Agree Realty Corp. (ADC - Free Report) inked a deal to amend and restate its senior unsecured credit facility. Per the agreement, the facility will be raised to $350 million. This includes an unsecured revolving credit facility worth $250 million and extensions of two unsecured term loans worth $65 million and $35 million, respectively.
The improved financing further strengthens the balance sheet position of Bloomfield Hills, MI-based retail real estate investment trust (“REIT”). The improved terms and conditions of the credit facility and extension of the maturities of the term loans will augment its capacity to execute its operating strategies.
The rate of interest on the revolving credit facility has been set at LIBOR plus 130–195 basis points. The maturity date of the revolving facility has been set in Jan 2021 and it has the option of one-year extension. Rate of unsecured term loans has been fixed at LIBOR plus 165–235 basis points, and will mature in Jan 2024.
Currently, Agree Realty has a Zacks Rank #3 (Hold). Over the past seven days, its current-quarter funds from operation (FFO) estimates remained unchanged at 65 cents.
Some better-ranked stocks in the same space include EPR Properties (EPR - Free Report) , Realty Income Corporation (O - Free Report) and Retail Properties of America, Inc. . All these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
EPR Properties’ current quarter estimates have moved up 1.6% over the past seven days to $1.24.
Current quarter estimate for Retail Properties of America rose 4.2% over the past seven days to 25 cents.
Current quarter estimates for Realty Income remained unchanged at 75 cents over the seven days.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
Zacks' Top Investment Ideas for Long-Term Profit
How would you like to see our best recommendations to help you find today’s most promising long-term stocks? Starting now, you can look inside our portfolios featuring stocks under $10, income stocks, value investments and more. These picks, which have double and triple-digit profit potential, are rarely available to the public. But you can see them now. Click here >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Agree Realty Corp. (ADC - Free Report) inked a deal to amend and restate its senior unsecured credit facility. Per the agreement, the facility will be raised to $350 million. This includes an unsecured revolving credit facility worth $250 million and extensions of two unsecured term loans worth $65 million and $35 million, respectively.
The improved financing further strengthens the balance sheet position of Bloomfield Hills, MI-based retail real estate investment trust (“REIT”). The improved terms and conditions of the credit facility and extension of the maturities of the term loans will augment its capacity to execute its operating strategies.
The rate of interest on the revolving credit facility has been set at LIBOR plus 130–195 basis points. The maturity date of the revolving facility has been set in Jan 2021 and it has the option of one-year extension. Rate of unsecured term loans has been fixed at LIBOR plus 165–235 basis points, and will mature in Jan 2024.
Currently, Agree Realty has a Zacks Rank #3 (Hold). Over the past seven days, its current-quarter funds from operation (FFO) estimates remained unchanged at 65 cents.
Some better-ranked stocks in the same space include EPR Properties (EPR - Free Report) , Realty Income Corporation (O - Free Report) and Retail Properties of America, Inc. . All these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
EPR Properties’ current quarter estimates have moved up 1.6% over the past seven days to $1.24.
Current quarter estimate for Retail Properties of America rose 4.2% over the past seven days to 25 cents.
Current quarter estimates for Realty Income remained unchanged at 75 cents over the seven days.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
Zacks' Top Investment Ideas for Long-Term Profit
How would you like to see our best recommendations to help you find today’s most promising long-term stocks? Starting now, you can look inside our portfolios featuring stocks under $10, income stocks, value investments and more. These picks, which have double and triple-digit profit potential, are rarely available to the public. But you can see them now. Click here >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Get the latest research report on O - FREE
Get the latest research report on ADC - FREE
Get the latest research report on EPR - FREE