Agree Realty Corporation announced on October 28, 2024, the completion of its public offering of 5,060,000 shares of common stock. This total includes the full exercise of the underwriters' option to purchase additional shares, demonstrating strong market demand.
The shares were offered at a public offering price of $74.00 per share. The company entered into forward sale agreements with Citibank, N.A. and Wells Fargo Bank, National Association for these shares.
Upon physical settlement of these forward sale agreements, which is expected by December 31, 2025, Agree Realty plans to use the net proceeds for general corporate purposes. These purposes include funding property acquisitions, development activities, and the repayment of outstanding indebtedness under its revolving credit facility.
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