Agree Realty Collects 99% of September Rent & Provides Third Quarter Rent Collections Update

Rhea-AI Summary

Agree Realty Corporation (NYSE: ADC) reported strong rent collection figures for September 2020, achieving 99% collection from its portfolio, with only 1% in deferral agreements. For the third quarter, the overall collection rate stood at 97%, with deferrals representing 2%. In previous months, 96% and 97% rent collections were recorded for July and August respectively. The Company, primarily focused on net-leased retail properties, owned 936 properties across 46 states as of June 30, 2020, covering approximately 18.4 million square feet.

Positive

• 99% of September rents collected with only 1% in deferral agreements.
• 97% of third-quarter rent collected, with only 2% in deferral agreements.
• Strong historical performance with 96% and 97% of July and August rents collected, respectively.

Negative

• None.

BLOOMFIELD HILLS, Mich., Sept. 30, 2020 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) (the "Company") today announced its progress on September and third quarter rent collections.

As of September 30, 2020, the Company has received September rent payments from 99% of its portfolio and entered into deferral agreements with tenants representing less than 1% of September rents.  The Company has received July and August rent payments from 96% and 97% of its portfolio, respectively, and entered into deferral agreements representing 3% of July rents and 2% of August rents.

In the aggregate, the Company has received third quarter rent payments from 97% of its portfolio and entered into deferral agreements representing 2% of third quarter rents.

About Agree Realty Corporation

Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants.  As of June 30, 2020, the Company owned and operated a portfolio of 936 properties, located in 46 states and containing approximately 18.4 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, please visit www.agreerealty.com.    

View original content to download multimedia:http://www.prnewswire.com/news-releases/agree-realty-collects-99-of-september-rent--provides-third-quarter-rent-collections-update-301142287.html

SOURCE Agree Realty Corporation

FAQ

What are the September 2020 rent collection figures for ADC?

Agree Realty Corporation (ADC) collected 99% of September rents.

How did Agree Realty perform in Q3 rent collections?

Agree Realty reported a 97% collection rate for third-quarter rents.

What percentage of Agree Realty's rents were deferred in September 2020?

Less than 1% of September rents were deferred at Agree Realty.

How many properties does Agree Realty own as of June 30, 2020?

As of June 30, 2020, Agree Realty owned 936 properties.

What is the focus of Agree Realty's business?

Agree Realty primarily focuses on acquiring and developing net-leased retail properties.