<SEC-DOCUMENT>0001104659-22-091407.txt : 20220815
<SEC-HEADER>0001104659-22-091407.hdr.sgml : 20220815
<ACCEPTANCE-DATETIME>20220815180537
ACCESSION NUMBER:		0001104659-22-091407
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220815
DATE AS OF CHANGE:		20220815

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:	333-238729
		FILM NUMBER:		221167388

	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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<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2222192d5_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; width: 50%">&nbsp;<IMG SRC="tm2222192d5_fwpimg001.jpg" ALT=""></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White; text-align: right; width: 50%"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Issuer
                                            Free Writing Prospectus</B></P>
                                                                                                                      <P STYLE="margin-top: 0; margin-bottom: 0"><B>Filed
                                            Pursuant to Rule 433</B></P>
                                                                                                                      <P STYLE="margin-top: 0; margin-bottom: 0"><B>Registration
                                            No. 333-238729</B></P>
                                                                                                                      <P STYLE="margin-top: 0; margin-bottom: 0"><B>Relating
                                            to Preliminary Prospectus Supplement</B></P>
                                                                                                                      <P STYLE="margin-top: 0; margin-bottom: 0"><B>Dated
August 15, 2022 to Prospectus Dated May 27, 2020</B></P>
                                                                                                                      <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">70 E. Long
                                            Lake Rd.</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Bloomfield
                                            Hills, MI 48304</P></TD></TR>
  </TABLE>


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

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

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

<P STYLE="border-bottom: Black 1pt solid; 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; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Agree Realty Announces
Pricing of $300 Million </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of 4.800% Senior Unsecured Notes Due 2032</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The</I> <I>Notes have an Effective All-In Rate
of 3.76% Inclusive of Prior Hedging Activity </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; text-align: justify">Bloomfield Hills, MI, August 15, 2022 <FONT STYLE="font-size: 10pt">--
Agree Realty Corporation (NYSE: ADC) (the &ldquo;Company&rdquo;) today announced that its operating partnership, Agree Limited Partnership
(the &ldquo;Operating Partnership&rdquo;), priced a public offering of $300 million of 4.800% senior unsecured notes due 2032 (the
 &ldquo;Notes&rdquo;). The public offering price for the Notes was 99.171% of the principal amount for an effective yield to maturity
of 4.904%. The Notes will be senior unsecured obligations of the Operating Partnership, guaranteed by the Company and certain of their
subsidiaries. This offering is expected to close on August 22, 2022, subject to the satisfaction of customary closing conditions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company expects to use the net proceeds from
this offering for general corporate purposes, including to reduce amounts outstanding under its senior unsecured revolving credit facility
and to fund property acquisitions and development activity.</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">&ldquo;This offering further demonstrates
our ability to efficiently access the public bond market while increasing our liquidity, fortifying our balance sheet and
positioning the Company for continued growth,&rdquo; said Peter Coughenour, Chief Financial Officer. &ldquo;Taking into account the
termination of our forward starting swaps, the Notes have an effective all-in interest rate of approximately
3.76% and extend our weighted-average debt maturity to approximately 8 years, excluding the unsecured
revolving credit facility.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Citigroup, Wells Fargo Securities and PNC
Capital Markets LLC acted as joint book-running managers for the offering. BofA Securities, J.P. Morgan, Stifel, Capital One
Securities, Citizens Capital Markets, Mizuho Securities, Morgan Stanley, Raymond James, Regions Securities LLC and US Bancorp
served as co-managers 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">A registration statement relating to the securities
has been filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) and became automatically effective under the
Securities Act of 1933, as amended, upon filing with the SEC. Before you invest, you should read the prospectus in that registration
statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You
may get these documents for free by visiting EDGAR on the SEC Web site at <U>www.sec.gov</U>, or by contacting: Citigroup Global Markets
Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, at 800-831-9146 or email: prospectus@citi.com;
or Wells Fargo Securities, LLC, Attention: WFS Customer Service, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, at 800-645-3751
or email: <U>wfscustomerservice@wellsfargo.com</U>; or PNC Capital Markets LLC, Attention Debt Capital Markets, Fixed Income Transaction
Execution, 300 Fifth Avenue, 10th Floor, Pittsburgh, PA 15222, at 855-881-0697.</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 offering of the securities was made only
by means of a prospectus supplement and accompanying prospectus, which are on file with the SEC. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities
laws of any such jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Agree Realty Corporation</B></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">Agree Realty Corporation is a publicly traded
real estate investment trust that is <B>RETHINKING RETAIL</B> through the acquisition and development of properties net leased to industry-leading,
omni-channel retail tenants. As of June 30, 2022, the Company owned and operated a portfolio of 1,607 properties, located in all 48 continental
states and containing approximately 33.8 million square feet of gross leasable area. The Company&rsquo;s common stock is listed on the
New York Stock Exchange under the symbol &ldquo;ADC&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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 and the intended
use of proceeds from the offering 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 our 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, 2021 and other SEC filings, 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. Except as required by law, the Company assumes no obligation to update these forward-looking statements, even if new information
becomes available in the future.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">###</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>Contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">Peter Coughenour</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">Agree Realty Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">(248) 737-4190</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&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; text-align: justify">&nbsp;</P>

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