Agree Realty Announces Pricing of Upsized Forward Common Stock Offering

Core Viewpoint - Agree Realty Corporation has announced a public offering of 4,400,000 shares of common stock at a price of $74.00 per share, with an option for underwriters to purchase an additional 660,000 shares, indicating strong market interest and an upsized offering from the initially planned 4,000,000 shares [1][2]. Group 1: Offering Details - The offering is expected to close on or about October 28, 2024, with Citigroup and Wells Fargo Securities acting as joint book-running managers [1]. - The forward sale agreements involve 4,400,000 shares, potentially increasing to 5,060,000 shares if the underwriters fully exercise their option [2]. - The Company will not receive immediate proceeds from the forward sale agreements, but intends to use any future net proceeds for general corporate purposes, including property acquisitions and debt repayment [3]. Group 2: Company Overview - Agree Realty Corporation is a publicly traded real estate investment trust focused on acquiring and developing properties leased to leading omni-channel retail tenants [5]. - As of September 30, 2024, the Company owned and operated a portfolio of 2,271 properties across 49 states, totaling approximately 47.2 million square feet of gross leasable area [5].