Recent Updates — ADC

Agree Limited Partnership, a subsidiary of Agree Realty Corporation, completed an underwritten public offering on September 22, 2026, issuing $400 million in aggregate principal amount of its 5.650% Notes due 2036. The notes were sold at 97.847% of par, generating net proceeds of approximately $390.1 million after underwriting discounts and expenses. These senior unsecured obligations are fully guaranteed by Agree Realty Corporation and certain subsidiaries, ranking equally with existing senior debt but effectively subordinated to secured indebtedness. Interest is payable semi-annually on April 15 and October 15, commencing April 15, 2027, with maturity on October 15, 2036. Agree Realty Corporation operates in the real estate industry, specifically as a net lease REIT focused on acquiring and managing single-tenant commercial properties.

Agree Realty Corporation reported second quarter 2026 results on July 30, 2026, posting net income attributable to common stockholders of $52.8 million and AFFO per share of $1.14. The company invested a record $502 million in 102 retail net lease properties during the quarter and raised approximately $686 million via its at-the-market equity program in the first half of the year. Management increased full-year 2026 investment guidance to $1.6 billion–$1.8 billion and AFFO per share guidance to $4.57–$4.59. The board declared a monthly cash dividend of $0.267 per common share for July, payable August 14, 2026, to shareholders of record on July 31, 2026. Agree Realty Corporation is a real estate investment trust that acquires and develops retail net lease properties.