Agree Realty Declares Monthly Common and Preferred Dividends

Rhea-AI Summary

Agree Realty (NYSE: ADC) announced a monthly cash dividend of $0.250 per common share, which annualizes to $3.00 per share, marking a 2.9% increase from the previous year. The dividend will be paid on July 15, 2024, to stockholders of record as of June 28, 2024. 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 on an annual basis. This dividend will be paid on July 1, 2024, to stockholders of record as of June 21, 2024.

Positive

• Monthly dividend increase to $0.250 per common share.
• Annualized common share dividend now $3.00, up 2.9% from 2023.
• Dividend payments ensure steady income for investors.
• Preferred stock dividend of $0.08854 per depositary share, $1.0625 annually.
• Reliable payout schedule with specific payment and record dates.

Negative

• Dividend increases may not keep pace with inflation.
• Minimal increase in common share dividend might not attract new investors.
• Dividend sustainability could be questioned if earnings do not support payouts.

ROYAL OAK, Mich., June 11, 2024 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) (the "Company") today announced that its Board of Directors has authorized, and the Company has declared, a monthly cash dividend of $0.250 per common share. The monthly dividend reflects an annualized dividend amount of $3.00 per common share, representing a 2.9% increase over the annualized dividend amount of $2.916 per common share from the second quarter of 2023. The dividend is payable July 15, 2024 to stockholders of record at the close of business on June 28, 2024.

Additionally, the Company's Board of Directors has authorized, and the Company has declared, a monthly cash dividend on its 4.25% Series A Cumulative Redeemable Preferred Stock of $0.08854 per depositary share, which is equivalent to $1.0625 per annum. The dividend is payable July 1, 2024 to stockholders of record at the close of business on June 21, 2024.

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 March 31, 2024, the Company owned and operated a portfolio of 2,161 properties, located in 49 states and containing approximately 44.9 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

FAQ

What is the new monthly dividend for Agree Realty's common shares?

The new monthly dividend for Agree Realty's common shares is $0.250 per share.

When is the next dividend payment date for ADC's common shares?

The next dividend payment date for ADC's common shares is July 15, 2024.

What is the annualized dividend amount for ADC's common shares after the increase?

The annualized dividend amount for ADC's common shares after the increase is $3.00 per share.

What is the record date for ADC's common share dividend?

The record date for ADC's common share dividend is June 28, 2024.

What is the monthly dividend for ADC's preferred shares?

The monthly dividend for ADC's preferred shares is $0.08854 per depositary share.

When will ADC's preferred share dividend be paid?

ADC's preferred share dividend will be paid on July 1, 2024.

What is the annual dividend amount for ADC's preferred shares?

The annual dividend amount for ADC's preferred shares is $1.0625 per depositary share.

What is the record date for ADC's preferred share dividend?

The record date for ADC's preferred share dividend is June 21, 2024.