Agree Realty Corporation has completed an underwritten public offering of $400 million in aggregate principal amount of 5.650% Notes due 2036. The transaction was executed by Agree Limited Partnership, a Delaware limited partnership and subsidiary of Agree Realty Corporation.
The Notes are senior unsecured obligations of the Issuer and are fully and unconditionally guaranteed by the Parent Guarantor and certain wholly owned subsidiaries. Interest on the Notes is payable at a rate of 5.650% per annum, with payments scheduled for April 15 and October 15 of each year, beginning April 15, 2027. The Notes mature on October 15, 2036.
The offering closed on September 22, 2026. After deducting underwriting discounts and estimated offering expenses, the Issuer received net proceeds of approximately $390.1 million. The Notes were issued pursuant to a shelf registration statement on Form S-3 (File No. 333-295307) that became effective on April 24, 2026.
The terms of the Notes are governed by an indenture dated August 17, 2020, as amended by an officer’s certificate dated September 22, 2026. The Indenture includes various restrictive covenants, including limitations on incurring additional indebtedness and requirements to maintain a pool of unencumbered assets. The Notes are effectively subordinated in right of payment to the Issuer’s and Guarantor’s existing and future mortgage indebtedness and other secured indebtedness.
The underwriters for the transaction included PNC Capital Markets LLC, J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc., and Wells Fargo Securities LLC.
