Agree Realty Provides Rent Collections Update

Rhea-AI Summary

Agree Realty Corporation (NYSE: ADC) reported strong progress in August rent collections, with 96% of its portfolio receiving payments. For July, 95% of rent was collected, while second quarter collections stood at 91%. The company also entered into deferral agreements, representing 2% and 3% for August and July rents, respectively. Additionally, 3% of second quarter rents were deferred. As of June 30, 2020, ADC owned 936 properties across 46 states, totaling approximately 18.4 million square feet of gross leasable area.

Positive

• August rent collection at 96%, indicating strong tenant performance.
• July rent collection at 95%, showing consistency in revenue.
• Second quarter rent collection at 91%, reflecting overall stability.

Negative

• 2% of August rents and 3% of July rents were deferred, indicating tenant distress.
• 3% of second quarter rents were deferred, which may hint at ongoing financial challenges for some tenants.

BLOOMFIELD HILLS, Mich., Sept. 3, 2020 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) (the "Company") today announced its progress on August rent collections and provided an update on July and second quarter rent collections.

As of September 2, 2020, the Company has received August rent payments from 96% of its portfolio and entered into August deferral agreements with tenants representing 2% of August rents. The Company has received July rent payments from 95% of its portfolio and entered into July deferral agreements with tenants representing 3% of July rents.

The Company has received second quarter rent payments from 91% of its portfolio and entered into deferral agreements representing 3% of second 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.   

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SOURCE Agree Realty Corporation

FAQ

What percentage of rent was collected by Agree Realty Corporation in August 2020?

Agree Realty Corporation collected 96% of rent in August 2020.

What are the rent collection figures for July 2020 for ADC?

In July 2020, Agree Realty Corporation collected 95% of rent.

How much rent was deferred for the second quarter of 2020?

For the second quarter of 2020, 3% of rents were deferred.

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

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

What is the total gross leasable area of Agree Realty's portfolio?

The total gross leasable area of Agree Realty's portfolio is approximately 18.4 million square feet.