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AR AGREE REALTY RETHINK RETAIL NEWS RELEASE Agree Realty Corporation Reports First Quarter 2021 Results 2021-05-03 BLOOMFIELD HILLS , Mich . , May 3 , 2021 / PRNewswire / -- Agree Realty Corporation ( NYSE : ADC ) ( the " Company " ) today announced results for the quarter ended March 31 , 2021. All per share amounts included herein are on a diluted per common share basis unless otherwise stated . First Quarter 2021 Financial and Operating Highlights : • Invested approximately $ 391 million in 90 retail net lease properties Approximately 32 % of annualized base rents acquired were derived from ground leased assets • Increased Net Income attributable to the Company 41.8 % to $ 30.1 million ; 2.7 % increase per share to $ 0.48 • Increased Core Funds from Operations ( " Core FFO " ) 42.0 % to $ 53.3 million ; 3.0 % increase per share to $ 0.84 • Increased Adjusted Funds from Operations ( " AFFO " ) 41.1 % to $ 52.5 million ; 2.3 % increase per share to $ 0.83 • Declared an April monthly dividend of $ 0.217 per share , an 8.5 % year - over - year increase • • Completed a follow - on public offering of 3,450,000 shares of common stock , including the underwriters ' option to purchase additional shares , raising total net proceeds of approximately $ 222 million Settled 578,410 shares of the Company's forward equity for net proceeds of approximately $ 37 million • Balance sheet positioned for growth at 4.2 times proforma net debt to recurring EBITDA ; 4.9 times excluding unsettled forward equity Financial Results Net Income Net Income attributable to the Company for the three months ended March 31 , 2021 increased 41.8 % to $ 30.1 million , compared to $ 21.2 million for the comparable period in 2020. Net Income per share attributable to the Company for the three months ended March 31 , 2021 increased 2.7 % to $ 0.48 , compared to $ 0.46 per share for the comparable period in 2020 . Core Funds from Operations Core FFO for the three months ended March 31 , 2021 increased 42.0 % to $ 53.3 million , compared to Core FFO of $ 37.6 million for the comparable period in 2020. Core FFO per share for the three months ended March 31 , 2021 increased 3.0 % to $ 0.84 , compared to Core FFO per share of $ 0.82 for the comparable period in 2020 . 1