Agree Realty Corporation (NYSE:ADC) will seek acquisitions. Agree Realty priced its a public offering of 3.0 million common shares for expected gross proceeds of nearly $195 million, before removing estimated offering expenses. The offering, which is subject to customary closing conditions, is expected to close on or about January 11, 2021 with Citigroup serving as its underwriter. The single-tenant net-lease real estate investment trust expects to grant a 30-day option for the underwriter to acquire up to 450,000 additional shares. The REIT plans to use the net proceeds to lower amounts outstanding under its revolving credit facility, to finance property acquisitions and development activity and for working capital and general corporate purposes.
Agree Realty Corporation is an integrated real estate investment trust (REIT) primarily focused on the ownership, acquisition, development and management of retail properties net-leased to tenants. The Company's assets are held by, and all of its operations are conducted through, directly or indirectly, the operating partnership, of which the Company is the sole general partner. Its portfolio consists of over 2,135 properties located in 49 states and totaling approximately 44.2 million square feet of gross leasable area (GLA). Its portfolio of properties is located in Texas, Ohio, Florida, Michigan, Illinois, North Carolina, New Jersey, Pennsylvania, California, New York, Georgia, Virginia, Connecticut, Wisconsin and others. Its tenants include Walmart, Dollar General, Tractor Supply, Best Buy, Dollar Tree, TJX Companies, O'Reilly Auto Parts, CVS, Kroger, Lowe's, Hobby Lobby, Burlington, Sherwin-Williams, Sunbelt Rentals, Wawa, Home Depot, TBC Corporation, Gerber Collision, and others.
AGREE REALTY CORPORATION 
