Agree Realty Corporation - ADC STOCK NEWS

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.

Agree Realty (NYSE: ADC) has announced the schedule for its third quarter 2024 earnings release and conference call. The company will release its Q3 2024 operating results after market close on Tuesday, October 22, 2024. A conference call to discuss these results is set for Wednesday, October 23, 2024, at 9:00 AM ET.

Interested parties can access the call via teleconference or webcast. The USA Toll Free number is (800) 836-8184, and the International number is (646) 357-8785. A live webcast will be available through the company's website at www.agreerealty.com. Participants are advised to dial-in or log-on at least five minutes before the scheduled time. A replay of the conference call webcast will be archived and accessible through the Investors section of the company's website.

Agree Realty (NYSE: ADC) has announced monthly dividends for both common and preferred shareholders. The Board of Directors declared a monthly cash dividend of $0.250 per common share, payable on October 15, 2024, to stockholders of record as of September 30, 2024. This represents an annualized dividend of $3.00 per common share, a 2.9% increase from the previous year's third quarter.

Additionally, the company declared a monthly cash dividend of $0.08854 per depositary share on its 4.25% Series A Cumulative Redeemable Preferred Stock, equivalent to $1.0625 per annum. This dividend is payable on October 1, 2024, to stockholders of record as of September 20, 2024.

Agree Realty (NYSE: ADC) has announced monthly dividends for both common and preferred shares. The common share dividend is $0.250 per share, payable on September 16, 2024, to stockholders of record as of August 30, 2024. This reflects an annualized dividend of $3.00 per share, a 2.9% increase from the previous year's $2.916. For the 4.25% Series A Cumulative Redeemable Preferred Stock, a monthly dividend of $0.08854 per depositary share was declared, equivalent to $1.0625 annually. This preferred dividend is payable on September 3, 2024, to stockholders of record as of August 23, 2024. The dividend increase demonstrates Agree Realty's commitment to shareholder returns and confidence in its financial position.

Agree Realty (NYSE: ADC) announced an expanded $1.25 billion Credit Facility. The Fourth Amended and Restated Revolving Credit Agreement increases the credit facility from its previous amount and includes an accordion option for up to $2.0 billion. The facility will mature in August 2028, with an option to extend to August 2029. CFO Peter Coughenour noted that the expansion strengthens the company's balance sheet and enhances its liquidity, which now stands at around $1.7 billion, excluding the $750 million accordion option. The borrowing cost has been reduced by five basis points, now set at SOFR plus 82.5 basis points, down from SOFR plus 87.5 basis points.