Company Overview

Agree Realty Corporation is a publicly traded real estate investment trust (REIT) that focuses on the acquisition, development, and ownership of net-leased retail real estate. The company operates primarily within the retail real estate and net lease industries, with a business model centered on long-term, triple-net leases to high-credit-quality tenants. Its primary revenue driver is rental income generated from a diversified portfolio of freestanding retail properties leased to national and regional retailers.

The company serves major retail brands across sectors such as grocery, home improvement, automotive, pharmacy, and general merchandise, emphasizing tenants with strong balance sheets and necessity-based business models. Agree Realty is positioned as a conservative, low-risk net lease operator, distinguished by a disciplined investment approach, a focus on investment-grade tenants, and a balance between acquisitions and ground-up development. Founded in 1971, the company transitioned from a privately held real estate operator into a public REIT in 1994 and has since evolved into a nationally scaled net lease platform with a steadily expanding portfolio.

Business Operations

Agree Realty conducts its operations through a single reportable operating segment focused on owning, acquiring, and developing net-leased retail properties. The portfolio consists primarily of freestanding, single-tenant assets subject to long-term, triple-net leases, under which tenants are responsible for property taxes, insurance, and maintenance. Revenue is generated almost entirely from contractual rental income, providing predictable cash flows and high operating margins.

The company operates exclusively in the United States and manages its properties internally. It controls a vertically integrated platform that includes underwriting, development, leasing, and asset management capabilities. A notable component of its business model is its in-house development program, which allows Agree Realty to originate properties directly with tenants rather than relying solely on third-party acquisitions. The company does not operate significant joint ventures and maintains a relatively simple corporate structure, with operating assets held through its operating partnership.

Strategic Position & Investments

Agree Realty’s strategic direction emphasizes disciplined external growth, balance sheet strength, and portfolio quality. Growth initiatives include continued acquisitions of stabilized net lease assets, selective ground-up development with pre-leased tenants, and capital recycling through the disposition of non-core properties. The company prioritizes investment-grade and high-credit tenants, which supports its objective of stable dividends and long-term shareholder value.

Major investments are concentrated in necessity-based retail categories, with increasing exposure to tenants such as grocery stores, home improvement retailers, and auto service providers. Agree Realty has not pursued large transformational acquisitions but instead focuses on incremental portfolio expansion and organic growth. Emerging emphasis areas include enhancing portfolio credit quality and maintaining conservative leverage, rather than expanding into non-retail or alternative property sectors.

Geographic Footprint

Agree Realty’s operations are entirely within the United States, with properties distributed across a broad range of states, providing geographic diversification and reducing exposure to localized economic risk. While the company does not operate internationally, its national footprint spans major metropolitan areas as well as suburban and secondary markets with strong demographic fundamentals.

The company is headquartered in Michigan, and its portfolio reflects a coast-to-coast presence across the Midwest, South, Northeast, and Western United States. This diversified geographic exposure supports tenant demand from national retailers seeking consistent branding and market penetration across multiple regions.

Leadership & Governance

Agree Realty is led by a management team with deep experience in retail real estate, net lease investing, and REIT operations. Leadership emphasizes a conservative investment philosophy, long-term value creation, and alignment with shareholders through prudent capital allocation and balance sheet management. Governance practices are consistent with publicly traded REIT standards, with oversight provided by an independent board of directors.

Key executives include:

• Joey Agree – Chief Executive Officer
• Peter Agree – Executive Chairman
• Ryan McDermott – Chief Financial Officer
• Alice D. Goodman – Chief Operating Officer
• Josh Goodman – Chief Investment Officer

The leadership team’s strategic vision centers on maintaining portfolio quality, growing cash flow per share, and preserving flexibility to navigate changing retail and capital market conditions.