Why Agree Realty Stock Jumped Over 11% in July
Shares of Agree Realty (NYSE: ADC) jumped 11.4% in July, according to data provided by S&P Global Market Intelligence. The real estate investment trust (REIT) benefited from an improved growth forecast and credit rating upgrade last month.
Agree Realty reported solid second-quarter results last month. The retail REIT posted a 6.4% rise in its adjusted funds from operations (FFO) per share in the period. The company has benefited from rising rental income and its steadily expanding portfolio. It invested $203 million into 70 retail net lease properties in the second quarter, bringing its first-half total to $343 million across 102 properties.
Even with all those acquisitions, the REIT ended the second quarter with strong liquidity. It took advantage of its rising stock price to sell 3.2 million shares, raising $194 million. In addition, its banks expanded its credit facility to $1.25 billion and extended its maturity until 2029. These factors enabled it to raise $650 million of capital, boosting its total liquidity to $1.7 billion.
Source Fool.com
