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Agree Realty commences common stock offering

Agree Realty Corp.kicked off an underwritten public offering of 2,250,000 shares of its common stock.

The company expects to grant the underwriters a 30-day optionto acquire up to an additional 337,500 shares of common stock.

Including the overallotment option, the offering represents grossaggregate proceeds of $107.3 million based on the May 4 closing price of Agree'scommon stock.

The company plans to use the net proceeds to cut amounts outstandingunder its revolving credit facility and to fund property acquisitions and developmentactivity. The proceeds will also be used for working capital and for general corporatepurposes.

Raymond James, Jefferies and Wells Fargo Securities are actingas joint book-running managers for the offering.