Agree Realty Corporation (ADC) 2010年年度报告「NYSE」.pdf

1、 To our Stockholders:We are pleased at this time to report the results of our 2010 activities including a review of our operating results and our expanding portfolio.As of December 31,2010,our real estate portfolio consisted of 81 properties totaling approximately 3.8 million square feet located in

2、17 states.Our portfolio occupancy at year end remained one of the highest in the industry at 99.2%with a weighted average lease term of 11.6 years remaining.As you know,in February 2011,Borders,Inc.filed for bankruptcy protection and announced the closure of five of the Companys stores.The Company w

3、as prepared for this bankruptcy event by Borders,Inc.and our asset management team has already started marketing these stores for potential retenanting or disposition.In April 2010,the Company raised$31 million through a well received secondary common stock offering.These proceeds were used to pay o

4、ff existing amounts outstanding under our credit facility.This additional capital afforded the Company enhanced flexibility to acquire and develop high-quality net lease assets while simultaneously maintaining its conservative underlying balance sheet.During 2010,the Company expanded its portfolio f

5、rom 73 properties to 81 properties via the development and acquisition of high-quality net lease retail properties.Total revenues for the Company increased 5%to$36,112,000 compared to$34,402,000 in 2009.Funds from operations saw a decrease from$23,634,000 in 2009 to$16,793,000 in 2010 primarily due

6、to an$8.1 million non-cash impairment charge which was recognized in connection with the bankruptcy filing of Borders,Inc.,offset in part by a$700,000 lease termination receipt which was recognized in connection with the termination of our Borders lease in Aventura,Florida.Funds from operations per