UPDATE: Agree Realty Announces 2.1M Common Stock Offering

Agree Realty Corporation ADC today announced that it has commenced an underwritten public offering of 2,100,000 newly issued shares of common stock. In connection with the offering, the Company will grant the underwriters a 30-day option to purchase up to an additional 315,000 shares of
common stock.

The Company intends to use the net proceeds of the offering to reduce amounts outstanding under its revolving credit facility, to fund property acquisitions and development activity, and for general corporate purposes. Raymond James and Citigroup are acting as joint book-running managers for the offering.