Agree Realty Corp.'s rent collection for the second, third and fourth quarters of 2020 came to 95%, 98% and 99% of its portfolio, respectively.
It also deferred rent payments representing 2%, 2% and less than 1% of the respective quarters, net of repayments received.
In reporting its latest financial results, the company said it received approximately $98.2 million in net proceeds from the issuance of 1,501,210 common shares through the forward component of its at-the-market equity offering program.
The single-tenant real estate investment trust's aggregate acquisition volume for the fourth quarter of 2020 totaled about $355.6 million and included 100 properties net leased to retailers operating in sectors such as off-price retail, home improvement, automotive parts, general merchandise, dollar stores, convenience stores, farm and rural supply, grocery stores and tire and automotive service.
The properties were purchased at a weighted-average cap rate of 6.4% and had a weighted-average remaining lease term of approximately 11.6 years. They are spread across 33 states and leased to tenants operating in 18 retail sectors.
Approximately 83.5% of annualized base rents acquired were generated from investment-grade retail tenants.
Agree Realty's expectation for acquisition volume for the 2021 full year continues to be between $800 million and $1.0 billion of high-quality retail net lease properties, including several significant assumptions.
During the fourth quarter, the REIT sold a property for gross proceeds of approximately $1.8 million. During the 12 months ended Dec. 31, 2020, it sold 17 properties for total gross proceeds of $49.4 million.
The company forecasts disposition for 2021 to be in the range of $25 million to $75 million.