<SEC-DOCUMENT>0001104659-20-048776.txt : 20200420
<SEC-HEADER>0001104659-20-048776.hdr.sgml : 20200420
<ACCEPTANCE-DATETIME>20200420171923
ACCESSION NUMBER:		0001104659-20-048776
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200420
DATE AS OF CHANGE:		20200420

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AGREE REALTY CORP
		CENTRAL INDEX KEY:			0000917251
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				383148187
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-218476
		FILM NUMBER:		20803353

	BUSINESS ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48034
		BUSINESS PHONE:		8107374190

	MAIL ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48034

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AGREE REALTY CORP
		CENTRAL INDEX KEY:			0000917251
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				383148187
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48034
		BUSINESS PHONE:		8107374190

	MAIL ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48034
</SEC-HEADER>
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<SEQUENCE>1
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<DESCRIPTION>FWP
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated April 20, 2020</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed Pursuant to Rule 433</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registration Statement No. 333-218476</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: left"><IMG SRC="image_001.jpg" ALT=""></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: right"><FONT STYLE="font-size: 8pt">70 E. Long
    Lake Rd.<BR> Bloomfield Hills, MI 48304<BR> www.agreerealty.com</FONT></TD></TR>
</TABLE>




<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>FOR IMMEDIATE RELEASE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Agree
Realty Announces Forward Common Stock Offering to Cohen &amp; Steers</B></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Bloomfield Hills, MI, April 20, 2020
<FONT STYLE="font-size: 10pt">-- </FONT></B><FONT STYLE="font-size: 10pt">Agree Realty Corporation (NYSE: ADC) (the &ldquo;Company&rdquo;)
today announced that it commenced an underwritten public offering of 6,166,666 shares of its common stock in connection with the
forward sale agreement described below in which the shares will be sold to Cohen &amp; Steers Capital Management, Inc. at a price
of $60.00 per share, with the forward purchaser to receive net proceeds of $59.52 per share. The closing of the offering is expected
to occur on or about April 22, 2020, subject to the satisfaction of customary closing conditions. Upon closing of the offering,
the Company expects to settle its existing outstanding forward equity totaling approximately $267 million of net proceeds. On April
22, 2020 the Company expects to deliver 3,976,695 shares of the Company&rsquo;s common stock to effect the settlement. Following
settlement, no shares of the Company&rsquo;s common stock will remain subject to future settlement under the existing forward sale
agreements. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Citigroup is acting as the sole book-running
manager for the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company expects to enter into a forward
sale agreement with Citibank, N.A. (the &quot;forward purchaser&quot;) with respect to 6,166,666 shares of its common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the forward sale agreement,
the forward purchaser or its affiliates is expected to borrow and sell to the underwriters an aggregate of 6,166,666 shares of
the common stock that will be delivered in this offering. Subject to its right to elect cash or net share settlement, which right
is subject to certain conditions, the Company intends to deliver, upon physical settlement of such forward sale agreement on one
or more dates specified by the Company occurring no later than April 20, 2021, an aggregate of 6,166,666 shares of its common
stock to the forward purchaser in exchange for cash proceeds per share equal to the applicable forward sale price, which will be
the public offering price, less underwriting discounts and commissions, and will be subject to certain adjustments as provided
in the forward sale agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will not initially receive
any proceeds from the sale of shares of its common stock by the forward purchaser. The Company expects to use the net proceeds,
if any, it receives upon the future settlement of the forward sale agreement to fund acquisition and development activity, with
any remaining proceeds to be used for general working capital and other corporate purposes, including the reduction of the outstanding
balance on the Company&rsquo;s revolving credit facility, if any. Selling common stock through the forward sale agreement enables
the Company to set the price of such shares upon pricing the offering (subject to certain adjustments) while delaying the issuance
of such shares and the receipt of the net proceeds by the Company until the expected funding requirements described above have
occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Copies of the prospectus supplement and
accompanying prospectus relating to this offering, when available, may be obtained by contacting: Citigroup Global Markets Inc.,
c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The shares of common stock are being offered
by the Company pursuant to an effective shelf registration statement on Form S-3 (File No. 333-218476) and related prospectus which
was filed by the Company on June 2, 2017 with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) and was automatically
effective upon filing. The offering of the securities will be made only by means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the
securities being offered will be filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Agree Realty Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Agree Realty Corporation is a publicly
traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading
retail tenants. As of March 31, 2020, the Company owned and operated a portfolio of 868 properties, located in 46 states and containing
approximately 16.3 million square feet of gross leasable area. The common stock of Agree Realty Corporation is listed on the New
York Stock Exchange under the symbol &ldquo;ADC&rdquo;. For additional information, please visit <U>www.agreerealty.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This press release contains forward-looking
statements within the meaning of the federal securities laws, including statements about the terms and size of the offering, the
intended use of proceeds from the offering, if any and future settlement of its forward sale agreement, that represent the Company&rsquo;s
expectations and projections for the future. No assurance can be given that the offering discussed above will be completed on the
terms described or at all, or that the net proceeds of the offering will be used as indicated. Although these forward-looking statements
are based on good faith beliefs, reasonable assumptions and the Company&rsquo;s best judgment reflecting current information, you
should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which
are, in some cases, beyond the Company&rsquo;s control and which could materially affect the Company&rsquo;s results of operations,
financial condition, cash flows, performance or future achievements or events. Currently, one of the most significant factors,
however, is the potential adverse effect of the current pandemic of the novel coronavirus, or COVID-19, on the financial condition,
results of operations, cash flows and performance of the Company and its tenants, the real estate market and the global economy
and financial markets. The extent to which COVID-19 impacts the Company and its tenants will depend on future developments, which
are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions
taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment
measures, among others. Moreover, investors are cautioned to interpret many of the risks identified in the risk factors discussed
in the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2019 and other filings with the SEC, as well
as the risks set forth below, as being heightened as a result of the ongoing and numerous adverse impacts of COVID-19. Additional
important factors, among others, that may cause the Company&rsquo;s actual results to vary include the general deterioration in
national economic conditions, weakening of real estate markets, decreases in the availability of credit, increases in interest
rates, adverse changes in the retail industry, the Company&rsquo;s continuing ability to qualify as a REIT and other factors discussed
in the Company&rsquo;s reports filed with the SEC. The forward-looking statements included in this press release are made as of
the date hereof. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether
as a result of new information, future events, changes in the Company&rsquo;s expectations or assumptions or otherwise.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">###</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Clay Thelen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Agree Realty Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(248) 737-4190</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
