BLOOMFIELD HILLS, Mich.,
Jan. 5, 2017 /PRNewswire/ -- Agree
Realty Corporation (NYSE: ADC) (the "Company") today announced a
summary of its record investment activity in 2016 and provided
acquisition and disposition guidance for 2017.
Total real estate investment activity for 2016, inclusive of
acquisition, development and Partner Capital Solutions ("PCS")
projects completed or currently under construction, amounted to a
record of $333.8 million. The
properties are net leased to 58 industry-leading retail tenants
operating across 24 sectors and are located in 30 states.
During the twelve months ended December
31, 2016, the Company acquired 82 retail net lease
properties for total acquisition volume of approximately
$295.8 million. The acquisitions were
completed at a weighted-average cap rate of 7.8% and with a
weighted average remaining lease term of 10.7 years.
The Company's outlook for acquisition volume in 2017, which
assumes continued growth in economic activity, moderate interest
rate growth, positive business trends and other significant
assumptions, is between $200 million and
$225 million of retail net lease properties. The
Company's disposition guidance for 2017 is between $20 million and $50 million.
"We're very pleased with the Company's record investment
activity in 2016," said Joey Agree, President and Chief Executive
Officer of Agree Realty Corporation. "Our team did a terrific
job executing on our operating strategy and maintaining discipline
while uncovering unique opportunities across all three of our
external growth platforms. Our investment volume exceeded our
expectations for the year, allowing us to grow our quarterly common
dividend by 6.5% in 2016. Our distinct capabilities and fortified
balance sheet put our Company in a strong position to continue
executing our plan in the upcoming year."
About Agree Realty Corporation
Agree Realty Corporation is a publicly traded real estate
investment trust primarily engaged in the acquisition and
development of properties net leased to industry-leading retail
tenants. The Company currently owns and operates a portfolio
of 365 properties, located in 43 states and containing
approximately 7.0 million square feet of gross leasable
space. The common stock of Agree Realty Corporation is listed
on the New York Stock Exchange under the symbol "ADC". For
additional information, please visit www.agreerealty.com.
This press release contains certain "forward-looking"
statements relating to, among other things, projected financial
and operating results. Forward-looking statements are
generally identifiable by use of forward-looking terminology such
as "may," "will," "should," "potential," "intend," "expect,"
"seek," "anticipate," "estimate," "approximately," "believe,"
"could," "project," "predict," "forecast," "continue," "plan" or
other similar words or expressions. Forward-looking statements are
based on certain assumptions and can include future expectations,
future plans and strategies, financial and operating projections or
other forward-looking information. These forward-looking statements
are subject to various risks and uncertainties, many of which are
beyond the Company's control, which could cause actual results to
differ materially from such statements. These risks and
uncertainties include, but are not limited to factors described in
greater detail in the Company's filings with the Securities and
Exchange Commission ("SEC"), including, without limitation, the
Company's Annual Report on Form 10-K for the year ended
December 31, 2015. Unless
legally required, the Company disclaims any obligation to update
any forward-looking statements, whether as a result of new
information, future events or otherwise. All information in this
press release is as of January 5,
2017. The Company undertakes no duty to update the statements
in this release to conform the statements to actual results or
changes in the Company's expectations or assumptions.
For further information about the Company's business and
financial results, please refer to the "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and
"Risk Factors" sections of the Company's SEC filings, including,
but not limited to, its Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q, copies of which may be obtained at the
Investor Relations section of the Company's website at
www.agreerealty.com.
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SOURCE Agree Realty Corporation