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Agree Realty Prices Common Share Offering

April 14, 2010 (FinancialWire) — Agree Realty Corp. (NYSE: ADC ) said it has priced its public offering of 1.3 million shares of its common stock at $22.00 per share.  The offering is scheduled to close on or about April 16.

The company is looking to see gross proceeds of around $28.6 million.  

Agree Realty plans to use the net proceeds of the offering to repay a portion of the outstanding indebtedness under its $55 million credit facility and/or its $5 million line of credit, to fund development activity and for other general corporate purposes.  All of the shares are being sold by the company.

Agree Realty has also granted the underwriter a 30-day option to purchase up to an additional 195,000 shares of common stock to cover over-allotments, if any

Michigan-based Agree Realty is engaged in the ownership, management and development of properties, which are primarily single tenant properties leased to retail tenants and neighborhood community shopping centers.

Agree Realty owns and operates a portfolio of 72 properties, located in 15 states and containing approximately 3.5 million square feet of leasable space. 

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