AGREE REALTY Business Summary

Agree Realty Corporation (ADC) is a fully integrated real estate investment trust (REIT) that generates revenue primarily through long-term rental income derived from a portfolio of retail properties net leased to industry-leading, investment-grade tenants. The company operates through three primary business segments: Acquisitions, which targets high-quality retail assets; Development, focused on build-to-suit projects for national retailers; and its Developer Funding Platform (DFP), which provides capital to partner developers. As of early 2026, the company maintains a high-density portfolio with approximately 67% of base rents sourced from investment-grade tenants, emphasizing recession-resistant sectors like grocery, home improvement, and convenience stores. ADC competes directly with major retail REITs such as Realty Income (O), Essential Properties Realty Trust (EPRT), and Federal Realty Investment Trust (FRT), distinguishing itself through a disciplined focus on high-credit retail assets and a fortress balance sheet with minimal near-term debt maturities. Founded in 1971 by Executive Chairman Richard Agree, the company is currently led by President and CEO Joel "Joey" Agree, who has overseen a significant expansion of the portfolio since taking the helm in 2013. The executive team includes CFO Peter Coughenour, who manages capital markets and financial strategy, COO Nicole Witteveen, and CIO Larry Kaufman, who leads the firm’s proprietary technology and process improvement initiatives. Joey Agree brings a legal and strategic background with a JD from Wayne State University and a BA from the University of Michigan, while the broader leadership team possesses deep expertise in net lease underwriting and retail development. The company is backed by a robust institutional investor base, with major stakeholders including Vanguard Group, BlackRock, and Cohen & Steers, and its board features notable figures such as former U.S. Ambassador John Rakolta Jr. and technology leader Linglong He.