Agree Realty Corp. (NYSE:ADC), which is a constituent of the S&P SmallCap 600, is all set to join the S&P MidCap 400 on Feb. 6, 2023.
Agree Reality will replace STORE Capital Corp. (NYSE:STOR) in the MidCap 400 index, while Comstock Resources Inc. (NYSE:CRK) will replace Agree Reality in the SmallCap600, according to a statement issued by S&P Dow Jones Indices.
The S&P MidCap 400 is a benchmark index published by Standard & Poor's made up of 400 companies with a market capitalization of between $3.6 billion and $13.1 billion. The index was launched in 1991.
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The company commenced operations as a Real Estate Investment Trust (REIT) in 1994 with an initial public offering of 2.5 million shares.
Agree Realty terms itself as an "industry leader" in the acquisition and development of properties leased to retailers in the United States. That industry is worth over $8 billion, according to the company's website.
As of December 2023, Agree Realty owned and operated a portfolio of 1,839 properties located in 48 continental states spanning nearly 38 million square feet of gross leasable space.
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