- Agree Realty Corporation (ADC, Financial) announces a public offering of 4.5 million common stock shares at $75.70 each.
- Options for an additional 675,000 shares are given to underwriters, with expected closure by April 25, 2025.
- Proceeds aim to support property acquisitions, development activities, and potential debt repayment.
Agree Realty Corporation (ADC) has set the pricing of its public offering to 4,500,000 shares of common stock at $75.70 per share. The offering is expected to close on or around April 25, 2025, and includes a 30-day option for underwriters to purchase an additional 675,000 shares. The stock offering is part of a forward sale agreement with Bank of America, which allows for a delayed issuance of shares until October 26, 2026.
This arrangement enables Agree Realty to obtain cash proceeds per share equal to the public offering price minus underwriting discounts and commissions. The company plans to utilize net proceeds from the offering for general corporate purposes. These include property acquisitions, development activity, and potential repayment of the revolving credit facility debt. The strategy allows the company to lock in current stock prices while aligning share issuance with future funding needs.
With over 2,422 properties in its portfolio, Agree Realty continues to focus on expanding its operations across all 50 states, with a gross leasable area totaling approximately 50.3 million square feet. As a publicly traded real estate investment trust, ADC aims to leverage this capital infusion to sustain its growth trajectory and operational expansions in the retail property sector.
