Agree Realty Corporation · NYSE:ADC
Agree Realty — Q3 2025 Earnings Presentation
45 slides from Agree Realty's earnings presentation, Oct 22, 2025
Slide 1: Agree Realty Retail October 2025
AGREE REALTY RETAIL OCTOBER 2025
Slide 2: Agree Realty Overview
Agree Realty Overview (NYSE: ADC) NET LEASE REIT FOCUSED ON THE ACQUISITION & DEVELOPMENT OF HIGH-QUALITY RETAIL PROPERTIES Founded in Public on $12.2 billion(1) 2,603 retail Investment OUR As of September 30, 2025, unless otherwise noted. (1) As of October 17, 2025. Refer to footnote 3 on slide 30
Slide 3: consistency
consistency [ kuh n-sis-tuh n-see ] noun steadfast adherence to the same principles, course, or form © 2025 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 2
Slide 4: Recent Highlights
Recent Highlights Raised 2025 AFFO per share guidance to $4.31 to $4.33, representing 4.4% Fortress balance sheet with growth at the midpoint(1) liquidity of over $1.9 billion(4) Increased 2025 investment guidance to $1.50 billion to $1.65 billion of high-quality Received commitments for a $350 reta
Slide 5: Positioned for Growth
Positioned for Growth A Pre-equitized with A Total liquidity of A Received A No material debt over $1.0 billion of over $1.9 billion(1) commitments for a maturities until 2028 outstanding $350 million 5.5-year forward equity term loan at 4.02%(2) Total Liquidity ~$17M “During the quarter, we ach
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
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 Q1 2022 “…identifying early on a retailer that we thought Q4 2018 was in a tremendous Q1 2018 “…We think they're the position to access a “Now you see Gerber premier auto collision fragmented space and Collisi
Slide 10: Investment Foresight
Investment Foresight A DEEPER DIVE ON ADC’S THOUGHT LEADERSHIP & TRACK RECORD OF EXECUTION Q1 2022 “Our decision to invest in Sunbelt Rentals was recently reinforced by their upgraded Q4 2019 BBB rating by Fitch.” “… the only investment-grade operator in the country. If you look at the equipment own
Slide 11: Investment Foresight
Investment Foresight A DEEPER DIVE ON ADC’S THOUGHT LEADERSHIP & TRACK RECORD OF EXECUTION Q4 2017 “the TJX Companies …is Q4 2023 now our #5 tenant. We “the off-price retailers, it's all the TJX have a strong bias towards concepts…These operators have the August 2015 off-price retail and the desire
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 30% 27% 22% 17% 12% 8% 5% 3% 2% 1% 1% 1% 1% 1% Q1 2019 Q1 2021 2023 2024 2025 “I think the “With this Downgraded Downgraded Walgreens Q2 20
Slide 13: Capital Markets Leader
Capital Markets Leader INNOVATIVE BALANCE SHEET MANAGEMENT A ADC was the first net A Since 2018, $37B A Lowest cost Received A lease REIT to issue of forward equity preferred equity commitments for forward equity in has been raised issuance in net market leading 5.5- March 2018 in the net lease
Slide 14: Disciplined Capital Allocator
Disciplined Capital Allocator CONSERVATIVE WACC CALCULATION DRIVES CONSISTENT & SUPERIOR EARNINGS GROWTH NET LEASE INVESTMENT SPREADS Cost of equity is based on forward 150+ bps – Pedal to the Metal! 12-month consensus AFFO per share 100 - 150 bps – Investments Generate Healthy Accretion Cost of
Slide 15: Best-in-Class Total Shareholder Returns
Best-in-Class Total Shareholder Returns 10-YEAR TOTAL SHAREHOLDER RETURNS HAVE OUTPERFORMED PEERS AND MAJOR INDICES Return on Investment(1) 350 300 250 200 150 100 1 c 50 - (50) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Agree Realty Net Lease Peers(2) MSCI US REIT Index S&P Mid Cap 400
Slide 16: The Country’s Leading Retail Portfolio
The Country’s Leading Retail Portfolio
Slide 17: Agree Realty Snapshot
Agree Realty Snapshot Company Overview Top Tenants ($ in millions) ANNUALIZED Share Price(1) $75.06 TENANT / CONCEPT % OF TOTAL BASE RENT $41.2 5.8% Equity Market Capitalization(1)(2) $8.7 Billion 35.0 4.9% Property Count 2,603 28.4 4.0% 21.7 3.1% Net Debt to EBITDA 5.1x / 3.5x(3) 21.5 3.0% Investme
Slide 18: Strong Investment Grade Portfolio
Strong Investment Grade Portfolio BEST-IN-CLASS RETAILERS WITH CONSERVATIVE BALANCE SHEETS 67% INVESTMENT GRADE(1) Retail Credit Type (%ABR) 15% 18% SUB-INVESTMENT GRADE NOT RATED As of September 30, 2025. Any differences are a result of rounding. (1) Based on ABR derived from tenants, or parent ent
Slide 19: National and Super-Regional Retailers
National and Super-Regional Retailers INDUSTRY LEADERS OPERATING IN E-COMMERCE RESISTANT SECTORS 88% NATIONAL Retail Tenant Type (%ABR) 2% 10% FRANCHISE SUPER-REGIONAL As of September 30, 2025. Any differences are a result of rounding. © 2025 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 18
Slide 20: Ground Lease Portfolio Breakdown
Ground Lease Portfolio Breakdown FEE SIMPLE OWNERSHIP + SIGNIFICANT TENANT INVESTMENT Ground Lease Portfolio Overview Top Ground Lease Tenants (% ABR) 10.0% 9.3 13% 237 of total years weighted- Leases portfolio average ABR lease term 13% 12% 7% 89% 6% INVESTMENT GRADE(1) 5% Ground Lease Credit Overv
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 AND HIGHEST INVESMENT GRADE % Retail Rent PSF(1) $29.64 $30.07 $30.00 $24.29 $23.32 $21.63 $21.64 $19.02 NOT DISCLOSED $12.78 $13.52 ADC NTST O BNL WPC NNN EPRT EPR FCPT GTY Investment Grade Concentration
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 distinct investment platforms to target industry-leading THREE-PRONGED retailers in e-commerce and GROWTH STRATEGY recession resistant sectors COMPREHENSIVE REAL ESTATE SOLUTIONS FOR LEADING RETAILERS 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 $96 billion of opportunities since 2018 MARKET RENTS • Rents ≤ market • Fungibility of building COMPETITION • Limited competition • Strong market presenc
Slide 27: Sandbox Offers Runway for Growth
Sandbox Offers Runway for Growth 170,000+ NET LEASE OPPORTUNITIES AND GROWING WITH BEST-IN-CLASS RETAILERS 13,300+ 9,000+ 5,600+ 30,700+ 29,800+ Grocery Home Tire & Auto Convenience Dollar Stores Improvement Stores Service Stores Stores Stores 6,700+ 23,400+ 7,000+ 2,500+ 1,300+ Off-Price Auto Parts
Slide 28: Track Record of Execution
Track Record of Execution ADC HAS INVESTED OVER $10 BILLION IN HIGH-QUALITY RETAIL NET LEASE PROPERTIES SINCE 2010 Investment Activity ($ in millions, unless otherwise noted) $ 2,000 1,800 1,600 $61 $1.6B $27 1,400 $27 $1.4B $1.3B $55 1,200 $1.2B 1,000 $84 800 $19 $867 $1.50B - $1.65B $22 $701 600 $
Slide 29: Active Portfolio Management
Active Portfolio Management FOCUSED ON NON-CORE ASSET SALES & CAPITAL RECYCLING Total Dispositions 2010-2025: $581 million MICHIGAN (3) BELTON, MO AURORA, CO FL (3) UPLAND, CA MAPLEWOOD, MN JACKSONVILLE BEACH, FL SC (1) & MN (1) OLATHE, KS APOPKA, FL FLOWOOD, MS KIRKLAND, WA JACKSONVILLE, FL BROWNSB
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 $300 $300 $300 $200 $100 $125 $1 $50 $42 $0 $0 (1) 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 UNSECURED SECURED CAPITALIZATION STATISTICS CRED
Slide 32: Capital Markets Track Record
Capital Markets Track Record STRONG CAPITAL MARKETS EXECUTION HAS PROVIDED AMPLE LIQUIDITY; NEARLY $11 BILLION OF ACTIVITY SINCE 2010 Capital Markets Activity ($ in millions) $2,000 $175 $1,750 $42 $1,500 $1,250 $1,095 $1,000 $1,103 $1,322 $988 $750 $603 $371 $500 $531 $433 $650 $250 $450 $350 $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 4.9x 4.9x 4.9x 4.9x 4.7x 4.8x 4.5x 4.5x 4.5x 4.5x 4.4x 4.3x 4.3x 4.1x 4.1x 4.0x 3.7x 3.6x 3.5x 3.4x 3.3x 3.1x 3.1x 3.1x Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q
Slide 34: Growing, Well-Covered Monthly Dividend
Growing, Well-Covered Monthly Dividend 164 CONSECUTIVE COMMON DIVIDENDS PAID; AVERAGE AFFO PAYOUT RATIO OF 75% OVER PAST 10 YEARS $3.10 $2.90 Annual Dividends Declared Per Share $2.70 $2.50 $2.30 $2.10 $1.90 $1.70 $1.50 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 As of October 17, 2025. R
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 ADC’s Board has 10 directors, national & super-regional focuses on Health Wellness & eight
Slide 36: Investment Summary Highlights
Investment Summary Highlights trajectory growth Robust Well-covered FORTIFIED BALANCE SHEET ÷nd consistent HIGHEST-QUALITY RETAIL REAL ESTATE MULTI-YEAR INVESTMENT GRADE TRACK RECORD OF EXECUTION ISSUER RATINGS © 2025 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 35
Slide 37: Appendix
APPENDIX © 2025 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 36
Slide 38: Earnings Guidance
Earnings Guidance The table below provides estimates for significant components of our 2025 earnings guidance. In addition, the AFFO per share guidance range includes an estimate for the dilutive impact of the Company’s outstanding forward equity calculated in accordance with the treasury stock meth
Slide 39: Debt Summary
Debt Summary Total Debt Outstanding All-in Interest Rate Maturity as of September 30, 2025 Senior Unsecured Revolving Credit Facility and Commercial Paper Notes (1) Revolving Credit Facility 4.99% August 2028 $0 (2) Commercial Paper Notes 4.29% Various 389,000 Total Revolving Credit Facility 4.29% $
Slide 40: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Mortgage notes payable, net $71,721 $47,971 $47,842 $47,701 $42,952 $42,811 $42,666 $42,518 $42,366 $42,210 $42,050 $41,886 $41,718 Unsecured term loa
Slide 41: Reconciliation of Net Income to FFO, Core FFO and AFFO
Reconciliation of Net Income to FFO, Core FFO and AFFO 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Net Income $18,913 $39,762 $45,797 $58,790 $58,798 $80,763 $91,972 $122,876 $153,035 $170,547 $189,832 Series A Preferred Stock Dividends 0 0 0 0 0 0 0 (2,148) (7,437) (7,437) (7,437) Net In
Slide 42: 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 43: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes a non-GAAP financial measure, Net Debt to Recurring EBITDA, which is presented on an actual and proforma basis. A reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure is included on slide 39. The compone
Slide 44: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation also includes the non-GAAP measures of Annualized Base Rent (“ABR”), Annualized Net Income, Weighted-Average Capitalization Rate, Funds From Operations (“FFO” or “Nareit FFO”), Core Funds From Operations (“Core FFO”) and Adjusted Funds From Operations (“
Slide 45: Contact
CONTACT PETER COUGHENOUR Chief Financial Officer (248) 737-4190 investors@agreerealty.com © 2025 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 44