Agree Realty Announces Pricing of $400 Million of 5.600% Senior Unsecured Notes Due 2035

Core Viewpoint - Agree Realty Corporation has announced a public offering of $400 million in senior unsecured notes with a 5.600% interest rate, aimed at enhancing liquidity and supporting growth strategies [1][3]. Group 1: Offering Details - The public offering price for the notes was set at 99.297% of the principal amount, resulting in an effective yield to maturity of 5.692% [1]. - The notes will be senior unsecured obligations of the Operating Partnership, guaranteed by the Company and certain subsidiaries [1]. - The offering is expected to close on May 23, 2025, pending customary closing conditions [1]. Group 2: Use of Proceeds - The net proceeds from the offering are intended for general corporate purposes, including reducing outstanding indebtedness and funding property acquisitions and development activities [2]. Group 3: Financial Position - The offering is expected to increase the Company's liquidity position to approximately$ 2.6 billion, supporting its growth strategy for 2025 and beyond [3]. - The all-in interest rate of the notes, after considering the termination of forward starting swaps, is approximately 5.35% [3]. - The notes will extend the weighted-average debt maturity, with no material debt maturities until 2028, thereby strengthening the Company's balance sheet [3]. Group 4: Company Overview - Agree Realty Corporation is a publicly traded real estate investment trust focused on acquiring and developing properties net leased to leading omni-channel retail tenants [6]. - As of March 31, 2025, the Company owned and operated a portfolio of 2,422 properties across all 50 states, encompassing approximately 50.3 million square feet of gross leasable area [6].