Agree Realty Corporation (NYSE: ADC) was active in the news on Thursday with reports of significant insider stock purchases. CEO Joey Agree acquired 7,360 shares for a total of $500,921.60, and Director John Rakolta, Jr. purchased 20,000 shares for approximately $1.38 million. These transactions, which occurred on September 16th, represent a notable increase in their respective holdings and have been met with a positive market reaction, with the stock trading higher in pre-market.
In a separate announcement, Agree Realty's operating partnership, Agree Limited Partnership, plans to offer new senior unsecured notes. Fitch Ratings has assigned a strong 'A-' rating to this proposed offering. The company intends to use the proceeds to repay outstanding commercial paper and for other investment and operating activities. This combination of strong insider buying and strategic financial activity has generated significant investor interest.