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ADC on NYSE

AGREE REALTY CORP

In its 2026 annual report the company says: “The Company is a fully integrated REIT primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants. The Company’s assets are held by, and all of its operations are conducted through, directly or indirectly, the Operating Partnership of which the Company is the sole general partner and in which it held a 99.7% common interest as of December 31, 2025.”5 It is headquartered in Royal Oak, United States.2 Its shares trade on NYSE under the symbol ADC.2

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Last updated Oct 21, 2026.

Overview

Compare with EPR Properties, EASTGROUP PROPERTIES INC or First Industrial Realty Trust, Inc., or pick any stock.

  • TickerADC on NYSE2
  • IndustryReal Estate Investment Trusts2
  • HeadquartersRoyal Oak, United States2
  • Incorporated inDE3
  • Business address32301 Woodward Avenue, Royal Oak, Mi 480733
  • Filer categoryLarge accelerated filer3
  • Legal formCorporation2
  • LEI98450090H010B37OEB682
  • StatusActive2
  • LEI statusIssued and current2
  • Registered address251 LITTLE FALLS DRIVE, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 23059822

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The Company is a fully integrated REIT primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants. The Company was founded in 1971 by its current Executive Chairman, Richard Agree, and its common stock was listed on the New York Stock Exchange (“NYSE”) in 1994. The Company’s assets are held by, and all of its operations are conducted through, directly or indirectly, the Operating Partnership of which the Company is the sole general partner and in which it held a 99.7% common interest as of December 31, 2025. Under the agreement of limited partnership of the Operating Partnership, the Company, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

47.4%Operating margin6
28.4%Net margin6
16.4%Revenue growth, 20256
3.3%Return on equity6

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs71¢$512.3M
  • Income tax0¢$1.7M
  • Profit28¢$204.3M

Out of $718.4M in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid68¢$340.7M
  • Share buybacks1¢$3.7M
  • Kept or used elsewhere32¢$159.7M

Out of $504.1M of cash from operations.6

Financial statements

Revenue789106$718.4M in 2025+283% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $187.5M$187.5M20192020: $248.6M$248.6M2020+33%2021: $339.3M$339.3M2021+37%2022: $429.8M$429.8M2022+27%2023: $537.5M$537.5M2023+25%2024: $617.1M$617.1M2024+15%2025: $718.4M$718.4M2025+16%
Operating income789106$340.4M in 2025+198% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $114.4M$114.4M20192020: $133.1M$133.1M2020+16%2021: $190.3M$190.3M2021+43%2022: $218.1M$218.1M2022+15%2023: $254.4M$254.4M2023+17%2024: $302.2M$302.2M2024+19%2025: $340.4M$340.4M2025+13%
Net income789106$204.3M in 2025+155% since 2019
0$100.0M$200.0M$300.0M2019: $80.1M$80.1M20192020: $91.4M$91.4M2020+14%2021: $122.3M$122.3M2021+34%2022: $152.4M$152.4M2022+25%2023: $170.0M$170.0M2023+11%2024: $189.2M$189.2M2024+11%2025: $204.3M$204.3M2025+8%
Fiscal year2019202020212022202320242025
Revenue$187.5M7$248.6M8$339.3M9$429.8M10$537.5M6$617.1M6$718.4M6
Operating expenses$164.2M9$217.0M10$285.0M6$326.3M6$383.4M6
Operating income$114.4M7$133.1M8$190.3M9$218.1M10$254.4M6$302.2M6$340.4M6
Interest$33.1M7$40.1M8$50.4M9$63.4M9$81.1M9
Income tax$538.0K7$1.1M8$2.4M9$2.9M10$2.9M6$4.3M6$1.7M6
Net income$80.1M7$91.4M8$122.3M9$152.4M10$170.0M6$189.2M6$204.3M6
Earnings per share$1.967$1.768$1.799$1.8410$1.706$1.796$1.776
Earnings per share (diluted)$1.937$1.748$1.789$1.8310$1.706$1.786$1.776
Shares (weighted, basic)66.8M shares978.7M shares1095.2M shares6101.1M shares6110.7M shares6
Shares (weighted, diluted)67.1M shares979.2M shares1095.4M shares6101.9M shares6111.2M shares6

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Corporate structure

AGREE REALTY CORP sits at the top of its group. 79 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of AGREE REALTY CORP

  • AGREE REALTY CORP Royal Oak, Michigan, United States
    • 1301 N 77 Sunshine LLC Subsidiary · Illinois, United States
    • ADC Express, LLC Subsidiary · Michigan, United States
    • Agree 117 Mission, LLC Subsidiary · Michigan, United States
    • Agree 2016, LLC Subsidiary · Delaware, United States
    • Agree Absecon Urban Renewal, LLC Subsidiary · New Jersey, United States
    • Agree Beecher, LLC Subsidiary · Michigan, United States
    • Agree Bristol & Fenton Project, LLC Subsidiary · Michigan, United States
    • Agree Central, LLC Subsidiary · Delaware, United States
    • Agree Chapel Hill NC, LLC Subsidiary · Delaware, United States
    • Agree Columbia SC, LLC Subsidiary · Delaware, United States
    • Agree Construction Management, LLC Subsidiary · Delaware, United States
    • Agree Convenience No. 1, LLC Subsidiary · Delaware, United States
    • Agree Corunna, LLC Subsidiary · Michigan, United States
    • Agree CW, LLC Subsidiary · Delaware, United States
    • Agree Dallas Forest Drive, LLC Subsidiary · Texas, United States
    • Agree Development, LLC Subsidiary · Delaware, United States
    • Agree DT Jacksonville NC, LLC Subsidiary · Delaware, United States
    • Agree Farmington NM, LLC Subsidiary · Delaware, United States
    • Agree Fort Walton Beach, LLC Subsidiary · Florida, United States
    • Agree Grandview Heights OH, LLC Subsidiary · Delaware, United States
    • Agree Greenwich CT, LLC Subsidiary · Delaware, United States
    • Agree Land East, LLC Subsidiary · Delaware, United States
    • Agree Land West, LLC Subsidiary · Delaware, United States
    • Agree Lebanon NH, LLC Subsidiary · Delaware, United States
    • AGREE LIMITED PARTNERSHIP Subsidiary · Bloomfield Hills, Michigan, United States
    • and 53 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What AGREE REALTY CORP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$2.9B6 Dec 31, 2025$2.5B6 Dec 31, 2024+15.2%
Operating-lease assets (leased space)$46.5M6 Dec 31, 2025$47.5M6 Dec 31, 2024−2.1%

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, net$8.6B6 Dec 31, 2025$7.4B6 Dec 31, 2024+15.6%
Real estate accumulated depreciation$715.7M6 Dec 31, 2025$564.4M6 Dec 31, 2024+26.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$16.3M6 Dec 31, 2025$6.4M6 Dec 31, 2024+154.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Accumulated amortization$576.9M6 Dec 31, 2025$461.4M6 Dec 31, 2024+25.0%
Finite-lived intangibles, net$940.8M6 Dec 31, 2025$818.7M10 Dec 31, 2024+14.9%

Properties, in its own words

As of December 31, 2025, the Company’s portfolio consisted of 2,674 properties located in all 50 states and totaling approximately 55.5 million square feet of GLA.

As of December 31, 2025, the Company’s portfolio was approximately 99.7% leased and had a weighted average remaining lease term of approximately 7.8 years. A significant majority of the Company’s properties are leased to national tenants and approximately 66.8% of our annualized base rent was 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 National Association of Insurance Commissioners. Substantially all of our tenants are subject to net lease agreements. A net lease typically requires the tenant to be responsible for minimum monthly rent and property operating expenses including property taxes, insurance and maintenance. In addition, our tenants are typically subject to future rent increases based on fixed amounts or increases in the consumer price index and certain leases provide for additional rent calculated as a percentage of the tenants’ gross sales above a specified level.

The rest of Item 2

Tenant Diversification

The following table presents annualized base rents for all tenants that represented 1.5% or greater of our total annualized base rent as of December 31, 2025 (dollars in thousands):

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

(2)Includes tenants that represented less than 1.5% of annualized contractual base rent as of December 31, 2025.

Tenant Sector Diversification

The following table presents annualized base rents for all retail sectors as of December 31, 2025 (dollars in thousands):

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

Geographic Diversification

The following table presents annualized base rents, by state, for our portfolio as of December 31, 2025 (dollars in thousands):

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

(2)Includes tenants that represented less than 1.5% of annualized contractual base rent as of December 31, 2025.

Lease Expirations

The following table presents contractual lease expirations within the Company’s portfolio as of December 31, 2025, assuming no tenants exercise renewal options (dollars and GLA in thousands):

Annualized Base Rent(1) · Gross Leasable Area

Year · Number ofLeases · Dollars · % ofTotal · Square Feet · % ofTotal

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

Developments

During the year ended December 31, 2025, the Company had 34 development or DFP projects completed or under construction, for which 13 remained under construction as of December 31, 2025. Anticipated total costs for the 13 projects are approximately $94.1 million.

Item 2 of the 10-K filed Feb 10, 2026.5

Leadership

Who has led AGREE REALTY CORP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Richard Agree2010–2012
  2. Joey Agree2013–now

Chair

  1. Richard Agree2013–now

President

  1. Richard Agree2006–2009
  2. Joey Agree2015–now

Chief financial officer

  1. Kenneth R. Howe2010–2017
  2. Alan David Maximiuk2010–2014
  3. Brian Robert Dickman2014–2015
  4. Matthew Morris Partridge2016–2017
  5. Clayton R. Thelen2017–2020
  6. Simon Leopold2021
  7. Peter Coughenour2021–now

Chief operating officer

  1. Joey Agree2010–2012
  2. Laith Hermiz2016–2020
  3. Craig Erlich2021–2023
  4. Nicole Witteveen2024–now
2010201520202025
Board members and other officers (29)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • 1301 N 77 Sunshine LLC Illinois4
  • ADC Express, LLC Michigan4
  • AR Land CA, LLC Delaware4
  • AR Land Central, LLC Delaware4
  • AR Land East, LLC Delaware4
  • AR Land West, LLC Delaware4
  • AR WTO, LLC Delaware4
  • Agree 117 Mission, LLC Michigan4
  • Agree 2016, LLC Delaware4
  • Agree Absecon Urban Renewal, LLC New Jersey4
  • Agree Beecher, LLC Michigan4
  • Agree Bristol & Fenton Project, LLC Michigan4
  • Agree CW, LLC Delaware4
  • Agree Central, LLC Delaware4
  • Agree Chapel Hill NC, LLC Delaware4
  • Agree Columbia SC, LLC Delaware4
  • Agree Construction Management, LLC Delaware4
  • Agree Convenience No. 1, LLC Delaware4
  • Agree Corunna, LLC Michigan4
  • Agree DT Jacksonville NC, LLC Delaware4
  • Agree Dallas Forest Drive, LLC Texas4
  • Agree Development, LLC Delaware4
  • Agree Farmington NM, LLC Delaware4
  • Agree Fort Walton Beach, LLC Florida4
All 78 listed subsidiaries
  • Agree Grandview Heights OH, LLC Delaware4
  • Agree Greenwich CT, LLC Delaware4
  • Agree Land East, LLC Delaware4
  • Agree Land West, LLC Delaware4
  • Agree Lebanon NH, LLC Delaware4
  • Agree Limited Partnership Delaware4
  • Agree Littleton CO, LLC Delaware4
  • Agree M-59, LLC Michigan4
  • Agree MCW, LLC Delaware4
  • Agree Madison AL, LLC Michigan4
  • Agree Marietta, LLC Georgia4
  • Agree Mena AR, LLC Delaware4
  • Agree NJ, LLC Delaware4
  • Agree Onaway MI, LLC Delaware4
  • Agree Orange CT, LLC Delaware4
  • Agree Oxford Commons AL, LLC Delaware4
  • Agree Paterson NJ, LLC Delaware4
  • Agree Portfolio, LLC Delaware4
  • Agree Realty Services, LLC Delaware4
  • Agree Realty South-East, LLC Michigan4
  • Agree Roseville CA, LLC California4
  • Agree SB, LLC Delaware4
  • Agree Secaucus NJ, LLC Delaware4
  • Agree Shelf ES PA, LLC Delaware4
  • Agree Shelf PA, LLC Delaware4
  • Agree Southfield, LLC Michigan4
  • Agree Spring Grove, LLC Illinois4
  • Agree St Petersburg, LLC Florida4
  • Agree Stores, LLC Delaware4
  • Agree TK, LLC Delaware4
  • Agree Tallahassee, LLC Florida4
  • Agree Walker, LLC Michigan4
  • Agree Wawa Baltimore, LLC Maryland4
  • Agree Wilmington, LLC North Carolina4
  • BB Farmington NM, LLC Delaware4
  • DD 71, LLC Delaware4
  • DD Brownsville, LLC North Carolina4
  • DD Hempstead, LLC North Carolina4
  • DFP 71, LLC Delaware4
  • GW 64 th Cicero, LLC Illinois4
  • LSDW Derby CT, LLC Delaware4
  • Lunacorp, LLC Delaware4
  • Mt. Pleasant Shopping Center, L.L.C. Michigan4
  • Pachyderm Chattanooga TN, LLC Delaware4
  • Pachyderm Marietta GA, LLC Delaware4
  • Pachyderm Myrtle Beach SC, LLC Delaware4
  • Pachyderm Philadelphia PA, LLC Delaware4
  • Pachyderm Properties II, LLC Delaware4
  • Pachyderm Properties, LLC Delaware4
  • Pachyderm Riverdale GA, LLC Delaware4
  • Pachyderm Waite Park MN, LLC Delaware4
  • Paint PA, LLC Delaware4
  • Pipercorp, LLC Delaware4
  • Safari Properties II, LLC Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 2, 20268-K Other events59
  2. Sep 22, 20268-K Entered a material agreement; New debt or obligation; Other events60
  3. Jul 30, 20268-K Results of operations61
  4. Jul 2, 20268-K Other events62
  5. May 14, 20268-K Shareholder vote63
  6. Apr 24, 20268-K Other events64
  7. Apr 21, 20268-K Results of operations65
  8. Apr 2, 20268-K Other events66
  9. Feb 26, 20268-K Regulation FD disclosure67
  10. Feb 10, 20268-K Results of operations68
  11. Jan 5, 20268-K Regulation FD disclosure; Other events69
  12. Nov 18, 20258-K Entered a material agreement; New debt or obligation70
  13. Jan 22, 2013New chief executive Joey Agree becomes CEO14
  14. Jan 11, 2010New chief executive Richard Agree becomes CEO15
  15. Aug 5, 1992Founded AGREE REALTY CORP is founded2

Calendar

Coming up

  1. Oct 20, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $1.10 a share, on Oct 21, 2025.71

When it reported results

  1. Jul 30, 2026Reported quarterly or annual results61
  2. Apr 21, 2026Reported quarterly or annual results65
  3. Feb 10, 2026Reported quarterly or annual results68
  4. Oct 21, 2025Reported quarterly or annual results72
  5. Jul 31, 2025Reported quarterly or annual results73
  6. Apr 22, 2025Reported quarterly or annual results74
  7. Feb 11, 2025Reported quarterly or annual results75
  8. Oct 22, 2024Reported quarterly or annual results76

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

351 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 78 major events, 164 insider forms, 27 large holders, 62 other. The latest 20:

  1. Oct 2, 20268-K EDGAR
  2. Sep 23, 20264 EDGAR
  3. Sep 22, 20268-K EDGAR
  4. Sep 18, 2026424B5 EDGAR
  5. Sep 17, 2026FWP EDGAR
  6. Sep 17, 2026FWP EDGAR
  7. Sep 17, 2026424B5 EDGAR
  8. Sep 17, 20264 EDGAR
  9. Sep 17, 20264 EDGAR
  10. Sep 2, 20264 EDGAR
  11. Aug 31, 20264 EDGAR
  12. Aug 21, 20264 EDGAR
  13. Aug 14, 2026SCHEDULE 13G/A EDGAR
  14. Jul 30, 202610-Q EDGAR
  15. Jul 30, 20268-K EDGAR
  16. Jul 2, 20268-K EDGAR
  17. Jun 8, 20264 EDGAR
  18. May 19, 20264 EDGAR
  19. May 18, 20264 EDGAR
  20. May 18, 20264 EDGAR

The 351 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

69 open-market trades by officers, directors and large owners since October 2021: 69 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 21, 2026Erlich CraigCHIEF GROWTH OFFICERBuy1,000$67.55$67.5KForm 4
Sep 16, 2026RAKOLTA JOHN JRDirectorBuy20,000$68.78$1.4MForm 4
Sep 16, 2026Agree JoeyPRESIDENT & CEOBuy7,360$68.06$500.9KForm 4
Aug 31, 2026RAKOLTA JOHN JRDirectorBuy10,000$72.42$724.2KForm 4
Aug 28, 2026RAKOLTA JOHN JRDirectorBuy136$73.52$10.0KForm 4
Aug 27, 2026RAKOLTA JOHN JRDirectorBuy20,000$73.23$1.5MForm 4
Jun 4, 2026AGREE RICHARDEXECUTIVE CHAIRMAN OF BOARDBuy5,000$71.41$357.1KForm 4
May 15, 2026RAKOLTA JOHN JRDirectorBuy20,000$74.57$1.5MForm 4
May 14, 2026Lehmkuhl GregDirectorBuy750$75.09$56.3KForm 4
May 14, 2026Agree JoeyPRESIDENT & CEOBuy13,295$75.41$1.0MForm 4
Apr 1, 2026RAKOLTA JOHN JRDirectorBuy146$75.69$11.1KForm 4
Jan 9, 2026Coughenour PeterCHIEF FINANCIAL OFFICERBuy500$69.80$34.9KForm 4
Jan 9, 2026AGREE RICHARDEXECUTIVE CHAIRMAN OF BOARDBuy24,000$70.67$1.7MForm 4
Dec 24, 2025RAKOLTA JOHN JRDirectorBuy15,000$72.18$1.1MForm 4
Oct 7, 2025RAKOLTA JOHN JRDirectorBuy25,154$70.41$1.8MForm 4
Oct 3, 2025Erlich CraigCHIEF GROWTH OFFICERBuy360$70.85$25.5KForm 4
Oct 2, 2025Agree JoeyPRESIDENT & CEOBuy3,528$70.63$249.2KForm 4
Sep 5, 2025Lehmkuhl GregDirectorBuy750$72.84$54.6KForm 4
Aug 14, 2025Agree JoeyPRESIDENT & CEOBuy2,100$72.08$151.4KForm 4
Aug 13, 2025Agree JoeyPRESIDENT & CEOBuy4,850$72.15$349.9KForm 4

All 69 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Joel Agree47$921.8K$11.0M84
2025Nicole Witteveen36$443.4K$2.2M84
2025Peter Coughenour34$443.4K$2.2M84
2025Craig Erlich58$443.4K$2.0M84
2025Danielle Spehar58$407.7K$1.4M84
2024President and Chief Executive Officer$900.0K$8.4M84
2024Chief Financial OfficerSecretary$423.4K$2.0M84
2024Chief Growth Officer$432.6K$2.0M84
2024Chief Operating Officer$432.6K$1.5M84
2024General Counsel$395.6K$1.4M84
2023President and Chief Executive Officer$895.5K$8.2M84
2023Chief Growth Officer$430.3K$2.1M84
2023Chief Financial OfficerSecretary$378.7K$1.4M84
2023General Counsel$384.2K$1.3M84
2023Chief Operating Officer$290.3K$781.8K84

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.19,112,107$1.4B0.0%+1,222,099
Vanguard Portfolio Management LLC10,588,511$802.0M0.0%+328,505
State Street Corp5,858,959$445.3M0.0%−107,444
Vanguard Capital Management LLC5,405,144$409.4M0.0%+58,711
Principal Financial Group Inc4,662,379$353.1M0.2%+136,291
Centersquare Investment Management LLC3,730,917$282.6M2.4%+301,342
Two Sigma Investments, LP3,535,058$267.7M0.2%−506,635
Daiwa Securities Group Inc.2,921,805$221.3M0.5%−39,878
Geode Capital Management, LLC2,781,222$210.7M0.0%+82,464
Charles Schwab Investment Management Inc2,196,532$166.4M0.0%+86,679
Zimmer Partners, LP1,843,300$139.6M3.3%−1,453,114
Dimensional Fund Advisors LP1,794,541$135.9M0.0%+23,523
Prudential Financial Inc1,787,283$135.4M0.1%−119,826
Bank Of America Corp /de/1,728,560$130.9M0.0%+201,999
Millennium Management LLC1,582,623$119.9M0.1%+484,191
Norges Bank1,551,258$117.5M0.0%New
Morgan Stanley1,525,277$115.5M0.0%+206,242
Nomura Asset Management International Inc.1,518,183$115.0M0.2%+121,385
Raymond James Financial Inc1,428,749$108.2M0.0%−3,732
Deutsche Bank Ag\1,382,985$104.7M0.0%+46,716
Northern Trust Corp1,356,029$102.7M0.0%+204,925
Goldman Sachs Group Inc1,230,891$93.2M0.0%+60,415
Canada Pension Plan Investment Board1,221,720$92.5M0.1%New
Jupiter Topco LLC1,216,172$92.1M0.0%New
Nuveen, LLC1,164,511$88.2M0.0%+743,328

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

10 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jun 1, 2026Josh GottheimerDemocratic, HouseSale$1,001 - $15,000+9.2%Report
Jan 15, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseSale$15,001 - $50,000+18.4%Report
Sep 25, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+22.3%Report
Aug 13, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−26.9%Report
Jun 17, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+39.4%Report
Jun 11, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−38.4%Report
Apr 9, 2025Josh GottheimerDemocratic, HousePartial sale$1,001 - $15,000+48.7%Report
Apr 15, 2024Josh GottheimerDemocratic, HouseBuy$1,001 - $15,000−32.6%Report
Mar 14, 2024Josh GottheimerDemocratic, HouseSale$1,001 - $15,000+28.5%Report
Jul 12, 2023Daniel S. GoldmanDemocratic, HouseSale$1,001 - $15,000+70.7%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How AGREE REALTY CORP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAGREE REALTY CORP1
  • CIK0000917251
  • Employer ID (EIN)38-31481875
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inMaryland5
  • Fiscal year endsDecember 311
  • Industry code (SIC)6798 Real Estate Investment Trusts1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address32301 Woodward Avenue, Royal Oak, MI 480731
  • Phone248-737-41901
  • Shares outstanding124,379,310 as of Jul 29, 202612
  • Public float$5.1B as of Jun 30, 20255
  • AuditorGRANT THORNTON LLP, Charlotte, North Carolina PCAOB ID 248; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceMay 10, 19961
  • Filings1,170 in all: 4 (416), 8-K (281), 10-Q (92), 424B5 (69), SC 13G/A (60), DEF 14A (30), 10-K (28), 3 (25)1
    All 38 form types

    SC 13G (21), FWP (16), 4/A (14), ARS (14), DEFA14A (14), UPLOAD (13), CORRESP (8), PRE 14A (8), SCHEDULE 13G/A (6), POSASR (5), S-8 (5), S-11/A (4), S-3 (4), S-3/A (4), S-3ASR (4), SC 13D/A (4), SCHEDULE 13G (4), 424B2 (3), 5 (3), EFFECT (3), 10-K405 (2), 8-K/A (2), 10-K/A (1), 3/A (1), 424B8 (1), 8-A12B (1), CERT (1), S-11 (1), S-11MEF (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Feb 10, 2026
    Quarterly report (10-Q) Jul 30, 2026
    Proxy statement (DEF 14A) Apr 2, 2026
    Latest 8-K (8-K) Oct 2, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $.0001 par valueADCNew York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 4.25% Series A Cumulative Redeemable Preferred Stock, $0.0001 par valueADCPrANew York Stock Exchange

From the cover page of the 10-K filed Feb 10, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks AGREE REALTY CORP names in Item 1A of its 10-K filed Feb 10, 2026: 45 risks under these headings, as written.5

  • Risks Related to Our Business and Operations
  • Economic and financial conditions may have a negative effect on our business and operations.
  • Our business is significantly dependent on single tenant properties.
  • Bankruptcy laws will limit our remedies if a tenant becomes bankrupt and rejects its leases.
  • Our portfolio is concentrated in certain states, which makes us more susceptible to adverse events in these areas.
  • Our tenants are concentrated in certain retail sectors, which makes us susceptible to adverse conditions impacting these sectors.
  • There are risks associated with our development and acquisition activities.
  • Loss of revenues from tenants would reduce the Company’s cash flow.
  • Our assessment that certain businesses are more insulated from e-commerce pressure than others may prove to be incorrect, and changes in macroeconomic trends may adversely affect our tenants, either of which could impair our tenants' ability to make rental payments to us and materially and adversely affect us.
  • The availability and timing of cash dividends is uncertain.
  • We face risks relating to information technology and cybersecurity attacks, loss of confidential information and other business disruptions.
  • The use of artificial intelligence presents risks and challenges that may adversely impact our business and operating results or that of our tenants.
The other 34 risks
  • Our environmental, social and governance commitments could result in additional costs, and our inability to achieve them could have an adverse impact on our reputation and performance.
  • General Real Estate Risks
  • Our performance and value are subject to general economic conditions and risks associated with our real estate assets.
  • We face risks associated with climate change, which could materially and adversely impact us.
  • Compliance with the ADA, fire and safety regulations, and other regulations may require us to make unanticipated expenditures.
  • The fact that real estate investments are relatively illiquid may reduce economic returns to investors.
  • Our ability to renew leases or re-lease space on favorable terms as leases expire significantly affects our business.
  • Our leases contain certain limitations on tenants’ real estate tax, insurance and operating cost reimbursement obligations.
  • Potential liability for environmental contamination could result in substantial costs.
  • Uninsured losses relating to real property may adversely affect our operating results and cash flows and upon renewal of our insurance policies, our coverage may change and our costs may increase.
  • Risks Related to Our Debt Financings
  • Our level of indebtedness could materially and adversely affect our financial position, including reducing funds available for other business purposes and reducing our operational flexibility, and we may have future capital needs for which we may not be able to obtain additional financing on acceptable terms.
  • Covenants in our credit agreements and note purchase agreements could limit our flexibility and adversely affect our financial condition.
  • An increase in market interest rates could raise our interest costs on existing and future debt or adversely affect our stock price, and a decrease in interest rates may lead to additional competition for the acquisition of real estate or adversely affect our results of operations.
  • Our hedging strategies may not be successful in mitigating our risks associated with interest rates and could reduce the overall returns on your investment.
  • Future offerings of debt and equity may not be available to us or may adversely affect the market price of our common stock.
  • Risks Related to Our Corporate Structure
  • Our charter, bylaws and Maryland law contain provisions that may delay, defer or prevent a change of control transaction.
  • Our charter contains 9.8% ownership limits.
  • We could issue stock without stockholder approval.
  • Provisions of Maryland law may limit the ability of a third party to acquire control of our company.
  • An officer and director may have interests that conflict with the interests of stockholders.
  • Federal Income Tax Risks
  • Complying with REIT requirements may cause us to forego otherwise attractive opportunities.
  • Failure to qualify as a REIT could adversely affect our operations and our ability to make distributions.
  • U.S. federal tax reform legislation could affect REITs generally, the geographic markets in which we operate, our stock and our results of operations, both positively and negatively in ways that are difficult to anticipate.
  • Changes in tax laws may prevent us from maintaining our qualification as a REIT.
  • Complying with REIT requirements may force us to liquidate or restructure otherwise attractive investments.
  • We may have to borrow funds or sell assets to meet our distribution requirements.
  • Our ownership of and relationship with our TRSs will be limited, and a failure to comply with the limits would jeopardize our REIT status and may result in the application of a 100% excise tax.
  • Liquidation of our assets may jeopardize our REIT qualification.
  • We may be subject to other tax liabilities even if we qualify as a REIT.
  • Dividends payable by REITs do not qualify for the reduced tax rates on dividend income from regular corporations.
  • Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
  • General Risks
  • Loss of our key personnel could materially impair our ability to operate successfully.
  • If we fail to maintain an effective system of internal controls, we may not be able to accurately report financial results, which could result in a loss of investor confidence and adversely affect the market price of our common stock.
  • The market price and trading volume of shares of our common stock may fluctuate or decline.
  • An epidemic or pandemic, and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address it, may precipitate or materially exacerbate one or more of the other risks, and may significantly disrupt our tenants’ ability to operate their businesses and/or pay rent to us or prevent us from operating our business in the ordinary course for an extended period.

Legal proceedings

From time to time, we are involved in legal proceedings in the ordinary course of business. We are not presently involved in any litigation nor, to our knowledge, is any other litigation threatened against us, other than routine litigation arising in the ordinary course of business, which is expected to be covered by our liability insurance. Management believes that we do not have any pending legal proceedings that, individually or in the aggregate, would have a material adverse effect on our liquidity, results of operations or business or financial condition.

The opening of Item 3, Legal Proceedings.5

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