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Agree Realty selling more than 2.7 million common shares from SNL Real Estate Daily Agree Realty selling more than 2.7 million common shares BYLINE: Abdul Rehman Maqbool Agree Realty Corp. launched a public offering of 2,750,000 common shares and expects to grant a 30-day option to the underwriters to acquire up to 412,500 additional shares. In connection with the offering, the single-tenant net-lease real estate investment trust expects to enter into forward-sale agreements with Jefferies LLC and Citibank NA. Based on the company's closing stock price of $67.17 per share on April 29, gross proceeds, including the additional-share option, are expected to total approximately $212.4 million. Agree Realty said it will not initially receive any proceeds from the sale of its shares by the forward purchasers. It expects to use any net proceeds it receives upon the future settlement of the forward-sale agreements to finance acquisitions and developments, and for general working capital and other corporate purposes. Jefferies, Citigroup, Wells Fargo Securities and Raymond James are the joint book-running managers for the offering. |
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