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Agree Realty Announces 2024 Investment Activity & 2025 Investment Outlook
ADCAgree Realty(ADC) Prnewswire·2025-01-06 21:05

Investment Activity and Portfolio Update - Total real estate investment volume for 2024 amounted to approximately 951million,includingacquisitions,development,andDeveloperFundingPlatform(DFP)projects[3]−Thecompanyacquired242retailnetleasepropertiesin2024foratotalacquisitionvolumeofapproximately951 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 341millionataweighted−averagecapitalizationrateof7.3341 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 1.3billion,representinga261.3 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 55millionandsettled3.7millionshares,receivingnetproceedsofapproximately55 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 2.0billion,including2.0 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]