8-K

UNITED STATES

SECURITIES AND EXCHANGECOMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of

earliest event reported): February 13, 2024

AGREE REALTY CORPORATION

(Exact name of registrant as specified in its charter)

Maryland

(State or other jurisdiction of incorporation)

1-12928<br><br> <br>(Commission file number)	38-3148187<br><br> <br>(I.R.S. Employer Identification No.)
32301 Woodward Avenue<br><br> <br>Royal Oak, Michigan<br><br> <br>(Address of principal<br> executive offices)	48073<br><br> <br>(Zip code)

(Registrant’s telephone number, including area code)

(248

)

737-4190

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425<br>under the Securities Act (17 CFR 230.425)
¨	Soliciting material pursuant to Rule 14a-12<br>under the Exchange Act (17 CFR 240.14a-12)
¨	Pre-commencement communications pursuant to<br>Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨	Pre-commencement communications pursuant to<br>Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	TradingSymbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value	ADC	New York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 4.25% Series A Cumulative Redeemable Preferred Stock, $0.0001 par value	ADCPrA	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02.	Results of Operations and Financial Condition.

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On February 13, 2024, Agree Realty Corporation (the “Company”) issued a press release describing its results of operations for the fourth quarter and full year ended December 31, 2023, and posted an updated investor presentation to its website. The press release is furnished as Exhibit 99.1 to this report. The investor presentation is furnished as Exhibit 99.2 to this report.

The information in this Form 8-K is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of such section, nor shall such information be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.	Financial Statements and Exhibits.
(d)	Exhibits
---	---
Exhibit	Description
---	---
99.1	Press release, dated February 13, 2024, reporting the Company’s results of operations for the fourth quarter and full year ended December 31, 2023.
99.2	February 2024 Investor Presentation.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AGREE REALTY CORPORATION
By:	/s/ Peter Coughenour
	Name: Peter Coughenour
	Title:   Chief Financial Officer and Secretary

Date: February 13, 2024

Exhibit 99.1

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32301<br>Woodward Ave.<br><br><br><br>Royal Oak, MI 48073<br><br><br><br>www.agreerealty.com<br><br><br><br><br><br><br><br><br><br><br><br>FOR IMMEDIATE RELEASE

Agree Realty Corporation Reports Fourth Quarterand Full Year 2023 Results

Fourth Quarter ATM Activity Creates $500 Million of Leverage Neutral Investment Capacity

Royal Oak, MI,February 13, 2024 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter and full year ended December 31, 2023. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

Fourth Quarter 2023 Financial and OperatingHighlights:

§	Invested<br> approximately $199 million in 70 retail net lease properties
§	Completed<br> four development or Developer Funding Platform (“DFP”) projects representing<br> total committed capital of over $16 million
§	Net<br> Income per share attributable to common stockholders of $0.44 was unchanged year-over-year
§	Core<br> Funds from Operations (“Core FFO”) per share increased 3.4% to $0.99
§	Adjusted<br> Funds from Operations (“AFFO”) per share increased 5.2% to $1.00
§	Declared<br> a December monthly dividend of $0.247 per common share, a 2.9% year-over-year increase
§	Sold<br> 3.8 million shares of common stock via the forward component of the Company's at-the-market<br> equity ("ATM") program for net proceeds of approximately $236 million
§	Balance<br> sheet well positioned at 4.3 times proforma net debt to recurring EBITDA; 4.7 times excluding<br> unsettled forward equity

Full Year 2023 Financial and Operating Highlights:

§	Invested<br> or committed $1.34 billion in 319 retail net lease properties
§	Commenced<br> 13 development or DFP projects for total committed capital of approximately $54 million
§	Net<br> Income per share attributable to common stockholders declined 7.0% to $1.70
§	Core<br> FFO per share increased 1.6% to $3.93
§	AFFO<br> per share increased 3.1% to $3.95
§	Declared<br> dividends of $2.919 per share, a 4.1% year-over-year increase
§	Raised<br> over $370 million of gross equity proceeds through the Company's ATM program
§	Closed<br> on an unsecured $350 million 5.5-year term loan at a 4.52% fixed rate inclusive of prior<br> hedging activity
§	Ended<br> the year with over $1.0 billion of total liquidity including availability on the revolving<br> credit facility, outstanding forward equity, and cash on hand

1

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended December 31, 2023 increased 12.9% to $44.1 million, compared to $39.1 million for the comparable period in 2022. Net Income per share for the three months ended December 31^st^ of $0.44 was unchanged compared to the same period in 2022.

Net Income for the twelve months ended December 31, 2023 increased 12.1% to $162.5 million, compared to $145.0 million for the comparable period in 2022. Net Income per share for the twelve months ended December 31^st^ decreased 7.0% to $1.70, compared to $1.83 per share for the comparable period in 2022.

Core FFO

Core FFO for the three months ended December 31, 2023 increased 16.8% to $99.7 million, compared to Core FFO of $85.3 million for the comparable period in 2022. Core FFO per share for the three months ended December 31^st^ increased 3.4% to $0.99, compared to Core FFO per share of $0.96 for the comparable period in 2022.

Core FFO for the twelve months ended December 31, 2023 increased 22.3% to $376.5 million, compared to Core FFO of $307.7 million for the comparable period in 2022. Core FFO per share for the twelve months ended December 31^st^ increased 1.6% to $3.93, compared to Core FFO per share of $3.87 for the comparable period in 2022.

AFFO

AFFO for the three months ended December 31, 2023 increased 18.8% to $100.3 million, compared to AFFO of $84.4 million for the comparable period in 2022. AFFO per share for the three months ended December 31^st^ increased 5.2% to $1.00, compared to AFFO per share of $0.95 for the comparable period in 2022.

AFFO for the twelve months ended December 31, 2023 increased 24.2% to $378.7 million, compared to AFFO of $304.9 million for the comparable period in 2022. AFFO per share for the twelve months ended December 31^st^ increased 3.1% to $3.95, compared to AFFO per share of $3.83 for the comparable period in 2022.

Dividend

In the fourth quarter, the Company declared monthly cash dividends of $0.247 per common share for each of October, November and December 2023. The monthly dividends declared during the fourth quarter reflected an annualized dividend amount of $2.964 per common share, representing a 2.9% increase over the annualized dividend amount of $2.880 per common share from the fourth quarter of 2022. The dividends represent payout ratios of approximately 75% of Core FFO per share and 74% of AFFO per share, respectively.

For the twelve months ended December 31, 2023, the Company declared monthly cash dividends totaling $2.919 per common share, a 4.1% increase over the dividends of $2.805 per common share declared for the comparable period in 2022. The dividends represent payout ratios of approximately 74% of both Core FFO per share and AFFO per share.

Subsequent to year end, the Company declared a monthly cash dividend of $0.247 per common share for each of January and February 2024. The monthly dividend reflects an annualized dividend amount of $2.964 per common share, representing a 2.9% increase over the annualized dividend amount of $2.880 per common share from the first quarter of 2023. The January dividend is payable on February 14, 2024 to stockholders of record at the close of business on January 31, 2024. The February dividend is payable on March 14, 2024 to stockholders of record at the close of business on February 29, 2024.

Additionally, subsequent to year end, the Company declared a monthly cash dividend for each of January and February 2024 on its 4.25% Series A Cumulative Redeemable Preferred Stock of $0.08854 per depositary share, which is equivalent to $1.0625 per annum. The January dividend was paid on February 1, 2024 and the February dividend is payable on March 1, 2024 to stockholders of record at the close of business on February 20, 2024.

2

CEO Comments

“We are pleased with our performance in 2023 as we invested over $1.3 billion for the fourth consecutive year while adhering to our stringent investment criteria and further improving our leading portfolio,” said Joey Agree, President and Chief Executive Officer. “Looking ahead, our balance sheet is well positioned with more than $1 billion of total liquidity including over $235 million of forward equity raised late last year. We remain intently focused on prudently allocating capital to drive sustainable AFFO per share growth above our previously discussed base case of over 3% growth in 2024.”

Portfolio Update

As of December 31, 2023, the Company’s portfolio consisted of 2,135 properties located in 49 states and contained approximately 44.2 million square feet of gross leasable area.

At year end, the portfolio was 99.8% leased, had a weighted-average remaining lease term of approximately 8.4 years, and generated 69.1% of annualized base rents from investment grade retail tenants.

Ground Lease Portfolio

During the fourth quarter, the Company acquired seven ground leases for an aggregate purchase price of approximately $29.9 million, representing 14.8% of annualized base rents acquired.

As of December 31, 2023, the Company’s ground lease portfolio consisted of 224 leases located in 35 states and totaled approximately 6.1 million square feet of gross leasable area. Properties ground leased to tenants represented 11.7% of annualized base rents.

At year end, the ground lease portfolio was fully occupied, had a weighted-average remaining lease term of approximately 10.5 years, and generated 88.0% of annualized base rents from investment grade retail tenants.

Acquisitions

Total acquisition volume for the fourth quarter was approximately $187.2 million and included 50 select properties net leased to leading retailers operating in sectors including home improvement, farm and rural supply, off-price, tire and auto service, and convenience stores. The properties are located in 26 states and leased to tenants operating in 19 sectors.

The properties were acquired at a weighted-average capitalization rate of 7.2% and had a weighted-average remaining lease term of approximately 10.1 years. Approximately 70.5% of annualized base rents acquired were generated from investment grade retail tenants.

For the twelve months ended December 31, 2023, total acquisition volume was approximately $1.19 billion. The 282 acquired properties are located in 40 states and leased to tenants operating in 26 retail sectors. The properties were acquired at a weighted-average capitalization rate of 6.9% and had a weighted-average remaining lease term of approximately 11.3 years. Approximately 73.7% of annualized base rents were generated from investment grade retail tenants.

Dispositions

During the fourth quarter, the Company sold three properties for gross proceeds of approximately $6.4 million. The dispositions were completed at a weighted-average capitalization rate of 6.0%. During the twelve months ended December 31, 2023, the Company sold five assets for total gross proceeds of approximately $9.7 million. The weighted-average capitalization rate of the dispositions was 6.1%.

3

Development and DFP

During the fourth quarter, the Company commenced four development or DFP projects, with total anticipated costs of approximately $12.6 million. Construction continued during the quarter on 12 projects with anticipated costs totaling approximately $51.1 million. The Company completed four projects during the quarter with total costs of approximately $16.2 million. In total, the Company had 20 projects completed or under construction during the fourth quarter with anticipated total costs of $80.0 million.

For the twelve months ended December 31, 2023, the Company had a record 37 development or DFP projects completed or under construction with anticipated total costs of approximately $149.9 million. The projects are leased to leading retailers including Gerber Collision, Sunbelt Rentals, TJX Companies, Five Below and ULTA Beauty.

The following table presents estimated costs for the Company's active or completed development or DFP projects for the quarter and year ended December 31, 2023:

	Three Months Ended <br><br>December 31, 2023		Twelve Months Ended <br><br>December 31, 2023
Number of Projects		20		37
Costs Funded During Q4 2023	$	11,619	$	11,619
Costs Funded Prior to Q4 2023		32,772		102,694
Remaining Funding Costs		35,593		35,593
Anticipated Total Project Costs	$	79,984	$	149,906

Development andDFP project costs are in thousands. Any differences are the result of rounding. Costs Funded During Q4 2023 exclude anycosts associated with projects that were completed in prior quarters. Remaining Funding Costs exclude any costs associated with projectsthat were completed in Q4 2023. Costs Funded Prior to Q4 2023 may include adjustments related to completed projects to arrive at the correctAnticipated Total Project Costs.

4

Leasing Activity and Expirations

During the fourth quarter, the Company executed new leases, extensions or options on approximately 425,000 square feet of gross leasable area throughout the existing portfolio. Notable new leases, extensions or options included a 25,000-square foot TJ Maxx in New Lenox, Illinois, and a 210,000-square foot Walmart Supercenter in Hazard, Kentucky.

For the twelve months ended December 31, 2023, the Company executed new leases, extensions or options on approximately 1,873,000 square feet of gross leasable area throughout the existing portfolio.

As of December 31, 2023, the Company’s 2024 lease maturities represented 1.1% of annualized base rents. The following table presents contractual lease expirations within the Company’s portfolio as of December 31, 2023, assuming no tenants exercise renewal options:

Year	Leases	AnnualizedBase Rent ^(1)^		Percent of<br><br>Annualized<br><br>Base Rent			GrossLeasableArea		Percent of<br> Gross <br><br>Leasable Area
2024	28		6,106		1.1	%		722		1.6	%
2025	73		17,153		3.1	%		1,684		3.8	%
2026	120		26,874		4.8	%		2,769		6.3	%
2027	155		34,038		6.1	%		3,119		7.1	%
2028	175		45,925		8.3	%		4,155		9.5	%
2029	182		55,189		9.9	%		5,379		12.2	%
2030	265		55,218		9.9	%		4,240		9.7	%
2031	180		42,434		7.6	%		3,119		7.1	%
2032	232		48,165		8.7	%		3,559		8.1	%
2033	193		45,005		8.1	%		3,485		7.9	%
Thereafter	706		180,258		32.4	%		11,691		26.7	%
Total Portfolio	2,309	$	556,365		100.0	%		43,922		100.0	%

The contractual lease expirationspresented above exclude the effect of replacement tenant leases that had been executed as of December 31, 2023 but that had not yetcommenced. Annualized Base Rent and gross leasable area (square feet) are in thousands; any differences are the result of rounding.

(1)

Annualized Base Rent represents the annualized amount of contractual minimum rent required by tenantlease agreements as of December 31, 2023, computed on a straight-line basis. Annualized Base Rent is not, and is not intended tobe, a presentation in accordance with generally accepted accounting principles (“GAAP”). The Company believes annualized contractualminimum rent is useful to management, investors, and other interested parties in analyzing concentrations and leasing activity.

5

Top Tenants

The following table presents annualized base rents for all tenants that represent 1.5% or greater of the Company’s total annualized base rent as of December 31, 2023:

Tenant	Annualized Base Rent^(1)^		PercentofAnnualized Base Rent
Walmart	$	33,864		6.1	%
Tractor Supply		28,155		5.1	%
Dollar General		26,831		4.8	%
Best Buy		19,515		3.5	%
CVS		17,310		3.1	%
TJX Companies		17,008		3.1	%
Dollar Tree		16,987		3.1	%
Kroger		16,315		2.9	%
O'Reilly Auto Parts		16,107		2.9	%
Hobby Lobby		14,637		2.6	%
Lowe's		14,025		2.5	%
Burlington		13,770		2.5	%
7-Eleven		12,431		2.2	%
Sunbelt Rentals		12,374		2.2	%
Gerber Collision		11,880		2.1	%
Sherwin-Williams		11,423		2.1	%
Wawa		10,185		1.8	%
Home Depot		8,880		1.6	%
BJ's Wholesale Club		8,713		1.6	%
Other^(2)^		245,955		44.2	%
Total Portfolio	$	556,365		100.0	%

AnnualizedBase Rent is in thousands; any differences are the result of rounding.

(1) Referto footnote 1 on page 5 for the Company’s definition of Annualized Base Rent.

(2) Includestenants generating less than 1.5% of Annualized Base Rent.

6

Retail Sectors

The following table presents annualized base rents for all the Company’s retail sectors as of December 31, 2023:

Sector	Annualized Base Rent^(1)^		PercentofAnnualizedBase Rent
Grocery Stores	$	53,240		9.6	%
Home Improvement		48,147		8.7	%
Tire and Auto Service		47,661		8.6	%
Convenience Stores		46,135		8.3	%
Dollar Stores		42,310		7.6	%
Off-Price Retail		34,920		6.3	%
General Merchandise		32,331		5.8	%
Auto Parts		31,636		5.7	%
Farm and Rural Supply		29,883		5.4	%
Pharmacy		23,701		4.3	%
Consumer Electronics		21,730		3.9	%
Crafts and Novelties		16,915		2.9	%
Discount Stores		14,399		2.6	%
Warehouse Clubs		13,699		2.5	%
Equipment Rental		12,700		2.3	%
Health Services		11,085		2.0	%
Dealerships		10,276		1.7	%
Restaurants - Quick Service		9,215		1.7	%
Health and Fitness		8,660		1.6	%
Specialty Retail		6,620		1.2	%
Sporting Goods		6,208		1.1	%
Financial Services		6,030		1.1	%
Restaurants - Casual Dining		5,594		1.0	%
Home Furnishings		4,001		0.7	%
Theaters		3,854		0.7	%
Pet Supplies		3,430		0.6	%
Beauty and Cosmetics		3,233		0.6	%
Shoes		2,875		0.5	%
Entertainment Retail		2,323		0.4	%
Apparel		1,531		0.3	%
Miscellaneous		1,239		0.2	%
Office Supplies		784		0.1	%
Total Portfolio	$	556,365		100.0	%

AnnualizedBase Rent is in thousands; any differences are the result of rounding.

(1)	Refer to footnote 1 on page 5 for the Company’s definition of Annualized Base Rent.

7

Geographic Diversification

The following table presents annualized base rents for all states that represent 1.5% or greater of the Company’s total annualized base rent as of December 31, 2023:

State	Annualized Base Rent^(1)^		PercentofAnnualized Base Rent
Texas	$	40,096		7.2	%
Florida		33,844		6.1	%
Illinois		30,816		5.5	%
North Carolina		30,778		5.5	%
Ohio		29,341		5.3	%
Michigan		27,810		5.0	%
Pennsylvania		26,126		4.7	%
New Jersey		23,122		4.2	%
California		22,191		4.0	%
New York		21,193		3.8	%
Georgia		20,564		3.7	%
Wisconsin		15,719		2.8	%
Virginia		15,270		2.7	%
Missouri		14,908		2.7	%
Louisiana		14,033		2.5	%
Kansas		13,661		2.5	%
Connecticut		12,762		2.3	%
South Carolina		12,443		2.2	%
Mississippi		12,379		2.2	%
Minnesota		11,596		2.1	%
Massachusetts		11,274		2.0	%
Tennessee		10,308		1.9	%
Oklahoma		9,419		1.7	%
Alabama		9,308		1.7	%
Kentucky		8,448		1.5	%
Indiana		8,437		1.5	%
Maryland		8,367		1.5	%
Other^(2)^		62,152		11.2	%
Total Portfolio	$	556,365		100.0	%

AnnualizedBase Rent is in thousands; any differences are the result of rounding.

(1)	Refer to footnote 1 on page 5 for the Company’sdefinition of Annualized Base Rent.
(2)	Includes states generating less than 1.5% of Annualized Base Rent.

8

Capital Markets, Liquidity and Balance Sheet

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Capital Markets

During the fourth quarter, the Company entered into forward sale agreements in connection with its ATM program to sell an aggregate of 3,833,871 shares of common stock for net proceeds of approximately $235.6 million. To date, the Company has not received any proceeds from the sale of shares of its common stock by the forward purchasers.

The following table presents the Company’s outstanding forward equity offerings as of December 31, 2023:

Forward Equity<br><br> Offerings	Shares Sold		Shares<br><br> Settled		Shares <br><br>Remaining		Net <br><br>Proceeds <br><br>Received		Anticipated <br><br>Net<br><br> Proceeds<br><br> Remaining
Q4 2023 ATM Forward Offerings		3,833,871		-		3,833,871		-	$	235,618,977
Total Forward Equity Offerings		3,833,871		-		3,833,871		-	$	235,618,977

Liquidity

As of December 31, 2023, the Company had total liquidity of over $1.0 billion, which includes $773.0 million of availability under its revolving credit facility, $235.6 million of outstanding forward equity, and $14.5 million of cash on hand. The Company’s $1.0 billion revolving credit facility includes an accordion option that allows the Company to request additional lender commitments of up to $750 million, or an aggregate of $1.75 billion.

Balance Sheet

As of December 31, 2023, the Company’s net debt to recurring EBITDA was 4.7 times. The Company’s proforma net debt to recurring EBITDA was 4.3 times when deducting the $235.6 million of anticipated net proceeds from the outstanding forward equity offerings from the Company’s net debt of $2.4 billion as of December 31, 2023. The Company’s fixed charge coverage ratio was 5.0 times at year end.

The Company’s total debt to enterprise value was 27.2% as of December 31, 2023. Enterprise value is calculated as the sum of net debt, the liquidation value of the Company’s preferred stock, and the market value of the Company’s outstanding shares of common stock, assuming conversion of Agree Limited Partnership (the “Operating Partnership” or “OP”) common units into common stock of the Company.

For the three and twelve months ended December 31, 2023, the Company's fully diluted weighted-average shares outstanding were 100.4 million and 95.4 million, respectively. The basic weighted-average shares outstanding for the three and twelve months ended December 31, 2023 were 100.3 million and 95.2 million, respectively.

For the three and twelve months ended December 31, 2023, the Company's fully diluted weighted-average shares and units outstanding were 100.7 million and 95.8 million, respectively. The basic weighted-average shares and units outstanding for the three and twelve months ended December 31, 2023 were 100.6 million and 95.5 million, respectively.

The Company’s assets are held by, and its operations are conducted through, the Operating Partnership, of which the Company is the sole general partner. As of December 31, 2023, there were 347,619 Operating Partnership common units outstanding, and the Company held a 99.7% common interest in the Operating Partnership.

Conference Call/Webcast

The Company will host its quarterly analyst and investor conference call on Wednesday, February 14, 2024 at 9:00 AM ET. To participate in the conference call, please dial (866) 363-3979 approximately ten minutes before the call begins.

9

Additionally, a webcast of the conference call will be available through the Company’s website. To access the webcast, visit www.agreerealty.com ten minutes prior to the start time of the conference call and go to the Investors section of the website. A replay of the conference call webcast will be archived and available online through the Investors section of www.agreerealty.com.

About Agree Realty Corporation

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area. The Company’s common stock is listed on the New York Stock Exchange under the symbol “ADC”. For additional information on the Company and RETHINKING RETAIL, please visit www.agreerealty.com.

Forward-Looking Statements

This press releasecontains forward-looking statements*, including statements about projected financial and operating results, within the meaningof Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the SecuritiesExchange Act of 1934, as amended (the “Exchange Act”). The Company intends such forward-looking statements to be covered bythe safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includesthis statement for purposes of complying with these safe harbor provisions. Forward-looking statements are generally identifiable by useof forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “assume,” “plan,” “outlook” or other similar words or expressions. Forward-looking statements are based on certain assumptionsand can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information.Although these forward-looking statements are based on good faith beliefs, reasonable assumptions and the Company’s best judgmentreflecting current information, you should not rely on forward-looking statements since they involve known and unknown risks, uncertaintiesand other factors which are, in some cases, beyond the Company’s control and which could materially affect the Company’s resultsof operations, financial condition, cash flows, performance or future achievements or events. Currently, some of the most significantfactors, include the potential adverse effect of ongoing worldwide economic uncertainties and increased inflation and interest rates onthe financial condition, results of operations, cash flows and performance of the Company and its tenants, the real estate market andthe global economy and financial markets. The extent to which these conditions will impact the Company and its tenants will depend onfuture developments, which are highly uncertain and cannot be predicted with confidence. Moreover, investors are cautioned to interpretmany of the risks identified in the risk factors discussed in the Company’s Annual Report on Form 10-K and subsequent quarterlyreports filed with the Securities and Exchange Commission (the “SEC”), as well as the risks set forth below, as being heightenedas a result of the ongoing and numerous adverse impacts of the macroeconomic environment. Additional important factors, among others,that may cause the Company’s actual results to vary include the general deterioration in national economic conditions, weakeningof real estate markets, decreases in the availability of credit, increases in interest rates, adverse changes in the retail industry,the Company’s continuing ability to qualify as a REIT and other factors discussed in the Company’s reports filed with theSEC. The forward-looking statements included in this press release are made as of the date hereof. Unless legally required, the Companydisclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, changes in theCompany’s expectations or assumptions or otherwise.*

For furtherinformation about the Company’s business and financial results, please refer to the “Management’s Discussion and Analysisof Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s SEC filings, including,but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at theInvestor Relations section of the Company’s website at www.agreerealty.com.

The Company defines the “weighted-averagecapitalization rate” for acquisitions and dispositions as the sum of contractual fixed annual rents computed on a straight-linebasis over the primary lease terms and anticipated annual net tenant recoveries, divided by the purchase and sale prices for occupiedproperties.

10

References to “Core FFO” and “AFFO”in this press release are representative of Core FFO attributable to OP common unitholders and AFFO attributable to OP common unitholders.Detailed calculations for these measures are shown in the Reconciliation of Net Income to FFO, Core FFO and Adjusted FFO table as “CoreFunds From Operations – OP Common Unitholders” and “Adjusted Funds from Operations – OP Common Unitholders”.

Contact:

Peter Coughenour

Chief Financial Officer

Agree Realty Corporation

(248) 737-4190

11

Agree Realty Corporation
Consolidated Balance Sheet
( in thousands, except share and per-share<br> data)
(Unaudited)
			December 31,<br> 2022
Assets:
Real Estate Investments:
Land	2,282,354		$	1,941,599
Buildings	4,861,692			4,054,679
Accumulated depreciation	(433,958	)		(321,142	)
Property under development	33,232			65,932
Net real estate investments	6,743,320			5,741,068
Real estate held for sale, net	3,642			-
Cash and cash equivalents	10,907			27,763
Cash held in escrows	3,617			1,146
Accounts receivable - tenants, net	82,954			65,841
Lease<br> Intangibles, net of accumulated amortization of 360,061 and 263,011 at December 31, 2023 and December 31, 2022,<br> respectively	854,088			799,448
Other assets, net	76,308			77,923
Total Assets	7,774,836		$	6,713,189
Liabilities:
Mortgage notes payable, net	42,811			47,971
Unsecured term loans, net	346,798			-
Senior unsecured notes, net	1,794,312			1,792,047
Unsecured revolving credit facility	227,000			100,000
Dividends and distributions payable	25,534			22,345
Accounts payable, accrued expenses and other liabilities	101,401			83,722
Lease<br> intangibles, net of accumulated amortization of 42,813 and 35,992 at December 31, 2023 and December 31, 2022,<br> respectively	36,827			36,714
Total Liabilities	2,574,683		$	2,082,799
Equity:
Preferred Stock, .0001 par value per share, 4,000,000 shares authorized, 7,000<br> shares Series A outstanding, at stated liquidation value of 25,000 per share, at December 31, 2023 and December 31,<br> 2022	175,000			175,000
Common stock, .0001 par value, 180,000,000 shares authorized,<br> 100,519,355 and 90,173,424 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	10			9
Additional paid-in-capital	5,354,120			4,658,570
Dividends in excess of net income	(346,473	)		(228,132	)
Accumulated other comprehensive income<br> (loss)	16,554			23,551
Total Equity - Agree Realty Corporation	5,199,211		$	4,628,998
Non-controlling interest	942			1,392
Total Equity	5,200,153		$	4,630,390
Total Liabilities and Equity	7,774,836		$	6,713,189

All values are in US Dollars.

12

Agree Realty Corporation

Consolidated Statements of Operations and Comprehensive Income

($ in thousands, except share and per share-data)

(Unaudited)

	Threemonths endedDecember 31,						Twelvemonths endedDecember 31,
	2023			2022			2023			2022
Revenues
Rental Income	$	144,144		$	116,496		$	537,403		$	429,632
Other		21			35			92			182
Total Revenues	$	144,165		$	116,531		$	537,495		$	429,814
Operating Expenses
Real estate taxes	$	10,663		$	7,962		$	40,092		$	32,079
Property operating expenses		6,841			5,010			24,961			18,585
Land lease expense		412			404			1,664			1,617
General and administrative		8,701			7,856			34,788			30,121
Depreciation and amortization		47,257			37,904			176,277			133,570
Provision for impairment		2,665			-			7,175			1,015
Total Operating Expenses	$	76,539		$	59,136		$	284,957		$	216,987
Gain (loss) on sale of assets, net		1,550			15			1,849			5,341
Gain (loss) on involuntary conversion, net		-			82			-			(83	)
Income from Operations	$	69,176		$	57,492		$	254,387		$	218,085
Other (Expense) Income
Interest expense, net	$	(22,371	)	$	(16,843	)	$	(81,119	)	$	(63,435	)
Income tax (expense) benefit		(709	)		(723	)		(2,910	)		(2,860	)
Other (expense) income		5			1,113			189			1,245
Net Income	$	46,101		$	41,039		$	170,547		$	153,035
Less net income attributable to non-controlling interest		146			113			588			598
Net Income Attributable to Agree Realty Corporation	$	45,955		$	40,926		$	169,959		$	152,437
Less Series A Preferred Stock Dividends		1,859			1,859			7,437			7,437
Net Income Attributable to Common Stockholders	$	44,096		$	39,067		$	162,522		$	145,000
Net Income Per Share Attributable to Common Stockholders
Basic	$	0.44		$	0.44		$	1.70		$	1.84
Diluted	$	0.44		$	0.44		$	1.70		$	1.83
Other Comprehensive Income
Net Income	$	46,101		$	41,039		$	170,547		$	153,035
Amortization of interest rate swaps		(630	)		(575	)		(2,519	)		(684	)
Change in fair value and settlement of interest rate swaps		(16,165	)		-			(4,501	)		29,881
Total Comprehensive Income (Loss)		29,306			40,464			163,527			182,232
Less comprehensive income attributable to non-controlling interest		88			111			565			741
Comprehensive Income Attributable to Agree Realty Corporation	$	29,218		$	40,353		$	162,962		$	181,491
Weighted Average Number of Common Shares Outstanding - Basic		100,279,279			88,434,580			95,191,409			78,659,333
Weighted Average Number of Common Shares Outstanding - Diluted		100,397,096			88,812,510			95,437,412			79,164,386

13

Agree Realty Corporation

Reconciliation of Net Income to FFO, Core FFO and Adjusted FFO

($ in thousands, except share and per-share data)

(Unaudited)

	Threemonths endedDecember 31,						Twelvemonths endedDecember 31,
	2023			2022			2023			2022
Net Income	$	46,101		$	41,039		$	170,547		$	153,035
Less Series A Preferred Stock Dividends		1,859			1,859			7,437			7,437
Net Income attributable to OP Common Unitholders		44,242			39,180			163,110			145,598
Depreciation of rental real estate assets		31,119			24,843			115,617			88,685
Amortization of lease intangibles - in-place leases and leasing costs		15,611			12,800			58,967			44,107
Provision for impairment		2,665			-			7,175			1,015
(Gain) loss on sale or involuntary conversion of assets, net		(1,550	)		(97	)		(1,849	)		(5,258	)
Funds from Operations - OP Common Unitholders	$	92,087		$	76,726		$	343,020		$	274,147
Amortization of above (below) market lease intangibles, net and assumed mortgage debt discount, net		7,564			8,556			33,430			33,563
Core Funds from Operations - OP Common Unitholders	$	99,651		$	85,282		$	376,450		$	307,710
Straight-line accrued rent		(3,200	)		(3,757	)		(12,142	)		(13,176	)
Stock based compensation expense		2,158			1,572			8,338			6,464
Amortization of financing costs and original issue discounts		1,186			1,071			4,403			3,141
Non-real estate depreciation		527			261			1,693			778
Adjusted Funds from Operations - OP Common Unitholders	$	100,322		$	84,429		$	378,742		$	304,917
Funds from Operations Per Common Share and OP Unit - Basic	$	0.92		$	0.86		$	3.59		$	3.47
Funds from Operations Per Common Share and OP Unit - Diluted	$	0.91		$	0.86		$	3.58		$	3.45
Core Funds from Operations Per Common Share and OP Unit - Basic	$	0.99		$	0.96		$	3.94		$	3.89
Core Funds from Operations Per Common Share and OP Unit - Diluted	$	0.99		$	0.96		$	3.93		$	3.87
Adjusted Funds from Operations Per Common Share and OP Unit - Basic	$	1.00		$	0.95		$	3.96		$	3.86
Adjusted Funds from Operations Per Common Share and OP Unit - Diluted	$	1.00		$	0.95		$	3.95		$	3.83
Weighted Average Number of Common Shares and OP Units Outstanding - Basic		100,626,898			88,782,199			95,539,028			79,006,952
Weighted Average Number of Common Shares and OP Units Outstanding - Diluted		100,744,715			89,160,129			95,785,031			79,512,005
Additional supplemental disclosure
Scheduled principal repayments	$	232		$	217		$	905		$	850
Capitalized interest		288			445			1,957			1,261
Capitalized building improvements		3,122			968			9,819			7,945

Non-GAAP Financial Measures

Funds from Operations (“FFO”or “Nareit FFO”)

FFO is defined by the National Association of Real Estate Investment Trusts, Inc. (“Nareit”) to mean net income computed in accordance with GAAP, excluding gains (or losses) from sales of real estate assets and/or changes in control, plus real estate related depreciation and amortization and any impairment charges on depreciable real estate assets, and after adjustments for unconsolidated partnerships and joint ventures. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company’s operations. FFO should not be considered an alternative to net income as the primary indicator of the Company’s operating performance, or as an alternative to cash flow as a measure of liquidity. Further, while the Company adheres to the Nareit definition of FFO, its presentation of FFO is not necessarily comparable to similarly titled measures of other REITs due to the fact that all REITs may not use the same definition.

Core Funds from Operations (“Core FFO”)

The Company defines Core FFO as Nareit FFO with the addback of (i) noncash amortization of acquisition purchase price related to above- and below- market lease intangibles and discount on assumed debt and (ii) certain infrequently occurring items that reduce or increase net income in accordance with GAAP. Management believes that its measure of Core FFO facilitates useful comparison of performance to its peers who predominantly transact in sale-leaseback transactions and are thereby not required by GAAP to allocate purchase price to lease intangibles.  Unlike many of its peers, the Company has acquired the substantial majority of its net-leased properties through acquisitions of properties from third parties or in connection with the acquisitions of ground leases from third parties. Core FFO should not be considered an alternative to net income as the primary indicator of the Company’s operating performance, or as an alternative to cash flow as a measure of liquidity. Further, the Company’s presentation of Core FFO is not necessarily comparable to similarly titled measures of other REITs due to the fact that all REITs may not use the same definition.

Adjusted Funds from Operations (“AFFO”)

AFFO is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO further adjusts FFO and Core FFO for certain non-cash items that reduce or increase net income computed in accordance with GAAP. Management considers AFFO a useful supplemental measure of the Company’s performance, however, AFFO should not be considered an alternative to net income as an indication of its performance, or to cash flow as a measure of liquidity or ability to make distributions. The Company’s computation of AFFO may differ from the methodology for calculating AFFO used by other equity REITs, and therefore may not be comparable to such other REITs.

14

AgreeRealty Corporation

Reconciliation of Net Debt to Recurring EBITDA

($ in thousands, except share and per-share data)

(Unaudited)

	Three months ended <br> December 31,
	2023
Net Income	$	46,101
Interest expense, net		22,371
Income tax expense		709
Depreciation of rental real estate assets		31,119
Amortization of lease intangibles - in-place leases and leasing costs		15,611
Non-real estate depreciation		527
Provision for impairment		2,665
(Gain) loss on sale or involuntary conversion of assets, net		(1,550	)
EBITDAre	$	117,553
Run-Rate Impact of Investment, Disposition and Leasing Activity	$	2,344
Amortization of above (below) market lease intangibles, net		7,481
Recurring EBITDA	$	127,378
Annualized Recurring EBITDA	$	509,512
Total Debt	$	2,431,868
Cash, cash equivalents and cash held in escrows		(14,524	)
Net Debt	$	2,417,344
Net Debt to Recurring EBITDA		4.7	x
Net Debt	$	2,417,344
Anticipated Net Proceeds from ATM Forward Offerings		(235,619	)
Proforma Net Debt	$	2,181,725
Proforma Net Debt to Recurring EBITDA		4.3	x
Non-GAAP Financial Measures<br><br> <br><br><br> <br>EBITDAre<br><br> <br>EBITDAre is defined by Nareit to mean net income computed in accordance<br> with GAAP, plus interest expense, income tax expense, depreciation and amortization, any gains (or losses) from sales of real estate assets<br> and/or changes in control, any impairment charges on depreciable real estate assets, and after adjustments for unconsolidated partnerships<br> and joint ventures. The Company considers the non-GAAP measure of EBITDAre to be a key supplemental measure of the Company's performance<br> and should be considered along with, but not as an alternative to, net income or loss as a measure of the Company's operating performance.<br> The Company considers EBITDAre a key supplemental measure of the Company's operating performance because it provides an additional supplemental<br> measure of the Company's performance and operating cash flow that is widely known by industry analysts, lenders and investors. The Company’s<br> calculation of EBITDAre may not be comparable to EBITDAre reported by other REITs that interpret the Nareit definition differently than<br> the Company.<br><br> <br><br><br> <br>Recurring EBITDA<br><br> <br>The Company defines Recurring EBITDA as EBITDAre with the addback of<br> noncash amortization of above- and below- market lease intangibles, and after adjustments for the run-rate impact of the Company's investment<br> and disposition activity for the period presented, as well as adjustments for non-recurring benefits or expenses. The Company considers<br> the non-GAAP measure of Recurring EBITDA to be a key supplemental measure of the Company's performance and should be considered along<br> with, but not as an alternative to, net income or loss as a measure of the Company's operating performance. The Company considers Recurring<br> EBITDA a key supplemental measure of the Company's operating performance because it represents the Company's earnings run rate for the<br> period presented and because it is widely followed by industry analysts, lenders and investors. Our Recurring EBITDA may not be comparable<br> to Recurring EBITDA reported by other companies that have a different interpretation of the definition of Recurring EBITDA. Our ratio<br> of net debt to Recurring EBITDA is used by management as a measure of leverage and may be useful to investors in understanding the Company’s<br> ability to service its debt, as well as assess the borrowing capacity of the Company. Our ratio of net debt to Recurring EBITDA is calculated<br> by taking annualized Recurring EBITDA and dividing it by our net debt per the consolidated balance sheet.<br><br> <br><br><br> <br>Net Debt<br><br> <br>The Company defines Net Debt as total debt principal outstanding less<br> cash, cash equivalents and cash held in escrows. The Company considers the non-GAAP measure of Net Debt to be a key supplemental measure<br> of the Company's overall liquidity, capital structure and leverage. The Company considers Net Debt a key supplemental measure because<br> it provides industry analysts, lenders and investors useful information in understanding our financial condition. The Company's calculation<br> of Net Debt may not be comparable to Net Debt reported by other REITs that interpret the definition differently than the Company. The<br> Company presents Net Debt on both an actual and proforma basis, assuming the net proceeds of the Forward Offerings (see below) are used<br> to pay down debt. The Company believes the proforma measure may be useful to investors in understanding the potential effect of the Forward<br> Offerings on the Company's capital structure, its future borrowing capacity, and its ability to service its debt.<br><br> <br><br><br> <br>Forward Offerings<br><br> <br>The Company has 3,833,871 shares remaining to be settled under the<br> ATM Forward Offerings. Upon settlement, the offerings are anticipated to raise net proceeds of approximately $235.6 million based on the<br> applicable forward sale price as of December 31, 2023. The applicable forward sale price varies depending on the offering. The Company<br> is contractually obligated to settle the offerings by January 2025.
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15

Agree Realty Corporation

Rental Income

($ in thousands, except share and per share-data)

(Unaudited)

	Threemonths endedDecember 31,						Twelvemonths endedDecember 31,
	2023			2022			2023			2022
Rental Income Source^(1)^
Minimum rents^(2)^	$	133,274		$	109,227		$	497,736		$	402,117
Percentage rents^(2)^		-			-			1,314			723
Operating cost reimbursement^(2)^		15,151			11,986			59,307			46,953
Straight-line rental adjustments^(3)^		3,200			3,757			12,142			13,176
Amortization of (above) below market lease intangibles^(4)^		(7,481	)		(8,474	)		(33,096	)		(33,337	)
Total Rental Income	$	144,144		$	116,496		$	537,403		$	429,632
(1) The Company adopted Financial Accounting Standards Board Accounting<br> Standards Codification (“FASB ASC”) 842 “Leases” using the modified retrospective approach as of January 1,<br> 2019. The Company adopted the practical expedient in FASB ASC 842 that alleviates the requirement to separately present lease and non-lease<br> components of lease contracts. As a result, all income earned pursuant to tenant leases is reflected as one line, “Rental Income,”<br> in the consolidated statement of operations. The purpose of this table is to provide additional supplementary detail of Rental Income.<br><br> <br><br><br> <br>(2) Represents contractual rentals and/or reimbursements as required<br> by tenant lease agreements, recognized on an accrual basis of accounting. The Company believes that the presentation of contractual lease<br> income is not, and is not intended to be, a presentation in accordance with GAAP. The Company believes this information is frequently<br> used by management, investors, analysts and other interested parties to evaluate the Company’s performance.<br><br> <br><br><br> <br>(3) Represents adjustments to recognize minimum rents on a straight-line<br> basis, consistent with the requirements of FASB ASC 842.<br><br> <br><br><br> <br>(4) In allocating the fair value of an acquired property, above-<br> and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid<br> pursuant to the leases at the time of acquisition and the Company’s estimate of current market lease rates for the property.
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16

Exhibit 99.2

FEBRUARY 2024

1 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. 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 $ 8.5 billion (1) retail net lease REIT headquartered in Royal Oak, Michigan 2,135 retail properties totaling over 44 million square feet in 49 states Investment grade issuer ratings of Baa1 from Moody’s and BBB from S&P RE THINK RETAIL Capitalize on distinct market positioning in the retail net lease space Focus on industry - leading retailers through our three unique external growth platforms Leverage our real estate acumen and relationships to identify superior risk - adjusted opportunities Maintain a conservative and flexible capital structure that enables our growth trajectory Provide consistent, high - quality earnings growth and a well - covered, growing dividend As of December 31, 2023 , unless otherwise noted. (1) As of February 7, 2024

2 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. RE THINKING RETAIL

3 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. consistency noun steadfast adherence to the same principles, course, or form [ kuh   n - sis - tuh   n - see ]

© 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. As of December 31, 2023, unless otherwise noted. (1) Includes capital committed to acquisitions, development and Developer Fu ndi ng Platform projects completed or under construction during the twelve months ended December 31, 2023. (2) As of February 9, 2024. (3) Refer to footnote 1 on slide 7 for the Company’s defin iti on of Investment Grade. (4) Proforma for the settlement of the Company’s outstanding forward equity as of December 31, 2023. (5) Declared by the Company on February 8, 2024. (6) Ms. He joined the Co mpa ny’s Board of Directors effective January 1, 2024. Recent Highlights Ground lease portfolio represents 11.7% of annualized base rents as of December 31 st Declared a monthly cash dividend of $ 0.247 per common share for February , representing a 2.9 % year - over - year increase (5) 37 development or DFP projects completed or under construction as of December 31 st for a record of approximately $150 million Acquired over $187 million of high - quality retail net lease assets in Q4 2023 at a weighted average cap rate of 7.2% Approximately 70.5% of base rents acquired in Q4 2023 derived from investment grade retailers (3) Announced 2023 investment activity of $1.34 billion of high - quality retail net lease assets (1) Fortified balance sheet with approximately $236 million of forward equity raised during Q4 2023 Fortress - like balance sheet with over $1.0 billion of total liquidity as of December 31 st(4) Announced the appointment of Linglong He to the Company’s Board of Directors (6) 4.3x Proforma Net Debt to Recurring EBITDA as of December 31 st(4 ) Outlook for BBB credit rating revised to Positive by S&P Global Ratings (2) 4 BH0

The Country’s Leading Retail Portfolio

6 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. TENANT / CONCEPT ​ ANNUALIZED ​ BASE RENT ​ % OF TOTAL ​ ​ $33.9 ​ 6.1% ​ ​ 28.2 ​ 5.1% ​ ​ 26.8 ​ 4.8% ​ ​ 19.5 ​ 3.5% ​ ​ 17.3 ​ 3.1% ​ ​ 17.0 ​ 3.1% ​ ​ 17.0 ​ 3.1% ​ ​ 16.3 ​ 2.9% ​ ​ 16.1 ​ 2.9% ​ ​ 14.6 ​ 2.6% ​ ​ 14.0 ​ 2.5% ​ ​ 13.8 ​ 2.5% ​ ​ 12.4 ​ 2.2% ​ ​ 12.4 ​ 2.2% ​ ​ 11.9 ​ 2.1% ​ ​ 11.4 ​ 2.1% ​ ​ 10.2 ​ 1.8% ​ ​ 8.9 ​ 1.6% ​ ​ 8.7 ​ 1.6% ​ Other ​ 246.0 ​ 44.2% ​ Total ​ $556.4 ​ 100.0% ​ Agree Realty Snapshot TENANT SECTOR ANNUALIZED BASE RENT % OF TOTAL Grocery Stores $53.2 9.6% Home Improvement 48.1 8.7% Tire & Auto Service 47.7 8.6% Convenience Stores 46.1 8.3% Dollar Stores 42.3 7.6% Off - Price Retail 34.9 6.3% General Merchandise 32.3 5.8% Auto Parts 31.6 5.7% Farm & Rural Supply 29.9 5.4% Pharmacy 23.7 4.3% Other 166.6 29.7% Total $556.4 100.0% Share Price (1) $58.13 Equity Market Capitalization (1)(2) $5.9 Billion Property Count 2,135 properties Net Debt to EBITDA 4.7x / 4.3x (3) Investment Grade % (4) 69.1% Company Overview Top Tenants ($ in millions) Top Retail Sectors ($ in millions) As of December 31, 2023, unless otherwise noted. Any differences are a result of rounding. (1) As of February 7, 2024. (2) Re fle cts common shares and OP units outstanding multiplied by the closing price as of February 7, 2024. (3) Proforma for the settlement of the Company’s outstanding forward equity as of December 31, 2023. (4) Re fer to footnote 1 on slide 7 for the Company’s definition of Investment Grade.

7 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. BEST - IN - CLASS RETAILERS WITH CONSERVATIVE BALANCE SHEETS Strong Investment Grade Portfolio 16% SUB - INVESTMENT GRADE 15% NOT RATED 69% INVESTMENT GRADE (1) As of December 31, 2023. Any differences are a result of rounding. (1) Based on ABR derived from tenants, or parent entities the reof, with an investment grade credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings, or the National Association of Insurance Commissioners. Retail Credit Type (%ABR)

8 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. INDUSTRY - LEADERS OPERATING IN E - COMMERCE RESISTANT SECTORS National and Super - Regional Retailers 1% FRANCHISE 11% SUPER - REGIONAL 88% NATIONAL As of December 31, 2023. Any differences are a result of rounding. Retail Tenant Type (%ABR)

9 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. 14% 12% 12% 6% 6% 6% 3% 3% 3% 2% As of December 31, 2023. (1) Refer to footnote 1 on slide 7 for the Company’s definition of Investment Grade. Any differences are a result of rounding. FEE SIMPLE OWNERSHIP + SIGNIFICANT TENANT INVESTMENT Ground Lease Portfolio Breakdown Ground Lease Credit Overview (%ABR) 88% INVESTMENT GRADE (1) 8% NOT RATED 4% SUB - INVESTMENT GRADE Ground Lease Portfolio Overview 224 Leases 11.7% of total portfolio ABR 10.5 years weighted - average lease term Top Ground Lease Tenants (% ABR)

10 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. 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 15 Years Rental Increases 10% Every 5 Years Options 3 x 5 Years x 10% Annualized Base Rent $193,083 Prior Lease Rent Per Square Foot $29.26 Remaining Lease Term (1) 0.1 years Rental Increases None Remaining Options None Remaining Annualized Base Rent $110,007 Note: Recapture rate reflects current rent per square foot vs. prior rent per square foot. (1) Reflects remaining lease term at the time the lease extension was executed.

Disciplined Investment Strategy & Active Portfolio Management

12 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. 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 target industry - leading retailers in e - commerce and recession resistant sectors THREE - PRONGED GROWTH STRATEGY COMPREHENSIVE REAL ESTATE SOLUTIONS FOR LEADING RETAILERS ACQUISITIONS DEVELOPMENT DEVELOPER FUNDING PLATFORM RETAILER RELATIONSHIPS

13 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. 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 : Focus on leading operators that have matured in omni - channel structure or those in e - commerce resistant sectors OMNI - CHANNEL CRITICAL (E - COMMERCE RESISTANCE) Emphasize a balanced portfolio with exposure to counter - cyclical sectors and retailers with strong credit profiles RECESSION RESISTANCE Strong emphasis on leading operators with strong balance sheets and avoidance of private equity sponsored retailers AVOIDANCE OF PRIVATE EQUITY SPONSORSHIP Protects against unforeseen changes to our top - down investment philosophy STRONG REAL ESTATE FUNDAMENTALS & FUNGIBLE BUILDINGS

14 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. 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 presence COMPETITION • Access • Visibility • Demographics • Major retail corridor • Strong traffic drivers RETAIL SYNERGY ADC reviewed over $82 billion of opportunities since 2018 $6.8 BILLION acquired since 2018 As of December 31, 2023.

15 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. As of February 8, 2023. Store counts include both leased and owned locations and were obtained from company filings and third - pa rty sources including CS News, CSP Daily News, CT Insider, and Progressive Grocer. Table is representative and does not include all retailers. 164,000+ NET LEASE OPPORTUNITIES AND GROWING WITH BEST - IN - CLASS RETAILERS Sandbox Offers Runway for Growth Auto Parts Stores 23,500+ Farm & Rural Supply Stores 2,400+ Crafts & Novelties Stores 1,000+ Quick - Service Restaurants 32,900+ Equipment Rental Stores 1,100+ Warehouse Clubs 1,400+ Home Improvement Stores 8,600+ Consumer Electronics Stores 1,200+ Grocery Stores 10,800+ Dealerships 400+ Convenience Stores 24,000+ Off - Price Retail Stores 6,300+ Tire & Auto Service Stores 7,100+ Dollar Stores 36,300+ General Merchandise Stores 7,000+

16 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. ADC HAS INVESTED $8.7 BILLION IN HIGH - QUALITY RETAIL NET LEASE PROPERTIES SINCE 2010 Robust Investment Activity DEVELOPMENT & DFP (1) ACQUISITIONS Investment Activity ($ in millions) As of December 31, 2023. (1) Represents development & Developer Funding Platform (“DFP”) activity, completed or commenced. $ $295.8 $336.8 $607.0 $701.4 $1.31B $1.39B $1.59B $1.19B $38.0 $62.7 $74.4 $32.4 $43.2 $40.0 $118.5 $149.9 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2016 2017 2018 2019 2020 2021 2022 2023

17 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. $29.7M $45.8M $67.6M $67.2M $49.4M $58.0M $45.8M $9.7M 2016 2017 2018 2019 2020 2021 2022 2023 BERLIN, NJ HOUSTON, TX PORTAGE, MI CANTON, MI FOCUSED ON NON - CORE ASSET SALES & CAPITAL RECYCLING Active Portfolio Management As of December 31, 2023. Graph is representative and does not include all dispositions. Total Dispositions 2010 - 2023: $459 million STALLINGS, NC MICHIGAN (3) OSCODA, MI FLORIDA (2) NORTH DAKOTA (3) MINNESOTA (3) ATLANTIC BEACH, FL MT (1) & VA (1) WICHITA FALLS, TX SPRINGFIELD, IL UPLAND, CA APOPKA, FL LA (1) & PA (1) MN (2) & ND (2) MICHIGAN (3) FORT WORTH, TX OH (2) & PA (2) FLOWOOD, MS MAPLEWOOD, MN TYLER, TX BELTON, MO MI (2), NY & FL VA (3) MIDLAND, MI UT (2), ND & MT PENSACOLA, FL OH (3), WV, & VA TOPEKA, KS INDIANAPOLIS, IN KIRKLAND, WA JACKSONVILLE BEACH, FL IL (1), ND (1) & OH (1) MICHIGAN (2) ST. GEORGE, UT SC (2) & TX (1) AUSTIN, TX JACKSONVILLE, FL SC (1) & MN (1) AURORA, CO PORT ST. JOHN, FL RANCHO CORDOVA, CA MACOMB TOWNSHIP, MI OCALA, FL WYLIE, TX

Fortified Balance Sheet

© 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. Leading With Our “Fortress” Balance Sheet CAPITALIZATION STATISTICS Equity Market Capitalization (2) $5.9 Billion Enterprise Value (2)(3) $8.5 Billion Total Debt to Enterprise Value 27.2% CREDIT METRICS Fixed Charge Coverage Ratio 5.0x Net Debt to Recurring EBITDA (4) 4.7x / 4.3x (5) Issuer Ratings Baa1 / BBB Ratings Outlooks Stable / Positive (6) As of December 31, 2023, unless otherwise noted. (1) Excludes $227.0 million of outstanding borrowings on the Company’s $1.0 bil lion Revolving Credit Facility as of December 31, 2023; assumes two 6 - month extension options are exercised. (2) As of February 7, 2024. (3) Enterprise value is calculated as the sum of net debt, the liquidation value of preferred equity and equity market capitalization. (4) Reflects net debt to annualized Q4 2023 recurring EBITDA. (5) Proforma for the settlement of the Company's outstanding fo rwa rd equity as of December 31, 2023. (6) As of February 9, 2024. Debt Maturities ($ in millions) SECURED UNSECURED 1 c NO MATERIAL DEBT MATURITIES UNTIL 2028 & WEIGHTED - AVERAGE DEBT MATURITY OF ALMOST 7 YEARS (1) $3 $42 $0 $50 $0 $50 $410 $450 $475 $125 $300 $300 $0 $100 $200 $300 $400 $500 $600 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 19 BH0

20 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. $100 $100 $225 $125 $350 $650 $300 $350 $237 $229 $531 $433 $988 $1,095 $1,322 $371 $42 $175 $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 2016 2017 2018 2019 2020 2021 2022 2023 STRONG CAPITAL MARKETS EXECUTION HAS PROVIDED AMPLE LIQUIDITY; $8.2 BILLION OF ACTIVITY SINCE 2010 Capital Markets Track Record Reflects gross proceeds for equity and long - term debt raised through December 31, 2023. Forward equity offerings are shown in th e year they were raised, rather than settled. Capital Markets Activity ($ in millions) COMMON EQUITY UNSECURED DEBT SECURED DEBT PREFERRED EQUITY

21 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. (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 December 31, 2023. Proforma Net Debt to Recurring EBTIDA deducts the Company’s outstanding forward equity offerings for ea ch period from the Company’s net debt for each period. PROFORMA NET DEBT TO RECURRING EBITDA NET DEBT TO RECURRING EBITDA Q2 2023 Q3 2023 Q4 2023 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q4 2020 4.8x 4.0x 4.9x 4.2x 4.5x 3.6x 4.4x 3.7x 4.9x 3.4x 5.0x 4.3x 5.0x 3.8x 4.0x 3.1x 4.4x 3.1x 4.5x 3.7x 4.5x 4.1x 4.5x 4.5x 4.7x 4.3x

© 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. $1.50 $1.70 $1.90 $2.10 $2.30 $2.50 $2.70 $2.90 $3.10 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Annual Dividends Declared Per Share 143 CONSECUTIVE COMMON DIVIDENDS PAID; AVERAGE AFFO PAYOUT RATIO OF 76% OVER PAST 10 YEARS Growing, Well - Covered Monthly Dividend As of February 7, 2024. Reflects common dividends per share declared in each year, rounded to two decimals. 22 BH0 BH1

23 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. 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 including CARE House of Oakland County, Michigan Veteran's Foundation and Leader Dogs for the Blind ADC has received awards from Globe St, Crain’s Detroit Business, and Best and Brightest in Wellness recognizing its outstanding corporate culture and wellness initiatives SOCIAL RESPONSIBILITY DEDICATED TO SUSTAINABILITY AND GOOD CORPORATE CITIZENSHIP Agree Realty’s ESG Practices 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, with features including EV charging stations, motion activated lighting and high - quality building materials Executed several green leases with tenants, resulting in the achievement of Gold Level recognition from the Green Lease Leaders organization ENVIRONMENTAL PRACTICES ADC’s Board has 10 directors, eight of whom are independent; six new independent directors added since 2018 The Board recently added a third female Director, appointing Linglong He effective January 1 st The Nominating & Governance Committee has formal oversight responsibility for the Company’s ESG program The Company adopted the Sustainability Accounting Standards Board and the Task Force on Climate - related Financial Disclosures frameworks to align our disclosures with the issues most relevant to our stakeholders CORPORATE GOVERNANCE As of January 1, 2024.

24 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. 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

25 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. APPENDIX

26 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. 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 forward - looking statements to be covered by the safe harbor provisions for forward - looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward - looking statements are generally identifiable by use of forward - looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “assume,” “plan,” references to “outlook” or other similar words or expressions. Forward - looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections and forecasts and other forward - looking information and estimates. These forward - looking statements are subject to various risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. Certain factors could occur that might cause actual results to vary, including the potential adverse effect of ongoing worldwide economic uncertainties, disruptions in the banking system and financial markets, and increased inflation on the financial condition, results of operations, cash flows and performance of the Company and its tenants, the real estate market and the global economy and financial markets, the general deterioration in national economic conditions, weakening of real estate markets, decreases in the availability of credit, increases in interest rates, adverse changes in the retail industry, the Company’s continuing ability to qualify as a REIT and other risks and uncertainties as described in greater detail in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including, without limitation, the Company’s Annual Report on Form 10 - K and subsequent quarterly reports. Except as required by law, the Company disclaims any obligation to update any forward - looking statements, whether as a result of new information, future events or otherwise. For further information about the Company’s business and financial results, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s SEC filings, including, but not limited to, its Annual Report on Form 10 - K and Quarterly Reports on Form 10 - Q, copies of which may be obtained at the Investors section of the Company’s website at www.agreerealty.com . All information in this presentation is as of December 31 , 2023 , unless otherwise noted . The Company undertakes no duty to update the statements in this presentation to conform the statements to actual results or changes in the Company’s expectations .

27 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. Non - GAAP Financial Measures This presentation includes a non - GAAP financial measure, Net Debt to Recurring EBITDA, which is presented on an actual and profo rma basis. A reconciliation of this non - GAAP financial measure to the most directly comparable GAAP measure is included in the follo wing pages. The components of this ratio and their use and utility to management are described further in the section below. 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 impairme nt charges on depreciable real estate assets, and after adjustments for unconsolidated partnerships and joint ventures. The Company conside rs the non - GAAP measure of EBITDAre to be a key supplemental measure of the Company's performance and should be considered along with, but not as an alternative to, net income or loss as a measure of the Company's operating performance. The Company considers EBITDAre a key supplemental measure of the Company's operating performance because it provides an additional supplemental measure of the Company's performance and operating cash flow that is widely known by industry analysts, lenders and investors. The Company’s calculation of EBITDAre may not be comparable to EBITDAre reported by other REITs that interpret the Nareit definition differently than the Company. Recurring EBITDA The Company defines Recurring EBITDA as EBITDAre with the addback of noncash amortization of above - and below - market lease intangibles, and after adjustments for the run - rate impact of the Company's investment and disposition activity for the period presented, as well as adjustments for non - recurring benefits or expenses. The Company considers the non - GAAP measure of Recurrin g EBITDA to be a key supplemental measure of the Company's performance and should be considered along with, but not as an alter nat ive to, net income or loss as a measure of the Company's operating performance. The Company considers Recurring EBITDA a key supplemental measure of the Company's operating performance because it represents the Company's earnings run rate for the per iod presented and because it is widely followed by industry analysts, lenders and investors. Our Recurring EBITDA may not be com par able to Recurring EBITDA reported by other companies that have a different interpretation of the definition of Recurring EBITDA. Our rat io of net debt to Recurring EBITDA is used by management as a measure of leverage and may be useful to investors in understanding the Company’s ability to service its debt, as well as assess the borrowing capacity of the Company. Our ratio of net debt to Rec urr ing EBITDA is calculated by taking annualized Recurring EBITDA and dividing it by our net debt per the consolidated balance sheet. Net Debt The Company defines Net Debt as total debt less cash, cash equivalents and cash held in escrows. The Company considers the non - GAAP measure of Net Debt to be a key supplemental measure of the Company's overall liquidity, capital structure and leverage . The Company considers Net Debt a key supplemental measure because it provides industry analysts, lenders and investors useful inf orm ation in understanding our financial condition. The Company’s calculation of Net Debt may not be comparable to Net Debt reported by ot her REITs that interpret the definition differently than the Company. The Company presents Net Debt on both an actual and proforma basis, assuming the Anticipated Net Proceeds from Outstanding Forwards are used to pay down debt. The Company believes the proforma measure may be useful to investors in understanding the potential effect of the Anticipated Net Proceeds from Outstanding For war ds on the Company’s capital structure, its future borrowing capacity, and its ability to service its debt. Anticipated Net Proceeds from Outstanding Forwards Since the first quarter of 2018, the Company has utilized forward sale agreements to sell shares of common stock. Selling common stock through forward sale agreements enables the Company to set the price of suc h s hares upon pricing the offering (subject to certain adjustments) while delaying the issuance of such shares and the receipt of the net proceeds by the Company. Given the Company’s frequent use of forward sale agreements, the Company considers the non - GAAP measure of Anticipated Net Proceeds from Outstanding Forwards to be a key supplemental measure of the Company's overall liquidity, capit al structure and leverage. The Company defines Anticipated Net Proceeds from Outstanding Forwards as the number of shares outsta ndi ng under forward sale agreements at the end of each quarter, multiplied by the applicable forward sale price for each agreement, respectively.

28 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. Non - GAAP Financial Measures This presentation also includes the non - GAAP measures of Annualized Base Rent (“ABR”), Funds From Operations (“FFO” or “ Nareit FFO”), Core Funds From Operations (“Core FFO”) and Adjusted Funds From Operations (“AFFO”). ABR represents the annualized amount of contractual minimum rent required by tenant lease agreements, computed on a straight - line basis. ABR is not, and is not intended to be, a presentation in accordance with GAAP. The Company believes annualized contractual minimum rent is useful to management, inves tor s, and other interested parties in analyzing concentrations and leasing activity. FFO, Core FFO and AFFO are reconciled to the m ost directly comparable GAAP measure in the following pages and are described in further detail below. Components of Funds from Operations, Core Funds from Operations, and Adjusted Funds from Operations Funds from Operations (“FFO” or “ Nareit FFO”) is defined by the National Association of Real Estate Investment Trusts, Inc. (“ Nareit ”) to mean net income computed in accordance with GAAP, excluding gains (or losses) from sales of real estate assets and/or changes in control, plus real estate related depreciation and amortization and any impairment charges on depreciable real estate assets, an d after adjustments for unconsolidated partnerships and joint ventures. Historical cost accounting for real estate assets in accordan ce with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead ha ve historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real e sta te company’s operations. FFO should not be considered an alternative to net income as the primary indicator of the Company’s operating per for mance, or as an alternative to cash flow as a measure of liquidity. Further, while the Company adheres to the Nareit definition of FFO, its presentation of FFO is not necessarily comparable to similarly titled measures of other REITs due to the fact that all REITs may not use the same definition. Core Funds from Operations (“Core FFO”) The Company defines Core FFO as Nareit FFO with the addback of ( i ) noncash amortization of acquisition purchase price related to above - and below - market lease intangibles and discount on assumed debt and (ii) certain infrequently occurring items that reduce or increase net income in accordance with GAAP. Management believes that its measure of Core FFO facilitates useful comparison of performance to its peers who predominantly transact in sale - leaseback transactions and are thereby not required by GAAP to allocate purchase price to lease intangibles. Unlike many of its peers, the Company has acqu ire d the substantial majority of its net - leased properties through acquisitions of properties from third parties or in connection with th e acquisitions of ground leases from third parties. Core FFO should not be considered an alternative to net income as the primary indicator of the Company’s operating performance, or as an alternative to cash flow as a measure of liquidity. Further, the Company’s presenta tio n of Core FFO is not necessarily comparable to similarly titled measures of other REITs due to the fact that all REITs may not use th e same definition. Adjusted Funds from Operations (“AFFO”) is a non - GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO further adjusts FFO and Core FFO for certain non - cash items that reduce or increase net income computed in accord ance with GAAP. Management considers AFFO a useful supplemental measure of the Company’s performance, however, AFFO should not be considered an alternative to net income as an indication of its performance, or to cash flow as a measure of liquidity or abi lit y to make distributions. The Company’s computation of AFFO may differ from the methodology for calculating AFFO used by other equity RE ITs , and therefore may not be comparable to such other REITs.

29 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. Reconciliation of Net Debt to Recurring EBITDA Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Net Income $23,760 $30,278 $22,461 $36,830 $33,306 $36,289 $36,130 $39,577 $41,039 $41,774 $41,015 $41,657 $46,101 Interest expense, net 11,791 11,653 12,549 13,066 13,111 13,931 15,512 17,149 16,843 17,998 19,948 20,803 22,371 Income tax expense 260 1,009 485 390 517 719 698 720 723 783 709 709 709 Depreciation of rental real estate assets 13,980 15,292 16,127 17,019 18,293 19,470 21,299 23,073 24,843 26,584 28,145 29,769 31,119 Amortization of lease intangibles - in - place leases and leasing costs 5,567 6,050 6,905 7,310 8,116 8,924 10,550 11,836 12,800 13,770 14,328 15,258 15,611 Non - real estate depreciation 144 147 156 159 156 167 101 248 261 292 277 598 527 Provision for impairment 141 0 0 0 1,919 1,015 0 0 0 0 1,315 3,195 2,665 (Gain) loss on sale of assets, net (437) (3,062) (6,753) (3,470) (1,826) (2,285) 8 (2,885) (97) 0 (319) 20 (1,550) EBITDAre $55,206 $61,367 $51,930 $71,304 $73,592 $78,230 $84,298 $89,718 $96,412 $101,201 $105,418 $112,009 $117,553 Run - Rate Impact of Investment, Disposition & Leasing Activity $3,973 $4,175 $3,939 $3,491 $3,372 $4,654 $4,104 $4,217 $4,742 $4,147 $4,259 $5,207 $2,344 Amortization of above (below) market lease intangibles, net 4,333 4,756 5,260 6,615 7,654 8,178 8,311 8,374 8,474 8,611 8,711 8,293 7,481 Other expense (income) 0 0 14,614 0 0 0 0 0 0 0 0 0 0 Recurring EBITDA $63,512 $70,298 75,743 $81,410 $84,618 $91,062 $96,713 $102,309 $109,628 $113,959 $118,388 $125,509 $127,378 Annualized Recurring EBITDA $254,048 $281,192 302,972 $325,640 $338,472 $364,248 $386,852 $409,236 $438,512 $455,836 $473,552 $502,036 $509,512 Total Debt $1,225,433 $1,371,238 $1,543,040 $1,542,839 $1,702,635 $1,862,428 $1,954,467 $1,884,253 $1,960,395 $2,056,173 $2,162,949 $2,254,099 $2,431,868 Cash, cash equivalents and cash held in escrows (7,955) (7,369) (188,381) (102,808) (45,250) (25,766) (27,107) (251,514) (28,909) (12,940) (12,247) (6,387) (14,524) Net Debt $1,217,478 $1,363,869 $1,354,659 $1,440,031 $1,657,385 $1,836,662 $1,927,360 $1,632,738 $1,931,486 $2,043,233 $2,150,702 $2,247,712 $2,417,344 Net Debt to Recurring EBITDA 4.8x 4.9x 4.5x 4.4X 4.9X 5.0X 5.0x 4.0x 4.4x 4.5x 4.5x 4.5x 4.7x Anticipated Net Proceeds from Outstanding Forwards $203,211 $189,577 $258,749 $226,455 $519,183 $262,940 $475,768 $381,708 $557,364 $362,125 $202,026 $0 $235,619 Proforma Net Debt $1,014,267 $1,174,291 $1,095,909 $1,213,576 $1,138,202 $1,573,722 $1,451,592 1,251,030 $1,374,122 $1,681,108 $1,948,676 $2,247,712 $2,181,725 Proforma Net Debt to Recurring EBITDA 4.0x 4.2x 3.6x 3.7X 3.4X 4.3X 3.8x 3.1x 3.1x 3.7x 4.1x 4.5x 4.3x

30 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Net Income $20,190 $18,913 $39,762 $45,797 $58,790 $58,798 $80,763 $91,972 $122,876 $153,035 $170,547 Series A Preferred Stock Dividends 0 0 0 0 0 0 0 0 (2,148) (7,437) (7,437) Net Income attributable to OP Common Unitholders $20,190 $18,913 $39,762 $45,797 $58,790 $58,798 $80,763 $91,972 $120,728 $145,598 $163,110 Depreciation of rental real estate assets $6,930 $8,362 $11,466 $15,200 $19,507 $24,553 $34,349 $48,367 $66,732 $88,685 $115,617 Amortization of lease intangibles - in - place leases and leasing costs 1,747 2,616 4,957 8,135 7,076 8,271 11,071 17,882 28,379 44,107 58,967 Provision for impairment 450 3,020 0 0 0 2,319 1,609 4,137 1,919 1,015 7,175 (Gain) loss on sale or involuntary conversion of assets, net (946) 405 (12,135) (9,964) (14,193) (11,180) (13,306) (8,004) (15,111) (5,258) (1,849) Funds from Operations - OP Common Unitholders $28,370 $33,316 $44,050 $59,168 $71,180 $82,761 $114,486 $154,354 $202,647 $274,147 $343,020 Loss on extinguishment of debt & settlement of related hedges $0 $0 $0 $0 $0 $0 $0 $0 $14,614 $0 $0 Amortization of above (below) market lease intangibles 0 0 0 0 5,091 10,668 13,501 15,885 24,284 33,563 33,430 Core Funds from Operations - OP Common Unitholders $28,370 $33,316 $44,050 $59,168 $76,271 $93,429 $127,987 $170,239 $241,545 $307,710 $376,450 Straight - line accrued rent ($1,148) ($1,416) ($2,450) ($3,582) ($3,548) ($4,648) ($7,093) ($7,818) ($11,857) ($13,176) ($12,142) Stock based compensation expense 1,813 1,987 1,992 2,441 2,589 3,227 4,106 4,995 5,467 6,464 8,338 Amortization of financing costs 326 398 494 516 574 578 706 826 1,197 3,141 4,403 Loss on extinguishment of debt 0 0 180 333 0 0 0 0 0 0 0 Non - real estate depreciation 67 123 62 72 78 146 283 509 618 778 1,693 Other (463) (463) (463) (541) (230) 0 (475) 0 0 0 0 Adjusted Funds from Operations - OP Common Unitholders $28,964 $33,945 $43,865 $58,407 $75,734 $92,732 $125,514 $168,751 $236,970 $304,917 $378,742 FFO Per Common Share and OP Unit - Diluted $2.10 $2.18 $2.39 $2.54 $2.54 $2.53 $2.75 $2.93 $3.00 $3.45 $3.58 Core FFO Per Common Share and OP Unit - Diluted $2.10 $2.18 $2.39 $2.54 $2.72 $2.85 $3.08 $3.23 $3.58 $3.87 $3.93 Adjusted FFO Per Common Share and OP Unit - Diluted $2.14 $2.22 $2.38 $2.51 $2.70 $2.83 $3.02 $3.20 $3.51 $3.83 $3.95 Weighted Average Number of Common Shares and OP Units Outstanding - Diluted 13,505,124 15,314,514 18,413,034 23,307,418 28,047,966 32,748,741 41,571,233 52,744,353 67,486,698 79,512,005 95,785,031 Reconciliation of Net Income to FFO, Core FFO and AFFO Note: The Company began reporting Core FFO in 2018.

31 © 20 24 AGREE REALTY CORPORATION . ALL RIGHTS RESERVED. CONFIDENTIAL. CONTACT PETER COUGHENOUR Chief Financial Officer (248) 737 - 4190 investors@agreerealty.com