Agree Realty (ADC) prices $175 million preferred stock offering.

Agree Realty Corp. (ADC) announced today that it has priced an offering of $175 million 4.250% Series A Cumulative Preferred Stock.  Closing is expected to occur on September 17, 2021.  The company said that net proceeds from the offering would be used to fund property acquisitions and development activity.

Agree Realty is a small-cap equity REIT focused on the acquisition and development of net-lease retail properties across the U.S. As of June 30, 2021, ADC had a total market capitalization of $6.4 billion supporting a portfolio of 1,262 properties in 46 states.