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Agree Realty secures $33M in Q3 ATM offering

Agree Realty Corp. raised approximately $33.0 million in gross proceeds under its at-the-market equity offering program during the third quarter.

The single-tenant real estate investment trust issued 444,228 shares of common stock at an average price of $74.30 during the quarter.

Further, the REIT said its total acquisition volume for the quarter was about $246.2 million, excluding acquisition and closing costs. That total consists of 68 properties spread across 27 states and leased to tenants operating in 16 retail sectors. The properties were bought at a weighted-average capitalization rate of 7.0% and had a weighted-average remaining lease term of about 12.3 years.

The REIT increased its full-year outlook for retail net lease property acquisition volume to between $650 million and $700 million from $625 million and $675 million, assuming continued growth in economic activity, positive business trends and other significant assumptions.

The company also sold three properties for gross proceeds of about $8.0 million during the quarter.