Agree Realty reports $1.34B total investment activity in 2023; raises $236M forward equity

AGREE REALTY CORP

Total 2023 real estate investment activity (acquisitions, development, DFP) of $1.34B across 319 properties.
Acquired 282 retail net lease properties for $1.19B at 6.9% weighted-average cap rate; 73.7% from investment grade tenants.
Q4 acquisition volume $187.2M at 7.2% cap rate (80 bps higher than Q4 2022); 70.5% from investment grade.
Entered forward sale agreements for 3.83M shares expecting ~$235.6M net proceeds; total liquidity >$1.0B.
Portfolio: 2,135 properties; 69.1% annualized base rent from investment grade tenants; net debt to EBITDA 4.5x.

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