Agree Realty (ADC) Announces Proposed 3M Share Common Offering

Agree Realty Corporation (NYSE: ADC) today announced that it commenced an underwritten public offering of 3,000,000 shares of its common stock. The closing of the offering is expected to occur on or about January 8, 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 450,000 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.

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