X0202 4/A 2003-12-26 2004-04-02 0 0001193558 AMERICAN FINANCIAL REALTY TRUST AFR 0001248577 SCHORSCH NICHOLAS S C/O AMERICAN FINANCIAL REALTY TRUST 1725 THE FAIRWAY JENKINTOWN PA 19046 1 1 0 0 President and CEO Partnership Units Common Shares 1326842.0000 1326842.0000 D Pursuant to Section 8.04 of the Amended and Restated Agreement of Limited Partnership of First States Group, L.P., units of the operating partnership may be converted into common shares on a one-for-one basis, subject to adjustments for stock splits, dividends, recapitalizations and similar events or, at the issuer's option, redeemed for a cash amount equal to the value of common shares for which the units would otherwise be converted. On December 26, 2003, Properties Two, L.P. and Holdings Two, L.P., which are entities in which the reporting person is a limited partner of, and on December 30, 2003, First States Wilmington, JV, LLC, which was wholly owned by the reporting person, distributed to the reporting person 66,890, 22,060 and 4,442 partnership units of First States Group, L.P., respectively, which resulted in a change in the nature of beneficial ownership of these partnership units by the reporting person from indirect to direct ownership. /s/ Edward J. Matey Jr. By: Edward J. Matey Jr. as Attorney-in-fact for Nicholas S. Schorsch 2004-05-05