Agree Realty Corporation Reports First Quarter 2022 Results

Core FFO

Core FFO for the three months ended March 31, 2022 increased 30.8% to $69.7 million, compared to Core FFO of $53.3 million for the comparable period in 2021. Core FFO per share for the three months ended March 31, 2022 increased 15.5% to $0.97, compared to Core FFO per share of $0.84 for the comparable period in 2021.

AFFO

AFFO for the three months ended March 31, 2022 increased 31.8% to $69.2 million, compared to AFFO of $52.5 million for the comparable period in 2021. AFFO per share for the three months ended March 31, 2022 increased 16.4% to $0.97, compared to AFFO per share of $0.83 for the comparable period in 2021.

Dividend

In the first quarter, the Company declared monthly cash dividends of $0.227 per common share for each of the months, January, February and March 2022. The monthly dividends reflected an annualized dividend amount of $2.724 per common share, representing a 9.7% increase over the annualized dividend amount of $2.484 per common share from the first quarter of 2021. The dividends represent payout ratios of approximately 70% of Core FFO per share and 71% of AFFO per share, respectively.

Subsequent to quarter end, the Company declared a monthly cash dividend of $0.234 per common share for April 2022. The monthly dividend reflects an annualized dividend amount of $2.808 per common share, representing a 7.8% increase over the annualized dividend amount of $2.604 per common share from the second quarter of 2021. The April dividend is payable May 13, 2022 to stockholders of record at the close of business on April 29, 2022.

Additionally, subsequent to quarter end, the Company declared a monthly cash dividend for April on its 4.25% Series A Cumulative Redeemable Preferred Stock of $0.08854 per depositary share, which is equivalent to $1.0625 per annum. The April dividend was paid on May 2, 2022 to stockholders of record at the close of business on April 22, 2022.

CEO Comments

"We are extremely pleased with our strong start to 2022 as evidenced by the increase in our annual acquisition guidance to $1.4 billion to $1.6 billion," said Joey Agree, President and Chief Executive Officer. "While our acquisition platform continues to source a myriad of opportunities, we commenced a record number of projects through our development and partner capital solutions platforms during the quarter. All three platforms remain focused on leading omni-channel retailers as we maintain a fortress-like balance sheet with liquidity of nearly $1.0 billion."

Portfolio Update

As of March 31, 2022, the Company's portfolio consisted of 1,510 properties located in 47 states and contained approximately 31.0 million square feet of gross leasable area.

At quarter-end, the portfolio was 99.6% leased, had a weighted-average remaining lease term of approximately 9.1 years, and generated 67.8% of annualized base rents from investment grade retail tenants.

Ground Lease Portfolio

During the quarter, the Company acquired five ground leases for an aggregate purchase price of approximately $13.2 million, representing 3.1% of annualized base rents acquired.

As of March 31, 2022, the Company's ground lease portfolio consisted of 186 leases located in 32 states and totaled approximately 4.9 million square feet of gross leasable area. Properties ground leased to tenants represented approximately 13.5% of annualized base rents.

At quarter end, the ground lease portfolio was fully occupied, had a weighted-average remaining lease term of approximately 11.8 years, and generated 87.4% of annualized base rents from investment grade retail tenants.

Acquisitions

Total acquisition volume for the first quarter was approximately $407.2 million and included 106 properties net leased to leading retailers operating in sectors including farm and rural supply, dollar stores, home improvement, general merchandise, tire and auto service, and auto parts. The acquired properties are located in 32 states and leased to tenants operating in 20 sectors.

Notable acquisition activity during the quarter included a 55-property diversified net lease portfolio comprised of leading omni-channel retailers for a purchase price of approximately $180 million. The portfolio generated approximately 90% of annualized base rents from investment grade retailers and had a weighted-average lease term of nearly 10 years.  

Acquisitions for the quarter were completed at a weighted-average capitalization rate of 6.0% and had a weighted-average remaining lease term of approximately 9.2 years. Approximately 74.2% of annualized base rents acquired were generated from investment grade retail tenants. Exclusive of the 55-property portfolio acquisition, the properties were acquired at a weighted-average capitalization rate of 6.2%.

The Company's outlook for acquisition volume for the full-year 2022 is being increased to a range of $1.4 billion to $1.6 billion of high-quality retail net lease properties, from a previous range of $1.1 billion to $1.3 billion.

Dispositions

During the three months ended March 31, 2022, the Company sold one property for gross proceeds of approximately $8.2 million. The disposition was completed at a capitalization rate of 4.2%.

The Company's disposition guidance for 2022 remains between $25 million and $75 million.

Development and PCS

During the first quarter, the Company commenced a record 15 development and PCS projects, with total anticipated costs of approximately $44.0 million. The projects consist of the Company's sixth Sunbelt Rentals in St. Louis, Missouri; the Company's fourth Burlington in Turnersville, New Jersey; and 13 geographically diverse Gerber Collision projects.

The Company completed its first development with 7-Eleven in Saginaw, Michigan, while construction continued on two Gerber Collision projects in Pooler, Georgia and New Port Richey, Florida.

For the three months ended March 31, 2022, the Company had 18 development or PCS projects completed or under construction. Anticipated total costs are approximately $53.0 million, including $29.4 million of costs incurred as of quarter end. The following table presents the Company's 18 development or PCS projects as of March 31, 2022:

Tenant		Location		Lease Structure		Lease Term		Actual or Anticipated Rent Commencement		Status
7-Eleven		Saginaw, MI		Build-to-Suit		15 years		Q1 2022		Complete
Gerber Collision		Pooler, GA		Build-to-Suit		15 years		Q2 2022		Under Construction
Gerber Collision		New Port Richey, FL		Build-to-Suit		15 years		Q3 2022		Under Construction
Sunbelt Rentals		St. Louis, MO		Build-to-Suit		7 years		Q3 2022		Under Construction
Burlington		Turnersville, NJ		Build-to-Suit		10 years		Q1 2023		Under Construction
Gerber Collision		Fort Wayne, IN		Build-to-Suit		15 years		Q1 2023		Under Construction
Gerber Collision		Janesville, WI		Build-to-Suit		15 years		Q1 2023		Under Construction
Gerber Collision		Joplin, MO		Build-to-Suit		15 years		Q1 2023		Under Construction
Gerber Collision		Kimberly, WI		Build-to-Suit		15 years		Q1 2023		Under Construction
Gerber Collision		Lake Charles, LA 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 19.04.24 - PR Newswire Fidelity China Special Situations Plc - Transaction in Own Shares 19.04.24 - PR Newswire Rightmove Plc - Transaction in Own Shares 19.04.24 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Gresham Technologies Plc Auf zur INVEST am 26.+ 27.04.2024    Foto: Landesmesse Stuttgart GmbH - Jetzt kostenloses Ticket sichern! weiterlesen» Anzeige wo-site-teaser-box-16688_site-teaser-box_2024-04-17_09%253A00%253A00_2024-04-22_09%253A00%253A59