FARMINGTON HILLS, Mich., Nov. 22, 2013 /PRNewswire/ -- Agree Realty Corporation (NYSE:ADC) (the "Company") today announced that it has priced a public offering of 1,650,000 shares of its common stock for total estimated gross proceeds of approximately $49.2 million. The offering is expected to close on or about November 27, 2013. The Company granted the underwriter a 30-day option to purchase up to an additional 247,500 shares of common stock.
The Company intends to use the net proceeds of the offering to reduce amounts outstanding under its existing $85 million unsecured revolving credit facility, to fund its development activity and property acquisitions, and for general corporate purposes.
Citigroup served as the sole underwriter for the offering. The underwriter may offer the shares in transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.
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 Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 (tel: 800-831-9146). Agree Realty Corporation is primarily engaged in the acquisition and development of net leased properties leased to industry leading retail tenants. The Company currently owns and operates a portfolio of 130 properties, located in 33 states and containing approximately 3.8 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."
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts