Top-News
Montag,
23.04.2018 22:05
von
PR Newswire
| Aufrufe: 49
Agree Realty Corporation Reports First Quarter 2018 Results
Tageszeitungen (Symbolbild).
pixabay.com
PR Newswire
BLOOMFIELD HILLS, Mich., April 23, 2018
BLOOMFIELD HILLS, Mich., April 23, 2018 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) (the "Company") today announced results for the quarter ended March 31, 2018. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.
First Quarter 2018 Financial and Operating Highlights:
- Invested $102.7 million in 39 retail net lease properties
- Completed four development and Partner Capital Solutions ("PCS") projects
- Increased rental revenue 27.8% to $31.0 million
- Net Income per share attributable to the Company decreased 4.7% to $0.53
- Net Income attributable to the Company increased 12.9% to $16.5 million
- Increased Funds from Operations ("FFO") per share 9.3% to $0.71
- Increased FFO 29.3% to $22.0 million
- Increased Adjusted Funds from Operations ("AFFO") per share 7.8% to $0.70
- Increased AFFO 27.7% to $21.8 million
- Declared a quarterly dividend of $0.520 per share, a 5.1% increase over the dividend per share declared in the first quarter of 2017
- Completed a follow-on public offering of approximately 3.5 million common shares through a forward sale agreement that is anticipated to raise net proceeds of $162.9 million
- Balance sheet strategically positioned at 4.8 times net debt to recurring EBITDA
Financial Results
Total Rental Revenue
Total rental revenue, which includes minimum rents and percentage rents, for the three months ended March 31, 2018 increased 27.8% to $31.0 million, compared to total rental revenue of $24.2 million for the comparable period in 2017.
Net Income
Net Income attributable to the Company for the three months ended March 31, 2018 increased 12.9% to $16.5 million, compared to $14.6 million for the comparable period in 2017. Net Income per share attributable to the Company for the three months ended March 31, 2018 decreased 4.7% to $0.53, compared to $0.56 per share for the comparable period in 2017.
Funds from Operations
FFO for the three months ended March 31, 2018 increased 29.3% to $22.0 million, compared to FFO of $17.0 million for the comparable period in 2017. FFO per share for the three months ended March 31, 2018 increased 9.3% to $0.71, compared to FFO per share of $0.65 for the comparable period in 2017.
Adjusted Funds from Operations
AFFO for the three months ended March 31, 2018 increased 27.7% to $21.8 million, compared to AFFO of $17.1 million for the comparable period in 2017. AFFO per share for the three months ended March 31, 2018 increased 7.8% to $0.70, compared to AFFO per share of $0.65 for the comparable period in 2017.
Dividend
The Company paid a cash dividend of $0.520 per share on April 13, 2018 to stockholders of record on March 30, 2018, a 5.1% increase over the $0.495 quarterly dividend declared in the first quarter of 2017. The quarterly dividend represents payout ratios of approximately 73.7% of FFO per share and 74.5% of AFFO per share, respectively.
CEO Comments
"We are extremely pleased with our strong start to the year," said Joey Agree, President and Chief Executive Officer of Agree Realty Corporation. "Our robust pipeline and fortified balance sheet have our Company well-positioned for continued execution of our operating strategy. We maintain our stringent focus on high-quality real estate leased to industry-leading retailers that employ an omni-channel strategy and offer a compelling customer experience."
Portfolio Update
As of March 31, 2018, the Company's portfolio consisted of 463 properties located in 43 states and totaled 8.9 million square feet of gross leasable space. Properties ground leased to tenants accounted for 7.2% of annualized base rents.
The portfolio was approximately 99.7% leased, had a weighted-average remaining lease term of approximately 10.3 years, and generated approximately 45.6% of annualized base rents from investment grade retail tenants.
The following table provides a summary of the Company's portfolio as of March 31, 2018:
| Property Type | Number of Properties | | Annualized | | Percent of | | Percent | | Weighted |
| | | | | | | | | | |
| Retail Net Lease | 420 | | $114,752 | | 91.4% | | 42.5% | | 10.2 yrs |
| Retail Net Lease Ground Leases | 40 | | 9,014 | | 7.2% | | 88.5% | | 11.9 yrs |
| Total Retail Net Lease | 460 | | $123,766 | | 98.6% | | 45.9% | | 10.3 yrs |
| Total Portfolio | 463 | | $125,513 | | 100.0% | | 45.6% | | 10.3 yrs |
| | Annualized base rent is in thousands; any differences are the result of rounding. |
| (1) | Represents annualized straight-line rent as of March 31, 2018. |
| (2) | Reflects tenants, or parent entities thereof, with investment grade credit ratings from S&P Global Ratings, Moody's Investors Service, Fitch Ratings or the National Association of Insurance Commissioners. |
Acquisitions
Total acquisition volume for the first quarter of 2018 was approximately $98.6 million and included 30 assets net leased to notable retailers operating in the off-price retail, convenience store, auto parts, tire and auto service, grocery, and crafts and novelties sectors. The properties are located in 15 states and leased to tenants operating in 12 retail sectors. The properties were acquired at a weighted-average capitalization rate of 7.2% and had a weighted-average remaining lease term of approximately 13.6 years.
Dispositions
During the first quarter, the Company sold five properties for gross proceeds of approximately $16.7 million. The dispositions were completed at a weighted-average capitalization rate of 7.4%. In addition, a tenant exercised their option to purchase a property which had previously been ground leased from the Company. The option to purchase was exercised during the quarter at a predetermined contractual price of $3.9 million.
Development and Partner Capital Solutions
In the first quarter of 2018, the Company completed four previously announced development and PCS projects including the Company's first two developments with Mister Car Wash, a Burger King development in North Ridgeville, Ohio, and Art Van Furniture's flagship store in Canton, Michigan. The four projects are subject to 20-year net leases and had total aggregate costs of approximately $26.7 million.
The Company commenced two new development and PCS projects during the first quarter, with total anticipated costs of approximately $9.1 million. The projects consist of the Company's first PCS project with ALDI in Chickasha, Oklahoma and the Company's first development with Burlington Coat Factory in Nampa, Idaho.
Construction continued during the first quarter on three projects with total anticipated costs of approximately $15.0 million. The projects include the Company's third project with Camping World in Grand Rapids, Michigan and the Company's third and fourth developments with Mister Car Wash in Orlando and Tavares, Florida.
For the quarter ended March 31, 2018, the Company had nine development or PCS projects completed or under construction. Anticipated total costs are approximately $50.8 million and include the following completed or commenced projects:
| Tenant | | Location | | Lease | | Lease | | Actual or | | Status |
| | | | | | | | | | | |
| Mister Car Wash | | Urbandale, IA | | Build-to-Suit | | 20 years | | Q1 2018 | | Completed |
| Mister Car Wash | | Bernalillo, NM | | Build-to-Suit | | 20 years | | Q1 2018 | | Completed |
| Burger King(1) | | North Ridgeville, OH | | Build-to-Suit | | 20 years | | Q1 2018 | | Completed |
| Art Van Furniture | | Canton, MI | | Build-to-Suit | | 20 years | | Q1 2018 | | Completed |
| Camping World | | Grand Rapids, MI | | Build-to-Suit Werbung Mehr Nachrichten zur Agree Realty Corporation Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1  Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News |
