Agree Realty receives more than 99% of Q1, April rent

Agree Realty Corp. collected over 99% of rent for the first quarter and for the month of April from its portfolio as of April 30.

The company granted deferral agreements representing less than 1% of rent for the quarter, net of repayments received.

In reporting results, the company said it bought 31 ground-leased assets for about $127.0 million during the quarter.

Total acquisition volume for the quarter came to approximately $386.8 million and included 86 properties net-leased to retailers in sectors including off-price retail, consumer electronics, auto parts, general merchandise, dollar stores, convenience stores, crafts and novelties, grocery stores, and tire and auto service.

The outlook for the company's acquisition volume for the full year 2021 was raised to between $1.1 billion and $1.3 billion, a 33% annual increase at the midpoint from its previous range of $800 million to $1.0 billion.

Moreover, during the three months ended March 31, the company disposed of three properties for gross proceeds of approximately $8.7 million.

During the same period, Agree Realty launched its technology platform ARC, which aims to quickly underwrite and value real estate, while evaluating the pro forma impact on portfolio concentrations and other key metrics.

In the first quarter, the company entered into forward-sale agreements in connection with its at-the-market program to sell 372,469 common shares at a weighted-average gross price of $68.93 apiece. On March 31, it settled 578,410 shares under forward-sale agreements entered into through its ATM program and received net proceeds of about $36.9 million.

At quarter end, Agree Realty had 2,924,041 shares remaining to be settled under existing forward-sale agreements, which the company expects to raise net proceeds of roughly $189.6 million.