Agree Realty's Investment Grade Rating Upgraded By Moody's Investors Service
Agree Realty Corporation (NYSE: ADC) has received an upgrade from Moody's Investors Service, with its issuer rating increased to Baa1 from Baa2 and a stable outlook noted. This upgrade reflects the Company's robust credit profile, characterized by a low-leverage balance sheet, flexible capital structure, and strong liquidity position. The CEO, Joey Agree, emphasized the disciplined growth since the initial rating in 2018, highlighting the strength of the Company's balance sheet and high-quality retail portfolio, which consists of 1,404 properties across 47 states.
- Upgrade from Moody's to Baa1, reflecting solid credit profile.
- Low-leverage balance sheet and flexible capital structure.
- Strong liquidity position supports investment activity.
- None.
Achieves Baa1 Rating With A Stable Outlook
BLOOMFIELD HILLS, Mich., March 30, 2022 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) (the "Company") today announced that Moody's Investors Service has upgraded the Company's issuer rating to Baa1 from Baa2 with a stable outlook.
According to Moody's press release, the Baa1 issuer rating reflects the Company's solid credit profile, supported by its low leveraged balance sheet and flexible capital structure with a resilient, largely unencumbered portfolio. Additionally, Moody's stated that the Company's strong liquidity position and access to capital has enabled the Company to comfortably fund its investment activity and meet its minimal near-term debt maturities.
"The upgrade to a Baa1 credit rating highlights the thoughtful and disciplined manner in which we've grown the Company since achieving our initial rating in 2018," said Joey Agree, President and Chief Executive Officer. "This rating underscores the strength of our fortress-like balance sheet and the quality of our best-in-class retail portfolio."
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, 2021, the Company owned and operated a portfolio of 1,404 properties, located in 47 states and containing approximately 29.1 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.
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SOURCE Agree Realty Corporation
