Agree Realty Corporation (ADC) 2023年年度报告「NYSE」.pdf

1、ANNUALREPORT2023Agree Realty Corporation(NYSE:ADC)is a fully-integrated,self-administered,and self-managed real estate investment trust(REIT)whose mission is to RETHINK RETAIL through the acquisition and development of properties net leased to industry-leading,omni-channel retail tenants throughout

2、the United States.Building upon the foundation of excellence established throughout the past five decades,Agree Realty continues to be a market leader in the net lease space.As of December 31,2023,our growing portfolio consisted of 2,135 properties located in 49 states and contained approximately 44

3、.2 million square feet of gross leasable area.ANNUAL REPORTfor the year endedDECEMBER 31,2023Dear Fellow Shareholders,As we embark on our 30thyear as a public company,we reflect on another operationally strong year despite the turbulent markets and macroeconomic volatility.In 2023,we invested approx

4、imately$1.34 billion across 319 retail net lease properties and surpassed 2,000 properties in our portfolio while continuing to focus on the countrys strongest operators.Our disciplined approach has served to strengthen our best-in-class portfolio,resulting in a record of over 69%of annualized base

5、rents derived from investment grade retailers.Our prudent decision to pre-equitize our balance sheet during the fourth quarter of 2022 coupled with the only 5.5-year term loan recently achieved in the REIT sector,enabled us to execute and drive investment spreads that position our Company for growth

6、 in 2024.This proven strategy of proactive balance sheet management and disciplined investment activity has delivered outsized earnings growth to our shareholders.Over the past five years,the Company has grown AFFO per share at a compound annual rate of 7%while growing our well-covered dividend at a