<SEC-DOCUMENT>0001104659-24-057489.txt : 20240506
<SEC-HEADER>0001104659-24-057489.hdr.sgml : 20240506
<ACCEPTANCE-DATETIME>20240506164331
ACCESSION NUMBER:		0001104659-24-057489
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240506
DATE AS OF CHANGE:		20240506

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AGREE REALTY CORP
		CENTRAL INDEX KEY:			0000917251
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				383148187
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-271668
		FILM NUMBER:		24918235

	BUSINESS ADDRESS:	
		STREET 1:		32301 WOODWARD AVENUE
		CITY:			ROYAL OAK
		STATE:			MI
		ZIP:			48073
		BUSINESS PHONE:		248-737-4190

	MAIL ADDRESS:	
		STREET 1:		32301 WOODWARD AVENUE
		CITY:			ROYAL OAK
		STATE:			MI
		ZIP:			48073

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AGREE REALTY CORP
		CENTRAL INDEX KEY:			0000917251
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				383148187
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		32301 WOODWARD AVENUE
		CITY:			ROYAL OAK
		STATE:			MI
		ZIP:			48073
		BUSINESS PHONE:		248-737-4190

	MAIL ADDRESS:	
		STREET 1:		32301 WOODWARD AVENUE
		CITY:			ROYAL OAK
		STATE:			MI
		ZIP:			48073
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm248354d4_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</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%"><IMG SRC="tm248354d4_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. 333-271668</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
                                            May 6, 2024 to Prospectus Dated May 5, 2023</B></P>
                                                                                                                      <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">32301 Woodward Avenue</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Royal Oak, MI 48703</P></TD></TR>
  </TABLE><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: right; background-color: white"></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">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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; text-align: center"><B>Agree Realty Announces Pricing of $450 Million</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of 5.625% Senior Unsecured Notes Due 2034</B></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: justify"><FONT STYLE="font-size: 10pt"><B>Royal Oak, MI,
May&nbsp;6, 2024 -- </B></FONT>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 $450 million of its 5.625% senior unsecured
notes due 2034 (the &ldquo;Notes&rdquo;). The public offering price for the Notes was 98.827% of the principal amount for an effective yield
to maturity of 5.779%. 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 May&nbsp;13, 2024, subject to the satisfaction of customary closing conditions.</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">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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;This offering positions our Company for
continued growth and bolsters our liquidity position to over $1.3 billion, providing us ample runway to execute on investment opportunities,&rdquo; said Peter Coughenour,
Chief Financial Officer. &ldquo;Our weighted-average debt maturity has been extended to approximately 7 years excluding the
unsecured revolving credit facility, with no material debt maturities until 2028. Lastly, the forward starting swaps that we entered into reduced the effective interest rate of the Notes and further demonstrate our prudent
balance sheet management.&rdquo;</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">PNC Capital Markets LLC, Citigroup, J.P.
Morgan, Wells Fargo Securities, BofA Securities and Mizuho Securities acted as joint book-running managers for the offering. Morgan Stanley, Raymond James, Regions Securities
LLC, Stifel and US Bancorp served as co-managers for the offering.</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"><FONT STYLE="font-size: 10pt">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 </FONT><U>www.sec.gov</U>,
or by contacting: PNC Capital Markets LLC, Attention Debt Capital Markets, Fixed Income Transaction Execution, 300 Fifth Avenue,
10th Floor, Pittsburgh, PA 15222, at 1-855-881-0697; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717, at 1-800-831-9146 or email: <U>prospectus@citi.com</U>; J.P. Morgan Securities LLC, Attention:
Investment Grade Syndicate Desk, 383 Madison Avenue, New York, NY 10179, by telephone at 1-212-834-4533 (collect); or Wells Fargo Securities,
LLC, Attention: WFS Customer Service, 608 2nd Avenue South, Suite&nbsp;1000, Minneapolis, MN 55402, at 1-800-645-3751 or email:
wfscustomerservice@wellsfargo.com.</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">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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><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"><FONT STYLE="font-size: 10pt">Agree Realty Corporation
is a publicly traded real estate investment trust that is <FONT><B>RE</B></FONT><B><FONT>THINKING
</FONT><FONT>RETAIL </FONT></B></FONT>through the acquisition and development of properties net leased to industry-leading,
omni-channel retail tenants. As of March&nbsp;31, 2024, the Company owned and operated a portfolio of 2,161 properties, located in 49
states and containing approximately 44.9 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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>This press release
contains forward-looking statements within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;) and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). The Company intends
such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. 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. Forward-looking statements, which are based on certain assumptions and describe the Company&rsquo;s future
plans, strategies and expectations, are generally identifiable by use of the words &ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo; &ldquo;should,&rdquo;
 &ldquo;expect,&rdquo; &ldquo;believe,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;seek,&rdquo; &ldquo;could,&rdquo;
 &ldquo;project&rdquo; or similar expressions. 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. </I></FONT><I>Currently, some of
the most significant factors, include the potential adverse effect of ongoing worldwide economic uncertainties and increased inflation
and interest rates 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 these conditions will impact the Company and its tenants
will depend on future developments, which are highly uncertain and cannot be predicted with confidence. 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&nbsp;10-K and subsequent
quarterly reports filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;), as well as the risks set forth below, as
being heightened as a result of the ongoing and numerous adverse impacts of the macroeconomic environment. 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">&nbsp;</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">&nbsp;</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">&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm248354d4_fwpimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm248354d4_fwpimg001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" "0 0(# 2(  A$! Q$!_\0
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MCZ&NBU[Q'J6D:AY*0VS0LH:-F1LD?G6-2G*G+ED:0FIJZ.KHKS__ (3G4_\
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MY5\X?CFO7_@WKPDBN_#]PV1S/ #W!X<?R/YUQ8RC[BEV.C#SM*SZD-%>E_\
M"*Z.3_QZG\'/^-5[SP?ILL++;H\,F/E8,2,^X->1<[SSRNV\(ZZ\S#3KEMS
M9B8]2/2N.N('M;F2"48>-BK"ELYVMKR&9#AD<,#^-,#V"BF1D,BN.C $4^D,
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBD- $
M<]Q';0R32MMCC4NS'H !DFOEOQ+K,OB#Q%>:E)G$LAV+_=0<*/RKV/XN^(/[
M,\.#3(7Q<7YVM@\B,?>_/@?B:\&KUL!2T<WU.#$SN^45$>218T4L['"@=SVK
MZ'@\$0CX;?\ ".LH$SP^8S_]-SSG\#@?2O,?A5H']L>*ENY4S;6 $S9'!?\
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M/O6WM,3?EZF7)2M<YK_A2%I_T&I_^_(_QH_X4A:?]!J?_OR/\:UO^%R>&?\
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MEK+:DA7:0,"A'W>GL*]BE"4(QA;1[GGSDI2<K['LGB7Q(NF>"+C6[0ABT"M
M>HR^ I_#.?PKQ_X?^$AXSU>ZO=4FDDM8&#3?-\TKMS@G]36GI]]+KOP8U'3E
M.^XTQU;'<Q;MP/X#</P%7?@KJMO%+J.ER.%FE*S1 G[P P0/?H:P472ISY=[
MFCESSC?8ZW4?ASX/N;8VZVD5I(!A9(I2&4^N">:M^#/"FG>%+&2&VNA<W4W,
MTN[[V.F%SP!6%XT^&[:_JMUK0U;[/B$'RO)W?=7UW#T]*XSX.L3XSER2?]#D
MZGW6LE%SI-\VW0MRY9VL97@ZQLM1^(D=KJ$22VKRS[TD. <!B/UQ6O\ %/0O
M#VCRV)T98HIY"WG0Q/N  Q@XSQ7,:5HDOB+Q<VEPS+#)--+B1@2!C<>WTI=-
MTFTMO&,>E>(C+% DYAF9&Q@] <^F<?@:[W93YK[+8YDW:UMSO[F6:?X 1M<%
MF8%54MUVB;"_IBL/X>VW@Z?3KL^)6M1.)1Y7G2%3MQSC!]:]!^)%M!9?#.YM
M;:-8X(O*6-%Z !QBO// '@*Q\7:?=W%W=W$+02A (MN"",]Q7/3E%TI-NVIK
M)-32WT/2_#6G>!EU7SO#_P!D:^B0G,4C,54\'@FO)?B*$_X65J DQL\V+=GT
MVKFO7/"OP]L/"6I2WMK>7,SR1^65EVX SGL/:O(_B*@E^).H1DD!Y8E)'NJB
MIPS3JNSOH.JK05UU/0?[.^%..7T[_O\ O_C7>Z)#IUOHUM'I(3[!LS!L)*E3
MSP37G_\ PI31?^@G??DG^%>@Z-IL>CZ-::;"[/';1B-6?J0.YQ7-6<6ERR;]
M3:FG?56.9^*O_)/[[_?C_P#0Q7$_"WP_H.LZ-J$FKV<$SK,%5I&P0-O;D5V_
MQ5_Y)_>_[\?_ *$*\3TWPO>:IX9U'6;60%+%AYD(!W,N,DCZ5TT$G1:;MJ8U
M7:I>U]"S=Q6VE?$41Z!,9(8;U!;LK9[C@'N,Y'O72?&K_D9K'_KT'_H1H^#^
MGZ+>ZO--=!GU.V_>6Z,?DV]V [L#_.D^-)_XJ6Q_Z]/_ &9JVYOWZCV1G;]V
MWW-K1;#X:/H=DU^]@+LPJ9MTS [L<YYKO?"]MH%MIK_\(X(?L;REB8F+*7P
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EG/7.<=:U:QJR4Y<R-(1<59ABBBBLRPHHHH **** "BBB@#__V0$!

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