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.