Ki Bin Kim

Michael Goldsmith

Ronald Kamdem

Upal Rana

Linda Yu Tsai

Richard Hightower

Spenser Allaway

Bennett Rose

James Kammert

Jana Galan

Eric Borden

Farrell Granath

Haendel St. Juste

John Kilichowski

R.J. Milligan

Smedes Rose

Wes Golladay

William John Kilichowski

Brad Heffern

Linda Tsai

Rich Hightower

Robert Stevenson

Rob Stevenson

Samuel A.A. Ohiomah

Sheryl Kaul

Tayo Okusanya

Wesley Golladay

- Agree Realty Corporation (ADC) has been assigned an **A- issuer rating** with a **stable outlook** by Fitch Ratings.  **[917251_6aebb02fb4db4314bc63b130f6740503_0]** 
- This rating reflects the Company's **superior tenant credit quality**, with a focus on investment grade tenants, and its **sector-leading access to capital** and prudent balance sheet management.  **[917251_6aebb02fb4db4314bc63b130f6740503_0]** 
- Agree Realty is now one of only **13 publicly listed U.S. real estate investment trusts** that have an A- credit rating equivalent or better.  **[917251_6aebb02fb4db4314bc63b130f6740503_0]**

Agree Realty Achieves A- Credit Rating

- **$400 million Senior Notes due 2035** were issued, with the debt fully guaranteed by the Parent Guarantor and its subsidiary guarantors.  **[917251_0001104659-25-052425_tm2515647d1_ex5-1.htm:0]** **[917251_0001104659-25-052425_tm2515647d1_8k.htm:2]**   
- The offering was executed under an underwriting agreement where the Notes sold at **98.647% of the principal amount**, confirming the pricing terms.  **[917251_0001104659-25-052425_tm2515647d1_8k.htm:2]**   
- The transaction closed on **May 23, 2025**, delivering net proceeds of approximately **$393.6 million** after underwriting discounts and expenses.  **[917251_0001104659-25-052425_tm2515647d1_8k.htm:4]**

Agree Realty Corp Issues $400M 5.600% Senior Notes

- **Charter Amendment Approved:** The company increased its authorized common stock from **180 million to 360 million shares** (plus 4 million preferred shares), as approved by stockholders.  **[917251_0001104659-25-050018_tm2515322d1_8k.htm:1]** **[917251_0001104659-25-050018_tm2515322d1_ex3-1.htm:1]**   
- **Annual Meeting Outcomes:** At the 2025 annual meeting, shareholders approved the amendment, elected three directors, ratified the auditor appointment, and non-bindingly approved executive compensation with detailed vote counts provided.  **[917251_0001104659-25-050018_tm2515322d1_8k.htm:2]**

Agree Realty Corp Amends Charter, Increases Authorized Shares

- The 8-K details an underwriting agreement for **$400,000,000 5.600% Notes due 2035**, with underwriters including J.P. Morgan Securities LLC, Mizuho Securities USA LLC, PNC Capital Markets LLC, and others, setting the framework for the sale and documentation of the debt issuance.  **[917251_0001104659-25-050015_tm2515307d1_ex1-1.htm:0]** 
- It includes a pricing term sheet in Schedule II-A that outlines key terms such as a **public offering price of 99.297%**, a coupon rate of **5.600% per annum**, yield to maturity of **5.692%**, and a call provision, with the free writing prospectus incorporated as part of the disclosure package.  **[917251_0001104659-25-050015_tm2515307d1_ex1-1.htm:42]**

Agree Realty Corp 8-K Announces $400M Debt Issuance

- **Agree Realty Corp** declared a **monthly common dividend** of **$0.256 per share** (annualized at **$3.072**, a **2.4% increase** over the previous rate) with payment due on June 13, 2025.  **[917251_20250513DE85350:0]**   
- The company also declared a **monthly dividend** on its **4.25% Series A Cumulative Redeemable Preferred Stock** at **$0.08854 per depositary share** (or **$1.0625 per annum**), payable on June 2, 2025.  **[917251_20250513DE85350:0]**   
- As of March 31, 2025, **Agree Realty Corp** operated a portfolio of **2,422 properties** totaling approximately **50.3 million square feet** of gross leasable area.  **[917251_20250513DE85350:0]**

Agree Realty Declares Monthly Dividend Increases

- **Forward Sale Agreement:** On April 23, 2025, **Agree Realty Corp** entered into a forward sale agreement with Bank of America to issue and sell up to **5,175,000 shares** of common stock at **$75.70 per share**, along with an additional underwriters' option for **675,000 shares** **[0001104659-25-039411_tm2511171d4_ex1-1.htm:0]** **[20250425DE73404:0]**.
- **Offering Completion & Option Exercise:** The public offering was completed with the underwriters fully exercising their option **[20250425DE73404:0]**.
- **Transaction Dates:** Initial closing is set for **April 25, 2025** and final settlement is expected by **October 26, 2026** **[0001104659-25-039411_tm2511171d4_ex1-1.htm:0]** **[20250425DE73404:0]**.
- **Use of Proceeds:** Net proceeds will be deployed for general corporate purposes, including property acquisitions, development activities, or debt repayment **[0001104659-25-039411_tm2511171d4_ex1-1.htm:0]** **[20250425DE73404:0]**.

Agree Realty Corp Announces Completed Forward Sale Transaction and Option Exercise

- **Strong Q1 Performance & Revised Guidance:** Q1 net income increased 5.0% to **$45.1 million** with Core FFO at **$1.04** and AFFO at **$1.06**, while full-year investment guidance was raised to **$1.3–$1.5 billion** and AFFO per share to **$4.27–$4.30** **[20250422DE69294:0]** **[0001104659-25-037417_tm2512810d1_8k.htm:0]** **[ADC_3422700_0]** **[ADC_3422700_1]** **[1898558:1]** **[1898558:5]** **[20250422DE69294:1]** **[0001104659-25-037417_tm2512810d1_ex99-2.htm:0]**.
- **Common Stock Offering:** Announced an underwritten forward sale agreement with **Bank of America** to offer **4,500,000 shares at $75.70 per share**, with an additional **675,000 shares** available; share delivery expected by **October 26, 2026** and closing around **April 25, 2025** **[20250423DE71877:0]** **[20250423DE71478:0]**.
- **Robust Investment Activity:** Invested over **$375 million** across 3 growth platforms and acquired **$359 million** of quality retail net lease assets at a weighted-average cap rate of **7.3%** **[ADC_3422700_0]** **[ADC_3422700_1]** **[1898558:1]**.
- **Dividend Increase:** Declared and raised the monthly cash dividend to **$0.256 per share** (a **2.4%** YoY increase; annualized dividend >**$3.07**) **[ADC_3422700_1]** **[ADC_3422700_4]** **[1898558:1]** **[20250422DE69294:0]**.
- **Strong Liquidity & Capital Position:** Maintained approximately **$1.9 billion** in liquidity and over **$1.2 billion** in hedged capital, with net debt ratios of **3.4x** (or **4.9x** excluding unsettled forward equity) and no material debt maturities until 2028 **[ADC_3422700_0]** **[ADC_3422700_3]** **[ADC_3422700_10]** **[1898558:1]** **[20250422DE69294:0]** **[0001104659-25-037417_tm2512810d1_8k.htm:0]** **[1898558:4]** **[0001104659-25-037417_tm2512810d1_ex99-2.htm:1]**.

Agree Realty Corp Q1 2025 Update: Earnings, Offering & Strategic Investments

- **Agree Realty Corp** declared a monthly common dividend of **$0.256** per share, marking a **1.2%** month-over-month increase and extrapolating to an annualized dividend of **$3.072** per share, a **2.4%** increase from Q2 2024.  **[20250410DE59629:0]** 
- The dividend is payable on **May 14, 2025** for common shares, and a separate dividend on its **4.25% Series A Preferred Stock** is set to be paid on **May 1, 2025**.  **[20250410DE59629:0]**

Agree Realty Corp Declares Increased Monthly Dividends

- **Agree Realty Corp** filed an 8-K on April 3, 2025, detailing its weighted-average common shares outstanding for the three months ended March 31, 2025, including adjustments for unvested restricted shares.  **[0001558370-25-004390_adc-20250403x8k.htm:1]** 
- The report highlights dilution effects from share-based compensation, forward equity offerings, and Operating Partnership Units, contributing an incremental **362,947 shares** to diluted earnings per share.  **[0001558370-25-004390_adc-20250403x8k.htm:1]**

Agree Realty Corp Reports Q1 2025 Share Data

- **Agree Realty Corp**, through its subsidiary **Agree Limited Partnership**, announced the establishment of a **$625M** commercial paper program on **March 31, 2025** **[0001104659-25-029860_tm258319d3_8k.htm:1]**.
- The program enables the issuance of short-term, unsecured commercial paper notes with maturities up to **397 days**; no notes are currently outstanding **[0001104659-25-029860_tm258319d3_8k.htm:1]**.
- The notes are fully guaranteed by the company and select subsidiaries **[20250331DE54118:0]** **[0001104659-25-029860_tm258319d3_8k.htm:1]**.
- The initiative aims to diversify the balance sheet and deliver cost benefits compared to its **$1.25B** revolving credit facility for general corporate purposes **[20250331DE54118:0]**.

AGREE REALTY (ADC)