Agree Realty Announces Exercise of Underwriters' Option and Closing of Forward Offering of Common Stock
Agree Realty (NYSE: ADC) has successfully completed a public offering of 5,175,000 shares of common stock at $75.70 per share, including the underwriters' full exercise of their option. The offering was executed through a forward sale agreement with Bank of America, N.A., where the settlement can occur until October 26, 2026.
The company has not received any proceeds yet, as the forward sale agreement allows ADC to set the price now while delaying share issuance. Upon settlement, the proceeds will be used for general corporate purposes, including property acquisitions, development activity, or debt repayment. BofA Securities served as the sole book-running manager, with Raymond James, Stifel, BTIG, Regions Securities , and SMBC Nikko acting as co-managers.
Agree Realty (NYSE: ADC) ha completato con successo un'offerta pubblica di 5.175.000 azioni ordinarie a 75,70 $ per azione, inclusa l'esercitazione completa dell'opzione da parte dei sottoscrittori. L'offerta è stata realizzata tramite un accordo di vendita a termine con Bank of America, N.A., con la possibilità di regolamento fino al 26 ottobre 2026.
La società non ha ancora ricevuto alcun ricavo, poiché l'accordo di vendita a termine consente ad ADC di fissare il prezzo ora, posticipando però l'emissione delle azioni. Al momento del regolamento, i proventi saranno utilizzati per scopi aziendali generali, tra cui acquisizioni immobiliari, attività di sviluppo o rimborso del debito. BofA Securities ha agito come unico gestore principale del libro ordini, mentre Raymond James, Stifel, BTIG, Regions Securities e SMBC Nikko hanno svolto il ruolo di co-gestori.
Agree Realty (NYSE: ADC) ha completado con éxito una oferta pública de 5.175.000 acciones ordinarias a 75,70 $ por acción, incluyendo el ejercicio total de la opción por parte de los suscriptores. La oferta se realizó mediante un acuerdo de venta a plazo con Bank of America, N.A., con liquidación posible hasta el 26 de octubre de 2026.
La compañía aún no ha recibido ingresos, ya que el acuerdo de venta a plazo permite a ADC fijar el precio ahora, pero retrasar la emisión de las acciones. Al momento de la liquidación, los ingresos se destinarán a propósitos corporativos generales, incluyendo adquisiciones de propiedades, actividades de desarrollo o pago de deuda. BofA Securities fue el único gestor principal del libro de órdenes, con Raymond James, Stifel, BTIG, Regions Securities y SMBC Nikko como co-gestores.
Agree Realty (NYSE: ADC)는 5,175,000주의 보통주를 주당 75.70달러에 성공적으로 공개 발행했으며, 인수인들의 옵션 전부 행사도 포함됩니다. 이번 발행은 Bank of America, N.A.와의 선도 매매 계약을 통해 진행되었으며, 결제는 2026년 10월 26일까지 가능합니다.
회사는 아직 자금을 받지 않았는데, 선도 매매 계약이 ADC가 현재 가격을 확정하되 주식 발행은 지연할 수 있도록 허용하기 때문입니다. 결제 시점에 수익금은 일반 기업 목적으로 사용되며, 부동산 인수, 개발 활동 또는 부채 상환 등에 활용될 예정입니다. BofA Securities가 단독 주관사로 참여했으며, Raymond James, Stifel, BTIG, Regions Securities, SMBC Nikko가 공동 주관사로 활동했습니다.
Agree Realty (NYSE : ADC) a réussi une offre publique de 5 175 000 actions ordinaires au prix de 75,70 $ par action, incluant l'exercice complet de l'option par les souscripteurs. L'offre a été réalisée via un accord de vente à terme avec Bank of America, N.A., avec un règlement possible jusqu'au 26 octobre 2026.
L'entreprise n'a pas encore reçu de fonds, car l'accord de vente à terme permet à ADC de fixer le prix dès maintenant tout en retardant l'émission des actions. Lors du règlement, les fonds seront utilisés à des fins générales d'entreprise, incluant des acquisitions immobilières, des activités de développement ou le remboursement de dettes. BofA Securities a agi en tant que gestionnaire principal unique, avec Raymond James, Stifel, BTIG, Regions Securities et SMBC Nikko en tant que co-gestionnaires.
Agree Realty (NYSE: ADC) hat erfolgreich ein öffentliches Angebot von 5.175.000 Stammaktien zu 75,70 $ pro Aktie abgeschlossen, einschließlich der vollständigen Ausübung der Option durch die Underwriter. Das Angebot wurde über eine Forward-Verkaufsvereinbarung mit der Bank of America, N.A. durchgeführt, wobei die Abwicklung bis zum 26. Oktober 2026 erfolgen kann.
Das Unternehmen hat noch keine Erlöse erhalten, da die Forward-Verkaufsvereinbarung ADC ermöglicht, den Preis jetzt festzulegen, die Ausgabe der Aktien jedoch zu verzögern. Bei der Abwicklung werden die Erlöse für allgemeine Unternehmenszwecke verwendet, darunter Immobilienerwerb, Entwicklungsaktivitäten oder Schuldenrückzahlung. BofA Securities fungierte als alleiniger Bookrunner, während Raymond James, Stifel, BTIG, Regions Securities und SMBC Nikko als Co-Manager tätig waren.
- Flexibility in timing of share issuance until October 2026
- Full exercise of underwriters' option indicates strong demand
- Strategic capital raising for property acquisitions and development
- Potential future dilution of existing shareholders
- Share price subject to adjustments in forward sale agreement
Insights
ADC secured $391.7M through a forward equity offering, delaying dilution while locking in capital for future acquisitions and development.
Agree Realty has completed a significant capital raising transaction through a forward equity offering of 5,175,000 shares of common stock at $75.70 per share. This offering, which included the full exercise of the underwriters' option, represents potential gross proceeds of approximately
The structure of this transaction is particularly noteworthy. Through the forward sale agreement with Bank of America, ADC has priced the offering now but can delay the actual issuance of shares and receipt of proceeds until needed, potentially anytime until October 26, 2026. This approach provides ADC with substantial flexibility in timing its capital deployment over the next approximately 18 months.
For context, this offering represents approximately
The forward sale structure provides two key advantages: it allows ADC to lock in today's equity pricing while avoiding immediate dilution that typically accompanies traditional equity offerings. This strategic approach to capital raising demonstrates financial sophistication in managing the company's capital structure.
The successful completion of this offering, including the full exercise of the underwriters' option, indicates ADC has secured access to a significant capital pool to support its continued growth initiatives in the net lease retail property sector.
BofA Securities acted as the sole book-running manager for the offering and Raymond James, Stifel, BTIG, Regions Securities LLC, and SMBC Nikko acted as co-managers for the offering.
The Company has entered into a forward sale agreement with Bank of America, N.A. (the "forward purchaser") with respect to 5,175,000 shares of its common stock. In connection with the forward sale agreement, the forward purchaser or its affiliates borrowed and sold to the underwriters an aggregate of 5,175,000 shares of the common stock delivered in this offering. Subject to its right to elect cash or net share settlement, which right is subject to certain conditions, the Company intends to deliver, upon physical settlement of the forward sale agreement on one or more dates specified by the Company occurring no later than October 26, 2026, an aggregate of 5,175,000 shares of its common stock to the forward purchaser in exchange for cash proceeds per share equal to the applicable forward sale price, which will be the public offering price of
The Company has not received any proceeds from the sale of shares of its common stock by the forward purchaser. The Company expects to use the net proceeds, if any, it receives upon the future settlement of the forward sale agreement for general corporate purposes, including to fund property acquisitions and development activity or the repayment of outstanding indebtedness. Selling common stock through the forward sale agreement enables the Company to set the price of such shares upon pricing the offering (subject to certain adjustments) while delaying the issuance of such shares and the receipt of the net proceeds by the Company until the expected funding requirements described above have occurred.
Copies of the prospectus supplement relating to this offering may be obtained by contacting: BofA Securities by mail NC1-022-02-25, 201 North Tryon Street,
This offering was made pursuant to an effective shelf registration statement and related prospectus filed by the Company with the Securities and Exchange Commission ("SEC"). The offering of the securities was made only by means of a prospectus supplement and accompanying prospectus, which are on file with the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall 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 any such jurisdiction.
About Agree Realty Corporation
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 March 31, 2025, the Company owned and operated a portfolio of 2,422 properties, located in all 50 states and containing approximately 50.3 million square feet of gross leasable area. The Company's common stock is listed on the New York Stock Exchange under the symbol "ADC".
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements about the intended use of proceeds from the offering, if any, and future settlement of its forward sales agreements, that represent the Company's expectations and projections for the future. No assurance can be given that the forward sales discussed above will be completed on the terms described or at all, or that the net proceeds of the offering will be used as indicated. Although these forward-looking statements are based on good faith beliefs, reasonable assumptions and the Company's best judgment reflecting current information, you should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could materially affect the Company's results of operations, financial condition, cash flows, performance or future achievements or events. Currently, some of the most significant factors, include the potential adverse effect of ongoing worldwide economic uncertainties on the financial condition, results of operations, cash flows and performance of the Company and its tenants, the real estate market and the global economy and financial markets. The extent to which macroeconomic trends may impact us and our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence. Moreover, investors are cautioned to interpret many of the risks identified in the risk factors discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and other SEC filings, as well as the risks set forth below, as being heightened as a result of the ongoing and numerous adverse impacts of macroeconomic conditions. Additional important factors, among others, that may cause the Company's actual results to vary include the general deterioration in national economic conditions, weakening of real estate markets, decreases in the availability of credit, increases in interest rates, adverse changes in the retail industry, the Company's continuing ability to qualify as a REIT and other factors discussed in the Company's reports filed with the SEC. The forward-looking statements included in this press release are made as of the date hereof. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, changes in the Company's expectations or assumptions or otherwise.
For further information about the Company's business and financial results, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's SEC filings, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
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SOURCE Agree Realty Corporation
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