Agree Realty drops after stock offering unveil

Agree Realty

24/10/2024 21:31

**  Agree Realty  ADC.N  shares down 2.1% to $73.42 in
extended trading after launching equity offering
  
    ** Net lease retail REIT  4 mln shares as part of forward
sale
  
    ** Forward sale agreements with bookrunners Citigroup and
Wells Fargo in place until Dec 2025
  
    ** 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
  
    ** Stock on Thurs closed down 2.2% at $75, trimming YTD gain
to 19%. Shares closed at $54.52 a year ago
  

(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
))