Agree Realty Announces Public Offering of 1,000,000 Shares of Common Stock
Posted on January 23, 2012 at 16:07 PM EST
FARMINGTON HILLS, Mich., Jan. 23, 2012 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) (the "Company") 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.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the offered shares, nor shall there be any sale of such shares or a solicitation of an offer to buy such shares in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Any offer will be made only by means of a prospectus, including a preliminary prospectus supplement, forming part of the effective shelf registration statement.
Copies of the preliminary prospectus supplement and prospectus relating to these shares may be obtained, when available, by contacting Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716 or by calling toll-free at 1-800-248-8863.
Agree Realty Corporation is primarily engaged in the ownership, management, acquisition and development of single tenant properties leased to retail tenants. The Company owns and operates a portfolio of 88 properties, located in 22 states and containing approximately 3.6 million square feet of gross leasable area. The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol "ADC."
The Company considers portions of the information contained in this release, including the Company's planned securities offering and anticipated use of proceeds, to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. These forward-looking statements represent the Company's expectations, plans and beliefs concerning future events. Although these forward-looking statements are based on good faith beliefs, reasonable assumptions and the Company's best judgment reflecting current information, certain factors could cause actual results to differ materially from such forward-looking statements. Such factors are detailed from time to time in reports filed or furnished by the Company with the Securities and Exchange Commission. Except as required by law, the Company assumes no obligation to update these forward-looking statements, even if new information becomes available in the future.
For additional information, visit the Company's home page on the Internet at http://www.agreerealty.com .
SOURCE Agree Realty Corporation
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here