X0202 4 2007-09-05 0 0001193558 AMERICAN FINANCIAL REALTY TRUST AFR 0001250517 BLUMENTHAL GLENN C/O AMERICAN FINANCIAL REALTY TRUST 610 OLD YORK ROAD JENKINTOWN PA 19046 0 1 0 0 Co-President - COO Common Shares 2007-09-05 4 S 0 100 7.88 D 662278 D Common Shares 2007-09-05 4 S 0 100 7.89 D 662178 D Common Shares 2007-09-05 4 S 0 100 7.91 D 662078 D Common Shares 2007-09-05 4 S 0 100 7.92 D 661978 D Common Shares 2007-09-05 4 S 0 1000 7.94 D 660978 D Common Shares 2007-09-05 4 S 0 200 7.95 D 660778 D Common Shares 2007-09-05 4 S 0 1500 7.96 D 659278 D Common Shares 2007-09-05 4 S 0 900 7.97 D 658378 D Common Shares 2007-09-05 4 S 0 1400 7.98 D 656978 D Common Shares 2007-09-05 4 S 0 1197 7.99 D 655781 D Common Shares 2007-09-05 4 S 0 700 8.00 D 655081 D Common Shares 2007-09-05 4 S 0 1100 8.01 D 653981 D Common Shares 2007-09-05 4 S 0 1200 8.02 D 652781 D Common Shares 2007-09-05 4 S 0 600 8.03 D 652181 D Common Shares 2007-09-05 4 S 0 900 8.04 D 651281 D Common Shares 2007-09-05 4 S 0 700 8.05 D 650581 D Common Shares 2007-09-05 4 S 0 400 8.06 D 650181 D Common Shares 2007-09-05 4 S 0 100 8.08 D 650081 D Common Shares 2007-09-05 4 S 0 300 8.09 D 649781 D Common Shares 2007-09-05 4 S 0 300 8.10 D 649481 D Common Shares 2007-09-05 4 S 0 400 8.11 D 649081 D Common Shares 2007-09-05 4 S 0 300 8.12 D 648781 D Common Shares 2007-09-05 4 S 0 400 8.13 D 648381 D Common Shares 2007-09-05 4 S 0 500 8.14 D 647881 D Common Shares 2007-09-05 4 S 0 100 8.16 D 647781 D Common Shares 2007-09-05 4 S 0 100 8.19 D 647681 D Common Shares 2007-09-05 4 S 0 100 8.20 D 647581 D Common Shares 2007-09-05 4 S 0 400 8.25 D 647181 D Stock Option (right to buy) 10.00 2012-09-10 Common Shares 388335 388335 D Partnership Units Common Shares 1000 1000 D Shares sold pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on November 6, 2006 principally for the purpose of applying the proceeds from sales under such plan to the taxes that become payable at periodic vesting of the Reporting Person's restricted share awards. The sale of the shares reported in this Form 4 completes the total number of shares that may be sold pursuant to this Rule 10b5-1 plan. This amount includes: (i) 240,000 restricted common shares awarded on April 30, 2007 pursuant to the Issuer's 2002 Equity Incentive Plan (Plan), which shares will vest 12.5% on each of December 31, 2007 and December 31, 2008, 16.7% on each of December 31, 2009 and December 31, 2010 and 20.8% on each of December 31, 2011 and December 31, 2012; (ii) 60,000 and 77,011 restricted common shares awarded on March 1, 2007 and March 1, 2006, respectively, pursuant to the Plan, which awards vest at a rate of 25% on January 2, 2008 and January 1, 2007, respectively, and in equal installments of 6.25% at the end of each quarter thereafter; and (iii) 64,367 and 60,000 restricted common shares awarded on January 4, 2005 and January 2, 2004, respectively, pursuant to the Plan, which shares vest at a rate of 25% on the first anniversary of the date of issuance and in equal installments of 6.25% at the end of each quarter thereafter. This option was granted on September 10, 2002, under the Issuer's 2002 Equity Incentive Plan. The option will vest and become exercisable at a rate of 25% on the first anniversary of the date of grant and 6.25% at the end of each quarter thereafter. 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. /s/ Edward J. Matey Jr. By: Edward J. Matey Jr. as Attorney-in-fact for Glenn Blumenthal 2007-09-07