Agree Realty discloses 2021 property outlook, monthly dividend transition | ADC Message Board Posts


Agree Realty Corp

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Msg  23 of 30  at  1/8/2021 7:01:39 AM  by

jerrykrause


Agree Realty discloses 2021 property outlook, monthly dividend transition

from SNL Real Estate Daily
 

Agree Realty discloses 2021 property outlook, monthly dividend transition

 
 
Byline: Maera Tezuka
 
 

Agree Realty Corp. said its board approved the single-tenant net-lease retail real estate investment trust's transition to a monthly cash dividend, effective January, and provided its acquisition and disposition guidance for 2021.

The REIT expects acquisition volume in 2021 to range from $800 million to $1.0 billion of retail net lease properties, while it forecasts disposition volume to be between $25 million and $75 million.

Agree Realty also noted that it collected 99% of December 2020 rents and entered into deferral agreements with tenants accounting for less than 1% of rents due for that month.

In late December 2020, the company settled the remaining 4,651,666 common shares under its April 2020 forward equity offering to Cohen & Steers Inc., for net proceeds of about $266.7 million.

During the fourth quarter of 2020, the REIT agreed to sell 1,501,210 common shares under its at-the-market equity program at an average gross price of $66.85 per share, for estimated net proceeds of about $98.2 million.

Agree Realty had 3,129,982 common shares remaining to be settled under its existing forward sale agreements at 2020-end, for expected net proceeds of roughly $203.2 million.

 


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