American Financial Realty Trust Announces Completion of Wachovia/SouthTrust Bank Branches Acquisition

American Financial Realty Trust (NYSE: AFR) , a real estate investment trust focused on acquiring and leasing properties occupied by financial institutions, today announced completion of the acquisition of 66 bank branches and 29 unimproved bank branch parcels from Wachovia Bank, National Association. The properties were acquired under the Company's long standing Formulated Price Contract with Wachovia Bank for a net purchase price of approximately $84.1 million.

"Our ongoing relationship with American Financial has enabled us to quickly and efficiently rationalize our branch network allowing us to recycle capital and focus on our core business," said Neal King, Senior Vice President of Corporate Real Estate for Wachovia Bank. "Having a dependable partner such as American Financial has become an important part of our strategic plans."

The acquired portfolio includes approximately 242,000 square feet of prime retail space and approximately 1,752,000 square feet of developable land concentrated in key Southeast markets located in Florida, North Carolina and Virginia. The transaction was completed utilizing the Company's newly expanded line of credit which was specifically structured for this type of acquisition.

Commenting on the deal, American Financial CEO and President Nick Schorsch said, "Bank branches continue to be a strategic focus of our business and as such, this acquisition is a great addition to our branch portfolio. The coordinated execution of our financing, leasing and operation teams makes such a large scale transaction seem effortless." Schorsch continued, "This is another example of the continuity of our deal flow, where properties are generated from our ongoing relationships with financial institutions."

About American Financial Realty Trust

American Financial Realty Trust is a self-administered, self-managed real estate investment trust that acquires properties from, and leases properties to, regulated financial institutions. The Company owns and manages its assets primarily under long-term triple net and bond net leases with banks. The Company is led by chief executive officer Nicholas S. Schorsch and non- executive chairman Lewis S. Ranieri. The Company is traded on the New York Stock Exchange under the ticker symbol AFR. For more information on American Financial Realty Trust, visit the Company's website at http://www.afrt.com/ .

Forward-Looking Statements

Certain statements in this press release constitute forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words "expects," "anticipates," "estimates," "intends," "believes" and similar expressions that do not relate to historical information. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks and uncertainties which are, in some cases, beyond the Company's control and could materially affect actual results, performance or achievements. These risks and uncertainties include the risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, and include, without limitation, changes in general economic conditions and the extent of any tenant bankruptcies and insolvencies; the Company's ability to maintain and increase occupancy; the Company's ability to timely lease or re- lease space at anticipated net effective rents; the cost and availability of debt and equity financing; and the Company's ability to acquire and dispose of certain of its assets from time to time on acceptable terms. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.