Agree Realty (ADC) Announces Plans for 1 Million Share Common Offering

January 23, 2012 4:08 PM EST
Agree Realty Corporation (NYSE: ADC) today announced the commencement of a public offering of 1,000,000 shares of its common stock pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission. The Company also expects to grant the underwriters a 30-day option to purchase up to an additional 150,000 shares of common stock to cover over-allotments, if any. Raymond James & Associates, Inc. and Janney Montgomery Scott LLC will serve as underwriters for the offering.

The Company intends to use the net proceeds of the offering to repay a portion of the outstanding indebtedness under its $85 million credit facility, to fund development activity and property acquisitions, and for other general corporate purposes.

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