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                                                                   Exhibit 10.24

                         AMERICAN FINANCIAL REALTY TRUST

                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                       EFFECTIVE AS OF SEPTEMBER 10, 2002

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                         AMERICAN FINANCIAL REALTY TRUST
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

        This is the American Financial Realty Trust Supplemental Executive
Retirement Plan (the "Plan"), which American Financial Realty Trust, a Maryland
real estate investment trust (the "Company") has adopted effective as of
September 10, 2002. The Plan is intended to provide specified benefits to a
select group of Employees (as defined below) who contribute materially to the
continued growth, development and future business success of the Company. This
Plan is intended to be a nonqualified, unfunded plan for tax purposes and for
purposes of Title I of ERISA (as defined below). In accordance with ERISA,
participation in the Plan is limited to a select group of management or highly
compensated Employees.

                                   ARTICLE I
                                   DEFINITIONS

        When used herein, the following shall have the meanings set forth below
unless the context clearly indicates otherwise:

        1.1     "Actuarial Equivalent" means the actuarially determined
equivalence of a payment or a benefit hereunder, based on the 1983 GAM Mortality
Table and interest using the rate on 30-year Treasury Securities at the time the
determination is made.

        1.2     "Average Annual Compensation" means the Participant's average
annual compensation from the Company, including his base salary, all bonuses and
incentive compensation paid to him, for the three (3) years out of the most
recent ten (10) years that results in the highest average amount. In the event
the Participant has been employed by the Company for three (3) years or less,
then his annualized average compensation for his actual period of employment
shall be used to determine his Average Annual Compensation.

        1.3     "Beneficiary" or "Beneficiaries" shall mean the person or
persons, including a trustee or personal representative, last designated in
writing by a Participant in accordance with procedures established by the
Committee to receive the benefits specified hereunder in the event of the
Participant's death. No beneficiary designation shall become effective until it
is received and acknowledged by the Committee and it must be on file with the
Committee on the date of the Participant's death to be effective. Any
designation shall be revocable at any time through a written instrument filed by
the Participant with the Committee and the consent of the previous Beneficiary
shall not be required. If the Participant fails to timely designate a
beneficiary, then his Beneficiary shall be his surviving spouse. If there is no
surviving spouse, his Beneficiary shall be his estate (which shall include
either the Participant's probate estate or living trust).

        1.4     "Board" shall mean the Board of Trustees of the Company.

        1.5     "Cause" shall mean, unless defined otherwise in a Participant's
Employment Agreement, (a) the conviction of the Participant of, or the entry of
a plea of guilty or nolo contendere by the Participant to, a felony (exclusive
of any felony relating to negligent operation of a motor vehicle and not
including a conviction, plea of guilty or nolo contendere arising solely under a
statutory provision imposing criminal liability upon the Participant on a per se
basis due

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to the Company offices held by the Participant, so long as any act or omission
of the Participant with respect to such matter was not taken or omitted in
contravention of any applicable policy or directive of the Board), (b) willful
breach of the Participant's duty of loyalty which is materially detrimental to
the Company, (c) willful failure to perform or adhere to explicitly stated
duties that are consistent with the Participant's Employment Agreement, or
reasonable and customary guidelines of employment or reasonable and customary
corporate governance guidelines or policies, including without limitation any
business code of ethics adopted by the Board, or to follow the lawful directives
of the Board (provided such directives are consistent with the Participant's
Employment Agreement) which, in any such case, continues for thirty (30) days
after written notice from the Board to the Participant, or (d) gross negligence
or willful misconduct in the performance of the Participant's duties. For these
purposes, no act, or failure to act, on the Participant's part will be deemed
"gross negligence" or "willful misconduct" unless done, or omitted to be done,
by the Participant not in good faith and without a reasonable belief that the
Participant's act, or failure to act, was in the best interest of the Company.

        1.6     "Change in Control" shall mean, unless defined otherwise in a
Participant's Employment Agreement, the occurrence of any of the following
events: (a) any person, entity or affiliated group, excluding the Company or any
employee benefit plan of the Company, acquiring more than 50% of the then
outstanding voting shares of the Company, (b) the consummation of any merger or
consolidation of the Company into another company, such that the holders of the
voting shares of the Company immediately prior to such merger or consolidation
is less than 50% of the voting power of the securities of the surviving company
or the parent of such surviving company, (c) the complete liquidation of the
Company or the sale or disposition of all or substantially all of the Company's
assets, such that after the transaction, the holders of the voting shares of the
Company immediately prior to the transaction is less than 50% of the voting
securities of the acquiror, or the parent of the acquiror, or (d) a majority of
the Board votes in favor of a decision that a Change in Control has occurred.

        1.7     "Claimant" shall have the meaning set forth in Section 7.7.

        1.8     "Code" means the Internal Revenue Code of 1986, as amended.

        1.9     "Committee" means the individual or individuals appointed by the
Company to administer the Plan pursuant to Section 7.1.

        1.10    "Company" means American Financial Realty Trust and each other
entity that is included with the Company in a controlled group of corporations
or a controlled group of trades or businesses within the meaning of Code Section
414(b) or (c).

        1.11    "Contribution" or "Contributions" means the amounts contributed
by the Company and held in the Trust pursuant to Article V.

        1.12    "Effective Date" means September 10, 2002.

        1.13    "Eligible Employee" means a member of the Company's management
group or a highly compensated Employee selected by the Committee to participate
in the Plan pursuant to Section 2.1.

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        1.14    "Employee" means a person who is in the employ of the Company.

        1.15    "Employment Agreement" shall mean the agreement entered into by
the Participant and the Company governing the terms of the Participant's
employment by the Company, if any.

        1.16    "ERISA" means the Employee Retirement Income Security Act of
1974, as amended.

        1.17    "Good Reason" shall have the meaning set forth in the
Participant's Employment Agreement, provided such Employment Agreement contains
a provision permitting termination for Good Reason.

        1.18    "Participant" means an Eligible Employee who becomes a
Participant as described in Section 2.2.

        1.19    "Permanent Disability" or "Permanently Disabled" shall mean,
unless defined otherwise in a Participant's Employment Agreement, the
Participant's inability due to a physical or mental impairment to perform the
material functions of his job with the Company for a period of six (6) months,
whether or not consecutive, during any 365-day period. A determination of
Permanent Disability shall be made by a physician satisfactory to both the
Participant and the Company, provided that if the Participant and the Company do
not agree on a physician, the Participant and the Company shall each select a
physician and these two together shall select a third physician, whose
determination as to Permanent Disability shall be binding on all parties.

        1.20    "Plan" means the American Financial Realty Trust Supplemental
Executive Retirement Plan, as embodied herein and as subsequently amended.

        1.21    "Plan Year" means the calendar year.

        1.22    "Policy" means a life insurance policy or an annuity acquired by
the Company to meet, in whole or in part, its obligations hereunder, as
described in Section 5.3.

        1.23    "Retirement Age" means the Participant attaining age 60.

        1.24    "Retirement" or "Retires" means a Participant's termination of
service with the Company on or after attaining his Retirement Age.

        1.25    "Trust" means the irrevocable, grantor trust established in
connection with this Plan.

        1.26    "Trust Agreement" means the trust agreement establishing the
Trust.

        1.27    "Trustee" shall be the trustee of the Trust established pursuant
to Article VI.

                                   ARTICLE II
                                  PARTICIPATION

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        2.1     Selection. Nicholas S. Schorsch shall be eligible to participate
in the Plan on the Effective Date. Thereafter, the Committee shall determine, in
its sole discretion, which Eligible Employees shall be eligible to participate
in the Plan, if any.

        2.2     Participation. An Eligible Employee shall become a Participant
on the date he first becomes eligible pursuant to Section 2.1. As a condition to
participation, each Eligible Employee shall provide such documentation, and
perform any tasks, reasonably requested by the Committee.

                                  ARTICLE III
                                VESTING; BENEFITS

        3.1     Vesting. A Participant shall become vested in his benefit
hereunder pursuant to the vesting schedule determined by the Committee and as
set forth in Schedule I. Unless otherwise provided for in Schedule I, a
Participant shall become 100% vested on a Change in Control, a termination by
the Company without Cause, upon his death or Permanent Disability, or if
applicable, the Participant terminates his employment with the Company for Good
Reason.

        3.2     Benefit Amount on or After Retirement. A Participant shall be
entitled to an annual benefit equal to fifty percent (50%) of his Average Annual
Compensation, payable in the form of a single life annuity commencing at
Retirement Age, or if later, Retirement, subject to an annual maximum benefit of
$275,000, with payments continuing for a period of ten (10) years, or if longer,
the life of the Participant. If the Participant dies after benefit payments have
begun but prior to receiving payments for the full ten (10) year period, his
Beneficiary shall be paid, in a single, lump sum cash payment, the Actuarial
Equivalent of the remaining payments due him, determined as of the date of his
death.

        3.3     Benefit Amount on Termination Prior to Retirement. In the event
a Participant incurs a termination of employment prior to Retirement due to (a)
a termination by the Company for other than for Cause, (b) a termination by the
Participant for Good Reason, or (c) the Participant becomes Permanently
Disabled, he shall be entitled to receive his vested benefit in the form of a
single life annuity, with payments beginning on or after he attains his
Retirement Age. Notwithstanding the foregoing, if a Participant elects, pursuant
to Section 4.1, to have his benefit payments begin after his termination of
employment date but prior to his attaining his Retirement Age, his benefit shall
be the Actuarial Equivalent of his vested benefit.

        3.4     Benefit Upon Death Prior to Benefit Payments Commencing. In the
event a Participant dies prior to the time benefit payments have begun, his
Beneficiary shall be paid, in a single, lump sum cash payment, the Actuarial
Equivalent of his vested benefit determined as of the date of his death.

        3.5     Forfeiture on Termination of Employment for Cause or Voluntary
Termination Without Good Reason. If a Participant's employment with the Company
is terminated for Cause or he voluntarily terminates his employment for other
than Good Reason prior to his Retirement, his becoming Permanently Disabled or
his death, the Participant shall forfeit only the unvested portion of his
benefit hereunder.

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                                   ARTICLE IV
                                  DISTRIBUTIONS

        4.1     Time of Distribution. A Participant shall be entitled to payment
of his Plan benefit no later than the first day of the month following the month
in which he attains his Retirement Age, or if later, he Retires. Notwithstanding
the foregoing, a Participant who incurs a termination of employment prior to his
Retirement at a time when he has a vested benefit hereunder may elect, within
thirty (30) days of his termination of employment date or such later date as
established by the Committee, to begin benefit payments as of the first day of
any month following the month in which he incurs his termination of employment
date.

        4.2     Election for Monthly Installments. Notwithstanding the
foregoing, a Participant may elect in writing no later than thirty (30) days
prior to the date on which benefits are scheduled to begin, or if earlier,
within thirty (30) days of his termination of employment date, or such later
date as determined by the Committee, to have his benefit paid in monthly
installments. An election, once made, shall be irrevocable, except that in the
event of his death prior to time he has received all payments to which he is
entitled to hereunder, his Beneficiary shall receive the death benefit provided
for in Article III.

        4.3     Actuarial Equivalence. Notwithstanding anything herein to the
contrary, benefit payments shall be actuarially adjusted if benefit payments are
made prior to the time the Participant reaches his Retirement Age and/or
payments are made in other than a single life annuity. An enrolled actuary shall
determine the Actuarial Equivalent of payments made early or in monthly
installments.

                                    ARTICLE V
                                     FUNDING

        5.1     Benefit Payments to be Made From the Trust. Benefit payments to
Participants and Beneficiaries shall be made from the Trust, unless the Company
notifies the Committee pursuant to Section 5.5 that it will make one or more
benefit payments directly to the Participant or Beneficiary.

        5.2     Company Contributions. The Company shall contribute, at least
annually, an amount to the Trust which has been determined by an enrolled
actuary as necessary to fund the benefit provided for hereunder. The enrolled
actuary shall apply principles and concepts similar to those used to determine
the minimum funding requirements of a defined benefit plan when determining the
annual contribution amount, taking into consideration the fair market value of
the Trust assets and the acquisition and maintenance of any Policy at the time
the determination is made.

        5.3     Purchase and Maintenance of a Policy. The Company may, in its
discretion, purchase a Policy. The Company shall determine the type of Policy to
be acquired, the amount of said Policy, and the insurer issuing such Policy. If
a Policy is acquired, the Trust shall be the owner and beneficiary of the Policy
and the Trustee shall make all decisions regarding the Policy. A Participant or
Beneficiary shall have no rights with respect to any Policy purchased pursuant
to the Plan.

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        5.4     No Employee Contributions. At no time shall a Participant be
permitted to make a pre-tax or after-tax contribution to the Plan.

        5.5     Company Payments. The Company may make payments of benefits due
hereunder directly to the Participant, or on his death, to his Beneficiary out
of Company assets. The Company shall timely notify the Committee of its decision
to make a direct payment. A direct payment by the Company of the full amount of
the benefit payable to the Participant or his Beneficiary shall be a complete
discharge of any liability under the Plan for such payment amount.

                                   ARTICLE VI
                                 TRUST; TRUSTEE

        6.1     Establishment of a Trust. The Company shall establish a Trust
for the purpose of funding the benefit obligations incurred by the Company under
this Plan. The Trust so created shall substantially conform to the terms of the
model trust provided by the Internal Revenue Service as described in Revenue
Procedure 92-64. Notwithstanding the establishment of such trust, it is the
intention of the Company and the Participants that the Plan shall be unfunded
for tax purposes and for purposes of Title I of ERISA. The Plan constitutes a
mere promise by the Company to pay benefits in the future. To the extent that
any Participant or any other person acquires a right to receive benefits under
this Plan, such right shall be no greater than the right of any unsecured
general creditor of the Company.

        6.2     Accumulation of Trust Assets. All amounts contributed to the
Trust, including earnings and losses thereon, shall be held in the Trust until
all obligations under the Plan have been satisfied. Once all obligations have
been satisfied, and a final accounting provided to the Committee, any assets
remaining in the Trust may be returned to the Company.

        6.3     Trustee. The Trustee shall hold all Plan assets in trust. The
Trustee shall have all powers and responsibilities with respect to the Trust, as
set forth in the Trust Agreement, including but not limited to, the right to
invest the Trust assets. The Trustee shall be responsible for maintaining
accurate and detailed accounts and records with respect to all investments,
receipts, disbursements and other transactions of the Trust. The Trustee shall
provide an accounting to the Committee at least annually. The Trustee shall make
distributions only as and when directed to by the Committee. The Trustee shall
have such other duties and obligations as set forth in the Trust Agreement.

                                  ARTICLE VII
                                 ADMINISTRATION

        7.1     Committee. This Plan shall be administered by a Committee, which
shall consist of the Compensation Committee of the Board or such other committee
or individuals appointed by the Board. Members of the Committee may be
Participants under this Plan and need not be members of the Board. A member of
the Committee shall serve at the pleasure of the Board and the Board may remove
any member by delivering a notice of removal to such member. A member of the
Committee may resign at any time by delivering a notice to the Board of his
resignation. A member of the Committee who is an Employee shall cease being a
member of the

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Committee on the date he incurs a termination of employment with the Company.
Vacancies in the membership of the Committee shall be filled promptly by the
Board.

        7.2     Committee Action. The Committee shall act at meetings by
affirmative vote of a majority of the members of the Committee. A meeting may be
held in person or electronically via telephone or video conference. Any action
permitted to be taken at a meeting may be taken without a meeting provided all
members of the Committee sign a written consent with respect to such action.
Such written consent shall be filed with the minutes of the proceedings of the
Committee. A member of the Committee shall not vote or act upon any matter which
relates solely to himself as a Participant. The Chairman or any other member or
members of the Committee designated by the Chairman may execute any certificate
or other written direction on behalf of the Committee.

        7.3     Powers and Duties of the Committee. The Committee shall be
charged with the general administration of the Plan, and shall have all powers
necessary to accomplish its purposes, including, but not limited to, the
following:

                (a)     To construe and interpret the terms and provisions of
this Plan;

                (b)     To compute and certify to the amount and kind of
benefits payable to Participants and their Beneficiaries;

                (c)     To maintain all records that may be necessary for the
administration of the Plan;

                (d)     To provide for the disclosure of all information and the
filing or provision of all reports and statements to Participants, Beneficiaries
or governmental agencies as shall be required by law;

                (e)     To make and publish such rules for the regulation of the
Plan and procedures for the administration of the Plan as are not inconsistent
with the terms hereof;

                (f)     To appoint a Plan administrator or any other agent, and
to delegate to them such powers and duties in connection with the administration
of the Plan as the Committee may from time to time prescribe; and

                (g)     To take all actions necessary for the administration of
the Plan.

        7.4     Construction and Interpretation. The Committee shall have full
discretion to construe and interpret the terms and provisions of this Plan,
which interpretations or construction shall be final and binding on all parties,
including but not limited to the Company and any Participant or Beneficiary. The
Committee shall administer such terms and provisions in a uniform and
nondiscriminatory manner and in full accordance with any and all laws applicable
to the Plan.

        7.5     Information. To enable the Committee to perform its functions,
the Company shall supply full and timely information to the Committee on all
matters relating to the Participants, their Retirement, Permanent Disability,
death or other events which cause

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termination of their participation in this Plan or the requirement that benefits
be paid pursuant to Article IV, and such other pertinent facts as the Committee
may require.

        7.6     Compensation, Expenses and Indemnity.

                (a)     The members of the Committee shall serve without
compensation for their services hereunder.

                (b)     The Committee is authorized at the expense of the
Company to employ such legal counsel as it may deem advisable to assist in the
performance of its duties hereunder. Expenses and fees in connection with the
administration of the Plan shall be paid by the Company.

                (c)     To the extent permitted by applicable state law, the
Company shall indemnify and save harmless the Committee and each member thereof,
and any delegate of the Committee who is an Employee of the Company against any
and all expenses, liabilities and, claims, including legal fees, to defend
against such liabilities and claims arising out of their discharge in good faith
of responsibilities under or incident to the Plan, other than expenses and
liabilities arising out of gross negligence or willful misconduct. This
indemnity shall not preclude such further indemnities as may be available under
insurance purchased by the Company or provided by the Company under any bylaw,
agreement or otherwise, as such indemnities are permitted under state law.

        7.7     Claims Procedure. Any Participant or, upon the death of a
Participant, his Beneficiary (such Participant or Beneficiary being referred to
below as a "Claimant") may deliver to the Committee a written claim for benefits
under the Plan. As soon as administratively practicable after receipt of such
claim, the Committee shall make a determination of the validity thereof. The
Committee shall notify the Claimant, in writing, of its decision.

        7.8     Committee Decision Binding On All Interested Parties. A decision
of the Committee made in good faith on a claim for benefits shall be final and
binding on all interested parties, including but not limited to, the Claimant
and the Company.

                                  ARTICLE VIII
                                  MISCELLANEOUS

        8.1     Unsecured General Creditor. Participants and their
Beneficiaries, heirs, successors, and assigns shall have no legal or equitable
rights, claims, or interest in any specific property or assets of the Company,
including but not limited to, any assets held in the Trust or in any Policy
purchased by the Company. No assets of the Company shall be held in any way as
collateral security for the fulfilling of the obligations of the Company under
this Plan. Any and all of the Company's assets shall be, and remain, the general
unpledged, unrestricted assets of the Company. The Company's obligation under
the Plan shall be merely that of an unfunded and unsecured promise of the
Company to pay money or property in the future, and the rights of the
Participants and Beneficiaries shall be no greater than those of unsecured
general creditors. It is the intention of the Company that this Plan,
irrespective of the Trust, be unfunded for purposes of the Code and for purposes
of Title I of ERISA.

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        8.2     Restriction Against Assignment. The Company or Trustee shall pay
all amounts payable hereunder only to the person or persons designated by the
Plan and not to any other person or corporation. No part of a Participant's
benefit shall be liable for the debts, contracts, or engagements of any
Participant, his or her Beneficiary, or successors in interest, nor shall a
Participant's benefit be subject to execution by levy, attachment, or
garnishment or by any other legal or equitable proceeding (including, but not
limited to, an action for a divorce or legal separation), nor shall any such
person have any right to alienate, anticipate, sell, transfer, commute, pledge,
encumber, or assign any benefits or payments hereunder in any manner whatsoever.
If any Participant, Beneficiary or successor in interest is adjudicated bankrupt
or purports to anticipate, alienate, sell, transfer, commute, assign, pledge,
encumber or charge any distribution or payment from the Plan, voluntarily or
involuntarily, the Committee, in its discretion, may cancel such distribution or
payment (or any part thereof) to or for the benefit of such Participant,
Beneficiary or successor in interest in such manner as the Committee shall
direct.

        8.3     Governing Law. The Plan is established under and will be
construed according to the laws of the Commonwealth of Pennsylvania, excluding
conflict of law provisions, except to the extent preempted by ERISA.

        8.4     Taxes. All federal, state and local income, employment or other
taxes required to be withheld in connection with a benefit payment shall be the
sole responsibility of the Participant or Beneficiary. To the extent not
otherwise paid for by the Participant, or in the event of his death, his
Beneficiary, the Company shall have the right to deduct from any wages or other
compensation payable to the Participant or any payment made pursuant to this
Plan any such taxes, as the Committee may determine in its sole discretion.

        8.5     Not a Contract of Employment. The terms and conditions of this
Plan shall not be deemed to constitute a contract of employment between the
Company and the Participant. Such employment continues to be an "at will"
employment relationship that can be terminated at any time for any reason, or no
reason, with or without cause, and with or without notice, unless otherwise
expressly provided for in the Employment Agreement. Nothing in this Plan shall
be deemed to give a Participant the right to be retained in the service of the
Company, or to interfere in any way with any right of the Company to discipline
or discharge the Participant at any time, subject to the terms of the Employment
Agreement.

        8.6     Amendment or Termination. The Company reserves the right to
amend or terminate the Plan by appropriate corporate action at any time and for
any reason. No amendment or termination of the Plan shall directly or indirectly
deprive any Participant of all or any portion of the Participant's benefit
hereunder that was provided for herein prior to the date of amendment or
termination.

        8.7     Headings. The headings of Articles, Sections and Paragraphs of
this Plan are for convenience only and shall not control or affect the meaning
or construction of any of its provisions.

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        8.8     Validity. In case any provision of this Plan shall be illegal
or invalid for any reason, said illegality or invalidity shall not affect the
remaining parts hereof, and this Plan shall be construed and enforced as if such
illegal or invalid provision had never been included herein.

        8.9     Incompetents and Minors. If the Committee determines in its
discretion that a benefit under this Plan is to be paid to a person declared
incompetent or a person incapable of handling the disposition of that person's
property, the Committee may direct payment of such benefit to the guardian,
legal representative or person having the care and custody of such incompetent
or incapable person. The Committee may require proof of incompetence, incapacity
or guardianship, as it may deem appropriate prior to distribution of the
benefit. In the event any amount is payable under this Plan to a minor, payment
shall not be made to the minor, but instead be paid (a) to that person's living
parent(s) to act as custodian, (b) if that person's parents are then divorced,
and one parent is the sole custodial parent, to such custodial parent, or (c) if
no parent of that person is then living, to a custodian selected by the
Committee to hold the funds for the minor under the Uniform Transfers or Gifts
to Minors Act in effect in the jurisdiction in which the minor resides. If no
parent is living and the Committee decides not to select another custodian to
hold the funds for the minor, then payment shall be made to the duly appointed
and currently acting guardian of the estate for the minor or, if no guardian of
the estate for the minor is duly appointed and currently acting within 60 days
after the date the amount becomes payable, payment shall be deposited with the
court having jurisdiction over the estate of the minor. Any payment of a benefit
hereunder shall be a payment for the account of the Participant and his
Beneficiary and shall be a complete discharge of any liability under the Plan
for such payment amount.

        8.10    Successors. The provisions of this Plan shall bind and inure to
the benefit of the Company and its successors and assigns and the Participant
and the Participant's Beneficiary. No other person shall be a third-party
beneficiary or acquire any rights under this Plan.

        8.11    Construction. The masculine gender shall include the feminine
and the singular the plural, unless the context clearly requires otherwise.

        IN WITNESS WHEREOF, the Company has signed this Plan document effective
as of September 10, 2002.

                                   American Financial Realty Trust

                                   By:
                                       -------------------------------------
                                       Glenn Blumenthal
                                       Senior Vice President - Asset Management
                                       Chief Operating Officer

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                                   SCHEDULE I
                                     VESTING

Participant Name                                     Vesting Schedule

Nicholas S. Schorsch                        Year              Percentage
                                              1                    22%
                                              2                    43%
                                              3                    63%
                                              4                    82%
                                              5                   100%

                                A year of vesting service under the SERP is the
                                12-month period ending on each one-year
                                anniversary of his Employment Agreement,
                                provided he is an employee of the Company on
                                that date. Schorsch shall become 100% vested
                                upon (a) the effective date of a Change of
                                Control, (b) his termination date if the Company
                                terminates him without Cause, (c) his
                                termination date if he terminates for Good
                                Reason, (d) the date he dies, or (e) the date he
                                becomes Permanently Disabled.

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             AMERICAN FINANCIAL REALTY TRUST SUPPLEMENTAL EXECUTIVE
                                 RETIREMENT PLAN
                          BENEFICIARY DESIGNATION FORM

        I, Nicholas S. Schorsch, residing at ________________________, do hereby
designate the following as my Beneficiary to receive the death benefits payable
by the American Financial Realty Trust Supplemental Executive Retirement Plan
(the "Plan"), as follows:
        PRIMARY BENEFICIARY

        The primary beneficiary for my death benefit shall be:

        Name                       Relationship                     Percentage

        --------------------       ---------------------            ---------%
        --------------------       ---------------------            ---------%

        Upon the death of either of the foregoing named persons prior to the
time all death benefit payments shall have been made, the survivor shall be
entitled to 100% of the death benefit payment.

        CONTINGENT BENEFICIARY

        If my primary beneficiary does not survive me, then the beneficiary for
my death benefit shall be:

        Name                       Relationship                     Percentage

        --------------------       ---------------------            ---------%
        --------------------       ---------------------            ---------%

        Upon the death of any of the foregoing named persons prior to the time
all death benefit payments shall have been made, the survivor(s) shall be
entitled to 100% of the death benefit payment.

        In the event neither my primary beneficiary nor contingent beneficiary
shall survive me, then the death benefit payable under the Plan shall be to my
surviving spouse. If I have no surviving spouse alive on the date of my death,
my Beneficiary shall be my estate (either my probate estate or my living trust).
I acknowledge that I may revoke this beneficiary designation at any time by
completing and providing to the Company a new Beneficiary Designation Form and
that the consent of the currently named beneficiaries is not required. I
understand that to be effective, this Beneficiary Designation Form must be on
file with the Committee on the date of my death. I further acknowledge that my
Beneficiary shall be subject to the terms of the Plan, as in effect from time to
time.

                                                   --------------------------
                                                     Nicholas S. Schorsch

                                                  Date:

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