DEVELOP ACQUIRE PARTNER
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1 DEVELOP ACQUIRE PARTNER NOVEMBER 2017
2 Safe Harbor This presentation contains certain statements that are the Company s and Management s hopes, intentions, beliefs, expectations, or projections of the future and might be considered forward-looking statements under Federal Securities laws. Prospective investors are cautioned that any such forwardlooking statements are not guarantees of future performance and involve risks and uncertainties. The Company s actual future results may differ significantly from the matters discussed in these forwardlooking statements and we may not release revisions to these forward-looking statements to reflect changes after we ve made the statements. Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the Company s filings with the SEC including, but not limited to, the Company s report on Form 10-K, as well as Company press releases. 1
3 Agree Realty Corporation (NYSE: ADC) Retail net lease REIT focused on growth through the acquisition and development of high-quality retail properties Our Company $1.9 billion retail net lease REIT headquartered in Bloomfield Hills, MI and listed on the NYSE under ticker ADC 425 retail properties totaling approximately 8.3 million square feet in 43 states 45% investment grade tenants and 10.5 years average remaining lease term Our History 45 year operating history as a developer, owner and manager of retail properties IPO in 1994 to continue and expand business of predecessor company Formally launched acquisition platform in 2010 and Partner Capital Solutions ( PCS ) business in 2012 Our Business Plan Opportunistically expand and diversify our high-quality retail net lease portfolio through a refined and disciplined investment strategy Generate consistent and sustainable earnings growth Provide a reliable income stream through a growing dividend Maintain a conservative and flexible capital structure As of September 30,
4 Recent Highlights Consistent execution has led to enhanced shareholder value Paid a quarterly dividend of $0.505 per share, a 5.2% year-over-year increase Increased Q FFO by 23.2% to $20.0 million, and Q AFFO by 26.2% to $19.9 million Commenced two new development and PCS projects totaling $11.5 million in anticipated costs Invested $279 million in 70 high-quality retail net lease assets for record investment volume in the first nine months of 2017 Increased 2017 acquisition guidance to a range of $300 million to $325 million Announced the appointment of Clayton Thelen as Chief Financial Officer and Secretary Sold Walgreens in Atlantic Beach, Florida for 5.5% cap rate; reducing Walgreens exposure to 8.1% 3
5 Investment Strategy
6 Differentiated Real Estate Investment Strategy Leverage real estate acumen and three investment platforms to identify best risk-adjusted retail net lease opportunities ADC s synergistic investment platforms adhere to the same core principles while pursuing opportunities along the full spectrum of net lease asset origination Bottoms-up underwriting => real estate and residuals matter 100% retail properties => superior real estate + longer term leases National and super-regional retailers => superior real estate + credit enhancement Emphasis on tenant real estate solutions => long-term relationships and repeat business Partner Capital Solutions Inorganic development Partner with private developers Development Provide capital and development expertise Acquisitions Organic development Acquire stabilized assets 45 year track record Preferred developer status Sale-leasebacks and third party sellers Site selection Land negotiation Entitlements Land purchase Construction Delivery Sale Retail Net Lease Real Estate Lifecycle 5
7 ADC s Unique Dual Capabilities Emphasis on comprehensive real estate solutions drive multi-faceted partnerships DEVELOPMENT Spearheading retailer expansion programs for over four decades In-house expertise Superior access to capital Transparency & credibility SALE-LEASEBACK Track record of execution as acquirer and real estate partner Ability to close quickly Focus on core competencies Side-by-side growth 6
8 Track Record of Execution $ in millions $350.0 Since 2010, ADC has invested approximately $1.3 billion in high-quality retail net lease properties Investment Activity $38.0 $300.0 $295.8 $250.0 $200.0 $14.9 $220.1 $150.0 $17.7 $147.5 $100.0 $50.0 $81.5 $28.4 $73.3 $38.6 $ Acquisitions Development / PCS (1) (1) Represents annual development and PCS activity, completed or commenced. 7
9 Accelerating Growth Established real estate capabilities and growing market presence driving increased investment opportunities # of Properties Annualized Base Rent ( ABR ) $ in millions $115.0 $ $99.0 $ $ $67.0 $72.4 $ $ $ Q $35.0 $ Q As of September 30,
10 Active Portfolio Management Our focus on real estate fundamentals guides non-core asset sales and capital recycling Total Dispositions : $132M $30M - $50M Oscoda, MI $12.9M $29.0M $29.7M Chippewa Commons North Lakeland Plaza Orange Park, FL Chippewa Falls, WI Lakeland, FL Ocala, FL Jacksonville, FL Petoskey Town Center Ferris Commons Petoskey, MI Big Rapids, MI Macomb Township, MI Shelby Township, MI Marshall Plaza $5.5M East Lansing, MI Ironwood Commons Marshall, MI Rancho Cordova, CA Lowell, MI Ypsilanti, MI Ironwood, MI Waynesboro, VA Port St. John, FL Ann Arbor, MI As of September 30,
11 Portfolio Summary
12 Portfolio Transformation Execution has led to increased portfolio diversification and improved quality of rental income Property Type (% ABR) Top 3 Tenant Concentration (% ABR) Retail Net Lease 71% Shopping Centers 29% 1/1/2010 (73 properties) 6% Tenant Ground Leases 1.5% Shopping Centers Retail Net Lease 98.5% 8% Current (423 properties) Tenant Ground Leases 75.0% 60.0% 45.0% 30.0% 15.0% 0.0% 70.0% 15.5% 1/1/2010 Current (Walgreens, Borders, Kmart) (Walgreens, Walmart, LA Fitness) Geographic Diversification 1/1/2010 (16 states) + Current (43 states) Pharmacy Bookstores General Merchandise Casual Dining Financial Services Auto Parts Retail Sector Exposure 1/1/2010 Current Pharmacy QSRs Health & Fitness Grocery Stores Off-Price Retail Warehouse Clubs Apparel Convenience Stores Casual Dining Specialty Retail Home Improvement Theaters Auto Parts Financial Services Health Services Tire & Auto Service Entertainment Retail Crafts & Novelties Dollar Stores Pet Supplies General Merchandise Discount Stores Sporting Goods Home Furnishings Office Supplies Consumer Electronics Farm & Rural Supply Shoes As of November 7,
13 Portfolio Transformation January 2015 Current Top Sectors Pharmacy 29.7% QSRs 7.5% Apparel 6.1% Pharmacy 13.0% Grocery 8.1% Health & Fitness 6.1% Top Tenants 21.9% 4.4% 4.4% 8.1% 3.7% 3.7% # of Properties 209 properties 423 properties Enterprise Value $0.8 billion $1.9 billion As of November 7,
14 Portfolio Snapshot $ in millions Tenant / Concept Annualized Base Rent (1) % of Total $ % % % % % % % % % % % % % % % % % % Other % Total $ % As of November 7, (1) Based on GAAP annualized base rent. Tenants 60% 50% 40% 30% 20% 10% 0% Lease Expirations 0% 1% 4% 2% 5% 4% 6% Retail Sectors 8% 6% 6% 58% $ in millions Annualized Tenant Sector Base Rent (1) % of Total Pharmacy $ % Grocery Stores % Health and Fitness % Restaurants Quick Service % Tire and Auto Service % Home Improvement % Convenience Stores % General Merchandise % Specialty Retail % Off-Price Retail % Auto Parts % Warehouse Clubs % Crafts and Novelties % Farm and Rural Supply % Sporting Goods % Dollar Stores % Health Services % Theaters % Home Furnishings % Other % Total $ % 13
15 National and Super-Regional Retailers Retail Tenant Type (% ABR) Industry-leading brands and retailers operating in e-commerce resistant sectors National 75% z Franchise 8% Super-Regional 17% z z As of September 30,
16 Leading Pure-Play Retail Net Lease REIT Diversified portfolio of high-quality retail properties occupied by superior credit tenants under long-term leases Retail % of Total Portfolio Retail Investment Grade Tenants 100.0% 100% 100% 50.0% 75.0% 50.0% 25.0% 0.0% 45% 84% 80% 40.0% 39% 65% 64% 30.0% 30% 20.0% 20% ADC NNN SRC O STOR VER 10.0% (1) (2) (2) Undisclosed Undisclosed ADC O VER NNN SRC STOR Occupancy Weighted-Average Lease Term 100.0% 13.0 yrs % 98.0% 99.7% 99.5% 99.1% 99.0% 98.8% 98.3% 12.0 yrs 11.0 yrs % 10.0 yrs % ADC STOR SRC VER NNN O 9.0 yrs STOR NNN ADC SRC O VER ADC data as of September 30, Peer data from third quarter 2017 supplemental or company SEC filings. (1) Excludes Early Childhood Education, Career Education, Behavioral Health, Elementary and Secondary Schools, Lumber Wholesalers, Wholesale Automobile Auction and All Other Service Industries, as disclosed. (2) Excludes Office, Industrial and Distribution, as disclosed. 15
17 Leading E-Commerce Resistant Retailers New Orleans, Louisiana Acquisition of top-floor urban retail condominium Subject to a new 15-year net lease with Dave & Buster s Purchased at an 8.8% cap rate; more than 200 basis points wide of recent sale-leasebacks Located within downtown New Orleans near the Mercedes-Benz Superdome and the Smoothie King Center 16
18 Leading E-Commerce Resistant Retailers Oxford, Alabama $11 million off-market transaction Acquired at a 7.4% year-one cap rate Sourced through a longstanding developer relationship Located at major freeway interchange within the dominant retail corridor 17
19 Leading E-Commerce Resistant Retailers Chicago, Illinois $24 million transaction Purchased at a 7.4% year-one cap rate Leading operators in Off-Price Retail and Health and Fitness sectors Weighted-average remaining lease term > 12 years Five-mile population density of 946K 18
20 Leading E-Commerce Resistant Retailers Corporate Guarantee from Lowe s Companies, Inc. (S&P: A-) Sunnyvale, California Boynton Beach, Florida Located in Silicon Valley Acquired as part of the $79.5 million portfolio transaction completed in June 2016 Demographics $128K median household income within a fivemile radius Five-mile population density of 474K Located in Southeast Florida Former site of regional shoe retailer currently being expanded and redeveloped Demographics $106K median household income within a fivemile radius Five-mile population density of 247K 19
21 Embedded Redevelopment Opportunities Mount Pleasant, Michigan Legacy shopping center located on main retail corridor across from Central Michigan University s campus Kmart Cash ABR: $175K gross 35-acre site Represents 12% of GAAP ABR expiring in 2018 Negotiations underway with several leading retailers Frankfort, Kentucky Legacy shopping center located in Frankfort s dominant retail trade area Kmart Cash ABR: $165K net 11-acre site Represents 11% of GAAP ABR expiring in 2018 Negotiations underway with several leading retailers 20
22 Development and PCS Projects Completed or commenced 9 projects totaling $57.3 million year-to-date Under Construction Art Van Furniture Canton, MI Camping World Grand Rapids, MI Mister Car Wash Urbandale, IA Recently Completed Mister Car Wash Bernalillo, NM Burger King North Ridgeville, OH As of September 30, Burger King Heber, UT Camping World (2) Georgetown, KY & Tyler, TX Orchard Supply Hardware Boynton Beach, FL 21
23 Financial Overview
24 Capital Structure, Financial Ratios Debt Maturities (1) $ in millions (2) $250.0 $100.0 $100.0 $100.0 $80.0 $60.0 $68.8 $60.0 $40.0 $50.0 $50.0 $20.0 $25.0 $19.5 $0.0 $7.0 $ $ $ $ Revolving Credit Facility Mortgage/Unsecured Debt Capitalization Statistics (1) Financial Ratios (1) Common Equity Equity Market Capitalization Total Enterprise Value $1.5B $1.9B Fixed Charge Coverage Ratio 4.1x Net Debt / Recurring EBITDA 4.7x Total Debt to Total Enterprise Value 25% (1) As of September 30, (2) Reflects the total commitments under the Company s $250 million Revolving Credit Facility. 23
25 Investment Summary Highlights Highest-quality retail real estate Most secure cash flows Strongest balance sheet Proven track record of execution Consistent dividend growth Robust growth trajectory 24
26 DEVELOP ACQUIRE PARTNER
DEVELOP ACQUIRE PARTNER
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