Agree Realty Corporation · NYSE:ADC

Agree Realty — Q3 2026 Earnings Presentation

47 slides from Agree Realty's earnings presentation, October 2026

Slide 1: Agree Realty Q3 2026
AGREE REALTY RETAIL Q3 2026
Slide 2: Agree Realty Overview (NYSE: ADC)
Agree Realty Overview (NYSE: ADC) NET LEASE REIT FOCUSED ON THE ACQUISITION & DEVELOPMENT OF HIGH-QUALITY RETAIL PROPERTIES OUR Founded in Public on $12.6 billion(1) 2,888 retail Investment 1971 by the NYSE retail net properties grade issuer COMPANY Executive since 1994 lease REIT totaling 61.1 rati
Slide 4: Recent Highlights
Recent Highlights Increased 2026 AFFO per share guidance to $4.58 to $4.59, representing nearly 6% year- Fortress balance sheet with liquidity over-year growth at the midpoint(1) of approximately $2.0 billion(4) Updated 2026 investment volume Issued $400 million of 10-year guidance to approximately
Slide 5: Positioned for Growth
Positioned for Growth Total liquidity of Issued $400 million of Approximately No material debt approximately 10-year unsecured $657 million of maturities until $2.0 billion(1) notes at an all-in outstanding 2028 interest rate of 5.36% forward equity at quarter end(2) Total Liquidity $91M “During the
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 omni-channel retail trends Avoided or active
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: External Growth Platforms
External Growth Platforms A ONE-STOP SHOP FOR RETAILERS, FROM GROUND-UP DEVELOPMENT TO ACQUISITION Developer Funding Platform Development Acquisitions (DFP) 6–18 MONTHS Typical timeline 4–9 MONTHS Typical timeline 65–75 DAYS LOI to close What? Ground-up, “organic” What? “Inorganic” development—we Wh
Slide 9: Investment Foresight
Investment Foresight A DEEPER DIVE ON ADC’S THOUGHT LEADERSHIP & TRACK RECORD OF EXECUTION Q3 2018 October 2020 Q1 2017 “We have a fantastic relationship Rated BBB by S&P and “…it's a great company, with their real estate team. The business is really thriving. Baa1 by Moody’s it's got a fantastic ba
Slide 10: 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 11: Investment Foresight
Investment Foresight A DEEPER DIVE ON ADC’S THOUGHT LEADERSHIP & TRACK RECORD OF EXECUTION Q1 2022 “Our decision to invest in Sunbelt February 2026 Rentals was recently reinforced by Sunbelt Rentals Holdings, Inc. their upgraded BBB rating by Fitch.” announces its listing on the NYSE and is assigned
Slide 12: Investment Foresight
Investment Foresight A DEEPER DIVE ON ADC’S THOUGHT LEADERSHIP & TRACK RECORD OF EXECUTION Q2 2017 Q4 2017 August 2015 “At the same “the TJX Companies …is Upgraded to A2 time, in terms now our #5 tenant. We by Moody’s of women's have a strong bias towards Q4 2023 apparel, you off-price retail and th
Slide 13: 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% Q2 2017 Q1 2019 Q1 2021 2023 2024 2025 “our Walgreens “I think the “With this Down
Slide 14: Capital Markets Leader
Capital Markets Leader INNOVATIVE BALANCE SHEET MANAGEMENT ADC was the first net Since 2018, $45B Lowest cost $82 million of net lease REIT to issue of forward equity preferred equity swap proceeds forward equity in has been raised issuance in net received since 2021, March 2018 in the net lease lea
Slide 15: Disciplined Capital Allocator
Disciplined Capital Allocator CONSERVATIVE WACC CALCULATION DRIVES CONSISTENT & SUPERIOR EARNINGS GROWTH NET LEASE INVESTMENT SPREADS Cost of equity is based on forward 12- ✓ month consensus AFFO per share 150+ bps – Pedal to the Metal! Cost of debt reflects the anticipated or 100–150 bps – Investme
Slide 16: Best-in-Class Total Shareholder Returns
Best-in-Class Total Shareholder Returns ADC HAS OUTPERFORMED PEERS AND INDICES SINCE LAUNCHING ACQUISITION PLATFORM IN APRIL 2010 Total Return Performance(1) 1 c Company / Index Cumulative Annualized Agree Realty 540% 11.9% S&P MidCap 400 481% 11.3% +5,900 bps Cumulative TSR ahead of the next-best,
Slide 17: The Country's Leading Retail Portfolio
The Country’s Leading Retail Portfolio
Slide 18: Agree Realty Snapshot
Agree Realty Snapshot Company Overview Top Tenants ($ in thousands) Equity Market Capitalization(1) $8.7 billion TENANT / CONCEPT ABR(1) % OF TOTAL ABR Walmart $46,515 5.6 % Enterprise Value(1) $12.6 billion Tractor Supply 37,739 4.6 % Property Count 2,888 Dollar General 30,614 3.7 % Hobby Lobby 28,
Slide 19: Strong Investment Grade Portfolio
Strong Investment Grade Portfolio BEST-IN-CLASS RETAILERS WITH CONSERVATIVE BALANCE SHEETS 65% INVESTMENT GRADE(1) Retail Credit Type (% of Total ABR) 17% 18% SUB-INVESTMENT GRADE(1) NOT RATED(1) As of September 30, 2026. Any differences are a result of rounding. (1) See Glossary beginning on page 4
Slide 20: 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 Total ABR) 2% 10% FRANCHISE(1) SUPER-REGIONAL(1) As of September 30, 2026. Any differences are a result of rounding. (1) See Glossary beginning on page 44 for def
Slide 21: Ground Lease Portfolio Breakdown
Ground Lease Portfolio Breakdown FEE SIMPLE OWNERSHIP + SIGNIFICANT TENANT INVESTMENT Top Ground Lease Tenants Ground Lease Portfolio Overview (% of Ground Lease ABR) 15% 8.6 270 10.0% of Total years weighted- Leases ABR average 13% lease term(1) 12% 9% 85% 5% INVESTMENT GRADE(2) 4% Ground Lease 10%
Slide 22: 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 23: 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) $31.85 $30.14 $25.07 $23.72 $21.10 $21.29 $19.05 $15.01 $13.13 Investment Grade Concentration Top 3 Sector Concentration(2) 65% 89% 87% 74% 51% 41% 34%
Slide 24: Disciplined Investment Strategy & Active Portfolio Management
Disciplined Investment Strategy & Active Portfolio Management
Slide 25: 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 26: 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 27: Private Equity Sponsorship Amplifies Credit Risk
Private Equity Sponsorship Amplifies Credit Risk ADC'S EMPHASIS ON CREDIT QUALITY HAS DRIVEN SECTOR-LOW EXPOSURE TO PE-SPONSORED RETAILERS Consumer Discretionary Bankruptcies(1)(2) “We seek to work and partner with retailers that have a long-term perspective on the operations of their business…lever
Slide 28: Large & Fragmented Opportunity Set
Large & Fragmented Opportunity Set TOP-DOWN FOCUS ON LEADING RETAILERS IN THE U.S. PAIRED WITH A BOTTOM-UP REAL ESTATE ANALYSIS ADC reviewed nearly $105 billion of opportunities since 2018 MARKET RENTS • Rents ≤ market • Fungibility of building COMPETITION • Limited competition • Strong market prese
Slide 29: Sandbox Offers Runway for Growth
Sandbox Offers Runway for Growth 170,000+ NET LEASE OPPORTUNITIES AND GROWING WITH BEST-IN-CLASS RETAILERS 13,800+ 9,500+ 5,800+ 31,200+ 30,500+ Grocery Home Tire & Auto Convenience Dollar Stores Improvement Stores Service Stores Stores Stores 7,000+ 23,700+ 7,100+ 2,600+ 1,200+ Off-Price Auto Parts
Slide 30: Track Record of Execution
Track Record of Execution ADC HAS INVESTED OVER $12 BILLION IN HIGH-QUALITY RETAIL NET LEASE PROPERTIES SINCE 2010 Investment Activity ($ 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 ~$1.6B $750 $19 $701 $500 $250
Slide 31: Active Portfolio Management
Active Portfolio Management FOCUSED ON NON-CORE ASSET SALES & CAPITAL RECYCLING Total Dispositions 2010-2026: $670 million BELTON, MO FL (3) AURORA, CO OLATHE, KS MAPLEWOOD, MN TX, AL FLOWOOD, MS JACKSONVILLE BEACH, FL SC (1) & MN (1) BROWNSBURG, IN FL (5), CA KIRKLAND, WA JACKSONVILLE, FL FL (2) TY
Slide 32: Fortified Balance Sheet
Fortified Balance Sheet
Slide 33: 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 $475 $450 $400 $410 $400 $400 $300 $300 $300 $200 $100 $50 $42 $— (1) 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 UNSECURED SECURED CAPITALIZATION STATISTICS
Slide 34: 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 $695 $371 $500 $531 $750 $433 $650 $250 $450 $350 $
Slide 35: 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 5.2x 5.1x 5.1x 4.9x 4.9x 4.9x 4.9x 4.9x 4.8x 4.8x 4.7x 4.5x 4.5x 4.3x 4.3x 4.1x 3.9x 3.8x 3.7x 3.6x 3.5x 3.4x 3.3x 3.2x 3.1x Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q
Slide 36: Growing, Well-Covered Monthly Dividend
Growing, Well-Covered Monthly Dividend 175 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 Se
Slide 37: 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. 37
Slide 39: ADC White Papers
ADC White Papers OUR RESEARCH ON THE TRENDS SHAPING RETAIL NET LEASE REAL ESTATE Sector Deep Dives Omni-Channel & Fulfillment Real Estate Fundamentals Where is demand consolidating? How do goods reach the consumer? What makes real estate last? Nothing in Life is Free… Built to Last: How Older Omni-C
Slide 40: Agree Realty's ESG Practices
Agree Realty’s ESG Practices Sustainability Reports › DEDICATED TO SUSTAINABILITY AND GOOD CORPORATE CITIZENSHIP ENVIRONMENTAL SOCIAL CORPORATE PRACTICES RESPONSIBILITY GOVERNANCE Focus on industry-leading, national The Agree Wellness program ADC's Board has nine directors, & super-regional retailer
Slide 41: Quarterly Reconciliation of Proforma Net Debt to Recurring EBITDA
Quarterly Reconciliation of Proforma Net Debt to Recurring EBITDA Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Mortgage notes payable, net $42,952 $42,811 $42,666 $42,518 $42,366 $42,210 $42,050 $41,886 $41,718 $41,546 $41,370 $41,190 $41,18
Slide 42: 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 — — — — — — (2,148) (7,437) (7,437) (7,437)
Slide 43: 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 44: 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 45: 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 46: 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 — Q3 2026 Earnings Presentation on 6ix

Agree Realty — Q3 2026 Earnings Presentation

Slide 1: Agree Realty Q3 2026

Slide 2: Agree Realty Overview (NYSE: ADC)

Slide 3: Consistency

Slide 4: Recent Highlights

Slide 5: Positioned for Growth

Slide 6: ADC's Retail Thought Leadership

Slide 7: Omni-Channel Vision

Slide 8: External Growth Platforms

Slide 9: Investment Foresight

Slide 10: Investment Foresight

Slide 11: Investment Foresight

Slide 12: Investment Foresight

Slide 13: Investment Foresight

Slide 14: Capital Markets Leader

Slide 15: Disciplined Capital Allocator

Slide 16: Best-in-Class Total Shareholder Returns

Slide 17: The Country's Leading Retail Portfolio

Slide 18: Agree Realty Snapshot

Slide 19: Strong Investment Grade Portfolio

Slide 20: National and Super-Regional Retailers

Slide 21: Ground Lease Portfolio Breakdown

Slide 22: Ground Lease Value Creation

Slide 23: Leading, Pure-Play Retail Net Lease REIT

Slide 24: Disciplined Investment Strategy & Active Portfolio Management

Slide 25: Our Investment Strategy

Slide 26: What Has ADC Been Investing In?

Slide 27: Private Equity Sponsorship Amplifies Credit Risk

Slide 28: Large & Fragmented Opportunity Set

Slide 29: Sandbox Offers Runway for Growth

Slide 30: Track Record of Execution

Slide 31: Active Portfolio Management

Slide 32: Fortified Balance Sheet

Slide 33: Leading With Our Fortress Balance Sheet

Slide 34: Capital Markets Track Record

Slide 35: Low Leverage = Strong Positioning

Slide 36: Growing, Well-Covered Monthly Dividend

Slide 37: Investment Summary Highlights

Slide 38: © 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED.

Slide 39: ADC White Papers

Slide 40: Agree Realty's ESG Practices

Slide 41: Quarterly Reconciliation of Proforma Net Debt to Recurring EBITDA

Slide 42: Annual Reconciliation of Net Income to FFO, Core FFO and AFFO

Slide 43: Forward-Looking Statements

Slide 44: Glossary

Slide 45: Glossary

Slide 46: Glossary

Slide 47: Contact