AGREE REALTY CORP 8-K

What Happened

• On February 26, 2026, AGREE REALTY CORP (ADC) filed an 8-K and posted an updated investor presentation (furnished as Exhibit 99.1) disclosing that it entered into forward sale agreements under its at-the-market (ATM) equity program to sell an aggregate of approximately 8.3 million shares of common stock for anticipated net proceeds of over $623 million.
• The company reported it now has 17.9 million shares of outstanding forward equity in total, representing anticipated net proceeds of over $1.3 billion, and stated total liquidity of over $2.5 billion.

Key Details

• Date filed/posted: February 26, 2026 (investor presentation furnished as Exhibit 99.1).
• New forward sales: ~8.3 million shares expected to generate > $623 million in net proceeds.
• Total outstanding forward equity: 17.9 million shares, representing > $1.3 billion of anticipated net proceeds.
• Aggregate liquidity: > $2.5 billion, including:
  • $812 million available under the revolving credit facility (after adjusting for outstanding commercial paper),
  • full availability under a $350 million unsecured 5.5-year term loan,
  • $1.3 billion of outstanding forward equity, plus cash on hand.

Why It Matters

• These forward sale agreements increase AGREE REALTY’s near-term access to capital, boosting its reported liquidity to more than $2.5 billion, which provides flexibility for capital allocation (e.g., investments, debt management, or operations).
• The disclosures make clear the scale of the ATM program and the amount of forward equity committed, which investors should monitor because future share sales under these agreements will increase shares outstanding as they are settled.