Agree Realty dips on $341 mln stock sale pricing

Agree Realty

24/04/2025 13:20

**  Agree Realty ADC.N shares down 1.6% to $75.95 before the bell after overnight follow-on priced

    ** Royal Oak, Michigan-based net lease retail real estate investment trust late Weds announced 4
    .5 mln shares at $75.70 for deal size of $340.65 mln

    ** Offering price represents 2% discount to last sale

    ** Co entered into forward sale agreement, in place until Oct 26, 2026, with bookrunner BofA

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

    ** A forward sale structure enables the REIT to lock in funding at current prices but delays having to issue the shares and diluting earnings until it needs the funds

    ** In Oct, Agree priced 4.4 mln share offering, also as part of a forward sale, at $74

    ** With ~110 mln shares outstanding, co has $8.5 bln market cap

    ** Through Weds, shares up 9.6% YTD. Stock closed at $58.37 a year ago

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

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