Agree Realty (ADC) Prices 2.5M Share Common Stock Offering at $61/sh

Agree Realty Corporation (NYSE: ADC) (the "Company") today announced the pricing of its public offering of 2,500,000 shares of its common stock at a public offering price of $61.00 per share for expected gross proceeds of approximately $152,500,000 before deducting the underwriting discount and offering expenses payable by the Company. The Company also granted the underwriters a 30-day option to purchase up to an additional 375,000 shares of common stock. The offering is expected to close on or about April 2, 2020.

Citigroup, Jefferies and Wells Fargo Securities are acting as joint book-running managers for the offering.

The Company expects to use the net proceeds to fund acquisition and development activity and for general working capital and other corporate purposes, including the reduction of the outstanding balance on the Company's revolving credit facility.

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