Agree Realty Announces 2024 Investment Activity & 2025 Investment Outlook
Agree Realty (NYSE: ADC) has reported its 2024 investment activity and outlined its 2025 investment outlook. The company achieved total real estate investment volume of approximately $951 million in 2024, comprising 282 properties across 28 retail sectors in 45 states. The company completed $867 million in acquisitions at a 7.5% weighted-average capitalization rate, with 65.6% of annualized base rents from investment grade retail tenants.
For 2025, ADC projects investment volume between $1.1 billion and $1.3 billion, representing a 26% year-over-year increase at the midpoint. The company has strengthened its financial position with total liquidity exceeding $2.0 billion, including $1.1 billion in credit facility availability and $0.9 billion in outstanding forward equity. The company's portfolio now generates 68.2% of annualized base rents from investment grade retail tenants, with ground leased properties representing 10.9% of total annualized base rents.
Agree Realty (NYSE: ADC) ha riportato le sue attività di investimento per il 2024 e ha delineato le prospettive di investimento per il 2025. L'azienda ha raggiunto un volume totale di investimenti immobiliari di circa 951 milioni di dollari nel 2024, comprendente 282 proprietà in 28 settori retail in 45 stati. L'azienda ha completato acquisizioni per un totale di 867 milioni di dollari con un tasso di capitalizzazione medio ponderato del 7,5%, con il 65,6% degli affitti annualizzati di base provenienti da inquilini retail di grado di investimento.
Per il 2025, ADC prevede un volume di investimento compreso tra 1,1 miliardi e 1,3 miliardi di dollari, rappresentando un incremento del 26% rispetto all'anno precedente al punto medio. L'azienda ha rafforzato la sua posizione finanziaria con una liquidità totale superiore a 2 miliardi di dollari, inclusi 1,1 miliardi di dollari di disponibilità di linee di credito e 0,9 miliardi di dollari in capitale azionario in sospeso. Il portafoglio dell'azienda genera ora il 68,2% degli affitti annualizzati di base da inquilini retail di grado di investimento, con le proprietà in leasing che rappresentano il 10,9% del totale degli affitti annualizzati di base.
Agree Realty (NYSE: ADC) ha reportado su actividad de inversión para 2024 y ha esbozado sus perspectivas de inversión para 2025. La compañía logró un volumen total de inversión en bienes raíces de aproximadamente 951 millones de dólares en 2024, que comprende 282 propiedades en 28 sectores minoristas en 45 estados. La compañía completó adquisiciones por un valor de 867 millones de dólares a una tasa de capitalización promedio ponderada del 7,5%, con el 65,6% de los alquileres base anualizados provenientes de inquilinos minoristas de grado de inversión.
Para 2025, ADC proyecta un volumen de inversión entre 1.1 mil millones y 1.3 mil millones de dólares, lo que representa un aumento del 26% interanual en el punto medio. La empresa ha fortalecido su posición financiera con una liquidez total que supera los 2.0 mil millones de dólares, que incluye 1.1 mil millones de dólares en disponibilidad de líneas de crédito y 0.9 mil millones de dólares en capital accionario pendiente. El portafolio de la compañía ahora genera el 68.2% de los alquileres base anualizados de inquilinos minoristas de grado de inversión, siendo las propiedades arrendadas las que representan el 10.9% del total de los alquileres base anualizados.
Agree Realty (NYSE: ADC)는 2024년 투자 활동을 보고하고 2025년 투자 전망을 개요했습니다. 이 회사는 2024년에 약 9억 5천 1백만 달러의 부동산 투자 볼륨을 달성했으며, 이는 45개 주에서 28개 소매 부문에 걸쳐 282개의 자산으로 구성되어 있습니다. 이 회사는 7.5%의 가중 평균 자본화율로 8억 6천 7백만 달러의 인수를 완료했으며, 투자 등급 소매 임차인으로부터의 연간 기본 임대료의 65.6%를 차지합니다.
2025년을 위해 ADC는 11억에서 13억 달러 사이의 투자 볼륨을 예상하며, 이는 중간값에서 연간 26% 증가를 나타냅니다. 이 회사는 신용 시설 가용성이 20억 달러를 초과하고, 미청구 자본이 9억 달러에 달하는 총 유동성을 통해 재무 상태를 강화했습니다. 회사의 포트폴리오는 이제 투자 등급 소매 임차인으로부터의 연간 기본 임대료의 68.2%를 생성하며, 토지 임대 자산은 총 연간 기본 임대료의 10.9%를 차지합니다.
Agree Realty (NYSE: ADC) a rapporté son activité d'investissement pour 2024 et a esquissé ses perspectives d'investissement pour 2025. L'entreprise a atteint un volume total d'investissement immobilier d'environ 951 millions de dollars en 2024, comprenant 282 propriétés dans 28 secteurs de détail dans 45 états. L'entreprise a finalisé des acquisitions pour un montant de 867 millions de dollars avec un taux de capitalisation moyen pondéré de 7,5 %, dont 65,6 % des loyers de base annualisés proviennent de locataires de détail de qualité investment.
Pour 2025, ADC prévoit un volume d'investissement compris entre 1,1 milliard et 1,3 milliard de dollars, représentant une augmentation de 26 % par rapport à l'année précédente au point médian. L'entreprise a renforcé sa position financière avec une liquidité totale dépassant 2 milliards de dollars, y compris 1,1 milliard de dollars de disponibilité de lignes de crédit et 0,9 milliard de dollars de capital-actions en attente. Le portefeuille de l'entreprise génère désormais 68,2 % des loyers de base annualisés provenant de locataires de détail de qualité investment, les propriétés en leasing représentant 10,9 % du total des loyers de base annualisés.
Agree Realty (NYSE: ADC) hat seine Investitionsaktivitäten für 2024 berichtet und einen Ausblick auf die Investitionen für 2025 gegeben. Das Unternehmen erreichte ein Gesamtes Volumen an Immobilieninvestitionen von etwa 951 Millionen Dollar im Jahr 2024, bestehend aus 282 Immobilien in 28 Einzelhandelssektoren in 45 Bundesstaaten. Das Unternehmen schloss Akquisitionen im Wert von 867 Millionen Dollar zu einer gewichteten durchschnittlichen Kapitalisierungsrate von 7,5% ab, wobei 65,6% der annualisierten Grundmieten von Mietern der Investmentklasse stammen.
Für 2025 prognostiziert ADC ein Investitionsvolumen von 1,1 Milliarden bis 1,3 Milliarden Dollar, was einem Anstieg von 26% im Jahresvergleich am Mittelpunkt entspricht. Das Unternehmen hat seine Finanzlage mit einer Gesamtlizenzüberschreitung von über 2,0 Milliarden Dollar gestärkt, einschließlich 1,1 Milliarden Dollar an verfügbaren Kreditrahmen und 0,9 Milliarden Dollar an ausstehenden Eigenkapital. Das Portfolio des Unternehmens generiert nun 68,2% der annualisierten Grundmieten von Mietern der Investmentklasse, wobei gepachtete Grundstücke 10,9% der gesamten annualisierten Grundmieten ausmachen.
- Total investment volume of $951 million in 2024 with strong 7.5% weighted-average cap rate
- 68.2% of annualized base rents from investment grade retail tenants
- Strong liquidity position of over $2.0 billion
- No material debt maturities until 2028
- Projected 26% year-over-year increase in investment volume for 2025
- Potential dilution from $919.9 million in pending forward equity offerings
Insights
ADC's 2024 performance and 2025 outlook present compelling metrics. The <money>$951 million</money> investment volume in 2024, with a <percent>7.5%</percent> weighted-average cap rate, demonstrates strong execution in a challenging market. The portfolio quality is notable, with <percent>68.2%</percent> of annualized base rents from investment-grade tenants, providing stable cash flow visibility.
The <money>$2.0 billion</money> liquidity position, including <money>$919.9 million</money> in forward equity, positions ADC exceptionally well for their ambitious 2025 investment target of <money>$1.1-1.3 billion</money>. The pre-equitized balance sheet with no significant debt maturities until 2028 provides remarkable flexibility in an uncertain rate environment.
The portfolio composition reveals sophisticated tenant selection and risk management. The increased ground lease exposure to <percent>10.9%</percent> of annualized base rents provides enhanced security and steady income streams. The Q4 acquisitions at a <percent>7.3%</percent> cap rate with <percent>73.3%</percent> investment-grade tenants show disciplined capital deployment in premium assets.
Geographic diversification across 45 states and 28 retail sectors significantly mitigates market-specific risks. The 10.4-year weighted average lease term maintains strong visibility on future cash flows, while the strategic timing of equity raises demonstrates astute capital markets execution.
2025 Investment Guidance of
Balance Sheet Pre-Equitized with Liquidity of Over
2024 Investment Activity
Total real estate investment volume for 2024, inclusive of acquisition, development, and Developer Funding Platform ("DFP") projects completed or currently under construction, amounted to a total of approximately
During the twelve months ended December 31, 2024, the Company acquired 242 retail net lease properties for total acquisition volume of approximately
Acquisition volume for the fourth quarter totaled approximately
As of December 31, 2024, the Company's portfolio generated approximately
CEO Comments
"This past year required strategic patience and discipline followed by decisive execution. Our Team's rigorous commitment to that plan has positioned our Company to further distinguish Agree Realty in 2025," said Joey Agree, President and Chief Executive Officer. "We proactively fortified our balance sheet by raising approximately
2025 Investment Outlook
The Company's outlook for investment volume in 2025, which includes capital deployment through our acquisition, development and DFP platforms, is between
Capital Markets Update
In October 2024, the Company completed a follow-on public offering of approximately 5.1 million shares of common stock, including the full exercise of the underwriters' option to purchase additional shares, in connection with forward sale agreements. Upon settlement, the offering is anticipated to raise net proceeds of approximately
During the fourth quarter of 2024, the Company entered into forward sale agreements in connection with its at-the-market equity ("ATM") program to sell an aggregate of 0.7 million shares of common stock for anticipated net proceeds of approximately
As of December 31, 2024, the Company had total liquidity of over
The following table presents the Company's outstanding forward equity offerings as of December 31, 2024:
Forward Equity | Shares | Shares | Shares | Net Proceeds | Anticipated Net | |||||
Q2 2024 ATM | 3,235,964 | 2,775,498 | 460,466 | |||||||
Q3 2024 ATM | 6,602,317 | - | 6,602,317 | - | ||||||
Q4 2024 ATM | 739,013 | - | 739,013 | - | ||||||
October 2024 | 5,060,000 | - | 5,060,000 | - | ||||||
Total Forward | 15,637,294 | 2,775,498 | 12,861,796 |
About Agree Realty Corporation
Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2024, the Company owned and operated a portfolio of 2,370 properties, located in all 50 states and containing approximately 48.8 million square feet of gross leasable area. The Company's common stock is listed on the New York Stock Exchange under the symbol "ADC". For additional information on the Company and RETHINKING RETAIL, please visit www.agreerealty.com.
Forward-Looking Statements
This press release contains forward-looking statements, including statements about projected financial and operating results, the Company's 2025 investment outlook, and the settlement of outstanding forward equity, within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "can," "will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," "forecast," "continue," "assume," "plan," "outlook" or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information. Although these forward-looking statements are based on good faith beliefs, reasonable assumptions and the Company's best judgment reflecting current information, you should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could materially affect the Company's results of operations, financial condition, cash flows, performance or future achievements or events. Currently, some of the most significant factors, include the potential adverse effect of ongoing worldwide economic uncertainties and increased inflation and interest rates on the financial condition, results of operations, cash flows and performance of the Company and its tenants, the real estate market and the global economy and financial markets. The extent to which these conditions will impact the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence. Moreover, investors are cautioned to interpret many of the risks identified in the risk factors discussed in the Company's Annual Report on Form 10-K and subsequent quarterly reports filed with the Securities and Exchange Commission (the "SEC"), as well as the risks set forth below, as being heightened as a result of the ongoing and numerous adverse impacts of the macroeconomic environment. Additional important factors, among others, that may cause the Company's actual results to vary include the general deterioration in national economic conditions, weakening of real estate markets, decreases in the availability of credit, increases in interest rates, adverse changes in the retail industry, the Company's continuing ability to qualify as a REIT and other factors discussed in the Company's reports filed with the SEC. The forward-looking statements included in this press release are made as of the date hereof. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, changes in the Company's expectations or assumptions or otherwise.
For further information about the Company's business and financial results, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's SEC filings, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company's website at www.agreerealty.com.
The Company defines the "weighted-average capitalization rate" for acquisitions and dispositions as the sum of contractual fixed annual rents computed on a straight-line basis over the primary lease terms and anticipated annual net tenant recoveries, divided by the purchase and sale prices for occupied properties.
The Company defines "annualized base rent" as the annualized amount of contractual minimum rent required by tenant lease agreements as of December 31, 2024, computed on a straight-line basis. Annualized base rent is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles ("GAAP"). The Company believes annualized contractual minimum rent is useful to management, investors, and other interested parties in analyzing concentrations and leasing activity.
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SOURCE AGREE REALTY CORPORATION
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