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Agree Realty Corporation (ADC+1.78%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $8.49 billion, with net real estate investments of $7.42 billion. The company's portfolio consists of 2,370 properties, with a gross leasable area of approximately 48.8 million square feet.
Agree Realty's total revenue for 2024 was $617.1 million, a 15% increase from $537.5 million in 2023. This growth was largely driven by the acquisition of 242 properties during the year.
The company reported net income of $189.8 million, up from $170.5 million in 2023. After preferred dividends, net income attributable to common stockholders was $181.8 million, compared to $162.5 million in the previous year.
During 2024, Agree Realty completed $939.2 million in investments, including the acquisition of 242 properties and the development of 21 properties. The company also sold 26 assets for net proceeds of $94.3 million.
The company increased its monthly dividend per common share to $0.253 in October 2024, resulting in an annualized dividend of $3.036 per share.
As of December 31, 2024, Agree Realty had total debt of $2.81 billion, with a weighted average interest rate of 3.87%. The company's debt includes $158.0 million under its revolving credit facility and $2.26 billion in senior unsecured notes.
The filing also notes that the company has a $1.25 billion ATM program in place, with $1.24 billion of availability remaining as of the end of 2024.
Agree Realty's management emphasizes its focus on maintaining a conservative capital structure and pursuing growth through acquisitions and development projects.
The company continues to operate as a REIT, distributing at least 90% of its taxable income to shareholders to maintain its tax status.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Agree Realty Corporation annual 10-K report dated February 11, 2025. To report an error, please email earnings@qz.com.