In This Article:
ROYAL OAK, Mich., March 31, 2025 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) (the "Company") today announced the establishment of its inaugural commercial paper program. The program allows the Company, through its subsidiary, Agree Limited Partnership (the "Issuer"), to issue up to $625 million of short-term, unsecured commercial paper notes. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all the Issuer's other senior unsecured indebtedness. The notes will be fully and unconditionally guaranteed by the Company and certain of its subsidiaries. Note proceeds will be used for general corporate purposes.
The commercial paper program further diversifies and strengthens the Company's balance sheet by providing another source of short-term capital. The Company expects to realize cost benefits in the commercial paper market versus its $1.25 billion revolving credit facility, and it expects to use its revolving credit facility as a liquidity backstop for the repayment of the notes issued under the commercial paper program.
The notes and guarantees to be offered under the commercial paper program have not been and will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the notes under the Issuer's commercial paper program.
About Agree Realty Corporation
Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2024, the Company owned and operated a portfolio of 2,370 properties, located in all 50 states and containing approximately 48.8 million square feet of gross leasable area. The Company's common stock is listed on the New York Stock Exchange under the symbol "ADC".
Forward-Looking Statements
This press release may contain forward-looking statements, including statements about the Company's intended use of proceeds, balance sheet strategy and potential cost benefits, within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. 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. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "can," "will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," "forecast," "continue," "assume," "plan," "outlook" or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information.