Agree Realty hikes dividend by 0.2%
Agree Realty (ADC) will raise its quarterly dividend by 0.2 percent and start paying monthly dividends. Last year the shopping center REIT announced two dividend hikes for a total increase of 6.0 percent. Agree Realty has now raised its dividend 9 consecutive years.
The company has declared a monthly cash dividend of $0.207 per common share. This represents ADC's inaugural monthly cash dividend. The new monthly dividend reflects an annualized dividend amount of $2.484 per common share, representing a 6.2% increase over the annualized dividend amount of $2.340 per common share from the first quarter of 2020. The dividend is payable February 12, 2021 to shareholders of record at the close of business on January 29, 2021.
A new annualized dividend of $2.48 per share yields 3.9% at a stock price of $64 for Agree Realty. According to calculations made by dividendhike.com Agree Realty will now pay an estimated $137 million in dividends to shareholders annually.
Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. Its community shopping centers include Capital Plaza, Frankfort; Central Michigan Commons, Mount Pleasant, and West Frankfort Plaza, West Frankfort. Agree Realty Corporation has paid a dividend to shareholders every year since 1993.