Every 424B that Agree Realty Corporation (ADC) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow ADC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full ADC filings page.
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 Corporation has registered shares of its common stock having an aggregate offering price of up to $1,750,000,000 under an at-the-market equity distribution program. The offering may be conducted through designated sales agents and through forward sale agreements, including contingent and non-contingent forward transactions.
The supplement states shares may be sold on the NYSE or through negotiated transactions, and that commissions and forward selling arrangements (up to 2.0%) apply. The company expects proceeds, when physically settled, to be used for general corporate purposes, including property acquisitions, development activity and repayment or refinancing of indebtedness.