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) announced the resignation of Simon Leopold from his roles as Executive Vice President, Chief Financial Officer, and Secretary, effective immediately. The Board will start a search for a permanent CFO, considering both internal and external candidates. Peter Coughenour, Vice President of Corporate Finance, has been named interim CFO. Importantly, Mr. Leopold's departure was not due to disagreements regarding the Company's operations or financial integrity. As of June 30, 2021, the Company owned 1,262 properties across 46 states, totaling approximately 26.1 million square feet.
Agree Realty Corporation (NYSE: ADC) reported Q2 2021 results with net income down 11.5% to $22.3 million and a 27.3% decrease in per share earnings to $0.34. Conversely, Core Funds from Operations (Core FFO) rose by 43.4% to $58.6 million. Total investments in retail properties amounted to approximately $366 million, with an annualized dividend increase of 8.5%. The company completed a $650 million bond offering and a follow-on public offering, raising approximately $327 million, while maintaining a strong balance sheet with a proforma net debt to recurring EBITDA ratio of 3.6 times.
Agree Realty Corporation (NYSE: ADC) has declared a monthly cash dividend of $0.217 per common share, marking an annualized total of $2.604 and an 8.5% increase from the previous year. This dividend is payable on August 13, 2021 to stockholders who are on record as of July 30, 2021. The company owns and manages a portfolio of 1,213 properties across 46 states, totaling approximately 24.2 million square feet of gross leasable area.
Agree Realty Corporation (NYSE: ADC) announced its second quarter operating results will be released after the market closes on July 26, 2021. A conference call to discuss these results is scheduled for July 27, 2021, at 9:00 AM ET. Interested participants can join via teleconference or webcast. As of March 31, 2021, ADC owned 1,213 properties across 46 states, with approximately 24.2 million square feet of gross leasable area. The Company focuses on acquiring and developing properties leased to leading omni-channel retail tenants.
Agree Realty Corporation (NYSE: ADC) has declared a monthly cash dividend of $0.217 per common share, reflecting an annualized amount of $2.604. This represents an 8.5% increase from the previous year's annualized dividend of $2.400. The dividend is scheduled for payment on July 14, 2021 to shareholders on record as of June 30, 2021. As of March 31, 2021, the company owns 1,213 properties across 46 states, totaling approximately 24.2 million square feet of gross leasable area.
Agree Realty Corporation (NYSE: ADC) priced a public offering of 4 million common shares, targeting gross proceeds of approximately $286 million. The closing date is expected around June 15, 2021, pending customary conditions. Proceeds will reduce the revolving credit facility, fund property acquisitions, and support general corporate purposes. Citigroup is the sole underwriter for this offering. The shares will be issued under an effective shelf registration statement filed with the SEC.
Agree Realty Corporation (NYSE: ADC) announced a public offering of 4,000,000 shares of common stock, expected to close on June 15, 2021. The underwriter will have a 30-day option to purchase an additional 600,000 shares. The proceeds will be used to reduce credit facility balances, fund acquisitions, develop properties, and for general corporate purposes. Citigroup is the sole underwriter. The offering is part of an effective registration statement filed with the SEC.
Agree Realty Corporation (NYSE: ADC) has declared a monthly cash dividend of $0.217 per common share, reflecting an annualized increase of 8.5% from $2.400 to $2.604 for 2021. The dividend will be payable on June 11, 2021, to shareholders on record by May 28, 2021. The company, as of March 31, 2021, operates a portfolio of 1,213 properties across 46 states, totaling around 24.2 million square feet of gross leasable area.
Agree Realty Corporation (NYSE: ADC) announced a public offering of $350 million in 2.000% senior unsecured notes due 2028 and $300 million in 2.600% senior unsecured notes due 2033. The effective yield to maturity for the 2028 Notes is 2.112%, and for the 2033 Notes, it is 2.684%. Proceeds will be used to repay existing debt and for general corporate purposes, including property acquisitions. This issuance is expected to close on May 14, 2021, enhancing the company's balance sheet and extending its weighted average debt maturity to approximately 9 years.
Agree Realty Corporation (NYSE: ADC) reported a strong Q1 2021, with net income up 41.8% to $30.1 million, and Core FFO increasing 42.0% to $53.3 million. The company invested $391 million in 90 retail properties, focusing on ground leases, which now account for 32% of annualized base rents. The monthly dividend was raised by 8.5% to $0.217. The balance sheet is robust with a forecast for 2021 acquisitions increased to $1.1 billion - $1.3 billion. The new ARC technology platform enhances decision-making and operational efficiency.
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