BLOOMFIELD HILLS, Mich.,
May 10, 2016 /PRNewswire/ -- Agree
Realty Corporation (NYSE: ADC) (the "Company") today announced that
it has completed its follow-on public offering of 2,875,000 shares
of common stock, which includes the underwriters' full exercise of
their option to purchase additional shares. Total net
proceeds, after deducting the underwriting discount and offering
expenses, are anticipated to be approximately $109.6 million.
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, Jefferies and
Wells Fargo Securities acted as joint book-running managers. Baird,
Stifel and Janney Montgomery Scott
served as senior co-managers, and BTIG, Capital One Securities,
Ladenburg Thalmann and Wunderlich served as co-managers for the
offering.
A registration statement relating to the securities has been
filed with the U.S. Securities and Exchange Commission and has
become effective under the Securities Act of 1933, as
amended. The offering of the securities was made only by
means of a prospectus supplement and accompanying prospectus, which
are on file with the Securities and Exchange Commission. 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.
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 Jefferies LLC, 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.
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 302 properties, located in 42 states and containing
approximately 5.5 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".
Forward-Looking Statements
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