Agree Realty details $113M of Q2 ground lease acquisitions | ADC Message Board Posts


Agree Realty Corp

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Msg  28 of 30  at  7/29/2021 5:11:42 PM  by

jerrykrause


Agree Realty details $113M of Q2 ground lease acquisitions

from SNL Real Estate Daily
 
 

Agree Realty details $113M of Q2 ground lease acquisitions

 
 
Byline: Abdullah Khan
 
 

Agree Realty Corp. bought 14 ground leases in the second quarter for about $113.1 million and sold seven properties for gross proceeds of about $27.8 million.

The company's total second-quarter acquisition volume was about $345.5 million, including 54 properties spread across 25 U.S. states.

In the second quarter, the single-tenant real estate investment trust entered into forward-sale agreements in connection with its at-the-market program to sell 1,178,197 common shares for expected net proceeds of about $81 million. On May 6, it settled 164,450 shares and received net proceeds of about $9.9 million.

At quarter end, the REIT had 3,937,788 shares remaining to be settled under existing forward sale agreements, which are expected to bring in net proceeds of about $258.7 million.

 


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