Agree Realty Corporation - ADC STOCK NEWS

Agree Realty (NYSE: ADC) has announced a public offering of 4,000,000 shares of its common stock, with an option for underwriters to purchase an additional 600,000 shares. The company is entering into forward sale agreements with Citibank and Wells Fargo Bank. The forward purchasers will borrow and sell shares to underwriters, with the company receiving proceeds upon physical settlement at a later date. The net proceeds will be used for general corporate purposes, including property acquisitions, development activity, or debt repayment under its revolving credit facility. Citigroup and Wells Fargo Securities are serving as joint book-running managers for the offering.

Agree Realty (NYSE: ADC) reported strong Q3 2024 results, raising its 2024 acquisition guidance to approximately $850 million. Key highlights include:

- Invested $237 million in 93 retail net lease properties
- Net Income per share increased 2.6% to $0.42
- Core FFO per share rose 2.2% to $1.01
- AFFO per share grew 2.8% to $1.03
- Declared October monthly dividend of $0.253 per share, up 2.4% year-over-year
- Raised $469 million through ATM program and settled $176 million in forward equity
- Total liquidity exceeds $1.9 billion
- Balance sheet at 3.6x proforma net debt to recurring EBITDA

The company's financial position remains robust, with increased guidance reflecting confidence in its growth strategy and market position.

Agree Realty (NYSE: ADC) has announced an increase in its monthly cash dividend for common shareholders. The new dividend of $0.253 per common share represents a 1.2% month-over-month increase and a 2.4% year-over-year growth. This translates to an annualized dividend amount of $3.036 per common share, up from $2.964 in the fourth quarter of 2023.

The dividend is payable on November 14, 2024, to stockholders of record as of October 31, 2024. Additionally, the company declared a monthly cash dividend on its 4.25% Series A Cumulative Redeemable Preferred Stock of $0.08854 per depositary share, equivalent to $1.0625 per annum, payable on November 1, 2024, to stockholders of record as of October 22, 2024.

Agree Realty (NYSE: ADC) has announced the schedule for its third quarter 2024 earnings release and conference call. The company will release its Q3 2024 operating results after market close on Tuesday, October 22, 2024. A conference call to discuss these results is set for Wednesday, October 23, 2024, at 9:00 AM ET.

Interested parties can access the call via teleconference or webcast. The USA Toll Free number is (800) 836-8184, and the International number is (646) 357-8785. A live webcast will be available through the company's website at www.agreerealty.com. Participants are advised to dial-in or log-on at least five minutes before the scheduled time. A replay of the conference call webcast will be archived and accessible through the Investors section of the company's website.

Agree Realty (NYSE: ADC) has announced monthly dividends for both common and preferred shareholders. The Board of Directors declared a monthly cash dividend of $0.250 per common share, payable on October 15, 2024, to stockholders of record as of September 30, 2024. This represents an annualized dividend of $3.00 per common share, a 2.9% increase from the previous year's third quarter.

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 per annum. This dividend is payable on October 1, 2024, to stockholders of record as of September 20, 2024.

Agree Realty (NYSE: ADC) has announced monthly dividends for both common and preferred shares. The common share dividend is $0.250 per share, payable on September 16, 2024, to stockholders of record as of August 30, 2024. This reflects an annualized dividend of $3.00 per share, a 2.9% increase from the previous year's $2.916. For the 4.25% Series A Cumulative Redeemable Preferred Stock, a monthly dividend of $0.08854 per depositary share was declared, equivalent to $1.0625 annually. This preferred dividend is payable on September 3, 2024, to stockholders of record as of August 23, 2024. The dividend increase demonstrates Agree Realty's commitment to shareholder returns and confidence in its financial position.

Agree Realty (NYSE: ADC) announced an expanded $1.25 billion Credit Facility. The Fourth Amended and Restated Revolving Credit Agreement increases the credit facility from its previous amount and includes an accordion option for up to $2.0 billion. The facility will mature in August 2028, with an option to extend to August 2029. CFO Peter Coughenour noted that the expansion strengthens the company's balance sheet and enhances its liquidity, which now stands at around $1.7 billion, excluding the $750 million accordion option. The borrowing cost has been reduced by five basis points, now set at SOFR plus 82.5 basis points, down from SOFR plus 87.5 basis points.

Agree Realty (NYSE: ADC) has received a credit rating upgrade from S&P Global Ratings, moving from BBB to BBB+ with a stable outlook. This upgrade reflects the company's strong operational performance, characterized by a highly occupied portfolio with minimal near-term lease expirations and a sector-leading investment grade tenant base. S&P also highlighted ADC's conservative financial policy and robust liquidity profile, supported by a well-structured debt maturity schedule and ample credit facility availability. Peter Coughenour, CFO, noted that the company has more than tripled its retail portfolio size since its initial rating in 2020, while improving its investment grade concentration and strengthening its balance sheet.

Agree Realty (NYSE: ADC) reported strong Q2 2024 results, with notable increases in key financial metrics. Net Income per share rose 25.6% to $0.52, while AFFO per share increased 6.4% to $1.04. The company invested approximately $203 million in 70 retail net lease properties and raised its 2024 AFFO per share guidance to $4.11-$4.14. ADC also increased its 2024 acquisition guidance to approximately $700 million.

Other highlights include a public bond offering of $450 million, the sale of 3.2 million shares via ATM program, and commitments to expand its credit facility to $1.25 billion. The company's balance sheet remains strong with 4.1 times proforma net debt to recurring EBITDA. ADC declared a July monthly dividend of $0.250 per common share, representing a 2.9% year-over-year increase.