Agree Realty Announces At-The-Market Equity Program

Agree Realty Corporation (NYSE:ADC) disclosed today that on October 25, 2024, the company, in association with Agree Limited Partnership, entered into an at-the-market equity distribution agreement with several entities, including Wells Fargo Securities, LLC, Robert W. Baird & Co Incorporated, and BofA Securities, among others. This agreement allows the company to issue and sell shares of the company’s common stock, with an aggregate offering price of up to $1,250,000,000.

The agreement also involves forward sale agreements, where the company will sell shares through various forward sellers to forward purchasers. Upon the termination of the previously established ATM offering program in February 2024, this new program will facilitate the sale of shares through negotiated transactions, block trades, or “at the market” offerings as per Rule 415 under the Securities Act of 1933.

Additionally, the company may choose to physically settle each forward sale agreement with the applicable forward purchaser or opt for cash or net share settlement. Under this program, each sales agent will receive a commission not exceeding 2.0% of the gross sales price of all shares sold.

The issued shares will be in accordance with the company’s registration statement on Form S-3ASR and a prospectus supplement. This filing does not act as an offer to sell or a solicitation of an offer to buy, and sales will comply with state securities laws.

For a detailed understanding of the equity distribution and forward sale agreements, it is advisable to refer to the full documentation provided in the company’s current report on Form 8-K. The company has also included opinions from legal firms regarding the validity of the issued shares in the exhibits attached to the report.

This represents a strategic move by Agree Realty Corporation to access capital markets efficiently by leveraging the expertise of multiple sales agents and forward purchasers.

The company’s Chief Financial Officer and Secretary, Peter Coughenour, signed the disclosure report on behalf of Agree Realty Corporation.

For further comprehensive information regarding the financial aspects of this development, the interested parties are encouraged to refer to the company’s corresponding financial statements and exhibits in the report.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Agree Realty’s 8K filing here.

Agree Realty Company Profile

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area.