A director at Agree Realty Corp (NYSE: ADC) has been steadily adding to his stake in the real estate investment trust, according to a Form 4 filing disclosed with the SEC. John Rakolta Jr., who serves on Agree Realty’s board, purchased 10,000 shares on August 31, 2026, at a price of $72.42 per share, for a total outlay of $724,200. The purchase was made on the open market, meaning Rakolta used his own funds rather than receiving the shares through options or other compensation arrangements.
Following the transaction, Rakolta directly holds 632,197 shares of Agree Realty, a stake that continues to grow as part of a broader pattern of buying activity over the past week.
A Pattern of Buying, Not a One-Off
This latest purchase is not an isolated event. It is the third open-market purchase by Rakolta in a five-day window between August 27 and August 31, 2026. Across those three transactions, he has spent a combined $2,198,799 acquiring additional shares of ADC. Whoisbuyingnow.com classifies this kind of repeated, concentrated buying behavior from a single insider as a ‘cluster buy’ signal, distinguishing it from a single, isolated stock purchase.
Cluster buys can be notable because they show a sustained commitment of personal capital over multiple sessions rather than a single transaction that might be tied to a specific, one-time event like a bonus or option exercise. In this case, Rakolta returned to the market on three separate occasions within the same week to increase his position in the company.
What the Filing Does and Doesn’t Tell Us
The Form 4 filing discloses the mechanics of the transaction: the date, price, share count, and resulting ownership position. It does not explain Rakolta’s motivation for the purchases, and the filing itself offers no forward-looking commentary on the company’s performance or prospects. Academic research on insider trading patterns has found that clustered purchases by multiple insiders, or repeated purchases by a single insider, are statistically associated with above-average stock performance in the periods that follow, though this relationship is a historical pattern observed across large datasets and not a guarantee tied to any individual filing.
Agree Realty is a net-lease REIT that owns and develops properties leased to retail tenants across the United States. Insider buying activity at REITs is sometimes watched closely by market participants because directors and executives at these companies often have long tenures and detailed knowledge of underlying real estate fundamentals, occupancy trends, and tenant credit quality that may not be immediately visible in public filings or earnings releases.
Readers interested in the underlying disclosure can consult the original SEC Form 4 filing for the complete transaction record.
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Source: original SEC Form 4 filing.