Agree Realty Announces Exercise of Underwriters'' Option and Closing of Forward Offering of Common Stock BLOOMFIELD HILLS, Mich. , May 31, 2022 |PRNewswire| -- Agree Realty Corporation (NYSE: ADC ) (the "Company") today announced that it has completed its public offering of 5,750,000 shares of its common stock, which includes the underwriters'' full exercise of their option to purchase additional shares, pursuant to the forward sale agreements described below. Citigroup and Wells Fargo Securities acted as joint book-running managers for the offering. The Company has entered into forward sale agreements with Citibank, N.A. and Wells Fargo Bank, National Association (the "forward purchasers") with respect to 5,750,000 shares of its common stock. In connection with the forward sale agreements, the forward purchasers or their affiliates borrowed and sold to the underwriters an aggregate of 5,750,000 shares of the common stock delivered in this offering. Subject to its right to elect cash or net share settlement, which right is subject to certain conditions, the Company intends to deliver, upon physical settlement of such forward sale agreements on one or more dates specified by the Company occurring no later than May 26, 2023 , an aggregate of 5,750,000 shares of its common stock to the forward purchasers in exchange for cash proceeds per share equal to the applicable forward sale price, which will be the public offering price of $68.65 per share, less underwriting discounts and commissions, and will be subject to certain adjustments as provided in the forward sale agreements.