BLOOMFIELD HILLS, Mich.,
Oct. 26, 2016 /PRNewswire/
-- Agree Realty Corporation (NYSE: ADC) (the "Company") today
announced that it has upsized and priced an underwritten public
offering of 1,815,000 shares of its common stock for expected gross
proceeds of approximately $86.2
million before deducting the underwriting discount and
offering expenses payable by the Company. In connection with
the offering, the Company has granted the underwriters a 30-day
option to purchase up to an additional 272,250 shares of common
stock. Subject to customary conditions, the offering is expected to
close on October 31, 2016.
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, for working
capital and for general corporate purposes. Raymond James, Citigroup, Jefferies and Wells
Fargo Securities are acting as joint book-running managers.
Stifel and Baird are acting as senior co-managers for the
offering. BTIG, Capital One Securities, Janney Montgomery Scott, Ladenburg Thalmann and
Wunderlich are acting as co-managers for the offering.
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 telephone at (800)
248-8863, by contacting Citigroup, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by telephone at
(800) 831-9146, by contacting Jefferies, Attention: Equity
Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor,
New York, New York, 10022 or by
email at Prospectus_Department@Jefferies.com or by telephone at
(877) 821-7388, or by contacting Wells Fargo Securities, Attention:
Equity Syndicate Dept., 375 Park Avenue, New York, New York 10152 or by email at
cmclientsupport@wellsfargo.com or by telephone at (800)
326-5897.
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 ("SEC"). A preliminary prospectus supplement relating to
the offering was filed with the SEC. 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 Corporation 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 346
properties, located in 43 states and containing approximately 6.8
million square feet of gross leasable space. The Company's common
stock is listed on the New York Stock Exchange under the symbol
"ADC".
This press release contains forward-looking statements within
the meaning of the federal securities laws, 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. No assurance can be
given that the offering discussed above will be completed on the
terms described or at all, or that the net proceeds of the offering
will be used as indicated. 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, but not limited to, 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 SEC. 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