Agree Realty Corporation

Agree Realty Corporation (NYSE: ADC) operates as a fully integrated real estate investment trust primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry-leading tenants. The company was founded in 1971 and has been publicly traded since 1994. More information about the company is available at www.agreerealty.com.

As of December 31, 2025, Agree Realty's portfolio consists of 2,674 properties located across all 50 states, totaling approximately 55.5 million square feet of gross leasable area. The portfolio is approximately 99.7% leased with a weighted average remaining lease term of 7.8 years. A significant majority of the company's properties are leased to national tenants, with approximately 66.8% of annualized base rent derived from tenants or their parent entities holding investment-grade credit ratings.

The company operates through three primary external growth platforms: development, a Developer Funding Platform for collaborating with developers on in-process projects, and acquisitions. Agree Realty focuses on properties leased to tenants in sectors believed to be more e-commerce and recession resistant, including grocery stores, home improvement, convenience stores, tire and auto services, auto parts, and dollar stores. Substantially all tenants operate under net lease agreements requiring them to pay property operating expenses including taxes, insurance, and maintenance.

Agree Realty maintains a diversified tenant base with no single tenant accounting for more than 10% of annualized base rent. The company's investment strategy emphasizes omni-channel critical retailers, recession-resistant businesses, avoidance of private equity sponsorship, and adherence to strong real estate fundamentals. The company employs 90 full-time team members covering accounting, acquisitions, asset management, development and construction, finance, information technology, legal, due diligence, and people and culture functions.

The company qualifies as a REIT under the Internal Revenue Code and distributes at least 90% of its REIT taxable income annually to stockholders. As of December 31, 2025, total debt outstanding was approximately $3.32 billion, with the company maintaining a ratio of total debt to enterprise value of approximately 27.4%.