Agree Realty Corp is a Maryland-incorporated, NYSE-listed real estate investment trust that owns, acquires, develops and manages retail properties that are primarily structured as net leases. The company’s assets are held and operated through its Operating Partnership, where Agree is the sole general partner and holds a ~99.7% common interest (as of December 31, 2025). As of December 31, 2025, its portfolio comprised 2,674 properties across all 50 U.S. states totaling ~55.5 million square feet, with occupancy around 99.7% and a weighted-average remaining lease term of ~7.8 years. The business model emphasizes long-duration contractual rent streams from national tenants, with tenants typically responsible for property taxes, insurance and maintenance under net lease structures.
80,7 %
28,4 %
+16,4 %
| % | |
|---|---|
| Net lease retail rental portfolio | 92% Contractual base rent from single-tenant retail properties under net leases. |
| Development (build-to-suit) investments | 5% Ground-up development of net leased retail properties for targeted tenants. |
| Other property income and reimbursements | 3% Property-level recoveries and ancillary income not captured in base rent. |
Agree Realty’s direct customers are retail tenants that sign long-term net leases for single-tenant locations,...
Lease net-leased stores where in-person shopping and proximity drive sales; provides daily-need traffic and typically resilient demand.
Lease large-box locations where bulky goods and project-based shopping favor physical presence; supports longer lease terms and strong unit economics.
Lease high-visibility sites with fuel/quick-trip demand; tenants value predictable occupancy costs and control of site operations.
Lease service-oriented properties (bays, specialized layouts) that are difficult to replicate online; supports sticky tenancy but can be cyclical.
Lease small-box locations serving price-sensitive consumers; often expansion-driven with standardized store prototypes.
Agree Realty’s portfolio is U.S.-only and broadly diversified, with 2,674 properties located across all 50 states as of...
Agree Realty’s strategy centers on scaling a nationally diversified net lease retail portfolio with long lease terms...
Growth in property count and invested capital expands contractual rent base.
Tenant sales durability supports rent coverage and renewal prospects.
Rapid access to lease and tenant sales data supports proactive decisions and cash flow optimization.
Agree Realty’s cash flows depend on tenant rent payments, so tenant bankruptcies, financial distress or lease defaults...
Meaningful annualized base rent is tied to specific retail sectors; adverse conditions can impair tenant revenues and rent-paying ability.
Higher interest rates and reduced financing availability can increase acquisition costs and constrain investment pace.
Projects can face delays, cost inflation, permitting issues, and lack of attractive permanent financing, reducing returns and cash available for distribution.
Security incidents could interrupt operations, expose sensitive data, and lead to legal/regulatory costs; insurance may be insufficient.
: 11/08/2026