Agree Realty Prices Public Offering of 1.5M Shares at $27.25 per Share

Agree Realty Corporation

today announced the pricing of its public offering of 1,500,000 shares of its common stock at a public offering price of $27.25 per share, for a total of $40,875,000 of gross proceeds. The offering is expected to close on or about January 18, 2013. The Company has also granted the underwriters a 30-day option to purchase up to an additional 225,000 shares of common stock to cover over-allotments, if any. Raymond James served as sole book-running manager for the offering. The Company intends to use the net proceeds of the offering to repay a portion of the outstanding indebtedness under its $85 million credit facility, to fund development activity and property acquisitions, and for other general corporate purposes. A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will 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 such state or jurisdiction. The offering of these securities will be made only by means of a prospectus supplement and related base prospectus. Copies of the preliminary prospectus supplement, final prospectus supplement (when available) and the related base prospectus may be obtained by contacting (a) Raymond James, 880 Carillon Parkway, St. Petersburg, Florida 33716 or by email at prospectus@raymondjames.com; or (b) the Internet site of the Securities and Exchange Commission at http://www.sec.gov. Agree Realty Corporation is primarily engaged in the acquisition and development of single tenant properties net leased to industry leading retail tenants. The Company currently owns and operates a portfolio of 109 properties, located in 27 states and containing approximately 3.3 million square feet of gross leasable space. The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol "ADC." The Company considers portions of the information contained in this release, including the closing of the Company's securities offering and anticipated use of proceeds, to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. These forward-looking statements represent the Company's expectations, plans and beliefs concerning future events. Although these forward-looking statements are based on good faith beliefs, reasonable assumptions and the Company's best judgment reflecting current information, certain factors could cause actual results to differ materially from such forward–looking statements. Such factors are detailed from time to time in reports filed or furnished by the Company with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31, 2011. Except as required by law, the Company assumes no obligation to update these forward–looking statements, even if new information becomes available in the future. SOURCE Agree Realty Corporation