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FARMINGTON HILLS, Mich.,
Jan. 14, 2013 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) (the "Company") today announced the commencement of a public offering of 1,300,000 shares of its common stock. The Company also expects to grant the underwriters a 30-day option to purchase up to an additional 195,000 shares of common stock to cover over-allotments, if any.
Raymond James will serve as sole book-running manager for the offering.
The Company intends to use the net proceeds of the offering to repay a portion of the outstanding indebtedness under its
$85 million credit facility, to fund development activity and property acquisitions, and for other general corporate purposes.
A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
The offering of these securities will be made only by means of a prospectus supplement and related base prospectus. Copies of the preliminary prospectus supplement, final prospectus supplement (when available) and the related base prospectus may be obtained by contacting (a)
Raymond James, 880 Carillon Parkway,
St. Petersburg, Florida 33716 or by email at
email@example.com; or (b) the Internet site of the Securities and Exchange Commission at
Agree Realty Corporation is primarily engaged in the acquisition and development of single tenant properties net leased to industry leading retail tenants. The Company currently owns and operates a portfolio of 109 properties, located in 27 states and containing approximately 3.3 million square feet of gross leasable space. The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol "ADC."