Debt (Tables)

12 Months Ended

Dec. 31, 2025

Mortgage notes payable consisted of the following as of the dates presented (in thousands):


	December 31, 2025		December 31, 2024
Note payable in monthly installments of $92 including interest at 6.27% per annum, with a final monthly payment due July 2026	$	628	$	1,654

Note payable in monthly installments of interest only at 3.63% per annum, with a balloon payment due December 2029	42,250		42,250

Total principal	42,878		43,904
Unamortized debt issuance costs and assumed debt discount, net	(1,332)		(1,694)
Total	$	41,546	$	42,210

The following table presents the senior unsecured notes principal balances net of unamortized debt issuance costs and original issue discounts for the Company’s private placement and public offerings as of the dates presented (in thousands):


	All-in Interest Rate(1)	Coupon Rate	Maturity	December 31, 2025		December 31, 2024
2025 Senior Unsecured Notes	4.16%	4.16%	May 2025	$	—	$	50,000
2027 Senior Unsecured Notes	4.26%	4.26%	May 2027	50,000		50,000
2028 Senior Unsecured Public Notes	2.11%	2.00%	June 2028	350,000		350,000
2028 Senior Unsecured Notes	4.42%	4.42%	July 2028	60,000		60,000
2029 Senior Unsecured Notes	4.19%	4.19%	September 2029	100,000		100,000
2030 Senior Unsecured Notes	4.32%	4.32%	September 2030	125,000		125,000
2030 Senior Unsecured Public Notes	3.49%	2.90%	October 2030	350,000		350,000
2031 Senior Unsecured Notes	4.42%	4.47%	October 2031	125,000		125,000
2032 Senior Unsecured Public Notes	3.96%	4.80%	October 2032	300,000		300,000
2033 Senior Unsecured Public Notes	2.13%	2.60%	June 2033	300,000		300,000
2034 Senior Unsecured Public Notes	5.65%	5.63%	June 2034	450,000		450,000
2035 Senior Unsecured Public Notes	5.35%	5.60%	June 2035	400,000		—
Total principal				$	2,610,000	$	2,260,000
Unamortized debt issuance costs and original issue discounts, net				(25,392)		(22,241)
Total				$	2,584,608	$	2,237,759

(1)The all-in interest rate reflects the straight-line amortization of the terminated swap agreements and original issuance discount, as applicable.

Schedule of Maturities of Long-Term Debt

The following table presents the unsecured term loan principal balances net of unamortized debt issuance costs as of the dates presented (in thousands):


	All-in Interest Rate		Maturity	December 31, 2025		December 31, 2024
2029 Unsecured Term Loan(1)	4.37	%	January 2029	$	350,000	$	350,000
2031 Unsecured Term Loan(2)	4.02	%	May 2031	-		-
Total principal				$	350,000	$	350,000
Unamortized debt issuance costs, net				(1,926)		(2,548)
Total				$	348,074	$	347,452

(1)At December 31, 2025, the interest rate of the 2029 Unsecured Term Loan reflects the credit spread of 80 basis points and the impact of the interest rate swaps which convert $350.0 million of SOFR based interest to a fixed interest rate of 3.57%.

(2)At December 31, 2025, if amounts were drawn under the 2031 Unsecured Term Loan, the applicable interest rate would have reflected the credit spread of 80 basis points and the impact of the interest rate swaps which convert $350.0 million of SOFR based interest to a fixed interest rate of 3.22%.

The following table presents scheduled principal payments related to the Company’s debt as of December 31, 2025 (in thousands):


	Scheduled Principal		Balloon Payment		Total
2026⁽¹⁾	$	628	$	320,500	$	321,128
2027	—		50,000		50,000
2028⁽²⁾	—		410,000		410,000
2029	—		492,250		492,250
2030	—		475,000		475,000
Thereafter(3)	—		1,575,000		1,575,000
Total scheduled principal payments	$	628	$	3,322,750	$	3,323,378

(1)At December 31, 2025, the Commercial Paper Notes had a weighted-average maturity of less than one month.

(2)The Revolving Credit Facility matures in August 2028, with options to extend the maturity date by six months up to two times, for a maximum maturity of August 2029 and had no outstanding balance as of December 31, 2025.

(3)The 2031 Unsecured Term Loan matures in May 2031. No amounts had been drawn under the delayed draw, $350.0 million loan as of December 31, 2025.

Schedule of Debt

The following table presents the balances outstanding under the senior unsecured revolving credit facility and commercial paper program as of the dates presented (in thousands):


	Interest Rate		Maturity	December 31, 2025		December 31, 2024
Senior Unsecured Revolving Credit Facility(1)	4.50	%	August 2028	$	—	$	158,000
Commercial Paper Notes(2)	3.94	%	Various	320,500		—
Total				$	320,500	$	158,000

(1)At December 31, 2025, the Revolving Credit Facility would have incurred interest of 4.50%, which is comprised of SOFR of 3.77% and the pricing grid spread of 72.5 basis points.

(2)At December 31, 2025, the weighted-average maturity of the outstanding Commercial Paper Notes was less than one month.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

AGREE REALTY CORP 10-K