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 (ADC) reported Q3 2022 results with net income at $37.6M, a 3.3% increase YoY, yet a decrease in net income per share by 11.1% to $0.46. Core FFO rose 22.2% to $78.2M, with per share growth of 5.6% to $0.97. Adjusted Funds from Operations (AFFO) also saw a 24.8% increase to $77.6M. The company increased its acquisition guidance for 2022 to $1.6B, raising over $800M through various capital markets transactions. Monthly dividends were declared at $0.240, reflecting a 5.7% YoY increase.
Agree Realty Corporation (NYSE: ADC) has declared a monthly cash dividend of $0.240 per common share, a 2.6% increase from the previous month. This translates to an annualized dividend of $2.880 per common share, reflecting a 5.7% rise over the previous year. The dividend is payable on November 14, 2022, to stockholders of record by October 31, 2022. Additionally, a dividend of $0.08854 per share has been authorized for the 4.25% Series A Cumulative Redeemable Preferred Stock, payable November 1, 2022, to stockholders of record by October 24, 2022.
Agree Realty Corporation (NYSE: ADC) will release its third quarter operating results on November 1, 2022, after market close. A follow-up conference call is scheduled for November 2, 2022, at 9:00 AM ET, accessible via teleconference or webcast. As of June 30, 2022, the Company manages a portfolio of 1,607 properties across the continental U.S., totaling approximately 33.8 million square feet of gross leasable area. This event marks an important opportunity for investors to gain insights into the Company's performance.
Agree Realty Corporation (NYSE: ADC) has successfully completed a public offering of 5,750,000 shares of its common stock, including the full exercise of underwriters' options. The offering price was $66.85 per share. The offering was facilitated by Morgan Stanley and Citigroup. The company intends to use the net proceeds for general corporate purposes such as property acquisitions and development, and repayment of debt under its revolving credit facility. However, no proceeds have been received yet, as shares will be settled by September 29, 2023.
Agree Realty Corporation (NYSE: ADC) announced the pricing of a public offering of 5,000,000 shares at $66.85 each, with a 30-day option for underwriters to purchase an additional 750,000 shares. The offering, led by Morgan Stanley and Citigroup, is expected to close on October 3, 2022. The company has entered into forward sale agreements for these shares, and proceeds will be used for general corporate purposes, including property acquisitions and debt repayment. The offering will not initially generate proceeds for the company.
Agree Realty Corporation (NYSE: ADC) announced an underwritten public offering of 5,000,000 shares of its common stock, with an option for underwriters to purchase an additional 750,000 shares. The offering aims to engage forward sale agreements, expected to involve stock sales to underwriters by affiliates of Morgan Stanley and Citigroup. The company will not receive immediate proceeds, as funds are contingent upon future settlements intended for corporate purposes, including property acquisitions and debt repayment.
Agree Realty Corporation (NYSE: ADC) announced it will settle all outstanding forward equity for net proceeds of approximately $599 million. This settlement entails 8,739,752 shares and is anticipated to take place on September 30, 2022. As of June 30, 2022, the Company owned a portfolio of 1,607 properties across all 48 continental states, covering roughly 33.8 million square feet. The release also includes forward-looking statements regarding the potential impact of COVID-19 and other market risks on the Company's performance.
Agree Realty Corporation (NYSE: ADC) announced a monthly cash dividend of $0.234 per common share, effective October 14, 2022, reflecting a 7.8% increase from last year. The annualized amount rises to $2.808 per share. Additionally, a monthly cash dividend of $0.08854 per preferred share is declared, payable October 3, 2022. The company operates 1,607 properties across the U.S., emphasizing its strategy of net leasing to leading retail tenants.
Agree Realty has announced a public offering of $300 million in 4.800% senior unsecured notes due 2032, priced at 99.171% of the principal amount.
The offering is expected to close on August 22, 2022, with an effective yield to maturity of 4.904%. The net proceeds will be utilized for general purposes, including debt reduction and property acquisitions. The notes will feature an effective all-in interest rate of 3.76%, enhancing liquidity and extending the average debt maturity to approximately 8 years.
Agree Realty Corporation (NYSE: ADC) announced a monthly cash dividend of $0.234 per common share, amounting to an annualized dividend of $2.808, reflecting a 7.8% increase from last year. This dividend is payable on September 14, 2022, to stockholders of record by August 31, 2022. Additionally, a dividend on its 4.25% Series A Cumulative Redeemable Preferred Stock of $0.08854 per depositary share will be paid on September 1, 2022, for record holders by August 22, 2022.
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