Agree Realty Corp Issues $400M 5.65% Notes Due 2036

What Happened
Agree Realty Corporation’s subsidiary, Agree Limited Partnership (the Issuer), announced on September 22, 2026 that it completed an underwritten public offering of $400,000,000 aggregate principal amount of 5.650% Notes due October 15, 2036. The Notes are fully and unconditionally guaranteed by Agree Realty (the Parent Guarantor) and certain wholly owned subsidiary guarantors. The underwriters purchased the Notes at 97.847% of par, and the offering produced approximately $390.1 million in net proceeds to the Issuer. Interest on the Notes is payable April 15 and October 15, beginning April 15, 2027.

Key Details

• Principal and rate: $400,000,000 of 5.650% Notes due October 15, 2036.
• Net proceeds: Approximately $390.1 million after underwriting discount and estimated offering expenses.
• Purchase price: Underwriters paid 97.847% of principal.
• Ranking & subordination: Notes are senior unsecured obligations, pari passu with the Issuer’s other senior unsecured debt, and are effectively subordinated to secured debt and debt/liabilities of subsidiaries that are not guarantors.
• Redemption & defaults: Notes callable prior to maturity at specified redemption prices (including a make-whole premium), become redeemable at 100% principal on or after July 15, 2036, and include standard events of default that could accelerate payment.

Why It Matters
This 8-K documents the creation of a significant long-term financial obligation for Agree Realty’s capital structure. The offering increases the Issuer’s long-term debt and establishes fixed interest obligations (5.65% annually) that will affect future interest expense and leverage metrics. The Notes’ guarantees by the parent and certain subsidiaries strengthen creditor recourse but remain effectively subordinated to secured creditors and non-guarantor subsidiaries’ liabilities, which is important for assessing creditor priority and risk. Investors should note the maturity, interest schedule, ranking, and redemption terms when evaluating the company’s debt profile and near- to mid-term financing picture.