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Agree Realty details $145M ATM offering program

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Agree Realty details $145M ATM offering program

Agree Realty Corp. entered into forward-sale agreements in the fourth quarter of 2019 to sell 2,003,118 common shares under its at-the-market equity offering program at an average price of $73.34 apiece, for about $144.7 million in estimated net proceeds.

In December 2019, the single-tenant net-lease real estate investment trust fully settled the forward-sale agreements related to a follow-on public common-stock offering launched in April 2019, generating net proceeds of about $195.8 million.

The REIT said it expects its retail net-lease property acquisition volume for the full year 2020 to range between $600 million and $700 million and its disposition volume to be between $25 million and $75 million.