ROYAL OAK, Mich. - Agree Realty Corporation (NYSE:ADC), a real estate investment trust, announced today that its Board of Directors has approved an increase in the monthly cash dividend on its common stock. The dividend has been raised to $0.250 per share from the previous month, reflecting an annualized amount of $3.00 per share.
This marks a 2.9% year-over-year increase from the $2.916 annualized dividend reported in the second quarter of 2023. Shareholders on record as of April 30, 2024, will be eligible for the dividend payment scheduled for May 14, 2024.
In a similar move, the company also declared a monthly cash dividend for its 4.25% Series A Cumulative Redeemable Preferred Stock. Holders of these depositary shares are set to receive a monthly dividend of $0.08854 per share, which equates to an annual rate of $1.0625. This dividend is payable on May 1, 2024, to shareholders of record at the close of business on April 19, 2024.
Agree Realty Corporation specializes in the acquisition and development of properties net leased to retail tenants with a strong presence in both physical and online commerce. As of the end of 2023, Agree Realty's portfolio consisted of 2,135 properties across 49 states, totaling approximately 44.2 million square feet of gross leasable area.
The company's strategic approach, branded as RETHINKING RETAIL, focuses on adapting to the evolving retail landscape by selecting tenants that demonstrate resilience and growth in the face of shifting consumer behaviors. Agree Realty's common stock trades on the New York Stock Exchange under the ticker "ADC."
The dividend increase reflects the company's confidence in its financial performance and commitment to delivering value to its shareholders. This announcement is based on a press release statement issued by Agree Realty Corporation.
InvestingPro Insights
Agree Realty Corporation's recent dividend increase is a testament to its financial health and a signal of its commitment to shareholder returns. Notably, the company has raised its dividend for 11 consecutive years, illustrating a consistent approach to rewarding its investors.
The PRONEWS24 coupon code offers an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro, where users can find even more InvestingPro Tips related to ADC, including insights on dividend consistency and profitability forecasts.
Looking at the real-time metrics from InvestingPro, Agree Realty Corporation has a market capitalization of approximately $5.74 billion and is trading at a high earnings multiple, with a P/E ratio of 33.43 and an adjusted P/E ratio for the last twelve months as of Q4 2023 at 34.12.
Despite this high valuation, the company's robust gross profit margin of 87.59% over the same period reflects its operational efficiency. Additionally, the company's dividend yield as of the latest available data stands at 5.29%, which may be attractive to income-focused investors.
InvestingPro Tips also highlight that analysts predict Agree Realty Corporation will be profitable this year, and the company has been profitable over the last twelve months. This aligns with the company's strategic approach of RETHINKING RETAIL, where it focuses on properties net leased to robust retail tenants. For investors interested in a deeper dive into Agree Realty Corporation's performance and future outlook, there are additional InvestingPro Tips available that could provide further insights into the company's financial trajectory.
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