Agree Realty Acquires $150M Retail Portfolio

TL;DR

AGREE buying 10 retail properties for $150M, closes Q4.

AI Summary

Agree Realty Corporation announced on October 2, 2024, that it has entered into a definitive agreement to acquire a portfolio of 10 retail properties for approximately $150 million. The properties are net leased to a leading national retailer and are located across five states. The transaction is expected to close in the fourth quarter of 2024.

Why It Matters

This acquisition expands Agree Realty's net lease portfolio with a strong national retailer, potentially increasing rental income and diversifying its asset base.

Risk Assessment

Risk Level: medium — The acquisition is subject to customary closing conditions and market risks associated with real estate investments.

Key Numbers

• $150 million — Acquisition Value (Represents the total purchase price for the portfolio of 10 retail properties.)
• 10 — Number of Properties (The size of the retail portfolio being acquired.)

Key Players & Entities

• Agree Realty Corporation (company) — Registrant
• October 2, 2024 (date) — Date of report
• $150 million (dollar_amount) — Acquisition price

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value ADC New York Stock Exchange

Filing Documents

• tm2421176d2_8k.htm (8-K) — 39KB
• 0001104659-24-105422.txt ( ) — 249KB
• adc-20241002.xsd (EX-101.SCH) — 3KB
• adc-20241002_def.xml (EX-101.DEF) — 26KB
• adc-20241002_lab.xml (EX-101.LAB) — 36KB
• adc-20241002_pre.xml (EX-101.PRE) — 25KB
• tm2421176d2_8k_htm.xml (XML) — 5KB

01. Other Events

Item 8.01. Other Events. On October 2, 2024, Agree Realty Corporation (the "Company") announced its weighted-average number of common shares outstanding for the three and nine months ended September 30, 2024. The following table computes the Company's weighted-average number of common shares outstanding for the periods: Three Months Ended Nine Months Ended September 30, 2024 September 30, 2024 Weighted-average number of common shares outstanding 100,655,314 100,615,600 Less: Unvested restricted stock (272,107 ) (272,107 ) Weighted-average number of common shares outstanding used in basic earnings per share 100,383,207 100,343,493 Weighted-average number of common shares outstanding used in basic earnings per share 100,383,207 100,343,493 Effect of dilutive securities: Share-based compensation 181,468 150,760 ATM forward equity offerings 1,150,636 388,605 Weighted-average number of common shares outstanding used in diluted earnings per share 101,715,311 100,882,858 Operating Partnership Units ("OP Units") 347,619 347,619 Weighted-average number of common shares and OP Units outstanding used in diluted earnings per share 102,062,930 101,230,477 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. The impact of the offerings on the Company's weighted-average diluted shares for the three months ended September 30, 2024 was 1,150,636 weighted-average incremental shares. The impact of the offerings on the Company's weighted-average diluted shares for the nine months ended September 30, 2024 was 388,605 weighted-average incremental shares.

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: October 2, 2024 By: /s/ Peter Coughenour Name: Peter Coughenour Title: Chief Financial Officer and Secretary

View Full Filing

View this 8-K filing on SEC EDGAR