BLOOMFIELD HILLS, Mich.,
Dec. 3, 2014 /PRNewswire/
-- Agree Realty Corporation (NYSE: ADC) (the "Company") today
announced that it has commenced an underwritten public offering of
2,100,000 newly issued shares of common stock. In connection
with the offering, the Company will grant the underwriters a 30-day
option to purchase up to an additional 315,000 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, and for
general corporate purposes. Raymond
James and Citigroup are acting as joint book-running
managers for the offering.
This offering is being made pursuant to an effective shelf
registration statement and related prospectus and prospectus
supplement filed by the Company with the Securities and Exchange
Commission. When available, copies of the prospectus and
prospectus supplement for this offering may be obtained by
contacting Raymond James, 880
Carillon Parkway, St. Petersburg,
Florida 33716 or by email at prospectus@raymondjames.com, or
by contacting Citigroup, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY
11717, or by telephone at 1-800-831-9146.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities nor shall 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 any such
jurisdiction.
About Agree Realty Corporation
Agree Realty is
primarily engaged in the acquisition and development of properties
net leased to industry leading retail tenants. The Company
currently owns and operates a portfolio of 196 properties, located
in 36 states and containing approximately 4.3 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".
This press release contains forward-looking statements,
including statements about the terms and size of the offering and
the intended use of proceeds from the offering that represent the
Company's expectations and projections for the future. Although
these forward-looking statements are based on good faith beliefs,
reasonable assumptions and the Company's best judgment reflecting
current information, certain factors could occur that might cause
actual results to vary, including deterioration in national
economic conditions, weakening of real estate markets, decreases in
the availability of credit, increases in interest rates, adverse
changes in the retail industry, our continuing ability to qualify
as a REIT and other factors discussed in the Company's reports
filed with the Securities and Exchange Commission. Except as
required by law, the Company assumes no obligation to update these
forward-looking statements, even if new information becomes
available in the future.
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SOURCE Agree Realty Corporation