Highlights Highly Occupied Portfolio and Sector Leading
Investment Grade Tenant Base
ROYAL OAK, Mich., July 29, 2024 /PRNewswire/ -- Agree Realty
Corporation (NYSE: ADC) (the "Company") today announced that
S&P Global Ratings has upgraded the Company's issuer rating to
BBB+ from BBB with a stable outlook.
According to S&P's press release, the BBB+ issuer rating
reflects the Company's sound operating performance, supported by a
highly occupied portfolio with minimal near-term lease maturities
and a sector leading investment grade rated tenant base.
Additionally, S&P noted the Company's conservative financial
policy and liquidity profile, supported by its well-laddered debt
maturity schedule with minimal near-term maturities, and ample
availability under its revolving credit facility.
"The upgrade to a BBB+ credit rating is a testament to the
disciplined and prudent manner in which we've grown the Company,"
said Peter Coughenour, Chief
Financial Officer. "We have more than tripled the size of our
best-in-class retail portfolio since receiving our initial rating
in 2020, while simultaneously increasing our investment grade
concentration and deleveraging our fortress balance sheet."
About Agree Realty Corporation
Agree Realty Corporation is a publicly traded real estate
investment trust that is
RETHINKING RETAIL through the acquisition
and development of properties net leased to industry-leading,
omni-channel retail tenants. As of June 30,
2024, the Company owned and operated a portfolio of 2,202
properties, located in 49 states and containing approximately 45.8
million square feet of gross leasable area. The Company's common
stock is listed on the New York Stock Exchange under the symbol
"ADC". For additional information on the Company and
RETHINKING RETAIL, please visit
www.agreerealty.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/agree-realty-receives-upgrade-to-bbb-from-sp-global-ratings-302209030.html
SOURCE AGREE REALTY CORPORATION