Agree Realty Corp.

Announcement: ADC 8-K Special Filing

Form 8-K - Current report - Item 8.01 Item 9.01

PART 1: Analysis of the Performance of Agree Realty Corp

Agree Realty Corp is a fully integrated Real Estate Investment Trust (REIT) primarily focused on acquiring and managing retail properties across the United States. The company has a portfolio of 1,908 properties located in 48 states, totaling approximately 40.1 million square feet of Gross Leaseable Area (GLA). Its properties are leased to national tenants, and a significant majority of its base rent is derived from tenants with investment-grade credit ratings. 

In the first quarter of 2023, Agree Realty Corp reported total revenues of $201.7 million, an increase of 37.5% compared to the same period in the previous year. Its net income attributable to common stockholders was $53.6 million or $0.77 per diluted share, compared to $41.6 million or $0.64 per diluted share for the same period in 2022. The increase in rental income between periods is due to the acquisition of new properties in 2022 and continuing in 2023. The company's management has stated that the full rental income impact of acquisitions made during 2023 to-date will be seen later in the year. The company also reported a significant increase in rental income, indicating stability in the retail industry despite the ongoing pandemic. 

Furthermore, the company's occupancy rates remain high, indicating the quality of tenants the company has leased to, as well as the demand for retail space. The portfolio had a weighted average remaining lease term of approximately 8.8 years, which provides rental income stability, further affirmed by the company's favorable credit ratings. Agree Realty Corp remains focused on its tenants' ability to pay rent and expense reimbursement, which has enabled it to maintain its cash flows. 

PART 2: Forward-looking Analysis

Agree Realty Corp's performance is expected to remain stable as the company continues to execute its growth strategy, which involves the acquisition of high-quality retail properties net leased to industry-leading tenants with long-term leases and stable cash flows. The company has sufficient liquidity to fund its growth initiatives and development projects as well as meet its operational and financial obligations. 

However, it is essential to note that uncertainty continues to loom over the entire real estate industry as a result of inflation and the potential impacts of pandemics, epidemics, or other public health emergencies. The future direction of macroeconomic trends and event risks such as these remains uncertain and cannot be predicted with confidence. 

Agree Realty Corp's management has also noted that it is taking a cautious approach in its acquisition strategy, ensuring that the company acquires properties fitting their investment criteria with strong tenant acumen in relatively stable locations. They continue to maintain that the number of potential acquisitions will remain flat or modestly below in comparison to previous years. 

In conclusion, Agree Realty Corp's fundamentally stable business model, strong tenant base, and healthy financials bode well for its future performance. However, as with any real estate investment, there are inherent risks that remain beyond its control, including macroeconomic risks and potential impacts of pandemics, epidemics, or other public health emergencies. Therefore, investors should undertake due diligence and seek expert advice while considering the company's robust potential and future risks.

Form 10-Q - Quarterly report [Sections 13 or 15(d)]

Agree Realty Corp sees strong Q1 growth in stable retail industry

Form 8-K - Current report - Item 2.02 Item 9.01

Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend]

Announcement: ADC 8-K Special Filing

Announcement: ADC 8-K Special Filing

Announcement: ADC 8-K Special Filing

Announcement: ADC 8-K Special Filing

Agree Realty Corp sees strong Q1 growth in stable retail industry

Agree Realty Corp sees strong Q1 growth in stable retail industry

Announcement: ADC 8-K Special Filing

Announcement: ADC 8-K Special Filing

Announcement: ADC 8-K Special Filing

Announcement: ADC 8-K Special Filing

Announcement: ADC SC 13G/A Statement of acquisition of beneficial ownership by individuals - amendment

Announcement: ADC SC 13G/A Statement of acquisition of beneficial ownership by individuals - amendment