Benzinga | Jan 4, 2022 04:08PM EST

Agree Realty Reports FY21 Total Real Estate Investment Activity Of $1.43B

Agree Realty Corporation (NYSE:ADC) (the "Company") today announced a summary of its record investment activity in 2021, provided acquisition and disposition guidance for 2022, and provided an update on its portfolio and fourth quarter 2021 capital markets activities.

2021 Investment & Disposition Activity

Total real estate investment activity for 2021, inclusive of acquisition, development, and Partner Capital Solutions projects completed or currently under construction, amounted to a record of $1.43 billion. The properties are net leased to 93 industry-leading retail tenants operating across 27 sectors and are located in 43 states.

During the twelve months ended December 31, 2021, the Company acquired 290 retail net lease properties for total acquisition volume of approximately $1.39 billion. The acquisitions were completed at a weighted-average capitalization rate of 6.2% and had a weighted-average remaining lease term of 11.5 years. Approximately 69.3% of the annualized base rents acquired during the year were derived from investment grade retail tenants. Approximately 29.1% of annualized base rents acquired during the year were derived from ground leased assets.

The Company disposed of 18 assets for total gross proceeds of $58.0 million during 2021. The dispositions, which served to further diversify and strengthen the Company's real estate portfolio, were completed at a weighted-average capitalization rate of 6.4%.

As of December 31, 2021, the Company's portfolio generated approximately 67% of annualized base rents from investment grade retail tenants. Properties ground leased to tenants increased to approximately $53 million of annualized base rents and represented over 14% of total annualized base rents.