Earnings heating up
Agree Realty (NYSE: ADC) and W.P. Carey (NYSE: WPC) released annual results last night and held earnings calls this morning.
Agree Realty
The REIT ended the year with:
-Core FFO and AFFO/share year-over-year increases of 3.7% and 4.6%, respectively
-2,370 properties in all 50 states (48.8 million square feet)
-Occupancy of 99.6% and weighted average remaining lease term (WALT) of 7.9 years
-Generated 68.2% of annualized base rent (ABR) from investment grade (IG) rated tenants
-Ground lease portfolio generates 10.9% of ABR from 229 leases (100% occupied; WALT of 9.6 years; 88.2% of ABR from IG-rated tenants)
-Increased exposure during 4Q24 to auto parts stores (from 5.7% to 6.4%), farm and rural supply (from 5.0% to 5.2%), crafts & novelties (from 3.1% to 3.3%)
-Check out the February 4th edition of the Net Lease Observer for a deep dive on the auto parts sector (Volume 2; Issue 3)
ABR Added = Annualized base rent added during 4Q2024; Dollars in millions
The company noted a portfolio acquisition of…
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