Kwarkot Agree Realty’s (NYSE:ADC) total real estate investment activity for 2022 hit a record $1.71B, the REIT said on Wednesday. The 465 properties are net leased, span 28 retail sectors, and are in 43 states across the US The activity includes acquisition, development, and Partner Capital Solutions projects completed or currently under construction. During the year, Agree (ADC) acquired 434 retail net lease properties for total acquisition volume of ~$1.59B, with a weighted-average capitalization rate of 6.2% and weighted-average remaining lease term of 10.2 years. Acquisitions in Q4 2022 totaled $404.9M at weighted-average cap rate of 6.4% and weighted-average remaining lease term of 10.6 years. During Q4, Agree (ADC) entered into forward sale agreements in connection with its at-the-market equity program to sell a total of almost 4.11M shares of common stock for anticipated net proceeds of $282.9M. It also settled 1.60M shares under existing forward sale agreements and received net proceeds of ~$106.2M. As of Dec 31, 2022, Agree Realty (ADC) had total liquidity of ~$1.5B, which includes $900M of availability under its revolving credit facility, $557.4M of outstanding forward equity, and cash on hand. In Q3 2022, Soros Fund Management acquired a new purchase with the purchase of 231K shares.
