Agree Realty Corporation (ADC) 2019年年度报告「NYSE」.pdf

1、 Dear Fellow Shareholders,This past year marked our 25th anniversary as a publicly traded company and another record year for Agree Realty Corporation.In 2019,we further strengthened our best-in-class retail net lease portfolio while fortifying our fortress balance sheet to support our impressive gr

2、owth trajectory.In the past three years,we have invested over$1.7 billion into more than 525 high-quality retail net lease properties.Over that period,the Company has constructed the leading retail net lease portfolio in the industry while returning over 71%to our shareholders.While I write this let

3、ter,the markets are gripped by coronavirus fears and the 10-year US treasury yield is at an all-time low.Our Company and its real estate portfolio have been constructed to not only withstand,but to flourish during these trying times.While we have experienced a protracted period of economic expansion

4、,we have simultaneously witnessed the continued disruption of the retail industry.It is this disruption which has been at the core of our strategy.I anticipate that our multi-year plan to assemble a portfolio that is able withstand both cyclical and structural changes without interruption will prove

5、 prescient.With that,please allow me to review our Companys many accomplishments during 2019 and further explain how those achievements uniquely position Agree Realty to continue to execute for the foreseeable future.Investing in the Best Our investment activities are focused on the strongest and mo

6、st resilient retailers in todays omni-channel world.We have avoided private equity sponsorship,leveraged balance sheets and lower-tier operators with purpose.The balance sheet capacity and management capabilities to invest in price,e-commerce distribution and in-store customer experience are critica