Achieves Baa1 Rating With A Stable
Outlook
BLOOMFIELD HILLS, Mich., March 30,
2022 /PRNewswire/ -- Agree Realty Corporation (NYSE:
ADC) (the "Company") today announced that Moody's Investors Service
has upgraded the Company's issuer rating to Baa1 from Baa2 with a
stable outlook.
According to Moody's press release, the Baa1 issuer rating
reflects the Company's solid credit profile, supported by its low
leveraged balance sheet and flexible capital structure with a
resilient, largely unencumbered portfolio. Additionally, Moody's
stated that the Company's strong liquidity position and access to
capital has enabled the Company to comfortably fund its investment
activity and meet its minimal near-term debt maturities.
"The upgrade to a Baa1 credit rating highlights the thoughtful
and disciplined manner in which we've grown the Company since
achieving our initial rating in 2018," said Joey Agree, President
and Chief Executive Officer. "This rating underscores the strength
of our fortress-like balance sheet and the quality of our
best-in-class retail portfolio."
About Agree Realty Corporation
Agree Realty Corporation is a publicly traded real estate
investment trust that is
RETHINKING RETAIL through the acquisition
and development of properties net leased to industry-leading,
omni-channel retail tenants. As of December
31, 2021, the Company owned and operated a portfolio of
1,404 properties, located in 47 states and containing approximately
29.1 million square feet of gross leasable area. The Company's
common stock is listed on the New York Stock Exchange under the
symbol "ADC". For additional information on the Company and
RETHINKING RETAIL, please visit
www.agreerealty.com.
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SOURCE Agree Realty Corporation