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ROYAL OAK, Mich. - Agree Realty Corporation (NYSE:ADC) announced Thursday a monthly cash dividend of $0.256 per common share, representing an annualized dividend amount of $3.072 per common share. The increase marks a 2.4% rise from the previous annualized dividend of $3.00 per common share from the third quarter of 2024. According to InvestingPro data, the company has maintained dividend payments for 32 consecutive years, with the current yield at 4.33%.
The dividend will be payable on August 14, 2025, to stockholders of record at the close of business on July 31, 2025.
The real estate investment trust also 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. This preferred dividend will be payable on August 1, 2025, to stockholders of record at the close of business on July 22, 2025.
Agree Realty specializes in acquiring and developing properties net leased to retail tenants. As of March 31, 2025, the company owned and operated a portfolio of 2,422 properties across all 50 states, comprising approximately 50.3 million square feet of gross leasable area.
The information is based on a press release statement from the company.
In other recent news, Agree Realty Corporation announced the issuance of $400 million in senior unsecured notes, aiming to strengthen its financial position. These notes, due in 2035, were priced at 5.600% with an effective yield to maturity of approximately 5.692%. The company plans to use the proceeds for general corporate purposes, including reducing existing debt and funding property acquisitions and development. This move is part of Agree Realty’s broader strategy to maintain robust liquidity, which is expected to reach approximately $2.6 billion, supporting its growth initiatives.
Analysts have weighed in on these developments, with JMP maintaining a Market Perform rating on Agree Realty, citing the company’s fair valuation despite its strong financial metrics. Stifel, on the other hand, reiterated a Buy rating with a price target of $82.50, emphasizing the strategic benefits of the debt issuance. Agree Realty’s low-levered balance sheet and high investment-grade tenant exposure are highlighted as key strengths by analysts.
The company’s recent financial maneuvers reflect a strategic approach to managing future interest rate risks and enhancing its capital structure. Agree Realty’s management has detailed that the all-in interest rate on the new notes is approximately 5.35% after accounting for the termination of forward starting swaps. These steps are seen as part of the company’s efforts to support its ongoing and prospective projects efficiently.
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