Form 4: Agree Realty Corp Director Greg Lehmkuhl Reports Stock Grant and Dividend Reinvestment

Director Greg Lehmkuhl reported receiving shares as part of Agree Realty's compensation plan and through dividend reinvestment.

Summary

• Director Greg Lehmkuhl reported changes in beneficial ownership of Agree Realty Corporation (ADC) common shares.
• On February 23, 2024, Lehmkuhl acquired 4,086 common shares as a grant of restricted stock that vests on February 23, 2025, as part of the company's compensation plan for its Board of Directors.
• Board members receive a portion of their annual fee in common stock and can also elect to receive additional shares in lieu of the cash portion of the fee.
• Lehmkuhl also acquired 89.995 shares through a dividend reinvestment plan since the last reported transaction.
• Following these transactions, Lehmkuhl beneficially owns 21,893 common shares.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The transactions reflect standard compensation practices and director's confidence in the company through dividend reinvestment.

Positives

• The director's participation in the dividend reinvestment plan demonstrates confidence in the company's future performance.
• The stock grant aligns the director's interests with those of the shareholders.

Industry Context

Directors receiving stock grants and participating in dividend reinvestment plans are common practices in the real estate industry to align management's interests with shareholders.

Comparison to Industry Standards

• Stock grants to board members are a typical component of compensation packages in REITs like Agree Realty, similar to companies such as Realty Income (O) and Simon Property Group (SPG).
• Dividend reinvestment plans are also common, allowing shareholders, including directors, to increase their stake in the company.

Stakeholder Impact

• The stock grant aligns the director's interests with those of the shareholders, potentially leading to better corporate governance and decision-making.
• The dividend reinvestment plan benefits shareholders by providing a convenient way to increase their investment in the company.

Key Dates