Form 4: Agree Realty Corp Director Judlowe Acquires Shares Through Stock Grant and Compensation Plan

Director Michael Judlowe increased his holdings in Agree Realty Corp through a restricted stock grant and election to receive stock in lieu of cash compensation.

Summary

• On February 23, 2025, Michael Judlowe, a director of Agree Realty Corp, acquired 1,579 common shares through a restricted stock grant that vests on February 23, 2026.
• Judlowe also acquired 961 common shares at a price of $72.83 as part of Agree Realty Corporation's compensation plan for its Board of Directors, where he elected to receive a portion of his annual fee in restricted common stock instead of cash.
• Following these transactions, Judlowe directly owns 11,830 common shares and indirectly owns 100 shares through his wife.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The director increasing their stake in the company is generally a good sign, but it's part of a standard compensation plan.

Positives

• Director's increased stake in the company may signal confidence in Agree Realty Corp's future performance.

Future Outlook

NA

Management Comments

• Under Agree Realty Corporation's compensation plan for its Board of Directors, the Board member elected to receive a portion of their annual fee in restricted common stock in lieu of cash.

Industry Context

Director share acquisitions are common in the real estate industry and are often viewed positively by investors as they align management's interests with those of shareholders.

Comparison to Industry Standards

• Director compensation plans involving stock grants are a common practice among publicly traded REITs like Agree Realty Corp.
• Companies such as Simon Property Group and Public Storage also utilize stock-based compensation for their board members to incentivize long-term value creation.

Stakeholder Impact

• The increased ownership by a director could positively influence shareholder confidence.

Key Dates