Agree Realty Announces Exercise of Underwriters' Option and Closing of Forward Offering of Common Stock

Core Viewpoint - Agree Realty Corporation has successfully completed a public offering of 5,175,000 shares of its common stock, including the full exercise of the underwriters' option to purchase additional shares, at a public offering price of $75.70 per share [1][3]. Group 1: Offering Details - The offering was managed by BofA Securities as the sole book-running manager, with several firms acting as co-managers [2]. - The forward sale agreement with Bank of America allows the company to deliver the shares at a future date, specifically no later than October 26, 2026, while receiving cash proceeds based on the offering price minus underwriting discounts [3][4]. - The company has not yet received any proceeds from the sale of shares, as the forward purchaser will handle the initial sale to underwriters [4]. Group 2: Use of Proceeds - The company plans to use any net proceeds from the future settlement of the forward sale agreement for general corporate purposes, including property acquisitions, development activities, or repayment of outstanding debt [4]. Group 3: Company Overview - Agree Realty Corporation is a publicly traded real estate investment trust (REIT) focused on acquiring and developing properties leased to leading omni-channel retail tenants [7]. - As of March 31, 2025, the company owned and operated a portfolio of 2,422 properties across all 50 states, totaling approximately 50.3 million square feet of gross leasable area [7].