Agree Realty dips after $326 mln share offering

Agree Realty

25/10/2024 12:47

**  Shares of Agree Realty  ADC.N  down 1.5% at $73.89
premarket after overnight follow-on priced
  
    ** Net lease retail REIT late Thurs  4.4 mln shares at $74
for deal size of ~$326 mln
  
    ** Offering size increased from 4 mln shares, priced at 1.3%
discount to last sale
  
    ** Co entered into forward sale agreements, in place until
Dec 2025, with bookrunners Citigroup and Wells Fargo
  
    ** Upon settlement of agreements, co to use net proceeds for
general purposes, including funding property acquisitions and
development activity, or debt repayment
  
    ** ADC has 103.5 mln shares outstanding for ~$7.8 bln market
cap
  
    ** On Weds, shares rose ~2% to $76.68, a day after co  2024
acquisition guidance by 21%, from ~$700 mln to ~$850 mln, after
~17% boost in its Q2 report
  
    ** Through Thurs close, stock up 19% YTD and up nearly 40%
over the past 12 months
  

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))