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Agree Realty reaps $181M in Q4'18 ATM offering

Agree Realty Corp. raised approximately $181.2 million in gross proceeds under its at-the-market equity offering program during the fourth quarter of 2018.

The single-tenant net-lease real estate investment trust said it issued 3,057,263 shares at a price of $59.28 on average during the quarter. As of Dec. 31, 2018, the company had not settled any shares under its forward equity offering announced in September 2018.

Looking ahead to 2019, the REIT said it expects its full-year retail net-lease property acquisition volume to be between $350 million and $400 million, assuming continued economic growth, moderate interest rate hikes and positive business trends, among other significant assumptions. It projects total dispositions for 2019 of between $25 million and $75 million.