Retail Specialist Agree Realty Raises Up to $395M Via Common Stock Offering
Agree Realty Corporation has priced a public offering of 5,000,000 shares of its common stock at a public offering price of $68.65 per share in connection with the forward sale agreements with Citigroup and Wells Fargo Securities, who acted as underwriters and book runners for the offering.
The underwriters have been given the option to purchase up to 750,000 additional shares of Bloomfield Hills, MI-based Agree Realty common shares. If the underwriters exercise their option, Agree Realty will have raised up to $395 million of gross proceeds via the common stock offering.
The company expects to use the net proceeds of the common stock offering for general corporate purposes, including to fund property acquisitions and development activity or the repayment of outstanding indebtedness under its revolving credit facility.
Agree Realty Corporation is a publicly traded REIT whose slogan is Rethinking Retail. The company does business through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants.
As of March 31, 2022, the company owned and operated a portfolio of 1,510 properties, located in 47 states and containing approximately 31.0 million square feet of gross leasable area.
A highly successful financial journalist, corporate financial writer and magazine entrepreneur with strong expertise in writing on fixed income and pass-through securities (ABS), finance and banking, the economy, economic developments, financial markets, investing and personal finance, the business of behavioral healthcare and more.