Agree Realty Corporation - ADC STOCK NEWS

Agree Realty (NYSE: ADC) has announced it will release its fourth quarter and full year 2024 operating results after market close on Tuesday, February 11, 2025. The company will host a conference call to discuss these results on Wednesday, February 12, 2025, at 9:00 AM ET.

Shareholders and interested parties can access the call via teleconference using USA Toll Free (800) 836-8184 or International (646) 357-8785, or through a webcast at the company's website. Participants should connect five minutes before the scheduled time. A replay of the conference call webcast will be available in the Investors section of the company's website.

Agree Realty (NYSE: ADC) has reported its 2024 investment activity and outlined its 2025 investment outlook. The company achieved total real estate investment volume of approximately $951 million in 2024, comprising 282 properties across 28 retail sectors in 45 states. The company completed $867 million in acquisitions at a 7.5% weighted-average capitalization rate, with 65.6% of annualized base rents from investment grade retail tenants.

For 2025, ADC projects investment volume between $1.1 billion and $1.3 billion, representing a 26% year-over-year increase at the midpoint. The company has strengthened its financial position with total liquidity exceeding $2.0 billion, including $1.1 billion in credit facility availability and $0.9 billion in outstanding forward equity. The company's portfolio now generates 68.2% of annualized base rents from investment grade retail tenants, with ground leased properties representing 10.9% of total annualized base rents.

Agree Realty (NYSE: ADC) has announced two dividend declarations. The company's Board approved a monthly common share dividend of $0.253, representing an annualized amount of $3.036 per share - a 2.4% increase from Q4 2023's $2.964. This dividend will be paid on January 15, 2025, to stockholders of record as of December 31, 2024.

Additionally, the company declared a monthly dividend of $0.08854 per depositary share on its 4.25% Series A Cumulative Redeemable Preferred Stock, equivalent to $1.0625 annually. This preferred dividend is payable January 2, 2025, to stockholders of record as of December 23, 2024.

Agree Realty (NYSE: ADC) announced its Board of Directors has declared a monthly cash dividend of $0.253 per common share, reflecting an annualized dividend of $3.036 per share. This represents a 2.4% increase over the previous year's fourth-quarter annualized dividend of $2.964 per share. The dividend is payable on December 13, 2024 to stockholders recorded as of November 29, 2024.

The Board also declared a monthly dividend on its 4.25% Series A Cumulative Redeemable Preferred Stock of $0.08854 per depositary share, equivalent to $1.0625 per annum, payable on December 2, 2024 to stockholders recorded as of November 22, 2024.

Agree Realty (NYSE: ADC) has completed its public offering of 5,060,000 shares of common stock, including the underwriters' full exercise of their option. The company entered into forward sale agreements with Citibank and Wells Fargo Bank at $74.00 per share, less underwriting fees. The settlement is expected by December 31, 2025. The net proceeds will be used for general corporate purposes, including property acquisitions, development activity, and debt repayment under its revolving credit facility. The forward sale structure allows ADC to set the price now while delaying share issuance until funding needs arise.

Agree Realty (NYSE: ADC) has priced its upsized public offering of 4,400,000 shares of common stock at $74.00 per share. The offering, increased from the initial 4,000,000 shares, includes a 30-day option for underwriters to purchase an additional 660,000 shares. The company has entered into forward sale agreements with Citibank and Wells Fargo Bank, allowing for settlement until December 31, 2025. The proceeds will be used for general corporate purposes, including property acquisitions, development activity, and debt repayment. The offering is expected to close around October 28, 2024.

Agree Realty (NYSE: ADC) has announced a public offering of 4,000,000 shares of its common stock, with an option for underwriters to purchase an additional 600,000 shares. The company is entering into forward sale agreements with Citibank and Wells Fargo Bank. The forward purchasers will borrow and sell shares to underwriters, with the company receiving proceeds upon physical settlement at a later date. The net proceeds will be used for general corporate purposes, including property acquisitions, development activity, or debt repayment under its revolving credit facility. Citigroup and Wells Fargo Securities are serving as joint book-running managers for the offering.

Agree Realty (NYSE: ADC) reported strong Q3 2024 results, raising its 2024 acquisition guidance to approximately $850 million. Key highlights include:

- Invested $237 million in 93 retail net lease properties
- Net Income per share increased 2.6% to $0.42
- Core FFO per share rose 2.2% to $1.01
- AFFO per share grew 2.8% to $1.03
- Declared October monthly dividend of $0.253 per share, up 2.4% year-over-year
- Raised $469 million through ATM program and settled $176 million in forward equity
- Total liquidity exceeds $1.9 billion
- Balance sheet at 3.6x proforma net debt to recurring EBITDA

The company's financial position remains robust, with increased guidance reflecting confidence in its growth strategy and market position.

Agree Realty (NYSE: ADC) has announced an increase in its monthly cash dividend for common shareholders. The new dividend of $0.253 per common share represents a 1.2% month-over-month increase and a 2.4% year-over-year growth. This translates to an annualized dividend amount of $3.036 per common share, up from $2.964 in the fourth quarter of 2023.

The dividend is payable on November 14, 2024, to stockholders of record as of October 31, 2024. Additionally, the company declared a monthly cash dividend on its 4.25% Series A Cumulative Redeemable Preferred Stock of $0.08854 per depositary share, equivalent to $1.0625 per annum, payable on November 1, 2024, to stockholders of record as of October 22, 2024.