Agree Realty Announces Pricing of $300 Million 4.800% Senior Unsecured Notes Due 2032

Notes have an effective all-in rate of 3.76%, including prior hedging activity

BLOOMFIELD HILLS, Mich., August 15, 2022 /PRNewswire/ — Agree Realty Corporation (NYSE:ADC) (the “Company”) today announced that its operating partnership, Agree Limited Partnership (the “Operating Partnership”), has priced a public offer of $300 million 4.800% Senior Unsecured Notes Due 2032 (the “Notes”). 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 Company, guaranteed by the Company and certain of its subsidiaries. This offer is expected to close on August 22, 2022subject to satisfaction of customary closing conditions.

The Company intends to use the net proceeds of 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 activities. development.

“This offering once again demonstrates our ability to effectively access the public bond market while increasing our liquidity, strengthening our balance sheet and positioning the company for continued growth,” said Pierre Coughenour, Financial director. “Given the termination of our forward severance swaps, the notes have an overall effective interest rate of approximately 3.76% and extend the weighted average maturity of our debt to approximately 8 years, excluding of the unsecured revolving credit facility.”

Citigroup, Wells Fargo Securities and PNC Capital Markets LLC acted as joint bookrunners for the offering. BofA Securities, JP Morgan, Stifel, Capital One Securities, Citizens Capital Markets, Mizuho Securities, Morgan Stanley, Raymond JamesRegions Securities LLC and US Bancorp acted as co-managers of the offering.

A securities registration statement has been filed with the United States Securities and Exchange Commission (the “SEC”) and is automatically effective under the Securities Act of 1933, as amended, upon its filing with of the SEC. Before investing, you should read the prospectus in this registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You can obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.govor by contacting: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, at 800-831-9146 or by email: [email protected]; or Wells Fargo Securities, LLC, c/o WFS Customer Service, 608 2nd Avenue South, Suite 1000, Minneapolis, Minnesota 55402, at 800-645-3751 or by email: [email protected]; or PNC Capital Markets LLC, Attention Debt Capital Markets, Fixed Income Transaction Execution, 300 Fifth Avenue, 10th Floor, Pittsburgh, Pennsylvania 15222, at 855-881-0697.

The offering of the securities has been made solely by means of a prospectus supplement and an accompanying prospectus, which are filed with the SEC. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities and there will be no sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be illegal prior to registration or qualification. under the securities laws of such jurisdiction.

About Agree Realty Corporation

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING DETAIL through the acquisition and development of net leased properties to leading omnichannel commercial tenants. Of the June 30, 2022, the Company owned and operated a portfolio of 1,607 properties, located in the 48 continental states and containing approximately 33.8 million square feet of gross leasable area. The Company’s common stock trades on the New York Stock Exchange under the symbol “ADC”.

Forward-looking statements

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 expectations and projections. of the Company for the future. No assurance can be given that the offer discussed above will be completed on the terms described or not at all, or that the net proceeds of the offer will be used as stated. Although these forward-looking statements are based on good faith beliefs, reasonable assumptions and the Company’s best judgment reflecting current information, you should not rely on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially affect the results of operations, financial condition, cash flows, performance or future achievements or events of the Company. Currently, one of the most important factors, however, is the potential adverse effect of the current novel coronavirus, or COVID-19, pandemic on financial condition, results of operations, cash flow and performance. of the Company and its tenants, the real estate market and the global economy and financial markets. The extent of the impact of COVID-19 on the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with certainty, including the extent, severity and duration of the pandemic, the measures taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. In addition, investors are cautioned to interpret many of the risks identified in the risk factors discussed in the company’s annual report on Form 10-K for the fiscal year ended. December 31, 2021 and other SEC filings, as well as the risks set forth below, as being heightened due to the many ongoing adverse effects of COVID-19. Other important factors, among others, which may cause the Company’s actual results to vary include general deterioration in national economic conditions, weakening real estate markets, reduced availability of credit, increases in interest rates , adverse changes in the retail industry, the Company’s continued ability to qualify as a REIT and other factors discussed in the Company’s filings with the SEC. Except as required by law, the Company undertakes no obligation to update these forward-looking statements, even if new information becomes available in the future.

SOURCE Accept Realty Corporation

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