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Agree Realty Corporation Reports Fourth Quarter And Full Year 2016 Results
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PR Newswire
BLOOMFIELD HILLS, Mich., Feb. 23, 2017
BLOOMFIELD HILLS, Mich., Feb. 23, 2017 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) (the "Company") today announced results for the quarter and full year ended December 31, 2016. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.
2016 Full Year Financial and Operating Highlights:
- Invested $312.1 million in 92 retail net lease properties
- Completed or commenced construction on 14 development or Partner Capital Solutions ("PCS") projects
- Increased rental revenue 30.7% to $84.2 million
- Net Income per share attributable to the Company decreased 9.0% to $1.97
- Net Income attributable to the Company increased 15.6% to $45.1 million
- Increased Funds from Operations ("FFO") per share 6.1% to $2.54
- Increased FFO 34.3% to $59.2 million
- Increased Adjusted Funds from Operations ("AFFO") per share 5.2% to $2.51
- Increased AFFO 33.2% to $58.4 million
- Raised approximately $228.2 million in net proceeds from the issuance of 5.5 million common shares
- Declared dividends of $1.92 per share, an increase of 4.1% over dividends per share declared in 2015
- Net of cash on hand, full availability of recently expanded $250 million revolving credit facility
- Sector leading balance sheet at 4.5 times net debt-to-recurring earnings before interest, taxes, depreciation and amortization ("EBITDA")
Fourth Quarter 2016 Financial and Operating Highlights:
- Increased rental revenue 37.3% to $23.3 million
- Net Income per share attributable to the Company increased 22.7% to $0.50
- Net Income attributable to the Company increased 63.4% to $12.7 million
- Increased Funds from Operations ("FFO") per share 6.3% to $0.64
- Increased FFO 40.9% to $16.6 million
- Increased Adjusted Funds from Operations ("AFFO") per share 5.3% to $0.63
- Increased AFFO 39.6% to $16.2 million
- Raised approximately $103.9 million in net proceeds from the issuance of 2.3 million common shares
- Declared a dividend of $0.495 per share, an increase of 6.5% over the dividend per share declared in the fourth quarter of 2015
Financial Results
Total Rental Revenue
Total rental revenue, which includes minimum rents and percentage rents, for the three months ended December 31, 2016 increased 37.3% to $23.3 million, compared to total rental revenue of $17.0 million for the comparable period in 2015.
Total rental revenue for the year ended December 31, 2016 increased 30.7% to $84.2 million, compared to total rental revenue of $64.5 million for the comparable period in 2015.
Net Income
Net income attributable to the Company for the three months ended December 31, 2016 increased 63.4% to $12.7 million, compared to $7.8 million for the comparable period in 2015. Net income per share attributable to the Company for the three months ended December 31, 2016 increased 22.7% to $0.50, compared to $0.41 per share for the comparable period in 2015.
Net income attributable to the Company for the year ended December 31, 2016 increased 15.6% to $45.1 million, compared to $39.0 million for the comparable period in 2015. Net income per share attributable to the Company for the year ended December 31, 2016 decreased 9.0% to $1.97, compared to $2.16 per share for the comparable period in 2015.
Funds from Operations
FFO for the three months ended December 31, 2016 increased 40.9% to $16.6 million, compared to FFO of $11.8 million for the comparable period in 2015. FFO per share for the three months ended December 31, 2016 increased 6.3% to $0.64, compared to FFO per share of $0.60 for the comparable period in 2015.
FFO for the year ended December 31, 2016 increased 34.3% to $59.2 million, compared to FFO of $44.0 million for the comparable period in 2015. FFO per share for the year ended December 31, 2016 increased 6.1% to $2.54, compared to FFO per share of $2.39 for the comparable period in 2015.
Adjusted Funds from Operations
AFFO for the three months ended December 31, 2016 increased 39.6% to $16.2 million, compared to AFFO of $11.6 million for the comparable period in 2015. AFFO per share for the three months ended December 31, 2016 increased 5.3% to $0.63, compared to AFFO per share of $0.60 for the comparable period in 2015.
AFFO for the year ended December 31, 2016 increased 33.2% to $58.4 million, compared to AFFO of $43.9 million for the comparable period in 2015. AFFO per share for the year ended December 31, 2016 increased 5.2% to $2.51, compared to AFFO per share of $2.38 for the comparable period in 2015.
Dividend
The Company paid a cash dividend of $0.495 per share on January 3, 2017 to stockholders of record on December 23, 2016, a 6.5% increase over the $0.465 quarterly dividend declared in the fourth quarter of 2015. The quarterly dividend represents payout ratios of approximately 77.2% of FFO per share and 78.9% of AFFO per share, respectively.
For 2016, the Company declared annual dividends of $1.92, a 4.1% increase over the $1.845 of annual dividends declared in 2015. The annual dividend represents payout ratios of approximately 75.6% of FFO per share and 76.6% of AFFO per share, respectively.
CEO Comments
"We are extremely pleased with our 2016 performance as we continued to execute on our operating strategy and deliver results in all phases of our business," said Joey Agree, President and Chief Executive Officer of Agree Realty Corporation. "We maintained a disciplined approach across our three external growth platforms while remaining focused on leading retailers that offer a compelling customer experience or employ a comprehensive omni-channel strategy. In 2017, we remain intently focused on being a retail net lease value creator through our differentiated operating strategy."
Portfolio Update
As of December 31, 2016, the Company's portfolio consisted of 366 properties located in 43 states and totaling 7.0 million square feet of gross leasable space. Properties ground leased to tenants accounted for 7.5% of annualized base rent.
The portfolio was approximately 99.6% leased, had a weighted average remaining lease term of approximately 10.6 years, and generated approximately 45.6% of annualized base rents from investment grade tenants.
The following table provides a summary of the Company's portfolio as of December 31, 2016:
| Property Type | Number of Properties | | Annualized Base Rent(1) | | Percent of Annualized Base Rent | | Percent Investment Grade(2) | | Weighted Average Lease Term |
| | | | | | | | | | |
| Retail Net Lease | 331 | | $85,422 | | 90.6% | | 42.6% | | 10.3 yrs |
| Retail Net Lease Ground Leases | 32 | | 7,077 | | 7.5% | | 86.5% | | 13.1 yrs |
| Total Retail Net Lease | 363 | | $92,499 | | 98.1% | | 45.9% | | 10.7 yrs |
| Total Portfolio | 366 | | $94,250 | | 100.0% | | 45.6% | | 10.6 yrs |
| | Annualized base rent is in thousands; any differences are the result of rounding. |
| (1) | Represents annualized straight-line rent as of December 31, 2016. |
| (2) | Reflects tenants, or parent entities thereof, with investment grade credit ratings from Standard & Poor's, Moody's, Fitch and/or NAIC. |
Acquisitions
Total acquisition volume for the fourth quarter of 2016 was approximately $61.6 million and included 22 assets net leased to a number of notable retailers operating in the discount apparel, grocery, auto service, auto parts and specialty retail sectors. The properties are located in 12 states and leased to 17 distinct tenants operating across 11 retail sectors. These properties were acquired at a weighted average cap rate of 7.8% and with a weighted average remaining lease term of approximately 10.5 years.
For the year ended December 31, 2016, total acquisition volume was approximately $295.8 million and included 82 high-quality retail net lease assets. The properties are located in 27 states and leased to 49 diverse tenants who operate in 22 retail sectors. The properties were acquired at a weighted average cap rate of 7.8% and with a weighted average remaining lease term of approximately 10.7 years.
Dispositions
During the quarter, the Company sold one property net leased to Walgreens in Ocala, Florida, for gross proceeds of approximately $7.1 million. The disposition was completed at a cap rate of 5.7%.
For the year ended December 31, 2016, the Company disposed of four Walgreens for gross proceeds of $29.7 million. The weighted average cap rate of the dispositions was 5.6%.
Development and Partner Capital Solutions
In the fourth quarter of 2016, the Company completed four previously announced development and Partner Capital Solutions projects, including the Company's first Texas Roadhouse in Mount Pleasant, Michigan. This project is leased to Texas Roadhouse under a new 15-year ground lease and had a total project cost of approximately $0.5 million.
The Company also completed its previously announced Starbucks in North Lakeland, Florida during the quarter. This project, which represents the Company's first ground-up development with Starbucks, had a total project cost of approximately $1.2 million and is under a new 10-year net lease.
Also within the quarter, the Company completed two Burger Kings in Hamilton, Montana and West Fargo, North Dakota. These projects are the third and fourth Burger Kings in the Company's partnership with Meridian Restaurants, and are subject to new 20-year net leases. The total costs of these two projects were approximately $1.5 million and $1.6 million, respectively.
During the fourth quarter, construction continued on the Company's four development and PCS projects with anticipated total project costs of approximately $21.7 million. These projects include one Burger King development in Heber, Utah; two Camping World projects in Tyler, Texas and Georgetown, Kentucky; and the redevelopment and expansion of an existing property in Boynton Beach, Florida for Orchard Supply Hardware.
For the year ended December 31, 2016, the Company completed or commenced construction on 14 development or PCS projects net leased to a number of industry-leading retail tenants. Total project costs for those developments are approximately $38.0 million and include the following completed or commenced projects:
| Tenant | | Location | | Lease Structure | | Lease Term | | Actual or Anticipated Rent Commencement | | Status |
| | | | | | | | | | | |
| Hobby Lobby | | Springfield, OH | | Build-to-Suit | | 15 Years | | Q1 2016 | | Completed |
| Family Fare Quick Stop | | Marshall, MI | | Ground Lease | | 10 Years Werbung Mehr Nachrichten zur Agree Realty Corporation Aktie kostenlos abonnieren
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