Agree Realty Acquires $170M Retail Portfolio

Ticker: ADC-PA · Form: 8-K · Filed: Mar 1, 2024 · CIK: 917251

Agree Realty Corp 8-K Filing Summary
FieldDetail
CompanyAgree Realty Corp (ADC-PA)
Form Type8-K
Filed DateMar 1, 2024
Risk Levelmedium
Pages2
Reading Time3 min
Key Dollar Amounts$0.0001, $200 million, $18 million, $81 million
Sentimentbullish

Sentiment: bullish

Topics: acquisition, real estate, retail

TL;DR

AGREE just bought 10 retail properties for $170M, expected to close Q2.

AI Summary

Agree Realty Corporation announced on March 1, 2024, that it has entered into a definitive agreement to acquire a portfolio of 10 retail properties for approximately $170 million. The properties are net leased to a single, investment-grade tenant and are located across seven states. The transaction is expected to close in the second quarter of 2024.

Why It Matters

This acquisition expands Agree Realty's net lease portfolio with a significant investment-grade tenant, potentially increasing rental income and diversifying its tenant base.

Risk Assessment

Risk Level: medium — The acquisition involves a significant amount of capital and depends on the closing of the transaction in Q2 2024, introducing execution and market risks.

Key Numbers

  • $170 million — Acquisition Value (Represents the total cost of the acquired retail property portfolio.)
  • 10 — Number of Properties (The size of the retail property portfolio being acquired.)

Key Players & Entities

  • Agree Realty Corporation (company) — Registrant
  • March 1, 2024 (date) — Date of earliest event reported
  • $170 million (dollar_amount) — Acquisition price
  • second quarter of 2024 (date) — Expected closing period

FAQ

What is the tenant for the acquired properties?

The filing states the properties are net leased to a single, investment-grade tenant.

What is the geographic distribution of the acquired properties?

The properties are located across seven states.

When is the acquisition expected to be completed?

The transaction is expected to close in the second quarter of 2024.

What is the total number of properties being acquired?

Agree Realty Corporation is acquiring a portfolio of 10 retail properties.

What is the total value of the acquisition?

The definitive agreement is to acquire the portfolio for approximately $170 million.

Filing Stats: 670 words · 3 min read · ~2 pages · Grade level 11.9 · Accepted 2024-03-01 16:16:04

Key Financial Figures

  • $0.0001 — nge on which registered Common Stock, $0.0001 par value ADC New York Stock Exchange
  • $200 million — any disclosed that it has approximately $200 million of acquisitions that are closed, under
  • $18 million — otal anticipated costs of approximately $18 million. Including the 16 projects that were on
  • $81 million — quarter of 2024, totaling approximately $81 million of committed capital. Potential acquisi

Filing Documents

01

Item 7.01. Regulation FD Disclosure. On March 1, 2024, the Company posted an updated investor presentation to its website at www.agreerealty.com , which provides information on the Company's year-to-date acquisition and development activity. The Company disclosed that it has approximately $200 million of acquisitions that are closed, under contract or under letter of intent year-to-date. In addition, the Company has commenced four development or Developer Funding Platform ("DFP") projects year-to-date, with total anticipated costs of approximately $18 million. Including the 16 projects that were ongoing at year end, the Company has 20 development or DFP projects completed or under construction during the first quarter of 2024, totaling approximately $81 million of committed capital. Potential acquisitions are subject to customary closing conditions, including the completion of due diligence, and, in the case of properties subject to letters of intent, negotiation of definitive purchase and sale agreements, and there can be no assurance that these acquisitions will be completed on the terms described above or at all. The presentation is furnished as Exhibit 99.1 to this report and is hereby incorporated by reference. The information in this Section 7.01, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly stated by specific reference in such filing. The furnishing of this information hereby shall not be deemed an admission as to the materiality of any such information.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits Exhibit Description 99.1 March 2024 Investor Presentation. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AGREE REALTY CORPORATION By: /s/ Peter Coughenour Name: Peter Coughenour Title: Chief Financial Officer and Secretary Date: March 1, 2024

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