Agree Realty Provides Rent Collections Update

Rhea-AI Summary

On June 22, 2020, Agree Realty Corporation (NYSE: ADC) reported that it has collected June rent payments from 88% of its portfolio. Additionally, 5% of June rents have been deferred. For April and May, rent collections stood at 91% and 88%, respectively. The company owns 868 properties across 46 states, with a total leasable area of around 16.3 million square feet, primarily leased to retail tenants.

Positive

• June rent payments collected from 88% of the portfolio.
• April and May rent payments collected from 91% and 88% of the portfolio, respectively.
• Diverse portfolio of 868 properties across 46 states.

Negative

• 5% of June rents are subject to deferral agreements.

BLOOMFIELD HILLS, Mich., June 22, 2020 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) (the "Company") today announced its progress on June rent collections and provided an update on April and May rent collections.

As of June 22, 2020, the Company has received June rent payments from 88% of its portfolio and entered into June deferral agreements with tenants representing 5% of June rents. The Company has received April and May rent payments from 91% and 88% of its portfolio, respectively.

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 March 31, 2020, the Company owned and operated a portfolio of 868 properties, located in 46 states and containing approximately 16.3 million square feet of gross leasable area.  The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol "ADC".  For additional information, please visit www.agreerealty.com.    

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SOURCE Agree Realty Corporation

FAQ

What percentage of June rent has Agree Realty collected as of June 22, 2020?

Agree Realty has collected 88% of June rent payments as of June 22, 2020.

How much of Agree Realty's portfolio is subject to deferral agreements for June rents?

5% of June rents are under deferral agreements.

What were the collection rates for April and May rent at Agree Realty?

For April, the collection rate was 91%, and for May, it was 88%.

How many properties does Agree Realty Corporation own?

Agree Realty owns 868 properties across 46 states.

What is the total gross leasable area owned by Agree Realty?

Agree Realty's total gross leasable area is approximately 16.3 million square feet.