BLOOMFIELD HILLS, Mich.,
June 10, 2021 /PRNewswire/
-- Agree Realty Corporation (NYSE: ADC) (the "Company") today
announced that it has priced an underwritten public offering of
4,000,000 shares of its common stock for expected gross proceeds of
approximately $286 million, before
deducting estimated offering expenses. The closing of the offering
is expected to occur on or about June 15,
2021, subject to the satisfaction of customary closing
conditions. In connection with the offering, the Company expects to
grant the underwriter a 30-day option to purchase up to an
additional 600,000 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, for working
capital and for general corporate purposes.
Citigroup is acting as the sole underwriter for the
offering.
Copies of the prospectus supplement and accompanying prospectus
relating to this offering, when available, may be obtained by
contacting: Citigroup Global Markets Inc., c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146).
The shares of common stock are being offered by the Company
pursuant to an effective shelf registration statement on Form S-3
(File No. 333-238729) and related prospectus which was filed by the
Company on May 27, 2020 with the
Securities and Exchange Commission ("SEC") and was automatically
effective upon filing, and was amended by post-effective amendments
no. 1 and no. 2 filed with the SEC on August
12, 2020 and May 5, 2021,
respectively. The offering of the securities will be made only by
means of a prospectus, including a prospectus supplement, forming a
part of the effective registration statement. A final prospectus
supplement and accompanying prospectus relating to the securities
being offered will be 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 a publicly traded real estate
investment trust that is
RETHINKING RETAIL through the acquisition
and development of properties net leased to industry-leading,
omni-channel retail tenants. As of March 31, 2021, the Company owned and operated a
portfolio of 1,213 properties, located in 46 states and containing
approximately 24.2 million square feet of gross leasable
area. The Company's common stock is listed on the New York
Stock Exchange under the symbol "ADC". For additional
information on the Company and
RETHINKING RETAIL, please visit
www.agreerealty.com.
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, the intended use of
proceeds from the offering, if any, 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, you should not rely on forward-looking
statements since they involve known and unknown risks,
uncertainties and other factors which are, in some cases, beyond
the Company's control and which could materially affect the
Company's results of operations, financial condition, cash flows,
performance or future achievements or events. Currently, one of the
most significant factors, however, is the potential adverse effect
of the current pandemic of the novel coronavirus, or COVID-19, on
the financial condition, results of operations, cash flows and
performance of the Company and its tenants, the real estate market
and the global economy and financial markets. The extent to which
COVID-19 impacts the Company and its tenants will depend on future
developments, which are highly uncertain and cannot be predicted
with confidence, including the scope, severity and duration of the
pandemic, the actions taken to contain the pandemic or mitigate its
impact, and the direct and indirect economic effects of the
pandemic and containment measures, among others. Moreover,
investors are cautioned to interpret many of the risks identified
in the risk factors discussed in the Company's Annual
Report on Form 10-K for the year ended December 31, 2020 and other SEC filings, as well
as the risks set forth below, as being heightened as a result of
the ongoing and numerous adverse impacts of COVID-19. Additional
important factors, among others, that may cause the
Company's actual results to vary include the general
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, the
Company's continuing ability to qualify as a REIT and
other factors discussed in the Company's reports
filed with the SEC. The forward-looking statements included
in this press release are made as of the date hereof. Unless
legally required, the Company disclaims any obligation to update
any forward-looking statements, whether as a result of new
information, future events, changes in the Company's expectations
or assumptions or otherwise.
For further information about the Company's business and
financial results, please refer to the "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and
"Risk Factors" sections of the Company's SEC filings,
including, but not limited to, its Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q, copies of which may be obtained at
the Investor Relations section of the Company's website at
www.agreerealty.com.
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SOURCE Agree Realty Corporation