Agree Realty (ADC) Prices Upside Stock Offering

October 26, 2016 8:12 AM EDT

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Agree Realty Corporation (NYSE: ADC) 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.

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