Agree Realty Corporation · NYSE:ADC

Agree Realty — Q2 2026 Earnings Presentation

44 slides from Agree Realty's earnings presentation, Jul 30, 2026

Slide 1: Agree Realty Q2 2026
AGREE REALTY K RETAIL Q2 2026
Slide 2: Agree Realty Overview
2© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Agree Realty Overview (NYSE: ADC) OUR COMPANY NET LEASE REIT FOCUSED ON THE ACQUISITION & DEVELOPMENT OF HIGH-QUALITY RETAIL PROPERTIES Founded in 1971 by Executive Chairman, Richard Agree Public on the NYSE since 1994 $13.5 billion(1) retail ne
Slide 4: Recent Highlights
4© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. As of June 30, 2026, unless otherwise noted. (1) Reflects revised full-year 2026 guidance provided by the Company on July 30, 2026. (2) Reflects total capital committed for the 20 projects. (3) See Glossary beginning on page 41 for the definitio
Slide 5: Positioned for Growth
5© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Total liquidity of approximately $1.9 billion(1) $300 million of forward starting swaps at ~4.1% No material debt maturities until 2028 Positioned for Growth “With our portfolio continuing to perform exceptionally well, a fortress balance sheet
Slide 6: ADC's Retail Thought Leadership
6© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 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 hi
Slide 7: Omni-Channel Vision
7© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Omni-Channel Vision IDENTIFIED CRITICAL ROLE OF NET LEASE IN DRIVING OMNI-CHANNEL STRATEGY “The strongest and most resilient retailers in today’s omni- channel world have embraced a comprehensive approach that blurs the historical lines between
Slide 8: Investment Foresight: Tractor Supply
8© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. A DEEPER DIVE ON ADC’S THOUGHT LEADERSHIP & TRACK RECORD OF EXECUTION October 2020 Rated BBB by S&P and Baa1 by Moody’s Q2 2016 “While neither Tractor Supply Company nor Hobby Lobby maintains a public credit rating, both possess investment-grade
Slide 9: Investment Foresight: Gerber Collision
9© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Investment Foresight A DEEPER DIVE ON ADC’S THOUGHT LEADERSHIP & TRACK RECORD OF EXECUTION Q3 2017 Acquired first Gerber Collision Q4 2018 “…We think they're the premier auto collision operator in the United States…We'll continue to work with th
Slide 10: Investment Foresight: Sunbelt Rentals
10© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Investment Foresight A DEEPER DIVE ON ADC’S THOUGHT LEADERSHIP & TRACK RECORD OF EXECUTION Leveraged all three external growth platforms to make Sunbelt Rentals our 13th largest tenant today with over 65 locations. As of June 30, 2026. Exposure
Slide 11: Investment Foresight: TJX
11© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Investment Foresight A DEEPER DIVE ON ADC’S THOUGHT LEADERSHIP & TRACK RECORD OF EXECUTION Since 2012, ADC has acquired or developed over 65 TJX locations, and TJX is now our 6th largest tenant. As of June 30, 2026. Exposure measured as a perce
Slide 12: Investment Foresight: Walgreens and CVS
12© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 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 “our Walgreens con
Slide 13: Capital Markets Leader
13© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Capital Markets Leader INNOVATIVE BALANCE SHEET MANAGEMENT “We view the forward equity offering as a prudent way to further fortify our balance sheet and lock in an accretive cost of capital while mitigating external risks and market volatility
Slide 14: Disciplined Capital Allocator
14© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Disciplined Capital Allocator CONSERVATIVE WACC CALCULATION DRIVES CONSISTENT & SUPERIOR EARNINGS GROWTH ADC WACC CALCULATION WEIGHTING FORM OF CAPITAL COST 75% Equity(1) 5.8% 25% Long-Term Debt(2) 5.2% WACC 5.6% PEER WACC CALCULATION WEIGHTING
Slide 15: Best-in-Class Total Shareholder Returns
15© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Best-in-Class Total Shareholder Returns As of June 30, 2026. Comparison includes ADC, the MSCI US REIT Index (RMZ), the S&P MidCap 400, and the Triple Net Lease Peer Group. (1) Total Return Performance is calculated on a daily basis using total
Slide 16: The Country's Leading Retail Portfolio
The Country’s Leading Retail Portfolio
Slide 17: Top Tenants by Annualized Base Rent
17© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. As of June 30, 2026. Any differences are a result of rounding. (1) See Glossary beginning on page 41 for definitions of Equity Market Capitalization, Enterprise Value and Investment Grade. (2) Proforma for the settlement of the Company’s outsta
Slide 18: Strong Investment Grade Portfolio
18© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. BEST-IN-CLASS RETAILERS WITH CONSERVATIVE BALANCE SHEETS Strong Investment Grade Portfolio 14% SUB-INVESTMENT GRADE(1) 20% NOT RATED(1) 66% INVESTMENT GRADE(1) As of June 30, 2026. Any differences are a result of rounding. (1) See Glossary begi
Slide 19: National and Super-Regional Retailers
19© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. INDUSTRY-LEADERS OPERATING IN E-COMMERCE RESISTANT SECTORS National and Super-Regional Retailers 2% FRANCHISE(1) 10% SUPER-REGIONAL(1) 88% NATIONAL(1) As of June 30, 2026. Any differences are a result of rounding. (1) See Glossary beginning on
Slide 20: Ground Lease Portfolio Breakdown
20© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. As of June 30, 2026. (1) See Glossary beginning on page 41 for the definition of Weighted-Average Lease Term. (2) See Glossary beginning on page 41 for definitions of Investment Grade, Sub-Investment Grade and Not Rated. FEE SIMPLE OWNERSHIP +
Slide 21: Ground Lease Value Creation
21© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. FIRST EXPIRATION HIGHLIGHTS EMBEDDED VALUE WITH 159% RECAPTURE RATE Ground Lease Value Creation Chase Bank - Stockbridge, GA New Lease Rent Per Square Foot $46.54 New Lease Term(2) 15 Years Rental Increases 10% Every 5 Years Options 3 x 5 Years
Slide 22: Leading, Pure-Play Retail Net Lease REIT
22© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. $13.02 $14.78 $19.03 $21.09 $21.30 $23.60 $25.34 $29.89 $30.21 66% 52% 42% 32% 22% 19% —% —% —% —% Leading, Pure-Play Retail Net Lease REIT HIGHLY DIVERSIFIED PORTFOLIO WITH THE LOWEST RENT PSF(1) AND HIGHEST INVESTMENT GRADE % Average Rent PSF
Slide 23: Disciplined Investment Strategy & Active Portfolio Management
Disciplined Investment Strategy & Active Portfolio Management
Slide 24: Our Investment Strategy
24© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Engage in consistent dialogue to understand store performance and tenant sustainability Leverage relationships to identify the best risk-adjusted opportunities Our Investment Strategy THREE-PRONGED GROWTH STRATEGY COMPREHENSIVE REAL ESTATE SOLU
Slide 25: What Has ADC Been Investing In?
25© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 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, wit
Slide 26: Top-Down Focus with Bottoms-Up Real Estate Analysis
26© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. TOP-DOWN FOCUS ON LEADING RETAILERS IN THE U.S. PAIRED WITH A BOTTOMS-UP REAL ESTATE ANALYSIS Large & Fragmented Opportunity Set REAL ESTATE FUNDAMENTALS •Rents ≤ market •Fungibility of building MARKET RENTS •Limited competition •Strong market
Slide 27: Net Lease Opportunities and Growing
27© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. As of July 24, 2026. Store counts include both leased and owned locations and were obtained from company filings and third-party sources including CS News, CSP Daily News, CT Insider, Progressive Grocer and ScrapeHero. Table is representative a
Slide 28: Track Record of Execution
28© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. $701 $1.3B $1.4B $1.6B $1.2B $867 $1.4B $19 $27 $27 $55 $84 $120 2019 2020 2021 2022 2023 2024 2025 2026 $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 ADC HAS INVESTED NEARLY $12 BILLION IN HIGH-QUALITY RETAIL NET LEASE PROPERTIES SINCE
Slide 29: Active Portfolio Management
29© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. $67.2M $49.4M $58.0M $45.8M $9.7M $98.4M $44.1M $40.9M 2019 2020 2021 2022 2023 2024 2025 2026 BERLIN, NJ HOUSTON, TX PORTAGE, MI CANTON, MI FOCUSED ON NON-CORE ASSET SALES & CAPITAL RECYCLING Active Portfolio Management As of June 30, 2026. Gr
Slide 30: Fortified Balance Sheet
Fortified Balance Sheet
Slide 31: Leading With Our Fortress Balance Sheet
31© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. $10 $42$50 $410 $450 $475 $475 $300 $300 $450 $400 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 $0 $100 $200 $300 $400 $500 $600 As of June 30, 2026. (1) Excludes $497.0 million of outstanding short-term commercial paper notes. Subsequent
Slide 32: Capital Markets Track Record
32© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. STRONG CAPITAL MARKETS EXECUTION HAS PROVIDED AMPLE LIQUIDITY; ~$12 BILLION OF ACTIVITY SINCE 2010 Capital Markets Track Record Reflects gross proceeds from equity and long-term debt raised through June 30, 2026. Forward equity and delayed-draw
Slide 33: Low Leverage = Strong Positioning
33© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. (includes outstanding forward equity offerings) ADC HAS BEEN AT OR BELOW 4.5X PROFORMA NET DEBT TO RECURRING EBITDA SINCE 2018 Low Leverage = Strong Positioning As of June 30, 2026. Proforma Net Debt to Recurring EBITDA deducts the Company’s ou
Slide 34: Growing, Well-Covered Monthly Dividend
34© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $1.50 $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 172 CONSECUTIVE COMMON DIVIDENDS PAID; AVERAGE AFFO PAYOUT RATIO OF ~74% OVER PAST 10 YEARS Growing, Well-Covered Monthly Dividend As of June
Slide 35: ESG
35© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Focus on industry leading, national & super-regional retailers provides for a relationship with some of the most environmentally conscientious retailers in the world The Company anticipates its new headquarters will achieve LEED certification,
Slide 36: Investment Summary Highlights
36© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Investment Summary Highlights FORTIFIED BALANCE SHEET HIGHEST-QUALITY RETAIL REAL ESTATE INVESTMENT GRADE ISSUER RATINGS R o b u st g ro w th tr a je c to ry MULTI-YEAR TRACK RECORD OF EXECUTION Well-covered &consistent dividend
Slide 38: Quarterly Reconciliation of Proforma Net Debt to Recurring EBITDA
38© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Quarterly Reconciliation of Proforma Net Debt to Recurring EBITDA Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Mortgage notes payable, net $47,701 $42,952 $42,811 $42,666 $42,518 $42,36
Slide 39: Reconciliation of Net Income to FFO and AFFO
39© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 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) (7,437
Slide 40: Forward-Looking Statements
40© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 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 amend
Slide 41: Glossary
41© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 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 measur
Slide 42: Glossary
42© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 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
Slide 43: Glossary
43© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 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 adjustme

Agree Realty — Q2 2026 Earnings Presentation on 6ix

Agree Realty — Q2 2026 Earnings Presentation

Slide 1: Agree Realty Q2 2026

Slide 2: Agree Realty Overview

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: Investment Foresight: Tractor Supply

Slide 9: Investment Foresight: Gerber Collision

Slide 10: Investment Foresight: Sunbelt Rentals

Slide 11: Investment Foresight: TJX

Slide 12: Investment Foresight: Walgreens and CVS

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: Top Tenants by Annualized Base Rent

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: Top-Down Focus with Bottoms-Up Real Estate Analysis

Slide 27: Net Lease Opportunities and Growing

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: Growing, Well-Covered Monthly Dividend

Slide 35: ESG

Slide 36: Investment Summary Highlights

Slide 37: Appendix

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

Slide 39: Reconciliation of Net Income to FFO and AFFO

Slide 40: Forward-Looking Statements

Slide 41: Glossary

Slide 42: Glossary

Slide 43: Glossary

Slide 44: Contact