Agree Realty Corporation reported significant financial growth for the fiscal year ending December 31, 2024, with total revenues reaching $617.1 million, a 15% increase from $537.5 million in 2023. The company's net income also rose by 11% to $189.8 million, compared to $170.5 million in the previous year. This growth was primarily driven by an expanded real estate portfolio, which increased from 2,135 properties in 2023 to 2,370 properties in 2024, totaling approximately 48.8 million square feet of Gross Leasable Area (GLA). The portfolio maintained a high occupancy rate of 99.6% and a weighted average remaining lease term of 7.9 years.
In 2024, Agree Realty made substantial investments totaling approximately $939.2 million in net leased retail real estate, which included the acquisition of 242 properties for about $866.6 million and the development of 21 properties costing approximately $72.7 million. The company also executed new leases, extensions, or options on approximately 2.04 million square feet of GLA, generating an annualized base contractual rent of about $19.8 million. Additionally, the company sold 26 assets for net proceeds of $94.3 million, realizing a net gain of $11.5 million.
The company’s financial strategy included increasing its monthly dividend per common share from $0.247 to $0.25 in April 2024, and further to $0.253 in October 2024, resulting in an annualized dividend yield of approximately 4.3% based on the last reported stock price of $70.45. As of December 31, 2024, the total market value of the company’s shares held by non-affiliates was approximately $6.12 billion. The company also maintained a conservative capital structure, with a total debt to enterprise value ratio of 26.6% and total debt outstanding of $2.81 billion.
Looking ahead, Agree Realty expressed optimism about its growth trajectory, emphasizing its focus on acquiring properties leased to industry-leading tenants in sectors that are more resilient to e-commerce and economic downturns. The company plans to continue leveraging its development and acquisition platforms to enhance its portfolio while maintaining a flexible capital structure. However, it acknowledged potential risks from macroeconomic conditions, including inflation and interest rate fluctuations, which could impact its operations and financial performance.
About AGREE REALTY CORP
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.