Agree Realty discloses Q3 property transactions, rent collections | ADC Message Board Posts


Agree Realty Corp

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Msg  21 of 30  at  10/22/2020 11:20:55 AM  by

jerrykrause


Agree Realty discloses Q3 property transactions, rent collections

from SNL Real Estate Daily
 

Agree Realty discloses Q3 property transactions, rent collections

 
Byline: Maera Tezuka
 

Agree Realty Corp. said in its latest earnings report that it recorded total acquisition volume of approximately $458.3 million for the third quarter.

During the quarter, the single-tenant real estate investment trust bought 91 properties net-leased to retail tenants operating in 15 sectors across 26 states.

The REIT raised its outlook for total acquisition volume in 2020 to a range of $1.25 billion to $1.35 billion from an earlier range of $900 million to $1.1 billion.

Agree Realty sold two properties in the quarter for approximately $3.5 million in gross proceeds. Its disposition guidance is still in the range of $50 million to $75 million.

The REIT's rent collections for July, August and September totaled 96%, 97% and 99%, respectively, as of Oct. 16. It received rents from 97% of its portfolio during the quarter.

The company agreed to defer 3% of July rents, 2% of August rents and less than 1% of September rents, collectively representing 2% of its third-quarter rents.

 


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