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Agree Realty Corporation (ADC), through Agree Limited Partnership, is issuing $400,000,000 principal amount of 5.650% Notes due 2036 as a takedown from its automatic shelf registration. The Notes are priced at 98.497%, providing gross proceeds of $393.99 million and net proceeds of about $390.1 million after underwriting discounts and expenses.
The Notes are senior unsecured obligations of the Operating Partnership, fully and unconditionally guaranteed on a senior unsecured basis by Agree Realty Corporation and certain wholly owned subsidiaries that guarantee other group debt. They mature on October 15, 2036, pay interest at 5.650% per year, with semiannual payments each April 15 and October 15, starting April 15, 2027. The Notes are effectively subordinated to secured debt and to all liabilities and preferred equity of non‑guarantor subsidiaries and entities accounted for under the equity method.
The issuer may redeem the Notes at any time, subject to a make‑whole premium before July 15, 2036 and at par plus accrued interest thereafter. Covenants limit secured and total leverage, require debt service coverage of at least 1.5x, and require total unencumbered assets to be at least 150% of consolidated unsecured debt, while still permitting additional borrowings. Net proceeds are intended for general corporate purposes, including property acquisitions, development, and repayment or refinancing of indebtedness, potentially including borrowings under a $1.25 billion revolving credit facility.
Agree Realty Corporation (ADC), through its operating partnership Agree Limited Partnership, plans a new offering of senior unsecured notes under its automatic shelf registration, fully and unconditionally guaranteed by Agree Realty Corporation and certain future subsidiary guarantors, subject to completion of final terms.
The notes will rank equally with all existing senior unsecured debt and be effectively subordinated to secured borrowings and liabilities of non‑guarantor subsidiaries, while being structurally senior to indebtedness of Agree Realty Corporation that is not guaranteed by the partnership. The indenture adds leverage covenants, including limits on total and secured debt and a requirement to maintain total unencumbered assets of at least 150% of consolidated unsecured debt. As of June 30, 2026, the group reported $3.85 billion of total debt principal outstanding and a net debt principal to enterprise value ratio of approximately 28.5%. Net proceeds are expected to be used for general corporate purposes, including property acquisitions and development and repayment or refinancing of existing indebtedness, potentially including balances under a $1.25 billion unsecured revolving credit facility maturing August 8, 2028.
AGREE REALTY CORP (ADC) director John Rakolta Jr. purchased 20,000 Common Shares on September 16, 2026 in an open-market transaction at a weighted average price of $68.78 per share, with individual trade prices ranging from $68.74 to $68.81. Following this purchase, he holds 654,602.102 Common Shares directly, including 2,405.098 shares acquired under a dividend reinvestment plan since his last ownership filing, and 146 Common Shares held indirectly by his wife. No Rule 10b5-1 trading plan is reported for these transactions.
AGREE REALTY CORP (ADC) reported that its president and CEO, Joey Agree, purchased 7,360 common shares on September 16, 2026 in a purchase in an open market or private transaction at a weighted average price of $68.06 per share, with individual trade prices ranging from $67.97 to $68.13. Following this transaction, he directly held 682,465 common shares and also reported indirect ownership of 3,962 common shares held by his children. No Rule 10b5-1 trading plan is reported for these transactions.
AGREE REALTY CORP (ADC) director John Rakolta Jr reported a purchase of 10,000 Common Shares on August 31, 2026 in an open-market or private transaction at a weighted average price of $72.42 per share, with individual trade prices ranging from $72.40 to $72.43. After this transaction, he held 632,197.004 Common Shares directly and 146 Common Shares indirectly through his wife. No transactions were reported under a Rule 10b5-1 trading plan.
AGREE REALTY CORP (ADC) director John Rakolta Jr. reported open-market purchases of company common shares. On 2026-08-27 he purchased 20,000 shares at a weighted average price of about $73.23 per share, and on 2026-08-28 he purchased 136 shares at $73.52 per share, all held directly. A separate indirect holding entry reports 146 shares held by his wife. The filing also notes 6,263.244 shares acquired under a dividend reinvestment plan since his prior ownership report.
AGREE REALTY CORP (ADC) reported that its Chief Operating Officer, Nicole Witteveen, had 293 Common Shares withheld on August 19, 2026 to pay tax withholdings due upon the vesting of 673 Common Shares. After this tax-withholding disposition, she holds 23,274 Common Shares directly.
Cohen & Steers entities report beneficial ownership of 16,465,990 shares of Agree Realty Corporation common stock, representing 13.71% of the outstanding class. Cohen & Steers, Inc., a Delaware corporation, is the parent of several investment adviser subsidiaries that hold these shares for client accounts.
The group has sole voting power over 12,772,552 shares and sole dispositive power over all 16,465,990 shares, with no shared voting or dispositive power. The underlying account holders of Cohen & Steers Capital Management, Inc., Cohen & Steers UK Ltd., Cohen & Steers Asia Ltd., and Cohen & Steers Ireland Ltd. are entitled to receive dividends and sale proceeds from the securities held on their behalf.
Agree Realty Corporation generated higher results for the quarter ended June 30, 2026. Total revenues were $205.1 million versus $175.5 million a year earlier, and net income attributable to common stockholders was $52.8 million versus $47.3 million, or $0.44 per diluted share.
Total assets were about $10.6 billion, including $9.24 billion of net real estate investments across 2,825 properties with roughly 59.6 million square feet of gross leasable area. In the first half of 2026 it acquired 167 properties for $857.6 million and sold 21 properties for $38.9 million, recording $7.3 million of impairment charges.
Net cash provided by operating activities was $276.1 million for the first six months. Total gross debt was $3.85 billion, consisting mainly of unsecured term loans, senior unsecured notes and $497.0 million of commercial paper. The company declared monthly common dividends of $0.267 per share and continued Series A preferred dividends of $0.08854 per Depositary Share.
Agree Realty Corporation reported strong second‑quarter 2026 results and raised full‑year guidance. For the quarter ended June 30, 2026, net income attributable to common stockholders was $52.8 million, or $0.44 per share, up 11.5% and 2.2% year over year. Core FFO was $136.0 million and AFFO was $138.0 million, with per‑share figures of $1.13 and $1.14, rising 7.5% and 7.4%.
The company delivered record quarterly investment activity of approximately $502 million across 102 retail net‑lease properties and first‑half investments of about $925 million, while selling 21 properties for $40.9 million. The portfolio totaled 2,825 properties and 59.6 million square feet, was 99.8% leased, and generated 65.8% of annualized base rent from investment‑grade tenants.
Full‑year 2026 AFFO per‑share guidance was increased to $4.57–$4.59 and investment volume guidance to $1.6–$1.8 billion. Liquidity was about $1.9 billion, with proforma net debt to recurring EBITDA at 3.7x. The monthly common dividend rose 4.3% year over year to an annualized $3.204 per share, with a roughly 70% AFFO payout ratio.