Agree Realty (NYSE: ADC) boosts 2026 AFFO guidance and investment plans

Q: How did Agree Realty (ADC) perform financially in full-year 2025?

Agree Realty’s 2025 Net Income attributable to common stockholders was $196.9 million , up from $181.8 million. Core FFO per share reached $4.28 and AFFO per share was $4.33 , representing mid‑single‑digit growth supported by portfolio expansion and high occupancy.

Q: What were Agree Realty’s key fourth-quarter 2025 operating results?

In Q4 2025, Agree Realty generated AFFO of $128.0 million or $1.11 per share , up 6.5% year over year. The company invested about $347.4 million in acquisitions and commenced four development or DFP projects with approximately $35 million of committed capital.

Q: What 2026 earnings guidance did Agree Realty (ADC) provide?

For 2026, Agree Realty guided to AFFO per share of $4.54 to $4.58 . The outlook assumes investment volume of $1.4 to $1.6 billion , disposition volume of $25 to $75 million , and general and administrative expenses of 5.3% to 5.6% of adjusted revenue.

Q: How strong is Agree Realty’s balance sheet and liquidity position?

As of year-end 2025, Agree Realty reported net debt to recurring EBITDA of 4.9x , or 3.8x pro forma for forward equity. Total liquidity was about $2.0 billion , including revolving credit availability, a delayed-draw term loan, outstanding forward equity, and cash on hand.

Q: What is Agree Realty’s dividend level and payout ratio?

For the twelve months ended December 31, 2025, Agree Realty declared $3.081 per common share in dividends, a 2.7% year-over-year increase. These dividends represented payout ratios of approximately 72% of Core FFO per share and 71% of AFFO per share , indicating solid coverage.

Q: How large and diversified is Agree Realty’s property portfolio?

At December 31, 2025, Agree Realty owned 2,674 properties across all 50 states, totaling about 55.5 million square feet and 99.7% leased . Annualized base rent of $733.4 million was concentrated in sectors like grocery stores, home improvement, convenience stores, and tire and auto service.

Q: What credit ratings and debt profile does Agree Realty have?

Agree Realty holds issuer ratings of A- from Fitch , Baa1 from Moody’s , and BBB+ from S&P , all with stable outlooks. Fixed-charge coverage was 4.2x , and the company issued $400 million of 5.60% senior unsecured notes due 2035 , with an all-in rate of 5.35%.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Agree Realty Corporation reported solid growth for the fourth quarter and full year 2025, driven by heavy investment in retail net lease properties and disciplined balance sheet management. Fourth-quarter AFFO per share rose 6.5% to $1.11, while full-year AFFO per share increased 4.6% to $4.33.

The company invested about $1.55 billion in 338 properties in 2025 and ended the year with a 99.7% leased portfolio spanning 2,674 assets and 55.5 million square feet across all 50 states. It also raised roughly $714 million of forward equity and completed a $400 million senior notes offering, helping keep net debt to recurring EBITDA at 4.9 times.

For 2026, Agree Realty issued initial AFFO per share guidance of $4.54 to $4.58 and increased its investment volume target to a range of $1.4 billion to $1.6 billion. The company highlighted more than $2.0 billion of available liquidity and an A- issuer rating from Fitch Ratings, and continues to grow its monthly dividend, which totaled $3.081 per share for 2025.

Insights

Moderate AFFO growth, higher 2026 investment plans, and a conservative balance sheet signal steady rather than dramatic change.

Agree Realty delivered 2025 Core FFO per share of $4.28 and AFFO per share of $4.33, up 5.1% and 4.6%. These mid-single-digit gains reflect continued portfolio expansion, with about $1.55 billion invested in 338 retail net lease properties and occupancy at roughly 99.7%.

Capital structure remains a key strength. Net debt to recurring EBITDA stands at 4.9x, or 3.8x pro forma for $716.1 million of outstanding forward equity, and total debt to enterprise value is 27.4%. The company has over $2.0 billion of liquidity, an A- issuer rating from Fitch, and no material debt maturities until 2028.

Management guides 2026 AFFO per share to $4.54–$4.58, implying around mid‑single‑digit growth at the midpoint, and lifts 2026 investment volume guidance to $1.4–$1.6 billion. Actual outcomes will depend on execution of the investment pipeline, leasing, and capital markets conditions, as outlined in the company’s risk disclosures.

02/10/2026 - 04:05 PM

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): February 10, 2026

AGREE REALTY CORPORATION

(Exact name of registrant as specified in its charter)

Maryland

(State or other jurisdiction of incorporation)


1-12928			38-3148187
(Commission file number)			(I.R.S. Employer Identification No.)

32301 Woodward Avenue
Royal Oak, Michigan			48073
(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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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


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

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

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition.

On February 10, 2026, Agree Realty Corporation (the “Company”) issued a press release describing its results of operations for the fourth quarter and full year ended December 31, 2025, and posted an updated investor presentation to its website. The press release is furnished as Exhibit 99.1 to this report. The investor presentation is furnished as Exhibit 99.2 to this report.

The information furnished with this Item 2.02 (including Exhibits 99.1 and 99.2 under Item 9.01 below) of this Current Report on Form 8-K 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						Press release, dated February 10, 2026, reporting the Company’s results of operations for the fourth quarter and full year ended December 31, 2025.
99.2						February 2026 Investor Presentation.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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


	AGREE REALTY CORPORATION

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

Date: February 10, 2026

Exhibit 99.1


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

Agree Realty Corporation Reports Fourth Quarter and Full Year 2025 Results

Provides Initial 2026 AFFO Per Share Guidance of $4.54 to $4.58

Increases 2026 Investment Guidance to $1.4 Billion to $1.6 Billion

Royal Oak, MI, February 10, 2026 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter and full year ended December 31, 2025. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

Fourth Quarter 2025 Financial and Operating Highlights:

•Invested approximately $377 million in 94 retail net lease properties across all three external growth platforms

•Commenced four development or Developer Funding Platform (“DFP”) projects for total committed capital of approximately $35 million

•Net Income per share attributable to common stockholders increased 13.5% to $0.47

•Core Funds from Operations (“Core FFO”) per share increased 7.3% to $1.10

•Adjusted Funds from Operations (“AFFO”) per share increased 6.5% to $1.11

•Declared a monthly dividend of $0.262 per common share for December, a 3.6% year-over-year increase

•Closed an unsecured $350 million 5.5-year term loan (the “Term Loan”) with a fixed rate of 4.02% inclusive of prior hedging activity

•Sold 1.5 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 $109 million

•Settled 5.9 million shares of outstanding forward equity for net proceeds of approximately $428 million

•Balance sheet positioned for growth at 3.8 times proforma net debt to recurring EBITDA; 4.9 times excluding unsettled forward equity

Full Year 2025 Financial and Operating Highlights:

•Invested approximately $1.55 billion in 338 retail net lease properties across all three external growth platforms

•Commenced 14 development or DFP projects for total committed capital of approximately $118 million

•Net Income per share attributable to common stockholders decreased 0.7% to $1.77

•Core FFO per share increased 5.1% to $4.28

•AFFO per share increased 4.6% to $4.33

•Declared dividends of $3.081 per share, a 2.7% year-over-year increase

•Achieved an A- issuer rating from Fitch Ratings with a stable outlook

•Completed a public bond offering of $400 million of 5.60% senior unsecured notes due 2035 with an all-in rate of 5.35% inclusive of prior hedging activity

•Raised approximately $714 million of forward equity via the Company's ATM program and an overnight offering

•Over $2.0 billion of liquidity at year end including availability on the revolving credit facility and Term Loan, outstanding forward equity, and cash on hand

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended December 31, 2025 increased 24.9% to $54.2 million, compared to Net Income of $43.4 million for the comparable period in 2024. Net Income per share for the three months ended December 31st increased 13.5% to $0.47 compared to Net Income per share of $0.41 for the comparable period in 2024.

Net Income for the twelve months ended December 31, 2025 increased 8.3% to $196.9 million, compared to Net Income of $181.8 million for the comparable period in 2024. Net Income per share for the twelve months ended December 31st decreased 0.7% to $1.77 compared to Net Income per share of $1.78 for the comparable period in 2024.

Core FFO

Core FFO for the three months ended December 31, 2025 increased 17.8% to $126.8 million, compared to Core FFO of $107.6 million for the comparable period in 2024. Core FFO per share for the three months ended December 31st increased 7.3% to $1.10, compared to Core FFO per share of $1.02 for the comparable period in 2024.

Core FFO for the twelve months ended December 31, 2025 increased 14.7% to $477.8 million, compared to Core FFO of $416.7 million for the comparable period in 2024. Core FFO per share for the twelve months ended December 31st increased 5.1% to $4.28, compared to Core FFO per share of $4.08 for the comparable period in 2024.

AFFO

AFFO for the three months ended December 31, 2025 increased 16.9% to $128.0 million, compared to AFFO of $109.5 million for the comparable period in 2024. AFFO per share for the three months ended December 31st increased 6.5% to $1.11, compared to AFFO per share of $1.04 for the comparable period in 2024.

AFFO for the twelve months ended December 31, 2025 increased 14.2% to $482.8 million, compared to AFFO of $422.8 million for the comparable period in 2024. AFFO per share for the twelve months ended December 31st increased 4.6% to $4.33, compared to AFFO per share of $4.14 for the comparable period in 2024.

Dividend

In the fourth quarter, the Company declared monthly cash dividends of $0.262 per common share for each of October, November and December 2025. The monthly dividends declared during the fourth quarter reflect an annualized dividend amount of $3.144 per common share, representing a 3.6% year-over-year increase. The dividends represent payout ratios of approximately 72% of Core FFO per share and 71% of AFFO per share, respectively.

For the twelve months ended December 31, 2025, the Company declared monthly cash dividends totaling $3.081 per common share, representing a 2.7% year-over-year increase. The dividends represent payout ratios of approximately 72% of Core FFO per share and 71% of AFFO per share, respectively.

Subsequent to quarter end, the Company declared monthly cash dividends of $0.262 per common share for each of January and February 2026. The monthly dividends reflect an annualized dividend amount of $3.144 per common share, representing a 3.6% year-over-year increase. The January dividend is payable on February 13, 2026 to stockholders of record at the close of business on January 30, 2026. The February dividend is payable on March 13, 2026 to stockholders of record at the close of business on February 27, 2026.

Additionally, subsequent to quarter end, the Company declared monthly cash dividends for each of January and February 2026 on its 4.25% Series A Cumulative Redeemable Preferred Stock of $0.08854 per depositary share, which is equivalent to $1.0625 per annum. The January dividend was paid on February 2, 2026, and the February dividend is payable on March 2, 2026 to stockholders of record at the close of business on February 20, 2026.

Earnings Guidance

The table below provides estimates for significant components of our 2026 earnings guidance.


						2026
						Guidance
AFFO per share(1)(2)						$4.54 to $4.58
Investment volume(3)						$1.4 to $1.6 billion
Disposition volume						$25 to $75 million
General and administrative expenses (% of adjusted revenue)(4)(5)						5.3% to 5.6%
Non-reimbursable real estate expenses (% of adjusted revenue)(4)						1.0% to 1.5%
Income and other tax expense						$2 to $3 million
Treasury stock method dilution(6)						Approximately $0.01

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)Reflects an increase from the prior 2026 investment volume guidance of $1.25 billion to $1.50 billion, issued on January 5, 2026.

(4)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.

(5)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.

(6)Represents the estimated dilutive impact of the Company’s outstanding forward equity calculated in accordance with the treasury stock method, which is included in the AFFO per share guidance range.

CEO Comments

"We are pleased with our performance during 2025, investing approximately $1.55 billion to further strengthen our best‑in‑class retail portfolio,” said Joey Agree, President and Chief Executive Officer. “We paired this robust capital deployment with proactive balance sheet management, raising approximately $1.5 billion of long-term capital and achieving an A‑ issuer rating with a stable outlook from Fitch Ratings. We enter 2026 with over $2.0 billion of liquidity and strong investment pipelines, putting us in excellent position to achieve our full-year 2026 AFFO per share guidance of $4.54 to $4.58.”

Portfolio Update

As of December 31, 2025, the Company’s portfolio consisted of 2,674 properties located in all 50 states and contained approximately 55.5 million square feet of gross leasable area. At year end, the portfolio was approximately 99.7% leased, had a weighted-average remaining lease term of approximately 7.8 years, and generated 66.8% of annualized base rents from investment grade retail tenants.

Ground Lease Portfolio

During the fourth quarter, the Company acquired 15 ground leases for an aggregate purchase price of approximately $68.3 million, representing 18.2% of annualized base rents acquired. Ground leased properties acquired include three geographically diverse Lowe’s; a McDonald’s and Longhorn Steakhouse in Flanders, New Jersey; a Sheetz in Oregon, Ohio; and a Home Depot in Macomb, Michigan.

As of December 31, 2025, the Company’s ground lease portfolio consisted of 251 leases located in 39 states and totaled approximately 7.0 million square feet of gross leasable area. Properties ground leased to tenants represented 10.2% of annualized base rents.

At year end, the ground lease portfolio was fully occupied, had a weighted-average remaining lease term of approximately 9.0 years, and generated 89.1% of annualized base rents from investment grade retail tenants.

Acquisitions

Total acquisition volume for the fourth quarter was approximately $347.4 million and included 78 properties net leased to leading retailers operating in sectors including home improvement, auto parts, grocery stores, farm and rural supply, convenience stores, and tire and auto service. The properties are located in 33 states and leased to tenants operating in 18 sectors.

The properties were acquired at a weighted-average capitalization rate of 7.1% and had a weighted-average remaining lease term of approximately 9.6 years. Approximately 65.7% of annualized base rents acquired were generated from investment grade retail tenants.

For the twelve months ended December 31, 2025, total acquisition volume was approximately $1.44 billion. The 305 acquired properties are located in 41 states and leased to tenants who operate in 29 retail sectors. The properties were acquired at a weighted-average capitalization rate of 7.2% and had a weighted-average remaining lease term of approximately 11.5 years. Approximately 64.9% of annualized base rents were generated from investment grade retail tenants.

Dispositions

During the fourth quarter, the Company sold nine properties for gross proceeds of approximately $20.4 million. The dispositions were completed at a weighted-average capitalization rate of 6.4%.

During the twelve months ended December 31, 2025, the Company sold 22 properties for gross proceeds of approximately $44.1 million. The dispositions were completed at a weighted-average capitalization rate of 6.9%.

The Company’s disposition guidance for 2026 is between $25 million and $75 million.

Development and Developer Funding Platform

During the fourth quarter, the Company commenced four development or DFP projects, with total anticipated costs of approximately $35.3 million. Construction continued during the quarter on nine projects with anticipated costs totaling approximately $58.8 million. The Company completed three projects during the quarter with total costs of approximately $29.4 million.

For the twelve months ended December 31, 2025, the Company had 34 development or DFP projects completed or under construction with anticipated total costs of approximately $225.3 million. The projects are leased to leading retailers including TJX Companies, Burlington, 7-Eleven, Boot Barn, Ross Dress for Less, Five Below, Ulta, and Sunbelt Rentals.

The following table presents estimated costs for the Company's active or completed development and DFP projects for the twelve months ended December 31, 2025:


						Anticipated
Anticipated	Number of	Costs Funded		Remaining		Total Project
Quarter of Delivery	Projects	to Date		Funding Costs		Costs
Q1 2025	6	$	27,234	$	—	$	27,234
Q2 2025	4	13,403		—		13,403
Q3 2025	8	61,156		—		61,156
Q4 2025	3	29,376		—		29,376
Q1 2026	5	30,033		7,609		37,642
Q2 2026	3	8,757		5,144		13,901
Q3 2026	3	10,978		15,393		26,371
Q4 2026	1	2,891		5,957		8,848
Q2 2027	1	114		7,262		7,376
Total	34	$	183,942	$	41,365	$	225,307

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.

Leasing Activity and Expirations

During the fourth quarter, the Company executed new leases, extensions or options on approximately 642,000-square feet of gross leasable area throughout the existing portfolio. Notable new leases, extensions or options included a Walmart Supercenter in Rochester, New York, and a Lowe’s in Roeland Park, Kansas.

For the twelve months ended December 31, 2025, the Company executed new leases, extensions or options on approximately 3.0 million square feet of gross leasable area throughout the existing portfolio.

As of December 31, 2025, the Company’s 2026 lease maturities represented 1.5% of annualized base rents. The following table presents contractual lease expirations within the Company’s portfolio as of December 31, 2025, 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	52	$	10,710	1.5	%	1,004	1.8	%
2027	162	36,701		5.0	%	3,375	6.1	%
2028	182	48,018		6.5	%	4,188	7.6	%
2029	218	67,725		9.2	%	6,370	11.5	%
2030	339	74,708		10.2	%	6,295	11.4	%
2031	244	61,877		8.4	%	4,885	8.8	%
2032	257	54,118		7.4	%	3,919	7.1	%
2033	229	52,849		7.2	%	4,015	7.3	%
2034	232	53,022		7.2	%	3,575	6.5	%
2035	217	60,350		8.2	%	4,151	7.5	%
Thereafter	763	213,317		29.2	%	13,495	24.4	%
Total Portfolio	2,895	$	733,395	100.0	%	55,272	100.0	%

The contractual lease expirations presented above exclude the effect of replacement tenant leases that had been executed as of December 31, 2025, 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)Annualized Base Rent represents the annualized amount of contractual minimum rent required by tenant lease agreements as of December 31, 2025, computed on a straight-line basis. Annualized Base Rent is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles (“GAAP”). The Company believes annualized contractual minimum rent is useful to management, investors, and other interested parties in analyzing concentrations and leasing activity.

Top Tenants

The following table presents annualized base rents for all tenants that represent 1.5% or greater of the Company’s total annualized base rent as of December 31, 2025:


	Annualized		Percent of
Tenant	Base Rent(1)		Annualized Base Rent
Walmart	$	41,155	5.6	%
Tractor Supply	35,632		4.9	%
Dollar General	28,612		3.9	%
O'Reilly Auto Parts	22,274		3.0	%
TJX Companies	22,239		3.0	%
Best Buy	22,123		3.0	%
CVS	21,288		2.9	%
Kroger	21,039		2.9	%
Lowe's	20,974		2.9	%
Hobby Lobby	20,913		2.9	%
Gerber Collision	18,933		2.6	%
7-Eleven	18,037		2.5	%
Sunbelt Rentals	17,224		2.3	%
Burlington	15,133		2.1	%
Home Depot	14,062		1.9	%
Sherwin-Williams	13,947		1.9	%
Genuine Parts Company (NAPA Auto Parts)	12,172		1.7	%
Dollar Tree	12,045		1.6	%
Wawa	11,111		1.5	%
Other(2)	344,482		46.9	%
Total Portfolio	$	733,395	100.0	%

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

(1) Refer to footnote 1 on page 6 for the Company’s definition of Annualized Base Rent.

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

Retail Sectors

The following table presents annualized base rents for all the Company’s retail sectors as of December 31, 2025:


	Annualized		Percent of
Sector	Base Rent(1)		Annualized Base Rent
Grocery Stores	$	75,290	10.3	%
Home Improvement	66,416		9.0	%
Convenience Stores	56,237		7.7	%
Tire and Auto Service	55,926		7.6	%
Auto Parts	49,371		6.7	%
Dollar Stores	47,315		6.4	%
Off-Price Retail	43,863		6.0	%
Farm and Rural Supply	37,403		5.1	%
General Merchandise	36,643		5.0	%
Pharmacy	26,239		3.6	%
Consumer Electronics	26,224		3.6	%
Crafts and Novelties	23,205		3.2	%
Discount Stores	20,861		2.8	%
Equipment Rental	18,280		2.5	%
Health Services	18,050		2.5	%
Warehouse Clubs	16,823		2.3	%
Restaurants - Quick Service	16,572		2.3	%
Health and Fitness	15,237		2.1	%
Dealerships	15,078		2.0	%
Sporting Goods	12,911		1.8	%
Financial Services	9,745		1.3	%
Specialty Retail	9,271		1.3	%
Restaurants - Casual Dining	7,027		0.9	%
Shoes	4,897		0.7	%
Home Furnishings	4,857		0.7	%
Pet Supplies	4,813		0.6	%
Theaters	3,976		0.5	%
Beauty and Cosmetics	3,776		0.5	%
Entertainment Retail	2,651		0.4	%
Apparel	2,544		0.3	%
Miscellaneous	1,270		0.2	%
Office Supplies	624		0.1	%
Total Portfolio	$	733,395	100.0	%

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

(1) Refer to footnote 1 on page 6 for the Company’s definition of Annualized Base Rent.

Geographic Diversification

The following table presents annualized base rents for all states that represent 1.5% or greater of the Company’s total annualized base rent as of December 31, 2025:


	Annualized		Percent of
State	Base Rent(1)		Annualized Base Rent
Texas	$	50,474	6.9	%
Illinois	44,964		6.1	%
Ohio	39,176		5.3	%
Michigan	38,060		5.2	%
New York	36,303		5.0	%
Pennsylvania	35,627		4.9	%
Florida	34,465		4.7	%
North Carolina	34,010		4.6	%
California	32,190		4.4	%
Georgia	29,476		4.0	%
New Jersey	26,296		3.6	%
Wisconsin	20,690		2.8	%
Missouri	20,228		2.8	%
Louisiana	19,362		2.6	%
Virginia	17,825		2.4	%
Mississippi	17,078		2.3	%
Minnesota	16,472		2.2	%
South Carolina	16,448		2.2	%
Kansas	15,971		2.2	%
Indiana	15,283		2.1	%
Connecticut	14,519		2.0	%
Tennessee	13,618		1.9	%
Massachusetts	13,442		1.8	%
Alabama	13,408		1.8	%
Oklahoma	11,097		1.5	%
Other(2)	106,913		14.7	%
Total Portfolio	$	733,395	100.0	%

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

(1) Refer to footnote 1 on page 6 for the Company’s definition of Annualized Base Rent.

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

Capital Markets, Liquidity and Balance Sheet

Capital Markets

In November 2025, the Company entered into an agreement for an unsecured $350 million 5.5-year Term Loan. In anticipation of the new Term Loan, the Company entered into $350 million of forward-starting swaps to fix SOFR until maturity in May 2031. Including the impact of these swaps, the interest rate on the Term Loan is fixed at 4.02%. The Term Loan includes an accordion option that allows the Company to request additional lender commitments up to a total of $500 million. To date, no amounts have been drawn under the Term Loan, which has a 12-month delayed draw feature.

During the fourth quarter, the Company entered into forward sale agreements in connection with its ATM program to sell an aggregate of 1.5 million shares of common stock for anticipated net proceeds of $109.4 million. Additionally, the Company settled 5.9 million shares under existing forward sale agreements and received net proceeds of $428.3 million.

The following table presents the Company’s outstanding forward equity offerings as of December 31, 2025:


						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	$	12,836,102
Q1 2025 ATM Forward Offerings	2,408,201	—	2,408,201	—		180,713,253
Q2 2025 ATM Forward Offerings	362,021	—	362,021	—		27,283,625
April 2025 Forward Offering	5,175,000	—	5,175,000	—		385,775,550
Q4 2025 ATM Forward Offerings	1,505,746	—	1,505,746	—		109,448,973
Total Forward Equity Offerings	10,189,981	570,736	9,619,245	$	42,200,880	$	716,057,503

Liquidity

As of December 31, 2025, the Company had total liquidity of $2.0 billion, which includes $929.5 million of availability under its revolving credit facility after adjusting for outstanding commercial paper notes and revolver borrowings, $350.0 million of availability under the Term Loan, $716.1 million of outstanding forward equity, and $20.6 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 December 31, 2025, the Company’s net debt to recurring EBITDA was 4.9 times. The Company’s proforma net debt to recurring EBITDA was 3.8 times when deducting the $716.1 million of anticipated net proceeds from the outstanding forward equity offerings from the Company’s net debt of $3.3 billion as of December 31, 2025. The Company’s fixed charge coverage ratio was 4.2 times at year end.

The Company’s total debt to enterprise value was 27.4% as of December 31, 2025. Enterprise value is calculated as the sum of net debt, the liquidation value of the Company’s preferred stock, and the market value of the Company’s outstanding shares of common stock, assuming conversion of Agree Limited Partnership (the “Operating Partnership” or “OP”) common units into common stock of the Company.

For the three months and twelve months ended December 31, 2025, the Company's fully diluted weighted-average shares outstanding were 115.0 million and 111.2 million, respectively. The basic weighted-average shares outstanding for the three and twelve months ended December 31, 2025 were 114.7 million and 110.7 million, respectively.

For the three months and twelve months ended December 31, 2025, the Company's fully diluted weighted-average shares and units outstanding were 115.3 million and 111.5 million, respectively. The basic weighted-average shares and units outstanding for the three and twelve months ended December 31, 2025 were 115.0 million and 111.1 million, respectively.

The Company’s assets are held by, and its operations are conducted through, the Operating Partnership, of which the Company is the sole general partner. As of December 31, 2025, there were 347,619 Operating Partnership common units outstanding, and the Company held a 99.7% common interest in the Operating Partnership.

Conference Call/Webcast

The Company will host its quarterly analyst and investor conference call on Wednesday, February 11, 2026 at 9:00 AM ET. To participate in the conference call, please dial (800) 715-9871 approximately five 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 December 31, 2025, the Company owned and operated a portfolio of 2,674 properties, located in all 50 states and containing approximately 55.5 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 “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, 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 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.

The Company defines the “weighted-average capitalization rate” for acquisitions and dispositions 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.

The Company defines the "all-in rate" as the interest rate that reflects the straight-line amortization of the terminated swap agreements and original issuance discount, as applicable.

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”.

###

Contact:

Peter Coughenour

Chief Financial Officer

Agree Realty Corporation

(248) 737-4190

AGREE REALTY CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per-share data)

(Unaudited)


	December 31,		December 31,
	2025		2024
ASSETS
Real estate investments
Land	$	2,895,495	$	2,514,167
Buildings	6,330,249		5,412,564
Less accumulated depreciation	(715,733)		(564,429)
	8,510,011		7,362,302
Property under development	62,690		55,806
Net real estate investments	$	8,572,701	$	7,418,108

Cash and cash equivalents	16,295		6,399
Cash held in escrow	4,327		—
Accounts receivable - tenants, net	122,477		106,416
Lease intangibles, net of accumulated amortization of $576,945 and $461,419 at December 31, 2025 and December 31, 2024, respectively	1,000,967		864,937
Other assets, net	80,845		90,586

Total Assets	$	9,797,612	$	8,486,446

LIABILITIES
Mortgage notes payable, net	$	41,546	$	42,210
Unsecured term loan, net	348,074		347,452
Senior unsecured notes, net	2,584,608		2,237,759
Unsecured revolving credit facility and commercial paper notes	320,500		158,000
Dividends and distributions payable	32,158		27,842
Accounts payable, accrued expenses, and other liabilities	139,384		116,273
Lease intangibles, net of accumulated amortization of $49,797 and $46,003 at December 31, 2025 and December 31, 2024, respectively	60,189		46,249

Total Liabilities	$	3,526,459	$	2,975,785

Commitments and contingencies (Note 11)

EQUITY
Preferred stock, $.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 December 31, 2025 and December 31, 2024	$	175,000	$	175,000
Common stock, $.0001 par value, 360,000,000 and 180,000,000 shares authorized, 120,028,406 and 107,248,705 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	12		10
Additional paid-in-capital	6,679,142		5,765,582
Dividends in excess of net income	(618,675)		(470,622)
Accumulated other comprehensive income	35,506		40,076

Total equity - Agree Realty Corporation	6,270,985		5,510,046
Non-controlling interest	168		615
Total Equity	$	6,271,153	$	5,510,661

Total Liabilities and Equity	$	9,797,612	$	8,486,446

AGREE REALTY CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except share and per-share data)

(Unaudited)


	Three Months Ended				Twelve Months Ended
	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Revenues
Rental income	$	190,462	$	160,683	$	718,163	$	616,822
Other	27		51		235		273
Total Revenues	190,489		160,734		718,398		617,095

Operating Expenses
Real estate taxes	14,712		13,525		52,231		46,882
Property operating expenses	8,733		6,474		33,773		26,349
Land lease expense	551		367		2,143		1,618
General and administrative	11,072		8,897		44,062		37,233
Depreciation and amortization	63,436		56,566		239,308		206,987
Provision for impairment	1,600		—		11,872		7,224
Total Operating Expenses	100,104		85,829		383,389		326,293

Gain on sale of assets, net	2,209		406		5,416		11,508
Gain (loss) on involuntary conversion, net	(162)		24		(30)		(67)
Income from Operations	92,432		75,335		340,395		302,243

Other (Expense) Income
Interest expense, net	(36,362)		(29,095)		(134,612)		(108,904)
Income and other tax expense	(260)		(1,075)		(1,735)		(4,306)
Other income	399		212		941		799
Net Income	56,209		45,377		204,989		189,832

Less net income attributable to non-controlling interest	172		138		640		635
Net income attributable to Agree Realty Corporation	56,037		45,239		204,349		189,197
Less Series A preferred stock dividends	1,859		1,859		7,437		7,437
Net Income Attributable to Common Stockholders	$	54,178	$	43,380	$	196,912	$	181,760

Net Income Per Share Attributable to Common Stockholders
Basic	$	0.47	$	0.42	$	1.77	$	1.79
Diluted	$	0.47	$	0.41	$	1.77	$	1.78

Other Comprehensive Income
Net income	$	56,209	$	45,377	$	204,989	$	189,832
Amortization of interest rate swaps	(1,078)		(738)		(3,770)		(2,781)
Change in fair value and settlement of interest rate swaps	5,068		22,428		(816)		26,383
Total comprehensive income	60,199		67,067		200,403		213,434
Less comprehensive income attributable to non-controlling interest	183		211		624		715

Comprehensive Income Attributable to Agree Realty Corporation	$	60,016	$	66,856	$	199,779	$	212,719

Weighted Average Number of Common Shares Outstanding - Basic	114,695,645		103,336,203		110,723,375		101,099,252

Weighted Average Number of Common Shares Outstanding - Diluted	114,998,257		104,698,851		111,200,645		101,876,304

AGREE REALTY CORPORATION

RECONCILIATION OF NET INCOME TO FFO, CORE FFO, AND ADJUSTED FFO

(In thousands, except share and per-share data)

(Unaudited)


	Three Months Ended				Twelve Months Ended
	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Reconciliation from Net Income to Funds from Operations
Net income	$	56,209	$	45,377	$	204,989	$	189,832
Less Series A preferred stock dividends	1,859		1,859		7,437		7,437
Net income attributable to Operating Partnership common unitholders	54,350		43,518		197,552		182,395
Depreciation of rental real estate assets	42,427		38,397		159,155		137,835
Amortization of lease intangibles - in-place leases and leasing costs	20,367		17,652		77,825		67,128
Provision for impairment	1,600		—		11,872		7,224
(Gain) loss on sale or involuntary conversion of assets, net	(2,047)		(430)		(5,386)		(11,441)
Funds from Operations - Operating Partnership common unitholders	$	116,697	$	99,137	$	441,018	$	383,141

Amortization of above (below) market lease intangibles, net and assumed mortgage debt discount, net	10,070		8,434		36,749		33,571
Core Funds from Operations - Operating Partnership common unitholders	$	126,767	$	107,571	$	477,767	$	416,712

Straight-line accrued rent	(4,582)		(3,036)		(17,356)		(12,711)
Stock-based compensation expense	3,297		2,812		12,991		10,805
Amortization of financing costs and original issue discounts	1,924		1,629		7,074		5,988
Non-real estate depreciation	642		517		2,328		2,024
Adjusted Funds from Operations - Operating Partnership common unitholders	$	128,048	$	109,493	$	482,804	$	422,818

Funds from Operations per common share and partnership unit - diluted	$	1.01	$	0.94	$	3.95	$	3.75
Core Funds from Operations per common share and partnership unit - diluted	$	1.10	$	1.02	$	4.28	$	4.08
Adjusted Funds from Operations per common share and partnership unit - diluted	$	1.11	$	1.04	$	4.33	$	4.14

Weighted average shares and Operating Partnership common units outstanding
Basic	115,043,264		103,683,822		111,070,994		101,446,871
Diluted	115,345,876		105,046,470		111,548,264		102,223,923

Additional supplemental disclosure
Scheduled principal repayments	$	263	$	246	$	1,026	$	963
Capitalized interest	$	530	$	473	$	2,027	$	1,599
Capitalized building improvements	$	6,222	$	2,401	$	12,086	$	12,905

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.

AGREE REALTY CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(In thousands, except share and per-share data)

(Unaudited)


	Three months ended
	December 31,
	2025
Mortgage notes payable, net	$	41,546
Unsecured term loan, net	348,074
Senior unsecured notes, net	2,584,608
Unsecured revolving credit facility and commercial paper notes	320,500
Total Debt per the Consolidated Balance Sheet	$	3,294,728

Unamortized debt issuance costs and discounts, net	28,650
Total Debt	$	3,323,378

Cash and cash equivalents	$	(16,295)
Cash held in escrows	(4,327)
Net Debt	$	3,302,756

Anticipated Net Proceeds from Forward Equity Offerings	(716,058)
Proforma Net Debt	$	2,586,698

Net Income	$	56,209
Interest expense, net	36,362
Income and other tax expense	260
Depreciation of rental real estate assets	42,427
Amortization of lease intangibles - in-place leases and leasing costs	20,367
Non-real estate depreciation	642
Provision for Impairment	1,600
(Gain) loss on sale or involuntary conversion of assets, net	(2,047)
EBITDAre	$	155,820

Run-Rate Impact of Investment, Disposition and Leasing Activity	4,405
Amortization of above (below) market lease intangibles, net	9,988
Recurring EBITDA	$	170,213

Annualized Recurring EBITDA	$	680,852

Total Debt per the Consolidated Balance Sheet to Annualized Net Income	14.8x

Net Debt to Recurring EBITDA	4.9x

Proforma Net Debt to Recurring EBITDA	3.8x

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.

Forward Offerings

The Company has 9,619,245 shares remaining to be settled under the Forward Equity Offerings. Upon settlement, the offerings are anticipated to raise net proceeds of approximately $716.1 million based on the applicable forward sale price as of December 31, 2025. 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 May 2027.

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 December 31, 2025, on an annualized basis.

AGREE REALTY CORPORATION

RENTAL INCOME

(In thousands, except share and per-share data)

(Unaudited)


	Three months ended				Twelve months ended
	December 31,				December 31,
	2025		2024		2025		2024
Rental Income Source(1)
Minimum rents(2)	$	174,209	$	147,839	$	655,997	$	568,961
Percentage rents(2)	134		35		2,387		1,752
Operating cost reimbursement(2)	21,525		18,123		78,837		66,634
Straight-line rental adjustments(3)	4,582		3,036		17,356		12,711
Amortization of (above) below market lease intangibles(4)	(9,988)		(8,350)		(36,414)		(33,236)
Total Rental Income	$	190,462	$	160,683	$	718,163	$	616,822

(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.

F E B R U A R Y 2 0 2 6 Exhibit 99.2

1© 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 $12.6 billion retail net lease REIT headquartered in Royal Oak, Michigan(1) 2,674 retail properties totaling approximately 55.5 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 D e c e m b e r 3 1 , 2 0 2 5 , u n le ss o th e rw is e n o te d . (1 ) E n te rp ri se V a lu e a s o f Fe b ru a ry 5 , 2 0 2 6 . R e fe r to f o o tn o te 4 o n s lid e 3 0 f o r th e C o m p a n y ’s d e fi n it io n o f E n te rp ri se V a lu e .

3© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. As of December 31, 2025, unless otherwise noted. (1) Reflects full-year 2026 guidance provided by the Company on February 10, 2026. (2) Reflects capital deployed into acquisition, development and Developer Funding Platform (“DFP”) projects completed or under construction during the twelve months ended December 31, 2025. (3) Reflects total capital committed for the 34 projects. (4) Proforma for the settlement of the Company’s outstanding forward equity as of December 31, 2025. (5) Inclusive of $350 million of forward-starting SOFR swaps. (6) Declared by the Company on February 5, 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 Fortress balance sheet with liquidity of over $2.0 billion(4) Introduced 2026 AFFO per share guidance of $4.54 to $4.58, representing 5.4% growth at the midpoint(1) Closed a $350 million 5.5-year, delayed draw term loan at a 4.02% fixed rate(5) Achieved an A- issuer rating with a stable outlook from Fitch Ratings Declared monthly cash dividend of $0.262 per common share for February, representing a 3.6% year-over-year increase(6) Over $715 million of outstanding forward equity as of December 31st 34 development or DFP projects completed or under construction during 2025 for a record of over $225 million(3) Announced 2025 investment activity of $1.55 billion deployed into high-quality retail net lease assets(2) Approximately 18.2% of annualized base rents acquired in Q4 2025 were derived from ground leased assets Acquired $347 million of high-quality retail net lease assets in Q4 2025 at a weighted-average cap rate of 7.1% Increased 2026 investment guidance to $1.4 billion to $1.6 billion(1)

4© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. $0.7B$1.3B ~$20M Total Liquidity Outstanding Forward Equity Revolver & Term Loan Capacity Cash ✓A Over $915 million of hedged capital(1) ✓A Total liquidity of over $2.0 billion(2) ✓A Closed a $350 million 5.5-year term loan at a 4.02% fixed rate(3) ✓A No material debt maturities until 2028 As of December 31, 2025. (1) Hedged capital includes $200 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 over $715 million of outstanding forward equity. (2) Proforma for the settlement of the Company’s outstanding forward equity as of December 31, 2025. (3) Inclusive of $350 million of forward-starting SOFR swaps. Positioned for Growth “We enter 2026 with over $2.0 billion of liquidity and strong investment pipelines, putting us in excellent position to achieve our full-year 2026 AFFO per share guidance of $4.54 to $4.58.” - JOEY AGREE, Q4 2025 EARNINGS RELEASE

5© 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:

6© 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 “Even in today's uncertain macro environment, we are seeing the highest level of retailer demand for new brick-and-mortar locations since the Great Financial Crisis. Nearly every retailer in our sandbox is focused on adding net new stores, underscoring the critical role that retail net lease assets play in an omnichannel retail world.” - Joey Agree, Q2 2025 Earnings Call “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 omnichannel overall experience.” - Joey Agree, 2022 Citi Conference

7© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 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 A DEEPER DIVE ON ADC’S THOUGHT LEADERSHIP & TRACK RECORD OF EXECUTION As of December 31, 2025. 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 12/31/2025. ADC has acquired over 125 locations since 2013 and today TSCO is our 2nd largest tenant. Q3 2013 Acquired first Tractor Supply

8© 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 25 locations to help spearhead organic growth. They are now our 11th largest tenant with over 110 locations. As of December 31, 2025. 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 12/31/2025. 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

9© 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 December 31, 2025. 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 12/31/2025. Q4 2015 Acquired first Sunbelt Rentals Q4 2019 “… the only investment-grade operator in the country. If you look at the equipment ownership versus rental in this country…. it is very, very low relative to Western Europe. And so, there's a big opportunity in this country for equipment rental rather than ownership.” April 2019 Rated BBB- by S&P August 2018 Rated Baa3 by Moody’s Q1 2022 “Our decision to invest in Sunbelt Rentals was recently reinforced by their upgraded BBB rating by Fitch.”

10© 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 60 TJX locations, and TJX is now our 5th largest tenant. As of December 31, 2025. 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 12/31/2025. 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

11© 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 30% 27% 22% 17% 12% 8% 5% 3% 2% 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 less than 4%. Exposure is as of year-end 2012 through December 31, 2025, 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.

12© 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 ✓A ADC was the first net lease REIT to issue forward equity in March 2018 ✓A Since 2018, $39B of forward equity has been raised in the net lease space ✓A Lowest cost preferred equity issuance in net lease REIT history at 4.25% ✓A Closed a market leading, delayed draw, 5.5-year term loan at a fixed rate of 4.02%(1) Forward equity has accounted for ~95% of all net lease issuance since 2023 As of December 31, 2025. (1) Inclusive of $350 million of forward-starting SOFR swaps.

13© 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) 6.0% 25% Long-Term Debt(2) 5.0% WACC 5.7% PEER WACC CALCULATION WEIGHTING FORM OF CAPITAL COST 65% Equity(1) 6.0% 25% Five-Year Term Loan 4.2% 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 February 5, 2026. (1) The cost of equity is calculated using the share price as of February 5, 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. ✓ Cost of equity is based on forward 12-month consensus AFFO per share ✓ 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 ~80 bps 

14© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. (50) - 50 100 150 200 250 300 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Best-in-Class Total Shareholder Returns As of December 31, 2025. Comparison includes ADC, the MSCI US REIT Index (RMZ), the S&P MidCap 400, and the Triple Net Lease Peer Group. (1) Return on Investment 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. Return on Investment(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

16© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. TENANT / CONCEPT ANNUALIZED BASE RENT % OF TOTAL $41.2 5.6% 35.6 4.9% 28.6 3.9% 22.3 3.0% 22.2 3.0% 22.1 3.0% 21.3 2.9% 21.0 2.9% 21.0 2.9% 20.9 2.9% 18.9 2.6% 18.0 2.5% 17.2 2.3% 15.1 2.1% 14.1 1.9% 13.9 1.9% 12.2 1.7% 12.0 1.6% 11.1 1.5% Other 344.7 46.9% Total $733.4 100.0% Agree Realty Snapshot TENANT SECTOR ANNUALIZED BASE RENT % OF TOTAL Grocery Stores $75.3 10.3% Home Improvement 66.4 9.0% Convenience Stores 56.2 7.7% Tire & Auto Service 55.9 7.6% Auto Parts 49.4 6.7% Dollar Stores 47.3 6.4% Off-Price Retail 43.9 6.0% Farm & Rural Supply 37.4 5.1% General Merchandise 36.6 5.0% Pharmacy 26.2 3.6% Other 238.8 32.6% Total $733.4 100.0% Share Price(1) $76.13 Equity Market Capitalization(1)(2) $9.2 Billion Property Count 2,674 Net Debt to EBITDA 4.9x / 3.8x(3) Investment Grade %(4) 66.8% Company Overview Top Tenants ($ in millions) Top Retail Sectors ($ in millions) As of December 31, 2025, unless otherwise noted. Any differences are a result of rounding. (1) As of February 5, 2026. (2) Reflects common shares and OP units outstanding multiplied by the closing price as of February 5, 2026. (3) Proforma for the settlement of the Company’s outstanding forward equity as of December 31, 2025. (4) Refer to footnote 1 on slide 17 for the Company’s definition of Investment Grade.

17© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. BEST-IN-CLASS RETAILERS WITH CONSERVATIVE BALANCE SHEETS Strong Investment Grade Portfolio 14% SUB-INVESTMENT GRADE 19% NOT RATED 67% INVESTMENT GRADE(1) As of December 31, 2025. Any differences are a result of rounding. (1) Based on ABR derived from tenants, or parent entities thereof, with an investment grade credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings, or the National Association of Insurance Commissioners. Retail Credit Type (%ABR)

18© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. INDUSTRY LEADERS OPERATING IN E-COMMERCE RESISTANT SECTORS National and Super-Regional Retailers 2% FRANCHISE 10% SUPER-REGIONAL 88% NATIONAL As of December 31, 2025. Any differences are a result of rounding. Retail Tenant Type (%ABR)

19© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 15% 12% 11% 7% 6% 5% 4% 3% 3% 2% As of December 31, 2025. (1) Refer to footnote 1 on slide 17 for the Company’s definition of Investment Grade. Any differences are a result of rounding. FEE SIMPLE OWNERSHIP + SIGNIFICANT TENANT INVESTMENT Ground Lease Portfolio Breakdown Ground Lease Credit Overview (%ABR) 89% INVESTMENT GRADE (1) 6% NOT RATED 5% SUB-INVESTMENT GRADE Ground Lease Portfolio Overview 251 Leases 10.2% of total portfolio ABR 9.0 years weighted- average lease term Top Ground Lease Tenants (% ABR)

20© 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.

21© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 92% 87% 74% 43% 38% 36% 33% 27% 27% 26% GTY FCPT EPR NNN EPRT NTST BNL ADC O WPC 67% 53% 47% 32% 22% 21% 14% 0% 0% 0% ADC FCPT NTST O WPC BNL NNN EPRT EPR GTY $12.89 $13.90 $19.05 $21.29 $21.48 $23.27 $24.80 $30.17 $30.88 $30.00 ADC NTST O BNL WPC NNN EPRT FCPT EPR GTY Leading, Pure-Play Retail Net Lease REIT HIGHLY DIVERSIFIED PORTFOLIO WITH THE LOWEST RENT PSF AND HIGHEST INVESMENT GRADE % Retail Rent PSF(1) Investment Grade Concentration Top 3 Sector Concentration(2) N O T D IS C LO S E D N O T D IS C LO S E D N O T D IS C LO S E D N O T D IS C LO S E D As of September 30, 2025, unless otherwise noted. ADC data as of December 31, 2025. (1) 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—89 and 92 sectors, respectively—compared to ADC’s more targeted categorization across 32 retail-focused sectors.

Disciplined Investment Strategy & Active Portfolio Management

23© 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 Agree leverages its three distinct investment platforms to target industry-leading retailers in e-commerce and recession resistant sectors THREE-PRONGED GROWTH STRATEGY COMPREHENSIVE REAL ESTATE SOLUTIONS FOR LEADING RETAILERS A C Q U IS IT IO N S D E V E LO P M E N T D E V E LO P E R F U N D IN G P LA TF O R M RETAILER RELATIONSHIPS

24© 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

25© 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 $98 billion of opportunities since 2018 $9.1 BILLION acquired since 2018 As of December 31, 2025.

26© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. As of February 5, 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 34,700+ Equipment Rental Stores 2,800+ Warehouse Clubs 1,400+ Home Improvement Stores 9,000+ Consumer Electronics Stores 1,300+ Grocery Stores 13,400+ Dealerships 500+ Convenience Stores 30,900+ Off-Price Retail Stores 6,800+ Tire & Auto Service Stores 5,600+ Dollar Stores 30,100+ General Merchandise Stores 7,100+

27© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. $701 $1.3B $1.4B $1.6B $1.2B $867 $1.4B $19 $27 $27 $61 $55 $84 $120 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2019 2020 2021 2022 2023 2024 2025 2026 (1) ADC HAS INVESTED NEARLY $11 BILLION IN HIGH-QUALITY RETAIL NET LEASE PROPERTIES SINCE 2010 Track Record of Execution DEVELOPMENT & DFP(2)ACQUISITIONS Investment Activity ($ in millions, unless otherwise noted) As of December 31, 2025, unless otherwise noted. (1) Reflects increased full-year 2026 investment guidance provided by the Company on February 10, 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. $ E $1.4B - $1.6B

28© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. $67.6M $67.2M $49.4M $58.0M $45.8M $9.7M $98.4M $44.1M 2018 2019 2020 2021 2022 2023 2024 2025 BERLIN, NJ HOUSTON, TX PORTAGE, MI CANTON, MI FOCUSED ON NON-CORE ASSET SALES & CAPITAL RECYCLING Active Portfolio Management As of December 31, 2025. Graph is representative and does not include all dispositions. Total Dispositions 2010-2025: $602 million STALLINGS, NC MT (1) & VA (1) WICHITA FALLS, TX SPRINGFIELD, IL UPLAND, CA APOPKA, FL LA (1) & PA (1) MN (2) & ND (2) MICHIGAN (3) FORT WORTH, TX OH (2) & PA (2) FLOWOOD, MS MAPLEWOOD, MN TYLER, TX BELTON, MO MI (2), NY & FL VA (3) MIDLAND, MI UT (2), ND & MT PENSACOLA, FL OH (3), WV, & VA TOPEKA, KS INDIANAPOLIS, IN KIRKLAND, WA JACKSONVILLE BEACH, FL IL (1), ND (1) & OH (1) MICHIGAN (2) ST. GEORGE, UT SC (2) & TX (1) AUSTIN, TX JACKSONVILLE, FL SC (1) & MN (1) AURORA, CO WYLIE, TX FL (5) FL (2) FL (3) OLATHE, KS BROWNSBURG, IN CO, FL, GA, MS, NC, OH PROVO, UT LA CANADA, CA LITTLETON, CO NM, AL

Fortified Balance Sheet

30© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. $1 $42 $0 $50 $410 $450 $475 $475 $300 $300 $450 $400 $0 $100 $200 $300 $400 $500 $600 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Leading With Our Fortress Balance Sheet CAPITALIZATION STATISTICS Equity Market Capitalization(3) $9.2 Billion Enterprise Value(3)(4) $12.6 Billion Total Debt to Enterprise Value 27.4% CREDIT METRICS Fixed Charge Coverage Ratio 4.2x Net Debt to Recurring EBITDA(5) 4.9x / 3.8x(6) Issuer Ratings A- / Baa1 / BBB+ Ratings Outlooks Stable / Stable / Stable As of December 31, 2025, unless otherwise noted. The Debt Maturities schedule excludes $320.5 million of outstanding short-term commercial paper notes as of December 31, 2025. (1) There were no outstanding borrowings on the Company’s revolving credit facility as of December 31, 2025. The revolving credit facility matures in August 2029 assuming two 6-month extension options are exercised. (2) Reflects the closing of the $350 million term loan which occurred on November 17, 2025. No amounts had been drawn as of December 31, 2025. (3) As of February 5, 2026. (4) Enterprise Value is calculated as the sum of net debt, the liquidation value of preferred equity and equity market capitalization. (5) Reflects net debt to annualized Q4 2025 recurring EBITDA. (6) Proforma for the settlement of the Company's outstanding forward equity as of December 31, 2025. Debt Maturities ($ in millions) SECUREDUNSECURED NO MATERIAL DEBT MATURITIES UNTIL 2028 (1) (2)

31© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. $225 $125 $350 $650 $300 $350 $450 $750 $531 $433 $988 $1,095 $1,322 $371 $1,103 $714 $42 $175 $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 2018 2019 2020 2021 2022 2023 2024 2025 STRONG CAPITAL MARKETS EXECUTION HAS PROVIDED AMPLE LIQUIDITY; OVER $11 BILLION OF ACTIVITY SINCE 2010 Capital Markets Track Record Reflects gross proceeds from equity and long-term debt raised through December 31, 2025. Forward equity and delayed-draw debt offerings are shown in the year they were raised, rather than settled or drawn. Capital Markets Activity ($ in millions) COMMON EQUITYUNSECURED DEBTSECURED DEBT PREFERRED EQUITY

32© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 4.4x 3.1x 4.5x 3.7x 4.5x 4.1x 4.5x 4.5x 4.7x 4.3x 4.8x 4.3x 4.9x 4.1x 4.9x 3.6x 4.9x 3.3x 4.9x 3.4x 5.2x 3.1x 5.1x 3.5x 4.9x 3.8x (includes outstanding forward equity offerings) ADC HAS BEEN AT OR BELOW 4.5X PROFORMA NET DEBT TO RECURRING EBITDA SINCE 2018 Low Leverage = Strong Positioning As of December 31, 2025. 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 Q2 2025 Q3 2025 Q4 2025Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2024Q4 2022

33© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. $1.50 $1.70 $1.90 $2.10 $2.30 $2.50 $2.70 $2.90 $3.10 $3.30 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 167 CONSECUTIVE COMMON DIVIDENDS PAID; AVERAGE AFFO PAYOUT RATIO OF ~74% OVER PAST 10 YEARS Growing, Well-Covered Monthly Dividend As of February 5, 2026. Reflects common dividends per share declared in each year, rounded to two decimals.

34© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. 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 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 ENVIRONMENTAL PRACTICES 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 CORPORATE GOVERNANCE

35© 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. Earnings Guidance 2026 Guidance AFFO per share (1)(2) $4.54 to $4.58 Investment volume(3) $1.4 to $1.6 billion Disposition volume $25 to $75 million General and administrative expense (% of adjusted revenue) (4)(5) 5.3% to 5.6% Non-reimbursable real estate expenses (% of adjusted revenue) (4) 1.0% to 1.5% Income and other tax expense $2 to $3 million Treasury stock method dilution(6) Approximately $0.01 The Company’s 2026 guidance is subject to risks and uncertainties more fully described in this presentation 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) Reflects an increase from the prior 2026 investment volume guidance of $1.25 billion to $1.50 billion, issued on January 5, 2026. (4) 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. (5) 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. (6) 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. The table below provides estimates for significant components of our 2026 earnings guidance.

38© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Debt Summary As of December 31, 2025, unless otherwise noted. Dollars are in thousands. (1) The Revolving Credit Facility would have incurred interest of 4.50%, which is comprised of SOFR of 3.77% and the pricing grid spread of 72.5 basis points. (2) The weighted- average maturity of the Commercial Paper Notes outstanding was less than one month. (3) 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%. (4) No amounts had been drawn as of December 31, 2025. If amounts were drawn under the 2031 Unsecured Term Loan, the applicable interest rate would have reflected the credit spread of 80 basis points and the impact of the interest rate swaps which convert $350.0 million of SOFR based interest to a fixed interest rate of 3.22%. (5) All-in interest rate for Senior Unsecured Notes reflects the straight-line amortization of the terminated swap agreements and original issuance discounts, as applicable. (6) The principal amounts outstanding are presented excluding their original issue discounts. (7) Excludes Revolving Credit Facility and Commercial Paper borrowings. All-in Interest Rate Maturity Total Debt Outstanding as of December 31, 2025 Senior Unsecured Revolving Credit Facility and Commercial Paper Notes Revolving Credit Facility (1) 4.50% August 2028 $0 Commercial Paper Notes (2) 3.94% Various 320,500 Total Revolving Credit Facility and Commercial Paper Notes 3.94% $320,500 Unsecured Term Loans 2029 Unsecured Term Loan (3) 4.37% January 2029 $350,000 2031 Unsecured Term Loan (4) 4.02% May 2031 $0 Total Unsecured Term Loans 4.37% $350,000 Senior Unsecured Notes (5) 2027 Senior Unsecured Notes 4.26% May 2027 $50,000 2028 Senior Unsecured Public Notes (6) 2.11% June 2028 350,000 2028 Senior Unsecured Notes 4.42% July 2028 60,000 2029 Senior Unsecured Notes 4.19% September 2029 100,000 2030 Senior Unsecured Notes 4.32% September 2030 125,000 2030 Senior Unsecured Public Notes (6) 3.49% October 2030 350,000 2031 Senior Unsecured Notes 4.42% October 2031 125,000 2032 Senior Unsecured Public Notes (6) 3.96% October 2032 300,000 2033 Senior Unsecured Public Notes (6) 2.13% June 2033 300,000 2034 Senior Unsecured Public Notes (6) 5.65% June 2034 450,000 2035 Senior Unsecured Public Notes (6) 5.35% June 2035 400,000 Total Senior Unsecured Notes 4.01% $2,610,000 Mortgage Notes Payable Portfolio Credit Tenant Lease 6.27% July 2026 $628 Four Asset Mortgage Loan 3.63% December 2029 42,250 Total Mortgage Notes Payable 3.67% $42,878 Total Fixed Rate Debt (7) 4.05% $3,002,878 Total Debt 4.04% $3,323,378

39© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Reconciliation of Non-GAAP Financial Measures Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Mortgage notes payable, net $47,971 $47,842 $47,701 $42,952 $42,811 $42,666 $42,518 $42,366 $42,210 $42,050 $41,886 $41,718 $41,546 Unsecured term loan, net - - - 346,639 346,798 346,947 347,115 347,274 347,452 347,609 347,767 347,900 348,074 Senior unsecured notes, net 1,792,047 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 Unsecured revolving credit facility 100,000 196,000 303,000 49,000 227,000 330,000 43,000 49,000 158,000 322,000 247,000 389,000 320,500 Total Debt per the Consolidated Balance Sheet $1,940,018 $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 Unamortized debt issuance costs and discounts, net 20,377 19,720 19,050 21,731 20,947 20,145 28,537 27,563 26,483 25,544 30,854 29,838 28,650 Total Debt $1,960,395 $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 Cash and cash equivalents ($27,763) ($11,809) ($8,068) ($6,384) ($10,907) ($6,314) ($9,639) ($13,237) ($6,399) ($7,915) ($5,824) ($13,696) ($16,295) Cash held in escrows (1,146) (1,131) (4,179) (3) (3,617) (9,120) (14,615) 0 0 (3,254) (3,087) (3,182) (4,327) Net Debt $1,931,486 $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 Anticipated Net Proceeds from Forward Equity Offerings (557,364) (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) Proforma Net Debt $1,374,122 $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 Net Income $41,039 $41,774 $41,015 $41,657 $46,101 $45,014 $54,913 $44,528 $45,377 $47,148 $49,353 $52,279 $56,209 Interest expense, net 16,843 17,998 19,948 20,803 22,371 24,451 26,416 28,942 29,095 30,764 32,274 35,212 36,362 Income and other tax expense 723 783 709 709 709 1,149 1,004 1,077 1,075 825 425 225 260 Depreciation of rental real estate assets 24,843 26,584 28,145 29,769 31,119 31,966 33,531 33,941 38,397 37,164 38,698 40,867 42,427 Amortization of lease intangibles - in- place leases and leasing costs 12,800 13,770 14,328 15,258 15,611 15,996 16,424 17,056 17,652 18,064 19,679 19,715 20,367 Non-real estate depreciation 261 292 277 598 527 501 499 507 517 527 562 597 642 Provision for impairment 0 0 1,315 3,195 2,665 4,530 0 2,694 0 4,331 2,961 2,980 1,600 (Gain) loss on sale or involuntary conversion of assets, net (97) 0 (319) 20 (1,550) (2,041) (7,176) (1,794) (430) (772) (1,510) (1,056) (2,047) EBITDAre $96,412 $101,201 $105,418 $112,009 $117,553 $121,566 $125,611 $126,951 $131,683 $138,051 $142,442 $150,819 $155,820 Run-Rate Impact of Investment, Disposition & Leasing Activity $4,742 $4,147 $4,276 $5,207 $2,344 $1,376 $1,890 $2,446 $4,055 $4,421 $4,356 $5,601 $4,405 Amortization of above (below) market lease intangibles, net 8,474 8,611 8,711 8,293 7,481 8,295 8,297 8,294 8,350 8,546 8,537 9,344 9,988 Recurring EBITDA $109,628 $113,959 $118,405 $125,509 $127,378 $131,237 $135,798 $137,691 $144,088 $151,018 $155,335 $165,764 $170,213 Annualized Recurring EBITDA $438,512 $455,836 $473,620 $502,036 $509,512 $524,948 $543,192 $550,764 $576,352 $604,072 $621,340 $663,056 $680,852 64 Total Debt per the Consolidated Balance Sheet to Annualized Net Income 11.8x 12.2x 13.1x 13.4x 13.1x 14.0x 12.2x 15.2x 15.5x 15.8x 16.5x 16.2x 14.8x Net Debt to Recurring EBITDA 4.4x 4.5x 4.5x 4.5x 4.7x 4.8x 4.9x 4.9x 4.9x 4.9x 5.2x 5.1x 4.9x Proforma Net Debt to Recurring EBITDA 3.1x 3.7x 4.1x 4.5x 4.3x 4.3x 4.1x 3.6x 3.3x 3.4x 3.1x 3.5x 3.8x

40© 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 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 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 Reconciliation of Net Income to FFO, Core FFO and AFFO Note: The Company began reporting Core FFO in 2018.

41© 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 December 31, 2025, 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.

42© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Non-GAAP Financial Measures This presentation includes a non-GAAP financial measure, Net Debt to Recurring EBITDA, which is presented on an actual and proforma basis. A reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure is included on slide 39. The components of this ratio and their use and utility to management are described further in the section below. Components of Net Debt to Recurring EBITDA EBITDAre is defined by Nareit to mean net income computed in accordance with GAAP, plus interest expense, income tax expense, depreciation and amortization, any gains (or losses) from sales of real estate assets and/or changes in control, any 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. 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.

43© 2026 AGREE REALTY CORPORATION. ALL RIGHTS RESERVED. Non-GAAP Financial Measures This presentation also includes the non-GAAP measures of Annualized Base Rent (“ABR”), Annualized Net Income, Weighted-Average Capitalization Rate, Funds From Operations (“FFO” or “Nareit FFO”), Core Funds From Operations (“Core FFO”) and Adjusted Funds From Operations (“AFFO”). FFO, Core FFO and AFFO are reconciled to the most directly comparable GAAP measure on slide 40. Annualized Base Rent (“ABR”) 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. Weighted-Average Capitalization Rate The Company defines the “weighted-average capitalization rate” for acquisitions and dispositions 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. Components of Funds from Operations, Core Funds from Operations, and Adjusted Funds from Operations Funds from Operations (“FFO” or “Nareit FFO”) is defined by the National Association of Real Estate Investment Trusts, Inc. (“Nareit”) to mean net income computed in accordance with GAAP, excluding gains (or losses) from sales of real estate assets and/or changes in control, plus real estate related depreciation and amortization and any impairment charges on depreciable real estate assets, 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”) 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.

Source: View Original Filing on SEC EDGAR

FAQ

How did Agree Realty (ADC) perform financially in full-year 2025?

Agree Realty’s 2025 Net Income attributable to common stockholders was $196.9 million, up from $181.8 million. Core FFO per share reached $4.28 and AFFO per share was $4.33, representing mid‑single‑digit growth supported by portfolio expansion and high occupancy.

What were Agree Realty’s key fourth-quarter 2025 operating results?

In Q4 2025, Agree Realty generated AFFO of $128.0 million or $1.11 per share, up 6.5% year over year. The company invested about $347.4 million in acquisitions and commenced four development or DFP projects with approximately $35 million of committed capital.

What 2026 earnings guidance did Agree Realty (ADC) provide?

For 2026, Agree Realty guided to AFFO per share of $4.54 to $4.58. The outlook assumes investment volume of $1.4 to $1.6 billion, disposition volume of $25 to $75 million, and general and administrative expenses of 5.3% to 5.6% of adjusted revenue.

How strong is Agree Realty’s balance sheet and liquidity position?

As of year-end 2025, Agree Realty reported net debt to recurring EBITDA of 4.9x, or 3.8x pro forma for forward equity. Total liquidity was about $2.0 billion, including revolving credit availability, a delayed-draw term loan, outstanding forward equity, and cash on hand.

What is Agree Realty’s dividend level and payout ratio?

For the twelve months ended December 31, 2025, Agree Realty declared $3.081 per common share in dividends, a 2.7% year-over-year increase. These dividends represented payout ratios of approximately 72% of Core FFO per share and 71% of AFFO per share, indicating solid coverage.

How large and diversified is Agree Realty’s property portfolio?

At December 31, 2025, Agree Realty owned 2,674 properties across all 50 states, totaling about 55.5 million square feet and 99.7% leased. Annualized base rent of $733.4 million was concentrated in sectors like grocery stores, home improvement, convenience stores, and tire and auto service.

What credit ratings and debt profile does Agree Realty have?

Agree Realty holds issuer ratings of A- from Fitch, Baa1 from Moody’s, and BBB+ from S&P, all with stable outlooks. Fixed-charge coverage was 4.2x, and the company issued $400 million of 5.60% senior unsecured notes due 2035, with an all-in rate of 5.35%.

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Agree Realty (NYSE: ADC) boosts 2026 AFFO guidance and investment plans

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How did Agree Realty (ADC) perform financially in full-year 2025?

What were Agree Realty’s key fourth-quarter 2025 operating results?

What 2026 earnings guidance did Agree Realty (ADC) provide?

How strong is Agree Realty’s balance sheet and liquidity position?

What is Agree Realty’s dividend level and payout ratio?

How large and diversified is Agree Realty’s property portfolio?

What credit ratings and debt profile does Agree Realty have?

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Agree Realty (NYSE: ADC) boosts 2026 AFFO guidance and investment plans

Rhea-AI Filing Summary

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REIT and net-lease specialist neutral

FAQ

How did Agree Realty (ADC) perform financially in full-year 2025?

What were Agree Realty’s key fourth-quarter 2025 operating results?

What 2026 earnings guidance did Agree Realty (ADC) provide?

How strong is Agree Realty’s balance sheet and liquidity position?

What is Agree Realty’s dividend level and payout ratio?

How large and diversified is Agree Realty’s property portfolio?

What credit ratings and debt profile does Agree Realty have?

Filing Exhibits & Attachments

Press Releases

Other Documents

NYSE:ADC

ADC Rankings

ADC Latest News

ADC Latest SEC Filings

ADC Stock Data