Agree Realty dips after stock sale launch

ReutersApr 23, 2025 8:27 PM

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Agree Realty ADC.N shares down 1.1% to $76.34 in post-market trading after equity offering commenced

Royal Oak, Michigan-based net lease retail real estate investment trust announces 4.5 mln share offering

Co enters into forward sale agreement with bookrunner BofA

Upon settlement of agreement, in place until Oct 26, 2026, co plans to use net proceeds for general purposes, including funding acquisitions and development activity, or debt repayment

ADC has ~110 mln shares outstanding as of Apr 23, per the SEC prospectus filing, giving co ~$8.5 bln market cap

Shares on Weds finished down 2.4% at $77.22. Stock up 9.6% YTD and up about 34% over the past 12 months

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