Agree Realty Corporation's SEC filings document the reporting framework of a Maryland retail net lease REIT that operates through Agree Limited Partnership. Form 8-K filings furnish operating results, supplemental financial metrics, investor presentations, weighted-average share calculations, OP Unit disclosures, and Regulation FD updates on portfolio and investment activity.
The filing record also covers capital structure and financing matters, including at-the-market equity programs, forward sale arrangements, common stock, depositary shares representing Series A preferred stock, unsecured credit facilities and term loan agreements. Proxy materials disclose board governance, executive compensation, shareholder voting matters and equity award information.
Agree Realty Corp Chief Growth Officer Craig Erlich reported several equity-related transactions in common shares. He acquired 5,673 restricted shares in one grant and 10,005 restricted shares in another, both awarded by the board’s Compensation Committee at no cash cost to him.
According to the footnotes, 1,891 of the granted restricted shares are scheduled to vest on each of February 23, 2027, 2028, and 2029, subject to continued employment. The 10,005 shares were issued upon vesting of performance units granted in 2023 and vested immediately on February 23, 2026.
To satisfy tax withholding obligations on 19,630 vested common shares, 8,636 common shares were withheld by the company at a price of $79.32 per share, a tax-withholding disposition rather than an open-market sale. After these transactions, Erlich directly holds 59,888 common shares, indirectly holds 100 common shares through his wife, and directly holds 4,898 depositary shares of Series A preferred.
Agree Realty Corp Chief Financial Officer Peter Coughenour reported several equity-related transactions in common shares. On February 23, 2026, he received 8,510 restricted shares that will vest in three equal installments on February 23, 2027, 2028, and 2029, subject to continued employment. He was also issued 4,003 restricted shares upon vesting of performance units granted in 2023; these vested immediately on February 23, 2026. To cover tax withholdings on the vesting of 9,918 shares, the company withheld 4,401 shares, leaving him with 26,656 common shares held directly after the transactions.
AGREE REALTY CORP’s president and CEO Joey Agree reported equity compensation and related tax withholding transactions in common shares. He received a grant of 24,584 restricted shares that will vest in three equal tranches on February 23, 2027, 2028, and 2029, subject to continued employment. He was also issued 40,025 restricted shares upon vesting of performance units granted on February 23, 2023, which vested immediately on February 23, 2026. To satisfy tax obligations on the vesting of 99,418 shares, the company withheld 41,487 shares. Following these transactions, he continues to hold common shares directly, and an additional 3,962 shares are reported as held indirectly by his children.
AGREE REALTY CORP reported that Executive Chairman Richard Agree received a grant of 8,069 restricted common shares, awarded by the board’s Compensation Committee at no cash cost. These shares are scheduled to vest in three equal annual installments on February 23 of 2027, 2028, and 2029, contingent on his continued employment.
The company also withheld 4,577 common shares at a price of $79.32 per share to cover tax obligations tied to the vesting of 10,219 previously granted shares. After these transactions, he holds 422,200 common shares directly, plus indirect holdings of 85,512 shares through his wife and 155,855 shares through a children’s trust.
Agree Realty Corporation reports its 2025 annual results as a retail-focused net-lease REIT with a portfolio of 2,674 properties across all 50 states totaling about 55.5 million square feet of gross leasable area as of December 31, 2025. The portfolio was approximately 99.7% leased with a weighted average remaining lease term of 7.8 years, and about 66.8% of annualized base rent came from investment grade tenants.
During 2025, the company invested roughly $1.57 billion in net leased retail real estate, including the acquisition of 305 properties for about $1.44 billion and completion of 21 developments costing about $131.2 million. It sold 22 assets and land parcels for net proceeds of $42.1 million, recording a net gain of $5.4 million, and completed leasing transactions on about 3,033,000 square feet, adding approximately $29.7 million of annualized base contractual rent.
The company raised equity through an April 2025 follow-on public offering of 5,175,000 common shares via forward sale agreements, anticipated to generate about $385.8 million of net proceeds, and used at-the-market programs that produced $538.3 million of net proceeds in 2025. On the debt side, it established a $625.0 million commercial paper program, issued $400.0 million of 5.600% senior unsecured public notes due 2035, and arranged a $350.0 million delayed draw unsecured term loan maturing in 2031. As of December 31, 2025, total debt was $3.32 billion and the ratio of total debt to enterprise value was about 27.4%. The company increased its monthly common dividend twice in 2025 to $0.262 per share, equivalent to an annualized $3.144 per share, and continued paying monthly dividends on its 4.25% Series A preferred stock.
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.
Agree Realty Corp's chief financial officer, Peter Coughenour, reported an open-market purchase of company stock. On January 9, 2026, he bought 500 common shares at a price of $69.80 per share, increasing his directly held stake. Following this transaction, he beneficially owned 18,544 common shares of Agree Realty Corp in direct ownership.
Agree Realty Corp executive chairman Richard Agree, through a trust for his children, reported purchasing 24,000 common shares of ADC on January 9, 2026 at a weighted average price of $70.67 per share. The filing notes that these shares were bought in multiple trades at prices ranging from $70.40 to $70.82.
Following this purchase, the trust for his children held 159,855 shares indirectly attributed to him. He also reported 414,708 common shares held directly and an additional 85,512 common shares held indirectly through his wife.
Agree Realty Corporation filed an update describing recent communications with investors and providing detailed share count data for 2025. The company issued a press release covering its 2025 investment activity, 2026 investment outlook, portfolio updates, and fourth quarter 2025 capital markets activity, and posted an updated investor presentation on its website.
The filing also reports the weighted-average number of common shares outstanding for the three and twelve months ended December 31, 2025. Basic weighted-average shares were 114,695,645 for the quarter and 110,723,375 for the year, while diluted weighted-average shares were 114,998,257 for the quarter and 111,200,645 for the year. The company explains that it used the treasury stock method to reflect dilution from forward equity offerings, which added 43,198 weighted-average incremental shares for the quarter and 216,703 for the year.
Agree Realty Corp director files insider trading report showing both a share transfer and a purchase. On 12/22/2025, the reporting director transferred 11,549 common shares of Agree Realty Corp, coded as a disposition at a price of $0. On 12/24/2025, the same director purchased 15,000 common shares at a weighted average price of $72.18, with individual trades ranging from $72.03 to $72.32.
Following these transactions, the director beneficially owned 562,605.801 common shares directly, which includes 5,454.303 shares acquired through a dividend reinvestment plan since the last filing. The filing notes that more detailed trade-by-trade pricing information is available upon request from the issuer, any security holder, or the SEC staff.