Agree Realty dips after stock sale launch

Agree Realty

23/04/2025 21:27

**  Agree Realty ADC.N shares down 1.1% to $76.34 in post-market trading after equity offering commenced

** Royal Oak, Michigan-based net lease retail real estate investment trust announces 4.5 mln share offering

** Co enters into forward sale agreement with bookrunner BofA

** Upon settlement of agreement, in place until Oct 26, 2026, co plans to use net proceeds for general purposes, including funding acquisitions and development activity, or debt repayment

** ADC has ~110 mln shares outstanding as of Apr 23, per the SEC prospectus filing, giving co ~$8.5 bln market cap

** Shares on Weds finished down 2.4% at $77.22. Stock up 9.6% YTD and up about 34% over the past 12 months

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((llance.tupper@tr.com 1-646-279-6380 ))