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ADC 424B5: Secondary offering

Agree Realty Corporation

Filed with the SEC on · accession 0001628280-26-027238

ADC filed a 424B5 (prospectus (offering)) with the SEC on Apr 24, 2026. The final terms of an offering of shares or bonds. The stock moved -0.7% by the first close after the filing.

Summary of the filing

Agree Realty Corporation (ADC) filed a prospectus supplement for an at-the-market (ATM) equity offering of up to $1.75 billion of common stock, with multiple sales agents and forward purchasers, replacing a prior ATM program from October 2024.

For details, click here →How to read a 424B5 →

Key details

Maximum aggregate offering price of common stock$1.8B
Last reported sales price per share on April 23, 2026$77
IssuerAgree Realty Corporation
Sales agent and forward purchaserWells Fargo Securities, LLC
Sales agent and forward purchaserRobert W. Baird & Co. Incorporated
Sales agent and forward purchaserBofA Securities, Inc.
Sales agentBTIG, LLC
Sales agent and forward purchaserCitigroup Global Markets Inc.
Sales agentEvercore Group L.L.C.
Sales agent and forward purchaserJefferies LLC
Sales agent and forward purchaserJ.P. Morgan Securities LLC
Sales agent and forward purchaserMizuho Securities USA LLC
Sales agent and forward purchaserMorgan Stanley & Co. LLC
Sales agentSamuel A. Ramirez & Company, Inc.
Sales agent and forward purchaserRaymond James & Associates, Inc.
Sales agent and forward purchaserRegions Securities LLC
Sales agentSMBC Nikko Securities America, Inc.
Sales agent and forward purchaserStifel, Nicolaus & Company, Incorporated

How ADC stock reacted

Close before

$77.25

Apr 23, 2026

First close after

-0.72%

$76.69

5 trading days

-0.18%

$77.11

Since filing

-9.55%

$69.87

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Frequently asked questions

What did ADC file with the SEC on Apr 24, 2026?

ADC filed a 424B5 (Secondary offering). Agree Realty Corporation (ADC) filed a prospectus supplement for an at-the-market (ATM) equity offering of up to $1.75 billion of common stock, with multiple sales agents and forward purchasers, replacing a prior ATM program from October 2024.

What does a secondary offering mean for ADC stock?

New shares dilute existing holders and are often sold at a discount to the market price.

How do I read a 424B5?

The final terms of an offering of shares or bonds. Look at price, number of shares and the discount to the market price. Large offerings dilute existing shareholders.

Why are SEC filings important?

Public companies must tell the SEC about anything that can change their value — results, leadership changes, big deals, new shares, bankruptcy. Filings are the official source, often before the news. A 424B5 (prospectus (offering)): The final terms of an offering of shares or bonds.

How did ADC stock react to this filing?

ADC closed at $77.25 before the filing and $76.69 on Apr 24, 2026 (-0.72%). Five trading days later: $77.11 (-0.18%).

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