X0201 42003-12-310 0001193558 AMERICAN FINANCIAL REALTY TRUST AFR 0001248587 HOLLIHAN JOHN P III C/O AMERICAN FINANCIAL REALTY TRUST 1725 THE FAIRWAY JENKINTOWN PA 19046 1000Common Shares2003-12-314A0152.00000.0010A60152.0000DConsists of common shares awarded pursuant to the American Financial Realty Trust 2002 Equity Incentive Plan, as compensation for service as a chairman of a committee of the board of trustees.In addition to the 152 common shares awarded on December 31, 2003, also includes (i) 20,000 restricted common shares issued on September 29, 2003 pursuant to the American Financial Realty Trust 2002 Equity Incentive Plan, which shares vest 33.33% on April 23, 2004 and 33.33% on each anniversary thereafter, and (ii) 47,000 restricted common shares awarded on July 1, 2003 under the American Financial Realty Trust 2002 Equity Incentive Plan, which shares vest 33.33% on the first anniversary of the date of award and 8.33% at the end of each quarter thereafter./s/ James W. McKenzie, Jr. By: James W. McKenzie, Jr. as attorney-in-fact for John P. Hollihan III2004-01-05