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- The Notes Will Be Effectively Subordinated In Right of Payment to All of Our Existing and Future Mortgage Indebtedness and Other Secured Indebtedness (new) — Structural subordination means noteholders rank behind secured creditors and non-guarantor subsidiary creditors in a default scenario.
- The Notes Are a New Issue of Securities With No Established Trading Market. We Do Not Intend to Apply For Listing of the Notes On Any Securities Exchange (new) — Lack of listing and no established trading market may result in limited liquidity and difficulty selling the notes.
Agree Realty's operating partnership offers senior unsecured notes, terms not yet set
Filed September 17, 2026 · ~2 min read
Key Changes
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Agree Limited Partnership is offering senior unsecured notes, fully guaranteed by Agree Realty Corporation and subsidiaries, with principal amount, interest rate, and maturity left blank in this preliminary prospectus supplement.
The Offering verify on EDGAR → -
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The notes are structurally subordinated to secured debt and to liabilities of non-guarantor subsidiaries, which had $42.3 million of indebtedness as of June 30, 2026.
Risk Factors verify on EDGAR → -
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Net proceeds will fund general corporate purposes, including property acquisitions, development, or debt repayment; underwriters may receive a portion if proceeds are used to reduce the revolving credit facility.
Use of Proceeds verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 17, 2026 · How we verify