Agree Realty (ADC) investor relations material

Executive summary

• Invested $1.55 billion in 338 retail net lease properties in 2025, achieving over 60% year-over-year growth and the second highest total in company history.

• Portfolio reached 2,674 properties across all 50 states, with 99.7% occupancy and 66.8%–67% investment-grade exposure at year-end.

• Achieved A- issuer rating from Fitch, ended 2025 with over $2 billion in liquidity, and raised $1.5 billion in capital.

• Consistent monthly dividend with a 10-year CAGR above 5% and 167 consecutive dividends paid.

• Focused on high-quality, e-commerce and recession-resistant retail sectors, leveraging acquisitions, development, and developer funding platforms.

Financial highlights

• AFFO per share was $1.11 for Q4 (up 6.5% YoY) and $4.33 for 2025 (up 4.6% YoY, at the high end of guidance).

• Core FFO per share was $1.10 for Q4 and $4.28 for 2025, up 7.3% and 5.1% year-over-year, respectively.

• Declared monthly dividends of $0.262 per share in Q4, annualized to $3.14, a 3.6% increase, with a 71%–72% AFFO payout ratio.

• Net debt to recurring EBITDA at year-end was 4.9x (3.8x pro forma); total debt to enterprise value was 27.4%.

• Total liquidity exceeded $2.0 billion at year-end 2025.

Outlook and guidance

• 2026 AFFO per share guidance is $4.54–$4.58, implying 5.4% growth at midpoint and a two-year stacked growth of 10%.

• 2026 investment volume guidance increased to $1.4–$1.6 billion, about 10% above prior range, supported by a $0.5 billion pipeline.

• Disposition volume expected at $25 million–$75 million.

• G&A expense projected at 5.3%–5.6% of adjusted revenue.

• No need for incremental equity to execute on high end of 2026 guidance while maintaining leverage within 4x–5x target.