Sixth Amendment to Agreement of Purchase and Sale, dated February 10, 2022, by and between the Sellers identified therein and American Finance Operating Partnership

This Sixth Amendment to Agreement of Purchase and Sale dated February 10, 2022 (this “Amendment”) amends that certain Agreement of Purchase and Sale dated December 17, 2021, as amended by that certain First Amendment to Agreement of Purchase and Sale dated January 3, 2022, as further amended by that certain Second Amendment to Agreement of Purchase and Sale dated January 10, 2022, as further amended by that certain Third Amendment to Agreement of Purchase and Sale dated January 14, 2022, as further amended by that certain Fourth Amendment to Agreement of Purchase and Sale dated January 19, 2022, and as further amended by that certain Fifth Amendment to Agreement of Purchase and Sale dated January 21, 2022 (as amended, the “Agreement”) between each entity identified as a Seller on Schedule A attached to this Amendment (each a “Selling Entity” and jointly and severally, “Seller”) and each of The Necessary Retail REIT Operating Partnership, L.P., a Delaware limited partnership, f/k/a American Finance Operating Partnership, L.P. (“AFIN Buyer”), and, solely with respect to the acquisition of (i) the Site known as “Shoppes at Straud”, ARG SSSTRPA001, LLC, (ii) the Site known as “Shippensburg Marketplace”, ARG SMSHPPA001, LLC and (iii) the Site known as “Carlisle Crossing”, ARG CCCARPA001, LLC, each a Delaware limited liability company, as buyer (individually or collectively, as the context may require, “Buyer”), and, solely for purposes of Section 1.2(d) and Article 4 thereof, American Finance Trust, Inc.. Capitalized terms not otherwise defined herein shall have the meanings given to them in the Agreement.

A.    Seller and Buyer desire to amend the Agreement as set forth below.

1.    Notwithstanding anything to the contrary contained in the Agreement, as to the proposed partial surrender of the lease with current tenant Beall’s (the “Beall’s Lease”) and the New Lease with HomeGoods (the “HomeGoods New Lease”) at Summerfield Crossing in Riverview, Florida, Seller and Buyer agree as follows:

A.The Beall’s Lease (pursuant to which Beall’s currently occupies approximately 80,000 SF with term expiration of 4/30/2024) shall be downsized to approximately 52,873 SF with term extended to 4/30/2031 (as amended, the “Beall’s Amendment”);

B.Rent payable pursuant to the Beall’s Amendment, as to its approximately 52,873 SF premises pursuant to the foregoing clause (A), shall increase from $10.50/SF to +/- $11.50/SF on or about 8/1/2022;

C.The HomeGoods New Lease shall be for approximately 27,127 SF at +/- $13.50/SF for a term of at least ten-years; and

D.    If (i) the HomeGoods New Lease and the Beall’s Amendment are executed prior to the applicable Closing, the Allocated Purchase Price shall be increased as set forth in Section 3.7 of the Agreement, or (ii) the HomeGoods New Lease is an Approved Post-Closing Lease that is timely presented to Buyer for execution, the Earnout Amount shall be paid to Seller as set forth in Section 3.8, except that in either case (x) Seller agrees to be responsible for $2,473,332 in Leasing Costs, in the aggregate for both the Beall’s Lease and the HomeGoods New Lease, and Buyer agrees to be responsible for the balance of the Leasing Costs associated with the Beall’s Lease and the HomeGoods New Lease, and (y) the rent under the Beall’s Lease (without giving effect to the

amendments described in the foregoing clauses (A) and (B)) allocable to the space which will be the premises under the HomeGoods New Lease shall be deducted from the determination of Earnout Income under the HomeGoods New Lease at a 9.50% cap rate instead of at the Cap Rate.

2.    Notwithstanding anything to the contrary contained in the Agreement, as to the proposed removal of current, non-operating tenant Kohl’s and the New Leases with Conn’s (the “Conn’s New Lease”) and Club4Fitness (the “Club4Fitness New Lease”) at Houma Crossing in Houma, Louisiana, Seller and Buyer agree as follows:

A.    The Kohl’s lease (pursuant to which Kohl’s currently occupies approximately 55,754 SF at $3.05/SF with term expiration 1/31/2034) shall be terminated given the co-tenancy failures its non-operation status causes, and Kohl’s shall pay a termination fee in the amount of $100,000 (which amount shall be paid entirely to Buyer);

B.    The Conn’s New Lease shall be for approximately 30,000 SF at +/- $6.50/SF for a term of at least ten-years;

C.    The Club4Fitness New Lease shall be for approximately 25,754 SF at +/- $10.00/SF for a term of at least ten-years; and

D.    If (i) the Conn’s New Lease and/or the Club4Fitness New Lease is executed prior to the applicable Closing, the Allocated Purchase Price shall be increased as set forth in Section 3.7 of the Agreement, or (ii) the Conn’s New Lease and/or the Club4Fitness New Lease is an Approved Post-Closing Lease that is timely presented to Buyer for execution, the Earnout Amount shall be paid to Seller as set forth in Section 3.8, except that in either case the rent under the Kohl’s lease shall be deducted from the aggregate determination of Earnout Income under the Conn’s New Lease and Club4Fitness New Lease, and the cap rate used in the calculation of such Earnout Income shall be a 9.63% cap rate instead of the Cap Rate.

3.     Notwithstanding anything to the contrary contained in the Agreement, as to the proposed expansion of current tenant H-E-B at H-E-B Center in Waxahachie, Texas, Seller and Buyer agree as follows:

A.    The H-E-B lease (pursuant to which H-E-B currently occupies approximately 102,927 SF at $7.41/SF with term expiration 6/30/2027) shall be amended (as so amended, the “H-E-B Amended Lease”) to expand the H-E-B premises to approximately 117,000 SF at +/- $8.35/SF, with an initial annual base rent of $984,152, and to extend the term expiration date to not fewer than fourteen years from the date of such amendment; and

B.    If (i) the H-E-B Amended Lease is executed prior to the applicable Closing, the Allocated Purchase Price shall be increased as set forth in Section 3.7 of the Agreement, or (ii) the H-E-B Amended Lease is an Approved Post-Closing Lease that is timely presented to Buyer for execution, the Earnout Amount shall be paid to Seller as set forth in Section 3.8, except that in either case the cap rate used in such calculation (and including the cap rate at which rent under the Existing Lease is deducted) shall be 5.11% instead of the Cap Rate.

4.    Notwithstanding anything to the contrary contained in the Agreement, as to the proposed removal of current, non-operating tenant Fresh Market and the New Lease with

Northwestern Medical (the “Northwestern Medical New Lease”) at Fresh Market Center in Glen Ellyn, Illinois, Seller and Buyer agree as follows:

A.    The Fresh Market lease (pursuant to which Fresh Market currently occupies approximately 20,300 SF at $18.24/SF with term expiration 2/28/2026) shall be terminated given the co-tenancy failures its non-operation status causes;

B.    The Northwestern Medical New Lease shall be for approximately 20,300 SF at +/- $18.25/SF for a term of not less than twelve years; and

C.    If (i) the Northwestern Medical New Lease is executed prior to the applicable Closing, the Allocated Purchase Price shall be increased as set forth in Section 3.7 of the Agreement, or (ii) the Northwestern Medical New Lease is an Approved Post-Closing Lease that is timely presented to Buyer for execution, the Earnout Amount shall be paid to Seller as set forth in Section 3.8, except that in either case the rent under the Fresh Market lease shall not be deducted from the determination of Earnout Income under the Northwestern Medical New Lease.

5.    Nothing contained herein shall be deemed to modify any restrictions imposed by the terms and conditions of the Agreement on Seller’s leasing activities before or after Closing.

6.    This Amendment may be executed in counterparts and by different parties hereto in separate counterparts, each of which, when so executed and delivered, shall be deemed to be an original and all of which, when taken together, shall constitute one and the same instrument.

7.    Except as specifically amended by this Amendment, the Agreement shall remain unchanged and in full force and effect, and is hereby ratified and confirmed.

IN WITNESS WHEREOF, Buyer and Seller have caused this Amendment to be executed and delivered by their duly authorized representatives as of the date first written above.

IN WITNESS WHEREOF, Buyer and Seller have caused this Amendment to be executed and delivered by their duly authorized representatives as of the date first written above.