Agree Realty

What Agree Realty does

Agree Realty Corporation (NYSE: ADC) is a publicly traded, self-administered and self-managed net lease retail Real Estate Investment Trust founded in 1971 and headquartered in Royal Oak, Michigan (with a corporate office in Bloomfield Hills). The company owns and operates a portfolio of 2,756 retail properties containing approximately 57 million square feet of gross leasable space across all 50 US states, with approximately 65% of the portfolio leased to investment-grade rated tenants and a portfolio occupancy rate above 99.7%. Major tenants span home improvement (Home Depot), hypermarket (Walmart), off-price retail (TJMaxx, Burlington), grocery (Aldi, Wegmans), convenience (7-Eleven, Wawa), farm/rural supply (Tractor Supply), auto parts (AutoZone, O'Reilly Auto Parts, Advance Auto Parts), wholesale clubs (Costco, Sam's Club), pharmacy (CVS), and tires/services (Discount Tire, Bridgestone Firestone).

Agree Realty operates a vertically integrated real estate platform with three external growth channels: (1) acquisitions of single-tenant and multi-tenant net lease properties valued between $2 million and $50 million per asset, (2) ground-up development for retail tenants, and (3) the Developer Funding Platform (DFP), which provides third-party developers with capital and forward purchase commitments. The company monetizes this portfolio primarily through recurring rental income under long-duration net lease structures that shift operating expense burden to tenants, with reported revenue of $200.81 million in Q1 2026 (up 18.71% year-over-year) and 2025 full-year investment volume of $1.55 billion across 338 properties at a 7.2% weighted-average cap rate.

The company is family-controlled — founder Richard Agree serves as Executive Chairman and his son Joey Agree as President and CEO since 2013 — and is rated A- (Fitch), Baa1 (Moody's), and BBB+ (S&P). Capital structure includes a $1.75 billion ATM equity distribution agreement (April 2026), multiple senior unsecured note offerings totaling hundreds of millions annually (2022–2025), and total liquidity of approximately $2.3 billion as of Q1 2026. The technology underpinning the business is described as a net lease retail real estate platform with adaptive real estate technology for property acquisition, development, and management, though no proprietary AI/ML, API, or SDK capabilities are disclosed.

Name

Agree Realty

Legal name

Agree Realty Corporation

Website

https://agreerealty.com

Company type

Public

Founded year

1971

Operating status

Operating

Headcount range

51–100 employees

Short description

Agree Realty (NYSE: ADC) is a publicly traded net lease retail REIT that owns 2,756 retail properties across all 50 US states, leased primarily to investment-grade tenants such as Walmart, Home Depot, and TJMaxx. It generates recurring rental income through acquisitions, ground-up development, and its Developer Funding Platform.

Ownership category

akta.pro rank

Product category

Net Lease Retail Real Estate (REIT)

NAICS

Real Estate Property Managers (53131), Nonresidential Property Managers (531312)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Net lease retail REIT
• Retail real estate investment
• Single-tenant properties
• Sale-leaseback transactions
• Commercial property development

Headquarters

HQ city

Farmington Hills

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Others

Revenue model

1. Rental Income: Agree Realty generates revenue primarily through rental payments from single-tenant and multi-tenant net lease retail properties across the United States. The company owns over 2,756 properties leased to tenants including Walmart, Home Depot, TJMaxx, Dollar General, CVS, AutoZone, and other national and regional retailers.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Agree Realty Corporation is a self-administered and self-managed real estate investment trust (REIT) that acquires, develops, and manages net lease retail properties across the United States. As of March 31, 2026, the company owned 2,756 properties containing approximately 57 million square feet of gross leasable space across all 50 states, with approximately 65% leased to investment-grade tenants including Walmart, Home Depot, TJMaxx, Dollar General, CVS, AutoZone, Aldi, and Costco. The company operates three external growth platforms: acquisitions, development, and the Developer Funding Platform (DFP), with property values ranging from $2 million to $50 million per asset.

Product overview

Agree Realty Corporation is a Real Estate Investment Trust (REIT) focused on the acquisition and development of retail net lease properties across the United States. The company operates as a fully integrated real estate platform offering three external growth platforms: acquisitions, development, and a Developer Funding Platform (DFP). As of March 31, 2026, the company owned a portfolio of 2,756 properties containing approximately 57 million square feet of gross leasable space across all 50 states. The company's core business model involves acquiring and developing single-tenant and multi-tenant retail properties net leased to industry-leading retailers, with approximately 65% of the portfolio leased to investment-grade tenants. The company also provides sale-leaseback transactions, ground leases, and financing through its Developer Funding Platform for development partners.

Differentiator

Problem solved

Functional benefit

Brands

• Developer Funding Platform (DFP): Provides developers the opportunity to work with a compatible organization that has institutional access to capital and an entrepreneurial spirit. Provides developers with a one-stop shop to secure capital and a forward commitment to purchase.

Products and services

• Net Lease Retail Property Acquisitions Direct acquisition of single-tenant and multi-tenant net lease retail properties nationwide, with property values ranging from $2 million to $50 million per asset. Targeted at industry-leading national and regional retailers across home improvement, auto parts, off-price, grocery, convenience, farm/rural supply, and wholesale club sectors.
• Retail Property Development Services End-to-end development services for retailers including site evaluation, project feasibility, due diligence, entitlements, utility commitments, design and planning, construction management, lease negotiation, and project management for new retail locations.
• Developer Funding Platform (DFP) Provides developers with a one-stop shop to secure capital and a forward commitment to purchase. Provides capital access, forward purchase commitments, and certainty to close on development projects. Working directly with developers nationwide on ground lease and fee simple property development opportunities.
• Sale-Leaseback Transactions Direct engagement with corporate retailers seeking to monetize owned real estate through sale-leaseback structures, enabling capital extraction from owned real estate while maintaining operational continuity.

Quantifiable outcome

• Q1 2026 revenue of $200.81M, up 18.71% year-over-year
• +6 more outcomes

Named customers20 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Essential Properties Realty Trust: Essential Properties Realty Trust (NYSE: EPRT) is a net lease REIT focused on middle-market essential retail and service tenants. Comparable to Agree in net lease structure and growth strategy, though with smaller average deal size and a more middle-market tenant focus.
• NETSTREIT: NETSTREIT (NYSE: NTST) is a net lease REIT focused on high-quality retail tenants. Directly comparable to Agree in single-tenant net lease retail strategy, tenant credit quality, and growth orientation.
• Realty Income: Realty Income (NYSE: O) is the largest net lease REIT with a similar business model of acquiring freestanding, single-tenant properties net leased to commercial tenants. It is the most direct comparable to Agree Realty in retail net lease, though it operates at significantly greater scale and with broader tenant diversification.
• NNN REIT: NNN REIT (NYSE: NNN, formerly National Retail Properties) is a pure retail net lease REIT with a highly similar focus on freestanding retail properties leased to national tenants. Closely comparable in tenant quality (investment-grade exposure) and property type (single-tenant retail) to Agree Realty.
• Broadstone Net Lease: Broadstone Net Lease (NYSE: BNL) is a diversified net lease REIT with similar scale and growth strategy. Comparable to Agree in single-tenant net lease structure and tenant credit focus, though with somewhat broader industrial and office exposure alongside retail.
• Four Corners Property Trust: Four Corners Property Trust (NYSE: FCPT) is a net lease REIT focused on restaurant properties leased to leading operators. Comparable to Agree in net lease structure and tenant credit orientation, though more concentrated in restaurants versus Agree's broader retail mix.
• Getty Realty: Getty Realty (NYSE: GTY) is a net lease REIT focused on convenience stores, automotive services, and other necessity-based retail. Highly comparable to Agree in tenant quality focus and single-tenant net lease structure, with similar investment-grade tenant mix.
• EPR Properties: EPR Properties (NYSE: EPR) is a specialty net lease REIT focused on experiential properties including cinemas, eat-and-play, and other entertainment venues. Comparable in net lease structure but with a meaningfully different tenant base focused on experiential rather than everyday-necessity retail.
• Alpine Income Property Trust: Alpine Income Property Trust (NYSE: PINE) is a smaller net lease REIT focused on necessity retail and grocery-anchored properties. Comparable to Agree in net lease retail focus but at smaller scale and more recent vintage.

Broad incumbents

• W. P. Carey: W. P. Carey (NYSE: WPC) is a large diversified net lease REIT with exposure across industrial, retail, office, and specialty properties. Comparable to Agree in net lease structure but operates more broadly across property types and geographies (including Europe).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/agreerealtycorp
• Facebookfacebook.com/AgreeRealtyCorporation
• LinkedInlinkedin.com/company/agree-realty-corporation

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries1 record

Funding overview

Funding rounds10 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Agree Realty