Welcome to our dedicated page for Agree Realty Corporation news (Ticker: ADC), a resource for investors and traders seeking the latest updates and insights on Agree Realty Corporation stock.
Agree Realty Corporation (NYSE: ADC) is a fully-integrated, self-administered, and self-managed real estate investment trust (REIT) specializing in the ownership, acquisition, and development of net lease retail properties across the United States. With a disciplined investment strategy, robust access to capital, and strong industry relationships, the company consistently identifies lucrative opportunities offering superior risk-adjusted returns.
As of December 31, 2023, Agree Realty's portfolio includes 2,135 properties in 49 states, encompassing approximately 44.2 million square feet of gross leasable area. The portfolio boasts high occupancy rates and long-term leases, with a significant portion of rental revenue derived from investment-grade tenants such as Walmart, Walgreens, McDonald's, and JPMorgan Chase.
The company's strategic focus on net lease properties ensures stable and predictable cash flows, making it a reliable source of dividends for shareholders. Recent financial highlights include a 2.9% increase in the annualized dividend amount to $2.964 per common share and a robust financial position with over $1 billion in liquidity.
In 2023, the company invested approximately $1.34 billion in 319 retail net lease properties and commenced 13 development projects. Additionally, Agree Realty recently announced the pricing of $450 million in senior unsecured notes due 2034, further strengthening its balance sheet and liquidity position.
Agree Realty Corporation's long-term growth strategy is anchored in its commitment to acquiring and developing properties leased to leading retailers, utilizing cutting-edge real estate technology, and maintaining a strong financial foundation. For the latest updates and detailed information about the company's performance, visit the Investors section on their website.
Agree Realty Corporation (NYSE: ADC) has expanded its senior unsecured revolving credit facility to $1.0 billion, with an accordion option for additional commitments up to $1.75 billion. The facility matures in January 2026 and can be extended to January 2027. The facility's interest rate is based on the Company’s credit ratings, currently set at 77.5 basis points over LIBOR. This expansion enhances the Company’s liquidity to approximately $1.5 billion excluding additional options, supporting anticipated future growth.
Agree Realty Corporation (NYSE: ADC) has declared a monthly cash dividend of $0.227 per common share, marking a 9.8% increase from the previous year's annualized dividend of $2.480. The dividend is set for payment on January 14, 2022, to stockholders of record as of December 31, 2021. Additionally, the Company announced a monthly cash dividend of $0.08854 per share on its 4.25% Series A Preferred Stock, payable on January 3, 2022, to stockholders of record by December 23, 2021.
Agree Realty Corporation (NYSE: ADC) has announced a public offering of 5,000,000 shares of its common stock priced at $68.15 per share. The offering, set to close on December 13, 2021, includes an option for underwriters to purchase an additional 750,000 shares. The company entered forward sale agreements with financial institutions, leading to potential cash proceeds upon settlement by December 8, 2022, although it will not initially receive proceeds from the offering. The funds, when received, are expected to support property acquisitions and corporate purposes.
Agree Realty Corporation (NYSE: ADC) announced a public offering of 5,000,000 shares of its common stock, with an option for underwriters to purchase an additional 750,000 shares. This offering is facilitated by Wells Fargo, BofA, and Morgan Stanley. The proceeds from potential future settlements of the forward sale agreements will be used for general corporate purposes, including property acquisitions. The company will not receive immediate proceeds from this sale and aims to close these agreements by December 8, 2022. They own 1,338 properties across 47 states as of September 30, 2021.
Agree Realty Corporation (NYSE: ADC) announced the appointment of Peter Coughenour as Chief Financial Officer and Secretary, effective immediately. Coughenour has been with the company since 2015 and previously served as Interim CFO. His promotion follows significant contributions, including overseeing the company's inaugural preferred equity offering and managing third-quarter earnings. The company also welcomed Stephen Breslin as Deputy Chief Accounting Officer, enhancing the accounting team's expertise. As of September 30, 2021, Agree Realty owned 1,338 properties across 47 states.
Agree Realty Corporation (NYSE: ADC) announced a monthly cash dividend of $0.227 per common share, reflecting an annualized increase of 9.8% from last year, amounting to $2.724. This dividend is payable on December 14, 2021, to stockholders of record as of November 30, 2021. Additionally, the Company declared a dividend of $0.08854 per depositary share on its 4.25% Series A Cumulative Redeemable Preferred Stock, payable on December 1, 2021. These announcements underscore the company’s commitment to returning value to shareholders.
Agree Realty Corporation (NYSE: ADC) reported strong Q3 2021 financial results with a 70.9% increase in net income to $36.4 million and a 34.4% rise in net income per share to $0.52. Core Funds from Operations (Core FFO) per share rose 13.0% to $0.92, while Adjusted Funds from Operations (AFFO) per share increased 11.5% to $0.89. The company invested approximately $342.7 million in retail properties and declared a monthly dividend of $0.227 per share, marking a 9.8% year-over-year increase. The portfolio remains strong with 99.6% leased properties and notable tenant diversification.
Agree Realty Corporation (NYSE: ADC) has declared a monthly cash dividend of $0.227 per common share, a 4.6% increase compared to the previous amount. This annualizes to $2.724, marking a 9.8% rise from last year. The dividend is scheduled to be paid on November 12, 2021, to shareholders recorded by October 29, 2021. Additionally, the Company announced a dividend of $0.08854 on its 4.25% Series A Preferred Stock, payable on November 1, 2021, to shareholders of record by October 25, 2021.
Agree Realty Corporation (NYSE: ADC) is set to release its third quarter operating results on November 1, 2021, after market close. A follow-up conference call will occur on November 2, 2021, at 9:00 AM ET. Interested parties can access the call via teleconference or webcast. The company operates a portfolio of 1,262 properties across 46 states, offering approximately 26.1 million square feet of gross leasable area. For more details, visit the company's website.
Agree Realty Corporation (NYSE: ADC) has declared a monthly cash dividend of $0.217 per common share, marking an 8.5% increase from the previous annualized dividend amount of $2.400. This dividend is payable on October 14, 2021 to stockholders of record as of September 30, 2021. Additionally, a prorated dividend of $0.0413194 per depositary share on its 4.25% Series A Cumulative Redeemable Preferred Stock has been announced, payable on October 1, 2021 for the period from September 17 to October 1, 2021.
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