ADC 8-K
Agree Realty Corp (ADC)
8-K
2026-04-21
For: 2026-04-21
View Original
Added on
April 21, 2026
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): April 21, 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 April 21, 2026, Agree Realty Corporation (the “Company”) issued a press release describing its results of operations for the first quarter ended March 31, 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: April 21, 2026 | ||||||||
Exhibit 99.1
 | 32301 Woodward Ave. Royal Oak, MI 48073 www.agreerealty.com FOR IMMEDIATE RELEASE | ||||
Agree Realty Corporation Reports First Quarter 2026 Results
Raised Approximately $660 Million of Forward Equity via ATM Program
Balance Sheet Fortified with Approximately $2.3 Billion of Liquidity
Royal Oak, MI, April 21, 2026 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended March 31, 2026. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.
First Quarter 2026 Financial and Operating Highlights:
•Invested approximately $424 million in 100 retail net lease properties
•15 development or Developer Funding Platform ("DFP") projects completed or under construction with anticipated total costs of approximately $112 million
•Net Income per share attributable to common stockholders increased 19.1% to $0.50
•Core Funds from Operations (“Core FFO”) per share increased 8.1% to $1.13
•Adjusted Funds from Operations (“AFFO”) per share increased 7.9% to $1.14
•Declared an increased monthly dividend of $0.267 per common share for April, a 4.3% year-over-year increase
•Sold 8.7 million shares of common stock via the forward component of the Company's at-the-market equity ("ATM") program for anticipated net proceeds of approximately $658 million
•Balance sheet well positioned at 3.2 times proforma net debt to recurring EBITDA; 5.1 times excluding unsettled forward equity
•Ended the quarter with approximately $2.3 billion of liquidity including availability on the revolving credit facility, outstanding forward equity, undrawn term loan capacity, and cash on hand
Financial Results
Net Income Attributable to Common Stockholders
Net Income for the three months ended March 31, 2026 increased 33.4% to $60.2 million, compared to $45.1 million for the comparable period in 2025. Net Income per share for the three months ended March 31st increased 19.1% to $0.50, compared to $0.42 for the comparable period in 2025.
Core FFO
Core FFO for the three months ended March 31, 2026 increased 21.0% to $136.3 million, compared to $112.7 million for the comparable period in 2025. Core FFO per share for the three months ended March 31st increased 8.1% to $1.13, compared to $1.04 for the comparable period in 2025.
AFFO
AFFO for the three months ended March 31, 2026 increased 20.7% to $137.6 million, compared to $114.0 million for the comparable period in 2025. AFFO per share for the three months ended March 31st increased 7.9% to $1.14, compared to $1.06 for the comparable period in 2025.
1
Dividend
In the first quarter, the Company declared monthly cash dividends of $0.262 per common share for each of January, February and March 2026. The monthly dividends declared during the first quarter reflect an annualized dividend amount of $3.144 per common share, representing a 3.6% increase over the annualized dividend amount of $3.036 per common share from the first quarter of 2025. The dividends represent payout ratios of approximately 70% of Core FFO per share and 69% of AFFO per share, respectively.
Subsequent to quarter end, the Company declared an increased monthly cash dividend of $0.267 per common share for April 2026. The April 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 April dividend is payable on May 14, 2026 to stockholders of record at the close of business on April 30, 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 May 1, 2026 to stockholders of record at the close of business on April 21, 2026.
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 | $4.54 to $4.58 | ||||||||||||
Investment volume | $1.4 to $1.6 billion | $1.4 to $1.6 billion | ||||||||||||
Disposition volume | $25 to $75 million | $25 to $75 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 $3 million | $2 to $2.5 million | ||||||||||||
Treasury stock method dilution(5) | Approximately $0.01 | $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.
2
CEO Comments
“Our first quarter results reflect a strong start to the year. Our balance sheet is fortified, our pipeline is strong and our Team is laser focused," said Joey Agree, President and Chief Executive Officer. “We are extremely well-positioned to execute on our Operating Strategy for the remainder of the year and beyond.”
Portfolio Update
As of March 31, 2026, the Company’s portfolio consisted of 2,756 properties located in all 50 states and contained approximately 57.5 million square feet of gross leasable area. At quarter end, the portfolio was approximately 99.7% leased, had a weighted-average lease term of approximately 7.8 years, and generated approximately 65.4% of annualized base rents from investment grade retail tenants.
Ground Lease Portfolio
During the first quarter, the Company acquired nine ground leases for an aggregate purchase price of approximately $28.4 million, representing 7.5% of annualized base rents acquired.
As of March 31, 2026, the Company’s ground lease portfolio consisted of 261 leases located in 39 states and totaled approximately 7.0 million square feet of gross leasable area. Properties ground leased to tenants represented 10.1% of annualized base rents.
At quarter end, the ground lease portfolio was fully occupied, had a weighted-average lease term of approximately 9.1 years, and generated 84.0% of annualized base rents from investment grade retail tenants.
Acquisitions
Total acquisition volume for the first quarter was approximately $402.5 million and included 85 properties net leased to leading retailers operating in sectors including auto parts, grocery stores, home improvement, farm and rural supply, convenience stores, and crafts and novelties. The properties are located in 32 states and leased to tenants operating in 21 sectors.
The properties were acquired at a weighted-average capitalization rate of 7.1% and had a weighted-average lease term of approximately 11.3 years. Approximately 59.3% of annualized base rents acquired were generated from investment grade retail tenants.
Dispositions
During the first quarter, the Company sold seven properties for gross proceeds of approximately $10.6 million. The dispositions were completed at a weighted-average capitalization rate of 6.8%.
The Company's disposition guidance for 2026 is between $25 million and $75 million.
3
Development and Developer Funding Platform
During the first quarter, the Company commenced two development or DFP projects, with total anticipated costs of approximately $18.0 million. Construction continued during the quarter on nine projects with anticipated costs totaling approximately $71.4 million. The Company completed four projects during the quarter with total costs of approximately $22.5 million.
For the three months ended March 31, 2026, the Company had 15 development or DFP projects completed or under construction with anticipated total costs of approximately $112.0 million. The projects are leased to leading retailers including TJX Companies, Burlington, 7-Eleven, Boot Barn, Starbucks, Gerber Collision, and Sunbelt Rentals.
The following table presents estimated costs for the Company's active or completed development and DFP projects for the three months ended March 31, 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 | 5 | 30,375 | 11,814 | 42,189 | ||||||||||||||||||||||
| Q3 2026 | 2 | 8,855 | 4,495 | 13,350 | ||||||||||||||||||||||
| Q4 2026 | 2 | 4,653 | 11,340 | 15,993 | ||||||||||||||||||||||
| Q1 2027 | 1 | 3,312 | 7,247 | 10,559 | ||||||||||||||||||||||
| Q2 2027 | 1 | 3,327 | 4,050 | 7,377 | ||||||||||||||||||||||
Total | 15 | $ | 73,056 | $ | 38,946 | $ | 112,002 | |||||||||||||||||||
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.
4
Leasing Activity and Expirations
During the first quarter, the Company executed new leases, extensions or options on approximately 876,000 square feet of gross leasable area throughout the existing portfolio. Notable new leases, extensions or options included a 100,000-square foot Walmart Supercenter in Whitewater, Wisconsin, a 100,000-square foot Home Depot in Orange, Connecticut, and a 20,000-square foot TJ Maxx in Mason City, Iowa.
As of March 31, 2026, the Company’s 2026 lease maturities represented 0.9% of annualized base rents. The following table presents contractual lease expirations within the Company’s portfolio as of March 31, 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 | 29 | $ | 6,567 | 0.9 | % | 600,160 | 1.0 | % | ||||||||||||||||||||||||
| 2027 | 155 | 33,140 | 4.3 | % | 3,081,500 | 5.4 | % | |||||||||||||||||||||||||
| 2028 | 181 | 47,545 | 6.2 | % | 4,172,420 | 7.3 | % | |||||||||||||||||||||||||
| 2029 | 224 | 69,230 | 9.1 | % | 6,505,470 | 11.4 | % | |||||||||||||||||||||||||
| 2030 | 344 | 75,963 | 9.9 | % | 6,382,140 | 11.1 | % | |||||||||||||||||||||||||
| 2031 | 270 | 68,409 | 9.0 | % | 5,357,160 | 9.3 | % | |||||||||||||||||||||||||
| 2032 | 263 | 58,262 | 7.6 | % | 4,184,540 | 7.3 | % | |||||||||||||||||||||||||
| 2033 | 234 | 53,798 | 7.0 | % | 4,071,160 | 7.1 | % | |||||||||||||||||||||||||
| 2034 | 238 | 54,717 | 7.2 | % | 3,687,600 | 6.4 | % | |||||||||||||||||||||||||
| 2035 | 221 | 59,764 | 7.8 | % | 4,127,080 | 7.2 | % | |||||||||||||||||||||||||
| Thereafter | 827 | 236,454 | 31.0 | % | 15,138,850 | 26.5 | % | |||||||||||||||||||||||||
Total Portfolio | 2,986 | $ | 763,849 | 100.0 | % | 57,308,080 | 100.0 | % | ||||||||||||||||||||||||
The contractual lease expirations presented above exclude the effect of replacement tenant leases that had been executed as of March 31, 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.
5
Top Tenants
The following table presents annualized base rents for all tenants that represent 1.5% or greater of the Company’s total annualized base rent as of March 31, 2026:
| Annualized | Percent of | |||||||||||||
| Tenant | Base Rent(1) | Annualized Base Rent | ||||||||||||
| Walmart | $ | 43,786 | 5.7 | % | ||||||||||
| Tractor Supply | 36,230 | 4.7 | % | |||||||||||
| Dollar General | 29,081 | 3.8 | % | |||||||||||
| Hobby Lobby | 25,818 | 3.4 | % | |||||||||||
| TJX Companies | 23,125 | 3.0 | % | |||||||||||
| O'Reilly Auto Parts | 22,806 | 3.0 | % | |||||||||||
| Best Buy | 22,133 | 2.9 | % | |||||||||||
| CVS | 21,501 | 2.8 | % | |||||||||||
| Gerber Collision | 21,323 | 2.8 | % | |||||||||||
| Kroger | 21,021 | 2.8 | % | |||||||||||
| Lowe's | 20,974 | 2.7 | % | |||||||||||
| 7-Eleven | 19,547 | 2.6 | % | |||||||||||
| Sunbelt Rentals | 17,224 | 2.3 | % | |||||||||||
| Sherwin-Williams | 16,315 | 2.1 | % | |||||||||||
| Burlington | 15,545 | 2.0 | % | |||||||||||
| Home Depot | 14,948 | 2.0 | % | |||||||||||
| Wawa | 12,813 | 1.7 | % | |||||||||||
| Dollar Tree | 12,301 | 1.6 | % | |||||||||||
| Genuine Parts Company | 12,172 | 1.6 | % | |||||||||||
Other(2) | 355,186 | 46.5 | % | |||||||||||
| Total Portfolio | $ | 763,849 | 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.
6
Retail Sectors
The following table presents annualized base rents for all the Company’s retail sectors as of March 31, 2026:
| Annualized | Percent of | |||||||||||||
| Sector | Base Rent(1) | Annualized Base Rent | ||||||||||||
| Grocery Stores | $ | 79,291 | 10.4 | % | ||||||||||
| Home Improvement | 69,969 | 9.2 | % | |||||||||||
| Convenience Stores | 59,583 | 7.8 | % | |||||||||||
| Tire & Auto Service | 58,854 | 7.7 | % | |||||||||||
| Auto Parts | 50,045 | 6.5 | % | |||||||||||
| Dollar Stores | 47,813 | 6.3 | % | |||||||||||
| Off-Price Retail | 45,176 | 5.9 | % | |||||||||||
| Farm And Rural Supply | 38,039 | 5.0 | % | |||||||||||
| General Merchandise | 36,643 | 4.8 | % | |||||||||||
| Crafts And Novelties | 28,211 | 3.7 | % | |||||||||||
| Pharmacy | 26,453 | 3.5 | % | |||||||||||
| Consumer Electronics | 26,239 | 3.4 | % | |||||||||||
| Discount Stores | 21,417 | 2.8 | % | |||||||||||
| Health Services | 18,976 | 2.5 | % | |||||||||||
| Warehouse Clubs | 18,379 | 2.4 | % | |||||||||||
| Equipment Rental | 18,279 | 2.4 | % | |||||||||||
| Restaurants - Quick Service | 16,973 | 2.2 | % | |||||||||||
| Health & Fitness | 16,522 | 2.2 | % | |||||||||||
| Dealerships | 15,078 | 2.0 | % | |||||||||||
| Sporting Goods | 13,814 | 1.8 | % | |||||||||||
| Financial Services | 10,285 | 1.3 | % | |||||||||||
| Specialty Retail | 9,259 | 1.2 | % | |||||||||||
| Restaurants - Casual Dining | 7,386 | 1.0 | % | |||||||||||
| Shoes | 6,339 | 0.8 | % | |||||||||||
| Home Furnishings | 5,212 | 0.7 | % | |||||||||||
| Pet Supplies | 4,813 | 0.6 | % | |||||||||||
| Theaters | 3,976 | 0.5 | % | |||||||||||
| Beauty And Cosmetics | 3,892 | 0.5 | % | |||||||||||
| Entertainment Retail | 2,642 | 0.3 | % | |||||||||||
| Apparel | 2,402 | 0.3 | % | |||||||||||
| Miscellaneous | 1,265 | 0.2 | % | |||||||||||
| Office Supplies | 624 | 0.1 | % | |||||||||||
| Total Portfolio | $ | 763,849 | 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.
7
Geographic Diversification
The following table presents annualized base rents for all states that represent 1.5% or greater of the Company’s total annualized base rent as of March 31, 2026:
| Annualized | Percent of | |||||||||||||
| State | Base Rent(1) | Annualized Base Rent | ||||||||||||
| Texas | $ | 54,726 | 7.2 | % | ||||||||||
| Illinois | 46,303 | 6.1 | % | |||||||||||
| Ohio | 39,843 | 5.2 | % | |||||||||||
| Michigan | 38,190 | 5.0 | % | |||||||||||
| Pennsylvania | 37,279 | 4.9 | % | |||||||||||
| Florida | 36,938 | 4.8 | % | |||||||||||
| New York | 36,295 | 4.8 | % | |||||||||||
| North Carolina | 35,448 | 4.6 | % | |||||||||||
| California | 32,579 | 4.3 | % | |||||||||||
| Georgia | 31,409 | 4.1 | % | |||||||||||
| New Jersey | 26,609 | 3.5 | % | |||||||||||
| Missouri | 21,168 | 2.8 | % | |||||||||||
| Louisiana | 20,990 | 2.7 | % | |||||||||||
| Wisconsin | 20,503 | 2.7 | % | |||||||||||
| Virginia | 18,585 | 2.4 | % | |||||||||||
| Mississippi | 18,248 | 2.4 | % | |||||||||||
| South Carolina | 17,684 | 2.3 | % | |||||||||||
| Minnesota | 17,370 | 2.3 | % | |||||||||||
| Kansas | 16,090 | 2.1 | % | |||||||||||
| Indiana | 15,311 | 2.0 | % | |||||||||||
| Connecticut | 14,777 | 1.9 | % | |||||||||||
| Alabama | 14,461 | 1.9 | % | |||||||||||
| Tennessee | 13,950 | 1.8 | % | |||||||||||
| Massachusetts | 13,607 | 1.8 | % | |||||||||||
| Oklahoma | 11,727 | 1.5 | % | |||||||||||
Other(2) | 113,759 | 14.9 | % | |||||||||||
| Total Portfolio | $ | 763,849 | 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.
8
Capital Markets, Liquidity and Balance Sheet
Capital Markets
In March 2026, the Company drew $250.0 million under the $350.0 million 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 in May 2031. The remaining $100.0 million is available to be drawn at the Company's election until November 2026.
During the first quarter, the Company entered into forward sale agreements in connection with its ATM program to sell an aggregate of 8.7 million shares of common stock for anticipated net proceeds of $658.0 million.
The following table presents the Company’s outstanding forward equity offerings as of March 31, 2026:
Anticipated Net | ||||||||||||||||||||||||||||||||
Forward Equity | Shares | Shares | Shares | Net Proceeds | Proceeds | |||||||||||||||||||||||||||
Offerings | Sold | Settled | Remaining | Received | Remaining | |||||||||||||||||||||||||||
| Q4 2024 ATM Forward Offerings | 739,013 | 570,736 | 168,277 | $ | 42,200,880 | $ | 12,795,127 | |||||||||||||||||||||||||
| Q1 2025 ATM Forward Offerings | 2,408,201 | — | 2,408,201 | — | 180,105,715 | |||||||||||||||||||||||||||
| Q2 2025 ATM Forward Offerings | 362,021 | — | 362,021 | — | 27,193,128 | |||||||||||||||||||||||||||
| April 2025 Forward Offering | 5,175,000 | — | 5,175,000 | — | 384,490,080 | |||||||||||||||||||||||||||
| Q4 2025 ATM Forward Offerings | 1,505,746 | — | 1,505,746 | — | 109,043,688 | |||||||||||||||||||||||||||
| Q1 2026 ATM Forward Offerings | 8,738,029 | — | 8,738,029 | — | 657,984,474 | |||||||||||||||||||||||||||
| Total Forward Equity Offerings | 18,928,010 | 570,736 | 18,357,274 | $ | 42,200,880 | $ | 1,371,612,212 | |||||||||||||||||||||||||
Liquidity
As of March 31, 2026, the Company had total liquidity of approximately $2.3 billion, which includes $780.4 million of availability under its revolving credit facility after adjusting for outstanding commercial paper notes, $1.37 billion of outstanding forward equity, $100.0 million of capacity under the 2031 Unsecured Term Loan, and $31.2 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 March 31, 2026, the Company’s net debt to recurring EBITDA was 5.1 times. The Company’s proforma net debt to recurring EBITDA was 3.2 times when deducting the $1.37 billion of anticipated net proceeds from the outstanding forward equity offerings from the Company’s net debt of approximately $3.7 billion as of March 31, 2026. The Company’s fixed charge coverage ratio was 4.2 times at quarter end. The Company’s net debt to enterprise value was 28.5% as of March 31, 2026.
For the three months ended March 31, 2026, the Company's fully diluted weighted-average shares outstanding were 120.4 million. The basic weighted-average shares outstanding for the three months ended March 31, 2026 were 119.9 million.
For the three months ended March 31, 2026, the Company's fully diluted weighted-average shares and units outstanding were 120.7 million. The basic weighted-average shares and units outstanding for the three months ended March 31, 2026 were 120.2 million.
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 March 31, 2026, there were 347,619 Operating Partnership common units outstanding, and the Company held a 99.7% common interest in the Operating Partnership.
9
Conference Call/Webcast
The Company will host its quarterly analyst and investor conference call on Wednesday, April 22, 2026 at 9:00 AM ET. To participate in the conference call, please dial (800) 715-9871 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 March 31, 2026, the Company owned and operated a portfolio of 2,756 properties, located in all 50 states and containing approximately 57.5 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 March 31, 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.
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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.
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 – OP Common Unitholders” and “Adjusted Funds from Operations – OP Common Unitholders”.
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Contact:
Peter Coughenour
Chief Financial Officer
Agree Realty Corporation
(248) 737-4190
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AGREE REALTY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per-share data)
(Unaudited)
| March 31, | December 31, | |||||||||||||
| 2026 | 2025 | |||||||||||||
| ASSETS | ||||||||||||||
| Real estate investments | ||||||||||||||
| Land | $ | 3,014,791 | $ | 2,895,495 | ||||||||||
| Buildings | 6,569,831 | 6,330,249 | ||||||||||||
| Less accumulated depreciation | (758,519) | (715,733) | ||||||||||||
| 8,826,103 | 8,510,011 | |||||||||||||
| Property under development | 60,071 | 62,690 | ||||||||||||
| Net real estate investments | 8,886,174 | 8,572,701 | ||||||||||||
| Real estate held for sale, net | 3,077 | — | ||||||||||||
| Cash and cash equivalents | 25,077 | 16,295 | ||||||||||||
| Cash held in escrow | 6,128 | 4,327 | ||||||||||||
| Accounts receivable - tenants, net | 129,617 | 122,477 | ||||||||||||
Lease intangibles, net of accumulated amortization of $609,190 and $576,945 at March 31, 2026 and December 31, 2025, respectively | 1,033,309 | 1,000,967 | ||||||||||||
| Other assets, net | 96,861 | 80,845 | ||||||||||||
| Total Assets | $ | 10,180,243 | $ | 9,797,612 | ||||||||||
| LIABILITIES | ||||||||||||||
| Mortgage notes payable, net | $ | 41,370 | $ | 41,546 | ||||||||||
| Unsecured term loans, net | 596,683 | 348,074 | ||||||||||||
| Senior unsecured notes, net | 2,585,618 | 2,584,608 | ||||||||||||
| Unsecured revolving credit facility and commercial paper notes | 469,650 | 320,500 | ||||||||||||
| Dividends and distributions payable | 32,178 | 32,158 | ||||||||||||
| Accounts payable, accrued expenses, and other liabilities | 154,051 | 139,384 | ||||||||||||
Lease intangibles, net of accumulated amortization of $51,365 and $49,797 at March 31, 2026 and December 31, 2025, respectively | 61,765 | 60,189 | ||||||||||||
| Total Liabilities | $ | 3,941,315 | $ | 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 March 31, 2026 and December 31, 2025 | 175,000 | 175,000 | ||||||||||||
Common stock, $0.0001 par value, 360,000,000 shares authorized, 120,103,455 and 120,028,406 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 12 | 12 | ||||||||||||
| Additional paid-in-capital | 6,676,618 | 6,679,142 | ||||||||||||
| Dividends in excess of net income | (653,433) | (618,675) | ||||||||||||
| Accumulated other comprehensive income | 40,641 | 35,506 | ||||||||||||
| Total equity - Agree Realty Corporation | 6,238,838 | 6,270,985 | ||||||||||||
| Non-controlling interest | 90 | 168 | ||||||||||||
| Total Equity | 6,238,928 | 6,271,153 | ||||||||||||
| Total Liabilities and Equity | $ | 10,180,243 | $ | 9,797,612 | ||||||||||
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AGREE REALTY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(In thousands, except share and per-share data)
(Unaudited)
| Three Months Ended | ||||||||||||||
| March 31, 2026 | March 31, 2025 | |||||||||||||
| Revenues | ||||||||||||||
| Rental income | $ | 200,676 | $ | 169,113 | ||||||||||
| Other | 131 | 47 | ||||||||||||
| Total Revenues | 200,807 | 169,160 | ||||||||||||
| Operating Expenses | ||||||||||||||
| Real estate taxes | 14,713 | 11,513 | ||||||||||||
| Property operating expenses | 9,636 | 8,381 | ||||||||||||
| Land lease expense | 554 | 485 | ||||||||||||
| General and administrative | 11,477 | 10,771 | ||||||||||||
| Depreciation and amortization | 66,699 | 55,755 | ||||||||||||
| Provision for impairment | 1,400 | 4,331 | ||||||||||||
| Total Operating Expenses | 104,479 | 91,236 | ||||||||||||
Gain on sale of assets, net | 1,697 | 772 | ||||||||||||
| Gain on involuntary conversion, net | 528 | — | ||||||||||||
| Income from Operations | 98,553 | 78,696 | ||||||||||||
| Other (Expense) Income | ||||||||||||||
| Interest expense, net | (35,970) | (30,764) | ||||||||||||
| Income and other tax expense | (500) | (825) | ||||||||||||
| Other income | 148 | 41 | ||||||||||||
| Net Income | 62,231 | 47,148 | ||||||||||||
| Less net income attributable to non-controlling interest | 180 | 152 | ||||||||||||
| Net income attributable to Agree Realty Corporation | 62,051 | 46,996 | ||||||||||||
| Less Series A preferred stock dividends | 1,859 | 1,859 | ||||||||||||
| Net Income Attributable to Common Stockholders | $ | 60,192 | $ | 45,137 | ||||||||||
| Net Income Per Share Attributable to Common Stockholders | ||||||||||||||
| Basic | $ | 0.50 | $ | 0.42 | ||||||||||
| Diluted | $ | 0.50 | $ | 0.42 | ||||||||||
| Other Comprehensive Income | ||||||||||||||
| Net income | $ | 62,231 | $ | 47,148 | ||||||||||
| Amortization of interest rate swaps | (1,075) | (736) | ||||||||||||
| Change in fair value and settlement of interest rate swaps | 6,225 | (10,031) | ||||||||||||
| Total comprehensive income | 67,381 | 36,381 | ||||||||||||
| Less comprehensive income attributable to non-controlling interest | $ | 195 | $ | 117 | ||||||||||
| Comprehensive Income Attributable to Agree Realty Corporation | $ | 67,186 | $ | 36,264 | ||||||||||
| Weighted Average Number of Common Shares Outstanding - Basic | 119,856,418 | 107,048,557 | ||||||||||||
| Weighted Average Number of Common Shares Outstanding - Diluted | 120,375,633 | 107,547,193 | ||||||||||||
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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 | ||||||||||||||
March 31, 2026 | March 31, 2025 | |||||||||||||
Reconciliation from Net Income to Funds from Operations | ||||||||||||||
Net income | $ | 62,231 | $ | 47,148 | ||||||||||
Less Series A preferred stock dividends | 1,859 | 1,859 | ||||||||||||
Net income attributable to Operating Partnership common unitholders | $ | 60,372 | $ | 45,289 | ||||||||||
Depreciation of rental real estate assets | 44,324 | 37,164 | ||||||||||||
Amortization of lease intangibles - in-place leases and leasing costs | 21,708 | 18,064 | ||||||||||||
Provision for impairment | 1,400 | 4,331 | ||||||||||||
Gain on sale or involuntary conversion of assets, net | (2,225) | (772) | ||||||||||||
Funds from Operations - Operating Partnership common unitholders | $ | 125,579 | $ | 104,076 | ||||||||||
Amortization of above (below) market lease intangibles, net and assumed mortgage debt discount, net | 10,762 | 8,630 | ||||||||||||
Core Funds from Operations - Operating Partnership common unitholders | $ | 136,341 | $ | 112,706 | ||||||||||
Straight-line accrued rent | (4,942) | (4,009) | ||||||||||||
Stock-based compensation expense | 3,534 | 3,129 | ||||||||||||
Amortization of financing costs and original issue discounts | 2,004 | 1,612 | ||||||||||||
Non-real estate depreciation | 667 | 527 | ||||||||||||
Adjusted Funds from Operations - Operating Partnership common unitholders | $ | 137,604 | $ | 113,965 | ||||||||||
Funds from Operations per common share and partnership unit - diluted | $ | 1.04 | $ | 0.96 | ||||||||||
Core Funds from Operations per common share and partnership unit - diluted | $ | 1.13 | $ | 1.04 | ||||||||||
Adjusted Funds from Operations per common share and partnership unit - diluted | $ | 1.14 | $ | 1.06 | ||||||||||
Weighted average shares and Operating Partnership common units outstanding | ||||||||||||||
Basic | 120,204,037 | 107,396,176 | ||||||||||||
Diluted | 120,723,252 | 107,894,812 | ||||||||||||
Additional supplemental disclosure | ||||||||||||||
Scheduled principal repayments | $ | 267 | $ | 250 | ||||||||||
Capitalized interest | $ | 476 | $ | 442 | ||||||||||
Capitalized building improvements | $ | 597 | $ | 600 | ||||||||||
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.
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AGREE REALTY CORPORATION
RECONCILIATION OF PROFORMA NET DEBT TO RECURRING EBITDA
(In thousands, except share and per-share data)
(Unaudited)
Three Months Ended | ||||||||
March 31, 2026 | ||||||||
Mortgage notes payable, net | $ | 41,370 | ||||||
Unsecured term loan, net | 596,683 | |||||||
Senior unsecured notes, net | 2,585,618 | |||||||
Unsecured revolving credit facility and commercial paper notes | 469,650 | |||||||
Total Debt per the Consolidated Balance Sheet | $ | 3,693,321 | ||||||
Unamortized debt issuance costs and discounts, net | 28,941 | |||||||
Total Debt | $ | 3,722,262 | ||||||
Cash and cash equivalents | $ | (25,077) | ||||||
Cash held in escrows | (6,128) | |||||||
Net Debt | $ | 3,691,057 | ||||||
Anticipated Net Proceeds from Forward Equity Offerings | (1,371,612) | |||||||
Proforma Net Debt | $ | 2,319,445 | ||||||
Net Income | $ | 62,231 | ||||||
Interest expense, net | 35,970 | |||||||
Income and other tax expense | 500 | |||||||
Depreciation of rental real estate assets | 44,324 | |||||||
Amortization of lease intangibles - in-place leases and leasing costs | 21,708 | |||||||
Non-real estate depreciation | 667 | |||||||
Provision for Impairment | 1,400 | |||||||
(Gain) loss on sale or involuntary conversion of assets, net | (2,225) | |||||||
EBITDAre | $ | 164,575 | ||||||
Run-Rate Impact of Investment, Disposition and Leasing Activity | 5,227 | |||||||
Amortization of above (below) market lease intangibles, net | 10,678 | |||||||
Recurring EBITDA | $ | 180,480 | ||||||
Annualized Recurring EBITDA | $ | 721,920 | ||||||
Total Debt per the Consolidated Balance Sheet to Annualized Net Income | 15.0 | x | ||||||
Net Debt to Recurring EBITDA | 5.1 | x | ||||||
Proforma Net Debt to Recurring EBITDA | 3.2 | 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 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.
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.
Forward Offerings
The Company has 18,357,274 shares remaining to be settled under the Forward Equity Offerings. Upon settlement, the offerings are anticipated to raise net proceeds of approximately $1.4 billion based on the applicable forward sale price as of March 31, 2026. The applicable forward sale price varies depending on the offering. The Company is contractually obligated to settle the offerings by certain dates between June 2026 and March 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 March 31, 2026, on an annualized basis.
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AGREE REALTY CORPORATION
RENTAL INCOME
(In thousands, except share and per-share data)
(Unaudited)
Three Months Ended | ||||||||||||||
| March 31, 2026 | March 31, 2025 | |||||||||||||
Rental Income Source(1) | ||||||||||||||
Minimum rents(2) | $ | 181,433 | $ | 154,006 | ||||||||||
Percentage rents(2) | 2,394 | 1,556 | ||||||||||||
Operating cost reimbursement(2) | 22,585 | 18,088 | ||||||||||||
Straight-line rental adjustments(3) | 4,942 | 4,009 | ||||||||||||
Amortization of (above) below market lease intangibles(4) | (10,678) | (8,546) | ||||||||||||
Total Rental Income | $ | 200,676 | $ | 169,113 | ||||||||||
(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.
16
Q 1 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 $12.9 billion(1) retail net lease REIT headquartered in Royal Oak, Michigan 2,756 retail properties totaling approximately 57.5 million square feet in all 50 states 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 M a rc h 3 1, 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 March 31, 2026, unless otherwise noted. (1) Anticipated net proceeds based on the applicable forward sale prices as of March 31, 2026. (2) Reflects total capital committed for the 15 projects. (3) Reflects full-year 2026 guidance provided by the Company on April 21, 2026. (4) Proforma for the settlement of the Company’s outstanding forward equity as of March 31, 2026. (5) $250 million was drawn in March 2026, leaving $100 million of remaining capacity as of March 31, 2026. Fixed rate inclusive of $350 million of forward-starting SOFR swaps. (6) Declared by the Company on April 9, 2026. Note: this presentation includes non-GAAP financial measures, and a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures is included in the Appendix herewith. Recent Highlights 2026 investment volume guidance of $1.4 billion to $1.6 billion(3), ~10% above initial guidance provided in January Fortress balance sheet with liquidity of approximately $2.3 billion(4) 15 development or DFP projects completed or under construction for $112 million as of quarter end(2) Declared increased monthly cash dividend of $0.267 per common share for April, representing a 4.3% year-over-year increase(6) 2026 AFFO per share guidance of $4.54 to $4.58, representing 5.4% growth at the midpoint(3) Approximately $1.4 billion of outstanding forward equity as of quarter end(1) Raised approximately $660 million of forward equity in Q1 2026 via the sale of 8.7 million shares on the Company's ATM program(1) Acquired $403 million of high-quality retail net lease assets in Q1 2026 at a weighted-average cap rate of 7.1% 3.2x Proforma Net Debt to Recurring EBITDA as of quarter end(4) Closed a $350 million 5.5-year, delayed draw term loan at a 4.02% fixed rate(5)
5© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Over $1.6 billion of hedged capital(1) Total liquidity of approximately $2.3 billion(2) Closed a $350 million 5.5-year term loan at a 4.02% fixed rate(3) No material debt maturities until 2028 As of March 31, 2026. (1) Hedged capital includes $250 million of forward-starting interest rate swaps fixing the base rate for a future 10-year unsecured debt issuance at approximately 4.1%, combined with approximately $1.4 billion of outstanding forward equity. (2) Proforma for the settlement of the Company’s outstanding forward equity as of March 31, 2026. (3) $250 million was drawn in March 2026, leaving $100 million of remaining capacity as of March 31, 2026. Fixed rate inclusive of $350 million of forward-starting SOFR swaps. Positioned for 2026 “Our balance sheet is fortified, our pipeline is strong and our Team is laser focused. We are extremely well-positioned to execute on our Operating Strategy for the remainder of the year and beyond.” - JOEY AGREE, Q1 2026 EARNINGS RELEASE Total Liquidity $1.4B $0.9B $31M Forward Equity Outstanding Revolver & Term Loan Capacity Cash
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 March 31, 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 3/31/2026. ADC has acquired over 125 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 9th largest tenant with over 120 locations. As of March 31, 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 3/31/2026. 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 60 locations. As of March 31, 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 3/31/2026. 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&PAugust 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 5th largest tenant. As of March 31, 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 3/31/2026. 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 3.5%. Exposure is as of year-end 2012 through March 31, 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% Closed a market leading, delayed draw, 5.5-year term loan at a fixed rate of 4.02%(1) Forward equity has accounted for ~96% of all net lease issuance since 2023 As of March 31, 2026. (1)$250 million was drawn in March 2026, leaving $100 million of remaining capacity as of March 31, 2026. Fixed rate inclusive of $350 million of forward-starting SOFR 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) 5.1% WACC 5.6% PEER WACC CALCULATION WEIGHTING FORM OF CAPITAL COST 65% Equity(1) 5.8% 25% Five-Year Term Loan 4.4% 10% Free Cash Flow After Dividend 0.0% WACC 4.9% 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 April 17, 2026. (1) The cost of equity is calculated using the share price as of April 17, 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 ~70 bps
15© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Best-in-Class Total Shareholder Returns As of March 31, 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 March 31, 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 March 31, 2026. TENANT / CONCEPT ANNUALIZED BASE RENT % OF TOTAL Walmart $43.8 5.7 % Tractor Supply 36.2 4.7 % Dollar General 29.1 3.8 % Hobby Lobby 25.8 3.4 % TJX Companies 23.1 3.0 % O'Reilly Auto Parts 22.8 3.0 % Best Buy 22.1 2.9 % CVS 21.5 2.8 % Gerber Collision 21.3 2.8 % Kroger 21.0 2.8 % Lowe's 21.0 2.7 % 7-Eleven 19.5 2.6 % Sunbelt Rentals 17.2 2.3 % Sherwin-Williams 16.3 2.1 % Burlington 15.5 2.0 % Home Depot 14.9 2.0 % Wawa 12.8 1.7 % Dollar Tree 12.3 1.6 % Genuine Parts Company 12.2 1.6 % Other 355.4 46.5 % Total $763.8 100.0% Agree Realty Snapshot TENANT SECTOR ANNUALIZED BASE RENT % OF TOTAL Grocery Stores $79.3 10.4 % Home Improvement 70.0 9.2 % Convenience Stores 59.6 7.8 % Tire & Auto Service 58.9 7.7 % Auto Parts 50.0 6.5 % Dollar Stores 47.8 6.3 % Off-Price Retail 45.2 5.9 % Farm And Rural Supply 38.0 5.0 % General Merchandise 36.6 4.8 % Crafts And Novelties 28.2 3.7 % Other 250.2 32.7 % Total $763.8 100.0% Equity Market Capitalization(1) $9.1 Billion Enterprise Value(1) $12.9 Billion Property Count 2,756 Net Debt to EBITDA 5.1x / 3.2x(2) Investment Grade %(1) 65.4% Company Overview Top Tenants ($ in millions) Top Retail Sectors ($ in millions)
18© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. BEST-IN-CLASS RETAILERS WITH CONSERVATIVE BALANCE SHEETS Strong Investment Grade Portfolio 15% SUB-INVESTMENT GRADE(1) 20% NOT RATED(1) 65% INVESTMENT GRADE(1) As of March 31, 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 March 31, 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 March 31, 2026. (1) 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) 84% INVESTMENT GRADE(1) 11% NOT RATED(1) 5% SUB-INVESTMENT GRADE(1) Ground Lease Portfolio Overview 261 Leases 10.1% of total portfolio ABR 9.1 years weighted- average lease term Top Ground Lease Tenants (% of ABR) 15% 14% 11% 7% 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 Recapture rate reflects current rent per square foot vs. prior rent per square foot. (1) Reflects remaining lease term at the time the lease extension was executed. (2) New lease commenced in Q1 2023.
22© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. $12.95 $14.45 $19.11 $21.12 $21.42 $23.45 $25.15 $30.30 $30.45 65% 53% 44% 32% 22% 20% 13% —% —% —% 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 March 31, 2026. Peer data of December 31, 2025. (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— 90 and 92 sectors, respectively—compared to ADC’s more targeted categorization across 32 retail-focused sectors. 91% 87% 73% 43% 38% 37% 33% 27% 27% 25%
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 $101 billion of opportunities since 2018 $9.5 BILLION acquired since 2018 As of March 31, 2026.
27© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. As of April 17, 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, and Progressive Grocer. 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 23,500+ Farm & Rural Supply Stores 2,600+ Crafts & Novelties Stores 1,000+ Quick-Service Restaurants 34,900+ Equipment Rental Stores 2,800+ Warehouse Clubs 1,400+ Home Improvement Stores 9,400+ Consumer Electronics Stores 1,300+ Grocery Stores 13,400+ Dealerships 500+ Convenience Stores 31,100+ Off-Price Retail Stores 6,900+ Tire & Auto Service Stores 5,800+ Dollar Stores 30,100+ 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 OVER $11 BILLION IN HIGH-QUALITY RETAIL NET LEASE PROPERTIES SINCE 2010 Track Record of Execution DEVELOPMENT & DFP(2)ACQUISITIONS Investment Activity ($ in millions, unless otherwise noted) As of March 31, 2026, unless otherwise noted. (1) Reflects full-year 2026 investment volume guidance provided by the Company on April 21, 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) $1.4B - $1.6B $61
29© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. $67.2M $49.4M $58.0M $45.8M $9.7M $98.4M $44.1M $10.6M 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 March 31, 2026. Graph is representative and does not include all dispositions. Total Dispositions 2010-2026: $612 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, MI, OH Henderson, NV
Fortified Balance Sheet
31© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. $10 $42$50 $410 $450 $475 $375 $300 $300 $450 $400 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 $0 $100 $200 $300 $400 $500 $600 As of March 31, 2026. (1) Excludes $469.7 million of outstanding short-term commercial paper notes as of March 31, 2026. (2) There were no outstanding borrowings on the Company’s revolving credit facility as of March 31, 2026. The revolving credit facility matures in August 2029 assuming two 6-month extension options are exercised. (3) The Company has drawn $250.0 million of its $350.0 million delayed draw unsecured term loan as of March 31, 2026. The remaining $100.0 million is available as a delayed draw term loan commitment until November 17, 2026. (4) See Glossary beginning on page 41 for definitions of Equity Market Capitalization, Enterprise Value, Net Debt to Enterprise Value and Fixed Charge Coverage Ratio. (5) Reflects net debt to annualized Q1 2026 recurring EBITDA. (6) Proforma for the settlement of the Company's outstanding forward equity as of March 31, 2026. Leading With Our Fortress Balance Sheet CAPITALIZATION STATISTICS Equity Market Capitalization(4) $9.1 Billion Enterprise Value(4) $12.9 Billion Net Debt to Enterprise Value(4) 28.5% CREDIT METRICS Fixed Charge Coverage Ratio(4) 4.2x Net Debt to Recurring EBITDA(5) 5.1x / 3.2x(6) Issuer Ratings A- / Baa1 / BBB+ Ratings Outlooks Stable / Stable / Stable Debt Maturities ($ in millions) SECUREDUNSECURED NO MATERIAL DEBT MATURITIES UNTIL 2028 (2) <$1 (3)(1)
32© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. STRONG CAPITAL MARKETS EXECUTION HAS PROVIDED AMPLE LIQUIDITY; ~$12 BILLION OF ACTIVITY SINCE 2010 Capital Markets Track Record Reflects gross proceeds from equity and long-term debt raised through March 31, 2026. Forward equity and delayed-draw debt offerings are shown in the year they were raised, rather than settled or drawn. Capital Markets Activity ($ in millions) COMMON EQUITYUNSECURED DEBTSECURED DEBT PREFERRED EQUITY $225 $125 $350 $650 $300 $350 $450 $750 $531 432.8 $988 $1,095 $1,322 $371 $1,103 $714 $665 $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 March 31, 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 4.5x 4.7x 4.8x 4.9x 4.9x 4.9x 4.9x 5.2x 5.1x 4.9x 5.1x 3.7x 4.1x 4.5x 4.3x 4.3x 4.1x 3.6x 3.3x 3.4x 3.1x 3.5x 3.8x 3.2x Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 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 $3.25 169 CONSECUTIVE COMMON DIVIDENDS PAID; AVERAGE AFFO PAYOUT RATIO OF ~74% OVER PAST 10 YEARS Growing, Well-Covered Monthly Dividend As of March 31, 2026. Reflects common dividends per share declared in each year, rounded to two decimals. 169 consecutive common dividends paid includes 62 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 100 green leases with tenants, resulting in Gold-level recognition from Green Lease Leaders for three consecutive years ADC’s Board has 10 directors, eight of whom are independent; six new independent directors added since 2018 The Board added a third female Director, appointing Linglong He in January 2024 The Nominating & Governance Committee has formal oversight responsibility for the Company’s ESG program The Company enhanced its 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, CARE House of Oakland County, and Michigan Veteran's Foundation ADC has received awards from Globe St, Crain’s Detroit Business, and Best and Brightest in Wellness recognizing its outstanding corporate culture and wellness initiatives SOCIAL RESPONSIBILITY DEDICATED TO SUSTAINABILITY AND GOOD CORPORATE CITIZENSHIP Agree Realty’s ESG Practices 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 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Mortgage notes payable, net $47,842 $47,701 $42,952 $42,811 $42,666 $42,518 $42,366 $42,210 $42,050 $41,886 $41,718 $41,546 $41,370 Unsecured term loan, net 0 0 346,639 346,798 346,947 347,115 347,274 347,452 347,609 347,767 347,900 348,074 596,683 Senior unsecured notes, net 1,792,611 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 Unsecured revolving credit facility 196,000 303,000 49,000 227,000 330,000 43,000 49,000 158,000 322,000 247,000 389,000 320,500 469,650 Total Debt per the Consolidated Balance Sheet $2,036,453 $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 Unamortized debt issuance costs and discounts, net $19,720 $19,050 $21,731 $20,947 $20,145 $28,537 $27,563 $26,483 $25,544 $30,854 $29,838 $28,650 $28,941 Total Debt $2,056,173 $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 Cash and cash equivalents $(11,809) $(8,068) $(6,384) $(10,907) $(6,314) $(9,639) $(13,237) $(6,399) $(7,915) $(5,824) $(13,696) $(16,295) $(25,077) Cash held in escrows (1,131) (4,179) (3) (3,617) (9,120) (14,615) 0 0 (3,254) (3,087) (3,182) (4,327) (6,128) Net Debt $2,043,233 $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 Anticipated Net Proceeds from Forward Equity Offerings $(362,125) $(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) Proforma Net Debt $1,681,108 $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 Net Income $41,774 $41,015 $41,657 $46,101 $45,014 $54,913 $44,528 $45,377 $47,148 $49,353 $52,279 $56,209 $62,231 Interest expense, net 17,998 19,948 20,803 22,371 24,451 26,416 28,942 29,095 30,764 32,274 35,212 36,362 35,970 Income and other tax expense 783 709 709 709 1,149 1,004 1,077 1,075 825 425 225 260 500 Depreciation of rental real estate assets 26,584 28,145 29,769 31,119 31,966 33,531 33,941 38,397 37,164 38,698 40,867 42,427 44,324 Amortization of lease intangibles - in-place leases and leasing costs 13,770 14,328 15,258 15,611 15,996 16,424 17,056 17,652 18,064 19,679 19,715 20,367 21,708 Non-real estate depreciation 292 277 598 527 501 499 507 517 527 562 597 642 667 Provision for impairment 0 1,315 3,195 2,665 4,530 0 2,694 0 4,331 2,961 2,980 1,600 1,400 (Gain) loss on sale or involuntary conversion of assets, net 0 (319) 20 (1,550) (2,041) (7,176) (1,794) (430) (772) (1,510) (1,056) (2,047) (2,225) EBITDAre $101,201 $105,418 $112,009 $117,553 $121,566 $125,611 $126,951 $131,683 $138,051 $142,442 $150,819 $155,820 $164,575 Run-Rate Impact of Investment, Disposition & Leasing Activity $4,147 $4,276 $5,207 $2,344 $1,376 $1,890 $2,446 $4,055 $4,421 $4,356 $5,601 $4,405 $5,227 Amortization of above (below) market lease intangibles, net 8,611 8,711 8,293 7,481 8,295 8,297 8,294 8,350 8,546 8,537 9,344 9,988 10,678 Recurring EBITDA $113,959 $118,405 $125,509 $127,378 $131,237 $135,798 $137,691 $144,088 $151,018 $155,335 $165,764 $170,213 $180,480 Annualized Recurring EBITDA $455,836 $473,620 $502,036 $509,512 $524,948 $543,192 $550,764 $576,352 $604,072 $621,340 $ 663,056 $680,852 $721,920 64 Total Debt per the Consolidated Balance Sheet to Annualized Net Income 12.2x 13.1x 13.4x 13.1x 14.0x 12.2x 15.2x 15.5x 15.8x 16.5x 16.2x 14.8x 15.0x Net Debt to Recurring EBITDA 4.5x 4.5x 4.5x 4.7x 4.8x 4.9x 4.9x 4.9x 4.9x 5.2x 5.1x 4.9x 5.1x Proforma Net Debt to Recurring EBITDA 3.7x 4.1x 4.5x 4.3x 4.3x 4.1x 3.6x 3.3x 3.4x 3.1x 3.5x 3.8x 3.2x
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 March 31, 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. 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 [email protected]
Supplemental Financial Information Q1 2026 Quarter Ended March 31, 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 • Non-GAAP Definitions
3© 2026 Agree Realty Corporation. All Rights Reserved. COMPANY OVERVIEW Supplemental Financial Information Q1 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 March 31, 2026, the Company owned and operated a portfolio of 2,756 properties, located in all 50 states and containing approximately 57.5 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 [email protected] 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) Merrie Frankel President, Minerva Realty Consultants Adjunct Professor, Columbia University & NYU 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 $4.56 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 Baa3 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) $9.1 Billion Enterprise Value(1) $12.9 Billion Monthly Dividend Per Share(2) $0.267 Annualized Dividend Per Share(2) $3.204 10-Year Dividend CAGR 5.3 % Consecutive Dividends Paid (62 Monthly + 107 Quarterly) 169 (5) Dividend Per Share AFFO Per Share As of March 31, 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 April 9, 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 April 21, 2026. Dividend per share annualizes the monthly common dividend of $0.267, declared on April 9, 2026. The Company does not provide guidance with respect to the most directly comparable GAAP financial measure or provide conciliations 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. 77% 21% 2% Public Private Franchise PORTFOLIO SNAPSHOT Portfolio Overview Ownership Type (% of ABR) $12.95 AVERAGE RENT PSF 57.5M SQ. FT. GLA(1) 99.7% Occupancy $763.8M ABR(1) 7.8 YEARS WALT(1) As of March 31, 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. 65% 20% 15% 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 Q1 2026
8© 2026 Agree Realty Corporation. All Rights Reserved. QUARTERLY HIGHLIGHTS Financial & Operational Results Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net Income(1) (in thousands) $52,865 $42,516 $43,380 $45,137 $47,339 $50,258 $54,178 $60,192 Net Income Per Share(1) $0.52 $0.42 $0.41 $0.42 $0.43 $0.45 $0.47 $0.50 Core FFO(2) (in thousands) $104,214 $102,943 $107,571 $112,706 $115,942 $122,234 $126,767 $136,341 Core FFO Per Share(2) $1.03 $1.01 $1.02 $1.04 $1.05 $1.09 $1.10 $1.13 AFFO(2) (in thousands) $105,308 $104,769 $109,493 $113,965 $117,677 $123,117 $128,048 $137,604 AFFO Per Share(2) $1.04 $1.03 $1.04 $1.06 $1.06 $1.10 $1.11 $1.14 Dividends Declared Per Share $0.750 $0.750 $0.759 $0.759 $0. 768 $0.768 $0.786 $0.786 AFFO Payout Ratio 71.8 % 72.8 % 72.8 % 71.9 % 72.3 % 69.8 % 70.8 % 69.0 % Weighted-Average Common Shares & Units Outstanding (in thousands) 100,802 102,063 105,046 107,895 110,725 111,859 115,346 120,723 Cash G&A (% of adjusted revenues) 4.3 % 3.9 % 3.6 % 4.3 % 4.4 % 3.9 % 3.9 % 3.8 % G&A(% of adjusted revenues) 6.0 % 5.6 % 5.3 % 6.1 % 6.2 % 5.7 % 5.5 % 5.4 % Non-Reimbursable Real Estate Expenses (% of adjusted revenues) 1.0 % 1.4 % 1.3 % 1.3 % 1.3 % 1.1 % 1.2 % 1.1 % New Leases, Extensions, or Options Exercised (square feet) 302,000 785,000 538,000 584,000 948,000 859,000 642,000 876,000 Recapture Rate 100.3 % 101.6 % 106.2 % 106.6 % 103.0 % 102.8 % 104.7 % 104.5 % Same-store Rent Growth 1.5 % 1.1 % 1.1 % 0.9 % 1.6 % 0.8 % 0.2 % 1.6 % Key Portfolio Metrics Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Number of Properties 2,202 2,271 2,370 2,422 2,513 2,603 2,674 2,756 Number of States 49 49 50 50 50 50 50 50 Number of Sectors 32 32 32 32 32 32 32 32 Annualized Base Rent ("ABR") $578,916 $596,068 $620,721 $648,732 $674,541 $707,840 $733,395 $763,849 Average Rent Per Square Foot $12.32 $12.30 $12.37 $12.55 $12.63 $12.80 $12.84 $12.95 Gross Leasable Area ("GLA") (in millions) 45.8 47.2 48.8 50.3 52.0 53.7 55.5 57.5 Weighted-Average Lease Term ("WALT") 8.1 7.9 7.9 8.0 8.0 8.0 7.8 7.8 Investment Grade (% of ABR) 68.4 % 67.5 % 68.2 % 68.3 % 67.8 % 66.7 % 66.8 % 65.4 % Ground Lease (% of ABR) 11.3 % 10.9 % 10.9 % 10.6 % 10.3 % 10.0 % 10.2 % 10.1 % Occupancy (% of ABR) 99.8 % 99.6 % 99.6 % 99.2 % 99.6 % 99.7 % 99.7 % 99.7 % National Tenants (% of ABR) 86.9 % 87.1 % 87.6 % 87.7 % 87.8 % 88.3 % 88.1 % 87.5 % Top 10 Tenant Concentration 37.0 % 37.2 % 37.1 % 36.3 % 35.9 % 35.2 % 35.0 % 34.9 % As of March 31, 2026. (1) Reflects Net Income Attributable to Common Stockholders. (2) Core Funds From Operations ("Core FFO"), Core FFO Per Share, AFFO, and AFFO Per Share are non- GAAP financial measures. A reconciliation to the most directly comparable GAAP financial measure is included on page 17. See Appendix & Glossary beginning on page 38 for definitions of non-GAAP measures and other terms used in this table.
9© 2026 Agree Realty Corporation. All Rights Reserved. QUARTERLY HIGHLIGHTS Investment & Disposition Activity ($ in millions) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Total Investment Activity Spend $202.6 $236.8 $371.4 $377.1 $350.3 $450.5 $376.9 $423.7 Number of Properties 70 93 127 69 110 110 94 100 Acquisitions Spend $185.8 $215.6 $341.5 $358.9 $327.5 $401.4 $347.4 $402.5 Weighted-Average Capitalization Rate 7.7 % 7.5 % 7.3 % 7.3 % 7.1 % 7.2 % 7.1 % 7.1 % WALT 9.3 9.8 12.3 13.4 12.2 10.7 9.6 11.3 Investment Grade (% of ABR) 59.1 % 60.3 % 73.3 % 68.7 % 53.3 % 70.0 % 65.7 % 59.3 % Ground Lease (% of ABR) 0.9 % 0.0 % 10.5 % 3.6 % 1.0 % 5.1 % 18.2 % 7.5 % Number of Properties 47 66 98 46 91 90 78 85 Average Asset Size $4.0 $3.3 $3.5 $7.8 $3.6 $4.5 $4.5 $4.7 Number of Sectors 16 17 20 19 21 25 18 21 Number of States 21 24 30 23 29 33 33 32 Development & DFP Spend $16.7 $21.2 $30.0 $18.2 $22.7 $49.1 $29.5 $21.2 Number of Projects Commenced 5 8 8 4 1 5 4 2 Anticipated Costs - Commenced $18.8 $33.7 $45.1 $23.9 $8.6 $50.8 $35.3 $18.0 Number of Projects Delivered 4 6 9 6 4 8 3 4 Total Costs - Delivered $15.0 $19.0 $30.5 $27.2 $13.4 $61.2 $29.4 $22.5 Dispositions Gross Proceeds $36.9 $7.2 $32.0 $2.5 $6.2 $15.0 $20.4 $10.6 Gain on Sale of Assets, net $7.2 $1.8 $0.4 $0.8 $1.5 $0.9 $2.2 $1.7 Number of Properties 10 2 8 1 4 8 9 7 Weighted-Average Capitalization Rate 6.4 % 5.8 % 7.4 % N/A N/A 7.4 % 6.4 % 6.8 % Leverage Metrics & Debt Covenants Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net Debt to Recurring EBITDA(1) 4.9x 4.9x 4.9x 4.9x 5.2x 5.1x 4.9x 5.1x Proforma Net Debt to Recurring EBITDA(1) 4.1x 3.6x 3.3x 3.4x 3.1x 3.5x 3.8x 3.2x Net Debt to Enterprise Value 29.4 % 25.2 % 26.6 % 25.4 % 28.1 % 28.9 % 27.2 % 28.5 % Fixed Charge Coverage Ratio 4.7x 4.5x 4.4x 4.3x 4.2x 4.2x 4.2x 4.2x As of March 31, 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.
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 April 21, 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 2025 Guidance(1) Prior 2025 Guidance(1) Prior 2026 Guidance Revised 2026 Guidance AFFO per share(1)(2) $4.54 to $4.58 $4.54 to $4.58 Investment volume $1.4 to $1.6 billion $1.4 to $1.6 billion Disposition volume $25 to $75 million $25 to $75 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 $3 million $2 to $2.5 million Treasury stock method dilution(5) Approximately $0.01 $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) March 31, 2026 December 31, 2025 ASSETS Real estate investments Land $ 3,014,791 $ 2,895,495 Buildings 6,569,831 6,330,249 Less accumulated depreciation (758,519) (715,733) 8,826,103 8,510,011 Property under development 60,071 62,690 Net real estate investments $ 8,886,174 $ 8,572,701 Real estate held for sale, net 3,077 — Cash and cash equivalents 25,077 16,295 Cash held in escrow 6,128 4,327 Accounts receivable - tenants, net 129,617 122,477 Lease intangibles, net of accumulated amortization of $609,190 and $576,945 at March 31, 2026 and December 31, 2025, respectively 1,033,309 1,000,967 Other assets, net 96,861 80,845 Total Assets $ 10,180,243 $ 9,797,612 LIABILITIES Mortgage notes payable, net 41,370 41,546 Unsecured term loan, net 596,683 348,074 Senior unsecured notes, net 2,585,618 2,584,608 Unsecured revolving credit facility and commercial paper notes 469,650 320,500 Dividends and distributions payable 32,178 32,158 Accounts payable, accrued expenses, and other liabilities 154,051 139,384 Lease intangibles, net of accumulated amortization of $51,365 and $49,797 at March 31, 2026 and December 31, 2025, respectively 61,765 60,189 Total Liabilities $ 3,941,315 $ 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 March 31, 2026 and December 31, 2025 175,000 175,000 Common stock, $0.0001 par value, 360,000,000 shares authorized, 120,103,455 and 120,028,406 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 12 12 Additional paid-in-capital 6,676,618 6,679,142 Dividends in excess of net income (653,433) (618,675) Accumulated other comprehensive income 40,641 35,506 Total equity - Agree Realty Corporation 6,238,838 6,270,985 Non-controlling interest 90 168 Total Equity $ 6,238,928 $ 6,271,153 Total Liabilities and Equity $ 10,180,243 $ 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 March 31, 2026 March 31, 2025 Revenues Rental income $ 200,676 $ 169,113 Other 131 47 Total Revenues 200,807 169,160 Operating Expenses Real estate taxes 14,713 11,513 Property operating expenses 9,636 8,381 Land lease expense 554 485 General and administrative 11,477 10,771 Depreciation and amortization 66,699 55,755 Provision for impairment 1,400 4,331 Total Operating Expenses 104,479 91,236 Gain on sale of assets, net 1,697 772 Gain on involuntary conversion, net 528 — Income from Operations 98,553 78,696 Other (Expense) Income Interest expense, net (35,970) (30,764) Income and other tax expense (500) (825) Other income 148 41 Net Income 62,231 47,148 Less net income attributable to non-controlling interest 180 152 Net income attributable to Agree Realty Corporation 62,051 46,996 Less Series A preferred stock dividends 1,859 1,859 Net Income Attributable to Common Stockholders $ 60,192 $ 45,137 Net Income Per Share Attributable to Common Stockholders Basic $ 0.50 $ 0.42 Diluted $ 0.50 $ 0.42 Other Comprehensive Income Net income 62,231 47,148 Amortization of interest rate swaps (1,075) (736) Change in fair value and settlement of interest rate swaps 6,225 (10,031) Total comprehensive income 67,381 36,381 Less comprehensive income attributable to non-controlling interest $ 195 $ 117 Comprehensive Income Attributable to Agree Realty Corporation $ 67,186 $ 36,264 Weighted Average Number of Common Shares Outstanding - Basic 119,856,418 107,048,557 Weighted Average Number of Common Shares Outstanding - Diluted 120,375,633 107,547,193
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 March 31, 2026 March 31, 2025 Reconciliation from Net Income to Funds from Operations Net income 62,231 47,148 Less Series A preferred stock dividends 1,859 1,859 Net income attributable to Operating Partnership common unitholders $ 60,372 $ 45,289 Depreciation of rental real estate assets 44,324 37,164 Amortization of lease intangibles - in-place leases and leasing costs 21,708 18,064 Provision for impairment 1,400 4,331 Gain on sale or involuntary conversion of assets, net (2,225) (772) Funds from Operations - Operating Partnership common unitholders $ 125,579 $ 104,076 Amortization of above (below) market lease intangibles, net and assumed mortgage debt discount, net 10,762 8,630 Core Funds from Operations - Operating Partnership common unitholders $ 136,341 $ 112,706 Straight-line accrued rent (4,942) (4,009) Stock-based compensation expense 3,534 3,129 Amortization of financing costs and original issue discounts 2,004 1,612 Non-real estate depreciation 667 527 Adjusted Funds from Operations - Operating Partnership common unitholders $ 137,604 $ 113,965 Funds from Operations per common share and partnership unit - diluted $ 1.04 $ 0.96 Core Funds from Operations per common share and partnership unit - diluted $ 1.13 $ 1.04 Adjusted Funds from Operations per common share and partnership unit - diluted $ 1.14 $ 1.06 Weighted average shares and Operating Partnership common units outstanding Basic 120,204,037 107,396,176 Diluted 120,723,252 107,894,812 Additional supplemental disclosure Scheduled principal repayments $ 267 $ 250 Capitalized interest $ 476 $ 442 Capitalized building improvements $ 597 $ 600
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 March 31, 2026 Mortgage notes payable, net $ 41,370 Unsecured term loan, net 596,683 Senior unsecured notes, net 2,585,618 Unsecured revolving credit facility and commercial paper notes 469,650 Total Debt per the Consolidated Balance Sheet $ 3,693,321 Unamortized debt issuance costs and discounts, net 28,941 Total Debt $ 3,722,262 Cash and cash equivalents (25,077) Cash held in escrows (6,128) Net Debt $ 3,691,057 Anticipated Net Proceeds from Forward Equity Offerings (1,371,612) Proforma Net Debt $ 2,319,445 Net Income 62,231 Interest expense, net 35,970 Income and other tax expense 500 Depreciation of rental real estate assets 44,324 Amortization of lease intangibles - in-place leases and leasing costs 21,708 Non-real estate depreciation 667 Provision for Impairment 1,400 (Gain) loss on sale or involuntary conversion of assets, net (2,225) EBITDAre $ 164,575 Run-Rate Impact of Investment, Disposition and Leasing Activity 5,227 Amortization of above (below) market lease intangibles, net 10,678 Recurring EBITDA $ 180,480 Annualized Recurring EBITDA $ 721,920 Total Debt per the Consolidated Balance Sheet to Annualized Net Income 15.0 x Net Debt to Recurring EBITDA 5.1 x Proforma Net Debt to Recurring EBITDA 3.2 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) Three Months Ended March 31, 2026 2025 Cash Flows from Operating Activities Net income $ 62,231 $ 47,148 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 66,699 55,755 Amortization from above (below) market lease intangibles, net 10,678 8,546 Amortization from financing costs, credit facility costs and debt discount 2,087 1,696 Stock-based compensation 3,534 3,129 Straight-line accrued rent (4,942) (4,009) Provision for impairment 1,400 4,331 Gain on sale of assets (1,697) (772) Gain on involuntary conversion (528) — Change in accounts receivable (2,292) 4,940 Change in other assets (12,489) (7,570) Change in accounts payable, accrued expenses, and other liabilities 20,475 13,463 Net Cash Provided by Operating Activities 145,156 126,657 Cash Flows from Investing Activities Acquisition of real estate investments and other assets (412,335) (359,684) Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $476 in 2026, $442 in 2025) (28,883) (23,422) Net proceeds from involuntary conversion 1,287 — Payment of leasing costs (306) (132) Net proceeds from sale of assets 10,065 2,383 Net Cash Used in Investing Activities (430,172) (380,855) Cash Flows from Financing Activities Proceeds from common stock offerings, net — 183,090 Repurchase of common shares (6,058) (3,645) Unsecured revolving credit facility and commercial paper notes borrowings 12,540,741 474,000 Unsecured revolving credit facility and commercial paper notes repayments (12,391,591) (310,000) Payments of mortgage notes payable (267) (250) Unsecured term loan proceeds 250,000 — Payment of Series A preferred dividends (1,859) (1,859) Payment of common stock dividends (94,930) (81,873) Distributions to non-controlling interest (273) (264) Payments for financing costs (164) (231) Net Cash Provided by Financing Activities 295,599 258,968 Change in Cash and Cash Equivalents and Cash Held in Escrow 10,583 4,770 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 $ 31,205 $ 11,169 Supplemental Disclosure of Cash Flow Information Cash paid for interest (net of amounts capitalized) $ 13,644 $ 12,274 Cash paid for income and other tax, net of refunds $ (36) $ 759 Supplemental Disclosure of Non-Cash Investing and Financing Activities Lease right of use assets added under new ground leases $ 963 $ 1,767 Series A preferred dividends declared and unpaid $ 620 $ 620 Common stock dividends and limited partners' distributions declared and unpaid $ 31,558 $ 27,922 Change in accrual of development, construction and other real estate investment costs $ (7,744) $ (2,263)
16© 2026 Agree Realty Corporation. All Rights Reserved. FINANCIAL STATEMENTS Rental Income ($ in thousands) Three Months Ended March 31, 2026 March 31, 2025 Rental Income Source(1) Minimum rents(2) $ 181,433 $ 154,006 Percentage rents(2) 2,394 1,556 Operating cost reimbursement(2) 22,585 18,088 Straight-line rental adjustments(3) 4,942 4,009 Amortization of (above) below market lease intangibles(4) (10,678) (8,546) Total Rental Income $ 200,676 $ 169,113 Adjusted Revenues ($ in thousands) Three Months Ended March 31, 2026 March 31, 2025 Adjusted Revenues Source Rental income(1) $ 200,676 $ 169,113 Other revenue 131 47 Total Revenues 200,807 169,160 Amortization of above (below) market lease intangibles(4) 10,678 8,546 Adjusted Revenues $ 211,485 $ 177,706 Cash General & Administrative Expense (“Cash G&A”) ($ in thousands) Three Months Ended March 31, 2026 March 31, 2025 General & Administrative Source General & administrative expense $ 11,477 $ 10,771 Less: non-cash compensation (3,534) (3,129) Total Cash G&A $ 7,943 $ 7,642 Cash G&A (% of Adjusted Revenues) 3.8 % 4.3 % Non-Reimbursable Real Estate Expenses ($ in thousands) Three Months Ended March 31, 2026 March 31, 2025 Non-Reimbursable Real Estate Expenses Source Real estate taxes $ 14,713 $ 11,513 Property operating expenses 9,636 8,381 Land lease expense 554 485 Less: operating cost reimbursements(2) (22,585) (18,088) Total Non-Reimbursable Real Estate Expenses $ 2,318 $ 2,291 Non-Reimbursable Real Estate Expenses (% of Adjusted Revenues) 1.1 % 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) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net Income $54,913 $44,528 $45,377 $47,148 $49,353 $52,279 $56,209 $62,231 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 $53,054 $42,669 $43,518 $45,289 $47,494 $50,420 $54,350 $60,372 Depreciation of rental real estate assets $33,531 $33,941 $38,397 $37,164 $38,698 $40,867 $42,427 $44,324 Amortization of lease intangibles - in- place leases and leasing costs 16,424 17,056 17,652 18,064 19,679 19,715 20,367 21,708 Provision for impairment 0 2,694 0 4,331 2,961 2,980 1,600 1,400 (Gain) loss on sale or involuntary conversion of assets, net (7,176) (1,794) (430) (772) (1,510) (1,056) (2,047) (2,225) Funds from Operations - OP Common Unitholders $95,833 $94,566 $99,137 $104,076 $107,322 $112,926 $116,697 $125,579 Amortization of above (below) market lease intangibles, net and assumed mortgage debt discount, net $8,381 $8,377 $8,434 $8,630 $8,620 $9,428 $10,070 $10,762 Core Funds from Operations - OP Common Unitholders $104,214 $102,943 $107,571 $112,706 $115,942 $122,354 $126,767 $136,341 Straight-line accrued rent $(3,496) $(3,332) $(3,036) $(4,009) $(3,789) $(4,976) $(4,582) $(4,942) Stock based compensation expense 2,789 2,780 2,812 3,129 3,259 3,306 3,297 3,534 Amortization of financing costs and original issue discounts 1,302 1,871 1,629 1,612 1,703 1,836 1,924 2,004 Non-real estate depreciation 499 507 517 527 562 597 642 667 Adjusted Funds from Operations - OP Common Unitholders $105,308 $104,769 $109,493 $113,965 $117,677 $123,117 $128,048 $137,604 FFO Per Common Share and OP Unit - Diluted $0.95 $0.93 $0.94 $0.96 $0.97 $1.01 $1.01 $1.04 Core FFO Per Common Share and OP Unit - Diluted $1.03 $1.01 $1.02 $1.04 $1.05 $1.09 $1.10 $1.13 Adjusted FFO Per Common Share and OP Unit - Diluted $1.04 $1.03 $1.04 $1.06 $1.06 $1.10 $1.11 $1.14 Weighted Average Number of Common Shares and OP Units Outstanding - Diluted 100,802,322 102,062,930 105,046,470 107,894,812 110,724,840 111,859,234 115,345,876 120,723,252 See Appendix & Glossary beginning on page 38 for definitions of non-GAAP measures and other terms used in these tables.
18© 2026 Agree Realty Corporation. All Rights Reserved. ANNUAL RECONCILIATION OF NET INCOME TO FFO, CORE FFO AND AFFO FINANCIAL STATEMENTS Net Income ($ 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 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Mortgage notes payable, net $42,518 $42,366 $42,210 $42,050 $41,886 $41,718 $41,546 $41,370 Unsecured term loan, net 347,115 347,274 347,452 347,609 347,767 347,900 348,074 596,683 Senior unsecured notes, net 2,236,223 2,236,948 2,237,759 2,238,451 2,582,892 2,583,685 2,584,608 2,585,618 Unsecured revolving credit facility 43,000 49,000 158,000 322,000 247,000 389,000 320,500 469,650 Total Debt per the Consolidated Balance Sheet $2,668,856 $2,675,588 $ 2,785,421 $2,950,110 $3,219,545 $3,362,303 $3,294,728 $3,693,321 Unamortized debt issuance costs and discounts, net $28,537 $27,563 $26,483 $25,544 $30,854 $29,838 $28,650 $28,941 Total Debt $2,697,393 $2,703,151 $ 2,811,904 $2,975,654 $3,250,399 $3,392,141 $3,323,378 $3,722,262 Cash and cash equivalents $(9,639) $(13,237) $(6,399) $(7,915) $(5,824) $(13,696) $(16,295) $(25,077) Cash held in escrows (14,615) 0 0 (3,254) (3,087) (3,182) (4,327) (6,128) Net Debt $2,673,139 $2,689,914 $2,805,505 $2,964,485 $3,241,488 $3,375,263 $3,302,756 $3,691,057 Anticipated Net Proceeds from Forward Equity Offerings $(431,073) $(724,955) $(919,909) $(917,114) $(1,289,392) $(1,036,110) $(716,058) $(1,371,612) Proforma Net Debt $2,242,066 $1,964,959 $1,885,596 $2,047,371 $1,952,096 $2,339,153 $2,586,698 $2,319,445 Net Income $54,913 $44,528 $45,377 $47,148 $49,353 $52,279 $56,209 $62,231 Interest expense, net 26,416 28,942 29,095 30,764 32,274 35,212 36,362 35,970 Income and other tax expense 1,004 1,077 1,075 825 425 225 260 500 Depreciation of rental real estate assets 33,531 33,941 38,397 37,164 38,698 40,867 42,427 44,324 Amortization of lease intangibles – in-place leases and leasing costs 16,424 17,056 17,652 18,064 19,679 19,715 20,367 21,708 Non-real estate depreciation 499 507 517 527 562 597 642 667 Provision for impairment 0 2,694 0 4,331 2,961 2,980 1,600 1,400 (Gain) loss on sale or involuntary conversion of assets, net (7,176) (1,794) (430) (772) (1,510) (1,056) (2,047) (2,225) EBITDAre $125,611 $126,951 $131,683 $138,051 $142,442 $150,819 $155,820 $164,575 Run-Rate Impact of Investment, Disposition & Leasing Activity $1,890 $2,446 $4,055 $4,421 $4,356 $5,601 $4,405 $5,227 Amortization of above (below) market lease intangibles, net 8,297 8,294 8,350 8,546 8,537 9,344 9,988 10,678 Recurring EBITDA $135,798 $137,691 $144,088 $151,018 $155,335 $165,764 $170,213 $180,480 Annualized Recurring EBITDA $543,192 $550,764 $576,352 $604,072 $621,340 $ 663,056 $680,852 $721,920 Total Debt per the Consolidated Balance Sheet to Annualized Net Income 12.2x 15.2x 15.5x 15.8x 16.5x 16.2x 14.8x 15.0x Net Debt to Recurring EBITDA 4.9x 4.9x 4.9x 4.9x 5.2x 5.1x 4.9x 5.1x Proforma Net Debt to Recurring EBITDA 4.1x 3.6x 3.3x 3.4x 3.1x 3.5x 3.8x 3.2x 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 Q1 2026
21© 2026 Agree Realty Corporation. All Rights Reserved. 5% 4% 20%70% 1% Term Loans Commercial Paper/Revolver Senior Notes Common Equity Preferred Equity CAPITAL STRUCTURE OVERVIEW Enterprise Value $12.9B Quick Stats Q1 2026 Weighted-Average Maturity 4.9 years Weighted-Average Interest Rate 4.0% % Fixed Rate Debt / % Floating Rate Debt 87.4% / 12.6% % Unsecured Debt 98.9% Liquidity Q1 2026 Outstanding Forward Equity $1,371,612 Revolving Credit Facility & Term Loan Capacity $880,350 Cash, Cash Equivalents & Cash Held in Escrow $31,206 Total Liquidity $2,283,168 Capitalization ($ in thousands, except share & per-share data) Q1 2026 Common Shares Outstanding 120,103,455 Operating Partnership Units 347,619 Total Outstanding Shares & Units 120,451,074 Share Price $75.38 Equity Market Capitalization $9,079,602 Senior Notes $2,610,000 Term Loans $600,000 Secured Debt $42,612 Commercial Paper/Revolver $469,650 Total Debt $3,722,262 Preferred Equity $175,000 Total Market Capitalization $12,976,864 Cash, Cash Equivalents & Other $(31,206) Total Enterprise Value $12,945,658 Fixed Charge Coverage Ratio Q1 2026 Interest Expense $139,818 Principal Amortization $1,042 Preferred Dividend $7,438 Annual Fixed Charges $148,298 Fixed Charge Coverage Ratio 4.2x As of March 31, 2026. 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. 0.0 2.9 3.7 2.7 0.7 3.5 5.9 0.0$0 $176 $228 $183 $41 $252 $428 $0Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 0.0 2.0 4.0 6.0 $0 $100 $200 $300 $400 $500 Shares Settled (in millions) 3.2 6.6 0.7 2.4 0.4 1.5 8.7 $195 $469 $55 $181 $27 $109 $658 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 0.0 2.0 4.0 6.0 8.0 $0 $100 $200 $300 $400 $500 $600 $700 FORWARD EQUITY SUMMARY As of March 31, 2026. (1) 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 Current Contract Maturity Q4 2024 ATM Forward Offerings 739,013 570,736 168,277 $42,200,880 $12,795,127 June 2026 Q1 2025 ATM Forward Offerings 2,408,201 0 2,408,201 0 180,105,715 September - October 2026 Q2 2025 ATM Forward Offerings 362,021 0 362,021 0 27,193,128 October 2026 April 2025 Forward Offering 5,175,000 0 5,175,000 0 384,490,080 October 2026 Q4 2025 ATM Forward Offerings 1,505,746 0 1,505,746 0 109,043,688 April - May 2027 Q1 2026 ATM Forward Offerings 8,738,029 0 8,738,029 0 657,984,474 July 2027 - March 2028 Total Forward Equity Offerings 18,928,010 570,736 18,357,274 $42,200,880 $1,371,612,212 Shares Sold (in millions) Anticipated Net Proceeds (in millions) $195 $469 $181 $27 $176 $228 $183 $41 Net Proceeds Received (in millions) (1) (1)(1)
23© 2026 Agree Realty Corporation. All Rights Reserved. $42 $50 $410 $450 $475 $375 $300 $300 $450 $400 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 DEBT MATURITY SUMMARY As of March 31, 2026. Any differences are a result of rounding. (1) Excludes $469.7 million of outstanding short-term commercial paper notes as of March 31, 2026. (2) The revolving credit facility matures in August 2029 assuming two 6-month extension options are exercised. No borrowings were outstanding as of March 31, 2026. (3) The Company has drawn $250.0 million of its $350.0 million delayed draw unsecured term loan as of March 31, 2026. The remaining $100.0 million is available as a delayed draw term loan commitment until November 17, 2026. Debt Maturity Schedule ($ 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 $469,650 $362 $0 $0 $470,012 4.00 % 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(2) 0 0 250,000 125,000 375,000 4.15 % 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 $469,650 $42,612 $600,000 $2,610,000 $3,722,262 4.04 % <$1 (2) (3)(1)
24© 2026 Agree Realty Corporation. All Rights Reserved. DEBT DETAIL Debt Summary ($ 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) 4.36% August 2028 $0 $0 Commercial Paper Notes(3) 4.00% Various 469,650 469,650 Total Revolving Credit Facility and Commercial Paper Notes 4.00% $469,650 $469,650 Unsecured Term Loans 2029 Unsecured Term Loan(4) 4.37% January 2029 $350,000 $348,225 2031 Unsecured Term Loan(5) 4.02% May 2031 250,000 248,459 Total Unsecured Term Loans 4.22% $600,000 $596,683 Senior Unsecured Notes(6) 2027 Senior Unsecured Notes 4.26% 4.26% May 2027 $50,000 $49,956 2028 Senior Unsecured Public Notes(7) 2.11% 2.00% June 2028 350,000 348,355 2028 Senior Unsecured Notes 4.42% 4.42% July 2028 60,000 59,987 2029 Senior Unsecured Notes 4.19% 4.19% September 2029 100,000 99,957 2030 Senior Unsecured Notes 4.32% 4.32% September 2030 125,000 124,950 2030 Senior Unsecured Public Notes(7) 3.49% 2.90% October 2030 350,000 348,175 2031 Senior Unsecured Notes 4.42% 4.47% October 2031 125,000 124,620 2032 Senior Unsecured Public Notes(7) 3.96% 4.80% October 2032 300,000 296,640 2033 Senior Unsecured Public Notes(7) 2.13% 2.60% June 2033 300,000 296,875 2034 Senior Unsecured Public Notes(7) 5.65% 5.63% June 2034 450,000 442,313 2035 Senior Unsecured Public Notes(7) 5.35% 5.60% June 2035 400,000 393,789 Total Senior Unsecured Notes 4.01% $2,610,000 $2,585,618 Mortgage Notes Payable Portfolio Credit Tenant Lease 6.27% July 2026 $362 $354 Four Asset Mortgage Loan 3.63% December 2029 42,250 41,016 Total Mortgage Notes Payable 3.65% $42,612 $41,370 Total Floating Rate Debt(8) 4.00% $469,650 $469,650 Total Fixed Rate Debt(8) 4.04% $3,252,612 $3,223,671 Total Debt 4.04% $3,722,262 $3,693,321 As of March 31, 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 4.36%, which is comprised of SOFR of 3.63% 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 million of SOFR based interest to a fixed interest rate of 3.57%. (5) The Company drew $250.0 million under the 2031 Unsecured Term Loan. The all-in interest rate of the 2031 Unsecured Term Loan reflects the credit spread of 80 basis points and the impact of the forward starting interest rate swaps which convert $350.0 million of SOFR based interest to a fixed interest rate of 3.22%. The forward-starting interest rate swaps are effective April 1, 2026 and, accordingly, interest accrued prior to April 1, 2026, is not hedged by the swaps and accrues at the applicable variable rate of SOFR plus 80 basis points. (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) Variable 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 March 31, 2026. Covenants with the same title may have varying results for Q1 2026 due to definitional differences between debt agreements. Public Bond Covenants Metric Q1 2026 Total Indebtedness to Total Asset Value <= 60% 34.7% Adjusted EBITDA to Fixed Charges >= 1.5 to 1.0 4.5x Total Unencumbered Assets to Unsecured Indebtedness >=150% 291.0% Total Secured Indebtedness to Total Asset Value <=40% 0.4% Revolving Credit Facility Covenants Metric Q1 2026 Total Indebtedness to Total Asset Value <= 60% 29.1% Adjusted EBITDA to Fixed Charges >= 1.5 to 1.0 4.2x Total Unsecured Indebtedness to Unencumbered Asset Value <= 60% 29.5% Total Secured Indebtedness to Total Asset Value <=40% 0.3% Private Placement Covenants Metric Q1 2026 Total Indebtedness to Total Asset Value <= 60% 34.6% Adjusted EBITDA to Fixed Charges >= 1.5 to 1.0 4.5x Total Unencumbered Assets to Unsecured Indebtedness >=150% 289.7% Total Secured Indebtedness to Total Asset Value <=40% 0.4% Unencumbered NOI to Unsecured Indebtedness >=11.5% 18.6% Consolidated Net Worth >=$267MM $6.9B
26© 2026 Agree Realty Corporation. All Rights Reserved. NET ASSET VALUE COMPONENTS Gross Real Estate Investment Property Count GLA (in thousands) ABR ( in thousands) Annualized Adjusted Cash NOI(1) (in thousands) Real Estate Portfolio $8.89 billion 2,756 57,476 $763,849 $734,812 Net Asset Value Reconciliation ($ in thousands) March 31, 2026 Tangible Assets Cash and Cash Equivalents & Cash Held in Escrow $31,206 Property Under Development 60,071 Other Tangible Assets(2) 239,196 Total Tangible Assets $330,473 Debt Unsecured Term Loans $600,000 Senior Unsecured Notes 2,610,000 Revolving Credit Facility and Commercial Paper Notes 469,650 Mortgage Notes Payable 42,612 Total Debt $3,722,262 Tangible Liabilities Dividends and Distributions Payable $32,178 Other Tangible Liabilities(3) 154,051 Total Tangible Liabilities $186,229 Shares Outstanding Common Stock 120,103,455 Operating Partnership Units 347,619 Total Common Stock & OP Units Outstanding 120,451,074 (1) See Appendix & Glossary beginning on page 38 for a definition of Annualized Adjusted Cash NOI, and other definitions of non-GAAP measures and terms used on this page. (2) Other Tangible Assets consist of deposits, prepaid expenses and insurance, other assets, accounts receivables, and the Net Book Value of all vacant properties. (3) Other Tangible Liabilities consist of accounts payable, accrued expenses, and other liabilities.
27© 2026 Agree Realty Corporation. All Rights Reserved. PORTFOLIO & OPERATING METRICS Supplemental Financial Information Q1 2026
28© 2026 Agree Realty Corporation. All Rights Reserved. Top Tenants ($ in thousands) ABR % of Total Credit Rating Walmart $43,786 5.7 % Investment Grade Tractor Supply 36,230 4.7 % Investment Grade Dollar General 29,081 3.8 % Investment Grade Hobby Lobby 25,818 3.4 % Not Rated TJX Companies 23,125 3.0 % Investment Grade O'Reilly Auto Parts 22,806 3.0 % Investment Grade Best Buy 22,133 2.9 % Investment Grade CVS 21,501 2.8 % Investment Grade Gerber Collision 21,323 2.8 % Not Rated Kroger 21,021 2.8 % Investment Grade Lowe's 20,974 2.7 % Investment Grade 7-Eleven 19,547 2.6 % Investment Grade Sunbelt Rentals 17,224 2.3 % Investment Grade Sherwin-Williams 16,315 2.1 % Investment Grade Burlington 15,545 2.0 % Sub-Investment Grade Home Depot 14,948 2.0 % Investment Grade Wawa 12,813 1.7 % Investment Grade Dollar Tree 12,301 1.6 % Investment Grade Genuine Parts Company 12,172 1.6 % Investment Grade Top Tenants(1) 408,663 53.5 % 85% Investment Grade(2) Other 355,186 46.5 % 43% Investment Grade(3) Total Portfolio $763,849 100.0 % 65% Investment Grade(4) TOP TENANTS As of March 31, 2026. (1) Top Tenants represent all tenants greater than or equal to 1.50% of total ABR. (2) Reflects that 85% of ABR from the Company's Top Tenants is derived from investment grade retailers. (3) Reflects that 43% of ABR from the Company's Other tenants is derived from investment grade retailers. (4) Reflects that 65% of Total Portfolio ABR is derived from investment grade retailers.
29© 2026 Agree Realty Corporation. All Rights Reserved. TOP SECTORS As of March 31, 2026. Top Retail Sectors ($ in thousands) ABR % of Total Grocery Stores $79,291 10.4 % Home Improvement 69,969 9.2 % Convenience Stores 59,583 7.8 % Tire & Auto Service 58,854 7.7 % Auto Parts 50,045 6.5 % Dollar Stores 47,813 6.3 % Off-Price Retail 45,176 5.9 % Farm And Rural Supply 38,039 5.0 % General Merchandise 36,643 4.8 % Crafts And Novelties 28,211 3.7 % Pharmacy 26,453 3.5 % Consumer Electronics 26,239 3.4 % Discount Stores 21,417 2.8 % Health Services 18,976 2.5 % Warehouse Clubs 18,379 2.4 % Equipment Rental 18,279 2.4 % Restaurants - Quick Service 16,973 2.2 % Health & Fitness 16,522 2.2 % Dealerships 15,078 2.0 % Sporting Goods 13,814 1.8 % Financial Services 10,285 1.3 % Specialty Retail 9,259 1.2 % Restaurants - Casual Dining 7,386 1.0 % Shoes 6,339 0.8 % Home Furnishings 5,212 0.7 % Pet Supplies 4,813 0.6 % Theaters 3,976 0.5 % Beauty And Cosmetics 3,892 0.5 % Entertainment Retail 2,642 0.3 % Apparel 2,402 0.3 % Miscellaneous 1,265 0.2 % Office Supplies 624 0.1 % Total Portfolio $763,849 100.0 %
30© 2026 Agree Realty Corporation. All Rights Reserved. GEOGRAPHIC OVERVIEW As of March 31, 2026. Represents exposure by state based on ABR (in thousands) and a percentage of total portfolio ABR. 1.5% – 2.5% 2.5% – 5.0%<1.5% >5.0% ABR % of ABR ABR % of ABR ABR % of ABR ABR % of ABR TX $54,726 7.2% WI $20,503 2.7% MD $10,720 1.3% SD $2,206 0.3% IL $46,303 6.1% VA $18,585 2.4% KY $10,107 1.3% DE $2,185 0.3% OH $39,843 5.2% MS $18,248 2.4% AR $9,092 1.2% VT $2,137 0.3% MI $38,190 5.0% SC $17,684 2.3% NM $8,895 1.2% UT $2,082 0.3% PA $37,279 4.9% MN $17,370 2.3% WA $7,663 1.0% ME $1,666 0.2% FL $36,938 4.8% KS $16,090 2.1% CO $7,184 0.9% ID $1,542 0.2% NY $36,295 4.8% IN $15,311 2.0% OR $6,730 0.9% NV $1,416 0.2% NC $35,448 4.6% CT $14,777 1.9% IA $5,861 0.8% HI $1,018 0.1% CA $32,579 4.3% AL $14,461 1.9% WV $5,655 0.7% AK $658 0.1% GA $31,409 4.1% TN $13,950 1.8% NH $4,073 0.5% MT $438 0.1% NJ $26,609 3.5% MA $13,607 1.8% ND $3,777 0.5% WY $393 0.1% MO $21,168 2.8% OK $11,727 1.5% NE $3,745 0.5% LA $20,990 2.7% AZ $10,783 1.4% RI $3,730 0.5%
31© 2026 Agree Realty Corporation. All Rights Reserved. PORTFOLIO METRICS Credit & Occupancy Loss Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Bad Debt (0.02) % 0.20 % 0.08 % 0.03 % 0.07 % (0.01) % (0.01) % 0.03 % Credit-Related Loss 0.12 % 0.10 % 0.18 % 0.22 % 0.40 % 0.19 % 0.11 % 0.10 % Total Credit Loss 0.10 % 0.30 % 0.26 % 0.25 % 0.47 % 0.18 % 0.10 % 0.13 % Occupancy Loss 0.25 % 0.11 % 0.10 % 0.06 % 0.06 % 0.02 % 0.02 % 0.01 % Total Credit & Occupancy Loss(1) 0.35 % 0.41 % 0.36 % 0.31 % 0.53 % 0.20 % 0.12 % 0.14 % Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Same-Store Rent Growth 1.5 % 1.1 % 1.1 % 0.9 % 1.6 % 0.8 % 0.2 % 1.6 % Rental Increases % ABR 91% Fixed 7% Flat 2% CPI As of March 31, 2026. Any differences are a result of rounding. (1) Bad Debt reflects amounts written off related to outstanding receivables for troubled tenants. Credit-Related Loss reflects lost cash rent and incremental operating expense associated with a credit event or troubled tenants once they have vacated their space. Occupancy Loss reflects lost cash rent and incremental operating expense associated with any tenant that vacated their space for reasons other than credit challenges. See Appendix & Glossary beginning on page 38 for definitions of non-GAAP measures and other terms used on this page. Trailing 8-quarter same-store rent growth has averaged >1%
32© 2026 Agree Realty Corporation. All Rights Reserved. GROUND LEASE PORTFOLIO Top Tenants ABR ($ in thousands) % of Total LOWE'S $11,629 15.0 % WAWA 10,628 13.7 % WALMART 8,382 10.8 % HOME DEPOT 5,605 7.2 % BP 4,230 5.5 % WEGMANS 3,698 4.8 % CARMAX 2,649 3.4 % DARDEN RESTAURANTS 2,596 3.4 % CVS 2,066 2.7 % SHEETZ 1,793 2.3 % CHASE BANK 1,675 2.2 % PNC 1,548 2.0 % BANK OF AMERICA 1,430 1.8 % CIRCLE K 1,393 1.8 % ALDI 1,309 1.7 % COSTCO 1,242 1.6 % FLOOR & DECOR 1,161 1.5 % Other 14,375 18.6 % Total $77,409 100.0% 84% INVESTMENT GRADE 11% NOT RATED 5% SUB-INVESTMENT GRADE Ground Lease Portfolio Overview 261 Leases 10.1% of total portfolio ABR 9.1 year WALT Ground Lease Credit Overview (% of ABR) As of March 31, 2026. Any differences are a result of rounding. See Appendix & Glossary beginning on page 38 for definitions of non-GAAP measures and other terms used on this page. Ground Lease ABR ($ in thousands) $58,127 $65,219 $67,833 $75,074 $77,409 2022 2023 2024 2025 Q1 2026
33© 2026 Agree Realty Corporation. All Rights Reserved. INVESTMENT & LEASING ACTIVITY Supplemental Financial Information Q1 2026
34© 2026 Agree Realty Corporation. All Rights Reserved. As of March 31, 2026. (1) See Appendix & Glossary beginning on page 38 for definitions of Relationship Driven and Other, as well as other non-GAAP measures and terms used on this page. Any differences are a result of rounding. ACQUISITION OVERVIEW Acquisition Highlights ($ in millions) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Spend $185.8 $215.6 $341.5 $358.9 $327.5 $401.4 $347.4 $402.5 Weighted-Average Capitalization Rate 7.7 % 7.5 % 7.3 % 7.3 % 7.1 % 7.2 % 7.1 % 7.1 % WALT 9.3 9.8 12.3 13.4 12.2 10.7 9.6 11.3 Investment Grade (% of ABR) 59.1 % 60.3 % 73.3 % 68.7 % 53.3 % 70.0 % 65.7 % 59.3 % Ground Lease (% of ABR) 0.9 % 0.0 % 10.5 % 3.6 % 1.0 % 5.1 % 18.2 % 7.5 % Number of Properties 47 66 98 46 91 90 78 85 Average Asset Size $4.0 $3.3 $3.5 $7.8 $3.6 $4.5 $4.5 $4.7 Number of Sectors 16 17 20 19 21 25 18 21 Number of States 21 24 30 23 29 33 33 32 Portfolio 34.8 % 31.9 % 35.8 % 34.1 % 54.3 % 32.6 % 18.5 % 58.9 % Sale-Leaseback 8.2 % 17.5 % 9.3 % 13.5 % 1.9 % 6.2 % 6.1 % 26.5 % 18% Other(1) 82% Relationship Driven(1) Acquisition Type (% of ABR) P Retailer Driven P Blend & Extends P Off-Market P Repeat Seller
35© 2026 Agree Realty Corporation. All Rights Reserved. DEVELOPMENT OVERVIEW Development & DFP Projects Development & DFP Highlights ($ in millions) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Spend $16.7 $21.2 $30.0 $18.2 $22.7 $49.1 $29.5 $21.2 Number of Projects Commenced 5 8 8 4 1 5 4 2 Anticipated Costs - Commenced $18.8 $33.7 $45.1 $23.9 $8.6 $50.8 $35.3 $18.0 Number of Ongoing Projects 14 13 14 14 14 8 9 9 Anticipated Costs - Ongoing $59.1 $58.9 $66.6 $79.9 $90.4 $51.0 $58.8 $71.4 Number of Projects Delivered 4 6 9 6 4 8 3 4 Total Costs - Delivered $15.0 $19.0 $30.5 $27.2 $13.4 $61.2 $29.4 $22.5 Anticipated Quarter of Delivery ($ 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 5 30,375 11,814 42,189 Q3 2026 2 8,855 4,495 13,350 Q4 2026 2 4,653 11,340 15,993 Q1 2027 1 3,312 7,247 10,559 Q2 2027 1 3,327 4,050 7,377 Total 15 $73,056 $38,946 $112,002 As of March 31, 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 $50.0M 2022 2023 2024 2025 2026 DISPOSITION OVERVIEW Disposition Overview ($ in millions) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Gross Proceeds $36.9 7.2 $32.0 $2.5 $6.2 $15.0 $20.4 $10.6 Gain on Sale of Assets, Net $7.2 $1.8 $0.4 $0.8 $1.5 $0.9 $2.2 $1.7 Number of Properties 10 2 8 1 4 8 9 7 Weighted-Average Capitalization Rate 6.4 % 5.8 % 7.4 % N/A N/A 7.4 % 6.4 % 6.8 % As of March 31, 2026. (1) Reflects the midpoint of full-year 2026 disposition guidance provided by the Company on April 21, 2026. Proactively Reduced or Eliminated Exposures Disposition Volume (1)
37© 2026 Agree Realty Corporation. All Rights Reserved. LEASING OVERVIEW Lease Expirations ($ and GLA in thousands) Leases Annualized Base Rent Percent of Annualized Base Rent Gross Leasable Area Percent of Gross Leasable Area 2026 29 $6,567 0.9 % 600 1.0 % 2027 155 33,140 4.3 % 3,082 5.4 % 2028 181 47,545 6.2 % 4,172 7.3 % 2029 224 69,230 9.1 % 6,505 11.4 % 2030 344 75,963 9.9 % 6,382 11.1 % 2031 270 68,409 9.0 % 5,357 9.3 % 2032 263 58,262 7.6 % 4,185 7.3 % 2033 234 53,798 7.0 % 4,071 7.1 % 2034 238 54,717 7.2 % 3,688 6.4 % 2035 221 59,764 7.8 % 4,127 7.2 % Thereafter 827 236,454 31.0 % 15,139 26.5 % Total Portfolio 2,986 $763,849 100.0 % 57,308 100.0 % Leasing Activity & Recapture Rate Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 New Leases, Extensions, or Options 302,000 785,000 538,000 584,000 948,000 859,000 642,000 876,000 Recapture Rate 100.3 % 101.6 % 106.2 % 106.6 % 103.0 % 102.8 % 104.7 % 104.5 % As of March 31, 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 Q1 2026
39© 2026 Agree Realty Corporation. All Rights Reserved. ANALYST COVERAGE Firm Analyst Name Analyst Email Baird Wes Golladay, CFA [email protected] Bank of America Securities Jana Galan [email protected] Barclays Rich Hightower [email protected] BMO Capital Markets Eric Borden [email protected] BNP Paribas Nate Crossett [email protected] BTIG, LLC Michael Gorman [email protected] Citigroup Smedes Rose [email protected] Citizens Capital Markets & Advisory Mitch Germain [email protected] Deutsche Bank Tayo Okusanya [email protected] Evercore ISI James Kammert [email protected] Green Street Spenser Glimcher [email protected] Jefferies Group LLC Linda Tsai [email protected] KeyBanc Capital Markets Upal Rana [email protected] Mizuho Securities USA Haendel St. Juste [email protected] Morgan Stanley & Co. LLC Ronald Kamdem, CFA [email protected] Raymond James & Associates, Inc. RJ Milligan [email protected] RBC Capital Markets Brad Heffern [email protected] Stifel Nicolaus Simon Yarmak, CFA [email protected] Truist Securities Michael Lewis, CFA [email protected] UBS Michael Goldsmith [email protected] Wells Fargo Securities, LLC John Kilichowski [email protected]
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 March 31, 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 properties owned and operating 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