Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration No. 333-271668

Relating to Preliminary Prospectus Supplement
Dated May 6, 2024 to Prospectus Dated May 5, 2023

Agree Limited Partnership

$450,000,000 5.625% Notes due 2034 (the “Notes”)

May 6, 2024

Pricing Term Sheet

Issuer:	Agree Limited Partnership
Guarantors:	Agree Realty Corporation, the sole general partner of Agree Limited Partnership, and certain of Agree Limited Partnership’s existing and future subsidiaries
Security Title:	5.625% Notes due 2034
Expected Ratings (Moody’s / S&P)*:	Baa1 (Stable) / BBB (Positive)
Aggregate Principal Amount:	$450,000,000
Stated Maturity Date:	June 15, 2034
Public Offering Price:	98.827% of the principal amount of the Notes
Coupon (Interest Rate):	5.625% per annum
Yield to Maturity:	5.779%
Benchmark Treasury:	UST 4.00% due February 15, 2034
Benchmark Treasury Price and Yield:	96-7/ 4.479%
Spread to Benchmark Treasury:	+130 basis points
Interest Payment Dates:	June 15 and December 15 of each year, beginning on December 15, 2024
Optional Redemption:	·    Prior to March 15, 2034 (three months prior to the Stated Maturity Date of the Notes), “make-whole” call at T+20 basis points (calculated as though the actual Stated Maturity Date of the Notes was March 15, 2034) ·    On or after March 15, 2034 (three months prior to the Stated Maturity Date of the Notes), par call
CUSIP / ISIN:	008513 AE3 / US008513AE31
Trade Date:	May 6, 2024
Settlement Date:	May 13, 2024 (T+5); under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended trades in the secondary market generally are required to settle in two business days, unless the parties to that trade expressly agree otherwise.  Accordingly, purchasers who wish to trade the Notes before the fourth business day prior to the Settlement Date will be required, by virtue of the fact that the Notes initially will settle on a delayed basis, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement, and should consult their own advisors with respect to these matters.

Joint Book-Running Managers:	PNC Capital Markets LLC Citigroup Global Markets Inc. J.P. Morgan Securities LLC Wells Fargo Securities, LLC BofA Securities, Inc. Mizuho Securities USA LLC
Co-Managers:	Morgan Stanley & Co. LLC Raymond James & Associates, Inc. Regions Securities LLC Stifel, Nicolaus & Company, Incorporated U.S. Bancorp Investments, Inc.

*            Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

Taking into account the net proceeds of this offering, the Issuer will have a liquidity position of over $1.3 billion and the offering will extend the Issuer’s weighted-average debt maturity to approximately seven years, excluding the unsecured revolving credit facility.

The Issuer has filed a registration statement and a prospectus with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus and the related preliminary prospectus supplement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the underwriters can arrange to send you the prospectus and related preliminary prospectus supplement if you request it by calling PNC Capital Markets LLC toll-free at 1-855-881-0697, Citigroup Global Markets Inc. toll-free at 1-800-831-9146, J.P. Morgan Securities LLC (collect) at 1-212-834-4533 or Wells Fargo Securities, LLC toll-free at 1-800-645-3751. This information does not purport to be a complete description of these securities or the offering. Please refer to the preliminary prospectus supplement for a complete description of the securities. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.

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