<SEC-DOCUMENT>0001104659-25-048575.txt : 20250514
<SEC-HEADER>0001104659-25-048575.hdr.sgml : 20250514
<ACCEPTANCE-DATETIME>20250514164733
ACCESSION NUMBER:		0001104659-25-048575
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250514
DATE AS OF CHANGE:		20250514

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
		EIN:				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:		25946651

	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
		EIN:				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>
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<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm258319d6_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Issuer Free Writing Prospectus<BR>
Filed Pursuant to Rule&nbsp;433<BR>
Registration No.&nbsp;333-271668<BR>
Relating to Preliminary Prospectus Supplement<BR>
Dated May&nbsp;14, 2025 to Prospectus Dated May&nbsp;5, 2023</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"><B>Agree Limited Partnership</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"><B>$400,000,000 5.600% Notes due 2035 (the &ldquo;Notes&rdquo;)</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"><B>May&nbsp;14, 2025</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"><B>Pricing Term Sheet</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; width: 27%; border: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 73%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Limited Partnership</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guarantors:</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Realty Corporation, the sole general partner of Agree Limited Partnership, and certain of Agree Limited Partnership&rsquo;s existing and future subsidiaries</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security Title:</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.600% Notes due 2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected Ratings (Moody&rsquo;s / S&amp;P)*:</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Baa1 (Stable) / BBB+ (Stable)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate Principal Amount:</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$400,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stated Maturity Date:</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;15, 2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public Offering Price:</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.297% of the principal amount of the Notes</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coupon (Interest Rate):</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.600% per annum</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.692%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UST 4.250% due May&nbsp;15, 2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury Price and Yield:</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97-26+ / 4.522%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread to Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+117 basis points</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;15 and December&nbsp;15 of each year, beginning on December&nbsp;15, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption:</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;</FONT>Prior
to March&nbsp;15, 2035 (three months prior to the Stated Maturity Date of the Notes), &ldquo;make-whole&rdquo; call at T+20 basis points
(calculated as though the actual Stated Maturity Date of the Notes was March&nbsp;15, 2035)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;On
or after March&nbsp;15, 2035 (three months prior to the Stated Maturity Date of the Notes), par call</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">008513AF0 </FONT><FONT STYLE="font-size: 10pt">/ US008513AF06</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;14, 2025 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Date:</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;23, 2025 (T+7); under Rule&nbsp;15c6-1 under the Securities Exchange Act of 1934, as amended trades in the secondary market generally are required to settle in two business days, unless the parties to that trade expressly agree otherwise.&nbsp;&nbsp;Accordingly, purchasers who wish to trade the Notes before the sixth business day prior to the Settlement Date will be required, by virtue of the fact that the Notes initially will settle on a delayed basis, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement, and should consult their own advisors with respect to these matters.</FONT></TD></TR>
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<TD STYLE="padding: 1pt 5.4pt 2.5pt; border: Black 1pt solid; width: 27%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint Book-Running Managers:</FONT></TD>
<TD STYLE="padding: 1pt 5.4pt 2.5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 73%">J.P. Morgan Securities LLC<BR> Mizuho Securities USA LLC<BR> PNC Capital Markets LLC<BR> Wells Fargo Securities, LLC<BR> BofA Securities,&nbsp;Inc.<BR> Citigroup Global Markets Inc.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Managers:</FONT></TD>
<TD STYLE="padding: 1pt 5.4pt 2.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Regions Securities LLC<BR> U.S. Bancorp Investments,&nbsp;Inc.<BR> Morgan Stanley&nbsp;&amp; Co. LLC<BR> SMBC Nikko Securities America,&nbsp;Inc.<BR> Raymond James&nbsp;&amp; Associates,&nbsp;Inc.<BR> Stifel, Nicolaus&nbsp;&amp; Company,&nbsp;Incorporated</TD></TR>
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<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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Note:
A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</FONT></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-indent: 0.5in">Taking into account the net proceeds of this offering,
the Issuer will have a liquidity position of approximately $2.6 billion and the offering will extend the Issuer&rsquo;s weighted-average debt maturity
to approximately 6.4 years, excluding the unsecured revolving credit facility.</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; text-indent: 0.5in"><B>The Issuer has filed a
registration statement and a prospectus with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) for the offering to which
this communication relates. Before you invest, you should read the prospectus and the related preliminary prospectus supplement 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 www.sec.gov. Alternatively, the underwriters can arrange to send you the prospectus
and related preliminary prospectus supplement if you request it by calling J.P. Morgan Securities LLC (collect) at 1-212-834-4533, Mizuho
Securities USA LLC toll-free at (866) 271-7403, PNC Capital Markets LLC toll-free at 1-855-881-0697 or Wells Fargo Securities, LLC toll-free
at 1-800-645-3751. This information does not purport to be a complete description of these securities or the offering. Please refer to
the preliminary prospectus supplement for a complete description of the securities. This communication does not constitute an offer to
sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer
or solicitation in such jurisdiction.</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"><B>Any disclaimer or other notice that may appear below is not applicable
to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication
being sent by Bloomberg or another email system.</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"></P>

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