $5.8 million and 17.4 years, respectively. We also sold seven assets during the period, for total proceeds of $123 million. These sales underscore our commitment to optimizing portfolio value through an ongoing focus on proactive asset management.

SECOND QUARTER 2017 UPDATE

TOP 5 TENANT PROFILE (As of June 30, 2017)

American Finance Trust

SECOND QUARTER 2017 REPORT

Distribution Information

Distribution Rate4 (as of June 30, 2017) 6.6%

Distribution Frequency Monthly

Top 5 Tenants IndustryCredit Rating Details

Annualized GAAP SLR Income %

SunTrust Bank Retail Banking S&P: BBB+ 11.8%

Sanofi US Healthcare S&P: AA 7.7%

AmeriCold Refrigerated Warehousing S&P: B+ 5.2%

Stop & Shop Supermarket S&P: BBB 4.1%

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

Total 31.8%

Texas6.2%

SHAREHOLDER COMMUNICATION - NOT FOR USE AS SALES MATERIAL

South Carolina5.1%

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 as of and for the quarter ended June 30, 2017, as filed with the U.S. Securities and Exchange Commission (“SEC”) on August 11, 2017.

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 13, 2017 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 23 properties across Ohio, Michigan, Kentucky, Indiana, Delaware, Maryland, Pennsylvania and West Virginia

Gross Leasable Area 116,899 square feet

Purchase Price $47.4 million

Acquisition Date April 26, 2017

Lease Type Triple Net

Occupancy 100%

OVERVIEWOn April 26, 2017, AFIN purchased a portfolio of 23 Bob Evans restaurants with 20-year lease terms for $47.4 million. These properties encompass 116,899 square feet across eight states and provide $4.1 million of annualized straight-line rental income to the portfolio.

PROPERTY SPOTLIGHT BOB EVANS PORTFOLIO

Weirton, WV

PORTFOLIO SUMMARYThe Bob Evans restaurants that AFIN purchased are freestanding and located on hard corners, at intersections, near freeway exits and/or in shopping center outparcels. There is a strong operating history at each location within the 23 property portfolio, with some stores operating in their market since the 1980’s. Select locations include the following:

Weirton, WV: Surrounding businesses include a Wal-Mart supercenter and a Fairfield Inn & Suites hotel. In 2010, Weirton’s population was 19,7461.

Lewes, DE: Lewes is a popular vacation destination, located where the Delaware Bay meets the Atlantic Ocean. AFIN’s Bob Evans restaurant is located less than four miles from Lewes Beach, and surrounding businesses include a Wells Fargo Bank branch, a Movies at Midway movie theater and an Acme Markets grocery store.

TENANT PROFILEBob Evans Restaurants, LLC is a privately owned chain of sit down, home-style eateries. The company operates over 500 restaurants primarily in the Midwest, mid-Atlantic and Southeast regions of the United States. The company was formerly operated as a subsidiary of Bob Evans Farms, Inc. and was sold to private equity firm Golden Gate Capital in January 2017 for $565 million.

Lewes, DE

1 2010 US Census