- **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 Corp Announces $625M Inaugural Commercial Paper Program

- **Agree Realty Corp** declared a monthly common stock dividend of **$0.253 per share**, resulting in an annualized dividend of **$3.036 per share**, which represents a **2.4% increase** over the previous period.  **[20250311DE37792:0]** 
- The company also announced a monthly dividend on its **4.25% Series A Cumulative Redeemable Preferred Stock** of **$0.08854 per depositary share** (equivalent to **$1.0625 per annum**).  **[20250311DE37792:0]**

Agree Realty Corp (ADC)