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PRNewswire 21-Feb-2019 4:05 PM
BLOOMFIELD HILLS, Mich., Feb. 21, 2019 /PRNewswire/ -- Agree Realty Corporation (NYSE:ADC) (the "Company") today announced results for the quarter and full year ended December 31, 2018. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.
Full Year 2018 Financial and Operating Highlights:
Fourth Quarter 2018 Financial and Operating Highlights:
Financial Results
Total Rental Revenue
Total rental revenue, which includes minimum rents and percentage rents, for the three months ended December 31, 2018 increased 27.1% to $36.4 million, compared to total rental revenue of $28.6 million for the comparable period in 2017.
Total rental revenue for the twelve months ended December 31, 2018 increased 26.4% to $133.1 million, compared to total rental revenue of $105.3 million for the comparable period in 2017.
Net Income
Net Income attributable to the Company for the three months ended December 31, 2018 decreased 19.9% to $13.2 million, compared to $16.5 million for the comparable period in 2017. Net Income per share attributable to the Company for the three months ended December 31, 2018 decreased 32.5% to $0.37, compared to $0.55 per share for the comparable period in 2017.
Net income attributable to the Company for the twelve months ended December 31, 2018 increased 0.1% to $58.2 million, compared to $58.1 million for the comparable period in 2017. Net income per share attributable to the Company for the twelve months ended December 31, 2018 decreased 14.3% to $1.78, compared to $2.08 per share for the comparable period in 2017.
Funds from Operations
FFO for the three months ended December 31, 2018 increased 20.0% to $25.6 million, compared to FFO of $21.3 million for the comparable period in 2017. FFO per share for the three months ended December 31, 2018 increased 1.2% to $0.72, compared to FFO per share of $0.71 for the comparable period in 2017.
FFO for the twelve months ended December 31, 2018 increased 22.5% to $93.4 million, compared to FFO of $76.3 million for the comparable period in 2017. FFO per share for the twelve months ended December 31, 2018 increased 4.9% to $2.85, compared to FFO per share of $2.72 for the comparable period in 2017.
Adjusted Funds from Operations
AFFO for the three months ended December 31, 2018 increased 21.2% to $25.4 million, compared to AFFO of $20.9 million for the comparable period in 2017. AFFO per share for the three months ended December 31, 2018 increased 2.2% to $0.71, compared to AFFO per share of $0.70 for the comparable period in 2017.
AFFO for the twelve months ended December 31, 2018 increased 22.4% to $92.7 million, compared to AFFO of $75.7 million for the comparable period in 2017. AFFO per share for the twelve months ended December 31, 2018 increased 4.9% to $2.83, compared to AFFO per share of $2.70 for the comparable period in 2017.
Dividend
The Company paid a cash dividend of $0.555 per share on January 4, 2019 to stockholders of record on December 21, 2018, a 6.7% increase over the $0.520 quarterly dividend declared in the fourth quarter of 2017. The quarterly dividend represents payout ratios of approximately 77% of FFO per share and 78% of AFFO per share, respectively.
For the twelve months ended December 31, 2018, the Company declared dividends of $2.155 per share, a 6.4% increase over the dividends of $2.025 per share declared for the comparable period in 2017. The dividend represents payout ratios of approximately 76% of FFO per share and AFFO per share, respectively.
CEO Comments
"We are very pleased with our performance in 2018 as we demonstrated continued execution across all phases of our business. Record investment activity and opportunistic dispositions served to further solidify our industry-leading portfolio," said Joey Agree, President and Chief Executive Officer of Agree Realty Corporation. "Our balance sheet discipline has again positioned our dynamic company for continued growth."
Portfolio Update
As of December 31, 2018, the Company's portfolio consisted of 645 properties located in 46 states totaling 11.2 million square feet of gross leasable space.
The portfolio was approximately 99.8% leased, had a weighted-average remaining lease term of approximately 10.2 years, and generated approximately 51.4% of annualized base rents from investment grade retail tenants or parent entities thereof.
Ground Lease Portfolio
As of December 31, 2018, the Company's ground lease portfolio consisted of 52 properties located in 19 states and totaled 1.7 million square feet of gross leasable space. Properties ground leased to tenants expanded to 9.0% of annualized base rents.
Ground leased assets acquired during the quarter include a Walmart Supercenter in Franklin, Ohio and a Home Depot in Forked River, New Jersey.
The ground lease portfolio was fully occupied, had a weighted-average remaining lease term of approximately 11.4 years, and generated approximately 88.5% of annualized base rents from investment grade retail tenants.
Acquisitions
Total acquisition volume for the fourth quarter of 2018 was approximately $255.9 million and included 129 assets net leased to notable retailers operating in the off-price retail, home improvement, convenience store, auto parts, and tire and auto service sectors. The properties are located in 29 states and leased to tenants operating in 15 retail sectors. The properties were acquired at a weighted-average capitalization rate of 6.7% and had a weighted-average remaining lease term of approximately 12.5 years.
For the twelve months ended December 31, 2018, total acquisition volume was approximately $607.0 million and included 225 high-quality retail net lease assets. The properties are located in 37 states and leased to 55 diverse tenants who operate in 22 retail sectors. The properties were acquired at a weighted-average capitalization rate of 7.0% and had a weighted-average remaining lease term of approximately 12.4 years.
The Company's outlook for acquisition volume in 2019, which assumes continued growth in economic activity,
moderate interest rate growth, positive business trends and other significant assumptions, is between $350 and
$400 million of high-quality retail net lease properties.
Dispositions
During the fourth quarter, the Company sold four properties for gross proceeds of approximately $5.8 million. The dispositions were completed at a weighted-average capitalization rate of 8.3%.
For the twelve months ended December 31, 2018, the Company divested 21 properties for total gross proceeds of $67.6 million. The weighted-average capitalization rate of the dispositions was 7.5%. Total disposition volume for the year included a tenant that exercised its option to purchase a property which had previously been ground leased from the Company. The option to purchase was exercised during the first quarter at a predetermined contractual price of $3.9 million.
The Company's disposition guidance for 2019 is between $25 million to $75 million.
Development and Partner Capital Solutions
The Company commenced three new development and PCS projects during the fourth quarter, with total anticipated costs of approximately $14.8 million. The projects consist of the Company's first development with Gerber Collision in Round Lake, Illinois; the Company's third project with Sunbelt Rentals in Georgetown, Kentucky; and the Company's redevelopment of the former Kmart space in Frankfort, Kentucky for ALDI, Big Lots and Harbor Freight Tools.
Construction continued during the fourth quarter on five projects with total anticipated costs of approximately $14.1 million. The projects include the Company's first two developments with Sunbelt Rentals in Batavia and Maumee, Ohio; the Company's third and fourth developments with Mister Car Wash in Orlando and Tavares, Florida; and the Company's redevelopment of the former Kmart space in Mount Pleasant, Michigan for Hobby Lobby.
For the twelve months ended December 31, 2018, the Company had 16 development or PCS projects completed or under construction. Anticipated total costs are approximately $74.4 million and include the following projects:
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Mister Car Wash |
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Urbandale, IA |
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Build-to-Suit |
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20 years |
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Q1 2018 |
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Completed |
Mister Car Wash |
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Bernalillo, NM |
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Build-to-Suit |
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20 years |
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Q1 2018 |
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Completed |
Burger King(1) |
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North Ridgeville, OH |
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Build-to-Suit |
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20 years |
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Q1 2018 |
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Completed |
Art Van Furniture |
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Canton, MI |
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Build-to-Suit |
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20 years |
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Q1 2018 |
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Completed |
Camping World |
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Grand Rapids, MI |
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Build-to-Suit |
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20 years |
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Q2 2018 |
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Completed |
ALDI |
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Chickasha, OK |
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Build-to-Suit |
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10 years |
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Q3 2018 |
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Completed |
Burger King(1) |
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Aurora, IL |
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Build-to-Suit |
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20 years |
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Q3 2018 |
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Completed |
Burlington Coat Factory |
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Nampa, ID |
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Build-to-Suit |
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15 years |
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Q3 2018 |
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Completed |
Mister Car Wash |
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Orlando, FL |
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Build-to-Suit |
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20 years |
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Q1 2019 |
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Under Construction |
Mister Car Wash |
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Tavares, FL |
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Build-to-Suit |
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20 years |
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Q1 2019 |
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Under Construction |
Sunbelt Rentals |
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Batavia, OH |
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Build-to-Suit |
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10 years |
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Q1 2019 |
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Under Construction |
Sunbelt Rentals |
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Maumee, OH |
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Build-to-Suit |
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10 years |
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Q1 2019 |
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Under Construction |
Sunbelt Rentals |
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Georgetown, KY |
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Build-to-Suit |
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15 years |
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Q3 2019 |
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Under Construction |
Gerber Collision |
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Round Lake, IL |
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Build-to-Suit |
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15 years |
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Q3 2019 |
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Under Construction |
Hobby Lobby |
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Mt. Pleasant, MI |
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Build-to-Suit |
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15 years |
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Q4 2019 |
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Under Construction |
Big Lots |
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Frankfort, KY |
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Build-to-Suit |
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10 years |
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Q1 2020 |
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Under Construction |
Harbor Freight Tools |
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Frankfort, KY |
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Build-to-Suit |
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10 years |
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Q1 2020 |
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Under Construction |
ALDI |
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Frankfort, KY |
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Build-to-Suit |
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10 years |
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Q2 2020 |
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Under Construction |
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Leasing Activity and Expirations
During the fourth quarter, the Company executed new leases, extensions or options on approximately 90,000 square feet of gross leasable area throughout the existing portfolio. Notable new leases, extensions or options included a 30,000-square foot TJ Maxx in Logan, Utah.
For the twelve months ended December 31, 2018, the Company executed new leases, extensions or options on approximately 331,000 square feet of gross leasable area throughout the existing portfolio.
At year end, the Company's 2019 lease maturities represented 1.6% of annualized base rents. The following table presents contractual lease expirations within the Company's portfolio as of December 31, 2018, assuming no tenants exercise renewal options:
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2019 |
11 |
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2,565 |
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1.6% |
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156 |
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1.4% |
2020 |
19 |
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3,219 |
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2.0% |
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232 |
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2.1% |
2021 |
26 |
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5,228 |
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3.3% |
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314 |
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2.8% |
2022 |
23 |
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4,358 |
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2.8% |
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383 |
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3.4% |
2023 |
38 |
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6,952 |
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4.4% |
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691 |
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6.2% |
2024 |
36 |
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10,130 |
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6.4% |
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1,006 |
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9.0% |
2025 |
40 |
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9,440 |
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6.0% |
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877 |
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7.8% |
2026 |
54 |
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9,133 |
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5.8% |
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932 |
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8.3% |
2027 |
50 |
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11,420 |
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7.2% |
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748 |
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6.7% |
2028 |
48 |
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14,351 |
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9.1% |
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1,101 |
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9.8% |
Thereafter |
367 |
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80,841 |
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51.4% |
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4,797 |
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42.5% |
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Top Tenants
The Company added Sherwin-Williams and Burlington Coat Factory to its top tenants in the fourth quarter of 2018. As of December 31, 2018, PetSmart is no longer among the Company's top tenants. The following table presents annualized base rents for all tenants that represent 1.5% or greater of the Company's total annualized base rent as of December 31, 2018:
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Walgreens |
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8,445 |
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5.4% |
Walmart |
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6,092 |
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3.9% |
LA Fitness |
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5,063 |
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3.2% |
TJX Companies |
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4,541 |
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2.9% |
Tractor Supply |
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4,323 |
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2.7% |
Lowe's |
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4,215 |
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2.7% |
CVS |
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3,397 |
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2.2% |
Dollar General |
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3,342 |
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2.1% |
O'Reilly Auto Parts |
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3,156 |
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2.0% |
Mister Car Wash |
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3,141 |
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2.0% |
Dave & Buster's |
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3,052 |
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1.9% |
Best Buy |
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2,979 |
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1.9% |
AutoZone |
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2,832 |
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1.8% |
Wawa |
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2,664 |
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1.7% |
Hobby Lobby |
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2,621 |
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1.7% |
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Dollar Tree |
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2,437 |
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1.5% |
AMC |
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2,388 |
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1.5% |
Other(2) |
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80,857 |
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51.3% |
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Retail Sectors
The following table presents annualized base rents for the Company's top retail sectors that represent 2.5% or greater of the Company's total annualized base rent as of December 31, 2018:
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Home Improvement |
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$17,434 |
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11.1% |
Pharmacy |
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13,428 |
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8.5% |
Tire and Auto Service |
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11,914 |
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7.6% |
Grocery Stores |
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9,897 |
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6.3% |
Off-Price Retail |
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9,002 |
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5.7% |
Health and Fitness |
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8,104 |
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5.1% |
Auto Parts |
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7,217 |
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4.6% |
Convenience Stores |
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7,127 |
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4.5% |
Restaurants - Quick Service |
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6,456 |
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4.1% |
General Merchandise |
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5,924 |
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3.8% |
Farm and Rural Supply |
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5,425 |
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3.4% |
Crafts and Novelties |
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5,000 |
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3.2% |
Dollar Stores |
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4,570 |
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2.9% |
Home Furnishings |
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4,360 |
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2.8% |
Consumer Electronics |
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4,335 |
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2.7% |
Specialty Retail |
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4,296 |
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2.7% |
Other(2) |
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33,148 |
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21.0% |
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Geographic Diversification
The following table presents annualized base rents for all states that represent 2.5% or greater of the Company's total annualized base rent as of December 31, 2018:
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Michigan |
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$15,339 |
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9.7% |
Texas |
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13,067 |
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8.3% |
Florida |
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10,193 |
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6.5% |
Illinois |
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9,163 |
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5.8% |
Ohio |
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8,522 |
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5.4% |
New Jersey |
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7,005 |
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4.4% |
Pennsylvania |
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6,215 |
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3.9% |
Georgia |
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6,153 |
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3.9% |
Louisiana |
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5,595 |
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3.5% |
Missouri |
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5,260 |
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3.3% |
North Carolina |
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4,643 |
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2.9% |
Virginia |
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4,255 |
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2.7% |
Mississippi |
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4,139 |
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2.6% |
Kansas |
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3,973 |
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2.5% |
Other(2) |
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54,115 |
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34.6% |
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Capital Markets and Balance Sheet
Capital Markets
During 2018, the Company executed numerous capital markets transactions to fund strategic growth and maintain a fortified balance sheet:
Balance Sheet
As of December 31, 2018, the Company's net debt to recurring EBITDA was 4.7 times and its fixed charge coverage ratio was 4.0 times. The Company's total debt to enterprise value was 24.9%. Enterprise value is calculated as the sum of net debt and the market value of the Company's outstanding shares of common stock, assuming conversion of operating partnership units into common stock.
For the three and twelve months ended December 31, 2018, the Company's fully diluted weighted-average shares
outstanding were 35.2 million and 32.4 million, respectively. The basic weighted-average shares outstanding for
the three and twelve months ended December 31, 2018 were 34.9 million and 32.1 million, respectively.
For the three and twelve months ended December 31, 2018, the Company's fully diluted weighted-average shares
and units outstanding were 35.5 million and 32.7 million, respectively. The basic weighted-average shares and units
outstanding for the three and twelve months ended December 31, 2018 were 35.2 million and 32.4 million,
respectively.
The Company's assets are held by, and its operations are conducted through, Agree Limited Partnership, of which the Company is the sole general partner. As of December 31, 2018, there were 347,619 operating partnership units outstanding and the Company held a 99.1% interest in the operating partnership.
Conference Call/Webcast
The Company will host its quarterly analyst and investor conference call on Friday, February 22, 2019 at 9:00 AM ET. To participate in the conference call, please dial (866) 363-3979 approximately ten minutes before the call begins.
Additionally, a webcast of the conference call will be available through the Company's website. To access the webcast, visit www.agreerealty.com ten minutes prior to the start time of the conference call and go to the Invest section of the website. A replay of the conference call webcast will be archived and available online through the Invest section of www.agreerealty.com.
About Agree Realty Corporation
Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of December 31, 2018, the Company owned and operated a portfolio of 645 properties, located in 46 states and containing approximately 11.2 million square feet of gross leasable space. The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol "ADC". For additional information, please visit www.agreerealty.com.
Forward-Looking Statements
This press release may contain certain "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," "forecast," "continue," "assume," "plan," references to "outlook" or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections and forecasts and other forward-looking information and estimates. These forward-looking statements are subject to various risks and uncertainties, many of which are beyond the Company's control, which could cause actual results to differ materially from such statements. These risks and uncertainties are described in greater detail in the Company's filings with the Securities and Exchange Commission, including, without limitation, the Company's Annual Report on Form 10-K for the year ended December 31, 2018 and in subsequent quarterly reports. Except as required by law, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. For further information about the Company's business and financial results, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's SEC filings, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Invest section of the Company's website at www.agreerealty.com.
All information in this press release is as of February 21, 2019. The Company undertakes no duty to update the statements in this press release to conform the statements to actual results or changes in the Company's expectations.
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Land |
$ 553,704 |
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$ 405,457 |
Buildings |
1,194,985 |
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868,396 |
Accumulated depreciation |
(100,312) |
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(85,239) |
Property under development |
12,957 |
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25,402 |
Net real estate investments |
1,661,334 |
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1,214,016 |
Real estate held for sale, net |
- |
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2,420 |
Cash and cash equivalents |
53,955 |
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50,807 |
Cash held in escrows |
20 |
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7,975 |
Accounts receivable - tenants, net of allowance of $289 and $296 for possible |
21,547 |
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15,477 |
Credit facility finance costs, net of accumulated amortization of $886 and $433 at |
1,126 |
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1,174 |
Leasing costs, net of accumulated amortization of $901 and $814 at December 31, |
2,652 |
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1,583 |
Lease intangibles, net of accumulated amortization of $62,543 and $41,390 at |
280,153 |
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195,158 |
Interest rate swaps |
2,539 |
|
1,592 |
Other assets, net |
4,863 |
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4,432 |
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Mortgage notes payable, net |
$ 60,926 |
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$ 88,270 |
Unsecured term loans, net |
256,419 |
|
158,171 |
Senior unsecured notes, net |
384,064 |
|
259,122 |
Unsecured revolving credit facility |
19,000 |
|
14,000 |
Dividends and distributions payable |
21,031 |
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16,303 |
Deferred revenue |
4,627 |
|
1,837 |
Accrued interest payable |
4,779 |
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3,412 |
Accounts payable and accrued expenses |
9,897 |
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11,165 |
Lease intangibles, net of accumulated amortization of $15,177 and $11,357 at |
27,218 |
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30,350 |
Interest rate swaps |
1,135 |
|
242 |
Deferred income taxes |
475 |
|
475 |
Tenant deposits |
132 |
|
97 |
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Common stock, $.0001 par value, 45,000,000 shares authorized, 37,545,790 and |
$ 4 |
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$ 3 |
Preferred stock, $.0001 par value per share, 4,000,000 shares authorized |
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Series A junior participating preferred stock, $.0001 par value, 200,000 |
- |
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- |
Additional paid-in capital |
1,277,592 |
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936,046 |
Dividends in excess of net income |
(42,945) |
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(28,763) |
Accumulated other comprehensive income (loss) |
1,424 |
|
1,375 |
Equity - Agree Realty Corporation |
$ 1,236,075 |
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$ 908,661 |
Non-controlling interest |
2,411 |
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2,529 |
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Minimum rents |
$ 36,319 |
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$ 28,574 |
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$ 132,814 |
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$ 105,074 |
Percentage rents |
46 |
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32 |
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261 |
|
244 |
Operating cost reimbursement |
4,272 |
|
2,735 |
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14,887 |
|
10,752 |
Other |
66 |
|
186 |
|
233 |
|
485 |
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Real estate taxes |
$ 3,024 |
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$ 2,216 |
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$ 10,721 |
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$ 8,204 |
Property operating expenses |
1,611 |
|
968 |
|
5,645 |
|
3,610 |
Land lease expense |
133 |
|
163 |
|
645 |
|
653 |
General and administrative |
3,172 |
|
2,423 |
|
12,165 |
|
9,722 |
Depreciation and amortization |
11,955 |
|
8,796 |
|
43,698 |
|
31,752 |
Provision for impairment |
668 |
|
- |
|
2,319 |
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- |
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Interest expense, net |
$ (6,908) |
|
$ (4,923) |
|
$ (24,872) |
|
$ (18,137) |
Gain (loss) on sale of assets, net |
231 |
|
4,147 |
|
11,180 |
|
14,193 |
Income tax expense |
(125) |
|
139 |
|
(516) |
|
(227) |
Other (expense) income |
- |
|
347 |
|
4 |
|
347 |
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|
|
Less Net Income Attributable to Non-Controlling Interest |
128 |
|
176 |
|
626 |
|
678 |
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Net Income |
$ 13,338 |
|
$ 16,671 |
|
$ 58,798 |
|
$ 58,790 |
Other Comprehensive Income (Loss) - Change in Fair Value of Interest |
(3,113) |
|
1,402 |
|
54 |
|
1,935 |
Total Comprehensive Income |
10,225 |
|
18,073 |
|
58,852 |
|
60,725 |
Comprehensive Income Attributable to Non-Controlling Interest |
(100) |
|
(209) |
|
(631) |
|
(702) |
Comprehensive Income Attributable to Agree Realty Corporation |
$ 10,125 |
|
$ 17,864 |
|
$ 58,221 |
|
$ 60,023 |
|
|
|
|
|
|
|
|
Weighted Average Number of Common Shares Outstanding - Basic |
34,856,396 |
|
29,537,603 |
|
32,070,255 |
|
27,625,102 |
Weighted Average Number of Common Shares Outstanding - Diluted |
35,179,168 |
|
29,616,353 |
|
32,401,122 |
|
27,700,347 |
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Net Income |
$ 13,338 |
|
$ 16,671 |
|
$ 58,798 |
|
$ 58,790 |
Depreciation of rental real estate assets |
6,808 |
|
5,220 |
|
24,553 |
|
19,507 |
Amortization of leasing costs |
18 |
|
43 |
|
191 |
|
163 |
Amortization of lease intangibles |
4,987 |
|
3,534 |
|
18,748 |
|
12,004 |
(Gain) loss on sale of assets, net |
(231) |
|
(4,147) |
|
(11,180) |
|
(14,193) |
Provision for impairment |
668 |
|
- |
|
2,319 |
|
- |
Funds from Operations |
$ 25,588 |
|
$ 21,321 |
|
$ 93,429 |
|
$ 76,271 |
Straight-line accrued rent |
(1,305) |
|
(1,004) |
|
(4,648) |
|
(3,548) |
Deferred tax expense (benefit) |
- |
|
(230) |
|
- |
|
(230) |
Stock based compensation expense |
852 |
|
691 |
|
3,227 |
|
2,589 |
Amortization of financing costs |
145 |
|
147 |
|
578 |
|
574 |
Non-real estate depreciation |
82 |
|
(1) |
|
146 |
|
78 |
Adjusted Funds from Operations |
$ 25,362 |
|
$ 20,924 |
|
$ 92,732 |
|
$ 75,734 |
|
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|
Funds from Operations per common share - Basic |
$ 0.73 |
|
$ 0.71 |
|
$ 2.88 |
|
$ 2.73 |
Funds from Operations per common share - Diluted |
$ 0.72 |
|
$ 0.71 |
|
$ 2.85 |
|
$ 2.72 |
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Adjusted Funds from Operations per common share - Basic |
$ 0.72 |
|
$ 0.70 |
|
$ 2.86 |
|
$ 2.71 |
Adjusted Funds from Operations per common share - Diluted |
$ 0.71 |
|
$ 0.70 |
|
$ 2.83 |
|
$ 2.70 |
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|
Weighted Average Number of Common Shares and Units Outstanding - Basic |
35,204,015 |
|
29,885,222 |
|
32,417,874 |
|
27,972,721 |
Weighted Average Number of Common Shares and Units Outstanding - Diluted |
35,526,787 |
|
29,963,973 |
|
32,748,741 |
|
28,047,966 |
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Scheduled principal repayments |
$ 850 |
|
$ 808 |
|
$ 3,337 |
|
$ 3,151 |
Capitalized interest |
67 |
|
273 |
|
448 |
|
570 |
Capitalized building improvements |
594 |
|
1,154 |
|
1,635 |
|
1,230 |
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Net Income |
|
|
|
|
|
|
$ 13,338 |
Interest expense, net |
|
|
|
|
|
|
6,908 |
Income tax expense |
|
|
|
|
|
|
125 |
Depreciation of rental real estate assets |
|
|
|
|
|
|
6,808 |
Amortization of leasing costs |
|
|
|
|
|
|
18 |
Amortization of lease intangibles |
|
|
|
|
|
|
4,987 |
Non-real estate depreciation |
|
|
|
|
|
|
82 |
(Gain) loss on sale of assets, net |
|
|
|
|
|
|
(231) |
Provision for impairment |
|
|
|
|
|
|
668 |
EBITDAre |
|
|
|
|
|
|
$ 32,703 |
|
|
|
|
|
|
|
|
Run-Rate Impact of Investment and Disposition Activity |
|
|
|
|
|
|
$ 3,272 |
Other expense (income) |
|
|
|
|
|
|
- |
Recurring EBITDA |
|
|
|
|
|
|
$ 35,975 |
|
|
|
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|
Annualized Recurring EBITDA |
|
|
|
|
|
|
$ 143,900 |
|
|
|
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Total Debt |
|
|
|
|
|
|
$ 724,063 |
Cash, cash equivalents and cash held in escrows |
|
|
|
|
|
|
(53,975) |
Net Debt |
|
|
|
|
|
|
$ 670,088 |
|
|
|
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Net Debt to Recurring EBITDA |
|
|
|
|
|
|
4.7x |
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View original content to download multimedia:http://www.prnewswire.com/news-releases/agree-realty-corporation-reports-fourth-quarter-and-full-year-2018-results-300800010.html
SOURCE Agree Realty Corporation