Agree Rlty Corp Stock Price, News & Analysis

Agree Realty Corporation (NYSE: ADC) will release its fourth quarter and full year 2021 operating results on February 22, 2022, post-market. A conference call to discuss these results is scheduled for February 23, 2022, at 9:00 AM ET. Interested parties can access the call via teleconference or webcast. As of December 31, 2021, the company owned 1,404 properties across 47 states, with approximately 29.1 million square feet of gross leasable area. The company's focus is on acquiring and developing properties net leased to top omni-channel retail tenants.

Agree Realty Corporation (NYSE: ADC) reported record investment activity for 2021, totaling $1.43 billion across acquisitions and developments. The company acquired 290 retail properties valued at approximately $1.39 billion at a weighted average capitalization rate of 6.2%, with a significant portion coming from investment-grade tenants. For 2022, acquisition guidance ranges from $1.1 billion to $1.3 billion. The company also expanded its credit facility to $1 billion, with future potential increases.

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.