Agree Realty(ADC)2025-02-11 21:07Investment and Portfolio Management - The company completed approximately 866.6 million and developing 21 properties for approximately 19.8 million[22]. - The company sold 26 assets and land parcels for net proceeds of 11.5 million[21]. - Approximately 68.2% of the annualized base rent was derived from tenants with an investment grade credit rating[14]. - No tenant accounted for more than 10.0% of the Company's annualized base rent as of December 31, 2024[51]. - The company focuses on long-term net leases with national or large regional retailers, aiming for stable and predictable cash flow[34]. - The company emphasizes investment in e-commerce resistant sectors and recession-resistant retailers[39]. Financial Performance and Debt Management - The monthly dividend per common share was increased from 0.25 in April 2024 and further to 70.45[23]. - The company entered into a 1.00 billion program[26]. - The Company had approximately 1.25 billion senior unsecured revolving credit facility in August 2024[31]. - As of December 31, 2024, the outstanding balance on the Revolving Credit Facility was 2.81 billion, including 43.9 million of secured mortgage debt[45]. - The ratio of total debt to enterprise value was approximately 26.6%, and the ratio of total debt to total gross assets was approximately 31.1% as of December 31, 2024[44]. - The company sold 10,598,037 shares of common stock under the ATM programs in 2024, generating net proceeds of $403.8 million[29]. Corporate Governance and Sustainability - The Company maintains a focus on good corporate governance, with a board of directors consisting of 10 members, 8 of whom are independent[75]. - The Company received Gold Level recognition from Green Lease Leaders for two consecutive years, highlighting its commitment to sustainability[67]. - The Company has engaged a third-party consultant since 2022 to improve its understanding and performance across material ESG topics[65]. - The Company executed green leases with various tenants and systematically monitored ESG policies for current and prospective tenants[70]. - The Company has adopted an insider trading policy applicable to all directors, officers, and team members, and maintains stock ownership guidelines[76]. - The Company submits "say-on-pay" advisory votes to its stockholders annually, reinforcing its commitment to good corporate governance[78]. - All reports filed with the SEC are made available free of charge on the Company's website, ensuring transparency for stakeholders[79]. Employee and Team Development - The Company has increased its full-time team members from 72 to 75 as of December 31, 2024[56]. - The Agree Wellness Program enhances team members' well-being through physical and financial wellness initiatives[71]. - The Company supports team members with cash compensation plans, equity ownership programs, and retirement plans, aligning individual and corporate objectives[72]. - Time-vested stock grants to officers and team members vest over a three-year period to ensure long-term alignment with stockholder interests[77].