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Bank Building REIT Plans $400M Stock Offering

PHILADELPHIA, PA-For starters, American Financial Realty Trust has lined up a portfolio of 87 bank branches and six office buildings. Long-term triple-net leases will be used after acquisition.

By Jim McCartney | Updated on September 06, 2002

PHILADELPHIA, PA-American Financial Realty Trust, a new real estate investment trust, will be offering $400 million in common shares, according to Friedman, Billings, Ramsey & Co. American Financial, a newly-organized Maryland REIT headquartered in Jenkintown, a suburb of Philadelphia, will be led by newly appointed chairman Lewis S. Ranieri, and chief executive officer Nicholas S. Schorsch.

The new REIT is geared to buying real estate assets, primarily single-tenant bank branches and multi-tenant office buildings, from financial institutions.

American Financial is initially buying a portfolio that includes 87 bank branch properties and six office buildings as well as property management, real estate brokerage, leasing and project management services. The company will own and manage these assets under long-term triple net leases, primarily with banks.

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