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Agree Realty prices public offering of 3.5 million common shares

Agree Realty Corp. priced its public offering of 3.5 million shares of its common stock at $55.20 apiece.

The single-tenant net-lease real estate investment trust also granted underwriters a 30-day option to acquire up to 525,000 additional shares.

The offering is expected to close by Sept. 7.

Agree Realty entered into a forward sale agreement with Citibank NA for the 3.5 million common shares, and expects to enter into a forward sale agreement for a total of 4,025,000 shares if the underwriters fully exercise their additional-share option.

Any net proceeds received from the future settlement of the forward sale agreement will be used for property acquisitions and development projects, with any remaining funds reserved for general working capital and other corporate purposes, the company said in a release.

Citigroup and Jefferies are serving as joint book-running managers for the offering.