American Finance Trust, Inc (NASDAQ:AFIN) Q1 2019 Earnings Conference Call Transcript
May 08, 2019 • 11:00 am ET
Good morning, and welcome to the American Finance Trust, Inc First Quarter Earnings Conference Call. All participants will be in listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Louisa Quarto. Please go ahead.
Thank you, operator. Good morning, everyone, and thank you for joining us for AFIN's First Quarter 2019 Earnings Call. This call is being webcast in the Investor Relations section of AFIN's website at www.americanfinancetrust.com.
The following information contains forward-looking statements, which are subject to risks and uncertainties. Should one or more of these risks or uncertainties materialize, actual results may differ materially from those expressed or implied by the forward-looking statements. We refer all of you to our SEC filings, including the annual report on Form 10-K for the year ended December 31, 2018 filed on March 7, 2019, and all other filings with the SEC after that date for a more detailed discussion of the risk factors that could cause these differences.
Any forward-looking statements or portfolio information provided during this conference call are only made as of the date of this call. As stated in our SEC filings, AFIN disclaims any intent or obligation to update or revise these forward-looking statements or portfolio information, except as required by law.
During today's call, we will discuss non-GAAP financial measures, which we believe can be useful in evaluating the company's financial performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. Reconciliation of GAAP net income to the non-GAAP measures can be found in our earnings release supplement and Form 10-Q, all of which is posted on our website at www.americanfinancetrust.com.
I will now turn the call over to our CEO, Mike Weil.
Thanks, Louisa. Good morning, everyone, and thank you for joining us. With me today on the call are Katie Kurtz, Chief Financial Officer, and Zach Pomerantz, Senior Vice President, Asset Management. I'll provide an overview of our results and discuss the ongoing success we're having building out our best-in-class portfolio, Katy will provide additional financial details and Zach will discuss our leasing asset management and pipeline in greater detail, and then we'll take all questions.
I'm pleased to report a strong start to 2019 for American Finance Trust and the continuation of our business plan. We steadily executed on our acquisition strategy and opportunistically sold assets. As a direct result, we recorded a 7% growth in AFFO quarter-over-quarter to $26.3 million, representing an increase from $0.23 to $0.25 on a per-share basis.
During the first quarter, we also completed the phased listing of our common stock and accessed capital markets for the first time as a listed company when we completed a preferred stock offering. The new series of preferred stock is listed on NASDAQ and trades under the symbol, AFINP, and has led to productive conversations