Agree Realty Corporation · NYSE:ADC

Agree Realty — Q1 2026 Earnings Presentation

44 slides from Agree Realty's earnings presentation, Apr 22, 2026

Slide 1: Agree Realty Q1 2026
AGREE REALTY RETAIL Q1 2026
Slide 2: Agree Realty Overview
Agree Realty Overview (NYSE: ADC) NET LEASE REIT FOCUSED ON THE ACQUISITION & DEVELOPMENT OF HIGH-QUALITY RETAIL PROPERTIES OUR Founded in Public on $12.9 billion(1) 2,756 retail Investment 1971 by the NYSE retail net properties grade issuer COMPANY Executive since 1994 lease REIT totaling ratings o
Slide 4: Recent Highlights
Recent Highlights Raised approximately $660 million of forward equity in Q1 2026 via the sale of 8.7 million Fortress balance sheet with liquidity shares on the Company's ATM program(1) of approximately $2.3 billion(4) Acquired $403 million of high-quality Approximately $1.4 billion of retail net le
Slide 5: Positioned for 2026
Positioned for 2026 Over $1.6 billion of Total liquidity of Closed a $350 No material debt hedged capital(1) approximately million 5.5-year maturities until $2.3 billion(2) term loan at a 2028 4.02% fixed rate(3) Total Liquidity $31M “Our balance sheet is fortified, our pipeline is strong and our Te
Slide 6: ADC's Retail Thought Leadership
ADC’s Retail Thought Leadership Launched acquisition platform in 2010 with a focus on e-commerce resistance Launched RETHINK RETAIL campaign to challenge misperceptions about the future of brick & mortar Published proprietary ADC White Papers highlighting omnichannel retail trends Avoided or activel
Slide 7: Omni-Channel Vision
Omni-Channel Vision IDENTIFIED CRITICAL ROLE OF NET LEASE IN DRIVING OMNI-CHANNEL STRATEGY “So, I think as retailers look forward in “COVID reaffirmed our belief that, 2016 and beyond and they're one, we're heading toward a world looking in the omni-channel world, where all retailers are omni- how i
Slide 8: Investment Foresight
Investment Foresight A DEEPER DIVE ON ADC’S THOUGHT LEADERSHIP & TRACK RECORD OF EXECUTION Q3 2018 Q1 2017 “We have a fantastic relationship October 2020 with their real estate team. “…it's a great company, The business is really thriving. Rated BBB by S&P and it's got a fantastic balance They have
Slide 9: Investment Foresight
Investment Foresight A DEEPER DIVE ON ADC’S THOUGHT LEADERSHIP & TRACK RECORD OF EXECUTION Q4 2025 Boyd Group Q1 2022 Services Inc. “…identifying early on a launched its U.S. retailer that we thought IPO, strengthening Q4 2018 was in a tremendous its presence in U.S. Q1 2018 “…We think they're the p
Slide 10: Investment Foresight
Investment Foresight A DEEPER DIVE ON ADC’S THOUGHT LEADERSHIP & TRACK RECORD OF EXECUTION Q1 2022 February 2026 “Our decision to invest in Sunbelt Sunbelt Rentals Holdings, Inc. Rentals was recently reinforced by announces its listing on the their upgraded BBB rating by Fitch.” NYSE and is assigned
Slide 11: Investment Foresight
Investment Foresight A DEEPER DIVE ON ADC’S THOUGHT LEADERSHIP & TRACK RECORD OF EXECUTION Q4 2017 “the TJX Companies …is now our #5 tenant. We have a strong bias towards Q4 2023 August 2015 off-price retail and the “the off-price retailers, it's all the TJX Upgraded to A2 experience and value conce
Slide 12: Investment Foresight
Investment Foresight A DEEPER DIVE ON ADC’S THOUGHT LEADERSHIP & TRACK RECORD OF EXECUTION 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 30% 27% 22% 17% 12% 8% 5% 3% 2% 1% 1% 1% 1% <1% <1% Q1 2019 Q1 2021 2023 2024 2025 “I think the “With this Downgraded Downgraded Walgr
Slide 13: Capital Markets Leader
Capital Markets Leader INNOVATIVE BALANCE SHEET MANAGEMENT ADC was the first net Since 2018, $43B Lowest cost Closed a market lease REIT to issue of forward equity preferred equity leading, delayed forward equity in has been raised issuance in net draw, 5.5-year term March 2018 in the net lease leas
Slide 14: Disciplined Capital Allocator
Disciplined Capital Allocator CONSERVATIVE WACC CALCULATION DRIVES CONSISTENT & SUPERIOR EARNINGS GROWTH NET LEASE INVESTMENT SPREADS ü Cost of equity is based on forward 150+ bps – Pedal to the Metal! 12-month consensus AFFO per share 100 - 150 bps – Investments Generate Healthy Accretion ü Cost of
Slide 15: Best-in-Class Total Shareholder Returns
Best-in-Class Total Shareholder Returns 10-YEAR TOTAL SHAREHOLDER RETURNS HAVE OUTPERFORMED PEERS AND MAJOR INDICES Total Return Performance(1) 1 c Agree Realty Net Lease Peers(2) MSCI US REIT Index S&P Mid Cap 400 Our strong earnings growth, well-covered dividend, high-quality portfolio, and fortre
Slide 16: The Country's Leading Retail Portfolio
The Country’s Leading Retail Portfolio
Slide 17: Agree Realty Snapshot
Agree Realty Snapshot Company Overview Top Tenants ($ in millions) ANNUALIZED Equity Market Capitalization(1) $9.1 Billion TENANT / CONCEPT BASE RENT % OF TOTAL Walmart $43.8 5.7 % Enterprise Value(1) $12.9 Billion Tractor Supply 36.2 4.7 % Property Count 2,756 Dollar General 29.1 3.8 % Hobby Lobby
Slide 18: Strong Investment Grade Portfolio
Strong Investment Grade Portfolio BEST-IN-CLASS RETAILERS WITH CONSERVATIVE BALANCE SHEETS 65% INVESTMENT GRADE(1) Retail Credit Type (% of ABR) 15% 20% SUB-INVESTMENT GRADE(1) NOT RATED(1) As of March 31, 2026. Any differences are a result of rounding. (1) See Glossary beginning on page 41 for defi
Slide 19: National and Super-Regional Retailers
National and Super-Regional Retailers INDUSTRY-LEADERS OPERATING IN E-COMMERCE RESISTANT SECTORS 88% NATIONAL(1) Retail Tenant Type (% of ABR) 2% 10% FRANCHISE(1) SUPER-REGIONAL(1) As of March 31, 2026. Any differences are a result of rounding. (1) See Glossary beginning on page 41 for definitions o
Slide 20: Ground Lease Portfolio Breakdown
Ground Lease Portfolio Breakdown FEE SIMPLE OWNERSHIP + SIGNIFICANT TENANT INVESTMENT Ground Lease Portfolio Overview Top Ground Lease Tenants (% of ABR) 15% 10.1% 9.1 years 261 Leases of total weighted- portfolio average ABR 14% lease term 11% 7% 84% 5% INVESTMENT GRADE(1) 5% Ground Lease 11% Credi
Slide 21: Ground Lease Value Creation
Ground Lease Value Creation FIRST EXPIRATION HIGHLIGHTS EMBEDDED VALUE WITH 159% RECAPTURE RATE Chase Bank - Stockbridge, GA Prior Lease New Lease Rent Per Square Foot $29.26 Rent Per Square Foot $46.54 Remaining Lease Term(1) 0.1 years New Lease Term(2) 15 Years Rental Increases None Remaining Rent
Slide 22: Leading, Pure-Play Retail Net Lease REIT
Leading, Pure-Play Retail Net Lease REIT HIGHLY DIVERSIFIED PORTFOLIO WITH THE LOWEST RENT PSF(1) AND HIGHEST INVESTMENT GRADE % Average Rent PSF(1) $30.30 $30.45 $25.15 $23.45 $21.12 $21.42 $19.11 $14.45 $12.95 Investment Grade Concentration Top 3 Sector Concentration(2) 91% 65% 87% 73% 53% 44% 32%
Slide 23: Disciplined Investment Strategy & Active Portfolio Management
Disciplined Investment Strategy & Active Portfolio Management
Slide 24: Our Investment Strategy
Our Investment Strategy Agree leverages its three THREE-PRONGED distinct investment platforms GROWTH STRATEGY COMPREHENSIVE to target industry-leading REAL ESTATE SOLUTIONS retailers in e-commerce and FOR LEADING RETAILERS recession resistant sectors DEVELOPER FUNDING ACQUISITIONS DEVELOPMENT PLATFO
Slide 25: What Has ADC Been Investing In?
What Has ADC Been Investing In? The retail landscape continues to dynamically evolve as market forces cause disruption and change. To mitigate risk in a period of continued disruption, the Company adheres to a number of investment criteria, with a focus on four core principles: OMNI-CHANNEL RECESSIO
Slide 26: Large & Fragmented Opportunity Set
Large & Fragmented Opportunity Set TOP-DOWN FOCUS ON LEADING RETAILERS IN THE U.S. PAIRED WITH A BOTTOMS-UP REAL ESTATE ANALYSIS ADC reviewed over $101 billion of opportunities since 2018 MARKET RENTS • Rents ≤ market • Fungibility of building COMPETITION • Limited competition • Strong market presen
Slide 27: Sandbox Offers Runway for Growth
Sandbox Offers Runway for Growth 170,000+ NET LEASE OPPORTUNITIES AND GROWING WITH BEST-IN-CLASS RETAILERS 13,400+ 9,400+ 5,800+ 31,100+ 30,100+ Grocery Home Tire & Auto Convenience Dollar Stores Improvement Stores Service Stores Stores Stores 6,900+ 23,500+ 7,100+ 2,600+ 1,300+ Off-Price Auto Parts
Slide 28: Track Record of Execution
Track Record of Execution ADC HAS INVESTED OVER $11 BILLION IN HIGH-QUALITY RETAIL NET LEASE PROPERTIES SINCE 2010 Investment Activity ($ in millions, unless otherwise noted) $2,000 $1,750 $61 $1.6B $1,500 $120 $27 $27 $1.4B $1.4B $1,250 $1.3B $55 $1.2B $1,000 $84 $867 $750 $19 $1.4B - $1.6B $701 $5
Slide 29: Active Portfolio Management
Active Portfolio Management FOCUSED ON NON-CORE ASSET SALES & CAPITAL RECYCLING Total Dispositions 2010-2026: $612 million BELTON, MO FL (3) AURORA, CO OLATHE, KS MAPLEWOOD, MN FLOWOOD, MS JACKSONVILLE BEACH, FL SC (1) & MN (1) BROWNSBURG, IN KIRKLAND, WA JACKSONVILLE, FL FL (2) TYLER, TX VA (3) IND
Slide 30: Fortified Balance Sheet
Fortified Balance Sheet
Slide 31: Leading With Our Fortress Balance Sheet
Leading With Our Fortress Balance Sheet NO MATERIAL DEBT MATURITIES UNTIL 2028 $600 Debt Maturities ($ in millions) $500 $450 $475 $450 $400 $410 $400 $375 $300 $300 $300 $200 $100 <$1 $50 $42 $0 $10 (1) (2) (3) 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 UNSECURED SECURED CAPITALIZATION STATI
Slide 32: Capital Markets Track Record
Capital Markets Track Record STRONG CAPITAL MARKETS EXECUTION HAS PROVIDED AMPLE LIQUIDITY; ~$12 BILLION OF ACTIVITY SINCE 2010 Capital Markets Activity ($ in millions) $2,000 $175 $1,750 $42 $1,500 $1,250 $1,095 $714 $1,000 $1,103 $1,322 $988 $750 $371 $500 $531 $750 432.8 $650 $665 $250 $450 $350
Slide 33: Low Leverage = Strong Positioning
Low Leverage = Strong Positioning ADC HAS BEEN AT OR BELOW 4.5X PROFORMA NET DEBT TO RECURRING EBITDA SINCE 2018 5.2x 5.1x 5.1x 4.9x 4.9x 4.9x 4.9x 4.9x 4.8x 4.7x 4.5x 4.5x 4.5x 4.5x 4.3x 4.3x 4.1x 4.1x 3.8x 3.7x 3.6x 3.5x 3.4x 3.3x 3.2x 3.1x Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q
Slide 34: Annual Dividends Declared Per Share
Growing, Well-Covered Monthly Dividend 169 CONSECUTIVE COMMON DIVIDENDS PAID; AVERAGE AFFO PAYOUT RATIO OF ~74% OVER PAST 10 YEARS $3.25 $3.00 Annual Dividends Declared Per Share $2.75 G R r CA ea 0-Y %+1 $2.50 5 $2.25 $2.00 $1.75 $1.50 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 As of Ma
Slide 35: Agree Realty's ESG Practices
Agree Realty’s ESG Practices DEDICATED TO SUSTAINABILITY AND GOOD CORPORATE CITIZENSHIP ENVIRONMENTAL SOCIAL CORPORATE PRACTICES RESPONSIBILITY GOVERNANCE Focus on industry leading, The Agree Wellness program focuses ADC’s Board has 10 directors, national & super-regional on Health Wellness & Financ
Slide 36: Investment Summary Highlights
Investment Summary Highlights trajectory growth Robust Well-covered FORTIFIED BALANCE SHEET &dividend consistent HIGHEST-QUALITY RETAIL REAL ESTATE MULTI-YEAR INVESTMENT GRADE OF EXECUTION ISSUER RATINGS TRACK RECORD © 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 36
Slide 38: Quarterly Reconciliation of Proforma Net Debt to Recurring EBITDA
Quarterly Reconciliation of Proforma Net Debt to Recurring EBITDA Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Mortgage notes payable, net $47,842 $47,701 $42,952 $42,811 $42,666 $42,518 $42,366 $42,210 $42,050 $41,886 $41,718 $41,546 $41,37
Slide 39: Annual Reconciliation of Net Income to FFO, Core FFO and AFFO
Annual Reconciliation of Net Income to FFO, Core FFO and AFFO 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net Income $39,762 $45,797 $58,790 $58,798 $80,763 $91,972 $122,876 $153,035 $170,547 $189,832 $204,989 Series A Preferred Stock Dividends 0 0 0 0 0 0 (2,148) (7,437) (7,437) (7,437)
Slide 40: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends such forwar
Slide 41: Glossary
Glossary This presentation includes certain non-GAAP financial measures and other defined terms. These non-GAAP measures are presented as supplemental information and should not be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. Definitions of non-
Slide 42: Glossary
Glossary Components of Net Debt to Recurring EBITDA EBITDAre is defined by Nareit to mean net income computed in accordance with GAAP, plus interest expense, income tax expense, depreciation and amortization, any gains (or losses) from sales of real estate assets and/or changes in control, any impai
Slide 43: Glossary
Glossary Fixed Charge Coverage Ratio is calculated as Trailing Twelve Month (“TTM”) Fixed Charge EBITDA divided by TTM Fixed Charges. TTM Fixed Charge EBITDA represents TTM EBITDA adjusted for straight-line rent and capital expenditure adjustments, and TTM Fixed Charges consist of interest expense,

Agree Realty — Q1 2026 Earnings Presentation on 6ix

Agree Realty — Q1 2026 Earnings Presentation

Slide 1: Agree Realty Q1 2026

Slide 2: Agree Realty Overview

Slide 3: Consistency

Slide 4: Recent Highlights

Slide 5: Positioned for 2026

Slide 6: ADC's Retail Thought Leadership

Slide 7: Omni-Channel Vision

Slide 8: Investment Foresight

Slide 9: Investment Foresight

Slide 10: Investment Foresight

Slide 11: Investment Foresight

Slide 12: Investment Foresight

Slide 13: Capital Markets Leader

Slide 14: Disciplined Capital Allocator

Slide 15: Best-in-Class Total Shareholder Returns

Slide 16: The Country's Leading Retail Portfolio

Slide 17: Agree Realty Snapshot

Slide 18: Strong Investment Grade Portfolio

Slide 19: National and Super-Regional Retailers

Slide 20: Ground Lease Portfolio Breakdown

Slide 21: Ground Lease Value Creation

Slide 22: Leading, Pure-Play Retail Net Lease REIT

Slide 23: Disciplined Investment Strategy & Active Portfolio Management

Slide 24: Our Investment Strategy

Slide 25: What Has ADC Been Investing In?

Slide 26: Large & Fragmented Opportunity Set

Slide 27: Sandbox Offers Runway for Growth

Slide 28: Track Record of Execution

Slide 29: Active Portfolio Management

Slide 30: Fortified Balance Sheet

Slide 31: Leading With Our Fortress Balance Sheet

Slide 32: Capital Markets Track Record

Slide 33: Low Leverage = Strong Positioning

Slide 34: Annual Dividends Declared Per Share

Slide 35: Agree Realty's ESG Practices

Slide 36: Investment Summary Highlights

Slide 37: © 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED.

Slide 38: Quarterly Reconciliation of Proforma Net Debt to Recurring EBITDA

Slide 39: Annual Reconciliation of Net Income to FFO, Core FFO and AFFO

Slide 40: Forward-Looking Statements

Slide 41: Glossary

Slide 42: Glossary

Slide 43: Glossary

Slide 44: Contact