FARMINGTON HILLS, Mich., Nov. 21, 2013 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) (the "Company") today announced the sale of 1,650,000 shares of its common stock to Citigroup as the underwriter in a public offering. The Company granted the underwriter a 30-day option to purchase up to an additional 247,500 shares of common stock.
The Company intends to use the net proceeds of the offering to reduce amounts outstanding under its existing $85 million unsecured revolving credit facility, to fund its development activity and property acquisitions, and for general corporate purposes.
A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
The offering of these securities will be made only by means of a prospectus supplement and related base prospectus. Copies of the preliminary prospectus supplement, final prospectus supplement (when available) and the related base prospectus may be obtained by contacting Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 (tel: 800-831-9146).
Agree Realty Corporation is primarily engaged in the acquisition and development of net leased properties leased to industry leading retail tenants. The Company currently owns and operates a portfolio of 130 properties, located in 33 states and containing approximately 3.8 million square feet of gross leasable space. The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol "ADC."
The Company considers portions of the information contained in this release, including the terms and size of the offering and the intended use of proceeds, to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. These forward-looking statements represent the Company's expectations, plans and beliefs concerning future events. Although these forward-looking statements are based on good faith beliefs, reasonable assumptions and the Company's best judgment reflecting current information, certain factors could cause actual results to differ materially from such forward-looking statements. Such factors are detailed from time to time in reports filed or furnished by the Company with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31, 2012. Except as required by law, the Company assumes no obligation to update these forward-looking statements, even if new information becomes available in the future.
SOURCE Agree Realty Corporation