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# Agree Realty Ends Quarter With Zero Commercial Paper After $400 Million Ten-Year Bond Sale
- URL: https://www.bullished.co/agree-realty-ends-quarter-with-zero-commercial-paper-after-400-million-ten-year-bond-sale-e3368ba1/
- Published: 2026-10-20T21:05:59.000Z
- Updated: 2026-10-20T21:05:59.000Z
- Description: The retail REIT's 10-Q shows no revolver or commercial paper balance at September 30, after a bond sale and a $19.4 million swap payout.
- Author: Matteo Parrino
- Tags: SEC Filings, ADC, Industry: Real Estate

[Agree Realty](https://www.bullished.co/tag/adc/) ended the third quarter with nothing outstanding on its revolving credit facility or commercial paper program, its [10-Q](https://www.sec.gov/Archives/edgar/data/0000917251/000091725126000076/adc-20260930.htm?ref=bullished.co) shows, after selling $400.0 million of 5.65% notes due 2036 in September. The commercial paper balance stood at $320.5 million at December 31, 2025.

## What the 10-Q says about the bond deal

The notes were priced at 98.497% of principal, for proceeds of $394.0 million before debt issuance costs. The company also terminated $300.0 million of forward-starting interest rate swaps that hedged the notes and received $19.4 million, which the filing says will be recognized as an adjustment to income over the term of the debt.

Total principal debt was $3,752,250 thousand at September 30, down from $3,849,341 thousand at June 30, per the [prior quarter's filing](https://www.sec.gov/Archives/edgar/data/0000917251/000091725126000063/adc-20260630.htm?ref=bullished.co). The filing lists the 2036 notes at an all-in rate of 5.36%. The company's [earnings release](https://www.sec.gov/Archives/edgar/data/0000917251/000091725126000075/adc20260930-ex991.htm?ref=bullished.co) puts liquidity at about $2.0 billion, including $1.25 billion of revolver availability.

## Earnings and interest costs

Quarterly net income climbed 31% to $68.5 million, up $16.2 million from $52.3 million in the prior-year period. A tornado-damaged property produced a $0.9 million gain, largely from insurance proceeds exceeding its carrying value.

Interest expense, net rose 16% to $41.0 million for the quarter, and 19% to $117.2 million for the nine months, from $98.3 million. The filing ties about $0.5 million of the quarter's increase to the 2036 notes. It also says the company expects to reclassify $13.2 million of swap gains as a reduction to interest expense over the next twelve months.

## What to watch

The company must settle its remaining 8,762,726 forward-sale shares by dates between September 2027 and April 2028, the filing says. The 10-Q records the share price at $66.81 on September 30, against $75.74 at June 30 per the earlier filing.

Agree is due to hold its earnings call on Wednesday at 9:00 AM ET, according to its release.

### Sources

- [10-Q Filing — Agree Realty (ADC)](https://www.sec.gov/Archives/edgar/data/0000917251/000091725126000076/adc-20260930.htm?ref=bullished.co) — SEC EDGAR
- [10-Q Filing — Agree Realty (ADC), Q2 FY2026 filed 2026-07-30 (comparison basis)](https://www.sec.gov/Archives/edgar/data/0000917251/000091725126000063/adc-20260630.htm?ref=bullished.co) — SEC EDGAR
- [Earnings release (8-K Item 2.02, adc20260930-ex991.htm) — Agree Realty, filed 2026-10-20](https://www.sec.gov/Archives/edgar/data/0000917251/000091725126000075/adc20260930-ex991.htm?ref=bullished.co) — SEC EDGAR
- [Agree Realty: Q3 Earnings Snapshot – WTOP News](https://wtop.com/national/2026/10/agree-realty-q3-earnings-snapshot/?ref=bullished.co) — wtop.com
- [Agree Realty FFO of $1.15 beats by $0.02, revenue of $213.88M beats by $0.95M (ADC:NYSE) | Seeking Alpha](https://seekingalpha.com/news/4654887-agree-realty-ffo-of-1%5F15-beats-by-0%5F02-revenue-of-213%5F88m-beats-by-0%5F95m?ref=bullished.co) — seekingalpha.com
- [Barclays Maintains Equal-Weight on Agree Real...](https://www.benzinga.com/news/26/10/62465945/barclays-maintains-equal-weight-agree-realty-lowers-price-target-76?ref=bullished.co) — benzinga.com
- [Agree Realty Q3 earnings beat, revenue misses as leasing activity increases (ADC:NYSE) | Seeking Alpha](https://seekingalpha.com/news/4654878-agree-realty-q3-earnings-beat-revenue-misses-as-leasing-activity-increases?ref=bullished.co) — seekingalpha.com
- [Agree Realty Q3 FFO $1.15 Beats $1.13 Estimat...](https://www.benzinga.com/news/earnings/26/10/62481861/agree-realty-q3-ffo-1-15-beats-1-13-estimate-sales-213-884m-beat-208-944m-estimate?ref=bullished.co) — benzinga.com

### More on Agree Realty

- [Agree Realty Lifts Low End Of 2026 AFFO Guidance To $4.58–$4.59 As Third-Quarter Net Income Rises 32.3%](https://www.bullished.co/agree-realty-lifts-low-end-of-2026-affo-guidance-to-4-58-4-59-as-third-quarter-net-income-25a37051/)
- [Agree Realty Files Third-Quarter Share Count Ahead Of Earnings, Showing About 124.6 Million Diluted Shares](https://www.bullished.co/agree-realty-files-third-quarter-share-count-ahead-of-earnings-showing-about-124-6-million-6cfec2a6/)

[All Agree Realty (ADC) coverage →](https://www.bullished.co/tag/adc/)