Agree Realty Corporation (ADC) 2015年年度报告「NYSE」.pdf

1、Dear Fellow Agree Shareholders,Our Company experienced another record year in 2015,completing a multi-year effort to transform our organization and construct the premier retail net lease portfolio in the industry.While it took patience,consistency,and discipline to accomplish,we believe the value of

2、 that execution is only beginning to take shape.When we commenced this effort in 2010,the Companys little-known portfolio consisted of 73 properties in 16 states.Community shopping centers generated 29%of our rents and 70%of our tenant exposure was concentrated in just three tenants:Walgreens,Border

3、s and Kmart.We were just emerging from the Great Recession,retailers were undergoing significant disruption and we had to determine how our strategy fit into the quickly evolving real estate landscape.We convened our leadership team,devised a strategy and quickly got to work-implementing a plan to d

4、iversify,expand and improve our portfolio,build an industry-leading team and take advantage of the opportunities that were in front of us.We launched an acquisition program that,combined with our other two investment platforms,has invested nearly$700 million since its inception.We enacted a targeted

5、 disposition program to reduce our exposure to legacy community shopping centers and non-core assets.We created our Partner Capital Solutions platform,which draws on our extensive real estate development experience and compliments our core development and acquisition capabilities.And lastly and most

6、 importantly,we retooledthe foundation of the Company,our Team,with an emphasis on hiring first-class people to contribute to an elite organization.So,while I am very pleased with our 2015 results and look forward to outlining our major accomplishmentsand highlighting the multi-year transformation t