Michigan’s Agree Realty Receives 87 Percent of May Rent Payments

by Alex Tostado

Bloomfield Hills, Mich. — Agree Realty Corp (NYSE: ADC), a retail real estate investment trust, received rent payments from 87 percent of its tenants in May, according to the company. Agree entered into May deferral agreements with tenants representing approximately 4 percent of its portfolio. All of Agree’s investment-grade tenants paid their rent for May.

Acquisition activity in the second quarter through May 29 totaled $147.4 million. The acquisition of six properties occupied by Walmart comprised approximately 39 percent of acquisition capital deployed. Walmart remains the company’s top tenant, accounting for approximately 7.5 percent of annualized base rent. Agree has sold seven properties for gross proceeds of approximately $16.6 million quarter-to-date through May 29.

Agree has also executed a new 20-year net lease with an undisclosed tenant for its former Art Van flagship store in Canton, Michigan. Rent is expected to commence in the latter half of the third quarter. This was the only Art Van furniture store in the company’s portfolio.

Bloomfield Hills-based Agree primarily engages in the acquisition and development of properties net leased to retail tenants. As of March 31, the company owned and operated a portfolio of 868 properties in 46 states with a gross leasable area of 16.3 million square feet.

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