Agree Realty Corp 8-K, filed Jul 30, 2026
Agree Realty Corp (ADC)
8-K
2026-07-30
For: 2026-07-30
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Added on
July 30, 2026
About this 8-K
Agree Realty Corp filed this 8-K on July 30, 2026.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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): July 30, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation)
| (Commission file number) | (I.R.S. Employer Identification No.) | ||||
| (Address of principal executive offices) | (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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Redeemable Preferred Stock, $0.0001 par value | ||||||||
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.
On July 30, 2026, Agree Realty Corporation (the “Company”) issued a press release describing its results of operations for the second quarter ended June 30, 2026, and posted an updated investor presentation and supplemental financial information, including additional financial and operating metrics to its website. The press release, investor presentation and supplemental financial information are furnished as Exhibits 99.1, 99.2 and 99.3, respectively, to this Current Report on Form 8-K (this “Report”).
The information furnished with this Item 2.02 (including Exhibits 99.1, 99.2 and 99.3 under Item 9.01 below) of this Report shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (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, as amended, 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 | ||||||||
| 99.2 | ||||||||
| 99.3 | ||||||||
| 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: July 30, 2026 | ||||||||
Exhibit 99.1
 | 32301 Woodward Ave. Royal Oak, MI 48073 www.agreerealty.com FOR IMMEDIATE RELEASE | ||||
Agree Realty Corporation Reports Second Quarter 2026 Results
Record Quarterly Investment Activity of $502 Million
Raises 2026 Investment Guidance to $1.6 Billion to $1.8 Billion
Increases 2026 AFFO Per Share Guidance to $4.57 to $4.59
Royal Oak, MI, July 30, 2026 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended June 30, 2026. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.
Second Quarter 2026 Financial and Operating Highlights:
•Invested a Company record of approximately $502 million in 102 retail net lease properties
•Commenced five development or Developer Funding Platform (“DFP”) projects for total committed capital of approximately $88 million
•Net Income per share attributable to common stockholders increased 2.2% to $0.44
•Core Funds from Operations (“Core FFO”) per share increased 7.5% to $1.13
•Adjusted Funds from Operations (“AFFO”) per share increased 7.4% to $1.14
•Declared a monthly dividend of $0.267 per common share for June, a 4.3% year-over-year increase
•Settled 4.3 million shares of outstanding forward equity for net proceeds of approximately $313 million
•Balance sheet well positioned at 3.7 times proforma net debt to recurring EBITDA; 5.2 times excluding unsettled forward equity
First Half 2026 Financial and Operating Highlights:
•Invested a Company record of approximately $925 million in 187 retail net lease properties
•20 development or DFP projects completed or under construction with anticipated total costs of approximately $200 million
•Net Income per share attributable to common stockholders increased 10.6% to $0.94
•Core FFO per share increased 7.8% to $2.25
•AFFO per share increased 7.7% to $2.28
•Declared dividends of $1.587 per share, a 3.9% year-over-year increase
•Raised approximately $686 million of forward equity via the Company's at-the-market equity ("ATM") program
•Ended the first half with approximately $1.9 billion of liquidity including availability on the revolving credit facility, outstanding forward equity, and cash on hand
Financial Results
Net Income Attributable to Common Stockholders
Net Income for the three months ended June 30, 2026 increased 11.5% to $52.8 million, compared to $47.3 million for the comparable period in 2025. Net Income per share for the three months ended June 30th increased 2.2% to $0.44, compared to $0.43 for the comparable period in 2025.
1
Net Income for the six months ended June 30, 2026 increased 22.2% to $113.0 million, compared to $92.5 million for the comparable period in 2025. Net Income per share for the six months ended June 30th increased 10.6% to $0.94, compared to $0.85 for the comparable period in 2025.
Core FFO
Core FFO for the three months ended June 30, 2026 increased 17.3% to $136.0 million, compared to $115.9 million for the comparable period in 2025. Core FFO per share for the three months ended June 30th increased 7.5% to $1.13, compared to $1.05 for the comparable period in 2025.
Core FFO for the six months ended June 30, 2026 increased 19.1% to $272.4 million, compared to $228.6 million for the comparable period in 2025. Core FFO per share for the six months ended June 30th increased 7.8% to $2.25, compared to $2.09 for the comparable period in 2025.
AFFO
AFFO for the three months ended June 30, 2026 increased 17.3% to $138.0 million, compared to $117.7 million for the comparable period in 2025. AFFO per share for the three months ended June 30th increased 7.4% to $1.14, compared to $1.06 for the comparable period in 2025.
AFFO for the six months ended June 30, 2026 increased 19.0% to $275.6 million, compared to $231.6 million for the comparable period in 2025. AFFO per share for the six months ended June 30th increased 7.7% to $2.28, compared to $2.12 for the comparable period in 2025.
Dividend
In the second quarter, the Company declared monthly cash dividends of $0.267 per common share for each of April, May and June 2026. The monthly dividends declared during the second quarter reflect an annualized dividend amount of $3.204 per common share, representing a 4.3% increase over the annualized dividend amount of $3.072 per common share from the second quarter of 2025. The dividends represent payout ratios of approximately 71% of Core FFO per share and 70% of AFFO per share, respectively.
For the six months ended June 30, 2026, the Company declared monthly cash dividends totaling $1.587 per common share, a 3.9% increase over the dividends of $1.527 per common share declared for the comparable period in 2025. The dividends represent payout ratios of approximately 70% of Core FFO per share and 70% of AFFO per share, respectively.
Subsequent to quarter end, the Company declared a monthly cash dividend of $0.267 per common share for July 2026. The July monthly dividend reflects an annualized dividend amount of $3.204 per common share, representing a 4.3% increase over the annualized dividend amount of $3.072 per common share from the second quarter of 2025. The July dividend is payable on August 14, 2026 to stockholders of record at the close of business on July 31, 2026.
Additionally, subsequent to quarter end, the Company declared a monthly cash dividend 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 dividend is payable on August 3, 2026 to stockholders of record at the close of business on July 24, 2026.
2
Earnings Guidance
The table below provides estimates for significant components of our 2026 earnings guidance.
Prior 2026 | Revised 2026 | |||||||||||||
Guidance | Guidance | |||||||||||||
AFFO per share(1)(2) | $4.54 to $4.58 | $4.57 to $4.59 | ||||||||||||
Investment volume | $1.4 to $1.6 billion | $1.6 to $1.8 billion | ||||||||||||
Disposition volume | $25 to $75 million | $50 to $100 million | ||||||||||||
General and administrative expenses (% of adjusted revenue)(3)(4) | 5.3% to 5.6% | 5.3% to 5.6% | ||||||||||||
Non-reimbursable real estate expenses (% of adjusted revenue)(3) | 1.0% to 1.5% | 1.0% to 1.5% | ||||||||||||
Income and other tax expense | $2 to $2.5 million | Approximately $2 million | ||||||||||||
Treasury stock method dilution(5) | $0.02 to $0.04 | $0.02 to $0.04 | ||||||||||||
The Company’s 2026 guidance is subject to risks and uncertainties more fully described in this press release and in the Company’s filings with the Securities and Exchange Commission (the “SEC”).
(1)The Company does not provide guidance with respect to the most directly comparable GAAP financial measure or provide reconciliations to GAAP from its forward-looking non-GAAP financial measure of AFFO per share guidance due to the inherent difficulty of forecasting the effect, timing and significance of certain amounts in the reconciliation that would be required by Item 10(e)(1)(i)(B) of Regulation S-K. Examples of these amounts include impairments of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions or developments. In addition, certain non-recurring items may also significantly affect net income but are generally adjusted for in AFFO. Based on our historical experience, the dollar amounts of these items could be significant and could have a material impact on the Company’s GAAP results for the guidance period.
(2)The Company's AFFO per share guidance utilizes the current forward SOFR curve to forecast interest expense related to any outstanding commercial paper notes and revolver borrowings during the year.
(3)Adjusted revenue equates to “Total Revenues” as presented in our consolidated statements of operations and comprehensive income, excluding the amortization of above and below market lease intangibles.
(4)Cash G&A expense is expected to be in a range of 3.7% to 4.0% of adjusted revenue. Cash G&A is defined as “General and administrative” expenses as presented in our consolidated statements of operations and comprehensive income, less stock-based compensation expense.
(5)Represents the estimated dilutive impact of the Company’s outstanding forward equity calculated in accordance with the treasury stock method, which is included in the AFFO per share guidance range.
CEO Comments
“We are very pleased with our record performance during the first half of the year, as we posted the most active investment quarter and first half in Company history," said Joey Agree, President and Chief Executive Officer. “With our portfolio continuing to perform exceptionally well, a fortress balance sheet backed by $1.9 billion of liquidity, and robust activity across all three of our external growth platforms, we are increasing full-year 2026 investment guidance to a range of $1.6 billion to $1.8 billion and raising 2026 AFFO per share guidance to a range of $4.57 to $4.59.”
Portfolio Update
As of June 30, 2026, the Company’s portfolio consisted of 2,825 properties located in all 50 states and the District of Columbia, comprised of approximately 59.6 million square feet of gross leasable area. At quarter end, the portfolio was approximately 99.8% leased, had a weighted-average lease term of approximately 7.7 years, and generated approximately 65.8% of annualized base rents from investment grade retail tenants.
3
Ground Lease Portfolio
During the second quarter, the Company acquired nine ground leases for an aggregate purchase price of approximately $66.6 million, representing 13.5% of annualized base rents acquired.
As of June 30, 2026, the Company’s ground lease portfolio consisted of 268 leases located in 39 states and the District of Columbia and totaled approximately 7.7 million square feet of gross leasable area. Properties ground leased to tenants represented 10.2% of annualized base rents.
At quarter end, the ground lease portfolio was fully occupied, had a weighted-average lease term of approximately 8.9 years, and generated 85.0% of annualized base rents from investment grade retail tenants.
Acquisitions
Total acquisition volume for the second quarter was approximately $451.5 million and included 82 properties net leased to leading retailers operating in sectors including auto parts, home improvement, grocery stores, farm and rural supply, and convenience stores. The properties are located in 32 states and the District of Columbia and leased to tenants operating in 23 sectors.
The properties were acquired at a weighted-average capitalization rate of 7.0% and had a weighted-average lease term of approximately 11.2 years. Approximately 73.2% of annualized base rents acquired were generated from investment grade retail tenants.
For the six months ended June 30, 2026, total acquisition volume was approximately $854.0 million. The 167 acquired properties are located in 38 states and the District of Columbia and leased to tenants who operate in 27 retail sectors. The properties were acquired at a weighted-average capitalization rate of 7.0% and had a weighted-average lease term of approximately 11.2 years. Approximately 66.6% of annualized base rents were generated from investment grade retail tenants.
Dispositions
During the second quarter, the Company sold 14 properties for gross proceeds of approximately $30.3 million. The dispositions were completed at a weighted-average capitalization rate of 7.1%.
During the six months ended June 30, 2026, the Company sold 21 properties for gross proceeds of approximately $40.9 million. The dispositions were completed at a weighted-average capitalization rate of 7.0%.
4
Development and Developer Funding Platform
During the second quarter, the Company commenced five development or DFP projects, with total anticipated costs of approximately $87.5 million. Construction continued during the quarter on 10 projects with anticipated costs totaling approximately $83.4 million. The Company completed one project during the quarter with total costs of approximately $6.5 million.
For the six months ended June 30, 2026, the Company had 20 development or DFP projects completed or under construction with anticipated total costs of approximately $199.9 million. The projects are leased to leading retailers including 7-Eleven, TJX Companies, Burlington, Boot Barn, Gerber Collision, Starbucks, and Sunbelt Rentals.
The following table presents estimated costs for the Company's active or completed development and DFP projects for the six months ended June 30, 2026:
Anticipated | ||||||||||||||||||||||||||
Anticipated | Number of | Costs Funded | Remaining | Total Project | ||||||||||||||||||||||
Quarter of Delivery | Projects | to Date | Funding Costs | Costs | ||||||||||||||||||||||
| Q1 2026 | 4 | $ | 22,534 | $ | — | $ | 22,534 | |||||||||||||||||||
| Q2 2026 | 1 | 6,478 | — | 6,478 | ||||||||||||||||||||||
| Q3 2026 | 8 | 71,801 | 19,822 | 91,623 | ||||||||||||||||||||||
| Q4 2026 | 2 | 4,458 | 6,729 | 11,187 | ||||||||||||||||||||||
| Q1 2027 | 3 | 10,146 | 19,870 | 30,016 | ||||||||||||||||||||||
| Q2 2027 | 2 | 8,166 | 29,937 | 38,103 | ||||||||||||||||||||||
Total | 20 | $ | 123,583 | $ | 76,358 | $ | 199,941 | |||||||||||||||||||
Development and DFP project costs are in thousands; any differences are the result of rounding. Costs Funded to Date may include adjustments related to completed projects to arrive at the correct Anticipated Total Project Costs.
5
Leasing Activity and Expirations
During the second quarter, the Company executed new leases, extensions or options on approximately 763,000 square feet of gross leasable area throughout the existing portfolio. Notable new leases, extensions or options included a 130,000-square foot Sam's Club in Timonium, Maryland and a 150,000-square foot Walmart Supercenter in Perry, Georgia.
For the six months ended June 30, 2026, the Company executed new leases, extensions or options on approximately 1.6 million square feet of gross leasable area throughout the existing portfolio.
As of June 30, 2026, the Company’s 2026 lease maturities represented 0.4% of annualized base rents. The following table presents contractual lease expirations within the Company’s portfolio as of June 30, 2026, assuming no tenants exercise renewal options:
Annualized Base Rent(1) | Gross Leasable Area | |||||||||||||||||||||||||||||||
| Year | Number of Leases | Dollars | % of Total | Square Feet | % of Total | |||||||||||||||||||||||||||
| 2026 | 18 | $ | 3,166 | 0.4 | % | 226 | 0.4 | % | ||||||||||||||||||||||||
| 2027 | 139 | 29,872 | 3.8 | % | 2,843 | 4.8 | % | |||||||||||||||||||||||||
| 2028 | 181 | 47,587 | 6.0 | % | 4,371 | 7.3 | % | |||||||||||||||||||||||||
| 2029 | 231 | 70,503 | 8.9 | % | 6,582 | 11.1 | % | |||||||||||||||||||||||||
| 2030 | 344 | 75,593 | 9.5 | % | 6,287 | 10.6 | % | |||||||||||||||||||||||||
| 2031 | 284 | 72,704 | 9.1 | % | 5,803 | 9.7 | % | |||||||||||||||||||||||||
| 2032 | 281 | 62,401 | 7.8 | % | 4,444 | 7.5 | % | |||||||||||||||||||||||||
| 2033 | 238 | 54,707 | 6.9 | % | 4,143 | 7.0 | % | |||||||||||||||||||||||||
| 2034 | 246 | 56,581 | 7.1 | % | 3,899 | 6.5 | % | |||||||||||||||||||||||||
| 2035 | 234 | 63,109 | 7.9 | % | 4,333 | 7.3 | % | |||||||||||||||||||||||||
| Thereafter | 876 | 259,468 | 32.6 | % | 16,504 | 27.8 | % | |||||||||||||||||||||||||
Total Portfolio | 3,072 | $ | 795,691 | 100.0 | % | 59,435 | 100.0 | % | ||||||||||||||||||||||||
The contractual lease expirations presented above exclude the effect of replacement tenant leases that had been executed as of June 30, 2026, but that had not yet commenced. Annualized Base Rent and Gross Leasable Area (square feet) are in thousands; any differences are the result of rounding.
(1)Refer to the Glossary for the Company's definition of Annualized Base Rent.
6
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 June 30, 2026:
| Annualized | Percent of | |||||||||||||
| Tenant | Base Rent(1) | Annualized Base Rent | ||||||||||||
| Walmart | $ | 45,862 | 5.8 | % | ||||||||||
| Tractor Supply | 37,728 | 4.7 | % | |||||||||||
| Dollar General | 29,112 | 3.7 | % | |||||||||||
| Hobby Lobby | 26,772 | 3.4 | % | |||||||||||
| O'Reilly Auto Parts | 23,843 | 3.0 | % | |||||||||||
| TJX Companies | 23,389 | 2.9 | % | |||||||||||
| CVS | 22,826 | 2.9 | % | |||||||||||
| Best Buy | 22,133 | 2.8 | % | |||||||||||
| Kroger | 21,645 | 2.7 | % | |||||||||||
| Gerber Collision | 21,376 | 2.7 | % | |||||||||||
| Lowe's | 20,960 | 2.6 | % | |||||||||||
| 7-Eleven | 19,698 | 2.5 | % | |||||||||||
| Sunbelt Rentals | 18,976 | 2.4 | % | |||||||||||
| Sherwin-Williams | 17,204 | 2.2 | % | |||||||||||
| Burlington | 15,765 | 2.0 | % | |||||||||||
| Home Depot | 15,553 | 2.0 | % | |||||||||||
| Dollar Tree | 13,888 | 1.7 | % | |||||||||||
| BP | 13,527 | 1.7 | % | |||||||||||
| Wawa | 13,252 | 1.7 | % | |||||||||||
| Genuine Parts Company (NAPA Auto Parts) | 12,172 | 1.5 | % | |||||||||||
Other(2) | 360,010 | 45.1 | % | |||||||||||
| Total Portfolio | $ | 795,691 | 100.0 | % | ||||||||||
Annualized Base Rent is in thousands; any differences are the result of rounding.
(1) Refer to the Glossary for the Company's definition of Annualized Base Rent.
(2) Includes tenants generating less than 1.5% of Annualized Base Rent.
7
Retail Sectors
The following table presents annualized base rents for all the Company’s retail sectors as of June 30, 2026:
| Annualized | Percent of | |||||||||||||
| Sector | Base Rent(1) | Annualized Base Rent | ||||||||||||
| Grocery Stores | $ | 80,336 | 10.1 | % | ||||||||||
| Home Improvement | 71,808 | 9.0 | % | |||||||||||
| Convenience Stores | 66,221 | 8.3 | % | |||||||||||
| Tire & Auto Service | 59,200 | 7.4 | % | |||||||||||
| Auto Parts | 51,494 | 6.5 | % | |||||||||||
| Dollar Stores | 49,416 | 6.2 | % | |||||||||||
| Off-Price Retail | 45,945 | 5.8 | % | |||||||||||
| Farm And Rural Supply | 39,537 | 5.0 | % | |||||||||||
| General Merchandise | 38,397 | 4.8 | % | |||||||||||
| Crafts And Novelties | 29,331 | 3.7 | % | |||||||||||
| Pharmacy | 27,367 | 3.4 | % | |||||||||||
| Consumer Electronics | 26,739 | 3.4 | % | |||||||||||
| Discount Stores | 23,531 | 3.0 | % | |||||||||||
| Health Services | 20,201 | 2.5 | % | |||||||||||
| Equipment Rental | 20,032 | 2.5 | % | |||||||||||
| Health & Fitness | 18,505 | 2.3 | % | |||||||||||
| Warehouse Clubs | 18,379 | 2.3 | % | |||||||||||
| Restaurants - Quick Service | 17,133 | 2.2 | % | |||||||||||
| Dealerships | 16,470 | 2.1 | % | |||||||||||
| Sporting Goods | 15,113 | 1.9 | % | |||||||||||
| Financial Services | 11,244 | 1.4 | % | |||||||||||
| Specialty Retail | 9,721 | 1.2 | % | |||||||||||
| Restaurants - Casual Dining | 7,386 | 0.9 | % | |||||||||||
| Shoes | 6,862 | 0.9 | % | |||||||||||
| Home Furnishings | 5,212 | 0.7 | % | |||||||||||
| Pet Supplies | 4,813 | 0.6 | % | |||||||||||
| Beauty And Cosmetics | 4,290 | 0.5 | % | |||||||||||
| Theaters | 3,976 | 0.5 | % | |||||||||||
| Entertainment Retail | 2,729 | 0.3 | % | |||||||||||
| Apparel | 2,403 | 0.3 | % | |||||||||||
| Miscellaneous | 1,272 | 0.2 | % | |||||||||||
| Office Supplies | 628 | 0.1 | % | |||||||||||
| Total Portfolio | $ | 795,691 | 100.0 | % | ||||||||||
Annualized Base Rent is in thousands; any differences are the result of rounding.
(1) Refer to the Glossary for the Company's definition of Annualized Base Rent.
8
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 June 30, 2026:
| Annualized | Percent of | |||||||||||||
| State | Base Rent(1) | Annualized Base Rent | ||||||||||||
| Texas | $ | 56,127 | 7.1 | % | ||||||||||
| Illinois | 46,548 | 5.8 | % | |||||||||||
| Ohio | 41,654 | 5.2 | % | |||||||||||
| Michigan | 38,951 | 4.9 | % | |||||||||||
| New York | 38,240 | 4.8 | % | |||||||||||
| Pennsylvania | 38,206 | 4.8 | % | |||||||||||
| Florida | 37,927 | 4.8 | % | |||||||||||
| North Carolina | 36,827 | 4.6 | % | |||||||||||
| California | 33,461 | 4.2 | % | |||||||||||
| Georgia | 31,061 | 3.9 | % | |||||||||||
| New Jersey | 26,674 | 3.4 | % | |||||||||||
| Wisconsin | 24,549 | 3.1 | % | |||||||||||
| Missouri | 22,915 | 2.9 | % | |||||||||||
| Louisiana | 21,227 | 2.7 | % | |||||||||||
| Virginia | 19,521 | 2.5 | % | |||||||||||
| South Carolina | 19,122 | 2.4 | % | |||||||||||
| Mississippi | 18,904 | 2.4 | % | |||||||||||
| Minnesota | 17,822 | 2.2 | % | |||||||||||
| Kansas | 16,979 | 2.1 | % | |||||||||||
| Alabama | 15,744 | 2.0 | % | |||||||||||
| Indiana | 15,470 | 1.9 | % | |||||||||||
| Tennessee | 15,356 | 1.9 | % | |||||||||||
| Connecticut | 15,127 | 1.9 | % | |||||||||||
| Massachusetts | 13,607 | 1.7 | % | |||||||||||
| Oklahoma | 12,742 | 1.6 | % | |||||||||||
Other(2) | 120,930 | 15.2 | % | |||||||||||
| Total Portfolio | $ | 795,691 | 100.0 | % | ||||||||||
Annualized Base Rent is in thousands; any differences are the result of rounding.
(1) Refer to the Glossary for the Company's definition of Annualized Base Rent.
(2) Includes states generating less than 1.5% of Annualized Base Rent.
9
Capital Markets, Liquidity and Balance Sheet
Capital Markets
In June 2026, the Company drew the remaining $100.0 million under its $350.0 million unsecured term loan that matures in May 2031 (the “2031 Unsecured Term Loan”). Including the impact of forward starting swaps, the all-in interest rate on the 2031 Unsecured Term Loan is fixed at 4.02% until maturity.
During the second quarter, the Company entered into forward sale agreements in connection with its ATM program to sell an aggregate of 0.4 million shares of common stock for anticipated net proceeds of $31.1 million. Additionally, the Company settled 4.3 million shares under existing forward sale agreements for net proceeds of $313.3 million.
The following table presents the Company’s outstanding forward equity offerings as of June 30, 2026:
Anticipated Net | ||||||||||||||||||||||||||||||||
Forward Equity | Shares | Shares | Shares | Net Proceeds | Proceeds | |||||||||||||||||||||||||||
Offerings | Sold | Settled | Remaining | Received | Remaining | |||||||||||||||||||||||||||
| Q1 2025 ATM Forward Offerings | 2,408,201 | 684,035 | 1,724,166 | $ | 50,281,087 | $ | 129,370,210 | |||||||||||||||||||||||||
| Q2 2025 ATM Forward Offerings | 362,021 | 39,070 | 322,951 | 2,876,494 | 24,232,144 | |||||||||||||||||||||||||||
| April 2025 Forward Offering | 5,175,000 | 1,500,000 | 3,675,000 | 111,455,700 | 272,085,608 | |||||||||||||||||||||||||||
| Q1 2026 ATM Forward Offerings | 8,738,029 | 375,189 | 8,362,840 | 26,897,562 | 628,191,257 | |||||||||||||||||||||||||||
| Q2 2026 ATM Forward Offerings | 399,886 | — | 399,886 | — | 31,104,253 | |||||||||||||||||||||||||||
| Total Forward Equity Offerings | 17,083,137 | 2,598,294 | 14,484,843 | $ | 191,510,843 | $ | 1,084,983,472 | |||||||||||||||||||||||||
Liquidity
As of June 30, 2026, the Company had total liquidity of approximately $1.9 billion, which includes $753.0 million of availability under its revolving credit facility after adjusting for outstanding commercial paper notes, $1.1 billion of outstanding forward equity, and $21.2 million of cash on hand. The Company’s $1.25 billion revolving credit facility includes an accordion option that allows the Company to request additional lender commitments of up to a total of $2.0 billion.
Balance Sheet
As of June 30, 2026, the Company’s net debt to recurring EBITDA was 5.2 times. The Company’s proforma net debt to recurring EBITDA was 3.7 times when deducting the $1.1 billion of anticipated net proceeds from the outstanding forward equity offerings from the Company’s net debt of approximately $3.8 billion as of June 30, 2026. The Company’s fixed charge coverage ratio was 4.1 times at quarter end. The Company’s net debt to enterprise value was 28.5% as of June 30, 2026.
For the three and six months ended June 30, 2026, the Company's fully diluted weighted-average shares outstanding were 120.5 million and 120.4 million, respectively. The basic weighted-average shares outstanding for the three and six months ended June 30, 2026 were 120.0 million and 119.9 million, respectively.
For the three and six months ended June 30, 2026, the Company's fully diluted weighted-average shares and units outstanding were 120.8 million and 120.8 million, respectively. The basic weighted-average shares and units outstanding for the three and six months ended June 30, 2026 were 120.3 million and 120.3 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 June 30, 2026, there were 347,619 Operating Partnership common units outstanding, and the Company held a 99.7% common interest in the Operating Partnership.
10
Conference Call/Webcast
The Company will host its quarterly analyst and investor conference call on Friday, July 31, 2026 at 10:00 AM ET. To participate in the conference call, please dial (833) 461-5787 approximately ten minutes before the call begins.
Additionally, a webcast of the conference call will be available via the Company’s website. To access the webcast, visit www.agreerealty.com five minutes prior to the start 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 June 30, 2026, the Company owned and operated a portfolio of 2,825 properties, located in all 50 states and the District of Columbia, comprised of approximately 59.6 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 release 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 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, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” “may,” “will,” “seek,” “could,” “project” or other similar words or expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could materially affect the Company’s results of operations, financial condition, cash flows, performance or future achievements or events. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, the factors included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, including those set forth under the headings “Business,” “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and subsequent quarterly reports filed with the SEC. The forward-looking statements included in this press release are made as of the date hereof. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, changes in the Company’s expectations or assumptions 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 Investor Relations section of the Company’s website at www.agreerealty.com.
Glossary
AFFO Payout Ratio is calculated as common dividends per share divided by AFFO per share for the same period. The Company believes this measure is a useful supplemental indicator of dividend coverage and the sustainability of its dividend policy. This measure is not a substitute for measures prepared in accordance with GAAP, and the Company’s calculation may differ from similarly titled measures used by other companies.
Annualized Base Rent (“ABR”) represents the annualized amount of contractual minimum rent required by tenant lease agreements as of June 30, 2026, computed on a straight-line basis. Annualized Base Rent 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, investors, and other interested parties in analyzing concentrations and leasing activity.
11
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 the conversion of Agree Limited Partnership common units into common stock.
Fixed Charge Coverage Ratio is calculated as Trailing Twelve Month (“TTM”) Fixed Charge EBITDA divided by TTM Fixed Charges. TTM Fixed Charge EBITDA represents TTM EBITDA adjusted for straight-line rent and capital expenditure adjustments, and TTM Fixed Charges consist of interest expense, preferred share dividend payments, and scheduled principal payments. The Company believes this measure is a useful supplemental indicator of its ability to service fixed financial obligations, though it is not a substitute for measures prepared in accordance with GAAP and may not be comparable to similarly titled measures used by other companies.
Investment Grade (“IG”) refers to ABR derived from tenants, or parent or subsidiary entities thereof, that have an investment grade credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings, or the National Association of Insurance Commissioners (“NAIC”).
Net Debt to Enterprise Value represents the ratio of the Company’s net debt to its Enterprise Value and is used to evaluate the Company’s capital structure and balance sheet leverage.
Occupancy equals the sum of leased square feet divided by gross leasable area. Excludes properties under redevelopment.
Weighted-Average Capitalization Rate for acquisitions and dispositions, it is defined as the sum of contractual fixed annual rents computed on a straight-line basis over the primary lease terms and anticipated annual net tenant recoveries, divided by the purchase and sale prices for occupied properties.
Weighted-Average Lease Term (“WALT”) represents the remaining contractual lease term of in‑place leases, weighted by ABR, and excludes vacant properties and lease extension options.
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 “Core Funds From Operations – Operating Partnership Common Unitholders” and “Adjusted Funds from Operations – Operating Partnership Common Unitholders”.
###
Contact:
Peter Coughenour
Chief Financial Officer
Agree Realty Corporation
(248) 737-4190
12
AGREE REALTY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per-share data)
(Unaudited)
| June 30, | December 31, | |||||||||||||
| 2026 | 2025 | |||||||||||||
| ASSETS | ||||||||||||||
| Real estate investments | ||||||||||||||
| Land | $ | 3,154,294 | $ | 2,895,495 | ||||||||||
| Buildings | 6,797,679 | 6,330,249 | ||||||||||||
| Less accumulated depreciation | (800,875) | (715,733) | ||||||||||||
| 9,151,098 | 8,510,011 | |||||||||||||
| Property under development | 92,834 | 62,690 | ||||||||||||
| Net real estate investments | 9,243,932 | 8,572,701 | ||||||||||||
| Real estate held for sale, net | 9,320 | — | ||||||||||||
| Cash and cash equivalents | 12,518 | 16,295 | ||||||||||||
| Cash held in escrow | 8,672 | 4,327 | ||||||||||||
| Accounts receivable - tenants, net | 131,211 | 122,477 | ||||||||||||
Lease intangibles, net of accumulated amortization of $641,429 and $576,945 at June 30, 2026 and December 31, 2025, respectively | 1,079,428 | 1,000,967 | ||||||||||||
| Other assets, net | 101,748 | 80,845 | ||||||||||||
| Total Assets | $ | 10,586,829 | $ | 9,797,612 | ||||||||||
| LIABILITIES | ||||||||||||||
| Mortgage notes payable, net | $ | 41,190 | $ | 41,546 | ||||||||||
| Unsecured term loans, net | 696,277 | 348,074 | ||||||||||||
| Senior unsecured notes, net | 2,586,556 | 2,584,608 | ||||||||||||
| Unsecured revolving credit facility and commercial paper notes | 497,000 | 320,500 | ||||||||||||
| Dividends and distributions payable | 33,922 | 32,158 | ||||||||||||
| Accounts payable, accrued expenses, and other liabilities | 141,213 | 139,384 | ||||||||||||
Lease intangibles, net of accumulated amortization of $52,929 and $49,797 at June 30, 2026 and December 31, 2025, respectively | 70,540 | 60,189 | ||||||||||||
| Total Liabilities | $ | 4,066,698 | $ | 3,526,459 | ||||||||||
| EQUITY | ||||||||||||||
| Preferred stock, $0.0001 par value per share, 4,000,000 shares authorized, 7,000 shares Series A outstanding, at stated liquidation value of $25,000 per share, at June 30, 2026 and December 31, 2025 | 175,000 | 175,000 | ||||||||||||
Common stock, $0.0001 par value, 360,000,000 shares authorized, 124,381,214 and 120,028,406 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 12 | 12 | ||||||||||||
| Additional paid-in-capital | 6,993,255 | 6,679,142 | ||||||||||||
| Dividends in excess of net income | (697,985) | (618,675) | ||||||||||||
| Accumulated other comprehensive income | 49,854 | 35,506 | ||||||||||||
| Total equity - Agree Realty Corporation | 6,520,136 | 6,270,985 | ||||||||||||
| Non-controlling interest | (5) | 168 | ||||||||||||
| Total Equity | 6,520,131 | 6,271,153 | ||||||||||||
| Total Liabilities and Equity | $ | 10,586,829 | $ | 9,797,612 | ||||||||||
13
AGREE REALTY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(In thousands, except share and per-share data)
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||
| Rental income | $ | 204,981 | $ | 175,397 | $ | 405,657 | $ | 344,510 | ||||||||||||||||||
| Other | 119 | 130 | 250 | 177 | ||||||||||||||||||||||
| Total Revenues | 205,100 | 175,527 | 405,907 | 344,687 | ||||||||||||||||||||||
| Operating Expenses | ||||||||||||||||||||||||||
| Real estate taxes | 15,257 | 12,833 | 29,970 | 24,346 | ||||||||||||||||||||||
| Property operating expenses | 9,507 | 8,416 | 19,143 | 16,797 | ||||||||||||||||||||||
| Land lease expense | 598 | 550 | 1,153 | 1,036 | ||||||||||||||||||||||
| General and administrative | 11,958 | 11,332 | 23,435 | 22,104 | ||||||||||||||||||||||
| Depreciation and amortization | 69,094 | 58,939 | 135,793 | 114,693 | ||||||||||||||||||||||
| Provision for impairment | 5,900 | 2,961 | 7,300 | 7,292 | ||||||||||||||||||||||
| Total Operating Expenses | 112,314 | 95,031 | 216,794 | 186,268 | ||||||||||||||||||||||
Gain on sale of assets, net | 2,014 | 1,510 | 3,711 | 2,282 | ||||||||||||||||||||||
| Gain on involuntary conversion, net | 512 | — | 1,039 | — | ||||||||||||||||||||||
| Income from Operations | 95,312 | 82,006 | 193,863 | 160,701 | ||||||||||||||||||||||
| Other (Expense) Income | ||||||||||||||||||||||||||
| Interest expense, net | (40,278) | (32,274) | (76,248) | (63,037) | ||||||||||||||||||||||
| Income and other tax expense | (375) | (425) | (875) | (1,250) | ||||||||||||||||||||||
| Other income | 150 | 46 | 300 | 87 | ||||||||||||||||||||||
| Net Income | 54,809 | 49,353 | 117,040 | 96,501 | ||||||||||||||||||||||
| Less net income attributable to non-controlling interest | 156 | 155 | 336 | 307 | ||||||||||||||||||||||
| Net income attributable to Agree Realty Corporation | 54,653 | 49,198 | 116,704 | 96,194 | ||||||||||||||||||||||
| Less Series A preferred stock dividends | 1,859 | 1,859 | 3,718 | 3,718 | ||||||||||||||||||||||
| Net Income Attributable to Common Stockholders | $ | 52,794 | $ | 47,339 | $ | 112,986 | $ | 92,476 | ||||||||||||||||||
| Net Income Per Share Attributable to Common Stockholders | ||||||||||||||||||||||||||
| Basic | $ | 0.44 | $ | 0.43 | $ | 0.94 | $ | 0.85 | ||||||||||||||||||
| Diluted | $ | 0.44 | $ | 0.43 | $ | 0.94 | $ | 0.85 | ||||||||||||||||||
| Other Comprehensive Income | ||||||||||||||||||||||||||
| Net income | $ | 54,809 | $ | 49,353 | $ | 117,040 | $ | 96,501 | ||||||||||||||||||
| Amortization of interest rate swaps | (1,076) | (880) | (2,150) | (1,616) | ||||||||||||||||||||||
| Change in fair value and settlement of interest rate swaps | 10,315 | 3,435 | 16,540 | (6,596) | ||||||||||||||||||||||
| Total comprehensive income | 64,048 | 51,908 | 131,430 | 88,289 | ||||||||||||||||||||||
| Less comprehensive income attributable to non-controlling interest | $ | 183 | $ | 163 | $ | 378 | $ | 280 | ||||||||||||||||||
| Comprehensive Income Attributable to Agree Realty Corporation | $ | 63,865 | $ | 51,745 | $ | 131,052 | $ | 88,009 | ||||||||||||||||||
| Weighted Average Number of Common Shares Outstanding - Basic | 119,996,944 | 109,758,046 | 119,924,725 | 108,419,011 | ||||||||||||||||||||||
| Weighted Average Number of Common Shares Outstanding - Diluted | 120,487,256 | 110,377,221 | 120,449,139 | 108,996,422 | ||||||||||||||||||||||
14
AGREE REALTY CORPORATION
RECONCILIATION OF NET INCOME TO FFO, CORE FFO, AND AFFO
(In thousands, except share and per-share data)
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||||||||||||||||||||||
Reconciliation from Net Income to Funds from Operations | ||||||||||||||||||||||||||
Net income | $ | 54,809 | $ | 49,353 | $ | 117,040 | $ | 96,501 | ||||||||||||||||||
Less Series A preferred stock dividends | 1,859 | 1,859 | 3,718 | 3,718 | ||||||||||||||||||||||
Net income attributable to Operating Partnership common unitholders | $ | 52,950 | $ | 47,494 | $ | 113,322 | $ | 92,783 | ||||||||||||||||||
Depreciation of rental real estate assets | 46,210 | 38,698 | 90,534 | 75,861 | ||||||||||||||||||||||
Amortization of lease intangibles - in-place leases and leasing costs | 22,188 | 19,679 | 43,896 | 37,743 | ||||||||||||||||||||||
Provision for impairment | 5,900 | 2,961 | 7,300 | 7,292 | ||||||||||||||||||||||
Gain on sale or involuntary conversion of assets, net | (2,526) | (1,510) | (4,750) | (2,282) | ||||||||||||||||||||||
Funds from Operations - Operating Partnership common unitholders | $ | 124,722 | $ | 107,322 | $ | 250,302 | $ | 211,397 | ||||||||||||||||||
Amortization of above (below) market lease intangibles, net and assumed mortgage debt discount, net | 11,317 | 8,620 | 22,079 | 17,250 | ||||||||||||||||||||||
Core Funds from Operations - Operating Partnership common unitholders | $ | 136,039 | $ | 115,942 | $ | 272,381 | $ | 228,647 | ||||||||||||||||||
Straight-line accrued rent | (4,583) | (3,789) | (9,525) | (7,798) | ||||||||||||||||||||||
Stock-based compensation expense | 3,775 | 3,259 | 7,309 | 6,388 | ||||||||||||||||||||||
Amortization of financing costs and original issue discounts | 2,056 | 1,703 | 4,060 | 3,315 | ||||||||||||||||||||||
Non-real estate depreciation | 696 | 562 | 1,363 | 1,089 | ||||||||||||||||||||||
Adjusted Funds from Operations - Operating Partnership common unitholders | $ | 137,983 | $ | 117,677 | $ | 275,588 | $ | 231,641 | ||||||||||||||||||
Funds from Operations per common share and partnership unit - diluted | $ | 1.03 | $ | 0.97 | $ | 2.07 | $ | 1.93 | ||||||||||||||||||
Core Funds from Operations per common share and partnership unit - diluted | $ | 1.13 | $ | 1.05 | $ | 2.25 | $ | 2.09 | ||||||||||||||||||
Adjusted Funds from Operations per common share and partnership unit - diluted | $ | 1.14 | $ | 1.06 | $ | 2.28 | $ | 2.12 | ||||||||||||||||||
Weighted average shares and Operating Partnership common units outstanding | ||||||||||||||||||||||||||
Basic | 120,344,563 | 110,105,665 | 120,272,344 | 108,766,630 | ||||||||||||||||||||||
Diluted | 120,834,875 | 110,724,840 | 120,796,758 | 109,344,041 | ||||||||||||||||||||||
Additional supplemental disclosure | ||||||||||||||||||||||||||
Scheduled principal repayments | $ | 271 | $ | 254 | $ | 537 | $ | 505 | ||||||||||||||||||
Capitalized interest | $ | 672 | $ | 497 | $ | 1,148 | $ | 939 | ||||||||||||||||||
Capitalized building improvements | $ | 4,853 | $ | 2,762 | $ | 5,450 | $ | 3,362 | ||||||||||||||||||
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.
15
AGREE REALTY CORPORATION
RECONCILIATION OF PROFORMA NET DEBT TO RECURRING EBITDA
(In thousands, except share and per-share data)
(Unaudited)
Three Months Ended | ||||||||
| June 30, 2026 | ||||||||
Mortgage notes payable, net | $ | 41,190 | ||||||
Unsecured term loans, net | 696,277 | |||||||
Senior unsecured notes, net | 2,586,556 | |||||||
Unsecured revolving credit facility and commercial paper notes | 497,000 | |||||||
Total Debt per the Consolidated Balance Sheet | $ | 3,821,023 | ||||||
Unamortized debt issuance costs and discounts, net | 28,318 | |||||||
Total Debt | $ | 3,849,341 | ||||||
Cash and cash equivalents | $ | (12,518) | ||||||
Cash held in escrows | (8,672) | |||||||
Net Debt | $ | 3,828,151 | ||||||
Anticipated Net Proceeds from Forward Equity Offerings | (1,084,983) | |||||||
Proforma Net Debt | $ | 2,743,168 | ||||||
Net Income | $ | 54,809 | ||||||
Interest expense, net | 40,278 | |||||||
Income and other tax expense | 375 | |||||||
Depreciation of rental real estate assets | 46,210 | |||||||
Amortization of lease intangibles - in-place leases and leasing costs | 22,188 | |||||||
Non-real estate depreciation | 696 | |||||||
Provision for Impairment | 5,900 | |||||||
(Gain) loss on sale or involuntary conversion of assets, net | (2,526) | |||||||
EBITDAre | $ | 167,930 | ||||||
Run-Rate Impact of Investment, Disposition and Leasing Activity | 4,867 | |||||||
Amortization of above (below) market lease intangibles, net | 11,233 | |||||||
Recurring EBITDA | $ | 184,030 | ||||||
Annualized Recurring EBITDA | $ | 736,120 | ||||||
Total Debt per the Consolidated Balance Sheet to Annualized Net Income | 17.4 | x | ||||||
Net Debt to Recurring EBITDA | 5.2 | x | ||||||
Proforma Net Debt to Recurring EBITDA | 3.7 | x | ||||||
Financial Measures
Total Debt and Net Debt
The Company defines Total Debt as debt per the consolidated balance sheet excluding unamortized debt issuance costs, original issue discounts and debt discounts. Net Debt is defined as Total Debt less cash, cash equivalents and cash held in escrows. The Company considers the non-GAAP measures of Total Debt and Net Debt to be key supplemental measures of the Company's overall liquidity, capital structure and leverage because they provide industry analysts, lenders and investors useful information in understanding our financial condition. The Company's calculation of Total Debt and Net Debt may not be comparable to Total Debt and Net Debt reported by other REITs that interpret the definitions differently than the Company. The Company presents Net Debt on both an actual and proforma basis, assuming the net proceeds of the Forward Equity Offerings (see below) are used to pay down debt. The Company believes the proforma measure may be useful to investors in understanding the potential effect of the Forward Equity Offerings on the Company's capital structure, its future borrowing capacity, and its ability to service its debt.
The Company defines Total Debt as debt per the consolidated balance sheet excluding unamortized debt issuance costs, original issue discounts and debt discounts. Net Debt is defined as Total Debt less cash, cash equivalents and cash held in escrows. The Company considers the non-GAAP measures of Total Debt and Net Debt to be key supplemental measures of the Company's overall liquidity, capital structure and leverage because they provide industry analysts, lenders and investors useful information in understanding our financial condition. The Company's calculation of Total Debt and Net Debt may not be comparable to Total Debt and Net Debt reported by other REITs that interpret the definitions differently than the Company. The Company presents Net Debt on both an actual and proforma basis, assuming the net proceeds of the Forward Equity Offerings (see below) are used to pay down debt. The Company believes the proforma measure may be useful to investors in understanding the potential effect of the Forward Equity Offerings on the Company's capital structure, its future borrowing capacity, and its ability to service its debt.
Forward Equity Offerings
The Company has 14,484,843 shares remaining to be settled under the Forward Equity Offerings. Upon settlement, the offerings are anticipated to raise net proceeds of approximately $1.1 billion based on the applicable forward sale price as of June 30, 2026. The applicable forward sale price varies depending on the offering. The Company is contractually obligated to settle the offerings by certain dates between October 2026 and April 2028.
EBITDAre
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 impairment charges on depreciable real estate assets, and after adjustments for unconsolidated partnerships and joint ventures. The Company considers 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 Recurring EBITDA 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 Recurring EBITDA a key supplemental measure of the Company's operating performance because it represents the Company's earnings run rate for the period presented and because it is widely followed by industry analysts, lenders and investors. Our Recurring EBITDA may not be comparable to Recurring EBITDA reported by other companies that have a different interpretation of the definition of Recurring EBITDA. Our ratio 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 Recurring EBITDA is calculated by taking annualized Recurring EBITDA and dividing it by our net debt per the consolidated balance sheet.
Annualized Net Income
Represents net income for the three months ended June 30, 2026, on an annualized basis.
16
AGREE REALTY CORPORATION
RENTAL INCOME
(In thousands, except share and per-share data)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||||||||||||||||||||||
Rental Income Source(1) | ||||||||||||||||||||||||||
Minimum rents(2) | $ | 188,747 | $ | 160,205 | $ | 370,181 | $ | 314,211 | ||||||||||||||||||
Percentage rents(2) | 170 | 557 | 2,563 | 2,113 | ||||||||||||||||||||||
Operating cost reimbursement(2) | 22,714 | 19,383 | 45,300 | 37,471 | ||||||||||||||||||||||
Straight-line rental adjustments(3) | 4,583 | 3,789 | 9,525 | 7,798 | ||||||||||||||||||||||
Amortization of (above) below market lease intangibles(4) | (11,233) | (8,537) | (21,912) | (17,083) | ||||||||||||||||||||||
Total Rental Income | $ | 204,981 | $ | 175,397 | $ | 405,657 | $ | 344,510 | ||||||||||||||||||
(1)The Company adopted Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 842 “Leases” using the modified retrospective approach as of January 1, 2019. The Company adopted the practical expedient in FASB ASC 842 that alleviates the requirement to separately present lease and non-lease components of lease contracts. As a result, all income earned pursuant to tenant leases is reflected as one line, “Rental Income,” in the consolidated statement of operations. The purpose of this table is to provide additional supplementary detail of Rental Income.
(2)Represents contractual rentals and/or reimbursements as required by tenant lease agreements, recognized on an accrual basis of accounting. The Company believes that the presentation of contractual lease income is not, and is not intended to be, a presentation in accordance with GAAP. The Company believes this information is frequently used by management, investors, analysts and other interested parties to evaluate the Company’s performance.
(3)Represents adjustments to recognize minimum rents on a straight-line basis, consistent with the requirements of FASB ASC 842.
(4)In allocating the fair value of an acquired property, above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition and the Company's estimate of current market lease rates for the property.
17
Q 2 2 0 2 6
2© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Agree Realty Overview (NYSE: ADC) OUR COMPANY NET LEASE REIT FOCUSED ON THE ACQUISITION & DEVELOPMENT OF HIGH-QUALITY RETAIL PROPERTIES Founded in 1971 by Executive Chairman, Richard Agree Public on the NYSE since 1994 $13.5 billion(1) retail net lease REIT headquartered in Royal Oak, Michigan 2,825 retail properties totaling 59.6 million square feet in all 50 states and the District of Columbia Investment grade issuer ratings of A- from Fitch, Baa1 from Moody’s, and BBB+ from S&P RETHINK 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 A s o f J u n e 3 0, 2 02 6. ( 1) S e e G lo ss a ry b e g in n in g o n p a g e 4 1 fo r t h e d e fin iti o n o f E n te rp ris e V a lu e .
3© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. consistency noun steadfast adherence to the same principles, course, or form [ kuh n-sis-tuh n-see ]
4© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. As of June 30, 2026, unless otherwise noted. (1) Reflects revised full-year 2026 guidance provided by the Company on July 30, 2026. (2) Reflects total capital committed for the 20 projects. (3) See Glossary beginning on page 41 for the definition of Investment Grade. (4) See Glossary beginning on page 41 for the definition of Recapture Rate. (5) Proforma for the settlement of the Company’s outstanding forward equity as of June 30, 2026. (6) Anticipated net proceeds based on the applicable forward sale prices as of June 30, 2026. (7) Declared by the Company on July 14, 2026. Note: this presentation includes non- GAAP financial measures, and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in the Appendix herewith. Recent Highlights Increased 2026 investment guidance to $1.6 billion to $1.8 billion of high-quality retail net lease assets(1) Raised approximately $686 million of forward equity in 1H 2026 via the Company's ATM program(6) 20 development or DFP projects completed or under construction for $200 million as of quarter end(2) Declared a monthly cash dividend of $0.267 per common share for July, a 4.3% year-over-year increase(7) Approximately 73% of base rents acquired in Q2 2026 derived from investment grade retailers(3) Approximately $1.1 billion of outstanding forward equity as of quarter end(6) Raised 2026 AFFO per share guidance to $4.57 to $4.59, representing 5.8% year-over- year growth at the midpoint(1) Invested a Company record $502 million during Q2 2026 across 102 high-quality retail net lease assets 3.7x Proforma Net Debt to Recurring EBITDA as of quarter end(5) 1.6 million square feet of leasing activity in 1H 2026 with a recapture rate of approximately 105%(4) Fortress balance sheet with liquidity of approximately $1.9 billion(5)
5© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Total liquidity of approximately $1.9 billion(1) $300 million of forward starting swaps at ~4.1% No material debt maturities until 2028 Positioned for Growth “With our portfolio continuing to perform exceptionally well, a fortress balance sheet backed by $1.9 billion in liquidity, and robust activity across all three of our external growth platforms, we are increasing full-year 2026 investment guidance....” - JOEY AGREE, Q2 2026 EARNINGS RELEASE Total Liquidity $1.1B $0.8B $21M Forward Equity Outstanding Revolver Capacity Cash Approximately $1.1 billion of outstanding forward equity as of quarter end(2) As of June 30, 2026. (1) Proforma for the settlement of the Company’s outstanding forward equity as of June 30, 2026. (2) Anticipated net proceeds based on the applicable forward sale prices as of June 30, 2026.
6© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. ADC’s Retail Thought Leadership Launched acquisition platform in 2010 with a focus on e-commerce resistance Launched RETHINK RETAIL campaign to challenge misperceptions about the future of brick & mortar Published proprietary ADC White Papers highlighting omnichannel retail trends Avoided or actively disposed of troubled retail sectors including theaters, pharmacy, car washes, health & fitness and entertainment retail Early identification of promising retailers:
7© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Omni-Channel Vision IDENTIFIED CRITICAL ROLE OF NET LEASE IN DRIVING OMNI-CHANNEL STRATEGY “The strongest and most resilient retailers in today’s omni- channel world have embraced a comprehensive approach that blurs the historical lines between e- commerce distribution and brick & mortar operations.” - Agree Knowledge Base: Omni-Channel 101 “Every retailer in the country is going to [have to] have billions of dollars, national retailers, to experiment, to test and eventually effectuate a true omni-channel experience because you can't be an e-commerce-based retailer or just a brick-and-mortar-based retailer today, it doesn't work.” - Joey Agree “So, I think as retailers look forward in 2016 and beyond and they're looking in the omni-channel world, how is their e-commerce presence, online ordering, physical pick up, more and more retailers are going to realize the benefit of net leased retail.” - Joey Agree, Q1 2016 Earnings Call “COVID reaffirmed our belief that, one, we're heading toward a world where all retailers are omni- channel. Brick-and-mortar is an integral part of that omni-channel overall experience.” - Joey Agree, 2022 Citi Conference
8© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. A DEEPER DIVE ON ADC’S THOUGHT LEADERSHIP & TRACK RECORD OF EXECUTION October 2020 Rated BBB by S&P and Baa1 by Moody’s Q2 2016 “While neither Tractor Supply Company nor Hobby Lobby maintains a public credit rating, both possess investment-grade quality financials with very strong balance sheets.” Q1 2017 “…it's a great company, it's got a fantastic balance sheet. …and we have a great relationship and respect for them.” Q3 2018 “We have a fantastic relationship with their real estate team. The business is really thriving. They have no national competition. They also have the highest-rated e-commerce website of any retailer.” Investment Foresight As of June 30, 2026. Exposure measured as a percentage of ABR. The quotes above reflect statements made by ADC management on the Company’s quarterly earnings calls. The chart reflects Tractor Supply’s market capitalization from 12/31/2012 to 6/30/2026. ADC has acquired over 130 locations since 2013 and today TSCO is our 2nd largest tenant. Q3 2013 Acquired first Tractor Supply
9© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Investment Foresight A DEEPER DIVE ON ADC’S THOUGHT LEADERSHIP & TRACK RECORD OF EXECUTION Q3 2017 Acquired first Gerber Collision Q4 2018 “…We think they're the premier auto collision operator in the United States…We'll continue to work with them on all types of opportunities through all 3 external growth platforms…” Q1 2022 “…identifying early on a retailer that we thought was in a tremendous position to access a fragmented space and had the balance sheet capabilities to do so.” ADC built preferred development relationship with Gerber Collision, developing over 25 locations to help spearhead organic growth. They are now our 10th largest tenant with over 120 locations. As of June 30, 2026. Exposure measured as a percentage of ABR. The quotes above reflect statements made by ADC management on the Company’s quarterly earnings calls. The chart reflects The Boyd Group’s market capitalization from 12/31/2013 to 6/30/2026. Q1 2018 “Now you see Gerber Collision in the collision space. Again, a company that's owned by Boyd Group of Canada, conservative, disciplined leaders in the collision space.” 2014 Identified and met with The Boyd Group for the first time Q4 2025 Boyd Group Services Inc. launched its U.S. IPO, strengthening its presence in U.S. capital markets and broadening its investor base
10© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Investment Foresight A DEEPER DIVE ON ADC’S THOUGHT LEADERSHIP & TRACK RECORD OF EXECUTION Leveraged all three external growth platforms to make Sunbelt Rentals our 13th largest tenant today with over 65 locations. As of June 30, 2026. Exposure measured as a percentage of ABR. The quotes above reflect statements made by ADC management on the Company’s quarterly earnings calls. The chart reflects Ashtead Group’s market capitalization from 12/31/2014 to 6/30/2026, including its transition to trading on the NYSE as Sunbelt Rentals Holdings, Inc. in March 2026. Q4 2015 Acquired first Sunbelt Rentals Q4 2019 “… the only investment-grade operator in the country. If you look at the equipment ownership versus rental in this country…. it is very, very low relative to Western Europe. And so, there's a big opportunity in this country for equipment rental rather than ownership.” April 2019 Rated BBB- by S&P August 2018 Rated Baa3 by Moody’s Q1 2022 “Our decision to invest in Sunbelt Rentals was recently reinforced by their upgraded BBB rating by Fitch.” February 2026 Sunbelt Rentals Holdings, Inc. announces its listing on the NYSE and is assigned a BBB issuer rating by Fitch Ratings
11© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Investment Foresight A DEEPER DIVE ON ADC’S THOUGHT LEADERSHIP & TRACK RECORD OF EXECUTION Since 2012, ADC has acquired or developed over 65 TJX locations, and TJX is now our 6th largest tenant. As of June 30, 2026. Exposure measured as a percentage of ABR. The quotes above reflect statements made by ADC management on the Company’s quarterly earnings calls. The chart reflects The TJX Companies’ market capitalization from 12/30/2011 to 6/30/2026. Q3 2012 Developed first TJ Maxx Q4 2023 “the off-price retailers, it's all the TJX concepts…These operators have the desire to continue to expand across all of their different flags.” August 2015 Upgraded to A2 by Moody’s Q2 2017 “At the same time, in terms of women's apparel, you look at T.J. Maxx…the off- price retailers have thrived.” Q4 2017 “the TJX Companies …is now our #5 tenant. We have a strong bias towards off-price retail and the experience and value proposition that it provides for consumers. We enjoy a strong working relationship with TJX...” January 2015 Jerry Rossi, former Group President of The TJX Companies, joined Agree Realty’s Board of Directors
12© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Investment Foresight A DEEPER DIVE ON ADC’S THOUGHT LEADERSHIP & TRACK RECORD OF EXECUTION 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 30% 27% 22% 17% 12% 8% 5% 3% 2% 1% 1% 1% 1% <1% <1% Q2 2017 “our Walgreens concentration was down to 8.8% at quarter end, below our goal of sub-10% by year-end.” Q1 2021 “With this transaction, CVS has surpassed Walgreens as our largest pharmacy tenant…we continue to favor CVS as the sector leader, given their innovation and adaptation to consumer preferences and overall market dynamics in the pharmacy space.” Q1 2019 “I think the pharmacy space, in general, really has some work to do on the front end predominantly of those stores. And we'd like to see some ingenuity and creativity driving traffic into those stores and driving margin as well as top line revenue to the front end of those stores.” ADC reduced Walgreens exposure from 30% in 2012 to less than 1% and reduced overall Pharmacy exposure to 3.4%. Exposure is as of year-end 2012 through June 30, 2026, and is measured as a percentage of ABR. The quotes above reflect statements made by ADC management on the Company’s quarterly earnings calls. 2023 Downgraded to Baa3 by Moody’s in January. Downgraded to BBB- by S&P in October. Downgraded to Ba2 by Moody’s in December. 2024 Downgraded to Ba3 by Moody’s in July. Downgraded to BB by S&P in July Downgraded to BB- by S&P in December. 2025 Walgreens entered into a definitive agreement to be acquired by private equity firm Sycamore Partners. The transaction closed in August 2025.
13© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Capital Markets Leader INNOVATIVE BALANCE SHEET MANAGEMENT “We view the forward equity offering as a prudent way to further fortify our balance sheet and lock in an accretive cost of capital while mitigating external risks and market volatility.” - JOEY AGREE, Q3 2018 EARNINGS CALL ADC was the first net lease REIT to issue forward equity in March 2018 Since 2018, $43B of forward equity has been raised in the net lease space Lowest cost preferred equity issuance in net lease REIT history at 4.25% $63 million of net swap proceeds received since 2021, driving over $6 million of annual interest savings(1) Forward equity has accounted for ~96% of all net lease issuance since 2023 As of June 30, 2026. (1) Swap proceeds reflect net payments received upon the termination of forward-starting swaps.
14© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Disciplined Capital Allocator CONSERVATIVE WACC CALCULATION DRIVES CONSISTENT & SUPERIOR EARNINGS GROWTH ADC WACC CALCULATION WEIGHTING FORM OF CAPITAL COST 75% Equity(1) 5.8% 25% Long-Term Debt(2) 5.2% WACC 5.6% PEER WACC CALCULATION WEIGHTING FORM OF CAPITAL COST 65% Equity(1) 5.8% 25% Five-Year Term Loan 4.9% 10% Free Cash Flow After Dividend 0.0% WACC 5.0% 150+ bps – Pedal to the Metal! 100 - 150 bps – Investments Generate Healthy Accretion 75 - 100 bps – Investments Generate Sufficient Accretion <75 bps – Investments Not Sufficiently Accretive As of July 24, 2026. (1) The cost of equity is calculated using the share price as of July 24, 2026, compared to consensus forward 12-month AFFO per share. (2) Long-term debt reflects anticipated rate for 10-year unsecured bond offering based in part on market estimates. Any differences are the result of rounding. ü Cost of equity is based on forward 12-month consensus AFFO per share ü Cost of debt reflects anticipated rate for 10-year unsecured bond offering WACC CALCULATION COMPARISON NET LEASE INVESTMENT SPREADS x Using short-term debt and adding unburdened free cash flow artificially improves cost of capital by ~60 bps
15© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Best-in-Class Total Shareholder Returns As of June 30, 2026. Comparison includes ADC, the MSCI US REIT Index (RMZ), the S&P MidCap 400, and the Triple Net Lease Peer Group. (1) Total Return Performance is calculated on a daily basis using total return metrics, which reflect stock price appreciation along with the reinvestment of dividends. (2) The Triple Net Lease Peer Group includes the following companies: EPR Properties, Getty Realty Corp., NNN REIT, Inc., Realty Income Corporation, and W.P. Carey. Past performance is not necessarily indicative of future results. Total Return Performance(1) 1 c 10-YEAR TOTAL SHAREHOLDER RETURNS HAVE OUTPERFORMED PEERS AND MAJOR INDICES Our strong earnings growth, well-covered dividend, high-quality portfolio, and fortress balance sheet have driven best-in-class total shareholder returns. Net Lease Peers(2)Agree Realty S&P Mid Cap 400MSCI US REIT Index
The Country’s Leading Retail Portfolio
17© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. As of June 30, 2026. Any differences are a result of rounding. (1) See Glossary beginning on page 41 for definitions of Equity Market Capitalization, Enterprise Value and Investment Grade. (2) Proforma for the settlement of the Company’s outstanding forward equity as of June 30, 2026. TENANT / CONCEPT ANNUALIZED BASE RENT % OF TOTAL Walmart $45,862 5.8 % Tractor Supply 37,728 4.7 % Dollar General 29,112 3.7 % Hobby Lobby 26,772 3.4 % O'Reilly Auto Parts 23,843 3.0 % TJX Companies 23,389 2.9 % CVS 22,826 2.9 % Best Buy 22,133 2.8 % Kroger 21,645 2.7 % Gerber Collision 21,376 2.7 % Lowe's 20,960 2.6 % 7-Eleven 19,698 2.5 % Sunbelt Rentals 18,976 2.4 % Sherwin-Williams 17,204 2.2 % Burlington 15,765 2.0 % Home Depot 15,553 2.0 % Dollar Tree 13,888 1.7 % BP 13,527 1.7 % Wawa 13,252 1.7 % Genuine Parts Company (NAPA Auto Parts) 12,172 1.5 % Other 360,010 45.1 % Total $795,691 100.0% Agree Realty Snapshot TENANT SECTOR ANNUALIZED BASE RENT % OF TOTAL Grocery Stores $80,336 10.1 % Home Improvement 71,808 9.0 % Convenience Stores 66,221 8.3 % Tire & Auto Service 59,200 7.4 % Auto Parts 51,494 6.5 % Dollar Stores 49,416 6.2 % Off-Price Retail 45,945 5.8 % Farm And Rural Supply 39,537 5.0 % General Merchandise 38,397 4.8 % Crafts And Novelties 29,331 3.7 % Other 264,006 33.2 % Total $795,691 100.0% Equity Market Capitalization(1) $9.4 Billion Enterprise Value(1) $13.5 Billion Property Count 2,825 Net Debt to EBITDA 5.2x / 3.7x(2) Investment Grade %(1) 65.8% Company Overview Top Tenants ($ in thousands) Top Retail Sectors ($ in thousands)
18© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. BEST-IN-CLASS RETAILERS WITH CONSERVATIVE BALANCE SHEETS Strong Investment Grade Portfolio 14% SUB-INVESTMENT GRADE(1) 20% NOT RATED(1) 66% INVESTMENT GRADE(1) As of June 30, 2026. Any differences are a result of rounding. (1) See Glossary beginning on page 41 for definitions of Investment Grade, Sub-Investment Grade and Not Rated. Retail Credit Type (% of ABR)
19© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. INDUSTRY-LEADERS OPERATING IN E-COMMERCE RESISTANT SECTORS National and Super-Regional Retailers 2% FRANCHISE(1) 10% SUPER-REGIONAL(1) 88% NATIONAL(1) As of June 30, 2026. Any differences are a result of rounding. (1) See Glossary beginning on page 41 for definitions of National, Franchise and Super-Regional. Retail Tenant Type (% of ABR)
20© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. As of June 30, 2026. (1) See Glossary beginning on page 41 for the definition of Weighted-Average Lease Term. (2) See Glossary beginning on page 41 for definitions of Investment Grade, Sub-Investment Grade and Not Rated. FEE SIMPLE OWNERSHIP + SIGNIFICANT TENANT INVESTMENT Ground Lease Portfolio Breakdown Ground Lease Credit Overview (% of ABR) 85% INVESTMENT GRADE(2) 10% NOT RATED(2) 5% SUB-INVESTMENT GRADE(2) Ground Lease Portfolio Overview 268 Leases 10.2% of total portfolio ABR 8.9 years weighted- average lease term(1) Top Ground Lease Tenants (% of ABR) 14% 14% 12% 8% 5% 5% 3% 3% 3% 2%
21© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. FIRST EXPIRATION HIGHLIGHTS EMBEDDED VALUE WITH 159% RECAPTURE RATE Ground Lease Value Creation Chase Bank - Stockbridge, GA New Lease Rent Per Square Foot $46.54 New Lease Term(2) 15 Years Rental Increases 10% Every 5 Years Options 3 x 5 Years 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 See Glossary beginning on page 41 for the definition of Recapture Rate. (1) Reflects remaining lease term at the time the lease extension was executed. (2) New lease commenced in Q1 2023.
22© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. $13.02 $14.78 $19.03 $21.09 $21.30 $23.60 $25.34 $29.89 $30.21 66% 52% 42% 32% 22% 19% —% —% —% —% Leading, Pure-Play Retail Net Lease REIT HIGHLY DIVERSIFIED PORTFOLIO WITH THE LOWEST RENT PSF(1) AND HIGHEST INVESTMENT GRADE % Average Rent PSF(1) Investment Grade Concentration Top 3 Sector Concentration(2) ADC data as of June 30, 2026. Peer data as of March 31, 2026. (1) Average Rent PSF was calculated using a cash-based annualized rent figure, where available, based on each company’s definition. Based on retail rent and square footage. (2) W. P. Carey and Realty Income report similar or lower Top 3 Sector Concentrations due in part to significantly broader sector classifications— 86 and 92 sectors, respectively—compared to ADC’s more targeted categorization across 32 retail-focused sectors. 90% 86% 73% 43% 39% 36% 32% 27% 27% 24%
Disciplined Investment Strategy & Active Portfolio Management
24© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Engage in consistent dialogue to understand store performance and tenant sustainability Leverage relationships to identify the best risk-adjusted opportunities Our Investment Strategy THREE-PRONGED GROWTH STRATEGY COMPREHENSIVE REAL ESTATE SOLUTIONS FOR LEADING RETAILERS A C Q U IS IT IO N S D EV EL O PM EN T D EV EL O PE R FU N D IN G PL A TF O RM RETAILER RELATIONSHIPS Agree leverages its three distinct investment platforms to target industry-leading retailers in e-commerce and recession resistant sectors
25© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. What Has ADC Been Investing In? The retail landscape continues to dynamically evolve as market forces cause disruption and change. To mitigate risk in a period of continued disruption, the Company adheres to a number of investment criteria, 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
26© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. TOP-DOWN FOCUS ON LEADING RETAILERS IN THE U.S. PAIRED WITH A BOTTOMS-UP REAL ESTATE ANALYSIS Large & Fragmented Opportunity Set REAL ESTATE FUNDAMENTALS •Rents ≤ market •Fungibility of building MARKET RENTS •Limited competition •Strong market presence COMPETITION •Access •Visibility •Demographics •Major retail corridor •Strong traffic drivers RETAIL SYNERGY ADC reviewed over $103 billion of opportunities since 2018 $10.0 BILLION acquired since 2018 As of June 30, 2026.
27© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. As of July 24, 2026. Store counts include both leased and owned locations and were obtained from company filings and third-party sources including CS News, CSP Daily News, CT Insider, Progressive Grocer and ScrapeHero. Table is representative and does not include all retailers. 170,000+ NET LEASE OPPORTUNITIES AND GROWING WITH BEST-IN-CLASS RETAILERS Sandbox Offers Runway for Growth Auto Parts Stores 23,700+ Farm & Rural Supply Stores 2,600+ Crafts & Novelties Stores 1,000+ Quick-Service Restaurants 35,000+ Equipment Rental Stores 2,900+ Warehouse Clubs 1,500+ Home Improvement Stores 9,400+ Consumer Electronics Stores 1,300+ Grocery Stores 13,700+ Dealerships 500+ Convenience Stores 31,100+ Off-Price Retail Stores 6,900+ Tire & Auto Service Stores 5,800+ Dollar Stores 30,400+ General Merchandise Stores 7,100+
28© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. $701 $1.3B $1.4B $1.6B $1.2B $867 $1.4B $19 $27 $27 $55 $84 $120 2019 2020 2021 2022 2023 2024 2025 2026 $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 ADC HAS INVESTED NEARLY $12 BILLION IN HIGH-QUALITY RETAIL NET LEASE PROPERTIES SINCE 2010 Track Record of Execution DEVELOPMENT & DFP(2)ACQUISITIONS Investment Activity ($ in millions, unless otherwise noted) As of June 30, 2026, unless otherwise noted. (1) Reflects full-year 2026 investment volume guidance provided by the Company on July 30, 2026. Investment volume includes capital deployed through the Company’s acquisition, development and DFP platforms. (2) Reflects capital deployed into development and DFP projects completed or under construction during the period. (1) $1.6B - $1.8B $61
29© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. $67.2M $49.4M $58.0M $45.8M $9.7M $98.4M $44.1M $40.9M 2019 2020 2021 2022 2023 2024 2025 2026 BERLIN, NJ HOUSTON, TX PORTAGE, MI CANTON, MI FOCUSED ON NON-CORE ASSET SALES & CAPITAL RECYCLING Active Portfolio Management As of June 30, 2026. Graph is representative and does not include all dispositions. Total Dispositions 2010-2026: $643 million STALLINGS, NC 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 WYLIE, TX FL (5) FL (2) FL (3) OLATHE, KS BROWNSBURG, IN MANITOWOC, WI VA (2), MI, OH (2), LA, IL Henderson, NV NAPLES, FL FL (3), CA TX, AL
Fortified Balance Sheet
31© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. $10 $42$50 $410 $450 $475 $475 $300 $300 $450 $400 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 $0 $100 $200 $300 $400 $500 $600 As of June 30, 2026. (1) Excludes $497.0 million of outstanding short-term commercial paper notes. Subsequent to June 30, 2026, the mortgage note payable was paid in full at maturity on July 15, 2026. (2) There were no outstanding borrowings on the Company’s revolving credit facility as of June 30, 2026. The revolving credit facility matures in August 2029 assuming two 6-month extension options are exercised. (3) See Glossary beginning on page 41 for definitions of Equity Market Capitalization, Enterprise Value, Net Debt to Enterprise Value and Fixed Charge Coverage Ratio. (4) Reflects net debt to annualized Q2 2026 recurring EBITDA. (5) Proforma for the settlement of the Company's outstanding forward equity as of June 30, 2026. Leading With Our Fortress Balance Sheet CAPITALIZATION STATISTICS Equity Market Capitalization(3) $9.4 Billion Enterprise Value(3) $13.5 Billion Net Debt to Enterprise Value(3) 28.5% CREDIT METRICS Fixed Charge Coverage Ratio(3) 4.1x Net Debt to Recurring EBITDA(4) 5.2x / 3.7x(5) Issuer Ratings A- / Baa1 / BBB+ Ratings Outlooks Stable / Stable / Stable Debt Maturities ($ in millions) SECUREDUNSECURED NO MATERIAL DEBT MATURITIES UNTIL 2028 (2) <$1 (1)
32© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. STRONG CAPITAL MARKETS EXECUTION HAS PROVIDED AMPLE LIQUIDITY; ~$12 BILLION OF ACTIVITY SINCE 2010 Capital Markets Track Record Reflects gross proceeds from equity and long-term debt raised through June 30, 2026. Forward equity and delayed-draw debt offerings are shown in the year they were raised, rather than settled or drawn. Capital Markets Activity ($ in millions) COMMON EQUITYUNSECURED DEBTSECURED DEBT PREFERRED EQUITY $225 $125 $350 $650 $300 $350 $450 $750 $531 $433 $988 $1,095 $1,322 $371 $1,103 $714 $695 $175 2018 2019 2020 2021 2022 2023 2024 2025 2026 $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 $42
33© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. (includes outstanding forward equity offerings) ADC HAS BEEN AT OR BELOW 4.5X PROFORMA NET DEBT TO RECURRING EBITDA SINCE 2018 Low Leverage = Strong Positioning As of June 30, 2026. Proforma Net Debt to Recurring EBITDA deducts the Company’s outstanding forward equity offerings for each period from the Company’s net debt for each period. PROFORMA NET DEBT TO RECURRING EBITDANET DEBT TO RECURRING EBITDA 4.5x 4.5x 4.7x 4.8x 4.9x 4.9x 4.9x 4.9x 5.2x 5.1x 4.9x 5.1x 5.2x 4.1x 4.5x 4.3x 4.3x 4.1x 3.6x 3.3x 3.4x 3.1x 3.5x 3.8x 3.2x 3.7x Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
34© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $1.50 $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 172 CONSECUTIVE COMMON DIVIDENDS PAID; AVERAGE AFFO PAYOUT RATIO OF ~74% OVER PAST 10 YEARS Growing, Well-Covered Monthly Dividend As of June 30, 2026. Reflects common dividends per share declared in each year, rounded to two decimals. 172 consecutive common dividends paid includes 65 monthly dividends and 107 quarterly dividends. 5%+ 10-Year C AGR A n n u a l D iv id e n d s D e c la re d P e r S h a re
35© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Focus on industry leading, national & super-regional retailers provides for a relationship with some of the most environmentally conscientious retailers in the world The Company anticipates its new headquarters will achieve LEED certification, with features including EV charging stations, motion activated lighting and high-quality building materials Executed over 125 green leases with tenants, resulting in Gold-level recognition from Green Lease Leaders for four consecutive years ADC’s Board has nine directors, seven of whom are independent; six new independent directors added since 2018 The Board's independent directors have a median tenure of five years The Nominating & Governance Committee has formal oversight responsibility for the Company’s ESG program The Company enhanced our alignment with the ISSB IFRS S1 and S2 disclosure standards, building on our previous work with the SASB and TCFD frameworks and reflecting our dedication to transparent reporting 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 the Bottomless Toy Chest, Forgotten Harvest, FAR Therapeutic Arts & Recreation, Care House of Oakland County, and Michigan Veterans Foundation ADC has received awards from Globe St, Crain’s Detroit Business, Piper Sandler, NREI, 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 ENVIRONMENTAL PRACTICES CORPORATE GOVERNANCE
36© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Investment Summary Highlights FORTIFIED BALANCE SHEET HIGHEST-QUALITY RETAIL REAL ESTATE INVESTMENT GRADE ISSUER RATINGS R o b u st g ro w th tr a je c to ry MULTI-YEAR TRACK RECORD OF EXECUTION Well-covered &consistent dividend
37© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED.
38© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Quarterly Reconciliation of Proforma Net Debt to Recurring EBITDA Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Mortgage notes payable, net $47,701 $42,952 $42,811 $42,666 $42,518 $42,366 $42,210 $42,050 $41,886 $41,718 $41,546 $41,370 $41,190 Unsecured term loan, net 0 346,639 346,798 346,947 347,115 347,274 347,452 347,609 347,767 347,900 348,074 596,683 696,277 Senior unsecured notes, net 1,793,198 1,793,777 1,794,312 1,794,874 2,236,223 2,236,948 2,237,759 2,238,451 2,582,892 2,583,685 2,584,608 2,585,618 2,586,556 Unsecured revolving credit facility 303,000 49,000 227,000 330,000 43,000 49,000 158,000 322,000 247,000 389,000 320,500 469,650 497,000 Total Debt per the Consolidated Balance Sheet $2,143,899 $2,232,368 $2,410,921 $2,514,487 $2,668,856 $2,675,588 $2,785,421 $2,950,110 $3,219,545 $3,362,303 $3,294,728 $3,693,321 $3,821,023 Unamortized debt issuance costs and discounts, net $19,050 $21,731 $20,947 $20,145 $28,537 $27,563 $26,483 $25,544 $30,854 $29,838 $28,650 $28,941 $28,318 Total Debt $2,162,949 $2,254,099 $2,431,868 $2,534,632 $2,697,393 $2,703,151 $2,811,904 $2,975,654 $3,250,399 $3,392,141 $3,323,378 $3,722,262 $3,849,341 Cash and cash equivalents $(8,068) $(6,384) $(10,907) $(6,314) $(9,639) $(13,237) $(6,399) $(7,915) $(5,824) $(13,696) $(16,295) $(25,077) $(12,518) Cash held in escrows (4,179) (3) (3,617) (9,120) (14,615) 0 0 (3,254) (3,087) (3,182) (4,327) (6,128) (8,672) Net Debt $2,150,702 $2,247,712 $2,417,344 $2,519,198 $2,673,139 $2,689,914 $2,805,505 $2,964,485 $3,241,488 $3,375,263 $3,302,756 $3,691,057 $3,828,151 Anticipated Net Proceeds from Forward Equity Offerings $(202,026) $0 $(235,619) $(236,769) $(431,073) $(724,955) $(919,909) $(917,114) $(1,289,392) $(1,036,110) $(716,058) $(1,371,612) $(1,084,983) Proforma Net Debt $1,948,676 $2,247,712 $2,181,725 $2,282,429 $2,242,066 $1,964,959 $1,885,596 $2,047,371 $1,952,096 $2,339,153 $2,586,698 $2,319,445 $2,743,168 Net Income $41,015 $41,657 $46,101 $45,014 $54,913 $44,528 $45,377 $47,148 $49,353 $52,279 $56,209 $62,231 $54,809 Interest expense, net 19,948 20,803 22,371 24,451 26,416 28,942 29,095 30,764 32,274 35,212 36,362 35,970 40,278 Income and other tax expense 709 709 709 1,149 1,004 1,077 1,075 825 425 225 260 500 375 Depreciation of rental real estate assets 28,145 29,769 31,119 31,966 33,531 33,941 38,397 37,164 38,698 40,867 42,427 44,324 46,210 Amortization of lease intangibles - in-place leases and leasing costs 14,328 15,258 15,611 15,996 16,424 17,056 17,652 18,064 19,679 19,715 20,367 21,708 22,188 Non-real estate depreciation 277 598 527 501 499 507 517 527 562 597 642 667 696 Provision for impairment 1,315 3,195 2,665 4,530 0 2,694 0 4,331 2,961 2,980 1,600 1,400 5,900 (Gain) loss on sale or involuntary conversion of assets, net (319) 20 (1,550) (2,041) (7,176) (1,794) (430) (772) (1,510) (1,056) (2,047) (2,225) (2,526) EBITDAre $105,418 $112,009 $117,553 $121,566 $125,611 $126,951 $131,683 $138,051 $142,442 $150,819 $155,820 $164,575 $167,930 Run-Rate Impact of Investment, Disposition & Leasing Activity $4,276 $5,207 $2,344 $1,376 $1,890 $2,446 $4,055 $4,421 $4,356 $5,601 $4,405 $5,227 $4,867 Amortization of above (below) market lease intangibles, net 8,711 8,293 7,481 8,295 8,297 8,294 8,350 8,546 8,537 9,344 9,988 10,678 11,233 Recurring EBITDA $118,405 $125,509 $127,378 $131,237 $135,798 $137,691 $144,088 $151,018 $155,335 $165,764 $170,213 $180,480 $184,030 Annualized Recurring EBITDA $473,620 $502,036 $509,512 $524,948 $543,192 $550,764 $576,352 $604,072 $621,340 $ 663,056 $680,852 $721,920 $736,120 64 Total Debt per the Consolidated Balance Sheet to Annualized Net Income 13.1x 13.4x 13.1x 14.0x 12.2x 15.0x 15.3x 15.6x 16.3x 16.1x 14.7x 14.8x 17.4x Net Debt to Recurring EBITDA 4.5x 4.5x 4.7x 4.8x 4.9x 4.9x 4.9x 4.9x 5.2x 5.1x 4.9x 5.1x 5.2x Proforma Net Debt to Recurring EBITDA 4.1x 4.5x 4.3x 4.3x 4.1x 3.6x 3.3x 3.4x 3.1x 3.5x 3.8x 3.2x 3.7x
39© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net Income $39,762 $45,797 $58,790 $58,798 $80,763 $91,972 $122,876 $153,035 $170,547 $189,832 $204,989 Series A Preferred Stock Dividends 0 0 0 0 0 0 (2,148) (7,437) (7,437) (7,437) (7,437) Net Income attributable to OP Common Unitholders $39,762 $45,797 $58,790 $58,798 $80,763 $91,972 $120,728 $145,598 $163,110 $182,395 $197,552 Depreciation of rental real estate assets $11,466 $15,200 $19,507 $24,553 $34,349 $48,367 $66,732 $88,685 $115,617 $137,835 $159,155 Amortization of lease intangibles - in-place leases and leasing costs 4,957 8,135 7,076 8,271 11,071 17,882 28,379 44,107 58,967 67,128 77,825 Provision for impairment 0 0 0 2,319 1,609 4,137 1,919 1,015 7,175 7,224 11,872 (Gain) loss on sale or involuntary conversion of assets, net (12,135) (9,964) (14,193) (11,180) (13,306) (8,004) (15,111) (5,258) (1,849) (11,441) (5,386) Funds from Operations - OP Common Unitholders $44,050 $59,168 $71,180 $82,761 $114,486 $154,354 $202,647 $274,147 $343,020 $383,141 $441,018 Loss on extinguishment of debt & settlement of related hedges $0 $0 $0 $0 $0 $0 $14,614 $0 $0 $0 $0 Amortization of above (below) market lease intangibles, net and assumed mortgage debt discount, net 0 0 5,091 10,668 13,501 15,885 24,284 33,563 33,430 33,571 36,749 Core Funds from Operations - OP Common Unitholders $44,050 $59,168 $76,271 $93,429 $127,987 $170,239 $241,545 $307,710 $376,450 $416,712 $477,767 Straight-line accrued rent $(2,450) $(3,582) $(3,548) $(4,648) $(7,093) $(7,818) $(11,857) $(13,176) $(12,142) $(12,711) $(17,356) Stock based compensation expense 1,992 2,441 2,589 3,227 4,106 4,995 5,467 6,464 8,338 10,805 12,991 Amortization of financing costs and original issue discounts 494 516 574 578 706 826 1,197 3,141 4,403 5,988 7,074 Loss on extinguishment of debt 180 333 0 0 0 0 0 0 0 0 0 Non-real estate depreciation 62 72 78 146 283 509 618 778 1,693 2,024 2,328 Other (463) (541) (230) 0 (475) 0 0 0 0 0 0 Adjusted Funds from Operations - OP Common Unitholders $43,865 $58,407 $75,734 $92,732 $125,514 $168,751 $236,970 $304,917 $378,742 $422,818 $482,804 FFO Per Common Share and OP Unit - Diluted $2.39 $2.54 $2.54 $2.53 $2.75 $2.93 $3.00 $3.45 $3.58 $3.75 $3.95 Core FFO Per Common Share and OP Unit - Diluted $2.39 $2.54 $2.72 $2.85 $3.08 $3.23 $3.58 $3.87 $3.93 $4.08 $4.28 Adjusted FFO Per Common Share and OP Unit - Diluted $2.38 $2.51 $2.70 $2.83 $3.02 $3.20 $3.51 $3.83 $3.95 $4.14 $4.33 Weighted Average Number of Common Shares and OP Units Outstanding - Diluted 18,413,034 23,307,418 28,047,966 32,748,741 41,571,233 52,744,353 67,486,698 79,512,005 95,785,031 102,223,923 111,548,264 Annual Reconciliation of Net Income to FFO, Core FFO and AFFO Note: The Company began reporting Core FFO in 2018.
40© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as 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,” “can,” “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, including statements regarding our financial projections and operations, are based on certain assumptions and can include future expectations, future economic, competitive and market conditions, 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, tenant financial health, property acquisitions and the timing of these investments and acquisitions, 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 on Form 10-Q. 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. Most information in this presentation is as of June 30, 2026, 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.
41© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Glossary This presentation includes certain non-GAAP financial measures and other defined terms. These non-GAAP measures are presented as supplemental information and should not be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. Definitions of non-GAAP measures, as well as certain GAAP and other financial and operating terms, are presented alphabetically below. AFFO Payout Ratio is calculated as common dividends per share divided by AFFO per share for the same period. The Company believes this measure is a useful supplemental indicator of dividend coverage and the sustainability of its dividend policy. This measure is not a substitute for measures prepared in accordance with GAAP, and the Company’s calculation may differ from similarly titled measures used by other companies. Annualized Base Rent (“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, investors, and other interested parties in analyzing concentrations and leasing activity. Components of Funds From Operations, Core FFO, and AFFO 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, 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 add-back 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”) 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.
42© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Glossary Components of Net Debt to Recurring EBITDA EBITDAre is defined by Nareit to mean net income computed in accordance with GAAP, plus interest expense, income tax expense, depreciation and amortization, any gains (or losses) from sales of real estate assets and/or changes in control, any impairment charges on depreciable real estate assets, and after adjustments for unconsolidated partnerships and joint ventures. The Company considers 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 add-back 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 Recurring EBITDA 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 Recurring EBITDA a key supplemental measure of the Company's operating performance because it represents the Company's earnings run rate for the period presented and because it is widely followed by industry analysts, lenders and investors. Our Recurring EBITDA may not be comparable to Recurring EBITDA reported by other companies that have a different interpretation of the definition of Recurring EBITDA. Our ratio 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 Recurring EBITDA is calculated by taking annualized Recurring EBITDA and dividing it by our net debt per the consolidated balance sheet. Total Debt and Net Debt The Company defines Total Debt as debt per the consolidated balance sheet excluding unamortized debt issuance costs, original issue discounts and debt discounts. Net Debt is defined as Total Debt less cash, cash equivalents and cash held in escrows. The Company considers the non-GAAP measures of Total Debt and Net Debt to be key supplemental measures of the Company's overall liquidity, capital structure and leverage because they provide industry analysts, lenders and investors useful information in understanding our financial condition. The Company's calculation of Total Debt and Net Debt may not be comparable to Total Debt and Net Debt reported by other REITs that interpret the definitions differently than the Company. The Company presents Net Debt on both an actual and proforma basis, assuming the net proceeds of the Forward Offerings (see below) are used to pay down debt. The Company believes the proforma measure may be useful to investors in understanding the potential effect of the Forward Offerings 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 such shares 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, capital structure and leverage. The Company defines Anticipated Net Proceeds from Outstanding Forwards as the number of shares outstanding under forward sale agreements at the end of each quarter, multiplied by the applicable forward sale price for each agreement, respectively. This is also referred to as Outstanding Forward Equity. 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 the conversion of Agree Limited Partnership common units into common stock. Equity Market Capitalization represents the market value of the Company’s outstanding shares of common stock, calculated based on the closing price of the Company’s common stock on the NYSE on the date specified, and assuming the conversion of Agree Limited Partnership common units into common stock.
43© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Glossary Fixed Charge Coverage Ratio is calculated as Trailing Twelve Month (“TTM”) Fixed Charge EBITDA divided by TTM Fixed Charges. TTM Fixed Charge EBITDA represents TTM EBITDA adjusted for straight-line rent and capital expenditure adjustments, and TTM Fixed Charges consist of interest expense, preferred share dividend payments, and scheduled principal payments. The Company believes this measure is a useful supplemental indicator of its ability to service fixed financial obligations, though it is not a substitute for measures prepared in accordance with GAAP and may not be comparable to similarly titled measures used by other companies. Investment Type Classifications Acquisitions refer to the purchase of individual properties or portfolios by the Company. Acquisitions generally involve the acquisition of stabilized assets and require limited tenant improvements relative to the overall investment. Developments refer to projects in which the Company directly controls the development process, typically including land acquisition, lease negotiation, due diligence, design, and construction. Development projects typically involve ground-up construction or significant redevelopment. Developer Funding Platform (“DFP”) transactions involve the Company partnering with developers or retailers, typically on in-process development projects, and providing capital and development expertise. In DFP transactions, the Company generally does not lead the development process, but supports execution through funding and oversight. The Company owns the asset outright upon completion. Net Debt to Enterprise Value represents the ratio of the Company’s net debt to its Enterprise Value and is used to evaluate the Company’s capital structure and balance sheet leverage. Recapture Rate measures the percentage of annualized cash rent (for the first year of the lease, excluding free rent periods) achieved on leasing activity relative to the expiring lease's annualized cash rent. Retail Credit Type Investment Grade (“IG”) refers to ABR derived from tenants, or parent or subsidiary entities thereof, that have an investment grade credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings, or the National Association of Insurance Commissioners (“NAIC”). Not Rated (“NR”) refers to ABR derived from tenants, or parent or subsidiary entities thereof, that do not have a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings, or the NAIC. Sub-Investment Grade (“SIG”) refers to ABR derived from tenants, or parent or subsidiary entities thereof, that have a credit rating below investment grade from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings, or the NAIC. Retail Tenant Type Franchise refers to tenants whose locations are owned and operated by franchisees, rather than directly by a corporate entity. National refers to tenants that operate a nationwide store footprint across multiple regions of the United States and generate revenue from a broadly diversified geographic base. Super-Regional refers to tenants that operate a large, multi-state store footprint, but whose operations are concentrated in specific regions of the United States rather than nationwide. Weighted-Average Capitalization Rate for acquisitions and dispositions, it is defined as the sum of contractual fixed annual rents computed on a straight- line basis over the primary lease terms and anticipated annual net tenant recoveries, divided by the purchase and sale prices for occupied properties. Weighted-Average Lease Term (“WALT”) represents the remaining contractual lease term of in-place leases, weighted by ABR, and excludes vacant properties and lease extension options.
44© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. CONTACT PETER COUGHENOUR Chief Financial Officer (248) 737-4190 investors@agreerealty.com
Supplemental Financial Information Q2 2026 Quarter Ended June 30, 2026
2© 2026 Agree Realty Corporation. All Rights Reserved. TABLE OF CONTENTS Company Overview 3 • Corporate Overview • Financial Snapshot • Portfolio Snapshot Financial & 7 Operating Results • Quarterly Highlights • Earnings Guidance • Financial Statements Capitalization 20 & Balance Sheet • Capital Structure Overview • Forward Equity Summary • Debt Maturity Summary • Debt Detail • Debt Covenants • Net Asset Value Components Portfolio & 27 Operating Metrics • Top Tenants • Top Sectors • Geographic Overview • Portfolio Metrics • Ground Lease Portfolio Investment & 33 Leasing Activity • Acquisition Overview • Development Overview • Disposition Overview • Leasing Overview Appendix & 38 Glossary • Analyst Coverage • Forward-Looking Statements • Glossary
3© 2026 Agree Realty Corporation. All Rights Reserved. COMPANY OVERVIEW Supplemental Financial Information Q2 2026
4© 2026 Agree Realty Corporation. All Rights Reserved. CORPORATE OVERVIEW Agree Realty Overview 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 June 30, 2026, the Company owned and operated a portfolio of 2,825 properties, located in all 50 states and the District of Columbia, comprised of approximately 59.6 million square feet of gross leasable area. The Company’s common stock is listed on the New York Stock Exchange under the symbol “ADC”. Contact Us 248.737.4190 investors@agreerealty.com www.agreerealty.com 32301 Woodward Avenue Royal Oak, MI 48073 Leadership Team Joey Agree President & Chief Executive Officer Peter Coughenour Chief Financial Officer & Secretary Nicole Witteveen Chief Operating Officer Craig Erlich Chief Growth Officer Danielle Spehar General Counsel Board of Directors Richard Agree Executive Chairman of the Board Joey Agree President & Chief Executive Officer Karen Dearing Former, Chief Financial Officer, Sun Communities (NYSE: SUI) Linglong He Former, Chief Leadership Advisor, Rocket (NYSE: RKT) Mike Hollman SVP, Treasurer and Head of Strategic Finance, Hilton (NYSE: HLT) Michael Judlowe Former, Chairman of US Real Estate, Gaming and Lodging Investment Banking, Jefferies Greg Lehmkuhl President, Chief Executive Officer & Director Lineage Logistics (NASDAQ: LINE) Ambassador John Rakolta, Jr. Former, United States Ambassador, United Arab Emirates Chairman, Walbridge Jerome Rossi Chief Executive Officer, R&R Consulting Former, Group President, The TJX Companies (NYSE: TJX)
5© 2026 Agree Realty Corporation. All Rights Reserved. $2.81 $2.92 $3.00 $3.08 $3.20 $3.83 $3.95 $4.14 $4.33 $4.58 2022 2023 2024 2025 2026 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 Company Overview Historical AFFO Per Share(3) & Dividend Growth(4) Credit Ratings Issuer Rating Outlook Senior Unsecured Commercial Paper Preferred Stock Fitch Ratings A- Stable A- F1 BBB Moody’s Investors Service Baa1 Stable Baa1 P-2 Baa2 S&P Global Ratings BBB+ Stable BBB+ A-2 BBB- Common Stock NYSE: ADC 4.25% Series A Cumulative Redeemable Preferred NYSE: ADCPrA Equity Market Capitalization(1) $9.4 Billion Enterprise Value(1) $13.5 Billion Monthly Dividend Per Share(2) $0.267 Annualized Dividend Per Share(2) $3.204 10-Year Dividend CAGR 5.3 % Consecutive Dividends Paid (65 Monthly + 107 Quarterly) 172 (5) Dividend Per Share AFFO Per Share As of June 30, 2026, unless otherwise noted. (1) See Appendix & Glossary beginning on page 38 for definitions of Equity Market Capitalization and Enterprise Value. (2) Reflects the monthly dividend declared by the Company on July 14, 2026. (3) Adjusted Funds From Operations ("AFFO") per share is a non-GAAP financial measure. A reconciliation to the most directly comparable GAAP financial measure is included on page 18. See Appendix & Glossary beginning on page 38 for definitions of non-GAAP measures and other terms used on this page. (4) All amounts rounded to two decimal places. (5) AFFO per share reflects the midpoint of the Company’s guidance provided on July 30, 2026. Dividend per share annualizes the monthly common dividend of $0.267, declared on July 14, 2026. The Company does not provide guidance with respect to the most directly comparable GAAP financial measure or provide reconciliations to GAAP for its forward-looking non-GAAP financial measure of AFFO per share guidance due to the inherent difficulty in forecasting the effect, timing and significance of certain amounts in the reconciliation that would be required by Item 10(e)(1)(i)(B) of Regulation S-K. See footnote 1 on page 10 for more information. FINANCIAL SNAPSHOT
6© 2026 Agree Realty Corporation. All Rights Reserved. 76% 22% 2% Public Private Franchise PORTFOLIO SNAPSHOT Portfolio Overview Ownership Type (% of ABR) $13.02 AVERAGE RENT PSF 59.6M SQ. FT. GLA(1) 99.8% Occupancy (% of ABR) $795.7M ABR(1) 7.7 YEARS WALT(1) As of June 30, 2026. (1) GLA stands for Gross Leasable Area. WALT stands for Weighted-Average Lease Term. ABR stands for Annualized Base Rent. See Appendix & Glossary beginning on page 38 for definitions of metrics referenced on this page. 66% 20% 14% Investment Grade Not Rated Sub-Investment Grade Credit (% of ABR) Footprint (% of ABR) 88% 10% 2% National Super-Regional Franchise
7© 2026 Agree Realty Corporation. All Rights Reserved. FINANCIAL & OPERATING RESULTS Supplemental Financial Information Q2 2026
8© 2026 Agree Realty Corporation. All Rights Reserved. QUARTERLY HIGHLIGHTS Financial & Operational Results Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Income(1) (in thousands) $42,516 $43,380 $45,137 $47,339 $50,258 $54,178 $60,192 $52,794 Net Income Per Share(1) $0.42 $0.41 $0.42 $0.43 $0.45 $0.47 $0.50 $0.44 Core FFO(2) (in thousands) $102,943 $107,571 $112,706 $115,942 $122,354 $126,767 $136,341 $136,039 Core FFO Per Share(2) $1.01 $1.02 $1.04 $1.05 $1.09 $1.10 $1.13 $1.13 AFFO(2) (in thousands) $104,769 $109,493 $113,965 $117,677 $123,117 $128,048 $137,604 $137,983 AFFO Per Share(2) $1.03 $1.04 $1.06 $1.06 $1.10 $1.11 $1.14 $1.14 Dividends Declared Per Share $0.750 $0.759 $0.759 $0.768 $0.768 $0.786 $0.786 $0.801 AFFO Payout Ratio 72.8 % 72.8 % 71.9 % 72.3 % 69.8 % 70.8 % 69.0 % 70.1 % Weighted-Average Common Shares & Units Outstanding (in thousands) 102,063 105,046 107,895 110,725 111,859 115,346 120,723 120,835 Cash G&A (% of adjusted revenues) 3.9 % 3.6 % 4.3 % 4.4 % 3.9 % 3.9 % 3.8 % 3.8 % G&A(% of adjusted revenues) 5.6 % 5.3 % 6.1 % 6.2 % 5.7 % 5.5 % 5.4 % 5.5 % Non-Reimbursable Real Estate Expenses (% of adjusted revenues) 1.4 % 1.3 % 1.3 % 1.3 % 1.1 % 1.2 % 1.1 % 1.2 % New Leases, Extensions, or Options Exercised (square feet) 785,000 538,000 584,000 948,000 859,000 642,000 876,000 763,000 Recapture Rate 101.6 % 106.2 % 106.6 % 103.0 % 102.8 % 104.7 % 104.5 % 105.0 % Same-store Rent Growth 1.1 % 1.1 % 0.9 % 1.6 % 0.8 % 0.2 % 1.6 % 0.9 % Key Portfolio Metrics Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Number of Properties 2,271 2,370 2,422 2,513 2,603 2,674 2,756 2,825 Number of States(3) 49 50 50 50 50 50 50 50 Number of Sectors 32 32 32 32 32 32 32 32 Annualized Base Rent ("ABR") $596,068 $620,721 $648,732 $674,541 $707,840 $733,395 $763,849 $795,691 Average Rent Per Square Foot $12.30 $12.37 $12.55 $12.63 $12.80 $12.84 $12.95 $13.02 Gross Leasable Area ("GLA") (in millions) 47.2 48.8 50.3 52.0 53.7 55.5 57.5 59.6 Weighted-Average Lease Term ("WALT") 7.9 7.9 8.0 8.0 8.0 7.8 7.8 7.7 Investment Grade (% of ABR) 67.5 % 68.2 % 68.3 % 67.8 % 66.7 % 66.8 % 65.4 % 65.8 % Ground Lease (% of ABR) 10.9 % 10.9 % 10.6 % 10.3 % 10.0 % 10.2 % 10.1 % 10.2 % Occupancy (% of ABR) 99.6 % 99.6 % 99.2 % 99.6 % 99.7 % 99.7 % 99.7 % 99.8 % National Tenants (% of ABR) 87.1 % 87.6 % 87.7 % 87.8 % 88.3 % 88.1 % 87.5 % 87.6 % Top 10 Tenant Concentration 37.2 % 37.1 % 36.3 % 35.9 % 35.2 % 35.0 % 34.9 % 34.6 % As of June 30, 2026. (1) Reflects Net Income Attributable to Common Stockholders. (2) Core Funds From Operations ("Core FFO"), Core FFO Per Share, AFFO, and AFFO Per Share are non- GAAP financial measures. A reconciliation to the most directly comparable GAAP financial measure is included on page 17. See Appendix & Glossary beginning on page 38 for definitions of non-GAAP measures and other terms used in this table. (3) The Company also owns property in the District of Columbia.
9© 2026 Agree Realty Corporation. All Rights Reserved. QUARTERLY HIGHLIGHTS Investment & Disposition Activity ($ in millions) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Total Investment Activity Spend $236.8 $371.4 $377.1 $350.3 $450.5 $376.9 $423.7 $501.7 Number of Properties 93 127 69 110 110 94 100 102 Acquisitions Spend $215.6 $341.5 $358.9 $327.5 $401.4 $347.4 $402.5 $451.5 Weighted-Average Capitalization Rate 7.5 % 7.3 % 7.3 % 7.1 % 7.2 % 7.1 % 7.1 % 7.0 % WALT 9.8 12.3 13.4 12.2 10.7 9.6 11.3 11.2 Investment Grade (% of ABR) 60.3 % 73.3 % 68.7 % 53.3 % 70.0 % 65.7 % 59.3 % 73.2 % Ground Lease (% of ABR) 0.0 % 10.5 % 3.6 % 1.0 % 5.1 % 18.2 % 7.5 % 13.5 % Number of Properties 66 98 46 91 90 78 85 82 Average Asset Size $3.3 $3.5 $7.8 $3.6 $4.5 $4.5 $4.7 $5.5 Number of Sectors 17 20 19 21 25 18 21 23 Number of States(2) 24 30 23 29 33 33 32 32 Development & DFP Spend $21.2 $30.0 $18.2 $22.7 $49.1 $29.5 $21.2 $50.2 Number of Projects Commenced 8 8 4 1 5 4 2 5 Anticipated Costs - Commenced $33.7 $45.1 $23.9 $8.6 $50.8 $35.3 $18.0 $87.5 Number of Projects Delivered 6 9 6 4 8 3 4 1 Total Costs - Delivered $19.0 $30.5 $27.2 $13.4 $61.2 $29.4 $22.5 $6.5 Dispositions Gross Proceeds $7.2 $32.0 $2.5 $6.2 $15.0 $20.4 $10.6 $30.3 Gain on Sale of Assets, net $1.8 $0.4 $0.8 $1.5 $0.9 $2.2 $1.7 $2.0 Number of Properties 2 8 1 4 8 9 7 14 Weighted-Average Capitalization Rate 5.8 % 7.4 % N/A N/A 7.4 % 6.4 % 6.8 % 7.1 % Leverage Metrics & Debt Covenants Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Debt to Recurring EBITDA(1) 4.9x 4.9x 4.9x 5.2x 5.1x 4.9x 5.1x 5.2x Proforma Net Debt to Recurring EBITDA(1) 3.6x 3.3x 3.4x 3.1x 3.5x 3.8x 3.2x 3.7x Net Debt to Enterprise Value 25.2 % 26.6 % 25.4 % 28.1 % 28.9 % 27.2 % 28.5 % 28.5 % Fixed Charge Coverage Ratio 4.5x 4.4x 4.3x 4.2x 4.2x 4.2x 4.2x 4.1x As of June 30, 2026. (1) Net Debt to Recurring EBITDA and Proforma Net Debt to Recurring EBITDA are non-GAAP financial measures. Proforma Net Debt to Recurring EBITDA deducts the Company’s outstanding forward equity for each period from the Company’s net debt for each period. A reconciliation to the most directly comparable GAAP financial measure is included on page 19. See Appendix & Glossary beginning on page 38 for definitions of non-GAAP measures and other terms used in this table. (2) Excludes the District of Columbia, where the Company acquired its first property during Q2 2026.
10© 2026 Agree Realty Corporation. All Rights Reserved. EARNINGS GUIDANCE The table below provides estimates for significant components of our 2026 earnings guidance. Reflects revised full-year 2026 guidance provided by the Company on July 30, 2026. The Company’s 2026 guidance is subject to risks and uncertainties more fully described in this supplemental and in the Company’s filings with the Securities and Exchange Commission (the “SEC”). (1) The Company does not provide guidance with respect to the most directly comparable GAAP financial measure or provide reconciliations to GAAP from its forward-looking non-GAAP financial measure of AFFO per share guidance due to the inherent difficulty of forecasting the effect, timing and significance of certain amounts in the reconciliation that would be required by Item 10(e)(1)(i)(B) of Regulation S-K. Examples of these amounts include impairments of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions or developments. In addition, certain non-recurring items may also significantly affect net income but are generally adjusted for in AFFO. Based on our historical experience, the dollar amounts of these items could be significant and could have a material impact on the Company’s GAAP results for the guidance period. (2) The Company's AFFO per share guidance utilizes the current forward SOFR curve to forecast interest expense related to any outstanding commercial paper notes and revolver borrowings during the year. (3) Adjusted revenue equates to “Total Revenues” as presented in our consolidated statements of operations and comprehensive income, excluding the amortization of above and below market lease intangibles. (4) Cash G&A expense is expected to be in a range of 3.7% to 4.0% of adjusted revenue. Cash G&A is defined as “General and administrative” expenses as presented in our consolidated statements of operations and comprehensive income, less stock-based compensation expense. (5) Represents the estimated dilutive impact of the Company’s outstanding forward equity calculated in accordance with the treasury stock method, which is included in the AFFO per share guidance range. Prior 2026 Guidance Revised 2026 Guidance AFFO per share(1)(2) $4.54 to $4.58 $4.57 to $4.59 Investment volume $1.4 to $1.6 billion $1.6 to $1.8 billion Disposition volume $25 to $75 million $50 to $100 million General and administrative expenses (% of adjusted revenues)(3)(4) 5.3% to 5.6% 5.3% to 5.6% Non-reimbursable real estate expenses (% of adjusted revenues)(3) 1.0% to 1.5% 1.0% to 1.5% Income and other tax expense $2 to $2.5 million Approximately $2 million Treasury stock method dilution(5) $0.02 to $0.04 $0.02 to $0.04
11© 2026 Agree Realty Corporation. All Rights Reserved. FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEETS $ in thousands, except share and per-share data (unaudited) June 30, 2026 December 31, 2025 ASSETS Real estate investments Land $ 3,154,294 $ 2,895,495 Buildings 6,797,679 6,330,249 Less accumulated depreciation (800,875) (715,733) 9,151,098 8,510,011 Property under development 92,834 62,690 Net real estate investments $ 9,243,932 $ 8,572,701 Real estate held for sale, net 9,320 — Cash and cash equivalents 12,518 16,295 Cash held in escrow 8,672 4,327 Accounts receivable - tenants, net 131,211 122,477 Lease intangibles, net of accumulated amortization of $641,429 and $576,945 at June 30, 2026 and December 31, 2025, respectively 1,079,428 1,000,967 Other assets, net 101,748 80,845 Total Assets $ 10,586,829 $ 9,797,612 LIABILITIES Mortgage notes payable, net 41,190 41,546 Unsecured term loans, net 696,277 348,074 Senior unsecured notes, net 2,586,556 2,584,608 Unsecured revolving credit facility and commercial paper notes 497,000 320,500 Dividends and distributions payable 33,922 32,158 Accounts payable, accrued expenses, and other liabilities 141,213 139,384 Lease intangibles, net of accumulated amortization of $52,929 and $49,797 at June 30, 2026 and December 31, 2025, respectively 70,540 60,189 Total Liabilities $ 4,066,698 $ 3,526,459 EQUITY Preferred stock, $0.0001 par value per share, 4,000,000 shares authorized, 7,000 shares Series A outstanding, at stated liquidation value of $25,000 per share, at June 30, 2026 and December 31, 2025 175,000 175,000 Common stock, $0.0001 par value, 360,000,000 shares authorized, 124,381,214 and 120,028,406 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 12 12 Additional paid-in-capital 6,993,255 6,679,142 Dividends in excess of net income (697,985) (618,675) Accumulated other comprehensive income 49,854 35,506 Total equity - Agree Realty Corporation 6,520,136 6,270,985 Non-controlling interest (5) 168 Total Equity $ 6,520,131 $ 6,271,153 Total Liabilities and Equity $ 10,586,829 $ 9,797,612
12© 2026 Agree Realty Corporation. All Rights Reserved. FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME $ in thousands, except share and per-share data (unaudited) Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Revenues Rental income $ 204,981 $ 175,397 $ 405,657 $ 344,510 Other 119 130 250 177 Total Revenues 205,100 175,527 405,907 344,687 Operating Expenses Real estate taxes 15,257 12,833 29,970 24,346 Property operating expenses 9,507 8,416 19,143 16,797 Land lease expense 598 550 1,153 1,036 General and administrative 11,958 11,332 23,435 22,104 Depreciation and amortization 69,094 58,939 135,793 114,693 Provision for impairment 5,900 2,961 7,300 7,292 Total Operating Expenses 112,314 95,031 216,794 186,268 Gain on sale of assets, net 2,014 1,510 3,711 2,282 Gain on involuntary conversion, net 512 — 1,039 — Income from Operations 95,312 82,006 193,863 160,701 Other (Expense) Income Interest expense, net (40,278) (32,274) (76,248) (63,037) Income and other tax expense (375) (425) (875) (1,250) Other income 150 46 300 87 Net Income 54,809 49,353 117,040 96,501 Less net income attributable to non-controlling interest 156 155 336 307 Net income attributable to Agree Realty Corporation 54,653 49,198 116,704 96,194 Less Series A preferred stock dividends 1,859 1,859 3,718 3,718 Net Income Attributable to Common Stockholders $ 52,794 $ 47,339 $ 112,986 $ 92,476 Net Income Per Share Attributable to Common Stockholders Basic $ 0.44 $ 0.43 $ 0.94 $ 0.85 Diluted $ 0.44 $ 0.43 $ 0.94 $ 0.85 Other Comprehensive Income Net income 54,809 49,353 117,040 96,501 Amortization of interest rate swaps (1,076) (880) (2,150) (1,616) Change in fair value and settlement of interest rate swaps 10,315 3,435 16,540 (6,596) Total comprehensive income 64,048 51,908 131,430 88,289 Less comprehensive income attributable to non-controlling interest $ 183 $ 163 $ 378 $ 280 Comprehensive Income Attributable to Agree Realty Corporation $ 63,865 $ 51,745 $ 131,052 $ 88,009 Weighted Average Number of Common Shares Outstanding - Basic 119,996,944 109,758,046 119,924,725 108,419,011 Weighted Average Number of Common Shares Outstanding - Diluted 120,487,256 110,377,221 120,449,139 108,996,422
13© 2026 Agree Realty Corporation. All Rights Reserved. FINANCIAL STATEMENTS See Appendix & Glossary beginning on page 38 for definitions of non-GAAP measures and other terms used in these tables. RECONCILIATION OF NET INCOME TO FFO, CORE FFO, AND AFFO $ in thousands, except share and per-share data (unaudited) Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Reconciliation from Net Income to Funds from Operations Net income $ 54,809 $ 49,353 $ 117,040 $ 96,501 Less Series A preferred stock dividends 1,859 1,859 3,718 3,718 Net income attributable to Operating Partnership common unitholders 52,950 47,494 113,322 92,783 Depreciation of rental real estate assets 46,210 38,698 90,534 75,861 Amortization of lease intangibles - in-place leases and leasing costs 22,188 19,679 43,896 37,743 Provision for impairment 5,900 2,961 7,300 7,292 Gain on sale or involuntary conversion of assets, net (2,526) (1,510) (4,750) (2,282) Funds from Operations - Operating Partnership common unitholders $ 124,722 $ 107,322 $ 250,302 $ 211,397 Amortization of above (below) market lease intangibles, net and assumed mortgage debt discount, net 11,317 8,620 22,079 17,250 Core Funds from Operations - Operating Partnership common unitholders $ 136,039 $ 115,942 $ 272,381 $ 228,647 Straight-line accrued rent (4,583) (3,789) (9,525) (7,798) Stock-based compensation expense 3,775 3,259 7,309 6,388 Amortization of financing costs and original issue discounts 2,056 1,703 4,060 3,315 Non-real estate depreciation 696 562 1,363 1,089 Adjusted Funds from Operations - Operating Partnership common unitholders $ 137,983 $ 117,677 $ 275,588 $ 231,641 Funds from Operations per common share and partnership unit - diluted $ 1.03 $ 0.97 $ 2.07 $ 1.93 Core Funds from Operations per common share and partnership unit - diluted $ 1.13 $ 1.05 $ 2.25 $ 2.09 Adjusted Funds from Operations per common share and partnership unit - diluted $ 1.14 $ 1.06 $ 2.28 $ 2.12 Weighted average shares and Operating Partnership common units outstanding Basic 120,344,563 110,105,665 120,272,344 108,766,630 Diluted 120,834,875 110,724,840 120,796,758 109,344,041 Additional supplemental disclosure Scheduled principal repayments $ 271 $ 254 $ 537 $ 505 Capitalized interest $ 672 $ 497 $ 1,148 $ 939 Capitalized building improvements $ 4,853 $ 2,762 $ 5,450 $ 3,362
14© 2026 Agree Realty Corporation. All Rights Reserved. FINANCIAL STATEMENTS RECONCILIATION OF PROFORMA NET DEBT TO RECURRING EBITDA $ in thousands, except share and per-share data (unaudited) Three Months Ended June 30, 2026 Mortgage notes payable, net $ 41,190 Unsecured term loans, net 696,277 Senior unsecured notes, net 2,586,556 Unsecured revolving credit facility and commercial paper notes 497,000 Total Debt per the Consolidated Balance Sheet $ 3,821,023 Unamortized debt issuance costs and discounts, net 28,318 Total Debt $ 3,849,341 Cash and cash equivalents (12,518) Cash held in escrows (8,672) Net Debt $ 3,828,151 Anticipated Net Proceeds from Forward Equity Offerings (1,084,983) Proforma Net Debt $ 2,743,168 Net Income 54,809 Interest expense, net 40,278 Income and other tax expense 375 Depreciation of rental real estate assets 46,210 Amortization of lease intangibles - in-place leases and leasing costs 22,188 Non-real estate depreciation 696 Provision for Impairment 5,900 (Gain) loss on sale or involuntary conversion of assets, net (2,526) EBITDAre $ 167,930 Run-Rate Impact of Investment, Disposition and Leasing Activity 4,867 Amortization of above (below) market lease intangibles, net 11,233 Recurring EBITDA $ 184,030 Annualized Recurring EBITDA $ 736,120 Total Debt per the Consolidated Balance Sheet to Annualized Net Income 17.4 x Net Debt to Recurring EBITDA 5.2 x Proforma Net Debt to Recurring EBITDA 3.7 x See Appendix & Glossary beginning on page 38 for definitions of non-GAAP measures and other terms used in these tables.
15© 2026 Agree Realty Corporation. All Rights Reserved. FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in thousands, except share and per-share data (unaudited) Six Months Ended June 30, 2026 2025 Cash Flows from Operating Activities Net income $ 117,040 $ 96,501 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 135,793 114,693 Amortization from above (below) market lease intangibles, net 21,912 17,083 Amortization from financing costs, credit facility costs and debt discount 4,227 3,482 Stock-based compensation 7,309 6,388 Straight-line accrued rent (9,525) (7,798) Provision for impairment 7,300 7,292 Settlement of interest rate swaps — 13,551 Gain on sale of assets (3,711) (2,282) Gain on involuntary conversion (1,039) — Change in accounts receivable 326 6,097 Change in other assets (9,131) (14,350) Change in accounts payable, accrued expenses, and other liabilities 5,625 5,645 Net Cash Provided by Operating Activities 276,126 246,302 Cash Flows from Investing Activities Acquisition of real estate investments and other assets (870,002) (685,993) Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $1,148 in 2026, $939 in 2025) (83,008) (47,680) Net proceeds from involuntary conversion 1,949 — Payment of leasing costs (868) (297) Net proceeds from sale of assets 38,923 8,158 Net Cash Used in Investing Activities (913,006) (725,812) Cash Flows from Financing Activities Proceeds from common stock offerings, net 312,872 224,195 Repurchase of common shares (6,068) (3,654) Unsecured revolving credit facility and commercial paper notes borrowings 42,941,439 6,351,250 Unsecured revolving credit facility and commercial paper notes repayments (42,764,939) (6,262,250) Payments of mortgage notes payable (537) (505) Proceeds from senior unsecured notes — 397,188 Payments of senior unsecured notes — (50,000) Proceeds from unsecured term loans 350,000 — Payment of Series A preferred dividends (3,718) (3,718) Payment of common stock dividends (190,532) (166,030) Distributions to non-controlling interest (551) (531) Payments for financing costs (518) (3,923) Net Cash Provided by Financing Activities 637,448 482,022 Change in Cash and Cash Equivalents and Cash Held in Escrow 568 2,512 Cash and cash equivalents and cash held in escrow, beginning of period 20,622 6,399 Cash and cash equivalents and cash held in escrow, end of period $ 21,190 $ 8,911 Supplemental Disclosure of Cash Flow Information Cash paid for interest (net of amounts capitalized) $ 69,292 $ 59,325 Cash paid for income and other tax, net of refunds $ 1,041 $ 2,591 Supplemental Disclosure of Non-Cash Investing and Financing Activities Lease right of use assets added under new ground leases $ 963 $ 1,767 Lease right of use assets removed as a result of acquisition of real property $ — $ 2,736 Series A preferred dividends declared and unpaid $ 620 $ 620 Common stock dividends and limited partners' distributions declared and unpaid $ 33,302 $ 28,419 Change in accrual of development, construction and other real estate investment costs $ (5,757) $ 7,721
16© 2026 Agree Realty Corporation. All Rights Reserved. FINANCIAL STATEMENTS Rental Income ($ in thousands) Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Rental Income Source(1) Minimum rents(2) $ 188,747 $ 160,205 $ 370,181 $ 314,211 Percentage rents(2) 170 557 2,563 2,113 Operating cost reimbursement(2) 22,714 19,383 45,300 37,471 Straight-line rental adjustments(3) 4,583 3,789 9,525 7,798 Amortization of (above) below market lease intangibles(4) (11,233) (8,537) (21,912) (17,083) Total Rental Income $ 204,981 $ 175,397 $ 405,657 $ 344,510 Adjusted Revenues ($ in thousands) Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Adjusted Revenues Source Rental income(1) $ 204,981 $ 175,397 $ 405,657 $ 344,510 Other revenue 119 130 250 177 Total Revenues $ 205,100 $ 175,527 $ 405,907 $ 344,687 Amortization of above (below) market lease intangibles(4) 11,233 8,537 21,912 17,083 Adjusted Revenues $ 216,333 $ 184,064 $ 427,819 $ 361,770 Cash General & Administrative Expense (“Cash G&A”) ($ in thousands) Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 General & Administrative Source General & administrative expense $ 11,958 $ 11,332 $ 23,435 $ 22,104 Less: stock-based compensation expense (3,775) (3,259) (7,309) (6,388) Total Cash G&A $ 8,183 $ 8,073 $ 16,126 $ 15,716 Cash G&A (% of Adjusted Revenues) 3.8 % 4.4 % 3.8 % 4.3 % Non-Reimbursable Real Estate Expenses ($ in thousands) Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Non-Reimbursable Real Estate Expenses Source Real estate taxes $ 15,257 $ 12,833 $ 29,970 $ 24,346 Property operating expenses 9,507 8,416 19,143 16,797 Land lease expense 598 550 1,153 1,036 Less: operating cost reimbursements(2) (22,714) (19,383) (45,300) (37,471) Total Non-Reimbursable Real Estate Expenses $ 2,648 $ 2,416 $ 4,966 $ 4,708 Non-Reimbursable Real Estate Expenses (% of Adjusted Revenues) 1.2 % 1.3 % 1.2 % 1.3 % (1) The Company adopted Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 842 “Leases” using the modified retrospective approach as of January 1, 2019. The Company adopted the practical expedient in FASB ASC 842 that alleviates the requirement to separately present lease and non-lease components of lease contracts. As a result, all income earned pursuant to tenant leases is reflected as one line, “Rental Income,” in the consolidated statement of operations. The purpose of this table is to provide additional supplementary detail of Rental Income. (2) Represents contractual rentals and/or reimbursements as required by tenant lease agreements, recognized on an accrual basis of accounting. The Company believes that the presentation of contractual lease income is not, and is not intended to be, a presentation in accordance with GAAP. The Company believes this information is frequently used by management, investors, analysts and other interested parties to evaluate the Company’s performance. (3) Represents adjustments to recognize minimum rents on a straight-line basis, consistent with the requirements of FASB ASC 842. (4) In allocating the fair value of an acquired property, above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition and the Company's estimate of current market lease rates for the property.
17© 2026 Agree Realty Corporation. All Rights Reserved. QUARTERLY RECONCILIATION OF NET INCOME TO FFO, CORE FFO AND AFFO FINANCIAL STATEMENTS Net Income ($ in thousands, except share and per-share data) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Income $44,528 $45,377 $47,148 $49,353 $52,279 $56,209 $62,231 $54,809 Series A Preferred Stock Dividends (1,859) (1,859) (1,859) (1,859) (1,859) (1,859) (1,859) (1,859) Net Income attributable to OP Common Unitholders $42,669 $43,518 $45,289 $47,494 $50,420 $54,350 $60,372 $52,950 Depreciation of rental real estate assets $33,941 $38,397 $37,164 $38,698 $40,867 $42,427 $44,324 $46,210 Amortization of lease intangibles - in- place leases and leasing costs 17,056 17,652 18,064 19,679 19,715 20,367 21,708 22,188 Provision for impairment 2,694 0 4,331 2,961 2,980 1,600 1,400 5,900 (Gain) loss on sale or involuntary conversion of assets, net (1,794) (430) (772) (1,510) (1,056) (2,047) (2,225) (2,526) Funds from Operations - OP Common Unitholders $94,566 $99,137 $104,076 $107,322 $112,926 $116,697 $125,579 $124,722 Amortization of above (below) market lease intangibles, net and assumed mortgage debt discount, net $8,377 $8,434 $8,630 $8,620 $9,428 $10,070 $10,762 $11,317 Core Funds from Operations - OP Common Unitholders $102,943 $107,571 $112,706 $115,942 $122,354 $126,767 $136,341 $136,039 Straight-line accrued rent $(3,332) $(3,036) $(4,009) $(3,789) $(4,976) $(4,582) $(4,942) $(4,583) Stock based compensation expense 2,780 2,812 3,129 3,259 3,306 3,297 3,534 3,775 Amortization of financing costs and original issue discounts 1,871 1,629 1,612 1,703 1,836 1,924 2,004 2,056 Non-real estate depreciation 507 517 527 562 597 642 667 696 Adjusted Funds from Operations - OP Common Unitholders $104,769 $109,493 $113,965 $117,677 $123,117 $128,048 $137,604 $137,983 FFO Per Common Share and OP Unit - Diluted $0.93 $0.94 $0.96 $0.97 $1.01 $1.01 $1.04 $1.03 Core FFO Per Common Share and OP Unit - Diluted $1.01 $1.02 $1.04 $1.05 $1.09 $1.10 $1.13 $1.13 Adjusted FFO Per Common Share and OP Unit - Diluted $1.03 $1.04 $1.06 $1.06 $1.10 $1.11 $1.14 $1.14 Weighted Average Number of Common Shares and OP Units Outstanding - Diluted 102,062,930 105,046,470 107,894,812 110,724,840 111,859,234 115,345,876 120,723,252 120,834,875 See Appendix & Glossary beginning on page 38 for definitions of non-GAAP measures and other terms used in these tables.
18© 2026 Agree Realty Corporation. All Rights Reserved. ANNUAL RECONCILIATION OF NET INCOME TO FFO, CORE FFO AND AFFO FINANCIAL STATEMENTS Net Income ($ in thousands, except share and per-share data) 2021 2022 2023 2024 2025 Net Income $122,876 $153,035 $170,547 $189,832 $204,989 Series A Preferred Stock Dividends (2,148) (7,437) (7,437) (7,437) (7,437) Net Income attributable to OP Common Unitholders $120,728 $145,598 $163,110 $182,395 $197,552 Depreciation of rental real estate assets $66,732 $88,685 $115,617 $137,835 $159,155 Amortization of lease intangibles - in-place leases and leasing costs 28,379 44,107 58,967 67,128 77,825 Provision for impairment 1,919 1,015 7,175 7,224 11,872 (Gain) loss on sale or involuntary conversion of assets, net (15,111) (5,258) (1,849) (11,441) (5,386) Funds from Operations - OP Common Unitholders $202,647 $274,147 $343,020 $383,141 $441,018 Loss on extinguishment of debt and settlement of related hedges $14,614 $0 $0 $0 $0 Amortization of above (below) market lease intangibles, net and assumed mortgage debt discount, net 24,284 33,563 33,430 33,571 36,749 Core Funds from Operations - OP Common Unitholders $241,545 $307,710 $376,450 $416,712 $477,767 Straight-line accrued rent $(11,857) $(13,176) $(12,142) $(12,711) $(17,356) Stock based compensation expense 5,467 6,464 8,338 10,805 12,991 Amortization of financing costs and original issue discounts 1,197 3,141 4,403 5,988 7,074 Non-real estate depreciation 618 778 1,693 2,024 2,328 Adjusted Funds from Operations - OP Common Unitholders $236,970 $304,917 $378,742 $422,818 $482,804 FFO Per Common Share and OP Unit - Diluted $3.00 $3.45 $3.58 $3.75 $3.95 Core FFO Per Common Share and OP Unit - Diluted $3.58 $3.87 $3.93 $4.08 $4.28 Adjusted FFO Per Common Share and OP Unit - Diluted $3.51 $3.83 $3.95 $4.14 $4.33 Weighted Average Number of Common Shares and OP Units Outstanding - Diluted 67,486,698 79,512,005 95,785,031 102,223,923 111,548,264 See Appendix & Glossary beginning on page 38 for definitions of non-GAAP measures and other terms used in these tables.
19© 2026 Agree Realty Corporation. All Rights Reserved. QUARTERLY RECONCILIATION OF PROFORMA NET DEBT TO RECURRING EBITDA FINANCIAL STATEMENTS $ in thousands Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Mortgage notes payable, net $42,366 $42,210 $42,050 $41,886 $41,718 $41,546 $41,370 $41,190 Unsecured term loans, net 347,274 347,452 347,609 347,767 347,900 348,074 596,683 696,277 Senior unsecured notes, net 2,236,948 2,237,759 2,238,451 2,582,892 2,583,685 2,584,608 2,585,618 2,586,556 Unsecured revolving credit facility 49,000 158,000 322,000 247,000 389,000 320,500 469,650 497,000 Total Debt per the Consolidated Balance Sheet $2,675,588 $ 2,785,421 $2,950,110 $3,219,545 $3,362,303 $3,294,728 $3,693,321 $3,821,023 Unamortized debt issuance costs and discounts, net $27,563 $26,483 $25,544 $30,854 $29,838 $28,650 $28,941 $28,318 Total Debt $2,703,151 $ 2,811,904 $2,975,654 $3,250,399 $3,392,141 $3,323,378 $3,722,262 $3,849,341 Cash and cash equivalents $(13,237) $(6,399) $(7,915) $(5,824) $(13,696) $(16,295) $(25,077) $(12,518) Cash held in escrows 0 0 (3,254) (3,087) (3,182) (4,327) (6,128) (8,672) Net Debt $2,689,914 $2,805,505 $2,964,485 $3,241,488 $3,375,263 $3,302,756 $3,691,057 $3,828,151 Anticipated Net Proceeds from Forward Equity Offerings $(724,955) $(919,909) $(917,114) $(1,289,392) $(1,036,110) $(716,058) $(1,371,612) $(1,084,983) Proforma Net Debt $1,964,959 $1,885,596 $2,047,371 $1,952,096 $2,339,153 $2,586,698 $2,319,445 $2,743,168 Net Income $44,528 $45,377 $47,148 $49,353 $52,279 $56,209 $62,231 $54,809 Interest expense, net 28,942 29,095 30,764 32,274 35,212 36,362 35,970 40,278 Income and other tax expense 1,077 1,075 825 425 225 260 500 375 Depreciation of rental real estate assets 33,941 38,397 37,164 38,698 40,867 42,427 44,324 46,210 Amortization of lease intangibles – in-place leases and leasing costs 17,056 17,652 18,064 19,679 19,715 20,367 21,708 22,188 Non-real estate depreciation 507 517 527 562 597 642 667 696 Provision for impairment 2,694 0 4,331 2,961 2,980 1,600 1,400 5,900 (Gain) loss on sale or involuntary conversion of assets, net (1,794) (430) (772) (1,510) (1,056) (2,047) (2,225) (2,526) EBITDAre $126,951 $131,683 $138,051 $142,442 $150,819 $155,820 $164,575 $167,930 Run-Rate Impact of Investment, Disposition & Leasing Activity $2,446 $4,055 $4,421 $4,356 $5,601 $4,405 $5,227 $4,867 Amortization of above (below) market lease intangibles, net 8,294 8,350 8,546 8,537 9,344 9,988 10,678 11,233 Recurring EBITDA $137,691 $144,088 $151,018 $155,335 $165,764 $170,213 $180,480 $184,030 Annualized Recurring EBITDA $550,764 $576,352 $604,072 $621,340 $663,056 $680,852 $721,920 $736,120 Total Debt per the Consolidated Balance Sheet to Annualized Net Income 15.0x 15.3x 15.6x 16.3x 16.1x 14.7x 14.8x 17.4x Net Debt to Recurring EBITDA 4.9x 4.9x 4.9x 5.2x 5.1x 4.9x 5.1x 5.2x Proforma Net Debt to Recurring EBITDA 3.6x 3.3x 3.4x 3.1x 3.5x 3.8x 3.2x 3.7x See Appendix & Glossary beginning on page 38 for definitions of non-GAAP measures and other terms used in these tables.
20© 2026 Agree Realty Corporation. All Rights Reserved. CAPITALIZATION & BALANCE SHEET Supplemental Financial Information Q2 2026
21© 2026 Agree Realty Corporation. All Rights Reserved. 5% 4% 19%71% 1% Term Loans Commercial Paper/Revolver Senior Notes Common Equity Preferred Equity CAPITAL STRUCTURE OVERVIEW Enterprise Value $13.5B Quick Stats Q2 2026 Weighted-Average Maturity(1) 5.3 years Weighted-Average Interest Rate 4.0% % Fixed Rate Debt / % Floating Rate Debt 87.1% / 12.9% % Unsecured Debt 98.9% Liquidity Q2 2026 Outstanding Forward Equity $1,084,983 Revolving Credit Facility $753,000 Cash, Cash Equivalents & Cash Held in Escrow $21,190 Total Liquidity $1,859,173 Capitalization ($ in thousands, except share & per-share data) Q2 2026 Common Shares Outstanding 124,381,214 Operating Partnership Units 347,619 Total Outstanding Shares & Units 124,728,833 Share Price $75.74 Equity Market Capitalization $9,446,962 Senior Notes $2,610,000 Term Loans $700,000 Secured Debt $42,341 Commercial Paper/Revolver $497,000 Total Debt $3,849,341 Preferred Equity $175,000 Total Market Capitalization $13,471,303 Cash, Cash Equivalents & Other $(21,190) Total Enterprise Value $13,450,113 Fixed Charge Coverage Ratio Q2 2026 Interest Expense $147,822 Principal Amortization $1,059 Preferred Dividend $7,437 Annual Fixed Charges $156,318 Fixed Charge Coverage Ratio 4.1x As of June 30, 2026. (1) Excludes outstanding commercial paper borrowings. See Appendix & Glossary beginning on page 38 for definitions of non-GAAP measures and other terms used on this page.
22© 2026 Agree Realty Corporation. All Rights Reserved. 2.9 3.7 2.7 0.7 3.5 5.9 0.0 4.3 $176 $228 $183 $41 $252 $428 $0 $313 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 0.0 2.0 4.0 6.0 $0 $100 $200 $300 $400 $500 Shares Settled (in millions) 6.6 0.7 2.4 0.4 1.5 8.7 0.4 $469 $55 $181 $27 $109 $658 $31 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 0.0 2.0 4.0 6.0 8.0 $0 $100 $200 $300 $400 $500 $600 $700 FORWARD EQUITY SUMMARY As of June 30, 2026. (1) Reflects anticipated net proceeds as of the end of the quarter in which the forward equity was raised. (2) No amounts are shown in the graphs above for these quarters because no shares were raised or settled during each quarter. Forward Equity Offerings Shares Sold Shares Settled Shares Remaining Net Proceeds Received Anticipated Net Proceeds Remaining Anticipated Net Price Per Share Current Contract Maturity Q1 2025 ATM Forward Offerings 2,408,201 684,035 1,724,166 $50,281,087 $129,370,210 $75.03 October 2026 Q2 2025 ATM Forward Offerings 362,021 39,070 322,951 2,876,494 24,232,144 $75.03 October 2026 April 2025 Forward Offering 5,175,000 1,500,000 3,675,000 111,455,700 272,085,608 $74.04 October 2026 Q1 2026 ATM Forward Offerings 8,738,029 375,189 8,362,840 26,897,562 628,191,257 $75.12 September 2027 - April 2028 Q2 2026 ATM Forward Offerings 399,886 0 399,886 0 31,104,253 $77.78 April 2028 Total Forward Equity Offerings 17,083,137 2,598,294 14,484,843 $191,510,843 $1,084,983,472 $74.90 Shares Sold (in millions) Anticipated Net Proceeds(1) (in millions) $195 $469 $181 $27 $176 $228 $183 $41 Net Proceeds Received (in millions) (2) (2)
23© 2026 Agree Realty Corporation. All Rights Reserved. As of June 30, 2026, unless otherwise noted. Any differences are a result of rounding. (1) There were no outstanding borrowings on the Company’s revolving credit facility as of June 30, 2026. The revolving credit facility matures in August 2029 assuming two 6-month extension options are exercised. (2) Excludes $497.0 million of outstanding short-term commercial paper notes. Subsequent to June 30, 2026, the mortgage note payable was paid in full at maturity on July 15, 2026. $42$50 $410 $450 $475 $475 $300 $300 $450 $400 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 DEBT MATURITY SUMMARY Debt Maturity Schedule ($ in millions) Secured Unsecured Debt Maturity Table ($ in thousands) Commercial Paper / Revolver Secured Unsecured Term Loans Senior Unsecured Notes Total Debt Weighted Average Rate 2026 $497,000 $91 $0 $0 $497,091 3.92 % 2027 0 0 0 50,000 50,000 4.26 % 2028 0 0 0 410,000 410,000 2.45 % 2029(1) 0 42,250 350,000 100,000 492,250 4.27 % 2030 0 0 0 475,000 475,000 3.71 % 2031 0 0 350,000 125,000 475,000 4.13 % 2032 0 0 0 300,000 300,000 3.96 % 2033 0 0 0 300,000 300,000 2.13 % 2034 0 0 0 450,000 450,000 5.65 % 2035 0 0 0 400,000 400,000 5.35 % Total Maturities $497,000 $42,341 $700,000 $2,610,000 $3,849,341 4.03 % <$1 (1)(2)
24© 2026 Agree Realty Corporation. All Rights Reserved. DEBT DETAIL Debt Summary ($ in thousands) All-in Interest Rate Coupon Rate Maturity Face Value Carrying Value(1) Senior Unsecured Revolving Credit Facility and Commercial Paper Notes Revolving Credit Facility(2) 4.35% August 2028 $0 $0 Commercial Paper Notes(3) 3.92% Various 497,000 497,000 Total Revolving Credit Facility and Commercial Paper Notes 3.92% $497,000 $497,000 Unsecured Term Loans 2029 Unsecured Term Loan(4) 4.37% January 2029 $350,000 $348,390 2031 Unsecured Term Loan(5) 4.02% May 2031 350,000 347,887 Total Unsecured Term Loans 4.20% $700,000 $696,277 Senior Unsecured Notes(6) 2027 Senior Unsecured Notes 4.26% 4.26% May 2027 $50,000 $49,966 2028 Senior Unsecured Public Notes(7) 2.11% 2.00% June 2028 350,000 348,542 2028 Senior Unsecured Notes 4.42% 4.42% July 2028 60,000 59,989 2029 Senior Unsecured Notes 4.19% 4.19% September 2029 100,000 99,960 2030 Senior Unsecured Notes 4.32% 4.32% September 2030 125,000 124,953 2030 Senior Unsecured Public Notes(7) 3.49% 2.90% October 2030 350,000 348,284 2031 Senior Unsecured Notes 4.42% 4.47% October 2031 125,000 124,637 2032 Senior Unsecured Public Notes(7) 3.96% 4.80% October 2032 300,000 296,771 2033 Senior Unsecured Public Notes(7) 2.13% 2.60% June 2033 300,000 296,979 2034 Senior Unsecured Public Notes(7) 5.65% 5.63% June 2034 450,000 442,543 2035 Senior Unsecured Public Notes(7) 5.35% 5.60% June 2035 400,000 393,932 Total Senior Unsecured Notes 4.01% $2,610,000 $2,586,556 Mortgage Notes Payable Portfolio Credit Tenant Lease(8) 6.27% July 2026 $91 $90 Four Asset Mortgage Loan 3.63% December 2029 42,250 41,100 Total Mortgage Notes Payable 3.64% $42,341 $41,190 Total Floating Rate Debt(9) 3.92% $497,000 $497,000 Total Fixed Rate Debt(9) 4.04% $3,352,341 $3,324,024 Total Debt 4.03% $3,849,341 $3,821,024 As of June 30, 2026. (1) Carrying value represents principal amounts outstanding, net of original issue discounts and unamortized debt issuance costs. (2) The Revolving Credit Facility would have incurred interest of 4.35%, which is comprised of SOFR of 3.62% and the pricing grid spread of 72.5 basis points. (3) The weighted-average maturity of the Commercial Paper Notes outstanding was less than one month. (4) The interest rate of the 2029 Unsecured Term Loan reflects the credit spread of 80 basis points and the impact of the interest rate swaps which convert $350.0 million of SOFR based interest to a fixed interest rate of 3.57%. (5) The all-in interest rate of the 2031 Unsecured Term Loan reflects the credit spread of 80 basis points and the impact of the interest rate swaps, which convert $350.0 million of SOFR based interest to a fixed interest rate of 3.22%. Of these swaps, $100.0 million became effective on July 1, 2026. Accordingly, interest on the $100.0 million drawn on June 30, 2026 accrued at SOFR plus 80 basis points until July 1, 2026. (6) All-in interest rate for Senior Unsecured Notes reflects the straight-line amortization of the terminated swap agreements and original issuance discounts, as applicable. (7) The principal amounts outstanding are presented excluding their original issue discounts. (8) Subsequent to June 30, 2026, the mortgage note payable was paid in full at maturity on July 15, 2026. (9) Floating rate debt includes the revolving credit facility and commercial paper notes. All other debt is included within fixed rate debt, including the 2029 and 2031 Unsecured Term Loans as the variable portion of the interest rate has been fixed through the use of interest rate swaps.
25© 2026 Agree Realty Corporation. All Rights Reserved. DEBT COVENANTS As of June 30, 2026. Covenants with the same title may have varying results for Q2 2026 due to definitional differences between debt agreements. Public Bond Covenants Metric Q2 2026 Total Indebtedness to Total Asset Value <= 60% 34.5% Adjusted EBITDA to Fixed Charges >= 1.5 to 1.0 4.5x Total Unencumbered Assets to Unsecured Indebtedness >=150% 292.4% Total Secured Indebtedness to Total Asset Value <=40% 0.4% Revolving Credit Facility Covenants Metric Q2 2026 Total Indebtedness to Total Asset Value <= 60% 29.7% Adjusted EBITDA to Fixed Charges >= 1.5 to 1.0 4.2x Total Unsecured Indebtedness to Unencumbered Asset Value <= 60% 29.8% Total Secured Indebtedness to Total Asset Value <=40% 0.3% Private Placement Covenants Metric Q2 2026 Total Indebtedness to Total Asset Value <= 60% 34.5% Adjusted EBITDA to Fixed Charges >= 1.5 to 1.0 4.4x Total Unencumbered Assets to Unsecured Indebtedness >=150% 291.2% Total Secured Indebtedness to Total Asset Value <=40% 0.4% Unencumbered NOI to Unsecured Indebtedness >=11.5% 18.4% Consolidated Net Worth >=$267MM $7.2B
26© 2026 Agree Realty Corporation. All Rights Reserved. NET ASSET VALUE COMPONENTS Gross Real Estate Investment(1) Property Count GLA (in thousands) ABR ( in thousands) Annualized Adjusted Cash NOI(2) (in thousands) Real Estate Portfolio $10.04 billion 2,825 59,552 $795,691 $766,767 Net Asset Value Reconciliation ($ in thousands) June 30, 2026 Tangible Assets Cash and Cash Equivalents & Cash Held in Escrow $21,190 Property Under Development 92,834 Other Tangible Assets(3) 117,720 Total Tangible Assets $231,744 Debt & Preferred Equity Unsecured Term Loans $700,000 Senior Unsecured Notes 2,610,000 Revolving Credit Facility and Commercial Paper Notes 497,000 Mortgage Notes Payable 42,341 Series A Preferred Stock (at liquidation value) $175,000 Total Debt & Preferred Equity $4,024,341 Tangible Liabilities Dividends and Distributions Payable $33,922 Other Tangible Liabilities(4) 141,213 Total Tangible Liabilities $175,135 Shares Outstanding Common Stock 124,381,214 Operating Partnership Units 347,619 Total Common Stock & OP Units Outstanding 124,728,833 (1) Gross Real Estate Investment consists of Land, Buildings, and Property Under Development, excluding accumulated depreciation. (2) See Appendix & Glossary beginning on page 38 for a definition of Annualized Adjusted Cash NOI, and other definitions of non-GAAP measures and terms used on this page. (3) Other Tangible Assets consist of deposits, prepaid expenses and insurance, other assets, accounts receivables, and the Net Book Value of all vacant properties. (4) Other Tangible Liabilities consist of accounts payable, accrued expenses, and other liabilities.
27© 2026 Agree Realty Corporation. All Rights Reserved. PORTFOLIO & OPERATING METRICS Supplemental Financial Information Q2 2026
28© 2026 Agree Realty Corporation. All Rights Reserved. Top Tenants ($ in thousands) ABR % of Total Credit Rating Walmart $45,862 5.8 % Investment Grade Tractor Supply 37,728 4.7 % Investment Grade Dollar General 29,112 3.7 % Investment Grade Hobby Lobby 26,772 3.4 % Not Rated O'Reilly Auto Parts 23,843 3.0 % Investment Grade TJX Companies 23,389 2.9 % Investment Grade CVS 22,826 2.9 % Investment Grade Best Buy 22,133 2.8 % Investment Grade Kroger 21,645 2.7 % Investment Grade Gerber Collision 21,376 2.7 % Not Rated Lowe's 20,960 2.6 % Investment Grade 7-Eleven 19,698 2.5 % Investment Grade Sunbelt Rentals 18,976 2.4 % Investment Grade Sherwin-Williams 17,204 2.2 % Investment Grade Burlington 15,765 2.0 % Sub-Investment Grade Home Depot 15,553 2.0 % Investment Grade Dollar Tree 13,888 1.7 % Investment Grade BP 13,527 1.7 % Investment Grade Wawa 13,252 1.7 % Investment Grade Genuine Parts Company (NAPA Auto Parts) 12,172 1.5 % Investment Grade Top Tenants(1) 435,681 54.9 % 85% Investment Grade(2) Other 360,010 45.1 % 42% Investment Grade(3) Total Portfolio $795,691 100.0 % 66% Investment Grade(4) TOP TENANTS As of June 30, 2026. (1) Top Tenants represent all tenants greater than or equal to 1.50% of total ABR. (2) Reflects that 85% of ABR from the Company's Top Tenants is derived from investment grade retailers. (3) Reflects that 42% of ABR from the Company's Other tenants is derived from investment grade retailers. (4) Reflects that 66% of Total Portfolio ABR is derived from investment grade retailers.
29© 2026 Agree Realty Corporation. All Rights Reserved. TOP SECTORS As of June 30, 2026. Any differences are the result of rounding. Top Retail Sectors ($ in thousands) ABR % of Total Grocery Stores $80,336 10.1 % Home Improvement 71,808 9.0 % Convenience Stores 66,221 8.3 % Tire & Auto Service 59,200 7.4 % Auto Parts 51,494 6.5 % Dollar Stores 49,416 6.2 % Off-Price Retail 45,945 5.8 % Farm And Rural Supply 39,537 5.0 % General Merchandise 38,397 4.8 % Crafts And Novelties 29,331 3.7 % Pharmacy 27,367 3.4 % Consumer Electronics 26,739 3.4 % Discount Stores 23,531 3.0 % Health Services 20,201 2.5 % Equipment Rental 20,032 2.5 % Health & Fitness 18,505 2.3 % Warehouse Clubs 18,379 2.3 % Restaurants - Quick Service 17,133 2.2 % Dealerships 16,470 2.1 % Sporting Goods 15,113 1.9 % Financial Services 11,244 1.4 % Specialty Retail 9,721 1.2 % Restaurants - Casual Dining 7,386 0.9 % Shoes 6,862 0.9 % Home Furnishings 5,212 0.7 % Pet Supplies 4,813 0.6 % Beauty And Cosmetics 4,290 0.5 % Theaters 3,976 0.5 % Entertainment Retail 2,729 0.3 % Apparel 2,403 0.3 % Miscellaneous 1,272 0.2 % Office Supplies 628 0.1 % Total Portfolio $795,691 100.0 %
30© 2026 Agree Realty Corporation. All Rights Reserved. GEOGRAPHIC OVERVIEW As of June 30, 2026. Represents exposure by state based on ABR (in thousands) and a percentage of total portfolio ABR; any differences are the result of rounding. 1.5% – 2.4% 2.5% – 5.0%<1.5% >5.0% ABR % of ABR ABR % of ABR ABR % of ABR ABR % of ABR TX $56,127 7.1% LA $21,227 2.7% AZ $10,662 1.3% SD $2,367 0.3% IL $46,548 5.8% VA $19,521 2.5% KY $10,192 1.3% DE $2,216 0.3% OH $41,654 5.2% SC $19,122 2.4% AR $9,315 1.2% VT $2,208 0.3% MI $38,951 4.9% MS $18,904 2.4% NM $9,006 1.1% UT $2,082 0.3% NY $38,240 4.8% MN $17,822 2.2% OR $8,806 1.1% ME $1,666 0.2% PA $38,206 4.8% KS $16,979 2.1% IA $7,783 1.0% ID $1,542 0.2% FL $37,927 4.8% AL $15,744 2.0% CO $7,759 1.0% NV $1,416 0.2% NC $36,827 4.6% IN $15,470 1.9% WA $7,681 1.0% HI $1,018 0.1% CA $33,461 4.2% TN $15,356 1.9% WV $5,674 0.7% AK $843 0.1% GA $31,061 3.9% CT $15,127 1.9% NH $4,678 0.6% MT $438 0.0% NJ $26,674 3.4% MA $13,607 1.7% NE $4,416 0.5% WY $393 0.0% WI $24,549 3.1% OK $12,742 1.6% ND $3,777 0.5% DC $277 0.0% MO $22,915 2.9% MD $10,985 1.4% RI $3,730 0.5%
31© 2026 Agree Realty Corporation. All Rights Reserved. PORTFOLIO METRICS Credit & Occupancy Loss Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Bad Debt 0.20 % 0.08 % 0.03 % 0.07 % (0.01) % (0.01) % 0.03 % < 0.01 % Credit-Related Loss 0.10 % 0.18 % 0.22 % 0.40 % 0.19 % 0.11 % 0.10 % 0.04 % Total Credit Loss 0.30 % 0.26 % 0.25 % 0.47 % 0.18 % 0.10 % 0.13 % 0.04 % Occupancy Loss 0.11 % 0.10 % 0.06 % 0.06 % 0.02 % 0.02 % 0.01 % 0.02 % Total Credit & Occupancy Loss(1) 0.41 % 0.36 % 0.31 % 0.53 % 0.20 % 0.12 % 0.14 % 0.06 % Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Same-Store Rent Growth 1.1 % 1.1 % 0.9 % 1.6 % 0.8 % 0.2 % 1.6 % 0.9 % Rental Increases % ABR 91% Fixed 7% Flat 2% CPI As of June 30, 2026. Any differences are a result of rounding. (1) Bad Debt reflects amounts written off related to outstanding receivables for troubled tenants. Credit-Related Loss reflects lost cash rent and incremental operating expense associated with a credit event or troubled tenants once they have vacated their space. Occupancy Loss reflects lost cash rent and incremental operating expense associated with any tenant that vacated their space for reasons other than credit challenges. See Appendix & Glossary beginning on page 38 for definitions of non-GAAP measures and other terms used on this page. Trailing 8-quarter same-store rent growth has averaged >1%
32© 2026 Agree Realty Corporation. All Rights Reserved. GROUND LEASE PORTFOLIO Top Tenants ABR ($ in thousands) % of Total LOWE'S $11,629 14.3 % WAWA 11,067 13.6 % WALMART 10,137 12.4 % HOME DEPOT 6,210 7.6 % BP 4,230 5.2 % WEGMANS 3,698 4.5 % CARMAX 2,649 3.3 % DARDEN RESTAURANTS 2,596 3.2 % CVS 2,066 2.5 % SHEETZ 1,793 2.2 % BANK OF AMERICA 1,707 2.1 % CHASE BANK 1,675 2.1 % PNC 1,548 1.9 % CIRCLE K 1,393 1.7 % ALDI 1,324 1.6 % COSTCO 1,242 1.5 % Other 16,477 20.3 % Total $81,441 100.0% 85% INVESTMENT GRADE 10% NOT RATED 5% SUB-INVESTMENT GRADE Ground Lease Portfolio Overview 268 Leases 10.2% of total portfolio ABR 8.9 year WALT Ground Lease Credit Overview (% of ABR) As of June 30, 2026. Any differences are a result of rounding. See Appendix & Glossary beginning on page 38 for definitions of non-GAAP measures and other terms used on this page. Ground Lease ABR ($ in thousands) $58,127 $65,219 $67,833 $75,074 $81,441 2022 2023 2024 2025 Q2 2026
33© 2026 Agree Realty Corporation. All Rights Reserved. INVESTMENT & LEASING ACTIVITY Supplemental Financial Information Q2 2026
34© 2026 Agree Realty Corporation. All Rights Reserved. As of June 30, 2026. (1) Excludes the District of Columbia, where the Company acquired its first property during Q2 2026. (2) See Appendix & Glossary beginning on page 38 for definitions of Relationship Driven and Other, as well as other non-GAAP measures and terms used on this page. Any differences are a result of rounding. ACQUISITION OVERVIEW Acquisition Highlights ($ in millions) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Spend $215.6 $341.5 $358.9 $327.5 $401.4 $347.4 $402.5 $451.5 Weighted-Average Capitalization Rate 7.5 % 7.3 % 7.3 % 7.1 % 7.2 % 7.1 % 7.1 % 7.0 % WALT 9.8 12.3 13.4 12.2 10.7 9.6 11.3 11.2 Investment Grade (% of ABR) 60.3 % 73.3 % 68.7 % 53.3 % 70.0 % 65.7 % 59.3 % 73.2 % Ground Lease (% of ABR) 0.0 % 10.5 % 3.6 % 1.0 % 5.1 % 18.2 % 7.5 % 13.5 % Number of Properties 66 98 46 91 90 78 85 82 Average Asset Size $3.3 $3.5 $7.8 $3.6 $4.5 $4.5 $4.7 $5.5 Number of Sectors 17 20 19 21 25 18 21 23 Number of States(1) 24 30 23 29 33 33 32 32 Portfolio 31.9 % 35.8 % 34.1 % 54.3 % 32.6 % 18.5 % 58.9 % 34.3 % Sale-Leaseback 17.5 % 9.3 % 13.5 % 1.9 % 6.2 % 6.1 % 26.5 % 1.7 % 27% Other(2) 73% Relationship Driven(2) Acquisition Type (% of ABR) P Retailer Driven P Blend & Extends P Off-Market P Repeat Seller
35© 2026 Agree Realty Corporation. All Rights Reserved. DEVELOPMENT OVERVIEW Development & DFP Projects Development & DFP Highlights ($ in millions) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Spend $21.2 $30.0 $18.2 $22.7 $49.1 $29.5 $21.2 $50.2 Number of Projects Commenced 8 8 4 1 5 4 2 5 Anticipated Costs - Commenced $33.7 $45.1 $23.9 $8.6 $50.8 $35.3 $18.0 $87.5 Number of Ongoing Projects 13 14 14 14 8 9 9 10 Anticipated Costs - Ongoing $58.9 $66.6 $79.9 $90.4 $51.0 $58.8 $71.4 $83.4 Number of Projects Delivered 6 9 6 4 8 3 4 1 Total Costs - Delivered $19.0 $30.5 $27.2 $13.4 $61.2 $29.4 $22.5 $6.5 Anticipated Quarter of Delivery ($ in thousands) Number of Projects Costs Funded to Date(1) Remaining Funding Costs Anticipated Total Project Costs Q1 2026 4 $22,534 $0 $22,534 Q2 2026 1 6,478 0 6,478 Q3 2026 8 71,801 19,822 91,623 Q4 2026 2 4,458 6,729 11,187 Q1 2027 3 10,146 19,870 30,016 Q2 2027 2 8,166 29,937 38,103 Total 20 $123,583 $76,358 $199,941 As of June 30, 2026. Any differences are a result of rounding. (1) Costs Funded to Date may include adjustments related to completed projects to arrive at the correct Anticipated Total Project Costs.
36© 2026 Agree Realty Corporation. All Rights Reserved. $45.8M $9.7M $98.4M $44.1M $75.0M 2022 2023 2024 2025 2026 DISPOSITION OVERVIEW Disposition Overview ($ in millions) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Gross Proceeds $7.2 $32.0 $2.5 $6.2 $15.0 $20.4 $10.6 $30.3 Gain on Sale of Assets, Net $1.8 $0.4 $0.8 $1.5 $0.9 $2.2 $1.7 $2.0 Number of Properties 2 8 1 4 8 9 7 14 Weighted-Average Capitalization Rate 5.8 % 7.4 % N/A N/A 7.4 % 6.4 % 6.8 % 7.1 % As of June 30, 2026. (1) Reflects the midpoint of full-year 2026 disposition guidance provided by the Company on July 30, 2026. Proactively Reduced or Eliminated Exposures Disposition Volume (1)
37© 2026 Agree Realty Corporation. All Rights Reserved. LEASING OVERVIEW Lease Expirations ($ and GLA in thousands) Leases Annualized Base Rent Percent of Annualized Base Rent Gross Leasable Area Percent of Gross Leasable Area 2026 18 $3,166 0.4 % 226 0.4 % 2027 139 29,872 3.8 % 2,843 4.8 % 2028 181 47,587 6.0 % 4,371 7.3 % 2029 231 70,503 8.9 % 6,582 11.1 % 2030 344 75,593 9.5 % 6,287 10.6 % 2031 284 72,704 9.1 % 5,803 9.7 % 2032 281 62,401 7.8 % 4,444 7.5 % 2033 238 54,707 6.9 % 4,143 7.0 % 2034 246 56,581 7.1 % 3,899 6.5 % 2035 234 63,109 7.9 % 4,333 7.3 % Thereafter 876 259,468 32.6 % 16,504 27.8 % Total Portfolio 3,072 $795,691 100.0 % 59,435 100.0 % Leasing Activity & Recapture Rate Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 New Leases, Extensions, or Options (square feet) 785,000 538,000 584,000 948,000 859,000 642,000 876,000 763,000 Recapture Rate 101.6 % 106.2 % 106.6 % 103.0 % 102.8 % 104.7 % 104.5 % 105.0 % As of June 30, 2026. See Appendix & Glossary beginning on page 38 for definitions of non-GAAP measures and other terms used on this page.
38© 2026 Agree Realty Corporation. All Rights Reserved. APPENDIX & GLOSSARY Supplemental Financial Information Q2 2026
39© 2026 Agree Realty Corporation. All Rights Reserved. ANALYST COVERAGE Firm Analyst Name Analyst Email Baird Wes Golladay, CFA wgolladay@rwbaird.com Bank of America Securities Jana Galan jana.galan@bofa.com Barclays Rich Hightower richard.hightower@barclays.com BMO Capital Markets Eric Borden eric.borden@bmo.com BNP Paribas Nate Crossett nate.crossett@us.bnpparibas.com BTIG, LLC Michael Gorman mgorman@btig.com Citigroup Smedes Rose smedes.rose@citi.com Citizens Capital Markets & Advisory Mitch Germain mitchell.germain@citizensbank.com Deutsche Bank Tayo Okusanya omotayo.okusanya@db.com Evercore ISI James Kammert james.kammert@evercoreisi.com Green Street Spenser Glimcher sglimcher@greenstreet.com Huntington Rob Stevenson robert.stevenson@huntington.com Jefferies Group LLC Joe Dickstein jdickstein1@jefferies.com KeyBanc Capital Markets Upal Rana upal.rana@key.com Mizuho Securities USA Haendel St. Juste haendel.st.juste@mizuhogroup.com Morgan Stanley & Co. LLC Ronald Kamdem, CFA ronald.kamdem@morganstanley.com Raymond James & Associates, Inc. RJ Milligan rjmilligan@raymondjames.com RBC Capital Markets Brad Heffern brad.heffern@rbccm.com Stifel Nicolaus Simon Yarmak, CFA yarmaks@stifel.com Truist Securities Michael Lewis, CFA michael.r.lewis@truist.com UBS Michael Goldsmith michael.goldsmith@ubs.com Wells Fargo Securities, LLC John Kilichowski John.Kilichowski@wellsfargo.com
40© 2026 Agree Realty Corporation. All Rights Reserved. FORWARD-LOOKING STATEMENTS This supplemental 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,” “can,” “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, including statements regarding our financial projections and operations, are based on certain assumptions and can include future expectations, future economic, competitive and market conditions, 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, tenant financial health, property acquisitions and the timing of these investments and acquisitions, 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 on Form 10-Q. 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. Most information in this supplemental is as of June 30, 2026, unless otherwise noted. The Company undertakes no duty to update the statements in this supplemental to conform the statements to actual results or changes in the Company’s expectations.
41© 2026 Agree Realty Corporation. All Rights Reserved. This supplemental includes certain non-GAAP financial measures and other defined terms. These non-GAAP measures are presented as supplemental information and should not be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. Definitions of non-GAAP measures, as well as certain GAAP and other financial and operating terms, are presented alphabetically below. ACQUISITION TYPE Relationship Driven includes the following categories: • Blend & Extend (“B&E”) refers to a transaction in which the Company acquires a property and extends or modifies the existing lease term as part of the transaction, typically resulting in an increased weighted-average lease term. • Off-Market refers to transactions that are not broadly marketed and are sourced directly through Company relationships or proprietary channels. • Repeat Seller refers to a transaction sourced through an existing relationship with a tenant, developer, or seller, typically leading to transactional efficiencies. • Retailer Driven refers to a transaction in which the acquisition opportunity is identified, directed, or supported by a retailer with whom the Company has a direct relationship. Other includes any transaction that doesn’t qualify for a Relationship Driven designation, including certain portfolio transactions. AFFO Payout Ratio is calculated as common dividends per share divided by AFFO per share for the same period. The Company believes this measure is a useful supplemental indicator of dividend coverage and the sustainability of its dividend policy. This measure is not a substitute for measures prepared in accordance with GAAP, and the Company’s calculation may differ from similarly titled measures used by other companies. Annualized Adjusted Cash NOI represents Annualized Base Rent ("ABR") net of annualized straight-line rental adjustments and annualized non-reimbursable real estate expenses. Annualized Base Rent (“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, investors, and other interested parties in analyzing concentrations and leasing activity. Annualized Net Income represents Net Income for the respective quarter, on an annualized basis. GLOSSARY
42© 2026 Agree Realty Corporation. All Rights Reserved. COMPONENTS OF FUNDS FROM OPERATIONS, CORE FFO, AND AFFO 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, 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 add-back 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”) 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. GLOSSARY
43© 2026 Agree Realty Corporation. All Rights Reserved. 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 impairment charges on depreciable real estate assets, and after adjustments for unconsolidated partnerships and joint ventures. The Company considers 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 add-back 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 Recurring EBITDA 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 Recurring EBITDA a key supplemental measure of the Company's operating performance because it represents the Company's earnings run rate for the period presented and because it is widely followed by industry analysts, lenders and investors. Our Recurring EBITDA may not be comparable to Recurring EBITDA reported by other companies that have a different interpretation of the definition of Recurring EBITDA. Our ratio 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 Recurring EBITDA is calculated by taking annualized Recurring EBITDA and dividing it by our net debt per the consolidated balance sheet. Total Debt and Net Debt The Company defines Total Debt as debt per the consolidated balance sheet excluding unamortized debt issuance costs, original issue discounts and debt discounts. Net Debt is defined as Total Debt less cash, cash equivalents and cash held in escrows. The Company considers the non-GAAP measures of Total Debt and Net Debt to be key supplemental measures of the Company's overall liquidity, capital structure and leverage because they provide industry analysts, lenders and investors useful information in understanding our financial condition. The Company's calculation of Total Debt and Net Debt may not be comparable to Total Debt and Net Debt reported by other REITs that interpret the definitions differently than the Company. The Company presents Net Debt on both an actual and proforma basis, assuming the net proceeds of the Forward Offerings (see below) are used to pay down debt. The Company believes the proforma measure may be useful to investors in understanding the potential effect of the Forward Offerings on the Company's capital structure, its future borrowing capacity, and its ability to service its debt. GLOSSARY
44© 2026 Agree Realty Corporation. All Rights Reserved. COMPONENTS OF NET DEBT TO RECURRING EBITDA (continued) 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 such shares 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, capital structure and leverage. The Company defines Anticipated Net Proceeds from Outstanding Forwards as the number of shares outstanding under forward sale agreements at the end of each quarter, multiplied by the applicable forward sale price for each agreement, respectively. This is also referred to as Outstanding Forward Equity. DEVELOPMENT DEFINITIONS Anticipated Costs represent the Company’s estimate of the total budgeted cost or contractual purchase price for development or Developer Funding Platform (“DFP”) projects that have commenced or are ongoing as of the reporting date. Anticipated Costs are based on the original or most recently approved project budget, as applicable, and may be subject to adjustment as projects are completed or budgets are finalized. Commenced reflects projects in which construction began during the period. Delivered reflects when the tenant is in control of the space and the property is ready for its intended use. Ongoing reflects projects that remained under construction during the period. Total Costs represent the final cost or contractual purchase price for development or DFP projects that are Delivered as of the reporting date. 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 the conversion of Agree Limited Partnership common units into common stock. Equity Market Capitalization represents the market value of the Company’s outstanding shares of common stock, calculated based on the closing price of the Company’s common stock on the NYSE on the date specified, and assuming the conversion of Agree Limited Partnership common units into common stock. Fixed Charge Coverage Ratio is calculated as Trailing Twelve Month (“TTM”) Fixed Charge EBITDA divided by TTM Fixed Charges. TTM Fixed Charge EBITDA represents TTM EBITDA adjusted for straight-line rent and capital expenditure adjustments, and TTM Fixed Charges consist of interest expense, preferred share dividend payments, and scheduled principal payments. The Company believes this measure is a useful supplemental indicator of its ability to service fixed financial obligations, though it is not a substitute for measures prepared in accordance with GAAP and may not be comparable to similarly titled measures used by other companies. Gross Leasable Area ("GLA") reflects the leasable square feet of owned properties. Excludes properties under redevelopment. GLOSSARY
45© 2026 Agree Realty Corporation. All Rights Reserved. INVESTMENT TYPE CLASSIFICATIONS Acquisitions refer to the purchase of individual properties or portfolios by the Company. Acquisitions generally involve the acquisition of stabilized assets and require limited tenant improvements relative to the overall investment. Developments refer to projects in which the Company directly controls the development process, typically including land acquisition, lease negotiation, due diligence, design, and construction. Development projects typically involve ground-up construction or significant redevelopment. Developer Funding Platform (“DFP”) transactions involve the Company partnering with developers or retailers, typically on in-process development projects, and providing capital and development expertise. In DFP transactions, the Company generally does not lead the development process, but supports execution through funding and oversight. The Company owns the asset outright upon completion. Net Debt to Enterprise Value represents the ratio of the Company’s net debt to its Enterprise Value and is used to evaluate the Company’s capital structure and balance sheet leverage. New Leases, Extensions and Options represents leasing activity executed during the period across the Company’s portfolio, excluding properties that were sold. It includes new leases, temporary leases, lease amendments, extensions, assignments, and options exercised. Assignments or similar transactions where both the contractual rent and contractual lease term are unchanged from the prior period, are excluded. Leasing activity is measured based on GLA. Occupancy equals the sum of leased square feet divided by GLA. Excludes properties under redevelopment. Recapture Rate measures the percentage of annualized cash rent (for the first year of the lease, excluding free rent periods) achieved on leasing activity relative to the expiring lease’s annualized cash rent. RENT INCREASE TYPE Consumer Price Index (“CPI”) rent increases are tied to changes in an inflation index, typically the CPI, as defined in the lease. Adjustments may be subject to contractual caps, floors, or averaging provisions, where applicable. Fixed Rent increases are contractually defined at lease execution and occur at predetermined intervals, typically as a stated percentage increase or a fixed dollar amount. The timing and magnitude of increases are known and not subject to external indices. Flat base rent remains constant over the applicable lease term, including any options. GLOSSARY
46© 2026 Agree Realty Corporation. All Rights Reserved. RETAIL CREDIT TYPE Investment Grade (“IG”) refers to ABR derived from tenants, or parent or subsidiary entities thereof, that have an investment grade credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings, or the National Association of Insurance Commissioners (“NAIC”). Not Rated (“NR”) refers to ABR derived from tenants, or parent or subsidiary entities thereof, that do not have a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings, or the NAIC. Sub-Investment Grade (“SIG”) refers to ABR derived from tenants, or parent or subsidiary entities thereof, that have a credit rating below investment grade from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings, or the NAIC. RETAIL TENANT TYPE Franchise refers to tenants whose locations are owned and operated by franchisees, rather than directly by a corporate entity. National refers to tenants that operate a nationwide store footprint across multiple regions of the United States and generate revenue from a broadly diversified geographic base. Super-Regional refers to tenants that operate a large, multi-state store footprint, but whose operations are concentrated in specific regions of the United States rather than nationwide. Same-Store Rent Growth represents the year-over-year change in rental income for owned properties for the entire comparable period. Excludes properties under development or redevelopment. Excludes straight-line rent adjustments, the amortization of above- and below-market lease intangibles, and operating cost reimbursements for the purposes of calculating rental income. The Company believes Same-Store Rent Growth is a useful supplemental measure of portfolio operating performance; however, it is not a substitute for measures prepared in accordance with GAAP, and the Company’s calculation may differ from similarly titled measures used by other companies. TENANT OWNERSHIP TYPE Public refers to tenants that are publicly traded companies with equity securities listed on a recognized stock exchange. These companies are generally subject to public reporting requirements, ongoing regulatory oversight, and periodic financial disclosures. Public classification applies regardless of whether the tenant operates directly or through wholly owned subsidiaries. Private refers to tenants that are privately held companies and are not publicly traded on a stock exchange. This category includes closely held businesses, family-owned companies, non-profit companies, co-operatives, employee-owned companies, and companies owned or controlled by private equity or other private investment firms. Private tenants are generally not subject to public financial reporting requirements, although they may provide the Company financial information on a confidential basis. Franchise refers to tenants that operate one or more locations under a licensed brand name pursuant to a franchise agreement. These tenants are typically independently owned and operated franchisees, even when the franchisor itself may be a publicly traded or privately held company. GLOSSARY
47© 2026 Agree Realty Corporation. All Rights Reserved. Total Credit & Occupancy Loss represents the fully-loaded impact of lost cash rent and incremental operating expense within a given period, including partial payment or non-payment for any reason. It is comprised of: • Bad Debt reflects amounts written off related to outstanding receivables for troubled tenants. • Credit-Related Loss reflects lost cash rent and incremental operating expense associated with a credit event or troubled tenants once they have vacated their space. • Occupancy Loss reflects lost cash rent and incremental operating expense associated with any tenant that vacated their space for reasons other than credit challenges. Portfolio refers to the acquisition of multiple properties transacted together as part of a single transaction, that may occur on the same closing date or separate closing dates. Sale-Leaseback (“SLB”) refers to a transaction in which the Company acquires a property from an owner-operator and simultaneously leases the property back to the seller under a long-term lease. Weighted-Average Capitalization Rate for acquisitions and dispositions, it is defined as the sum of contractual fixed annual rents computed on a straight-line basis over the primary lease terms and anticipated annual net tenant recoveries, divided by the purchase and sale prices for occupied properties. Weighted-Average Lease Term (“WALT”) represents the remaining contractual lease term of in-place leases, weighted by ABR, and excludes vacant properties and lease extension options. GLOSSARY