Agree Realty(US:ADC) Prnewswireยท2025-01-06 21:05Investment Activity and Portfolio Update - Total real estate investment volume for 2024 amounted to approximately $951 million, including acquisitions, development, and Developer Funding Platform (DFP) projects [3] - The company acquired 242 retail net lease properties in 2024 for a total acquisition volume of approximately $867 million at a weighted-average capitalization rate of 7.5% and a weighted-average remaining lease term of 10.4 years [4] - In Q4 2024, acquisition volume totaled approximately $341 million at a weighted-average capitalization rate of 7.3% and a weighted-average remaining lease term of 12.3 years [5] - As of December 31, 2024, 68.2% of annualized base rents were generated from investment grade retail tenants, and ground leased assets represented approximately 10.9% of total annualized base rents [6] 2025 Investment Outlook and Capital Markets Activity - The company's 2025 investment guidance is between $1.1 billion and $1.3 billion, representing a 26% year-over-year increase at the midpoint [8] - In October 2024, the company completed a follow-on public offering of approximately 5.1 million shares of common stock, anticipated to raise net proceeds of approximately $368 million [9] - During Q4 2024, the company entered into forward sale agreements to sell 0.7 million shares for anticipated net proceeds of approximately $55 million and settled 3.7 million shares, receiving net proceeds of approximately $228 million [10] - As of December 31, 2024, the company had total liquidity of over $2.0 billion, including $1.1 billion under its revolving credit facility and over $0.9 billion of outstanding forward equity [11] Company Overview and Definitions - Agree Realty Corporation is a publicly traded REIT focused on acquiring and developing properties net leased to industry-leading retail tenants, with a portfolio of 2,370 properties across all 50 states and approximately 48.8 million square feet of gross leasable area as of December 31, 2024 [13] - The company defines "weighted-average capitalization rate" as the sum of contractual fixed annual rents and anticipated annual net tenant recoveries divided by the purchase and sale prices for occupied properties [14] - "Annualized base rent" is defined as the annualized amount of contractual minimum rent required by tenant lease agreements as of December 31, 2024, computed on a straight-line basis [17]