Agree Realty Corporation · NYSE:ADC
Agree Realty — Investor Presentation (January 2026)
45 slides from Agree Realty's investor presentation, Jan 5, 2026
Slide 1: Agree Realty Retail January 2026
AGREE REALTY RETAIL JANUARY 2026
Slide 2: Agree Realty Overview
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 1 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 $12.2 billion retail net
Slide 3: Consistency
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 2 consistency noun steadfast adherence to the same principles, course, or form [ kuh n-sis-tuh n-see ]
Slide 4: Recent Highlights
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 3 As of December 31, 2025, unless otherwise noted. (1) Reflects full-year 2026 investment guidance provided by the Company on January 5, 2026. (2) Reflects capital deployed into acquisition, development and Developer Funding Platform (“DFP”) proj
Slide 5: Positioned for Growth
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 4 $1.3B $0.7B ~$20M Total Liquidity Outstanding Forward Equity Revolver & Term Loan Capacity Cash Pre-equitized with A over $700 million of outstanding forward equity Total liquidity of A over $2.0 billion(1) Closed a $350 million A 5.5-year t
Slide 6: ADC's Retail Thought Leadership
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 5 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 Pa
Slide 7: Omni-Channel Vision
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 6 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
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 7 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 quality financials with very strong balance sheets.” Q1 2017 “…it's
Slide 9: Investment Foresight
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 8 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 t
Slide 10: Investment Foresight
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 9 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 60 locations. As of September 30, 2025. Exp
Slide 11: Investment Foresight
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 10 Investment Foresight A DEEPER DIVE ON ADC’S THOUGHT LEADERSHIP & TRACK RECORD OF EXECUTION Since 2012, ADC has acquired or developed over 60 TJX locations, and TJX is now our 7th largest tenant. As of September 30, 2025. Exposure measured as a
Slide 12: Investment Foresight
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 11 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% Q2 2017 “our Walgreens concentrati
Slide 13: Capital Markets Leader
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 12 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 volatilit
Slide 14: Disciplined Capital Allocator
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 13 Disciplined Capital Allocator CONSERVATIVE WACC CALCULATION DRIVES CONSISTENT & SUPERIOR EARNINGS GROWTH ADC WACC CALCULATION WEIGHTING FORM OF CAPITAL COST 75% Equity(1) 6.2% 25% Long-Term Debt(2) 5.0% WACC 5.9% PEER WACC CALCULATION WEIGHTIN
Slide 15: Best-in-Class Total Shareholder Returns
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 14 (50) - 50 100 150 200 250 300 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Best-in-Class Total Shareholder Returns As of December 31, 2025. Comparison includes ADC, the MSCI US REIT Index (RMZ), the S&P MidCap 400, and the Triple Net
Slide 16: The Country's Leading Retail Portfolio
The Country’s Leading Retail Portfolio
Slide 17: Agree Realty Snapshot
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 16 TENANT / CONCEPT ANNUALIZED BASE RENT % OF TOTAL $41.2 5.8% 35.0 4.9% 28.4 4.0% 21.7 3.1% 21.5 3.0% 21.0 3.0% 21.0 3.0% 20.9 3.0% 20.2 2.9% 17.9 2.5% 17.3 2.4% 17.2 2.4% 17.0 2.4% 15.1 2.1% 13.7 1.9% 13.6 1.9% 11.5 1.6% 11.4 1.6% 11.1 1.6% Oth
Slide 18: Strong Investment Grade Portfolio
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 17 BEST-IN-CLASS RETAILERS WITH CONSERVATIVE BALANCE SHEETS Strong Investment Grade Portfolio 14% SUB-INVESTMENT GRADE 19% NOT RATED 67% INVESTMENT GRADE(1) As of December 31, 2025. Any differences are a result of rounding. (1) Based on ABR deriv
Slide 19: National and Super-Regional Retailers
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 18 INDUSTRY LEADERS OPERATING IN E-COMMERCE RESISTANT SECTORS National and Super-Regional Retailers 2% FRANCHISE 10% SUPER-REGIONAL 88% NATIONAL As of December 31, 2025. Any differences are a result of rounding. Retail Tenant Type (%ABR)
Slide 20: Ground Lease Portfolio Breakdown
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 19 15% 12% 11% 7% 6% 5% 4% 3% 3% 2% As of December 31, 2025. (1) Refer to footnote 1 on slide 17 for the Company’s definition of Investment Grade. Any differences are a result of rounding. FEE SIMPLE OWNERSHIP + SIGNIFICANT TENANT INVESTMENT Grou
Slide 21: Ground Lease Value Creation
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 20 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 Year
Slide 22: Leading, Pure-Play Retail Net Lease REIT
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 21 92% 87% 74% 43% 38% 36% 33% 27% 27% 26% GTY FCPT EPR NNN EPRT NTST BNL O ADC WPC 67% 53% 47% 32% 22% 21% 14% 0% 0% 0% ADC FCPT NTST O WPC BNL NNN EPRT EPR GTY $12.78 $13.90 $19.05 $21.29 $21.48 $23.27 $24.80 $30.17 $30.88 $30.00 ADC NTST O BNL
Slide 23: Disciplined Investment Strategy & Active Portfolio Management
Disciplined Investment Strategy & Active Portfolio Management
Slide 24: Our Investment Strategy
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 23 Engage in consistent dialogue to understand store performance and tenant sustainability Leverage relationships to identify the best risk-adjusted opportunities Our Investment Strategy Agree leverages its three distinct investment platforms to
Slide 25: What Has ADC Been Investing In?
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 24 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, wi
Slide 26: Large & Fragmented Opportunity Set
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 25 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 ma
Slide 27: Sandbox Offers Runway for Growth
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 26 As of December 31, 2025. 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, and Progressive Grocer. Table is representative and doe
Slide 28: Track Record of Execution
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 27 $701 $1.31B $1.39B $1.59B $1.19B $867 $1.4B $19 $27 $27 $61 $55 $84 $116 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2019 2020 2021 2022 2023 2024 2025 2026 ADC HAS INVESTED NEARLY $11 BILLION IN HIGH-QUALITY RETAIL NET LEASE PROPERT
Slide 29: Active Portfolio Management
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 28 $67.6M $67.2M $49.4M $58.0M $45.8M $9.7M $98.4M $23.7M 2018 2019 2020 2021 2022 2023 2024 2025 BERLIN, NJ HOUSTON, TX PORTAGE, MI CANTON, MI FOCUSED ON NON-CORE ASSET SALES & CAPITAL RECYCLING Active Portfolio Management As of September 30, 20
Slide 30: Fortified Balance Sheet
Fortified Balance Sheet
Slide 31: Leading With Our Fortress Balance Sheet
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 30 $1 $42 $0 $50 $410 $450 $475 $475 $300 $300 $450 $400 $0 $100 $200 $300 $400 $500 $600 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Leading With Our Fortress Balance Sheet CAPITALIZATION STATISTICS Equity Market Capitalization(3) $8.7 Bil
Slide 32: Capital Markets Track Record
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 31 $225 $125 $350 $650 $300 $350 $450 $750 $531 $433 $988 $1,095 $1,322 $371 $1,103 $714 $42 $175 $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 2018 2019 2020 2021 2022 2023 2024 2025 STRONG CAPITAL MARKETS EXECUTION HAS PROVIDED AMPLE LIQ
Slide 33: Low Leverage = Strong Positioning
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 32 4.0x 3.1x 4.4x 3.1x 4.5x 3.7x 4.5x 4.1x 4.5x 4.5x 4.7x 4.3x 4.8x 4.3x 4.9x 4.1x 4.9x 3.6x 4.9x 3.3x 4.9x 3.4x 5.2x 3.1x 5.1x 3.5x (includes outstanding forward equity offerings) ADC HAS BEEN AT OR BELOW 4.5X PROFORMA NET DEBT TO RECURRING EBIT
Slide 34: Growing, Well-Covered Monthly Dividend
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 33 $1.50 $1.70 $1.90 $2.10 $2.30 $2.50 $2.70 $2.90 $3.10 $3.30 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Annual Dividends Declared Per Share 166 CONSECUTIVE COMMON DIVIDENDS PAID; AVERAGE AFFO PAYOUT RATIO OF 75% OVER PAST 10 YEARS(1
Slide 35: Agree Realty's ESG Practices
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 34 The Agree Wellness program focuses on Health Wellness & Financial Wellness to enhance employee well-being Ongoing professional development is offered to help all team members advance their careers The Company has recently sponsored charities i
Slide 36: Investment Summary Highlights
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 35 Investment Summary Highlights FORTIFIED BALANCE SHEET HIGHEST-QUALITY RETAIL REAL ESTATE INVESTMENT GRADE ISSUER RATINGS Robust growth trajectory MULTI-YEAR TRACK RECORD OF EXECUTION Well-covered &consistent dividend
Slide 37: Appendix
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 36 APPENDIX
Slide 38: Earnings Guidance
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 37 Earnings Guidance Prior 2025 Guidance(1) Revised 2025 Guidance AFFO per share(2) $4.29 to $4.32 $4.31 to $4.33 General and administrative expense (% of adjusted revenue)(3) 5.6% to 5.9% 5.7% to 5.9% Non-reimbursable real estate expenses (% of
Slide 39: Debt Summary
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 38 Debt Summary As of September 30, 2025, unless otherwise noted. Dollars are in thousands. (1) As of December 31, 2025. The Revolving Credit Facility would have incurred interest of 4.50%, which is comprised of SOFR of 3.77% and the pricing grid
Slide 40: Reconciliation of Non-GAAP Financial Measures
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 39 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 $
Slide 41: Reconciliation of Non-GAAP Financial Measures
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 40 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
Slide 42: Forward-Looking Statements
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 41 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 amen
Slide 43: Non-GAAP Financial Measures
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 42 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 com
Slide 44: Non-GAAP Financial Measures
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 43 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 Oper
Slide 45: Contact
© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 44 CONTACT PETER COUGHENOUR Chief Financial Officer (248) 737-4190 investors@agreerealty.com