Agree Realty Corporation : foncière américaine triple net

Résultats Q4 tombés ce soir, comme attendu ils sont excellents

Invested $363.3 million in 106 retail net lease properties
19.4% of annualized base rents acquired were derived from ground leased assets

Commenced two new development and Partner Capital Solutions ("PCS") projects

Net Income per share attributable to the Company decreased 19.6% to $0.42
Net Income attributable to the Company increased 4.7% to $23.6 million

Increased Core Funds from Operations ("Core FFO") per share 3.8% to $0.84
Increased Core FFO 35.1% to $47.3 million

Increased Adjusted Funds from Operations ("AFFO") per share 4.8% to $0.83
Increased AFFO 36.4% to $47.1 million

Declared a quarterly dividend of $0.620 per share, a 6.0% year-over-year increase
Sold 1,501,210 shares of common stock via the forward component of the Company’s at-the-market equity ("ATM") program for anticipated net proceeds of approximately $98.2 million
Settled the remaining 4,651,666 shares of the Company’s outstanding April 2020 forward equity offering for net proceeds of approximately $266.7 million

A noter que, pour ne rien gâcher, depuis janvier la société est passée à un dividende mensuel

Déontologie : je détiens une position acheteuse/vendeuse sur une ou plusieurs société(s) listée(s) dans ce message.

Dernière modification par corran (19/02/2021 01h53)

Merci pour cette file.

Un article intéressant traitant de la valeur : https://seekingalpha.com/amp/article/44 … lying-high

De la qualité (sélectivité forte dans le choix des locataires sur le segment Retail) et de la croissance des résultats depuis 2015 (y compris en 2020 où le taux de collecte des loyers a superformé celui des competitors).

En termes de valorisation : l’article vise 67$ en fair value correspondant à 19x le AFFO 2021. Le AFFO 2020 est de 3.2$ par share vs 3.0$ en 2019 et 2.8$ en 2018.

Market cap de 4.5bn$
Dette nette de 1.5bn$
Patrimoine brut (Valeur d’entreprise implicite) de 6.0bn$
Loyers nets estimés : 330m$ en 2021 soit 18x la valeur d’entreprise. A 20x on serait sur un taux de capitalisation de 5% qui me semble satisfaisant.

C’est davantage une valeur de croissance régulière plus que « de recovery à venir » à l’inverse de nombreuses foncières en Retail qui se sont effondrées (chute des loyers nets) pendant la pandémie.

T2 sans surprise, avec évidemment une base de comparaison très favorable :

Second Quarter 2021 Financial and Operating Highlights:

Invested approximately $366 million in 59 retail net lease properties
Approximately 30.5% of annualized base rents acquired were derived from ground leased assets
Net Income attributable to the Company decreased 11.5% to $22.3 million; 27.3% decrease per share to $0.34
Core Funds from Operations ("Core FFO") increased 43.4% to $58.6 million; 17.3% increase per share to $0.89
Adjusted Funds from Operations ("AFFO") increased 41.6% to $57.6 million; 15.9% increase per share to $0.88
Declared a July monthly dividend of $0.217 per share, an 8.5% year-over-year increase
Completed dual-tranche public bond offering comprised of $350 million of 2.00% senior unsecured notes due 2028 and $300 million of 2.60% senior unsecured notes due 2033
Completed a follow-on public offering of 4,600,000 shares of common stock, including the underwriters’ option to purchase additional shares, raising net proceeds of approximately $327 million
Sold 1,178,197 shares of common stock via the forward component of the Company’s at-the-market equity ("ATM") program for anticipated net proceeds of approximately $81 million
Balance sheet positioned for growth at 3.6 times proforma net debt to recurring EBITDA; 4.5 times excluding unsettled forward equity

CEO Comments

"We are extremely pleased with our performance during the first half of the year as we achieved record investment volume of more than $750 million," said Joey Agree, President and Chief Executive Officer. "Our activities served to further strengthen our best-in-class retail portfolio, as our ground lease exposure increased to a record of nearly 13% of annualized base rents. During the quarter we completed several strategic capital markets transactions, raising more than $1 billion to bolster our fortress balance sheet and position our Company for anticipated growth."

Déontologie : je détiens une position acheteuse/vendeuse sur une ou plusieurs société(s) listée(s) dans ce message.