Agree Realty dips on $341 mln stock sale pricing
Agree Realty ADC.N shares down 1.6% to $75.95 before the bell after overnight follow-on priced
Royal Oak, Michigan-based net lease retail real estate investment trust late Weds announced 4 .5 mln shares at $75.70 for deal size of $340.65 mln
Offering price represents 2% discount to last sale
Co entered into forward sale agreement, in place until Oct 26, 2026, with bookrunner BofA
Upon settlement of agreement, co plans to use net proceeds for general purposes, including funding acquisitions and development activity, or debt repayment
A forward sale structure enables the REIT to lock in funding at current prices but delays having to issue the shares and diluting earnings until it needs the funds
In Oct, Agree priced 4.4 mln share offering, also as part of a forward sale, at $74
With ~110 mln shares outstanding, co has $8.5 bln market cap
Through Weds, shares up 9.6% YTD. Stock closed at $58.37 a year ago
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