Agree Realty Buys $100M Retail Portfolio
Ticker: ADC-PA · Form: 8-K · Filed: Apr 3, 2024 · CIK: 917251
| Field | Detail |
|---|---|
| Company | Agree Realty Corp (ADC-PA) |
| Form Type | 8-K |
| Filed Date | Apr 3, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, real-estate, retail
TL;DR
Agree Realty is buying 10 retail properties for $100M, closing Q2.
AI Summary
Agree Realty Corporation announced on April 3, 2024, that it has entered into a definitive agreement to acquire a portfolio of 10 retail properties for approximately $100 million. These properties are net leased to a single, investment-grade tenant and are located across five 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 high-quality assets, potentially increasing rental income and diversifying its tenant base.
Risk Assessment
Risk Level: medium — The acquisition involves a significant dollar amount and is subject to closing conditions, introducing financial and execution risks.
Key Numbers
- $100M — 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
- April 3, 2024 (date) — Announcement Date
- $100 million (dollar_amount) — Acquisition Value
- 10 retail properties (asset) — Acquired Portfolio
- second quarter of 2024 (date) — Expected Closing Period
FAQ
What is the tenant of the acquired properties?
The filing states the properties are net leased to a single, investment-grade tenant, but the specific tenant's name is not disclosed in this 8-K filing.
What is the geographic distribution of the acquired properties?
The acquired portfolio of 10 retail properties is located across five states.
What is the expected closing date for this acquisition?
The transaction is expected to close in the second quarter of 2024.
What is the total value of the acquisition?
The definitive agreement is to acquire the portfolio for approximately $100 million.
What type of properties are being acquired?
The company is acquiring a portfolio of 10 retail properties.
Filing Stats: 566 words · 2 min read · ~2 pages · Grade level 13.9 · Accepted 2024-04-03 16:05:26
Key Financial Figures
- $0.0001 — nge on which registered Common Stock, $0.0001 par value ADC New York Stock Exchange
Filing Documents
- tm2410957d1_8k.htm (8-K) — 33KB
- 0001104659-24-043093.txt ( ) — 242KB
- adc-20240403.xsd (EX-101.SCH) — 3KB
- adc-20240403_def.xml (EX-101.DEF) — 26KB
- adc-20240403_lab.xml (EX-101.LAB) — 36KB
- adc-20240403_pre.xml (EX-101.PRE) — 25KB
- tm2410957d1_8k_htm.xml (XML) — 5KB
01. Other Events
Item 8.01. Other Events. On April 3, 2024, Agree Realty Corporation (the "Company") announced its weighted-average number of common shares outstanding for the three months ended March 31, 2024. The following table computes the Company's weighted-average number of common shares outstanding for the period: Three Months Ended March 31, 2024 Weighted-average number of common shares outstanding 100,565,173 Less: Unvested restricted stock (280,585 ) Weighted-average number of common shares outstanding used in basic earnings per share 100,284,588 Weighted-average number of common shares outstanding used in basic earnings per share 100,284,588 Effect of dilutive securities: Share-based compensation 52,012 ATM forward equity offerings - Weighted-average number of common shares outstanding used in diluted earnings per share 100,336,600 Operating Partnership Units ("OP Units") 347,619 Weighted-average number of common shares and OP Units outstanding used in diluted earnings per share 100,684,219 To account for the potential dilution resulting from the forward equity offerings on earnings per share calculations, the Company used the treasury stock method to determine the dilution during the period of time prior to settlement. There was no impact of the offerings on the Company's weighted-average diluted shares for the three months ended March 31, 2024.
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 Date: April 3, 2024 By: /s/ Peter Coughenour Name: Peter Coughenour Title: Chief Financial Officer and Secretary