Agree Realty Corp. priced its offering of 3.0 million shares of its common stock at $48.00 per share.
Agree Realty expects to enter into a sales agreement with Citibank NA, the underwriter of the offering, that grants the company and its affiliates a 30-day overallotment option to purchase up to an additional 450,000 shares. In total, Citibank is expected to purchase 3,450,000 shares, according to a press release.
Initially, Agree Realty will not receive any proceeds from the sale of shares of its common stock to Citibank. However, if Agree Realty receives any net proceeds from the offering, the company will use the funds for property acquisitions and development activity, with the remaining money to be used for general working capital and corporate purposes, including reducing its outstanding balance, if any, on the company's revolving credit facility.
