Open report — full analysis, no account required.
Sign up to generate reports and read filings that aren't on the open list.
Get notified when ADC files again. Create a free account and we'll email you the moment its next filing is analyzed.
Get filing alertsAgree Realty prices $400M 5.650% notes due 2036, netting ~$390.1M
Filed September 22, 2026 · Period ending September 17, 2026 · ~1 min read
Key Changes
-
high
Agree Limited Partnership completed a $400M underwritten public offering of 5.650% senior notes due October 15, 2036.
Item 2.03 verify on EDGAR → -
medium
Underwriters paid 97.847% of principal, yielding approximately $391.4M net proceeds before expenses.
Item 2.03 verify on EDGAR → -
medium
Net proceeds after underwriting discount and estimated expenses were approximately $390.1M.
Item 8.01 verify on EDGAR → -
medium
Notes are fully and unconditionally guaranteed by Agree Realty Corporation and certain wholly owned subsidiaries.
Item 2.03 verify on EDGAR → -
low
Interest is payable semi-annually on April 15 and October 15, beginning April 15, 2027.
Item 2.03 verify on EDGAR →
Summary
Agree Realty's operating partnership issued $400 million of 5.650% senior notes due 2036 in an underwritten public offering that closed September 22, 2026. The notes were sold at 97.847% of principal, generating approximately $390.1 million in net proceeds after underwriting discounts and estimated expenses. The notes are fully and unconditionally guaranteed by Agree Realty Corporation and certain wholly owned subsidiaries, and interest is payable semi-annually beginning April 15, 2027.
For retail holders, this is a straightforward debt financing that adds $400 million to the company's obligations at a fixed rate for ten years. The proceeds are available for general corporate purposes, though the filing does not specify how they will be used. The offering was priced at a discount to par, reflecting current market yields for investment-grade REIT debt.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Agree Realty entered into a material definitive agreement, details of which are not fully disclosed in the provided text.
Added in current filing · verify on EDGAR →
Item 1.01. Entry into a Material Definitive Agreement.
The filing discloses that Agree Realty entered into a material definitive agreement, but the provided text does not include the specific terms or parties involved. The details are referenced but not included in the excerpt.
Event · Item 2.03 — Creation of a Direct Financial Obligation
Item 2.03 — Creation of a Direct Financial Obligation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
The Notes bear interest at 5.650% per annum. Interest is payable on April 15 and October 15 of each year, beginning April 15, 2027, until the Notes’ maturity date of October 15, 2036.
Interest is paid semi-annually on April 15 and October 15, with the first payment due April 15, 2027. The notes mature on October 15, 2036, giving the company a 10-year financing term.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
Prior to October 15, 2036 the Notes will be redeemable in whole at any time or in part from time to time, at the Issuer’s option, at a redemption price equal to the greater of:
•an amount equal to 100% of the principal amount of the Notes to be redeemed; and
•a make-whole premium as defined in and calculated in accordance with the Indenture;
The issuer can redeem the notes before maturity at a price equal to the greater of par or a make-whole premium, plus accrued interest. This is standard for investment-grade notes and gives the company flexibility to refinance if rates decline.
Thanks — your feedback helps us improve report quality.
Figures/quotes linked to EDGAR · Narrative written by AI · Sep 23, 2026 · How we verify