Agree Realty Corp 10-K Filing

FAQ

Key Financial Figures

• $0.0001 — Cumulative Redeemable Preferred Stock, $0.0001 par value ADCPrA New York Stock Exc
• $61.94 — 30, 2024, based on the closing price of $61.94 on the New York Stock Exchange on that
• $939.2 million — 24, the Company completed approximately $939.2 million of investments in net leased retail rea
• $866.6 m — gregate purchase price of approximately $866.6 million, and the completed development of
• $72.7 million — for an aggregate cost of approximately $72.7 million. These properties are net leased to ten
• $94.3 million — ts and land parcels for net proceeds of $94.3 million and recorded a net gain of $11.5 millio
• $11.5 million — 94.3 million and recorded a net gain of $11.5 million. Leasing During 2024, excluding prope
• $19.8 million — extensions or options is approximately $19.8 million. Dividends The Company increased its
• $0.247 — monthly dividend per common share from $0.247 to $0.25 in April 2024 and further incr
• $0.25 — ividend per common share from $0.247 to $0.25 in April 2024 and further increased the
• $0.253 — he monthly dividend per common share to $0.253 in October 2024. The December 2024 div
• $3.036 — 53 represents an annualized dividend of $3.036 per share and an annualized dividend yi
• $70.45 — our common stock listed on the NYSE of $70.45 on December 31, 2024. The Company has
• $1.25 billion — ctober 2024, the Company entered into a $1.25 billion ATM program (the "October 2024 ATM Prog
• $1.00 billion — ctober 2024 ATM Program"). The previous $1.00 billion ATM program (the "February 2024 ATM Pro

Filing Documents

• adc-20241231x10k.htm (10-K) — 33879KB
• adc-20241231xex4d5.htm (EX-4.5) — 112KB
• adc-20241231xex19d1.htm (EX-19.1) — 73KB
• adc-20241231xex21.htm (EX-21) — 58KB
• adc-20241231xex22.htm (EX-22) — 41KB
• adc-20241231xex23d1.htm (EX-23.1) — 2KB
• adc-20241231xex31d1.htm (EX-31.1) — 10KB
• adc-20241231xex31d2.htm (EX-31.2) — 10KB
• adc-20241231xex32d1.htm (EX-32.1) — 5KB
• adc-20241231xex32d2.htm (EX-32.2) — 5KB
• 0001558370-25-000803.txt ( ) — 117037KB
• adc-20241231.xsd (EX-101.SCH) — 524KB
• adc-20241231_cal.xml (EX-101.CAL) — 96KB
• adc-20241231_def.xml (EX-101.DEF) — 1190KB
• adc-20241231_lab.xml (EX-101.LAB) — 2489KB
• adc-20241231_pre.xml (EX-101.PRE) — 1582KB
• adc-20241231x10k_htm.xml (XML) — 36090KB

Business

Business 2 Item 1A :

Risk Factors

Risk Factors 10 Item 1B : Unresolved Staff Comments 24 Item 1C: Cybersecurity 24 Item 2 :

Properties

Properties 26 Item 3 :

Legal Proceedings

Legal Proceedings 29 Item 4 : Mine Safety Disclosures 29 PART II Item 5 : Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 Item 6 : [Reserved] 30 Item 7 :

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 7A :

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 43 Item 8 :

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 45 Item 9 : Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 45 Item 9A :

Controls and Procedures

Controls and Procedures 45 Item 9B : Other Information 46 Item 9C : Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 46 PART III Item 10: Directors, Executive Officers and Corporate Governance 47 Item 11:

Executive Compensation

Executive Compensation 47 Item 12:

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 47 Item 13: Certain Relationships and Related Transactions, and Director Independence 47 Item 14: Principal Accountant Fees and Services 47 PART IV Item 15: Exhibits and Financial Statement Schedules 48 Consolidated Financial Statements and Notes F-1 Item 16: Form 10-K Summary 53

SIGNATURES

SIGNATURES Table of Contents PART I Cautionary Note Regarding Forward-Looking Statements This report 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 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. Currently, one of the most significant factors, however, is the adverse effect of macroeconomic conditions, including inflation and the potential impacts of pandemics, epidemics or other public health emergencies or fear of such events 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 extent to which macroeconomic trends may impact the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence. Moreover, you should interpret many of the risks identified in this report, as well as the risks set forth below, as being heightened as a

: Business

Item 1: Business General 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, 2024. 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. As of December 31, 2024, the Company's portfolio consisted of 2,370 properties located in all 50 states and totaling approximately 48.8 million square feet of Gross Leasable Area ("GLA"). The portfolio was approximately 99.6% leased and had a weighted average remaining lease term of approximately 7.9 years. A significant majority of the Company's properties are leased to national tenants and approximately 68.2% 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 the 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. As of December 31, 2024, the Company had 75 full-time employees, covering accounting, acquisitions, asset management, development and construction, finance, information technology, legal, and people and culture. The Company was incorporated in December 1993 un

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