Agree Realty Corporation has priced a $400 million public offering of 5.650% senior unsecured notes due 2036 through its operating partnership, Agree Limited Partnership. The offering was priced at 98.497% of the principal amount, representing an effective yield to maturity of 5.849%. Following the company’s previously executed interest rate hedges, the all-in interest rate on the notes is approximately 5.36%.
The notes will mature on October 15, 2036, with interest payable semiannually on April 15 and October 15, beginning April 15, 2027. The offering was expected to close on September 22, 2026, subject to customary closing conditions.
Agree Realty intends to use the net proceeds for general corporate purposes, including reducing outstanding indebtedness, funding property acquisitions, and supporting development activity.
The transaction follows the termination of $300 million in forward-starting interest rate swaps, generating a payment of more than $19 million to the company. These hedging arrangements reduced the all-in interest rate on the notes by nearly 50 basis points.
Following the offering, Agree Realty expects its liquidity position to exceed $2 billion, while the company has no material debt maturities until 2028. The additional capital is intended to support its investment and development strategy through 2027.
PNC Capital Markets, J.P. Morgan, US Bancorp, Wells Fargo Securities, BofA Securities, Citigroup, and Mizuho served as joint book-running managers. Morgan Stanley, Regions Securities, SMBC Nikko, Raymond James, Stifel, and Ramirez & Co. served as co-managers.
As of June 30, 2026, Agree Realty owned and operated 2,825 properties across all 50 states and Washington, D.C., representing approximately 59.6 million square feet of gross leasable area. The company focuses on acquiring and developing properties net leased to retail tenants.
KEY QUOTE:
“This offering further increases our liquidity position to over $2 billion.”
Peter Coughenour, Chief Financial Officer of Agree Realty
