Benzinga | Jun 10, 2021 04:14PM EDT

Agree Realty Announces 4M Share Common Stock Offering

Agree Realty Corporation (NYSE:ADC) (the "Company") today announced that it commenced an underwritten public offering of 4,000,000 shares of its common stock. The closing of the offering is expected to occur on or about June 15, 2021, subject to the satisfaction of customary closing conditions. In connection with the offering, the Company expects to grant the underwriter a 30-day option to purchase up to an additional 600,000 shares of common stock.

The Company intends to use the net proceeds of the offering to reduce amounts outstanding under its revolving credit facility, to fund property acquisitions and development activity, for working capital and for general corporate purposes.

Citigroup is acting as the sole underwriter for the offering.

Copies of the prospectus supplement and accompanying prospectus relating to this offering, when available, may be obtained by contacting: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146).