Agree Realty Announces Exercise of the Underwriters' Option and Closing of Common Stock Offering

  Agree Realty Announces Exercise of the Underwriters' Option and Closing of
                            Common Stock Offering

PR Newswire

FARMINGTON HILLS, Mich., Jan. 22, 2013

FARMINGTON HILLS, Mich., Jan. 22, 2013 /PRNewswire/ --Agree Realty
Corporation (NYSE: ADC) (the "Company") today announced the closing of its
public offering of 1,725,000 shares of its common stock, including 225,000
shares issued and sold pursuant to the full exercise of the underwriters'
over-allotment option, on January 18, 2013. The shares were issued at a
public offering price of $27.25 per share, for a total of $47,006,250 of gross

Raymond James served as sole book-running manager for the offering. BMO
Capital Markets served as lead manager for the offering, and Compass Point,
PNC Capital Markets LLC and Piper Jaffray served as co-managers for the

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

Copies of the prospectus supplement and the related base prospectus may be
obtained by contacting (a) Raymond James, 880 Carillon Parkway, St.
Petersburg, Florida 33716 or by email at; or (b)
the Internet site of the Securities and Exchange Commission at

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 108
properties, located in 27 states and containing approximately 3.2 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 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

Contact: Alan D. Maximiuk, Chief Financial Officer, +1-248-737-4190
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