AGREE REALTY CORP

The Company is a fully integrated Real Estate Investment Trust (REIT) that focuses on owning, acquiring, developing, and managing retail properties. These properties are net leased to industry-leading tenants. Founded in 1971, the Company's common stock was listed on the New York Stock Exchange in 1994. All assets and operations are conducted through its Operating Partnership, in which the Company held a 99.7% common interest as of December 31, 2025, and serves as the sole general partner. As of December 31, 2025, the Company's portfolio comprised 2,674 properties across all 50 states, totaling approximately 55.5 million square feet of Gross Leasable Area. The portfolio was approximately 99.7% leased, with a weighted average remaining lease term of approximately 7.8 years. A significant majority of properties are leased to national tenants, and approximately 66.8% of annualized base rent came from tenants, or their parent entities, with an investment grade credit rating. Substantially all tenants operate under net lease agreements, where the tenant is responsible for minimum monthly rent and property operating expenses including taxes, insurance, and maintenance. As of December 31, 2025, the Company had 90 full-time employees across various departments. The Company was incorporated in December 1993 in Maryland and operates to qualify as a REIT under the Internal Revenue Code of 1986.