** Shares of Agree Realty ADC fell 1.5 percent to $73.89 premarket after a follow-on price was noted overnight
** Net lease retail REIT announced 4.4 million shares at $74 for volume of ~$326 million late Thursday (link).
** The offering was upsized from 4 million shares and priced at a 1.3% discount to the last sale
** The company has entered into forward sale agreements with underwriters Citigroup and Wells Fargo, which are valid until December 2025
** Upon completion of the Agreements, the Company will use the net proceeds for general purposes, including financing property acquisitions and development activities or repaying debt
** ADC has 103.5 million shares outstanding with a market cap of ~$7.8 billion
** On Wednesday, shares rose 2 percent to $76.68 after the company raised its acquisition forecast by 21 percent to $850 million from $700 million by 2024, following the report for the second quarter included an increase of 17 percent
** Through Thursday’s close, the stock was up 19% on the year and nearly 40% over the past 12 months
