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.