Agree Realty Corporation (ADC) 2020年年度报告「NYSE」.pdf

1、ANNUALREPORT2020Dear Fellow Shareholders,Our Company achieved another year of record performance in 2020 amidst the most difficult of circumstances,strengthening ourbest-in-class retail net lease portfolio while fortifying the balance sheet to support our extraordinary growth trajectory.Over the pas

2、t five years,we have invested almost$3.5 billion into approximately 900 high-quality retail net lease properties.Over that period,the Company has constructed the leading omni-channel retail portfolio in the industry while returning over 138%to our shareholders.A year ago,as I wrote this letter,the m

3、arkets were consumed by fears of COVID-19 and the 10-year US treasury yield was at an all-time low.I emphasized that our real estate portfolio has been constructed to not only withstand trying times,but to thrive.While times remain difficult and uncertain,Im pleased to report that both the thoughtfu

4、l portfolio construction and conservative balance sheet strategy positioned us to BLAST OFF in 2020,our aptly titled initiative for this past year.While the Company achieved record investment volume last year,more important was our continued emphasis on leading omni-channel retailers that canwithsta

5、nd transitory,cyclical and structural changes and are poised for long-term success.With that,please allow me to review our Companys truly remarkable accomplishments during 2020 and outline how we are BUILT TO LAST in 2021 and beyond and are focused on positioning Agree Realty Corporation to execute

6、and thrive in the years ahead.Portfolio Quality Provides StabilityAt year end,our portfolio derived almost 68%of annualized base rents from retailers that carry an investment grade credit rating,representing a year-over-year increase of more than 900 basis points.At the time of writing this letter,o