ADC

Agree Realty Corporation

69.04
USD
0.89%
69.04
USD
0.89%
61.62 80.44
52 weeks
52 weeks

Mkt Cap 4.39B

Shares Out 63.57M

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Agree Realty to settle outstanding forward equity for $599M, announces stock offering

ADC expects to settle all ~8.7M shares on Sept. 30. As part of the offering, ADC expects to grant underwriters a 30-day option to buy up to an additional 750K shares. ADC expects to enter into forward sale agreements with banks under which the forward purchasers or their affiliates are expected to borrow and sell to underwriters 5M shares that will be delivered in the offering. The REIT intends to deliver, upon physical settlement of the forward sale agreements, 5M shares to the forward purchasers for cash proceeds per share equal to the applicable forward sale price. ADC will not initially receive any proceeds from the sale of shares by the forward purchasers. The REIT expects to use net proceeds, if any, it receives upon future settlement of the forward sale agreements for general corporate purposes, including for property acquisitions and development activity or repayment of outstanding indebtedness.

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