Agree Realty (ADC)
This autumn 2022 Earnings Title
, 9:00 a.m. ET
Contents:
Prepared Remarks
Questions and Options
Title Members
Prepared Remarks:
Operator
Good morning, all people, and welcome to the Agree Realty fourth quarter and full yr 2022 conference title. [Operator instructions] And please observe proper now’s conference is being recorded. Proper now, I want to flip the conference title over to Brian Hawthorne, director of firm finance. Please go ahead, Brian.
Brian Hawthorne — Director, Firm Finance
Thanks. Good morning, all people, and thanks for changing into a member of us for Agree Realty’s fourth quarter and full yr 2022 earnings title. Sooner than turning the choice over to Joey and Peter to debate our doc outcomes for the quarter, let me first run by the cautionary language. Please observe that on this title, we’re going to be sure statements which can be thought-about forward-looking beneath federal securities authorized pointers.
Our exact outcomes may differ significantly from the problems talked about in any forward-looking statements for loads of causes. Please see yesterday’s earnings launch and our SEC filings, along with our latest annual report on Variety 10-Okay, for a dialogue of assorted risks and uncertainties underlying our forward-looking statements. In addition to, we concentrate on non-GAAP financial measures, along with core funds from operations, or core FFO; adjusted funds from operations, or AFFO; and web debt to recurring EBITDA. Reconciliations of these non-GAAP financial measures to in all probability probably the most instantly comparable GAAP measures could also be current in our earnings launch, site, and SEC filings.
10 shares we like larger than Agree Realty
When our award-winning analyst group has a stock tip, it should presumably pay to concentrate. In any case, the publication they’ve run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They merely revealed what they think about are the ten best shares for patrons to buy correct now… and Agree Realty wasn’t one among them! That’s correct — they assume these 10 shares are even larger buys. See the ten shares *Stock Advisor returns as of February 8, 2023
I’ll now flip the choice over to Joey.
Joey Agree — President and Chief Authorities Officer
Thanks, Brian. Good morning, and, all people, thanks for changing into a member of us proper now. I’m glad to report that 2022 was one different doc yr for our agency. Notable milestones over the earlier 12 months included doc funding train over $1.7 billion, surpassing our doc extreme by 20%; the addition of over 440 high-quality web lease properties to our rising portfolio; the commencement of a doc 28 enchancment and Companion Capital Choices duties for entire devoted capital of virtually $110 million; the receiving of an upgraded funding grade credit score standing of Baa1 from Moody’s Consumers Service; and positioning our steadiness sheet to execute in 2023 with out the need for added capital, whereas elevating roughly $1.7 billion, along with $1.3 billion of equity.
We closed 2022 with roughly $1.5 billion of liquidity at year-end, along with larger than 550 million of fantastic forward equity obtainable at our election. Along with our forward equity, skilled forma web debt to recurring EBITDA was roughly 3.1 events at 12/31. As demonstrated by our fourth quarter acquisition train, cap prices crept bigger, nevertheless our bid-ask unfold stays as sellers are sluggish to manage to current market dynamics. As always, we keep disciplined to our funding approach, and refrain from going up the possibility curve by means of credit score rating or residual hazard to create the appears of a shortly growing cap cost environment.
Equally, we isn’t going to chase cap prices proper all the way down to ranges that fail to create ample spreads to drive relevant returns for our shareholders. Our focus stays on the proper retailers inside the nation with sturdy steadiness sheets to allow them to withstand the current macroeconomic environment regardless of the stage of decay. Our group is doing a terrific job navigating this environment, leveraging our sturdy industrywide relationships and observe doc whereas uncovering options in order so as to add to our rising portfolio. Our pipeline consists of every smaller one-off transactions and larger sale leasebacks with our predominant retail companions.
Offered that pipeline, I am assured our group will likely be able to provide north of $1 billion of acquisition train at spreads which is likely to be appropriately accretive. In the middle of the fourth quarter, we invested roughly $421 million all through 157 properties by means of our three exterior growth platforms. 100 and thirty-one of the properties originated by our acquisition platform, representing acquisition amount of roughly $405 million. The properties acquired all through the quarter are leased to best-in-class operators inside the auto parts, tire and auto service, home enchancment, dollar retailer, off-price retail, consolation retailer, and farm and rural present sectors, amongst others.
The acquired properties had a weighted widespread cap rAgree Realty (ADC)
This autumn 2022 Earnings Title
, 9:00 a.m. ET
Contents:
Prepared Remarks
Questions and Options
Title Members
Prepared Remarks:
Operator
Good morning, all people, and welcome to the Agree Realty fourth quarter and full yr 2022 conference title. [Operator instructions] And please observe proper now’s conference is being recorded. Proper now, I want to flip the conference title over to Brian Hawthorne, director of firm finance. Please go ahead, Brian.
Brian Hawthorne — Director, Firm Finance
Thanks. Good morning, all people, and thanks for changing into a member of us for Agree Realty’s fourth quarter and full yr 2022 earnings title. Sooner than turning the choice over to Joey and Peter to debate our doc outcomes for the quarter, let me first run by the cautionary language. Please observe that on this title, we’re going to be sure statements which can be thought-about forward-looking beneath federal securities authorized pointers.
Our exact outcomes may differ significantly from the problems talked about in any forward-looking statements for loads of causes. Please see yesterday’s earnings launch and our SEC filings, along with our latest annual report on Variety 10-Okay, for a dialogue of assorted risks and uncertainties underlying our forward-looking statements. In addition to, we concentrate on non-GAAP financial measures, along with core funds from operations, or core FFO; adjusted funds from operations, or AFFO; and web debt to recurring EBITDA. Reconciliations of these non-GAAP financial measures to in all probability probably the most instantly comparable GAAP measures could also be current in our earnings launch, site, and SEC filings.
10 shares we like larger than Agree Realty
When our award-winning analyst group has a stock tip, it should presumably pay to concentrate. In any case, the publication they’ve run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They merely revealed what they think about are the ten best shares for patrons to buy correct now… and Agree Realty wasn’t one among them! That’s correct — they assume these 10 shares are even larger buys. See the ten shares *Stock Advisor returns as of February 8, 2023
I’ll now flip the choice over to Joey.
Joey Agree — President and Chief Authorities Officer
Thanks, Brian. Good morning, and, all people, thanks for changing into a member of us proper now. I’m glad to report that 2022 was one different doc yr for our agency. Notable milestones over the earlier 12 months included doc funding train over $1.7 billion, surpassing our doc extreme by 20%; the addition of over 440 high-quality web lease properties to our rising portfolio; the commencement of a doc 28 enchancment and Companion Capital Choices duties for entire devoted capital of virtually $110 million; the receiving of an upgraded funding grade credit score standing of Baa1 from Moody’s Consumers Service; and positioning our steadiness sheet to execute in 2023 with out the need for added capital, whereas elevating roughly $1.7 billion, along with $1.3 billion of equity.
We closed 2022 with roughly $1.5 billion of liquidity at year-end, along with larger than 550 million of fantastic forward equity obtainable at our election. Along with our forward equity, skilled forma web debt to recurring EBITDA was roughly 3.1 events at 12/31. As demonstrated by our fourth quarter acquisition train, cap prices crept bigger, nevertheless our bid-ask unfold stays as sellers are sluggish to manage to current market dynamics. As always, we keep disciplined to our funding approach, and refrain from going up the possibility curve by means of credit score rating or residual hazard to create the appears of a shortly growing cap cost environment.
Equally, we isn’t going to chase cap prices proper all the way down to ranges that fail to create ample spreads to drive relevant returns for our shareholders. Our focus stays on the proper retailers inside the nation with sturdy steadiness sheets to allow them to withstand the current macroeconomic environment regardless of the stage of decay. Our group is doing a terrific job navigating this environment, leveraging our sturdy industrywide relationships and observe doc whereas uncovering options in order so as to add to our rising portfolio. Our pipeline consists of every smaller one-off transactions and larger sale leasebacks with our predominant retail companions.
Offered that pipeline, I am assured our group will likely be able to provide north of $1 billion of acquisition train at spreads which is likely to be appropriately accretive. In the middle of the fourth quarter, we invested roughly $421 million all through 157 properties by means of our three exterior growth platforms. 100 and thirty-one of the properties originated by our acquisition platform, representing acquisition amount of roughly $405 million. The properties acquired all through the quarter are leased to best-in-class operators inside the auto parts, tire and auto service, home enchancment, dollar retailer, off-price retail, consolation retailer, and farm and rural present sectors, amongst others.
The acquired properties had a weighted widespread cap rAgree Realty (ADC)
This autumn 2022 Earnings Title
, 9:00 a.m. ET
Contents:
Prepared Remarks
Questions and Options
Title Members
Prepared Remarks:
Operator
Good morning, all people, and welcome to the Agree Realty fourth quarter and full yr 2022 conference title. [Operator instructions] And please observe proper now’s conference is being recorded. Proper now, I want to flip the conference title over to Brian Hawthorne, director of firm finance. Please go ahead, Brian.
Brian Hawthorne — Director, Firm Finance
Thanks. Good morning, all people, and thanks for changing into a member of us for Agree Realty’s fourth quarter and full yr 2022 earnings title. Sooner than turning the choice over to Joey and Peter to debate our doc outcomes for the quarter, let me first run by the cautionary language. Please observe that on this title, we’re going to be sure statements which can be thought-about forward-looking beneath federal securities authorized pointers.
Our exact outcomes may differ significantly from the problems talked about in any forward-looking statements for loads of causes. Please see yesterday’s earnings launch and our SEC filings, along with our latest annual report on Variety 10-Okay, for a dialogue of assorted risks and uncertainties underlying our forward-looking statements. In addition to, we concentrate on non-GAAP financial measures, along with core funds from operations, or core FFO; adjusted funds from operations, or AFFO; and web debt to recurring EBITDA. Reconciliations of these non-GAAP financial measures to in all probability probably the most instantly comparable GAAP measures could also be current in our earnings launch, site, and SEC filings.
10 shares we like larger than Agree Realty
When our award-winning analyst group has a stock tip, it should presumably pay to concentrate. In any case, the publication they’ve run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They merely revealed what they think about are the ten best shares for patrons to buy correct now… and Agree Realty wasn’t one among them! That’s correct — they assume these 10 shares are even larger buys. See the ten shares *Stock Advisor returns as of February 8, 2023
I’ll now flip the choice over to Joey.
Joey Agree — President and Chief Authorities Officer
Thanks, Brian. Good morning, and, all people, thanks for changing into a member of us proper now. I’m glad to report that 2022 was one different doc yr for our agency. Notable milestones over the earlier 12 months included doc funding train over $1.7 billion, surpassing our doc extreme by 20%; the addition of over 440 high-quality web lease properties to our rising portfolio; the commencement of a doc 28 enchancment and Companion Capital Choices duties for entire devoted capital of virtually $110 million; the receiving of an upgraded funding grade credit score standing of Baa1 from Moody’s Consumers Service; and positioning our steadiness sheet to execute in 2023 with out the need for added capital, whereas elevating roughly $1.7 billion, along with $1.3 billion of equity.
We closed 2022 with roughly $1.5 billion of liquidity at year-end, along with larger than 550 million of fantastic forward equity obtainable at our election. Along with our forward equity, skilled forma web debt to recurring EBITDA was roughly 3.1 events at 12/31. As demonstrated by our fourth quarter acquisition train, cap prices crept bigger, nevertheless our bid-ask unfold stays as sellers are sluggish to manage to current market dynamics. As always, we keep disciplined to our funding approach, and refrain from going up the possibility curve by means of credit score rating or residual hazard to create the appears of a shortly growing cap cost environment.
Equally, we isn’t going to chase cap prices proper all the way down to ranges that fail to create ample spreads to drive relevant returns for our shareholders. Our focus stays on the proper retailers inside the nation with sturdy steadiness sheets to allow them to withstand the current macroeconomic environment regardless of the stage of decay. Our group is doing a terrific job navigating this environment, leveraging our sturdy industrywide relationships and observe doc whereas uncovering options in order so as to add to our rising portfolio. Our pipeline consists of every smaller one-off transactions and larger sale leasebacks with our predominant retail companions.
Offered that pipeline, I am assured our group will likely be able to provide north of $1 billion of acquisition train at spreads which is likely to be appropriately accretive. In the middle of the fourth quarter, we invested roughly $421 million all through 157 properties by means of our three exterior growth platforms. 100 and thirty-one of the properties originated by our acquisition platform, representing acquisition amount of roughly $405 million. The properties acquired all through the quarter are leased to best-in-class operators inside the auto parts, tire and auto service, home enchancment, dollar retailer, off-price retail, consolation retailer, and farm and rural present sectors, amongst others.
The acquired properties had a weighted widespread cap rAgree Realty (ADC)
This autumn 2022 Earnings Title
, 9:00 a.m. ET
Contents:
Prepared Remarks
Questions and Options
Title Members
Prepared Remarks:
Operator
Good morning, all people, and welcome to the Agree Realty fourth quarter and full yr 2022 conference title. [Operator instructions] And please observe proper now’s conference is being recorded. Proper now, I want to flip the conference title over to Brian Hawthorne, director of firm finance. Please go ahead, Brian.
Brian Hawthorne — Director, Firm Finance
Thanks. Good morning, all people, and thanks for changing into a member of us for Agree Realty’s fourth quarter and full yr 2022 earnings title. Sooner than turning the choice over to Joey and Peter to debate our doc outcomes for the quarter, let me first run by the cautionary language. Please observe that on this title, we’re going to be sure statements which can be thought-about forward-looking beneath federal securities authorized pointers.
Our exact outcomes may differ significantly from the problems talked about in any forward-looking statements for loads of causes. Please see yesterday’s earnings launch and our SEC filings, along with our latest annual report on Variety 10-Okay, for a dialogue of assorted risks and uncertainties underlying our forward-looking statements. In addition to, we concentrate on non-GAAP financial measures, along with core funds from operations, or core FFO; adjusted funds from operations, or AFFO; and web debt to recurring EBITDA. Reconciliations of these non-GAAP financial measures to in all probability probably the most instantly comparable GAAP measures could also be current in our earnings launch, site, and SEC filings.
10 shares we like larger than Agree Realty
When our award-winning analyst group has a stock tip, it should presumably pay to concentrate. In any case, the publication they’ve run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They merely revealed what they think about are the ten best shares for patrons to buy correct now… and Agree Realty wasn’t one among them! That’s correct — they assume these 10 shares are even larger buys. See the ten shares *Stock Advisor returns as of February 8, 2023
I’ll now flip the choice over to Joey.
Joey Agree — President and Chief Authorities Officer
Thanks, Brian. Good morning, and, all people, thanks for changing into a member of us proper now. I’m glad to report that 2022 was one different doc yr for our agency. Notable milestones over the earlier 12 months included doc funding train over $1.7 billion, surpassing our doc extreme by 20%; the addition of over 440 high-quality web lease properties to our rising portfolio; the commencement of a doc 28 enchancment and Companion Capital Choices duties for entire devoted capital of virtually $110 million; the receiving of an upgraded funding grade credit score standing of Baa1 from Moody’s Consumers Service; and positioning our steadiness sheet to execute in 2023 with out the need for added capital, whereas elevating roughly $1.7 billion, along with $1.3 billion of equity.
We closed 2022 with roughly $1.5 billion of liquidity at year-end, along with larger than 550 million of fantastic forward equity obtainable at our election. Along with our forward equity, skilled forma web debt to recurring EBITDA was roughly 3.1 events at 12/31. As demonstrated by our fourth quarter acquisition train, cap prices crept bigger, nevertheless our bid-ask unfold stays as sellers are sluggish to manage to current market dynamics. As always, we keep disciplined to our funding approach, and refrain from going up the possibility curve by means of credit score rating or residual hazard to create the appears of a shortly growing cap cost environment.
Equally, we isn’t going to chase cap prices proper all the way down to ranges that fail to create ample spreads to drive relevant returns for our shareholders. Our focus stays on the proper retailers inside the nation with sturdy steadiness sheets to allow them to withstand the current macroeconomic environment regardless of the stage of decay. Our group is doing a terrific job navigating this environment, leveraging our sturdy industrywide relationships and observe doc whereas uncovering options in order so as to add to our rising portfolio. Our pipeline consists of every smaller one-off transactions and larger sale leasebacks with our predominant retail companions.
Offered that pipeline, I am assured our group will likely be able to provide north of $1 billion of acquisition train at spreads which is likely to be appropriately accretive. In the middle of the fourth quarter, we invested roughly $421 million all through 157 properties by means of our three exterior growth platforms. 100 and thirty-one of the properties originated by our acquisition platform, representing acquisition amount of roughly $405 million. The properties acquired all through the quarter are leased to best-in-class operators inside the auto parts, tire and auto service, home enchancment, dollar retailer, off-price retail, consolation retailer, and farm and rural present sectors, amongst others.
The acquired properties had a weighted widespread cap rAgree Realty (ADC)
This autumn 2022 Earnings Title
, 9:00 a.m. ET
Contents:
Prepared Remarks
Questions and Options
Title Members
Prepared Remarks:
Operator
Good morning, all people, and welcome to the Agree Realty fourth quarter and full yr 2022 conference title. [Operator instructions] And please observe proper now’s conference is being recorded. Proper now, I want to flip the conference title over to Brian Hawthorne, director of firm finance. Please go ahead, Brian.
Brian Hawthorne — Director, Firm Finance
Thanks. Good morning, all people, and thanks for changing into a member of us for Agree Realty’s fourth quarter and full yr 2022 earnings title. Sooner than turning the choice over to Joey and Peter to debate our doc outcomes for the quarter, let me first run by the cautionary language. Please observe that on this title, we’re going to be sure statements which can be thought-about forward-looking beneath federal securities authorized pointers.
Our exact outcomes may differ significantly from the problems talked about in any forward-looking statements for loads of causes. Please see yesterday’s earnings launch and our SEC filings, along with our latest annual report on Variety 10-Okay, for a dialogue of assorted risks and uncertainties underlying our forward-looking statements. In addition to, we concentrate on non-GAAP financial measures, along with core funds from operations, or core FFO; adjusted funds from operations, or AFFO; and web debt to recurring EBITDA. Reconciliations of these non-GAAP financial measures to in all probability probably the most instantly comparable GAAP measures could also be current in our earnings launch, site, and SEC filings.
10 shares we like larger than Agree Realty
When our award-winning analyst group has a stock tip, it should presumably pay to concentrate. In any case, the publication they’ve run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They merely revealed what they think about are the ten best shares for patrons to buy correct now… and Agree Realty wasn’t one among them! That’s correct — they assume these 10 shares are even larger buys. See the ten shares *Stock Advisor returns as of February 8, 2023
I’ll now flip the choice over to Joey.
Joey Agree — President and Chief Authorities Officer
Thanks, Brian. Good morning, and, all people, thanks for changing into a member of us proper now. I’m glad to report that 2022 was one different doc yr for our agency. Notable milestones over the earlier 12 months included doc funding train over $1.7 billion, surpassing our doc extreme by 20%; the addition of over 440 high-quality web lease properties to our rising portfolio; the commencement of a doc 28 enchancment and Companion Capital Choices duties for entire devoted capital of virtually $110 million; the receiving of an upgraded funding grade credit score standing of Baa1 from Moody’s Consumers Service; and positioning our steadiness sheet to execute in 2023 with out the need for added capital, whereas elevating roughly $1.7 billion, along with $1.3 billion of equity.
We closed 2022 with roughly $1.5 billion of liquidity at year-end, along with larger than 550 million of fantastic forward equity obtainable at our election. Along with our forward equity, skilled forma web debt to recurring EBITDA was roughly 3.1 events at 12/31. As demonstrated by our fourth quarter acquisition train, cap prices crept bigger, nevertheless our bid-ask unfold stays as sellers are sluggish to manage to current market dynamics. As always, we keep disciplined to our funding approach, and refrain from going up the possibility curve by means of credit score rating or residual hazard to create the appears of a shortly growing cap cost environment.
Equally, we isn’t going to chase cap prices proper all the way down to ranges that fail to create ample spreads to drive relevant returns for our shareholders. Our focus stays on the proper retailers inside the nation with sturdy steadiness sheets to allow them to withstand the current macroeconomic environment regardless of the stage of decay. Our group is doing a terrific job navigating this environment, leveraging our sturdy industrywide relationships and observe doc whereas uncovering options in order so as to add to our rising portfolio. Our pipeline consists of every smaller one-off transactions and larger sale leasebacks with our predominant retail companions.
Offered that pipeline, I am assured our group will likely be able to provide north of $1 billion of acquisition train at spreads which is likely to be appropriately accretive. In the middle of the fourth quarter, we invested roughly $421 million all through 157 properties by means of our three exterior growth platforms. 100 and thirty-one of the properties originated by our acquisition platform, representing acquisition amount of roughly $405 million. The properties acquired all through the quarter are leased to best-in-class operators inside the auto parts, tire and auto service, home enchancment, dollar retailer, off-price retail, consolation retailer, and farm and rural present sectors, amongst others.
The acquired properties had a weighted widespread cap rAgree Realty (ADC)
This autumn 2022 Earnings Title
, 9:00 a.m. ET
Contents:
Prepared Remarks
Questions and Options
Title Members
Prepared Remarks:
Operator
Good morning, all people, and welcome to the Agree Realty fourth quarter and full yr 2022 conference title. [Operator instructions] And please observe proper now’s conference is being recorded. Proper now, I want to flip the conference title over to Brian Hawthorne, director of firm finance. Please go ahead, Brian.
Brian Hawthorne — Director, Firm Finance
Thanks. Good morning, all people, and thanks for changing into a member of us for Agree Realty’s fourth quarter and full yr 2022 earnings title. Sooner than turning the choice over to Joey and Peter to debate our doc outcomes for the quarter, let me first run by the cautionary language. Please observe that on this title, we’re going to be sure statements which can be thought-about forward-looking beneath federal securities authorized pointers.
Our exact outcomes may differ significantly from the problems talked about in any forward-looking statements for loads of causes. Please see yesterday’s earnings launch and our SEC filings, along with our latest annual report on Variety 10-Okay, for a dialogue of assorted risks and uncertainties underlying our forward-looking statements. In addition to, we concentrate on non-GAAP financial measures, along with core funds from operations, or core FFO; adjusted funds from operations, or AFFO; and web debt to recurring EBITDA. Reconciliations of these non-GAAP financial measures to in all probability probably the most instantly comparable GAAP measures could also be current in our earnings launch, site, and SEC filings.
10 shares we like larger than Agree Realty
When our award-winning analyst group has a stock tip, it should presumably pay to concentrate. In any case, the publication they’ve run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They merely revealed what they think about are the ten best shares for patrons to buy correct now… and Agree Realty wasn’t one among them! That’s correct — they assume these 10 shares are even larger buys. See the ten shares *Stock Advisor returns as of February 8, 2023
I’ll now flip the choice over to Joey.
Joey Agree — President and Chief Authorities Officer
Thanks, Brian. Good morning, and, all people, thanks for changing into a member of us proper now. I’m glad to report that 2022 was one different doc yr for our agency. Notable milestones over the earlier 12 months included doc funding train over $1.7 billion, surpassing our doc extreme by 20%; the addition of over 440 high-quality web lease properties to our rising portfolio; the commencement of a doc 28 enchancment and Companion Capital Choices duties for entire devoted capital of virtually $110 million; the receiving of an upgraded funding grade credit score standing of Baa1 from Moody’s Consumers Service; and positioning our steadiness sheet to execute in 2023 with out the need for added capital, whereas elevating roughly $1.7 billion, along with $1.3 billion of equity.
We closed 2022 with roughly $1.5 billion of liquidity at year-end, along with larger than 550 million of fantastic forward equity obtainable at our election. Along with our forward equity, skilled forma web debt to recurring EBITDA was roughly 3.1 events at 12/31. As demonstrated by our fourth quarter acquisition train, cap prices crept bigger, nevertheless our bid-ask unfold stays as sellers are sluggish to manage to current market dynamics. As always, we keep disciplined to our funding approach, and refrain from going up the possibility curve by means of credit score rating or residual hazard to create the appears of a shortly growing cap cost environment.
Equally, we isn’t going to chase cap prices proper all the way down to ranges that fail to create ample spreads to drive relevant returns for our shareholders. Our focus stays on the proper retailers inside the nation with sturdy steadiness sheets to allow them to withstand the current macroeconomic environment regardless of the stage of decay. Our group is doing a terrific job navigating this environment, leveraging our sturdy industrywide relationships and observe doc whereas uncovering options in order so as to add to our rising portfolio. Our pipeline consists of every smaller one-off transactions and larger sale leasebacks with our predominant retail companions.
Offered that pipeline, I am assured our group will likely be able to provide north of $1 billion of acquisition train at spreads which is likely to be appropriately accretive. In the middle of the fourth quarter, we invested roughly $421 million all through 157 properties by means of our three exterior growth platforms. 100 and thirty-one of the properties originated by our acquisition platform, representing acquisition amount of roughly $405 million. The properties acquired all through the quarter are leased to best-in-class operators inside the auto parts, tire and auto service, home enchancment, dollar retailer, off-price retail, consolation retailer, and farm and rural present sectors, amongst others.
The acquired properties had a weighted widespread cap rAgree Realty (ADC)
This autumn 2022 Earnings Title
, 9:00 a.m. ET
Contents:
Prepared Remarks
Questions and Options
Title Members
Prepared Remarks:
Operator
Good morning, all people, and welcome to the Agree Realty fourth quarter and full yr 2022 conference title. [Operator instructions] And please observe proper now’s conference is being recorded. Proper now, I want to flip the conference title over to Brian Hawthorne, director of firm finance. Please go ahead, Brian.
Brian Hawthorne — Director, Firm Finance
Thanks. Good morning, all people, and thanks for changing into a member of us for Agree Realty’s fourth quarter and full yr 2022 earnings title. Sooner than turning the choice over to Joey and Peter to debate our doc outcomes for the quarter, let me first run by the cautionary language. Please observe that on this title, we’re going to be sure statements which can be thought-about forward-looking beneath federal securities authorized pointers.
Our exact outcomes may differ significantly from the problems talked about in any forward-looking statements for loads of causes. Please see yesterday’s earnings launch and our SEC filings, along with our latest annual report on Variety 10-Okay, for a dialogue of assorted risks and uncertainties underlying our forward-looking statements. In addition to, we concentrate on non-GAAP financial measures, along with core funds from operations, or core FFO; adjusted funds from operations, or AFFO; and web debt to recurring EBITDA. Reconciliations of these non-GAAP financial measures to in all probability probably the most instantly comparable GAAP measures could also be current in our earnings launch, site, and SEC filings.
10 shares we like larger than Agree Realty
When our award-winning analyst group has a stock tip, it should presumably pay to concentrate. In any case, the publication they’ve run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They merely revealed what they think about are the ten best shares for patrons to buy correct now… and Agree Realty wasn’t one among them! That’s correct — they assume these 10 shares are even larger buys. See the ten shares *Stock Advisor returns as of February 8, 2023
I’ll now flip the choice over to Joey.
Joey Agree — President and Chief Authorities Officer
Thanks, Brian. Good morning, and, all people, thanks for changing into a member of us proper now. I’m glad to report that 2022 was one different doc yr for our agency. Notable milestones over the earlier 12 months included doc funding train over $1.7 billion, surpassing our doc extreme by 20%; the addition of over 440 high-quality web lease properties to our rising portfolio; the commencement of a doc 28 enchancment and Companion Capital Choices duties for entire devoted capital of virtually $110 million; the receiving of an upgraded funding grade credit score standing of Baa1 from Moody’s Consumers Service; and positioning our steadiness sheet to execute in 2023 with out the need for added capital, whereas elevating roughly $1.7 billion, along with $1.3 billion of equity.
We closed 2022 with roughly $1.5 billion of liquidity at year-end, along with larger than 550 million of fantastic forward equity obtainable at our election. Along with our forward equity, skilled forma web debt to recurring EBITDA was roughly 3.1 events at 12/31. As demonstrated by our fourth quarter acquisition train, cap prices crept bigger, nevertheless our bid-ask unfold stays as sellers are sluggish to manage to current market dynamics. As always, we keep disciplined to our funding approach, and refrain from going up the possibility curve by means of credit score rating or residual hazard to create the appears of a shortly growing cap cost environment.
Equally, we isn’t going to chase cap prices proper all the way down to ranges that fail to create ample spreads to drive relevant returns for our shareholders. Our focus stays on the proper retailers inside the nation with sturdy steadiness sheets to allow them to withstand the current macroeconomic environment regardless of the stage of decay. Our group is doing a terrific job navigating this environment, leveraging our sturdy industrywide relationships and observe doc whereas uncovering options in order so as to add to our rising portfolio. Our pipeline consists of every smaller one-off transactions and larger sale leasebacks with our predominant retail companions.
Offered that pipeline, I am assured our group will likely be able to provide north of $1 billion of acquisition train at spreads which is likely to be appropriately accretive. In the middle of the fourth quarter, we invested roughly $421 million all through 157 properties by means of our three exterior growth platforms. 100 and thirty-one of the properties originated by our acquisition platform, representing acquisition amount of roughly $405 million. The properties acquired all through the quarter are leased to best-in-class operators inside the auto parts, tire and auto service, home enchancment, dollar retailer, off-price retail, consolation retailer, and farm and rural present sectors, amongst others.
The acquired properties had a weighted widespread cap rAgree Realty (ADC)
This autumn 2022 Earnings Title
, 9:00 a.m. ET
Contents:
Prepared Remarks
Questions and Options
Title Members
Prepared Remarks:
Operator
Good morning, all people, and welcome to the Agree Realty fourth quarter and full yr 2022 conference title. [Operator instructions] And please observe proper now’s conference is being recorded. Proper now, I want to flip the conference title over to Brian Hawthorne, director of firm finance. Please go ahead, Brian.
Brian Hawthorne — Director, Firm Finance
Thanks. Good morning, all people, and thanks for changing into a member of us for Agree Realty’s fourth quarter and full yr 2022 earnings title. Sooner than turning the choice over to Joey and Peter to debate our doc outcomes for the quarter, let me first run by the cautionary language. Please observe that on this title, we’re going to be sure statements which can be thought-about forward-looking beneath federal securities authorized pointers.
Our exact outcomes may differ significantly from the problems talked about in any forward-looking statements for loads of causes. Please see yesterday’s earnings launch and our SEC filings, along with our latest annual report on Variety 10-Okay, for a dialogue of assorted risks and uncertainties underlying our forward-looking statements. In addition to, we concentrate on non-GAAP financial measures, along with core funds from operations, or core FFO; adjusted funds from operations, or AFFO; and web debt to recurring EBITDA. Reconciliations of these non-GAAP financial measures to in all probability probably the most instantly comparable GAAP measures could also be current in our earnings launch, site, and SEC filings.
10 shares we like larger than Agree Realty
When our award-winning analyst group has a stock tip, it should presumably pay to concentrate. In any case, the publication they’ve run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They merely revealed what they think about are the ten best shares for patrons to buy correct now… and Agree Realty wasn’t one among them! That’s correct — they assume these 10 shares are even larger buys. See the ten shares *Stock Advisor returns as of February 8, 2023
I’ll now flip the choice over to Joey.
Joey Agree — President and Chief Authorities Officer
Thanks, Brian. Good morning, and, all people, thanks for changing into a member of us proper now. I’m glad to report that 2022 was one different doc yr for our agency. Notable milestones over the earlier 12 months included doc funding train over $1.7 billion, surpassing our doc extreme by 20%; the addition of over 440 high-quality web lease properties to our rising portfolio; the commencement of a doc 28 enchancment and Companion Capital Choices duties for entire devoted capital of virtually $110 million; the receiving of an upgraded funding grade credit score standing of Baa1 from Moody’s Consumers Service; and positioning our steadiness sheet to execute in 2023 with out the need for added capital, whereas elevating roughly $1.7 billion, along with $1.3 billion of equity.
We closed 2022 with roughly $1.5 billion of liquidity at year-end, along with larger than 550 million of fantastic forward equity obtainable at our election. Along with our forward equity, skilled forma web debt to recurring EBITDA was roughly 3.1 events at 12/31. As demonstrated by our fourth quarter acquisition train, cap prices crept bigger, nevertheless our bid-ask unfold stays as sellers are sluggish to manage to current market dynamics. As always, we keep disciplined to our funding approach, and refrain from going up the possibility curve by means of credit score rating or residual hazard to create the appears of a shortly growing cap cost environment.
Equally, we isn’t going to chase cap prices proper all the way down to ranges that fail to create ample spreads to drive relevant returns for our shareholders. Our focus stays on the proper retailers inside the nation with sturdy steadiness sheets to allow them to withstand the current macroeconomic environment regardless of the stage of decay. Our group is doing a terrific job navigating this environment, leveraging our sturdy industrywide relationships and observe doc whereas uncovering options in order so as to add to our rising portfolio. Our pipeline consists of every smaller one-off transactions and larger sale leasebacks with our predominant retail companions.
Offered that pipeline, I am assured our group will likely be able to provide north of $1 billion of acquisition train at spreads which is likely to be appropriately accretive. In the middle of the fourth quarter, we invested roughly $421 million all through 157 properties by means of our three exterior growth platforms. 100 and thirty-one of the properties originated by our acquisition platform, representing acquisition amount of roughly $405 million. The properties acquired all through the quarter are leased to best-in-class operators inside the auto parts, tire and auto service, home enchancment, dollar retailer, off-price retail, consolation retailer, and farm and rural present sectors, amongst others.
The acquired properties had a weighted widespread cap rAgree Realty (ADC)
This autumn 2022 Earnings Title
, 9:00 a.m. ET
Contents:
Prepared Remarks
Questions and Options
Title Members
Prepared Remarks:
Operator
Good morning, all people, and welcome to the Agree Realty fourth quarter and full yr 2022 conference title. [Operator instructions] And please observe proper now’s conference is being recorded. Proper now, I want to flip the conference title over to Brian Hawthorne, director of firm finance. Please go ahead, Brian.
Brian Hawthorne — Director, Firm Finance
Thanks. Good morning, all people, and thanks for changing into a member of us for Agree Realty’s fourth quarter and full yr 2022 earnings title. Sooner than turning the choice over to Joey and Peter to debate our doc outcomes for the quarter, let me first run by the cautionary language. Please observe that on this title, we’re going to be sure statements which can be thought-about forward-looking beneath federal securities authorized pointers.
Our exact outcomes may differ significantly from the problems talked about in any forward-looking statements for loads of causes. Please see yesterday’s earnings launch and our SEC filings, along with our latest annual report on Variety 10-Okay, for a dialogue of assorted risks and uncertainties underlying our forward-looking statements. In addition to, we concentrate on non-GAAP financial measures, along with core funds from operations, or core FFO; adjusted funds from operations, or AFFO; and web debt to recurring EBITDA. Reconciliations of these non-GAAP financial measures to in all probability probably the most instantly comparable GAAP measures could also be current in our earnings launch, site, and SEC filings.
10 shares we like larger than Agree Realty
When our award-winning analyst group has a stock tip, it should presumably pay to concentrate. In any case, the publication they’ve run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They merely revealed what they think about are the ten best shares for patrons to buy correct now… and Agree Realty wasn’t one among them! That’s correct — they assume these 10 shares are even larger buys. See the ten shares *Stock Advisor returns as of February 8, 2023
I’ll now flip the choice over to Joey.
Joey Agree — President and Chief Authorities Officer
Thanks, Brian. Good morning, and, all people, thanks for changing into a member of us proper now. I’m glad to report that 2022 was one different doc yr for our agency. Notable milestones over the earlier 12 months included doc funding train over $1.7 billion, surpassing our doc extreme by 20%; the addition of over 440 high-quality web lease properties to our rising portfolio; the commencement of a doc 28 enchancment and Companion Capital Choices duties for entire devoted capital of virtually $110 million; the receiving of an upgraded funding grade credit score standing of Baa1 from Moody’s Consumers Service; and positioning our steadiness sheet to execute in 2023 with out the need for added capital, whereas elevating roughly $1.7 billion, along with $1.3 billion of equity.
We closed 2022 with roughly $1.5 billion of liquidity at year-end, along with larger than 550 million of fantastic forward equity obtainable at our election. Along with our forward equity, skilled forma web debt to recurring EBITDA was roughly 3.1 events at 12/31. As demonstrated by our fourth quarter acquisition train, cap prices crept bigger, nevertheless our bid-ask unfold stays as sellers are sluggish to manage to current market dynamics. As always, we keep disciplined to our funding approach, and refrain from going up the possibility curve by means of credit score rating or residual hazard to create the appears of a shortly growing cap cost environment.
Equally, we isn’t going to chase cap prices proper all the way down to ranges that fail to create ample spreads to drive relevant returns for our shareholders. Our focus stays on the proper retailers inside the nation with sturdy steadiness sheets to allow them to withstand the current macroeconomic environment regardless of the stage of decay. Our group is doing a terrific job navigating this environment, leveraging our sturdy industrywide relationships and observe doc whereas uncovering options in order so as to add to our rising portfolio. Our pipeline consists of every smaller one-off transactions and larger sale leasebacks with our predominant retail companions.
Offered that pipeline, I am assured our group will likely be able to provide north of $1 billion of acquisition train at spreads which is likely to be appropriately accretive. In the middle of the fourth quarter, we invested roughly $421 million all through 157 properties by means of our three exterior growth platforms. 100 and thirty-one of the properties originated by our acquisition platform, representing acquisition amount of roughly $405 million. The properties acquired all through the quarter are leased to best-in-class operators inside the auto parts, tire and auto service, home enchancment, dollar retailer, off-price retail, consolation retailer, and farm and rural present sectors, amongst others.
The acquired properties had a weighted widespread cap rAgree Realty (ADC)
This autumn 2022 Earnings Title
, 9:00 a.m. ET
Contents:
Prepared Remarks
Questions and Options
Title Members
Prepared Remarks:
Operator
Good morning, all people, and welcome to the Agree Realty fourth quarter and full yr 2022 conference title. [Operator instructions] And please observe proper now’s conference is being recorded. Proper now, I want to flip the conference title over to Brian Hawthorne, director of firm finance. Please go ahead, Brian.
Brian Hawthorne — Director, Firm Finance
Thanks. Good morning, all people, and thanks for changing into a member of us for Agree Realty’s fourth quarter and full yr 2022 earnings title. Sooner than turning the choice over to Joey and Peter to debate our doc outcomes for the quarter, let me first run by the cautionary language. Please observe that on this title, we’re going to be sure statements which can be thought-about forward-looking beneath federal securities authorized pointers.
Our exact outcomes may differ significantly from the problems talked about in any forward-looking statements for loads of causes. Please see yesterday’s earnings launch and our SEC filings, along with our latest annual report on Variety 10-Okay, for a dialogue of assorted risks and uncertainties underlying our forward-looking statements. In addition to, we concentrate on non-GAAP financial measures, along with core funds from operations, or core FFO; adjusted funds from operations, or AFFO; and web debt to recurring EBITDA. Reconciliations of these non-GAAP financial measures to in all probability probably the most instantly comparable GAAP measures could also be current in our earnings launch, site, and SEC filings.
10 shares we like larger than Agree Realty
When our award-winning analyst group has a stock tip, it should presumably pay to concentrate. In any case, the publication they’ve run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They merely revealed what they think about are the ten best shares for patrons to buy correct now… and Agree Realty wasn’t one among them! That’s correct — they assume these 10 shares are even larger buys. See the ten shares *Stock Advisor returns as of February 8, 2023
I’ll now flip the choice over to Joey.
Joey Agree — President and Chief Authorities Officer
Thanks, Brian. Good morning, and, all people, thanks for changing into a member of us proper now. I’m glad to report that 2022 was one different doc yr for our agency. Notable milestones over the earlier 12 months included doc funding train over $1.7 billion, surpassing our doc extreme by 20%; the addition of over 440 high-quality web lease properties to our rising portfolio; the commencement of a doc 28 enchancment and Companion Capital Choices duties for entire devoted capital of virtually $110 million; the receiving of an upgraded funding grade credit score standing of Baa1 from Moody’s Consumers Service; and positioning our steadiness sheet to execute in 2023 with out the need for added capital, whereas elevating roughly $1.7 billion, along with $1.3 billion of equity.
We closed 2022 with roughly $1.5 billion of liquidity at year-end, along with larger than 550 million of fantastic forward equity obtainable at our election. Along with our forward equity, skilled forma web debt to recurring EBITDA was roughly 3.1 events at 12/31. As demonstrated by our fourth quarter acquisition train, cap prices crept bigger, nevertheless our bid-ask unfold stays as sellers are sluggish to manage to current market dynamics. As always, we keep disciplined to our funding approach, and refrain from going up the possibility curve by means of credit score rating or residual hazard to create the appears of a shortly growing cap cost environment.
Equally, we isn’t going to chase cap prices proper all the way down to ranges that fail to create ample spreads to drive relevant returns for our shareholders. Our focus stays on the proper retailers inside the nation with sturdy steadiness sheets to allow them to withstand the current macroeconomic environment regardless of the stage of decay. Our group is doing a terrific job navigating this environment, leveraging our sturdy industrywide relationships and observe doc whereas uncovering options in order so as to add to our rising portfolio. Our pipeline consists of every smaller one-off transactions and larger sale leasebacks with our predominant retail companions.
Offered that pipeline, I am assured our group will likely be able to provide north of $1 billion of acquisition train at spreads which is likely to be appropriately accretive. In the middle of the fourth quarter, we invested roughly $421 million all through 157 properties by means of our three exterior growth platforms. 100 and thirty-one of the properties originated by our acquisition platform, representing acquisition amount of roughly $405 million. The properties acquired all through the quarter are leased to best-in-class operators inside the auto parts, tire and auto service, home enchancment, dollar retailer, off-price retail, consolation retailer, and farm and rural present sectors, amongst others.
The acquired properties had a weighted widespread cap r
