Retail specialist agrees Realty to raise up to $395 million through common stock offering
Agree Realty Corporation has priced a public offering of 5,000,000 common shares at a public offering price of $68.65 per share under forward sale agreements with Citigroup and Wells Fargo Securities, who acted as underwriters and bookrunners for the offering.
The underwriters had the option to purchase up to an additional 750,000 shares of Agree Realty common stock of Bloomfield Hills, MI. If the underwriters exercise their option, Agree Realty will have raised up to $395 million in gross proceeds through the common stock offering.
The Company intends to use the net proceeds from the common stock offering for general corporate purposes, including to fund property acquisitions and development activities or the repayment of outstanding debt under its revolving credit facility.
Agree Realty Corporation is a publicly traded REIT whose tagline is Rethinking retail. The Company operates through the acquisition and development of net leased properties to premier omnichannel 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.