Agree Realty Corp (NYSE: ADC-PA)

Agree Realty Corp is 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’s portfolio consisted of 2,674 properties located in all 50 states and totaling approximately 55.5 million square feet of Gross Leasable Area as of December 31, 2025. The portfolio was approximately 99.7% leased and had a weighted average remaining lease term of approximately 7.8 years.

Agree Realty Corp generates revenue primarily through rental income from its net leased retail properties. Substantially all of its tenants are subject to net lease agreements requiring the tenant to be responsible for minimum monthly rent and property operating expenses including property taxes, insurance and maintenance. The company’s annualized base rent was derived from tenants, or parent entities thereof, with an investment grade credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners for approximately 66.8% of the total as of December 31, 2025.

The company operates through the following segments:

• Retail Properties: This segment involves the ownership, acquisition, development and management of retail properties net leased to national or large, regional retailers. The company focuses on sectors believed to be more e-commerce and recession resistant than other retail sectors. Developments are typically build-to-suit projects that result in fee simple ownership of the property upon completion.

• Developer Funding Platform: This segment collaborates with developers or retailers on their in-process developments. The company offers construction expertise and access to capital to facilitate the successful completion of their projects. The company typically takes fee simple ownership of Developer Funding Platform projects upon completion.

• Acquisitions: This segment expands investment capabilities by pursuing opportunities that meet both real estate and return on investment criteria. The company focuses on four core principles: omni-channel critical, recession resistance, avoidance of private equity sponsorship, and adherence to strong real estate fundamentals and fungible buildings.

Agree Realty Corp operates in the highly competitive U. S. commercial real estate investment market. The company actively competes with traded and non-traded public REITs, private equity firms, institutional investment funds, insurance companies and private individuals. Many of these competitors have greater financial resources and the ability to accept more risk than the company believes it can prudently manage.

Agree Realty Corp serves national and large, regional retailers operating in various sectors. Significant tenants include industry leading companies, though no single tenant accounted for more than 10.0% of annualized base rent as of December 31, 2025. The tenant base is diversified across 29 sectors and located in 41 states as of recent investment activity in 2025.