Agree Realty
Annual Report 2023

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2023 Report
2022 Report
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ANNUAL REPORT 2023 ANNUAL REPORT for the year ended DECEMBER 31, 2023 Agree Realty Corporation (NYSE: ADC) is a fully- integrated, self-administered, and self-managed real estate investment trust (REIT) whose mission is to RETHINK RETAIL through the acquisition and development of properties net leased to industry- leading, omni-channel retail tenants throughout the United States. Building upon the foundation of excellence established throughout the past five decades, Agree Realty continues to be a market leader in the net lease space. As of December 31, 2023, our growing portfolio consisted of 2,135 properties located in 49 states and contained approximately 44.2 million square feet of gross leasable area. Dear Fellow Shareholders, As we embark on our 30th year as a public company, we reflect on another operationally strong year despite the turbulent markets and macroeconomic volatility. In 2023, we invested approximately $1.34 billion across 319 retail net lease properties and surpassed 2,000 properties in our portfolio while continuing to focus on the country’s strongest operators. Our disciplined approach has served to strengthen our best-in-class portfolio, resulting in a record of over 69% of annualized base rents derived from investment grade retailers. Our prudent decision to pre-equitize our balance sheet during the fourth quarter of 2022 coupled with the only 5.5-year term loan recently achieved in the REIT sector, enabled us to execute and drive investment spreads that position our Company for growth in 2024. This proven strategy of proactive balance sheet management and disciplined investment activity has delivered outsized earnings growth to our shareholders. Over the past five years, the Company has grown AFFO per share at a compound annual rate of 7% while growing our well-covered dividend at a compound annual rate of 6%. This growth is the highest among our peers and was accomplished while simultaneously strengthening our portfolio and deleveraging our balance sheet. Given our peer leading growth, best-in-class retail portfolio and fortress-like balance sheet, our recent stock price performance has undoubtedly been disappointing. However, we have not wavered in our approach, and recent insider purchases demonstrate our confidence in the Company’s long-term value proposition. Management and Directors continue to put more skin into the game as they independently invested $16 million via open market purchases of our common stock during the past year. With that, please allow me the opportunity to discuss how our Company’s approach positions us for continued success. Retail Thought Leadership & Investment Foresight We launched our acquisition platform in 2010 with a focus on retailers that are e-commerce and recession resistant. As the retail landscape has evolved, we have articulated and executed upon an omni-channel vision and highlighted the critical role that free- standing net lease plays in enabling retailers’ omni-channel strategies. Today, most successful retailers have adopted a comprehensive approach that relies both on brick & mortar operations and e-commerce distribution. The early identification of those leading operators has allowed us to develop strong relationships and become a full-service real estate solution to today’s top omni-channel retailers. Over the past decade, we have meaningfully increased our exposure to once little-known retailers that are now industry leaders, including: Tractor Supply, Gerber Collision, Sunbelt Rentals and The TJX Companies. Simultaneously, we have pared back or avoided exposure to retailers that did not adapt their strategy to succeed in an omni-channel world. Most notably, we significantly reduced our exposure to Walgreens as we watched them struggle to make the necessary innovations to the front end of their stores to drive traffic, revenue, and margins. In 2012, Walgreens comprised approximately 30% of ABR, and today our exposure is down to roughly 1% of ABR. The results of our thought leadership and investment foresight are clear. In 2010, our portfolio was comprised of 73 retail properties with approximately 70% of ABR derived from Borders, Kmart, and Walgreens. Since the inception of our acquisition platform, we have added over 2,000 high-quality retail net lease properties, investing more than $8 billion to construct the preeminent retail portfolio in the country. Nine of our top 10 tenants carry investment grade credit ratings, and all are industry leaders. Our focus on leading operators ensures that our tenants have the balance sheets to experiment, invest and deliver a comprehensive omni- channel offering. Maintaining Our Discipline While we are laser-focused on a “sandbox” comprised of leading retailers, our past experiences also remind us of the importance of diversification. We remain steadfastly committed to maintaining a well-diversified portfolio and avoiding outsized exposures to any tenant or sector. Today, no sector makes up more than 10% of ABR, and our top three sector concentration is the lowest among our net lease peers. Our disciplined investment approach is also evidenced by other critical portfolio metrics. We have the lowest retail rent per square foot in the net lease sector, and the highest ground lease exposure at close to 12% of ABR. We believe ground leases provide superior risk-adjusted returns and we continue to uncover unique opportunities to invest in this asset class. Our methodical approach also extends to capital deployment. The rapid rise in interest rates has sidelined buyers and resulted in decreased transaction activity, leaving little competition for assets...aside from sellers’ own expectations. Our team remained patient while we waited for prices to reach attractive levels and proactively searched for those sellers that needed to transact. We could have chosen to move up the risk curve, buying lower quality assets or credits to drive near-term earnings growth while diluting the quality of our portfolio. Alternatively, we could have invested more capital at lower spreads, creating minimal near-term earnings growth while increasing our asset base, hence making it potentially more difficult to drive future earnings growth. In lieu of pursuing alternate strategies, we remained steadfast to our disciplined investment criteria. We acquired $1.2 billion of high-quality retail net lease assets during 2023, while pushing cap rates above 7% for the first time since 2019 and increasing our investment grade exposure by approximately 130 basis points year-over-year. We will continue to adhere to our stringent investment criteria while targeting investment spreads of at least 100 basis points, ensuring that we drive appropriate per share earnings growth. Capital Markets Leader Maintaining a conservative and flexible balance sheet has been a foundational principle of our Company’s strategy since its inception. We have also sought and pioneered innovative ways to raise capital. In 2018, we were the first net lease REIT to issue forward equity. Many of our peers have since followed suit, with forward equity accounting for approximately 85% of all common stock issuances in the net lease sector during the past two years. We have continued to establish our capital markets leadership in recent years with the lowest cost preferred equity issuance in the history of net lease REITs at 4.25%. Lastly, this past year, we issued a market-leading 5.5-year term loan that fit into our well-staggered debt maturity schedule and was attractively priced at a fixed rate of 4.52% inclusive of prior hedging activity. Including the aforementioned term loan, we raised over $720 million of debt and equity capital this past year. Additionally, we entered into $150 million of forward starting swaps, fixing the effective base rate for a future 10-year unsecured debt issuance at sub 4%. Consistent with our emphasis on long-term value creation, our focus remains on long-term, fixed-rate unsecured debt financings rather than short-term debt instruments that provide short-lived earnings accretion but create near-term refinancing headwinds. We will look to continue opportunistically raising capital, while maintaining a conservative leverage profile and ensuring that our balance sheet enables our growth, rather than restricting it. With over $1 billion of total liquidity and proforma Net Debt to Recurring EBITDA of 4.3 times at year end, plus no material debt maturities until 2028, our balance sheet is very well positioned to support our continued growth. In Conclusion While our stock price performance this past year has been disappointing, it does not reflect our Company’s many accomplishments. We strengthened the country’s leading retail portfolio and fortified our best-in-class balance sheet, both of which have helped us deliver peer-leading AFFO per share growth over the past five years. In 2024, we are DIALED IN on maintaining discipline to our time-tested strategy focused on creating long-term value for our shareholders. I would like to thank our many loyal shareholders, our Board of Directors, our retail partners, and our outstanding Team for their continued support of Agree Realty Corporation. Sincerely, Joey Agree President & Chief Executive Officer UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 001-12928 AGREE REALTY CORPORATION (Exact name of registrant as specified in its charter) Maryland (State or other jurisdiction of incorporation or organization) 38-3148187 (I.R.S. Employer Identification No.) 32301 Woodward Avenue, Royal Oak, Michigan (Address of principal executive offices) 48073 (Zip Code) (248) 737-4190 (Registrant’s telephone number, including area code) Securities Registered Pursuant to Section 12(b) of the Act: Title of Each Class Common Stock, $.0001 par value Depositary Shares, each representing one-thousandth of a share of 4.25% Series A Cumulative Redeemable Preferred Stock, $0.0001 par value Trading Symbol(s) ADC ADCPrA Name of Each Exchange on Which Registered New York Stock Exchange New York Stock Exchange Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  No ☐  Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No  Securities Registered Pursuant to Section 12(g) of the Act: None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No ☐  Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No ☐  Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer  Emerging growth company ☐ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐ check mark whether by Indicate Yes ☐ No   The aggregate market value of the Registrant’s shares of common stock held by non-affiliates was $6,195,174,672 as of June 30, 2023, based on the closing price of $65.39 on the New York Stock Exchange on that date. in Rule 12b-2 Exchange Act). registrant company defined shell the the (as of is a At February 12, 2024, there were 100,519,355 shares of common stock, $.0001 par value per share, outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for the annual stockholder meeting to be held in 2024 are incorporated by reference into Part III of this Annual Report on Form 10-K as noted herein. AGREE REALTY CORPORATION Index to Form 10-K Page PART I Item 1: Business Item 1A: Risk Factors Item 1B: Unresolved Staff Comments Item 1C: Cybersecurity Item 2: Properties Item 3: Legal Proceedings Item 4: Mine Safety Disclosures PART II Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Item 6: [Reserved] Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations Item 7A: Quantitative and Qualitative Disclosures about Market Risk Item 8: Financial Statements and Supplementary Data Item 9: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Item 9A: Controls and Procedures Item 9B: Other Information Item 9C: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections PART III Item 10: Directors, Executive Officers and Corporate Governance Item 11: Executive Compensation Item 12: Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Item 13: Certain Relationships and Related Transactions, and Director Independence Item 14: Principal Accountant Fees and Services PART IV Item 15: Exhibits and Financial Statement Schedules Consolidated Financial Statements and Notes Item 16: Form 10-K Summary SIGNATURES 2 9 22 22 24 28 28 28 29 29 41 42 42 42 43 43 44 44 44 44 44 45 F-1 50 (This page has been left blank intentionally.) 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 result of the ongoing and numerous adverse impacts of macroeconomic conditions. Additional factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes in general economic, financial and real estate market conditions; the financial failure of, or other default in payment by, tenants under their leases and the potential resulting vacancies; the Company’s concentration with certain tenants and in certain markets, which may make the Company more susceptible to adverse events; changes in the Company’s business strategy; risks that the Company’s acquisition and development projects will fail to perform as expected; adverse changes and disruption in the retail sector and the financing stability of the Company’s tenants, which could impact tenants’ ability to pay rent and expense reimbursement; the Company’s ability to pay dividends; risks relating to information technology and cybersecurity attacks, loss of confidential information and other related business disruptions; loss of key management personnel; the potential need to fund improvements or other capital expenditures out of operating cash flow; financing risks, such as the inability to obtain debt or equity financing on favorable terms or at all; the level and volatility of interest rates; the Company’s ability to renew or re-lease space as leases expire; limitations in the Company’s tenants’ leases on real estate tax, insurance and operating cost reimbursement obligations; loss or bankruptcy of one or more of the Company’s major tenants, and bankruptcy laws that may limit the Company’s remedies if a tenant becomes bankrupt and rejects its leases; potential liability for environmental contamination, which could result in substantial costs; the Company’s level of indebtedness, which could reduce funds available for other business purposes and reduce the Company’s operational flexibility; covenants in the Company’s credit agreements and unsecured notes, which could limit the Company’s flexibility and adversely affect its financial condition; credit market developments that may reduce availability under the Company’s revolving credit facility; an increase in market interest rates which could raise the Company’s interest costs on existing and future debt; a decrease in interest rates, which may lead to additional competition for the acquisition of real estate or adversely affect the Company’s results of operations; the Company’s hedging strategies, which may not be successful in mitigating the Company’s risks associated with interest rates; legislative or regulatory changes, including changes to laws governing real estate investment trusts (“REITs”); the Company’s ability to maintain its qualification as a REIT for federal income tax purposes and the limitations imposed on its business by its status as a REIT; and the Company’s failure to qualify as a REIT for federal income tax purposes, which could adversely affect the Company’s operations and ability to make distributions. Unless the context otherwise requires, references in this Annual Report on Form 10-K to the terms “registrant,” the “Company,” “Agree Realty,” “we,” “our” or “us” refer to Agree Realty Corporation and all of its consolidated subsidiaries, including its majority owned operating partnership, Agree Limited Partnership (the “Operating Partnership”). Agree Realty has elected to treat certain subsidiaries as taxable real estate investment trust subsidiaries which are collectively referred to herein as the “TRS.” 1 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, 2023. 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, 2023, the Company’s portfolio consisted of 2,135 properties located in 49 states and totaling approximately 44.2 million square feet of Gross Leasable Area (“GLA”). The portfolio was approximately 99.8% leased and had a weighted average remaining lease term of approximately 8.4 years. A significant majority of the Company’s properties are leased to national tenants and approximately 69.1% 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, 2023, the Company had 72 full-time employees, covering acquisitions, development, legal, asset management, accounting, finance, administrative and executive functions. The Company was incorporated in December 1993 under the laws of the State of Maryland. The Company believes that it has operated, and it intends to continue to operate, in such a manner to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). In order to maintain qualification as a REIT, the Company must, among other things, distribute at least 90% of its REIT taxable income each year and meet asset and income tests. Additionally, its charter limits ownership of the Company, directly or constructively, by any single person to 9.8% of the value or number of shares, whichever is more restrictive, of its outstanding common stock and 9.8% of the value of the aggregate of all of its outstanding stock, subject to certain exceptions. As a REIT, the Company is not subject to federal income tax with respect to that portion of its income that is distributed currently to its stockholders. The Company’s principal executive offices are located at 32301 Woodward Avenue, Royal Oak MI 48073 and its telephone number is (248) 737-4190. The Company’s website is www.agreerealty.com. The Company’s reports are electronically filed with or furnished to the Securities and Exchange Commission (“SEC”) pursuant to Section 13 or 15(d) of the Exchange Act and can be accessed through this site, free of charge, as soon as reasonably practicable after we electronically file or furnish such reports. These filings are also available on the SEC’s website at www.sec.gov. The Company’s website also contains copies of its corporate governance guidelines and code of business conduct and ethics, as well as the charters of its audit, compensation and nominating and governance committees. The information on the Company’s website is not part of this report. Recent Developments For a discussion of business developments that occurred in 2023, see “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations” later in this report. Certain summarized highlights are contained below. Investments and Disposition Activity During 2023, the Company completed approximately $1.28 billion of investments in net leased retail real estate. Total investment volume includes the acquisition of 282 properties for an aggregate purchase price of approximately $1.19 billion, and the completed development of 21 properties for an aggregate cost of approximately $86.2 million. These 303 properties are net leased to tenants operating in 27 sectors and are located in 40 states. These assets are 100% leased for a weighted average lease term of approximately 11.4 years. 2 During 2023, the Company sold six assets, including one former corporate headquarters office building, for net proceeds of $13.8 million. Leasing During 2023, excluding properties that were sold, the Company executed new leases, extensions or options on approximately 1,873,000 square feet of GLA throughout its portfolio. The annualized base contractual rent associated with these new leases, extensions or options is approximately $15.8 million. Dividends The Company increased its monthly dividend per common share from $0.24 to $0.243 in April 2023 and further increased the monthly dividend per common share to $0.247 in October 2023. The December 2023 dividend per share of $0.247 represents an annualized dividend of $2.964 per share and an annualized dividend yield of approximately 4.7% based on the last reported sales price of our common stock listed on the NYSE of $62.95 on December 29, 2023. The Company has routinely paid cash dividends to our common shareholders. Common cash dividends were paid quarterly for 107 consecutive quarters between 1994 and 2020 prior to moving to monthly common cash dividends in 2021. We have since paid 37 consecutive monthly dividends. Although we expect to continue our policy of paying regular dividends, we cannot guarantee that we will maintain our current level of common dividends, that we will continue our recent pattern of increasing dividends per share or what our actual dividend yield will be in any future period. In addition to its common dividends, the Company paid monthly cash dividends on its 4.25% Series A Cumulative Redeemable Preferred Stock. Financing Equity In September 2022, the Company entered into a $750 million at-the-market (“ATM”) program (the “2022 ATM Program”) through which the Company, from time to time, may sell shares of common stock and/or enter into forward sale agreements. As of December 31, 2023, the Company completed forward sale agreements under the 2022 ATM Program for 10,197,230 shares of common stock, for anticipated future net proceeds of $669.1 million, after deducting fees and expenses. The Company has settled 6,363,359 shares of these forward sale agreements as of December 31, 2023 for net proceeds of approximately $433.4 million, after deducting fees and expenses. The Company is required to settle the remaining forward agreements by January 2025. The Company had approximately $75.8 million of availability remaining under the 2022 ATM Program as of December 31, 2023. Debt In July 2023, the Company closed on an unsecured $350 million 5.5-year term loan (the “2029 Unsecured Term Loan”) which includes an accordion option that allows the Company to request additional lender commitments up to a total of $500 million and matures in January 2029. Borrowings under the 2029 Unsecured Term Loan are priced at SOFR plus a spread of 80 to 160 basis points over SOFR, depending on the Company’s credit ratings, plus a SOFR adjustment of 10 basis points. Based on the Company’s credit ratings at the time of closing, pricing on the 2029 Unsecured Term Loan was 95 basis points over SOFR. The Company used the existing $350 million of forward starting interest rate swaps to hedge the variable SOFR priced interest to a weighted average fixed rate of 3.57% until January 2029. 3 Business Strategies Our primary business objectives are to capitalize on distinct market positioning in the retail net lease space, focus on 21st century industry-leading retailers through our external growth platforms, leverage our real estate acumen and relationships to identify superior risk-adjusted opportunities, maintain a conservative and flexible capital structure that enables growth, and provide consistent, high-quality earnings growth and a well-covered growing dividend. The following is a discussion of our investment, financing and asset management strategies. Investment We are primarily focused on the long-term, fee simple ownership of properties net leased to national or large, regional retailers operating in sectors we believe to be more e-commerce and recession resistant than other retail sectors. Our leases are typically long-term net leases that require the tenant to pay all property operating expenses, including real estate taxes, insurance and maintenance. We believe that a diversified portfolio of such properties provides for stable and predictable cash flow. We seek to expand and enhance our portfolio by identifying the best risk-adjusted investment opportunities across our three external avenues for growth: development, Developer Funding Platform (“DFP”) and acquisitions. Development: We have been developing retail properties since the formation of our predecessor company in 1971 and our development platform seeks to employ our capabilities to direct all aspects of the development process, including site selection, land acquisition, lease negotiation, due diligence, design and construction. Our developments are typically build-to-suit projects that result in fee simple ownership of the property upon completion. Developer Funding Platform: Our DFP, previously called Partner Capital Solutions, collaborates with developers or retailers on their in-process developments. We offer construction expertise and access to capital to facilitate the successful completion of their projects. We typically take fee simple ownership of DFP projects upon completion. Acquisitions: Our acquisitions platform expands our investment capabilities by pursuing opportunities that meet both our real estate and return on investment criteria. We believe that development and DFP projects have the potential to generate superior risk-adjusted returns on investment in properties that are substantially similar to those we acquire. We focus on four core principles that underlie our investment criteria: • Omni-channel critical (e-commerce resistance), focusing on leading operators that have matured in omni-channel structure or those in e-commerce resistant sectors; • Recession resistance, emphasizing a balanced portfolio with exposure to counter-cyclical sectors and retailers with strong credit profiles; • Avoidance of private equity sponsorship, emphasizing leading operators with strong balance sheets and minimizing exposure to the possibility of such sponsorship overleveraging their acquisitions and reducing retailers’ abilities to invest in their businesses; and • Adherence to strong real estate fundamentals and fungible buildings, protecting against unforeseen changes to our investment philosophies. Each platform leverages the Company’s real estate acumen to pursue investments in net lease retail real estate. Factors that we consider when evaluating an investment include but are not limited to: • Overall market-specific characteristics, such as demographics, market rents, competition and retail synergy; • Asset-specific characteristics, such as the age, size, location, zoning, use and environmental history, accessibility, physical condition, signage and visibility of the property; • Tenant-specific characteristics, including but not limited to the financial profile, operating history, business plan, 4 size, market positioning, geographic footprint, management team, industry and/or sector-specific trends and other characteristics specific to the tenant and parent thereof; • Unit-level operating characteristics, including store sales performance and profitability, if available; • Lease-specific terms, including term of the lease, rent to be paid by the tenant and other tenancy considerations; and • Transaction considerations, such as purchase price, seller profile and other non-financial terms. Financing We seek to maintain a capital structure that provides us with the flexibility to manage our business and pursue our growth strategies, while allowing us to service our debt requirements and generate appropriate risk-adjusted returns for our stockholders. We believe these objectives are best achieved by a capital structure that consists primarily of common equity and prudent amounts of preferred equity and debt financing. However, we may raise capital in any form and under terms that we deem acceptable and in the best interest of our stockholders. We have previously utilized common and preferred stock equity offerings, secured mortgage borrowings, unsecured bank borrowings, private placements and public offerings of senior unsecured notes and the sale of properties to meet our capital requirements. We continually evaluate our financing policies on an on-going basis in light of current economic conditions, access to various capital markets, relative costs of equity and debt securities, the market value of our properties and other factors. We occasionally sell common stock through forward sale agreements, enabling the Company to set the price of shares upon pricing the offering while delaying the issuance of shares and the receipt of the net proceeds by the Company. As of December 31, 2023, the Company’s ratio of total debt to enterprise value, assuming the conversion of common limited partnership interests in the Operating Partnership (“Operating Partnership Common Units”) into shares of common stock, was approximately 27.2%, and its ratio of total debt to total gross assets (before accumulated depreciation) was approximately 29.6%. As of December 31, 2023, our total debt outstanding before deferred financing costs and original issue discount was $2.43 billion, including $44.9 million of secured mortgage debt that had a weighted average fixed interest rate of 3.78% and a weighted average maturity of 5.8 years, $2.16 billion of unsecured borrowings, which includes $350.0 million of unsecured term loans and $1.81 billion of unsecured notes, that had a weighted average fixed interest rate of 3.50% (including the effects of interest rate swap agreements) and a weighted average maturity of 6.5 years, and $227.0 million of floating rate borrowings under our revolving credit facility at a weighted average interest rate of approximately 6.27%. Certain financial agreements to which the Company is a party contain covenants that limit its ability to incur debt under certain circumstances; however, our organizational documents do not limit the absolute amount or percentage of indebtedness that we may incur. As such, we may modify our borrowing policies at any time without stockholder approval. Asset Management We maintain a proactive leasing and capital improvement program that, combined with the quality and locations of our properties, has made our properties attractive to tenants. We intend to continue to hold our properties for long-term investment and, accordingly, place a strong emphasis on the quality of construction and an on-going program of regular and preventative maintenance. Our properties are designed and built to require minimal capital improvements other than renovations or alterations, typically paid for by tenants. Personnel from our corporate headquarters conduct regular inspections of each property, maintain regular contact with major tenants and engage in consistent dialogue to understand store performance and tenant sustainability. We have a management information system designed to provide our management with the operating data necessary to make informed business decisions on a timely basis. This system provides us rapid access to lease data, tenants’ sales history, cash flow budgets and forecasts. Such a system helps us to maximize cash flow from operations and closely monitor corporate expenses. 5 Competition The U.S. commercial real estate investment market is a highly competitive industry. We actively compete with many entities engaged in the acquisition, development and operation of commercial properties. As such, we compete with other investors for a limited supply of properties and financing for these properties. Investors include traded and non-traded public REITs, private equity firms, institutional investment funds, insurance companies and private individuals, many of which have greater financial resources than we do and the ability to accept more risk than we believe we can prudently manage. There can be no assurance that we will be able to compete successfully with such entities in our acquisition, development and leasing activities in the future. Significant Tenants No tenant accounted for more than 10.0% of our annualized base rent as of December 31, 2023. See “Item 2 – Properties” for additional information on our top tenants and the composition of our tenant base. Regulation Environmental Investments in real property create the potential for environmental liability on the part of the owner or operator of such real property. If hazardous substances are discovered on or emanating from a property, the owner or operator of the property may under certain statutory schemes be held strictly liable for all costs and liabilities relating to such hazardous substances. We have obtained a Phase I environmental study (which involves inspection without soil sampling or ground water analysis) conducted by independent environmental consultants on each of our properties and, in certain instances, have conducted additional investigation, including Phase II environmental assessments. We have no knowledge of any hazardous substances existing on our properties in violation of any applicable laws; however, no assurance can be given that such substances are not currently located on any of our properties. We believe that we are in compliance, in all material respects, with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Furthermore, we have not received notice from any governmental authority of any noncompliance, liability or other claim in connection with any of our properties. Americans with Disabilities Act of 1990 Our properties, as commercial facilities, are required to comply with Title III of the Americans with Disabilities Act of 1990 and similar state and local laws and regulations (collectively, the “ADA”). Investigation of a property may reveal non-compliance with the ADA. Our tenants will typically have primary responsibility for complying with the ADA, but we may incur costs if the tenant does not comply. As of December 31, 2023, we have not received notice from any governmental authority, nor are we otherwise aware, of any non-compliance with the ADA that we believe would have a material adverse effect on our business, financial position or results of operations. Human Capital Team Members and Values As of December 31, 2023, the Company had 72 full-time team members covering acquisitions, development, legal, asset management, accounting, finance, administrative, and executive functions as compared to 76 full-time team members as of December 31, 2022. Our core values are the foundation of our Company culture and include: • We All Do the Dishes - We are a team. We all roll up our sleeves and dig in, no matter the task. • Brick by Brick - We achieve results by making consistent, disciplined decisions. • Greatness Requires Grit - We have a resilient mindset to achieve and exceed our goals. 6 • Punch Your Ticket - We push ourselves to be the best we can at our position and embrace the opportunities that new challenges present. We work to attract the best talent externally to meet the current and future demands of our business. We utilize social media, professional recruiters and other organizations to find motivated and talented team members and employ competency-based behavioral interviewing techniques. Talent Management Professional development is a cornerstone of our talent management system, and we diligently work to develop talent from within. We emphasize professional development through both technical and soft-skill development and training. To empower team members to reach their potential, the Company provides a range of on-the-job training and mentoring, knowledge sharing, continuing education and “lunch-and-learn” programs. Our talent management practices include the utilization of our core competency frameworks, professional development plans, career pathing and succession planning and carefully designed promotion and internal mobility opportunities. Our team members’ goal setting and performance feedback processes include formal quarterly and annual reviews and self and team leader reviews, as well as ongoing one-on-one meetings with team leaders. Professional development plans based on critical core competencies are created and monitored to ensure progress is made along established timelines. Financial and Health Wellness As part of our compensation philosophy, we offer and maintain market competitive total rewards programs for team members in order to attract and retain superior talent. These programs not only include wages and incentives, but also health, welfare, and retirement benefits. Our compensation philosophies include: • Total compensation that is both fair and competitive. The Company seeks fairness in total compensation with reference to external and internal comparisons. • Attract, retain and motivate team members. Compensation is used to achieve business objectives by attracting, retaining and motivating top talent. • Reward superior individual and Company performance on both a short-term and long-term basis. Performance- based pay aligns the interests of management with the interests of our stockholders and motivates and rewards individual efforts and company success. • Align executives’ and team members’ long-term interests with those of our stockholders. The Company seeks to align these interests by providing a significant portion of executive officer compensation in the form of restricted common stock. In addition, all team members are eligible to receive a portion of compensation in the form of restricted common stock. The structure of our compensation programs balance incentive earnings for both short-term and long-term performance. Specifically, the programs include a base salary, incentive compensation through annual cash bonuses and equity participation, and a retirement plan with Company match. The “Agree Wellness Program” affords team members paid time off and holidays, fully equipped on-site fitness amenities, and leaves of absence for specified events. Insurance coverages are provided for all team members and their dependents, including medical, dental, vision, disability, and life insurance. The Company pays 100% of medical, short-term, long- term, and life insurance premiums for team members and their families. Environmental, Social and Governance (“ESG”) As part of the Company’s commitment to continuously improving our understanding of and performance across material ESG topics, the Company engaged a third-party consultant since 2022 to help identify opportunities for improvement across our programs, policies, and disclosures to meet the expectations of our stakeholders. The Company executed an 7 ongoing sustainability and ESG strategy to enhance our oversight structure, risk management, policies, data collection, reporting, and stakeholder engagement. Additionally, the Company received Gold Level recognition from Green Lease Leaders. Environmental Sustainability We understand that environmental sustainability is an ongoing endeavor and embrace the responsibility to be a steward of the environment, use natural resources carefully, and work with our retail partners on shared sustainability initiatives. We remain committed to using our time, talents, resources, and relationships to grow in a manner that makes the world and the environment better for future generations. Our focus on industry-leading, national and super-regional retailers provides for long-term relationships with many environmentally conscientious retailers. This is particularly meaningful because the Company’s portfolio is primarily comprised of properties that are leased to tenants under long-term net leases where the tenant is generally responsible for maintaining the property and implementing environmentally responsible practices. In 2023, we engaged with our retail partners on shared sustainability initiatives at our properties, and executing green leases with various tenants, as well as systematically monitoring ESG policies for current and prospective tenants. We will continue working with our tenants and consultant to update our greenhouse gas emissions inventory. Social Company Culture and Team Members The Agree Wellness Program focuses on physical and financial wellness to enhance team members’ well-being. The Company believes that team members who are healthy, fit, financially secure and motivated are team members who achieve personal and professional success. Ongoing professional development is offered to help all team members advance their careers. The Company regularly sponsors local charities and has received numerous local awards recognizing its outstanding corporate culture and wellness initiatives. The Company supports healthy living through enhanced health insurance, an on-site gym, training and education, various complementary meal programs and many other benefits. We support team members with generous cash compensation plans, equity ownership programs, retirement plans and ongoing access to financial planning resources. Team members are compensated for their performance and rewarded for their outstanding work. Alignment of individual, team, corporate and stockholder objectives provides for continuity, teamwork and increased collaboration. Our team members are paid commensurate with their qualifications, responsibilities, productivity, quality of work and adherence to our core values. The Agree Culture Committee is composed of team members from departments throughout the organization. The Company’s Culture Committee hosts a variety of events that are focused on team building and camaraderie as well as contributing to the communities in which they live. Governance Fiduciary Duties and Ethics We believe that nothing is more important than a company’s reputation for integrity and serving as a responsible fiduciary for its stockholders. We are committed to managing the Company for the benefit of our stockholders and are focused on maintaining good corporate governance. Our board of directors has 10 directors, eight of whom are independent, including the Company’s new independent director added in 2024. Six new independent directors have been added since 2018. Independent directors meet regularly, without the presence of officers or team members. A Lead Independent Director was appointed in 2019. The board of directors has adopted an insider trading policy that applies to all directors, officers and team members. The Company does not have a stockholder rights plan (“poison pill”) and maintains stock ownership guidelines for directors and named executive officers requiring specified levels of stock ownership. Time-vested stock grants to officers and team members vest over a three-year period to provide long-term alignment, while performance-based stock grants to named executive officers utilize total shareholder return, with the amount of the grants intended to increase as total returns to 8 stockholders increase, further enhancing alignment. Our board of directors has established a succession plan for the Chief Executive Officer to cover emergencies and other occurrences. Finally, the Company annually submits “say-on-pay” advisory votes to its stockholders. Available Information We make available free of charge through our website at www.agreerealty.com all reports we electronically file with, or furnish to, the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and current reports on Form 8-K, as well as any amendments to those reports, as soon as reasonably practicable after those documents are filed with, or furnished to, the SEC. These filings are also accessible on the SEC’s website at www.sec.gov. Item 1A: Risk Factors The following factors and other factors discussed in this Annual Report on Form 10-K could cause the Company’s actual results to differ materially from those contained in forward-looking statements made in this report or presented elsewhere in future SEC reports. You should carefully consider each of the risks, assumptions, uncertainties and other factors described below and elsewhere in this report, as well as any reports, amendments or updates reflected in subsequent filings or furnishings with the SEC. We believe these risks, assumptions, uncertainties and other factors, individually or in the aggregate, could cause our actual results to differ materially from expected and historical results and could materially and adversely affect our business operations, results of operations, financial condition and liquidity. Risks Related to Our Business and Operations Economic and financial conditions may have a negative effect on our business and operations. Changes in global or national economic conditions, such as the global economic and financial market downturn, rising tensions between China and Taiwan and the conflicts in Ukraine and in the Middle East, may cause or continue to cause, among other things, tightening in the credit markets, lower levels of liquidity, increases in the rate of default and bankruptcy and lower consumer spending and business spending, which could adversely affect our business and operations. For example, the current and continued macro-economic conditions of high inflation and increased interest rates have increased the costs associated with acquiring new properties and decreased the availability of financing on terms that we find acceptable, which has reduced our ability to acquire properties at our historical rate with attractive terms. Potential consequences of changes in economic and financial conditions include: • Changes in the performance of our tenants, which may result in lower rent and lower recoverable expenses that the tenant can afford to pay and tenant defaults under the leases; • Current or potential tenants may delay or postpone entering into long-term net leases with us; • The ability to borrow on terms and conditions that we find acceptable may be limited or unavailable, which could reduce our ability to pursue acquisition and development opportunities and refinance existing debt, reduce our returns from acquisition and development activities, reduce our ability to make cash distributions to our stockholders and increase our future interest expense; • Our ability to access the capital markets may be restricted at a time when we would like, or need, to access those markets, which could have an impact on our flexibility to react to changing economic and business conditions; • The recognition of impairment charges on or reduced values of our properties, which may adversely affect our results of operations or limit our ability to dispose of assets at attractive prices and may reduce the availability of buyer financing; and • One or more lenders under our revolving credit facility could fail and we may not be able to replace the financing commitment of any such lenders on favorable terms, or at all. We are also limited in our ability to reduce costs to offset the results of a prolonged or severe economic downturn given certain fixed costs and commitments associated with our operations, which could materially impact our results of operations and/or financial condition. 9 Our business is significantly dependent on single tenant properties. We focus our development and investment activities on ownership of real properties that are primarily net leased to a single tenant. Therefore, the financial failure of, or other default in payment by, a single tenant under its lease and the potential resulting vacancy is likely to cause a significant reduction in our operating cash flows from that property and a significant reduction in the value of the property and could cause a significant impairment loss. In addition, we would be responsible for all of the operating costs of a property following a vacancy at a single tenant building. Because our properties have generally been built to suit a particular tenant’s specific needs and desires, we may also incur significant losses to make the leased premises ready for another tenant and experience difficulty or a significant delay in releasing such property. Bankruptcy laws will limit our remedies if a tenant becomes bankrupt and rejects its leases. If a tenant becomes bankrupt or insolvent, that could diminish the income we receive from that tenant’s leases. We may not be able to evict a tenant solely because of its bankruptcy. On the other hand, a bankruptcy court might authorize the tenant to terminate its leasehold with us. If that happens, our claim against the bankrupt tenant for unpaid future rent would be an unsecured claim subject to statutory limitations, and therefore any amounts received in bankruptcy are likely to be substantially less valuable than the remaining rent we otherwise were owed under the leases. In addition, any payment on a claim we have for unpaid past rent could be substantially less than the amount owed. Our portfolio is concentrated in certain states, which makes us more susceptible to adverse events in these areas. Our properties are located in 49 states throughout the United States and in particular, the state of Texas (where 143 properties out of 2,135 properties are located, or 7.2% of our annualized base rent was derived as of December 31, 2023), Florida (137 properties, or 6.1% of our annualized base rent), Illinois (124 properties, or 5.5% of our annualized base rent), North Carolina (127 properties, or 5.5% of our annualized base rent), and Ohio (133 properties, or 5.3% of our annualized rent). An economic downturn or other adverse events or conditions such as natural disasters in any of these areas, or any other area where we may have significant concentration in the future, could result in a material reduction of our cash flows or material losses to our company. Our tenants are concentrated in certain retail sectors, which makes us susceptible to adverse conditions impacting these sectors. As of December 31, 2023, 9.6%, 8.7% and 8.6% of our annualized contractual base rent and interest were derived from tenants operating in the grocery store, home improvement, and tire and auto service sectors, respectively. Similarly, we have concentrations in other sectors such as dollar stores, convenience stores, and general merchandise. Any decrease in consumer demand for the products and services offered by our tenants operating in any industries for which we have concentrations could have an adverse effect on our tenants’ revenues, costs and results of operations, thereby adversely affecting their ability to meet their lease obligations to us. As we continue to invest in properties, our portfolio may become more or less concentrated by industry sector. There are risks associated with our development and acquisition activities. We intend to continue the development of new properties and to consider possible acquisitions of existing properties. We anticipate that our new developments will be financed under the revolving credit facility or other forms of financing that will result in a risk that permanent fixed rate financing on newly developed projects might not be available or would be available only on disadvantageous terms. In addition, new project development is subject to a number of risks, including risks of construction delays or cost overruns that may increase anticipated project costs. Furthermore, new project commencement risks also include receipt of zoning, occupancy, other required governmental permits and authorizations and the incurrence of development costs in connection with projects that are not pursued to completion. If permanent debt or equity financing is not available on acceptable terms to finance new development or acquisitions undertaken without permanent financing, further development activities or acquisitions might be curtailed, or cash available for distribution might be adversely affected. Acquisitions entail risks that investments will fail to perform in accordance with expectations, as well as general investment risks associated with any new real estate investment. 10 Loss of revenues from tenants would reduce the Company’s cash flow. Our tenants encounter significant macroeconomic, governmental and competitive forces. Beginning in 2022, in an effort to combat inflation and restore price stability, the Federal Reserve significantly raised its benchmark federal funds rate, which led to increases in interest rates in the credit markets. The Federal Reserve may continue to raise the federal funds rate, which will likely lead to higher interest rates in the credit markets and the possibility of slowing economic growth and/or a recession. Additionally, U.S. government policies implemented to address inflation, including actions by the Federal Reserve to increase interest rates, could negatively impact consumer spending and adversely impact the broader economy. Adverse changes in consumer spending or consumer preferences for particular goods, services or store-based retailing could severely impact their ability to pay rent. Shifts from in-store to online shopping could increase due to changing consumer shopping patterns as well as the increase in consumer adoption and use of mobile electronic devices. This expansion of e-commerce could have an adverse impact on our tenant’s ongoing viability. The default, financial distress, bankruptcy or liquidation of one or more of our tenants could cause substantial vacancies in our property portfolio or impact our tenants’ ability to pay rent. Vacancies reduce our revenues, increase property expenses and could decrease the value of each vacant property. Upon the expiration of a lease, the tenant may choose not to renew the lease, renegotiate the economics of any option period(s) as a condition of exercising one or more of them, and/or we may not be able to release the vacant property at a comparable lease rate or without incurring additional expenditures in connection with such renewal or re-leasing. These risks could be exacerbated by a deterioration in the financial condition of any major tenant with leases in multiple locations. The availability and timing of cash dividends is uncertain. We expect to continue to pay regular dividends to our stockholders. However, we bear all expenses incurred by our operations, and our funds generated by operations, after deducting these expenses, may not be sufficient to cover desired levels of dividends to our stockholders. We cannot assure our stockholders that sufficient funds will be available to pay dividends. The decision to declare and pay dividends on our common stock in the future, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of our board of directors and will depend on our earnings, funds from operations, liquidity, financial condition, capital requirements, contractual prohibitions, or other limitations under our indebtedness, annual dividend requirements or the REIT provisions of the Internal Revenue Code, state law and such other factors as our board of directors deems relevant. Further, we may issue new shares of common stock as compensation to our team members or in connection with public offerings or acquisitions. Any future issuances may substantially increase the cash required to pay dividends at current or higher levels. Any preferred shares we may offer may have a fixed dividend rate that would not increase with any increases in the dividend rate of our common stock. Conversely, payment of dividends on our common stock is subject to payment in full of the dividends on any preferred shares and payment of interest on any debt securities we may offer. If we do not maintain or increase the dividend on our common stock, it could have an adverse effect on the market price of our shares. We face risks relating to information technology and cybersecurity attacks, loss of confidential information and other business disruptions. We rely on information technology networks and systems, including the Internet, to process, transmit and store electronic information and to manage or support a variety of our business processes and we rely on commercially available systems, software, tools and monitoring to provide infrastructure and security for processing, transmitting and storing information. Any failure, inadequacy or interruption could materially harm our business and/or damage our business relationships and our reputation. Furthermore, our business is subject to risks from and may be impacted by cybersecurity attacks or cyber intrusion, including attempts to gain unauthorized access to our confidential data and other electronic security breaches. Such cyber-attacks can range from individual attempts to gain unauthorized access to our information technology systems to more sophisticated security threats. While we employ a number of measures to prevent, detect and mitigate these threats, there is no guarantee such efforts will be successful in preventing a cyber-attack. Cybersecurity incidents could cause 11 operational interruption, damage to our business relationships, private data exposure (including personally identifiable information, or proprietary and confidential information, of ours and our team members, as well as third parties) and affect the efficiency of our business operations. Any such incidents could result in legal claims or proceedings, liability or regulatory penalties under laws protecting the privacy of personal information and reduce the benefits of our technologies. Further, while we carry cyber liability insurance, such insurance may not be adequate to cover all losses related to such events. 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. From time to time, we communicate our strategies, commitments and targets related to sustainability and other environmental, social and governance matters. These strategies, commitments and targets reflect our current plans and aspirations, and we may be unable to achieve them. We may from time to time incur additional expense to meet such targets. Any failure to meet these sustainability targets could adversely impact our business, financial condition and results of operations. In addition, standards and processes for measuring and reporting carbon emissions and other sustainability metrics may change over time, and may result in inconsistent data, or could result in significant revisions to our strategies, commitments and targets, or our ability to achieve them. Any scrutiny of our sustainability disclosures or our failure to achieve related strategies, commitments and targets could negatively impact our reputation or performance. General Real Estate Risk Our performance and value are subject to general economic conditions and risks associated with our real estate assets. There are risks associated with owning and leasing real estate. Although many of our leases contain terms that obligate the tenants to bear substantially all of the costs of operating our properties, investing in real estate involves a number of risks. Income from and the value of our properties may be adversely affected by: • Changes in general or local economic conditions; • The attractiveness of our properties to potential tenants; • Changes in supply of or demand for similar or competing properties in an area; • Bankruptcies, financial difficulties or lease defaults by our tenants; • Changes in operating costs and expense and our ability to control rents; • Our ability to lease properties at favorable rental rates; • Our ability to sell a property when we desire to do so at a favorable price; • Property damage or casualty loss; • Impacts of climate change; • The potential risk of functional obsolescence of properties over time; • Changes in or increased costs of compliance with governmental rules, regulations and fiscal policies, including changes in the ADA and similar regulations and tax, real estate, environmental and zoning laws, and our potential liability thereunder. Economic and financial market conditions have and may continue to exacerbate many of the foregoing risks. If a tenant fails to perform on its lease covenants, that would not excuse us from meeting any mortgage debt obligation secured by the property and could require us to fund reserves in favor of our mortgage lenders, thereby reducing funds available for payment of cash dividends on our shares of common stock. The fact that real estate investments are relatively illiquid may reduce economic returns to investors. We may desire to sell a property in the future because of changes in market conditions or poor tenant performance or to avail ourselves of other opportunities. We may also be required to sell a property in the future to meet secured debt obligations or to avoid a secured debt loan default. Real estate properties cannot generally be sold quickly, and we cannot assure you that we could always obtain a favorable price. We may be required to invest in the restoration or modification 12 of a property before we can sell it, or we may need to obtain landlord consent to sell certain assets in which we have a leasehold interest in the land underlying the buildings. This lack of liquidity may limit our ability to vary our portfolio promptly in response to changes in economic or other conditions and, as a result, could adversely affect our financial condition, results of operations, cash flows and our ability to pay dividends on our common stock. Our ability to renew leases or re-lease space on favorable terms as leases expire significantly affects our business. We are subject to the risks that, upon expiration of leases for space located in our properties, the premises may not be re- let or the terms of re-letting (including the cost of concessions to tenants) may be less favorable than current lease terms. If a tenant does not renew its lease or if a tenant defaults on its lease obligations, there is no assurance we could obtain a substitute tenant on acceptable terms. If we cannot obtain another tenant with comparable building structural space and configuration needs, we may be required to modify the property for a different use, which may involve a significant capital expenditure and a delay in re-leasing the property. Further, if we are unable to re-let promptly all or a substantial portion of our retail space or if the rental rates upon such re-letting were significantly lower than expected rates, our net income and ability to make expected distributions to stockholders would be adversely affected. There can be no assurance that we will be able to retain tenants in any of our properties upon the expiration of their leases. Our leases contain certain limitations on tenants’ real estate tax, insurance and operating cost reimbursement obligations. Our tenants under net leases generally are responsible for paying the real estate taxes, insurance costs and operating costs associated with the leased property. However, certain leases contain limitations on the tenant’s cost reimbursement obligations and, therefore, there are costs which may be incurred and which will not be reimbursed in full by tenants. This could reduce our operating cash flows from those properties and could reduce the value of those properties. Potential liability for environmental contamination could result in substantial costs. Under federal, state and local environmental laws, we may be required to investigate and clean up any release of hazardous or toxic substances or petroleum products at our properties, regardless of our knowledge or actual responsibility, simply because of our current or past ownership or operation of the real estate. If unidentified environmental problems arise, we may have to make substantial payments, which could adversely affect our cash flow and our ability to make distributions to our stockholders. This potential liability results from the following: • As owner, we may have to pay for property damage and for investigation and clean-up costs incurred in connection with the contamination; • The law may impose clean-up responsibility and liability regardless of whether the owner or operator knew of or caused the contamination; • Even if more than one person is responsible for the contamination, each person who shares legal liability under environmental laws may be held responsible for all of the clean-up costs; and • Governmental entities and third parties may sue the owner or operator of a contaminated site for damages and costs. These costs could be substantial and in extreme cases could exceed the value of the contaminated property. The presence of hazardous substances or petroleum products or the failure to properly remediate contamination may adversely affect our ability to borrow against, sell or lease an affected property. In addition, some environmental laws create liens on contaminated sites in favor of the government for damages and costs it incurs in connection with a contamination. We own and may in the future acquire properties that will be operated as convenience stores with gas station facilities. The operation of convenience stores with gas station facilities at our properties will create additional environmental concerns. Similarly, we may lease properties to users or producers of other hazardous materials. We require that the tenants who operate these facilities do so in material compliance with current laws and regulations. A majority of our leases require our tenants to comply with environmental laws and to indemnify us against environmental liability arising from the operation of the properties. However, we could be subject to strict liability under environmental 13 laws because we own the properties. There are certain losses, including losses from environmental liabilities, that are not generally insured against or that are not generally fully insured against because it is not deemed economically feasible or prudent to do so. There is also a risk that tenants may not satisfy their environmental compliance and indemnification obligations under the leases. Any of these events could substantially increase our cost of operations, require us to fund environmental indemnities in favor of our secured lenders and reduce our ability to service our secured debt and pay dividends to stockholders and any debt security interest payments. Environmental problems at any properties could also put us in default under loans secured by those properties, as well as loans secured by unaffected properties. Uninsured losses relating to real property may adversely affect our returns. Our leases generally require tenants to carry comprehensive liability and extended coverage insurance on our properties. However, there are certain losses, including losses from environmental liabilities, terrorist acts or catastrophic acts of nature, that are not generally insured against or that are not generally fully insured against because it is not deemed economically feasible or prudent to do so. If there is an uninsured loss or a loss in excess of insurance limits, we could lose both the revenues generated by the affected property and the capital we have invested in the property. Inflation, changes in building codes and ordinances, environmental considerations and other factors might also keep us from using insurance proceeds to replace or renovate an affected property after it has been damaged or destroyed. Under those circumstances, the insurance proceeds we receive might be inadequate to restore our economic position on the damaged or destroyed property. In the event of a substantial unreimbursed loss, we would remain obligated to repay any mortgage indebtedness or other obligations related to the property. It has generally become more difficult and expensive to obtain property insurance, including coverage for terrorism. When our current insurance policies expire, we may encounter difficulty in obtaining or renewing property insurance on our properties at the same levels of coverage and under similar terms. Such insurance may be more limited and for some catastrophic risks (for example, earthquake, flood and terrorism) may not be generally available at current levels. Even if we are able to renew our policies or to obtain new policies at levels and with limitations consistent with our current policies, we cannot be sure that we will be able to obtain such insurance at premium rates that are commercially reasonable. If we were unable to obtain adequate insurance on our properties for certain risks, it could cause us to be in default under specific covenants on certain of our indebtedness or other contractual commitments that require us to maintain adequate insurance to protect against the risk of loss. If this were to occur, or if we were unable to obtain adequate insurance and our properties experience damage which would otherwise have been covered by insurance, it could materially and adversely affect our financial condition and the operations of our properties. 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 and may not be able to obtain additional financing on acceptable terms. At December 31, 2023, our ratio of total debt to enterprise value (assuming conversion of Operating Partnership Common Units into shares of common stock) was approximately 27.2%. Incurring substantial debt may adversely affect our business and operating results by: • Requiring us to use a substantial portion of our cash flow to pay interest and principal, which reduces the amount available for distributions, acquisitions and capital expenditures; • Making us more vulnerable to economic and industry downturns and reducing our flexibility to respond to changing business and economic conditions; • Requiring us to agree to less favorable terms, including higher interest rates, in order to incur additional debt, and otherwise limiting our ability to borrow for operations, working capital or to finance acquisitions in the future; or • Limiting our flexibility in conducting our business, including our ability to finance or refinance our assets, contribute assets to joint ventures or sell assets as needed, which may place us at a disadvantage compared to competitors with less debt or debt with less restrictive terms. 14 In addition, the use of leverage presents an additional element of risk in the event that (1) the cash flow from lease payments on our properties is insufficient to meet debt obligations, (2) we are unable to refinance our debt obligations as necessary or on as favorable terms, (3) there is an increase in interest rates, (4) we default on our financial obligations or (5) debt service requirements increase. If a property is mortgaged to secure payment of indebtedness and we are unable to meet mortgage payments, the property could be foreclosed upon with a consequential loss of income and asset value to us. We generally intend to maintain a ratio of total indebtedness (including construction or acquisition financing) to total market capitalization of 65% or less. Nevertheless, we may operate with debt levels which are in excess of 65% of total market capitalization for extended periods of time. If our debt capitalization policy were changed, we could become more highly leveraged, resulting in an increase in debt service that could adversely affect our operating cash flow and our ability to make expected distributions to stockholders, and could result in an increased risk of default on our obligations. Covenants in our credit agreements and note purchase agreements could limit our flexibility and adversely affect our financial condition. The terms of the financing agreements and other indebtedness require us to comply with a number of customary financial and other covenants. These covenants may limit our flexibility in our operations, and breaches of these covenants could result in defaults under the instruments governing the applicable indebtedness even if we have satisfied our payment obligations. Our financing agreements contain certain cross-default provisions which could be triggered in the event that we default on our other indebtedness. These cross-default provisions may require us to repay or restructure the revolving credit facility in addition to any mortgage or other debt that is in default. If our properties were foreclosed upon, or if we are unable to refinance our indebtedness at maturity or meet our payment obligations, the amount of our distributable cash flows and our financial condition would be adversely affected. Our unsecured revolving credit facility, certain term loan agreements and certain note purchase agreements contain various restrictive corporate covenants, including a maximum total leverage ratio, a maximum secured leverage ratio and a minimum fixed charge coverage ratio. In addition, our unsecured revolving credit facility, certain term loan agreements and certain note purchase agreements have unencumbered pool covenants, which include a maximum unencumbered leverage ratio and a minimum unencumbered interest coverage ratio. These covenants may restrict our ability to pursue certain business initiatives or certain transactions that might otherwise be advantageous. Furthermore, failure to meet certain of these financial covenants could cause an event of default under and/or accelerate some or all of such indebtedness which could have a material adverse effect on us. 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 interest costs for any new debt and our current debt obligations may rise if interest rates increase. This increased cost could make the financing of any new acquisition more expensive as well as lower our current period earnings. For example, the increase in interest rates has led to an increase in our cost of capital, resulting in requiring acquisition opportunities to have higher investment yields to achieve our investment goals and objectives. Rising interest rates could limit our ability to refinance existing debt when it matures or cause us to pay higher interest rates upon refinancing. In addition, an increase in interest rates could decrease the access third parties have to credit, thereby decreasing the amount they are willing to pay to lease our assets and limit our ability to reposition our portfolio promptly in response to changes in economic or other conditions. An increase in market interest rates may lead prospective purchasers of our common stock to expect a higher dividend yield, which could adversely affect the market price of our common stock. Decreases in interest rates may lead to additional competition for the acquisition of real estate due to a reduction in desirable alternative income-producing investments. Increased competition for the acquisition of real estate may lead to a decrease in the yields on real estate targeted for acquisition. In such circumstances, if we are not able to offset the decrease in yields by obtaining lower interest costs on our borrowings, our results of operations may be adversely affected. 15 Our hedging strategies may not be successful in mitigating our risks associated with interest rates and could reduce the overall returns on your investment. We use various derivative financial instruments to provide a level of protection against interest rate risks, but no hedging strategy can protect us completely. These instruments involve risks, such as the risk that the counterparties may fail to honor their obligations under these arrangements, that these arrangements may not be effective in reducing our exposure to interest rate changes, that a court could rule that such agreements are not legally enforceable, and that we may have to post collateral to enter into hedging transactions, which we may lose if we are unable to honor our obligations. These instruments may also generate income that may not be treated as qualifying REIT income for purposes of the REIT income tests. In addition, the nature and timing of hedging transactions may influence the effectiveness of our hedging strategies. Poorly designed strategies or improperly executed transactions could actually increase our risk and losses. Moreover, hedging strategies involve transaction and other costs. We cannot assure you that our hedging strategy and the derivatives that we use will adequately offset the risk of interest rate volatility or that our hedging transactions will not result in losses that may reduce the overall return 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. We expect to continue to increase our capital resources by making additional offerings of equity and debt securities in the future, which could include classes or series of preferred stock, common stock and senior or subordinated notes. Our ability to raise additional capital may be restricted at a time when we would like or need, including as a result of market conditions. Future market dislocations could cause us to seek sources of potentially less attractive capital and impact our flexibility to react to changing economic and business conditions. All debt securities and other borrowings, as well as all classes or series of preferred stock, will be senior to our common stock in a liquidation of our company. Additional equity offerings could dilute our stockholders’ equity and reduce the market price of shares of our common stock. In addition, depending on the terms and pricing of an additional offering of our common stock and the value of our properties, our stockholders may experience dilution in both the book value and fair value of their shares. The market price of our common stock could decline as a result of sales of a large number of shares of our common stock in the market after an offering or the perception that such sales could occur, and this could materially and adversely affect our ability to raise capital through future offerings of equity or equity-related securities. In addition, we may issue preferred stock or other securities convertible into equity securities with a distribution preference or a liquidation preference that may limit our ability to make distributions on our common stock. Our ability to estimate the amount, timing or nature of additional offerings is limited as these factors will depend upon market conditions and other factors. 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. Our charter, subject to certain exceptions, authorizes our directors to take such actions as are necessary and desirable to preserve our qualification as a REIT and contains provisions that limit any person to actual or constructive ownership of no more than 9.8% (in value or in number of shares, whichever is more restrictive) of the outstanding shares of our common stock and no more than 9.8% (in value) of the aggregate of the outstanding shares of all classes and series of our stock. Our board of directors, in its sole discretion, may exempt, subject to the satisfaction of certain conditions, any person from the ownership limits. These restrictions on transferability and ownership will not apply if our board of directors determines that it is no longer in our best interests to attempt to qualify, or to continue to qualify, as a REIT. The ownership limits may delay or impede, and we may use the ownership limits deliberately to delay or impede, a transaction or a change of control that might involve a premium price for our common stock or otherwise be in the best interest of our stockholders. We have a staggered board. Our directors are divided into three classes serving three-year staggered terms. The staggering of our board of directors may discourage offers for the Company or make an acquisition more difficult, even when an acquisition may be viewed to be in the best interest of our stockholders. 16 We could issue stock without stockholder approval. Our board of directors could, without stockholder approval, issue authorized but unissued shares of our common stock or preferred stock. In addition, our board of directors could, without stockholder approval, classify or reclassify any unissued shares of our common stock or preferred stock and set the preferences, rights and other terms of such classified or reclassified shares. Our board of directors could establish a series of stock that could, depending on the terms of such series, delay, defer or prevent a transaction or change of control that might involve a premium price for our common stock or otherwise be viewed to be in the best interest of our stockholders. Provisions of Maryland law may limit the ability of a third party to acquire control of our company. Certain provisions of Maryland law may have the effect of inhibiting a third party from making a proposal to acquire us or of impeding a change of control under certain circumstances that otherwise could provide the holders of shares of our common stock with the opportunity to realize a premium over the then prevailing market price of such shares, including: • • “Business combination” provisions that, subject to limitations, prohibit certain business combinations between us and an “interested stockholder” (defined generally as any person who beneficially owns 10% or more of the voting power of our shares or an affiliate thereof) for five years after the most recent date on which the stockholder becomes an interested stockholder and thereafter would require the recommendation of our board of directors and impose special appraisal rights and special stockholder voting requirements on these combinations; and “Control share” provisions that provide that “control shares” of our company (defined as shares which, when aggregated with other shares controlled by the stockholder, entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of “control shares”) have no voting rights except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares. The business combination statute permits various exemptions from its provisions, including business combinations that are approved or exempted by the board of directors before the time that the interested stockholder becomes an interested stockholder. Our board of directors has exempted from the business combination provisions of the Maryland General Corporation Law, or MGCL, any business combination with Mr. Richard Agree or any other person acting in concert or as a group with Mr. Richard Agree. In addition, our bylaws contain a provision exempting from the control share acquisition statute Richard Agree, Edward Rosenberg, any spouses or the foregoing, any brothers or sisters of the foregoing, any ancestors of the foregoing, any other lineal descendants of any of the foregoing, any estates of any of the foregoing, any trusts established for the benefit of any of the foregoing and any other entity controlled by any of the foregoing, our other officers, our team members, any of the associates or affiliates of the foregoing and any other person acting in concert of as a group with any of the foregoing. Additionally, Title 3, Subtitle 8 of the MGCL, permits our board of directors, without stockholder approval and regardless of what is currently provided in our charter or our bylaws, to implement certain takeover defenses. These provisions may have the effect of inhibiting a third party from making an acquisition proposal for our company or of delaying, deferring or preventing a change in control of our company under circumstances that otherwise could provide the holders of our common stock with the opportunity to realize a premium over the then-current market price. Our charter, our bylaws, the limited partnership agreement of the Operating Partnership and Maryland law also contain other provisions that may delay, defer or prevent a transaction or a change of control that might involve a premium price for our common stock or otherwise be viewed to be in the best interest of our stockholders. An officer and director may have interests that conflict with the interests of stockholders. An officer and member of our board of directors owns Operating Partnership Units. This individual may have personal interests that conflict with the interests of our stockholders with respect to business decisions affecting us and the Operating Partnership, such as interests in the timing and pricing of property sales or refinancing in order to obtain favorable tax treatment. 17 Federal Income Tax Risks Complying with REIT requirements may cause us to forego otherwise attractive opportunities. To qualify as a REIT for federal income tax purposes we must continually satisfy numerous income, asset and other tests, thus having to forego investments we might otherwise make and hindering our investment performance. Failure to qualify as a REIT could adversely affect our operations and our ability to make distributions. We will be subject to increased taxation if we fail to qualify as a REIT for federal income tax purposes. Although we believe that we are organized and operate in such a manner so as to qualify as a REIT under the Internal Revenue Code, no assurance can be given that we will remain so qualified. Qualification as a REIT involves the application of highly technical and complex Code provisions for which there are only limited judicial or administrative interpretations. The complexity of these provisions and applicable treasury regulations is also increased in the context of a REIT that holds its assets in partnership form. The determination of various factual matters and circumstances not entirely within our control may affect our ability to qualify as a REIT. Additionally, our charter provides our board of directors with the power, under certain circumstances, to revoke or otherwise terminate our REIT election and cause us to be taxed as a regular corporation, without the approval of our stockholders. A REIT that annually distributes at least 90% of its taxable income to its stockholders generally is not taxed at the corporate level on such distributed income. We have not requested and do not plan to request a ruling from the Internal Revenue Service (the “IRS”) that we qualify as a REIT. If we fail to qualify as a REIT, we will face tax consequences that will substantially reduce the funds available for payment of cash dividends: • We would not be allowed a deduction for dividends paid to stockholders in computing our taxable income and would be subject to federal income tax at regular corporate rates. • We may be subject to increased state and local taxes. • Unless we are entitled to relief under statutory provisions, we could not elect to be treated as a REIT for four taxable years following the year in which we failed to qualify. In addition, if we fail to qualify as a REIT, we will no longer be required to pay dividends (other than any mandatory dividends on any preferred shares we may offer). As a result of these factors, our failure to qualify as a REIT could adversely affect the market price for our common stock. 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 to the federal income tax laws are proposed regularly. Additionally, the REIT rules are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury, which may result in revisions to regulations and interpretations in addition to statutory changes. If enacted, certain such changes could have an adverse impact on our business and financial results. In particular, H.R. 1, which took effect for taxable years that began on or after January 1, 2018 (subject to certain exceptions), as amended by the Coronavirus Aid, Relief, and Economic Security Act made many significant changes to the federal income tax laws that profoundly impacted the taxation of individuals, corporations (both regular C corporations as well as corporations that have elected to be taxed as REITs), and the taxation of taxpayers with overseas assets and operations. A number of changes that affect non-corporate taxpayers will expire at the end of 2025 unless Congress acts to extend them. These changes impact us and our stockholders in various ways, some of which are adverse or potentially adverse compared to prior law. While the IRS has issued some guidance with respect to certain of the new provisions, there are numerous interpretive issues that will require further guidance, and technical corrections legislation may be needed to clarify certain aspects of the new law and give proper effect to Congressional intent. There can be no assurance, however, that technical clarifications or further changes needed to prevent unintended or unforeseen tax consequences will be enacted by Congress. In addition, while certain elements of tax reform legislation do not impact us directly as a REIT, they could impact the geographic markets in which we operate, the tenants that populate our properties and the customers who frequent our properties in ways, both positive and negative, that are difficult to anticipate. Other legislative proposals could be enacted in the future that could affect REITs and their 18 stockholders. Prospective investors are urged to consult their tax advisors regarding the effect of these tax law changes and any other potential tax law changes on an investment in our common stock. Changes in tax laws may prevent us from maintaining our qualification as a REIT. As we have previously described, we intend to maintain our qualification as a REIT for federal income tax purposes. However, this intended qualification is based on the tax laws that are currently in effect. We are unable to predict any future changes in the tax laws that would adversely affect our status as a REIT. If there is a change in the tax law that prevents us from qualifying as a REIT or that requires REITs generally to pay corporate level income taxes, we may not be able to make the same level of distributions to our stockholders. Complying with REIT requirements may force us to liquidate or restructure otherwise attractive investments. In order to qualify as a REIT, at least 75% of the value of our assets must consist of cash, cash items, government securities and qualified real estate assets. The remainder of our investments in securities (other than government securities, securities of TRSs and qualified real estate assets) cannot include more than 10% of the voting securities or 10% of the value of all securities, of any one issuer. In addition, in general, no more than 5% of the total value of our assets (other than government securities, securities of TRSs and qualified real estate assets) can consist of securities of any one issuer, and no more than 20% of the total value of our assets can be represented by one or more TRSs. If we fail to comply with these requirements at the end of any calendar quarter, we must correct the failure within 30 days after the end of the calendar quarter or qualify for certain statutory relief provisions to avoid losing our REIT qualification and suffering adverse tax consequences. As a result, we may be required to liquidate otherwise attractive investments. We may have to borrow funds or sell assets to meet our distribution requirements. Subject to some adjustments that are unique to REITs, a REIT generally must distribute 90% of its taxable income. For the purpose of determining taxable income, we may be required to accrue interest, rent and other items treated as earned for tax purposes but that we have not yet received. In addition, we may be required not to accrue as expenses for tax purposes some expenses that actually have been paid, including, for example, payments of principal on our debt, or some of our deductions might be disallowed by the IRS. As a result, we could have taxable income in excess of cash available for distribution. If this occurs, we may have to borrow funds or liquidate some of our assets in order to meet the distribution requirement applicable to a REIT. 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. A REIT may own up to 100% of the stock of one or more TRSs. A TRS may earn income that would not be qualifying income if earned directly by the parent REIT. Overall, no more than 20% of the value of a REIT’s assets may consist of stock or securities of one or more TRSs. A TRS will typically pay federal, state and local income tax at regular corporate rates on any income that it earns. In addition, the TRS rules impose a 100% excise tax on certain transactions between a TRS and its parent REIT that are not conducted on an arm’s-length basis. Our TRSs will pay federal, state and local income tax on their taxable income, and their after-tax net income will be available for distribution to us but will not be required to be distributed to us. There can be no assurance that we will be able to comply with the 20% limitation discussed above or to avoid application of the 100% excise tax discussed above. Liquidation of our assets may jeopardize our REIT qualification. To qualify as a REIT, we must comply with requirements regarding our assets and our sources of income. If we are compelled to liquidate our investments to repay obligations to our lenders, we may be unable to comply with these requirements, ultimately jeopardizing our qualification as a REIT, or we may be subject to a 100% tax on any gain if we sell assets in transactions that are considered to be “prohibited transactions,” which are explained in the risk factor below. 19 We may be subject to other tax liabilities even if we qualify as a REIT. Even if we remain qualified as a REIT for federal income tax purposes, we will be required to pay certain federal, state and local taxes on our income and property. For example, we will be subject to federal income tax on any of our REIT taxable income (including capital gains) that we do not distribute annually to our stockholders. Additionally, we will be subject to a 4% nondeductible excise tax on the amount, if any, by which dividends paid by us in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years. Moreover, if we have net income from “prohibited transactions,” that income will be subject to a 100% tax. In general, prohibited transactions are sales or other dispositions of property held primarily for sale to customers in the ordinary course of business. The determination as to whether a particular sale is a prohibited transaction depends on the facts and circumstances related to that sale. While we will undertake sales of assets if those assets become inconsistent with our long-term strategic or return objectives, we do not believe that those sales should be considered prohibited transactions, but there can be no assurance that the IRS would not contend otherwise. The need to avoid prohibited transactions could cause us to forego or defer sales of properties that might otherwise be in our best interest to sell. In addition, any net taxable income earned directly by our TRSs, or through entities that are disregarded for federal income tax purposes as entities separate from our TRSs, will be subject to federal and possibly state corporate income tax. To the extent that we and our affiliates are required to pay federal, state and local taxes, we will have less cash available for distributions to our stockholders. Dividends payable by REITs do not qualify for the reduced tax rates on dividend income from regular corporations. The maximum federal income tax rate applicable to “qualified dividend income” payable by non-REIT corporations to certain non-corporate U.S. stockholders is generally 20% and a 3.8% Medicare tax may also apply. Dividends paid by REITs, however, generally are not eligible for the reduced rates applicable to qualified dividend income. Commencing with taxable years that began on or after January 1, 2018 and continuing through 2025, H.R. 1 temporarily reduced the effective tax rate on ordinary REIT dividends (i.e., dividends other than capital gain dividends and dividends attributable to certain qualified dividend income received by us) for U.S. holders of our common stock that are individuals, estates or trusts by permitting such holders to claim a deduction in determining their taxable income equal to 20% of any such dividends they receive. Taking into account H.R. 1’s reduction in the maximum individual federal income tax rate from 39.6% to 37%, this results in a maximum effective rate of regular income tax on ordinary REIT dividends of 29.6% through 2025 (as compared to the 20% maximum federal income tax rate applicable to qualified dividend income received from a non-REIT corporation). The more favorable rates applicable to regular corporate distributions could cause investors who are individuals to perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay distributions. This could materially and adversely affect the value of the stock of REITs, including our common stock. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities. The REIT provisions of the Internal Revenue Code substantially limit our ability to hedge our liabilities. Any income from a hedging transaction we enter into to manage risk of interest rate changes, price changes or currency fluctuations with respect to borrowings made or to be made to acquire or carry real estate assets that is clearly identified in the manner specified in the Internal Revenue Code does not constitute gross income and is not counted for purposes of income tests that apply to us as a REIT. To the extent that we enter into other types of hedging transactions, the income from those transactions is likely to be treated as non-qualifying income for purposes of the income tests. As a result of these rules, we may need to limit our use of advantageous hedging techniques or implement those hedges through a TRS. This could increase the cost of our hedging activities because our TRS would be subject to tax on gains or expose us to greater risks associated with changes in interest rates than we would otherwise want to bear. In addition, losses in our TRSs will generally not provide any tax benefit, except for being carried forward against future taxable income in the TRSs. 20 General Risks Loss of our key personnel could materially impair our ability to operate successfully. Our continued success and our ability to manage anticipated future growth depend, in large part, upon the efforts of key personnel. The loss of services of one or more members of our senior management team, or our inability to attract and retain highly qualified personnel, could adversely affect our business, diminish our investment opportunities and our relationships with lenders, business partners, existing and prospective tenants and industry personnel, which could materially and adversely affect us. 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. We are required to establish and maintain internal control over financial reporting and disclosure controls and procedures. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with generally accepted accounting principles. Disclosure controls and procedures are processes designed to ensure that information required to be disclosed is communicated to management and reported in a timely manner. We cannot be certain that we will be successful in continuing to maintain adequate control over our financial reporting and disclosure controls and procedures. Deficiencies, including any material weakness, in our internal control over financial reporting that may occur could result in misstatements or restatements of our financial statements or a decline in the price of our securities. In addition, as our business continues to grow, and as we continue to make significant acquisitions, our internal controls will become more complex and may require significantly more resources to ensure that our disclosure controls and procedures remain effective. Moreover, the existence of any material weakness or significant deficiency in our internal controls and procedures may require management to devote significant time and incur significant expense to remediate any such material weaknesses or significant deficiencies and management may not be able to remediate any such material weaknesses or significant deficiencies in a timely manner. If we cannot provide reliable financial reports, our reputation and operating results could be materially adversely affected, which could also cause investors to lose confidence in our reported financial information, which in turn could result in a reduction in the trading price of our common stock. The market price and trading volume of shares of our common stock may fluctuate or decline. The market price and trading volume of our common stock may fluctuate widely due to various factors, including: • Broad market fluctuations; • Market reaction to any additional indebtedness we incur or debt or equity securities we or the Operating Partnership issue in the future; • Additions or departures of key management personnel; • Changes in our credit ratings; • The financial condition, performance and prospects of our tenants; • Changes in market interest rates; and • The realization of any of the other risk factors presented in this Annual Report on Form 10-K. Many of the factors listed above are beyond our control. Those factors may cause the market price of our common stock to decline significantly, regardless of our financial condition, results of operations and prospects. It is impossible to provide any assurance that the market price of our common stock will not fall in the future, and it may be difficult for holders to resell shares of our common stock at prices they find attractive, or at all. An epidemic or pandemic (such as the outbreak and worldwide spread of COVID-19), 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. 21 An epidemic or pandemic could have a material and adverse effect on or cause disruption to our business or financial condition, results of operations, cash flows and the market value and trading price of our securities due to, among other factors: • A complete or partial closure of, or other operational issues at, one or more of our properties resulting from government or tenant action; • Reduced economic activity could severely impact our tenants’ businesses, financial condition and liquidity and may cause one or more of our tenants to be unable to meet their obligations to us in full, or at all, or to otherwise seek modifications of such obligations; • Reduced economic activity could result in a prolonged recession, which could negatively impact consumer discretionary spending; • Difficulty accessing debt and equity capital on attractive terms, or at all, potential impacts to our credit ratings, and a prolonged severe disruption and instability in the global financial markets or deteriorations in credit and financing conditions may affect our access to capital necessary to fund business operations or address maturing liabilities on a timely basis and our tenants’ ability to fund their business operations and meet their obligations to us; • Negative impacts to our future compliance with financial covenants of our Revolving Credit Facility and other debt agreements could result in a default and potentially an acceleration of indebtedness, which non-compliance could negatively impact our ability to make additional borrowings under our Revolving Credit Facility and pay dividends; • Any impairment in value of our tangible or intangible assets which could be recorded as a result of weaker economic conditions; • A decline in business activity and demand for real estate transactions could adversely affect our ability or desire to grow our portfolio of properties; • A deterioration in our or our tenants’ ability to operate in affected areas or delays in the supply of products or services to us or our tenants from vendors that are needed for our or our tenants’ efficient operations could adversely affect our operations and those of our tenants; and • The potential negative impact on the health of our personnel, particularly if a significant number of them are impacted, could result in a deterioration in our ability to ensure business continuity during this disruption. The extent to a future pandemic impacts our operations and those of our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence. A future pandemic precludes any prediction as to the full adverse impacts on our business. Nevertheless, a future pandemic presents a material uncertainty and risk with respect to our financial condition, results of operations, cash flows and performance. Item 1B: Unresolved Staff Comments There are no unresolved staff comments. Item 1C. Cybersecurity Risk Management and Strategy Managing Material Risks & Integrated Risk Management We have a comprehensive and systematic cybersecurity risk assessment program, which covers the identification, analysis, evaluation, and management of cybersecurity risks. The program follows a risk-based approach, which prioritizes the cybersecurity risks according to their likelihood and impact and allocates the appropriate resources and actions to mitigate these risks and leverages the National Institute of Standards and Technology (NIST) framework. 22 The program is cross-functional involving the participation and input of internal stakeholders, third-party consultants and board oversight. The program is reviewed and updated on a monthly basis, or whenever there is a significant change in our environment, operations, or objectives. Engagement and Oversight of Third-parties We have contracted a reputable, global third-party external Security Operations Center (“SOC”) to ensure that cybersecurity processes, tools, and monitoring are operating continuously. The SOC service provides a holistic view of our security landscape using a cloud-native Security Incident & Event Management platform, removing security siloes to gain actionable insights and providing continuous 24/7 detect and response services, as well as proactively identifying threats to prevent security disruptions. We engage the SOC on a regular basis to conduct external audits and assessments of our cybersecurity posture and performance. The SOC provides independent and objective feedback and recommendations on how to improve our cybersecurity strategy, policies, processes, and controls. The SOC also assists the Company in identifying and prioritizing the most critical and emerging cybersecurity risks and threats, and to align our cybersecurity initiatives with the best practices and standards in the industry. We also have a robust and rigorous oversight process for managing cybersecurity risks related to our third-party service providers. The process includes, • • • conducting due diligence and background checks on the potential service providers, verifying their cybersecurity credentials, capabilities, and track record, establishing clear and specific contractual terms and conditions regarding the Company’s cybersecurity expectations, obligations, and the responsibilities of the service providers, and • monitoring and auditing the service providers’ performance, compliance, reporting and escalation procedures for any cybersecurity issues or incidents identified. Risks from Cybersecurity Threats While we face a variety of cybersecurity risks, such as phishing attempts, ransomware attacks, and unauthorized access attempts, such risks have not materially affected us to date, including our business strategy, results of operations or financial condition. For more information about the cybersecurity risks we face, see “Item 1A – Risk Factors - We face risks relating to information technology and cybersecurity attacks, loss of confidential information and other business disruptions.” Governance Board of Directors’ Oversight Our board of directors takes an active and informed role in our risk management policies and strategies. Our executive officers, which are responsible for our day-to-day risk management practices, present to the board of directors on the material risks to our Company, including risks related to information technology and cybersecurity. The audit committee has formal oversight responsibility for cybersecurity and is responsible for reviewing the Company’s policies and procedures with respect to cybersecurity risk assessment and risk management. As part of the board of directors and audit committee’s oversight, the Chief Information Officer (“CIO”) provides quarterly updates to the audit committee with respect to cybersecurity incidents, mitigation, and management. 23 Management’s Role Managing Risk Our CIO is responsible for developing and overseeing matters related to cybersecurity and serves as the Company’s Chief Information Security Officer. The CIO reports directly to the Chief Operating Officer, who is accountable for the overall information technology and security strategy and governance of the Company. We have a comprehensive and continuous cybersecurity training program for our employees, which aims to raise their awareness and knowledge of cybersecurity threats and challenges, and to enhance their skills and competencies in preventing and responding to the cybersecurity incidents. The program covers the Company’s cybersecurity policies, guidelines, cybersecurity best practice guidelines, cybersecurity scenarios and simulations. In connection with improving the management of cybersecurity risk, the Company has: • • • • • audited our systems with the help of information security consultants; completed ransomware simulations and enhanced our Disaster Recovery and Business Continuity Plan to reflect lessons learned; conducted recovery simulation of our proprietary database to determine restoration timing; conducted penetration testing and remediated all issues identified; and enhanced e-mail filtering software to limit the possibility of phishing or ransomware attacks. Monitor Cybersecurity Incidents We have a well-defined and tested cybersecurity incident response plan, which outlines the roles and responsibilities, procedures and protocols, tools and resources, and communication and escalation channels that will be activated and implemented in the event of a cybersecurity incident. The plan aims to detect and contain the incident, analyze and assess its nature, scope, and severity, and restore and resume the normal operations and functions of the Company. Item 2: Properties As of December 31, 2023, the Company’s portfolio consisted of 2,135 properties located in 49 states and totaling approximately 44.2 million square feet of GLA. As of December 31, 2023, the Company’s portfolio was approximately 99.8% leased and had a weighted average remaining lease term of approximately 8.4 years. A significant majority of the Company’s properties are leased to national tenants and approximately 69.1% 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. 24 Tenant Diversification The following table presents annualized base rents for all tenants that generated 1.5% or greater of our total annualized base rent as of December 31, 2023: ($ in thousands) Tenant / Concept Walmart Tractor Supply Dollar General Best Buy CVS TJX Companies Dollar Tree Kroger O'Reilly Auto Parts Hobby Lobby Lowe's Burlington 7-Eleven Sunbelt Rentals Gerber Collision Sherwin-Williams Wawa Home Depot BJ's Wholesale Club Other(2) Total Annualized % of Ann. Base Rent (1) Base Rent 6.1 % $ 33,864 5.1 % 28,155 4.8 % 26,831 3.5 % 19,515 3.1 % 17,310 3.1 % 17,008 3.1 % 16,987 2.9 % 16,315 2.9 % 16,107 2.6 % 14,637 2.5 % 14,025 2.5 % 13,770 2.2 % 12,431 2.2 % 12,374 2.1 % 11,880 2.1 % 11,423 1.8 % 10,185 1.6 % 8,880 1.6 % 8,713 44.2 % 245,955 100.0 % $ 556,365 (1) Represents annualized contractual base rent on a straight-line basis as of December 31, 2023. (2) Includes tenants generating less than 1.5% of annualized contractual base rent. 25 Tenant Sector Diversification The following table presents annualized base rents for all sectors as of December 31, 2023: ($ in thousands) Tenant Sector Grocery Stores Home Improvement Tire and Auto Service Convenience Stores Dollar Stores Off-Price Retail General Merchandise Auto Parts Farm and Rural Supply Pharmacy Consumer Electronics Crafts and Novelties Discount Stores Warehouse Clubs Equipment Rental Health Services Dealerships Restaurants - Quick Service Health and Fitness Specialty Retail Sporting Goods Financial Services Restaurants - Casual Dining Home Furnishings Theaters Pet Supplies Beauty and Cosmetics Shoes Entertainment Retail Apparel Miscellaneous Office Supplies Total Annualized % of Ann. Base Rent (1) Base Rent 9.6 % $ 53,240 8.7 % 48,147 8.6 % 47,661 8.3 % 46,135 7.6 % 42,310 6.3 % 34,920 5.8 % 32,331 5.7 % 31,636 5.4 % 29,883 4.3 % 23,701 3.9 % 21,730 2.9 % 16,915 2.6 % 14,399 2.5 % 13,699 2.3 % 12,700 2.0 % 11,085 1.7 % 10,276 1.7 % 9,215 1.6 % 8,660 1.2 % 6,620 1.1 % 6,208 1.1 % 6,030 1.0 % 5,594 0.7 % 4,001 0.7 % 3,854 0.6 % 3,430 0.6 % 3,233 0.5 % 2,875 0.4 % 2,323 0.3 % 1,531 0.2 % 1,239 0.1 % 784 100.0 % $ 556,365 (1) Represents annualized contractual base rent on a straight-line basis as of December 31, 2023. 26 Geographic Diversification The following table presents annualized base rents, by state, for our portfolio as of December 31, 2023: ($ in thousands) Tenant Sector Texas Florida Illinois North Carolina Ohio Michigan Pennsylvania New Jersey California New York Georgia Wisconsin Virginia Missouri Louisiana Kansas Connecticut South Carolina Mississippi Minnesota Massachusetts Tennessee Oklahoma Alabama Kentucky Indiana Maryland Other(2) Total Annualized % of Ann. Base Rent (1) Base Rent 7.2 % $ 6.1 % 5.5 % 5.5 % 5.3 % 5.0 % 4.7 % 4.2 % 4.0 % 3.8 % 3.7 % 2.8 % 2.7 % 2.7 % 2.5 % 2.5 % 2.3 % 2.2 % 2.2 % 2.1 % 2.0 % 1.9 % 1.7 % 1.7 % 1.5 % 1.5 % 1.5 % 11.2 % 100.0 % 40,096 33,844 30,816 30,778 29,341 27,810 26,126 23,122 22,191 21,193 20,564 15,719 15,270 14,908 14,033 13,661 12,762 12,443 12,379 11,596 11,274 10,308 9,419 9,308 8,448 8,437 8,367 62,152 $ 556,365 (1) Represents annualized contractual base rent on a straight-line basis as of December 31, 2023. (2) Includes states generating less than 1.5% of annualized contractual base rent. 27 Lease Expirations The following table presents contractual lease expirations within the Company’s portfolio as of December 31, 2023, assuming that no tenants exercise renewal options: ($ and GLA in thousands) Year 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Thereafter Total Annualized Base Rent (1) Number of Leases Dollars % of Total 28 $ 73 120 155 175 182 265 180 232 193 706 6,106 17,153 26,874 34,038 45,925 55,189 55,218 42,434 48,165 45,005 180,258 2,309 $ 556,365 Gross Leasable Area % of Square Feet Total 1.6 % 722 3.8 % 1,684 6.3 % 2,769 7.1 % 3,119 9.5 % 4,155 12.2 % 5,379 9.7 % 4,240 7.1 % 3,119 8.1 % 3,559 7.9 % 3,485 11,691 26.7 % 43,922 100.0 % 1.1 % 3.1 % 4.8 % 6.1 % 8.3 % 9.9 % 9.9 % 7.6 % 8.7 % 8.1 % 32.4 % 100.0 % (1) Represents annualized contractual base rent on a straight-line basis as of December 31, 2023. Developments During the year ended December 31, 2023, the Company had 37 development or Developer Funding Platform projects completed or under construction, for which 16 remained under construction as of December 31, 2023. Anticipated total costs for the 16 projects are approximately $63.7 million. Item 3: 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 and all of which collectively is not expected to have a material adverse effect on our liquidity, results of operations or business or financial condition. Item 4: Mine Safety Disclosures Not applicable. PART II Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information and Dividend Policy The Company’s common stock is traded on the NYSE under the symbol “ADC.” At February 12, 2024, there were 100,519,355 shares of our common stock issued and outstanding which were held by approximately 159 stockholders of record. The number of stockholders of record does not reflect persons or entities that held their shares in nominee or “street” name. In addition, at February 12, 2024 there were 347,619 outstanding Operating Partnership Common Units held by a limited partner other than our Company. The Operating Partnership Common Units are exchangeable into shares 28 of common stock on a one-for-one basis. The Company intends to continue to declare regular dividends. However, our distributions are determined by our board of directors and will depend upon cash generated by operating activities, our financial condition, capital requirements, annual distribution requirements under the REIT provisions of the Internal Revenue Code and such other factors as the board of directors deems relevant. The Company has historically paid cash dividends, although we may choose to pay a portion in stock dividends in the future. To qualify as a REIT, distributions of at least 90% of our REIT taxable income prior to net capital gains must be made to our stockholders, as well as meet certain other requirements. The distributions must be paid in the taxable year the income is recognized; or in the following taxable year if they are declared during the last three months of the taxable year, payable to stockholders of record on a specified date during such period and paid during January of the following year. Generally, such distributions are treated for REIT tax purposes as paid by us and received by our stockholders on December 31 of the year in which they are declared, however such distributions may be treated for REIT tax purposes as a distribution in the year in which they are paid if REIT distribution requirements have been met through earlier distributions. In addition, at our election, a distribution for a taxable year may be declared in the following taxable year if it is declared before we timely file our tax return for such year and if paid on or before the first regular dividend payment after such declaration. These distributions qualify as dividends paid for the 90% REIT distribution test for the previous year and are taxable to holders of our capital stock in the year in which paid. Purchases of Equity Securities by the Issuer Common stock repurchases during the three months ended December 31, 2023 were: Period October 1, 2023 - October 31, 2023 November 1, 2023 - November 30, 2023 December 1, 2023 - December 31, 2023 Total Total Number of Shares Purchased — $ 106 5 111 $ Total Number of Shares Purchased as Part of Publicly Average Price Paid Announced Plans Per Share or Programs Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs - 56.96 60.98 57.15 — — — — — — — — During the three months ended December 31, 2023, the Company withheld 111 shares from employees to satisfy estimated statutory income tax obligations related to vesting of restricted stock awards. The value of the common stock withheld was based on the closing price of our common stock on the applicable vesting date. Recent Sales of Unregistered Securities There were no unregistered sales of equity securities during the year ended December 31, 2023. Equity Compensation Plans For information about our equity compensation plan, please see “Item 12 – Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” of this Annual Report on Form 10-K. Item 6: [Reserved] Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements, and related notes thereto, included elsewhere in this Annual Report on Form 10-K and the “Cautionary Note Regarding Forward-Looking 29 Statements” in “Item 1A – Risk Factors” above. Also refer to “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s previously filed Annual Report on Form 10-K for the year ended December 31, 2022 for additional discussion of our financial condition and results of operations, including a comparison of our results of operations for the years ended December 31, 2022 and December 31, 2021. Overview 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 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 the Company held a 99.7% common interest as of December 31, 2023. Refer to Note 1-Organization in the Notes to the Consolidated Financial Statements in this Form 10-K for further information on the ownership structure. 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, 2023, the Company’s portfolio consisted of 2,135 properties located in 49 states and totaling approximately 44.2 million square feet of GLA. The portfolio was approximately 99.8% leased and had a weighted average remaining lease term of approximately 8.4 years. A significant majority of the Company’s properties are leased to national tenants and approximately 69.1% 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. A net lease typically requires the tenant to be responsible for minimum monthly rent and property operating expenses including property taxes, insurance and maintenance. The Company elected to be taxed as a REIT for federal income tax purposes commencing with the taxable year ended December 31, 1994. We believe that we have been organized and have operated in a manner that has allowed us to qualify as a REIT for federal income tax purposes and we intend to continue operating in such a manner. Results of Operations Overall The Company’s real estate investment portfolio grew from approximately $5.74 billion in net investment amount representing 1,839 properties with 38.1 million square feet of gross leasable space as of December 31, 2022 to approximately $6.74 billion in net investment amount representing 2,135 properties with 44.2 million square feet of gross leasable space at December 31, 2023. The Company’s real estate investments were made throughout and between the periods presented and were not all outstanding for the entire period; accordingly, a portion of the increase in rental income between periods is related to recognizing revenue in 2023 on acquisitions that were made during 2022. Similarly, the full rental income impact of acquisitions made during 2023 will not be seen until 2024. Acquisitions During the year ended December 31, 2023, the Company acquired 282 retail net lease assets for approximately $1.20 billion, which includes acquisition and closing costs. These properties are located in 40 states and are leased to tenants operating in 26 diverse retail sectors for a weighted average lease term of approximately 11.3 years. The underwritten weighted-average capitalization rate on the acquisitions was 6.9%.1 Dispositions During the year ended December 31, 2023, the Company sold six assets, including one former corporate headquarters office building, for net proceeds of $13.8 million. The weighted-average capitalization rate on the dispositions was 6.1%.1 1 When used within this discussion, “weighted average capitalization rate” for acquisitions and dispositions is defined by the Company as the sum of contractual fixed annual rents computed on a straight-line basis over the primary lease terms and anticipated annual net tenant recoveries, divided by the purchase and sale prices for occupied properties. 30 Development and Developer Funding Platform During the year ended December 31, 2023, the Company commenced 13 development and Developer Funding Platform projects. At December 31, 2023 the Company had 16 development or Developer Funding Platform projects under construction. Comparison of Year Ended December 31, 2023 to Year Ended December 31, 2022 Year Ended Variance December 31, 2023 December 31, 2022 (in dollars) Rental Income Real Estate Tax Expense Property Operating Expense Depreciation and Amortization Expense $ $ $ $ 537,403 $ 40,092 $ 24,961 $ 176,277 $ 429,632 32,079 18,585 133,570 $ $ $ $ 107,771 8,013 6,376 42,707 (percentage) 25 % 25 % 34 % 32 % The variances in rental income, real estate tax expense, property operating expense and depreciation and amortization expense shown above were due to the acquisition and the ownership of an increased number of properties during the year ended December 31, 2023 compared to the year ended December 31, 2022, as further described under Results of Operations - Overall above. General and administrative expenses increased $4.7 million, or 15%, to $34.8 million for the year ended December 31, 2023, compared to $30.1 million for the year ended December 31, 2022. The increase was primarily the result of increased compensation costs due to inflationary increases and higher stock based compensation expense as a result of changing the vesting period for awards granted in 2023. General and administrative expenses as a percentage of total revenue decreased to 6.5% for the year ended December 31, 2023 from 7.0% for the year ended December 31, 2022. Interest expense increased $17.7 million, or 28%, to $81.1 million for the year ended December 31, 2023, compared to $63.4 million for the year ended December 31, 2022. The increase in interest expense was primarily a result of higher levels of borrowings in 2023 in comparison to 2022 in order to finance the acquisition and development of additional properties, as well as higher interest rates under the Revolving Credit Facility. Borrowings increased due to the $350 million 2029 Unsecured Term Loan that closed in July 2023 and the issuance of the $300 million 2032 Senior Unsecured Public Notes in August 2022. These borrowings resulted in increases in interest expense during the year ended December 31, 2023 of $6.7 million related to the 2029 Unsecured Term Loan, $7.1 million related to the 2032 Senior Unsecured Public Notes, and $0.5 million related to the amortization of deferred financing fees. In addition, borrowing levels and interest rates on the Revolving Credit Facility during the year ended December 31, 2023 were higher than the comparative period in 2022 resulting in an increase in interest expense of $4.4 million. These increases in interest expense during 2023 were partially offset by an increase of $0.7 million of capitalized interest during the year ended December 31, 2023 as compared to the same period in 2022 due to the increased level of activity in development and Development Funding Platform projects during 2023 as well as a decrease of $0.5 million of interest expense related to mortgages driven by the repayment of mortgage principal during 2023 and 2022. (see Liquidity and Capital Resources – Debt below). Gain on sale of assets decreased $3.5 million to $1.8 million for the year ended December 31, 2023, compared to $5.3 million for the year ended December 31, 2022. Six properties were sold during the year ended December 31, 2023 while seven properties were sold during the year ended December 31, 2022. Gains on sales of assets are dependent on the levels of disposition activity and the assets’ basis relative to their sales prices. As a result, such gains are not necessarily comparable period-to-period. Provision for impairment increased $6.2 million to $7.2 million for the year ended December 31, 2023, compared to $1.0 million for the year ended December 31, 2022. Provisions for impairment are recorded when events or changes in circumstances indicate that the carrying amount may not be recoverable through operations plus estimated disposition proceeds and are not necessarily comparable period-to-period. Net income increased $17.5 million, or 11%, to $170.5 million for the year ended December 31, 2023, compared to $153.0 million for the year ended December 31, 2022. The change was the result of the growth in the portfolio partially offset by 31 the items discussed above. After allocation of income to non-controlling interest and preferred stockholders, net income attributable to common stockholders increased $17.5 million, or 12% to $162.5 million for the year ended December 31, 2023, compared to $145.0 million for the year ended December 31, 2022. Liquidity and Capital Resources The Company’s principal demands for funds include payment of operating expenses, payment of principal and interest on our outstanding indebtedness, dividends and distributions to its stockholders and holders of the units of the Operating Partnership (the “Operating Partnership Common Units”), and future property acquisitions and development. In September 2023, the Company repaid a $4.6 million, 5.01% per annum, interest only mortgage note at maturity. In July 2023, the Company closed on an unsecured $350 million 5.5-year term loan (the “2029 Unsecured Term Loan”) which includes an accordion option that allows the Company to request additional lender commitments up to a total of $500 million and matures in January 2029. Borrowings under the Term Loan are priced at SOFR plus a spread of 80 to 160 basis points over SOFR, depending on the Company’s credit ratings, plus a SOFR adjustment of 10 basis points. Based on the Company’s credit ratings at the time of closing, pricing on the 2029 Unsecured Term Loan was 95 basis points over SOFR. The Company used the existing $350 million of forward starting interest rate swaps to hedge the variable SOFR priced interest to a weighted average fixed rate of 3.57% until January 2029. The Company expects to meet its short-term liquidity requirements through cash and cash equivalents held as of December 31, 2023, cash provided from operations, and borrowings under its revolving credit facility. As of December 31, 2023, available cash and cash equivalents, including cash held in escrow, was $14.5 million. As of December 31, 2023, the Company had $227.0 million outstanding on its revolving credit facility and $773.0 million available for future borrowings, subject to its compliance with covenants. The Company anticipates funding its long-term capital needs through cash provided from operations, borrowings under its revolving credit facility, and the issuance of debt and common or preferred equity or other instruments convertible into or exchangeable for common or preferred equity. We continually evaluate alternative financing and believe that we can obtain financing on reasonable terms. However, there can be no assurance that additional financing or capital will be available, or that the terms will be acceptable or advantageous to us. Our ability to access capital on favorable terms as well as to use cash from operations to continue to meet our liquidity needs, is uncertain and cannot be predicted and could be affected by various risks and uncertainties, including, but not limited to the risks detailed in Part I, Item 1A, “Risk Factors.” Capitalization As of December 31, 2023, the Company’s total enterprise value was approximately $8.94 billion. Total enterprise value consisted of $6.35 billion of common equity (based on the December 31, 2023 closing price of Company common stock on the NYSE of $62.95 per common share and assuming the conversion of Operating Partnership Common Units), $175.0 million of preferred equity (stated at liquidation value), and $2.43 billion of total debt including (i) $227.0 million of borrowings under its revolving credit facility; (ii) $1.81 billion of senior unsecured notes; (iii) $350.0 million of unsecured term loans (iv) $44.9 million of mortgage notes payable; less $14.5 million cash, cash equivalents and cash held in escrow. The Company’s total debt to total enterprise value was 27.2% at December 31, 2023. At December 31, 2023, the non-controlling interest in the Operating Partnership consisted of a 0.3% common ownership interest in the Operating Partnership. The Operating Partnership Common Units may, under certain circumstances, be exchanged for shares of Company common stock on a one-for-one basis. The Company, as sole general partner of the Operating Partnership, has the option to settle exchanged Operating Partnership Common Units held by others for cash based on the current trading price of our shares. Assuming the exchange of all Operating Partnership Common Units, there would have been 100,866,974 shares of common stock outstanding at December 31, 2023. 32 Equity Shelf Registration The Company has filed with the SEC an automatic shelf registration statement on Form S-3ASR, registering an unspecified amount of common stock, preferred stock, depositary shares, warrants of the Company and guarantees of debt securities of the Operating Partnership, as well as an unspecified amount of debt securities of the Operating Partnership, at an indeterminate aggregate initial offering price. The Company may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering. Common Stock Offerings In December 2021, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters' option to purchase an additional 750,000 shares, in connection with forward sale agreements. During 2022, the Company settled all of the December 2021 forward sale agreements. The offering resulted in net proceeds to the Company of approximately $368.7 million after deducting fees and expenses and making certain other adjustments. In May 2022, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters’ option to purchase 750,000 shares in connection with forward sale agreements. The Company settled all of the May 2022 forward sales agreements in 2022 which resulted in net proceeds to the Company of approximately $386.7 million, after deducting fees and expenses and making certain other adjustments. In October 2022, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters' option to purchase 750,000 shares, in connection with forward sale agreements. During 2022, the Company settled 1,600,000 shares of common stock under the forward sale agreements, realizing net proceeds of $106.2 million. During 2023, the Company settled the remaining 4,150,000 shares of these October 2022 forward sale agreements, realizing net proceeds of $275.0 million. The offering resulted in total net proceeds to the Company of $381.2 million after deducting fees and expenses and making certain adjustments. Preferred Stock Offering As of December 31, 2023, the Company had 7,000,000 depositary shares (the “Depositary Shares”) outstanding, each representing 1/1,000th of a share of Series A Preferred Stock. Dividends on the Series A Preferred Shares are payable monthly in arrears on the first day of each month (or, if not on a business day, on the next succeeding business day). The dividend rate is 4.25% per annum of the $25,000 (equivalent to $25.00 per Depositary Share) liquidation preference. Dividends on the Series A Preferred Shares are in the amount of $0.08854 per Depositary Share, equivalent to $1.0625 per annum. The Company may not redeem the Series A Preferred Shares before September 2026 except in limited circumstances to preserve its status as a real estate investment trust for federal income tax purposes and except in certain circumstances upon the occurrence of a change of control of the Company. Beginning in September 2026, the Company, at its option, may redeem the Series A Preferred Shares, in whole or from time to time in part, by paying $25.00 per Depositary Share, plus any accrued and unpaid dividends. Upon the occurrence of a change in control of the Company, if the Company does not otherwise redeem the Series A Preferred Shares, the holders have a right to convert their shares into common stock of the Company at the $25.00 per share liquidation value, plus any accrued and unpaid dividends. This conversion value is limited by a share cap if the Company’s stock price falls below a certain threshold. 33 ATM Programs The Company enters into ATM programs through which the Company, from time to time, sells shares of common stock and enters into forward sale agreements. The results of ATM programs are shown in the following table. Program Year 2020 2021 2022 * * Program Size ($ million) $400.0 $500.0 $750.0 Shares Issued 3,334,056 5,453,975 10,197,230 Net Proceeds Received ($ million) $209.5 $379.1 $669.1 * ATM Programs have been terminated and no future issuance will occur under them. In September 2022, the Company entered into a $750 million ATM program (the “2022 ATM Program”) through which the Company, from time to time, may sell shares of common stock and/or enter into forward sale agreements. As of December 31, 2023, the Company entered into forward sale agreements to sell an aggregate of 10,197,230 shares of common stock under the 2022 ATM Program, for anticipated net proceeds of $669.1 million. The Company has settled 6,363,359 shares of these forward sale agreements as of December 31, 2023 for net proceeds of approximately $433.4 million after deducting fees and expenses. The Company is required to settle the remaining outstanding shares of common stock under the 2022 ATM Program by January 2025. The Company had approximately $75.8 million of availability remaining under this program as of December 31, 2023. Debt The below table summarizes the Company’s outstanding debt as of December 31, 2023 and December 31, 2022 (presented in thousands): All-in Interest Rate Coupon Rate Maturity December 31, 2023 December 31, 2022 Principal Amount Outstanding Senior Unsecured Revolving Credit Facility Revolving Credit Facility (1) Total Credit Facility Unsecured Term Loan 2029 Unsecured Term Loan (2) Total Unsecured Term Loan Senior Unsecured Notes (3) 2025 Senior Unsecured Notes 2027 Senior Unsecured Notes 2028 Senior Unsecured Public Notes (4) 2028 Senior Unsecured Notes 2029 Senior Unsecured Notes 2030 Senior Unsecured Notes 2030 Senior Unsecured Public Notes (4) 2031 Senior Unsecured Notes 2032 Senior Unsecured Public Notes (4) 2033 Senior Unsecured Public Notes (4) Total Senior Unsecured Notes Mortgage Notes Payable Single Asset Mortgage Loan Portfolio Credit Tenant Lease Four Asset Mortgage Loan Total Mortgage Notes Payable 6.27 % January 2026 4.52 % January 2029 4.16 % 4.26 % 2.11 % 4.42 % 4.19 % 4.32 % 3.49 % 4.42 % 3.96 % 2.13 % 5.01 % 6.27 % 3.63 % 4.16 % May 2025 4.26 % May 2027 June 2028 2.00 % 4.42 % July 2028 4.19 % September 2029 4.32 % September 2030 2.90 % October 2030 4.47 % October 2031 4.80 % October 2032 2.60 % June 2033 September 2023 July 2026 December 2029 $ $ $ $ $ $ $ 227,000 $ 227,000 $ 100,000 100,000 350,000 $ 350,000 $ — — 50,000 $ 50,000 350,000 60,000 100,000 125,000 350,000 125,000 300,000 300,000 1,810,000 $ 50,000 50,000 350,000 60,000 100,000 125,000 350,000 125,000 300,000 300,000 1,810,000 — 2,618 42,250 44,868 $ 4,622 3,523 42,250 50,395 Total Principal Amount Outstanding $ 2,431,868 $ 1,960,395 34 (1) The interest rate of the Revolving Credit Facility assumes SOFR as of December 31, 2023 of 5.39%. (2) The interest rate of the Unsecured Term Loan reflects the spread of 95 basis points plus the impact of the interest rate swaps which convert $350 million of SOFR based interest to a fixed interest rate of 3.57%. (3) All-in interest rate for Senior Unsecured Notes reflects the straight-line amortization of the terminated swap agreements, as applicable. (4) The principal amounts outstanding are presented excluding their original issue discounts. Senior Unsecured Revolving Credit Facility The Company’s First Amendment to the Third Amended and Restated Revolving Credit Agreement provides for a $1.0 billion Revolving Credit Facility and converted the interest rate on the existing $1.0 billion Revolving Credit Facility from a spread over LIBOR to a spread over SOFR plus a SOFR adjustment of 10 basis points. The Revolving Credit Facility includes an accordion option that allows the Company to request additional lender commitments up to a total of $1.75 billion. The Revolving Credit Facility will mature in January 2026 with Company options to extend the maturity date to January 2027. The Revolving Credit Facility's interest rate is based on a pricing grid with a range of 72.5 to 140 basis points over SOFR, determined by the Company's credit ratings and leverage ratio, plus a SOFR adjustment of 10 basis points. The margins for the Revolving Credit Facility are subject to improvement based on the Company's leverage ratio, provided its credit ratings meet a certain threshold. Based on the Company's credit ratings and leverage ratio at the time of closing, pricing on the Revolving Credit Facility was 87.5 basis points over SOFR. In connection with the Company's ongoing environmental, social and governance ("ESG") initiatives, pricing on the Revolving Credit Facility will decrease 1 basis point beginning in January 2024 due to improvements in the Company’s ESG rating score during 2023. Pricing may further be reduced if additional specific ESG rating improvements are achieved. The Company and Richard Agree, the Executive Chairman of the Company, were parties to a Reimbursement Agreement dated November 18, 2014 (the “Reimbursement Agreement”). Pursuant to the Reimbursement Agreement, Mr. Agree had agreed to reimburse the Company for any loss incurred under the Revolving Credit Facility in an amount not to exceed $14.0 million to the extent that the value of the Operating Partnership’s assets available to satisfy the Operating Partnership’s obligations under the Revolving Credit Facility is less than $14.0 million. The parties terminated the Reimbursement Agreement and entered into a new reimbursement agreement dated October 3, 2023 (the “New Reimbursement Agreement”). Pursuant to the New Reimbursement Agreement, Mr. Agree has agreed to reimburse the Company for his proportionate share of loss incurred under the Revolving Credit Facility in an amount to be determined by facts and circumstances at the time of loss. Unsecured Term Loan On July 31, 2023, the Company closed on the 2029 Unsecured Term Loan, an unsecured $350 million 5.5-year term loan which includes an accordion option that allows the Company to request additional lender commitments up to a total of $500 million and matures in January 2029. Borrowings under the 2029 Unsecured Term Loan are priced at SOFR plus a spread of 80 to 160 basis points over SOFR, depending on the Company’s credit ratings, plus a SOFR adjustment of 10 basis points. The Company used the existing $350 million of forward starting interest rate swaps to hedge the variable SOFR priced interest to a weighted average fixed rate of 3.57% until January 2029. Senior Unsecured Notes – Private Placement The Senior Unsecured Notes (collectively the “Private Placements”) were issued in private placements to individual investors. The Private Placements did not involve a public offering in reliance on the exemption from registration pursuant to Section 4(a)(2) of the Securities Act. Senior Unsecured Notes – Public Offerings The Senior Unsecured Public Notes (collectively the “Public Notes”) are fully and unconditionally guaranteed by Agree Realty Corporation and certain wholly owned subsidiaries of the Operating Partnership. These guarantees are senior 35 unsecured obligations of the guarantors, rank equally in right of payment with all other existing and future senior unsecured indebtedness and are effectively subordinated to all secured indebtedness of the Operating Partnership and each guarantor (to the extent of the value of the collateral securing such indebtedness) of the guarantors. The Public Notes are governed by an Indenture, dated August 17, 2020, among the Operating Partnership, the Company and respective trustee (as amended and supplemented by an officer’s certificate dated at the issuance of each of the Public Notes, the “Indenture”). The Indenture contains various restrictive covenants, including limitations on the ability of the guarantors and the issuer to incur additional indebtedness and requirements to maintain a pool of unencumbered assets. Mortgage Notes Payable As of December 31, 2023, the Company had total gross mortgage indebtedness of $44.9 million which was collateralized by related real estate and tenants’ leases with an aggregate net book value of $79.3 million. The weighted average interest rate on the Company’s mortgage notes payable was 3.78% as of December 31, 2023. The Company has entered into mortgage loans which are secured by multiple properties and contain cross-default and cross-collateralization provisions. Cross-collateralization provisions allow a lender to foreclose on multiple properties in the event that the Company defaults under the loan. Cross-default provisions allow a lender to foreclose on the related property in the event a default is declared under another loan. Loan Covenants Certain loan agreements contain various restrictive covenants, including the following financial covenants: maximum leverage ratio, maximum secured leverage ratios, consolidated net worth requirements, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, a minimum unsecured interest expense ratio, a minimum interest coverage ratio, a minimum unsecured debt yield and a minimum unencumbered interest expense ratio. As of December 31, 2023, the most restrictive covenant was the minimum unencumbered interest expense ratio. The Company was in compliance with all of its material loan covenants and obligations as of December 31, 2023. Cash Flows Operating - Most of the Company’s cash from operations is generated by rental income from its investment portfolio. Net cash provided by operating activities for the year ended December 31, 2023 increased by $29.5 million over 2022, primarily due to the increase in the size of the Company’s real estate investment portfolio, partially offset by normal course changes in working capital as well as the proceeds received in connection with the settlement of interest rate swaps during 2022. No such settlements were completed in 2023. Investing - Net cash used in investing activities was $341.0 million lower during the year ended December 31, 2023, compared to 2022 primarily due to: • Cash used for property acquisitions decreased $372.5 million due to the overall decrease in the level of acquisition activity; and • Proceeds from asset sales decreased by $31.1 million. Proceeds from asset sales are dependent on levels of disposition activity and the specific assets sold and are not necessarily comparable period-to-period. Financing - Net cash provided by financing activities decreased by $368.5 million during the year ended December 31, 2023, compared to 2022 primarily due to: • Net proceeds from the issuance of common stock decreased by $567.9 million; 36 • Net borrowings under the Revolving Credit Facility increased by $187.0 million. During 2023, the Company borrowed a net of $127.0 million under the Revolving Credit Facility while net repayments of $60.0 million were completed in 2022; • Total dividends and distributions paid to the Company’s common and preferred stockholders and non-controlling interest increased by $57.4 million to $286.1 million in 2023 as compared to $228.7 million in 2022 due to the increase in the annualized common dividend rate and increased number of common shares outstanding. The Company’s annualized common stock dividend declared during the fourth quarter of 2023 of $2.964 per common share, represents a 2.9% increase over the annualized dividend amount of $2.880 per common share declared in December 2022; • Net proceeds from unsecured borrowings increased by $52.5 million. During the year ended December 31, 2023, $350 million of proceeds were received as a result of the issuance of the 2029 Unsecured Term Loan while $297.5 million of proceeds were received during the year ended December 31, 2022 from the issuance of the 2032 Senior Unsecured Public Notes; and • Payments of mortgage notes payable decreased $19.0 million driven by the principal repayment on interest only mortgage notes payable. During 2023, the Company repaid a $4.6 million, 5.01% per annum, interest only mortgage note as compared to the repayment of a $23.6 million, 3.60% per annum, interest only mortgage note during 2022. Material Cash Requirements In conducting our business, the Company enters into contractual obligations, including those for debt and operating leases for land. Mortgage Notes Payable Revolving Credit Facility (1) Unsecured Term Loan Senior Unsecured Notes Land Lease Obligations Estimated Interest Payments on Outstanding Debt (2) Total 2024 2025 2026 2027 2028 Thereafter $ 963 $ 1,026 $ 629 $ — — — 7,449 — — 50,000 1,197 227,000 — — 1,195 — $ — — 50,000 1,042 — $ — — 410,000 1,013 42,250 $ — 350,000 1,300,000 27,796 Total 44,868 227,000 350,000 1,810,000 39,692 575,274 99,497 $ 107,909 $ 150,440 $ 312,476 $ 132,854 $ 486,824 $ 1,856,331 $ 3,046,834 98,217 83,652 81,812 75,811 136,285 (1) The Revolving Credit Facility matures in January 2026, with options to extend the maturity date by six months up to two times, for a maximum maturity of January 2027. (2) Estimated interest payments calculated for (i) variable rate debt based on the rate in effect at period-end and (ii) fixed rate debt based on the coupon interest rate. In addition to items reflected in the table above, the Company has preferred stock with cumulative cash dividends, as described under Equity – Preferred Stock Offering above. During the year ended December 31, 2023 the Company had 37 development or Developer Funding Platform projects completed or under construction, for which 16 remain under construction as of December 31, 2023. Anticipated total costs for the 16 projects are approximately $63.7 million. These construction commitments will be funded using cash provided from operations, current capital resources on hand, and/or other sources of funding available to the Company. The Company’s recurring obligations under its tenant leases for maintenance, taxes, and/or insurance will also be funded through the sources available to the Company described earlier. 37 Dividends During the fourth quarter of 2023 the Company declared monthly dividends of $0.247 per common share for October, November, and December 2023. The holder of the Operating Partnership Common Units is entitled to an equal distribution per Operating Partnership Common Unit held. The dividends and distributions payable for October and November were paid during the quarter. The December dividends and distributions were recorded as a liability on the Consolidated Balance Sheet at December 31, 2023 and were paid on January 16, 2024. During the fourth quarter of 2023, the Company declared monthly dividends on the Series A Preferred Shares for October, November, and December 2023 in the amount of $0.08854 per Depositary Share. The dividends payable for October and November were paid during the quarter. The December dividend was recorded as a liability on the Consolidated Balance Sheet at December 31, 2023 and were paid on January 2, 2024. Recent Accounting Pronouncements Refer to Note 2 – Summary of Significant Accounting Policies in the consolidated financial statements for a summary and anticipated impact of each accounting pronouncement on the Company’s financial statements. Critical Accounting Policies and Estimates The preparation of our financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires the Company’s management to use judgment in the application of accounting policies, including making estimates and assumptions. Management bases estimates on the best information available at the time, its experience and on various other assumptions believed to be reasonable under the circumstances. These estimates affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. If management’s judgment or interpretation of the facts and circumstances relating to various transactions or other matters had been different, it is possible that different accounting principles would have been applied, resulting in a different presentation of the consolidated financial statements. From time-to-time, the Company may re-evaluate its estimates and assumptions. In the event estimates or assumptions prove to be different from actual results, adjustments are made in subsequent periods to reflect more current estimates and assumptions about matters that are inherently uncertain. A summary of the Company’s critical accounting policies is included below. This summary should be read in conjunction with the more complete discussion of our accounting policies and procedures included in Note 2 to our consolidated financial statements. Accounting for Acquisitions of Real Estate The acquisition of property for investment purposes is typically accounted for as an asset acquisition. The Company allocates the purchase price to land, building, assumed debt, if any, and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. In making estimates of fair values, the Company may use various sources, including data provided by independent third parties, as well as information obtained by the Company as a result of due diligence, including expected future cash flows of the property and various characteristics of the markets where the property is located. Certain assumptions, including those around market land values and market rental rates, are inherently subjective. While assumptions of market land values and market rental rates are based on available market data, the application of market data to the unique nature of properties acquired may require significant judgment. The use of different assumptions in the allocation of the purchase price of the acquired properties could affect the timing of recognition of the related revenue and expenses. Impairments We review our real estate investments for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable through operations plus estimated disposition proceeds. Events or circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, our ability or expectation to re-lease properties that are vacant or become vacant or a change in the anticipated holding period for a property. Identification of such events may involve certain assumptions, estimates, and significant judgment. 38 Management determines whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the residual value of the real estate, to the carrying cost of the individual asset. Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale. The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions and/or purchase offers received from third parties. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. The expected cash flows of a property are dependent on estimates and other factors subject to change, including (1) changes in the national, regional, and/or local economic climates and/or market conditions, (2) competition from other retail, (3) increases in operating costs, (4) bankruptcy and/or other changes in a tenant’s condition and (5) expected holding period. These factors could cause our expected future cash flows from a property to change, and, as a result, an impairment could be considered to have occurred. Determination of the fair value of a property for purposes of measuring impairment may involve significant judgment. Non-GAAP Financial Measures Funds from Operations (“FFO” or “Nareit FFO”) FFO is defined by the National Association of Real Estate Investment Trusts, Inc. (“Nareit”) to mean net income computed in accordance with GAAP, excluding gains (or losses) from sales of real estate assets and/or changes in control, plus real estate related depreciation and amortization and any impairment charges on depreciable real estate assets, and after adjustments for unconsolidated partnerships and joint ventures. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company’s operations. FFO should not be considered an alternative to net income as the primary indicator of the Company’s operating performance, or as an alternative to cash flow as a measure of liquidity. Further, while the Company adheres to the Nareit definition of FFO, its presentation of FFO is not necessarily comparable to similarly titled measures of other REITs due to the fact that all REITs may not use the same definition. Core Funds from Operations (“Core FFO”) The Company defines Core FFO as Nareit FFO with the addback of (i) noncash amortization of acquisition purchase price related to above- and below- market lease intangibles and discount on assumed mortgage debt and (ii) certain infrequently occurring items that reduce or increase net income in accordance with GAAP. Management believes that its measure of Core FFO facilitates useful comparison of performance to its peers who predominantly transact in sale-leaseback transactions and are thereby not required by GAAP to allocate purchase price to lease intangibles. Unlike many of its peers, the Company has acquired the substantial majority of its net-leased properties through acquisitions of properties from third parties or in connection with the acquisitions of ground leases from third parties. Core FFO should not be considered an alternative to net income as the primary indicator of the Company’s operating performance, or as an alternative to cash flow as a measure of liquidity. Further, the Company’s presentation of Core FFO is not necessarily comparable to similarly titled measures of other REITs due to the fact that all REITs may not use the same definition. Adjusted Funds from Operations (“AFFO”) AFFO is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO further adjusts FFO and Core FFO for certain non-cash items that reduce or increase net income computed in accordance with GAAP. Management considers AFFO a useful supplemental measure of the Company’s performance, however, 39 AFFO should not be considered an alternative to net income as an indication of its performance, or to cash flow as a measure of liquidity or ability to make distributions. The Company’s computation of AFFO may differ from the methodology for calculating AFFO used by other equity REITs, and therefore may not be comparable to such other REITs. The following table provides a reconciliation of net income to FFO, Core FFO, and AFFO for the years ended December 31, 2023, 2022 and 2021 (presented in thousands): Reconciliation from Net Income to Funds from Operations Net income Less Series A preferred stock dividends Net income attributable to Operating Partnership common unitholders Depreciation of rental real estate assets Amortization of lease intangibles - in-place leases and leasing costs Provision for impairment (Gain) loss on sale or involuntary conversion of assets, net Funds from Operations - Operating Partnership common unitholders Loss on extinguishment of debt and settlement of related hedges Amortization of above (below) market lease intangibles, net and assumed mortgage debt discount, net Core Funds from Operations - Operating Partnership common unitholders Straight-line accrued rent Stock-based compensation expense Amortization of financing costs and original issue discounts Non-real estate depreciation Adjusted Funds from Operations - Operating Partnership common unitholders December 31, 2023 December 31, 2022 December 31, 2021 Year Ended $ 170,547 $ 7,437 153,035 $ 7,437 122,876 2,148 163,110 115,617 58,967 7,175 (1,849) 145,598 88,685 44,107 1,015 (5,258) 120,728 66,732 28,379 1,919 (15,111) $ 343,020 $ 274,147 $ 202,647 — — 14,614 33,430 33,563 24,284 $ 376,450 $ 307,710 $ 241,545 (12,142) 8,338 4,403 1,693 (13,176) 6,464 3,141 778 (11,857) 5,467 1,197 618 $ 378,742 $ 304,917 $ 236,970 Funds from Operations per common share and partnership unit - diluted Core Funds from Operations per common share and partnership unit - diluted Adjusted Funds from Operations per common share and partnership unit - diluted $ $ $ 3.58 $ 3.45 $ 3.93 $ 3.87 $ 3.95 $ 3.83 $ 3.00 3.58 3.51 Weighted average shares and Operating Partnership common units outstanding Basic Diluted 95,539,028 95,785,031 79,006,952 79,512,005 67,149,861 67,486,698 Additional supplemental disclosure Scheduled principal repayments Capitalized interest Capitalized building improvements $ $ $ 905 $ 1,957 $ 9,819 $ 850 $ 1,261 $ 7,945 $ 799 249 5,821 40 Item 7A: Quantitative and Qualitative Disclosures about Market Risk The Company is exposed to interest rate risk primarily through borrowing activities. There is inherent roll-over risk for borrowings as they mature and are renewed at current market rates. The extent of this risk is not quantifiable or predictable because of the variability of future interest rates and our future financing requirements. The Company’s interest rate risk is monitored using a variety of techniques. The table below presents the principal payments (presented in thousands) and the weighted average interest rates on outstanding debt, by year of expected maturity, to evaluate the expected cash flows and sensitivity to interest rate changes. Average interest rates shown reflect the impact of the swap agreements employed to fix interest rates. Mortgage Notes Payable Average Interest Rate 2025 2024 $ 963 $ 1,026 $ 6.27 % 6.27 % 2026 2027 2028 Thereafter 629 $ 6.27 % — $ — $ 42,250 $ 3.63 % Total 44,868 Revolving Credit Facility (1) $ — $ — $ 227,000 $ $ — $ — $ 227,000 Average Interest Rate 6.20 % Unsecured Term Loan Average Interest Rate (2) $ — $ — $ — $ — $ — $ 350,000 $ 4.52 % 350,000 Senior Unsecured Notes Average Interest Rate $ — $ 50,000 $ 4.16 % — $ 50,000 $ 410,000 $ 1,300,000 $ 1,810,000 2.45 % 3.51 % 4.26 (1) The Revolving Credit Facility matures in January 2026, with options to extend the maturity date by six months up to two times, for a maximum maturity of January 2027. (2) The interest rate of the Unsecured Term Loan reflects the credit spread of 95 basis points plus the impact of the interest rate swaps which convert $350 million of SOFR based interest to a fixed interest rate of 3.57%. The table above incorporates those exposures that exist as of December 31, 2023; it does not consider those exposures or positions which could arise after that date. As a result, the Company’s ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the period and interest rates. The Company seeks to limit the impact of interest rate changes on earnings and cash flows and to lower the overall borrowing costs by closely monitoring our variable rate debt and converting such debt to fixed rates when the Company deems such conversion advantageous. From time to time, the Company may enter into interest rate swap agreements or other interest rate hedging contracts. While these agreements are intended to lessen the impact of rising interest rates, they also expose the Company to the risks that the other parties to the agreements will not perform. The Company could incur significant costs associated with the settlement of the agreements, the agreements will be unenforceable and the underlying transactions will fail to qualify as highly effective cash flow hedges under GAAP guidance. In June 2023, the Company entered into $350 million of forward starting interest rate swap agreements to hedge against variability in future cash flows resulting from changes in SOFR. The swaps exchange variable rate interest on $350 million of SOFR indexed debt to a weighted average fixed interest rate of 3.57% beginning August 1, 2023 through January 1, 2029. The swaps are designated to hedge the variable rate interest payments indexed to SOFR in the Senior Unsecured Term Loan which matures January 2029. As of December 31, 2023, these interest rate swaps were valued as a liability of approximately $1.3 million. In December 2023, the Company entered into $150 million forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in SOFR. The swaps exchange variable rate SOFR interest on $150 million of SOFR indexed debt to a weighted average fixed interest rate of 3.60% beginning December 31, 2024 through 41 the maturity date of December 31, 2034. The swaps are designated to hedge previously unhedged variable rate interest payments indexed to SOFR. As of December 31, 2023, these interest rate swaps were valued as a liability of approximately $3.2 million. The Company does not use derivative instruments for trading or other speculative purposes, and the Company did not have any other derivative instruments as of December 31, 2023. The fair value of the mortgage notes payable and senior unsecured notes is estimated to be $41.2 million and $1.60 billion, respectively, as of December 31, 2023. The fair value of the Revolving Credit Facility and Unsecured Term Loan approximate their carrying values as they are variable rate debt. Item 8: Financial Statements and Supplementary Data The financial statements and supplementary data are listed in the Index to the Financial Statements and Financial Statement Schedules appearing on Page F-1 of this Annual Report on Form 10-K and are included in this Annual Report on Form 10-K following page F-1. Item 9: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None. Item 9A: Controls and Procedures Disclosure Controls and Procedures At the end of the period covered by this report, the Company conducted an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on this evaluation, the Company’s principal executive officer and principal financial officer concluded that its disclosure controls and procedures are effective as of the end of the period covered by this report to ensure that information required to be disclosed by us in reports that the Company files or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Management’s Report on Internal Control over Financial Reporting Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a15-(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Our internal control over financial reporting includes those policies and procedures that: 1) Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of our Company; 2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and 3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 42 Under the supervision of our principal executive officer and our principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our assessment and those criteria, our management concluded that we maintained effective internal control over financial reporting as of December 31, 2023. Changes in Internal Control over Financial Reporting There was no change in our internal control over financial reporting during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. Attestation Report of Independent Registered Public Accounting Firm The attestation report issued by our independent registered public accounting firm, Grant Thornton LLP, required under this item is contained on page F-2 of this Annual Report on Form 10-K. Item 9B: Other Information Rule 10b5-1 Trading Plans – Directors and Section 16 Officers During the three months ended December 31, 2023, none of the Company’s directors or Section 16 officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any “non-Rule 10b5-1 trading arrangement”. Item 9C: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. 43 PART III Item 10: Directors, Executive Officers and Corporate Governance The information required by this item is set forth under the following captions in our proxy statement to be filed with respect to our 2024 Annual Meeting of Stockholders (the “Proxy Statement”), all of which is incorporated by reference: “Proposal I – Election of Directors”; “Board Matters–The Board of Directors”; “Board Matters –Committees of the Board”; “Board Matters –Corporate Governance”; “Executive Officers”; and “Additional Information – Proposals for 2025 Annual Meeting.” Item 11: Executive Compensation The information required by this item is set forth under the following captions in our Proxy Statement, all of which is incorporated herein by reference: “Compensation Discussion and Analysis,” “Executive Compensation Tables,” “Board Matters – Director Compensation,” “Board Matters – Compensation Committee Interlocks and Insider Participation” and “Compensation Committee Report.” Item 12: Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The following table summarizes the equity compensation plan under which our common stock may be issued as of December 31, 2023. Plan Category Equity Compensation Plans Approved by Security Holders Equity Compensation Plans Not Approved by Security Holders Total Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Outstanding Options, Warrant and Rights Weighted Average Exercise Price of Rights (a) (b) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) (c) — — — — — — 169,809 (1) — 169,809 (1) Relates to various stock-based awards available for issuance under the Agree Realty Corporation 2020 Omnibus Incentive Plan, including incentive stock options, non-qualified stock options, stock appreciation rights, deferred stock awards, restricted stock awards, performance shares and units, unrestricted stock awards and dividend equivalent rights. Additional information required by this item is set forth under the following caption in our Proxy Statement, all of which is incorporated herein by reference: “Security Ownership of Certain Beneficial Owners and Management.” Item 13: Certain Relationships and Related Transactions, and Director Independence The information required by this item is set forth under the following captions in our Proxy Statement, all of which is incorporated herein by reference: “Related Person Transactions” and “Board Matters –The Board of Directors.” Item 14: Principal Accountant Fees and Services The information required by this item is set forth under the following caption in our Proxy Statement, all of which is incorporated herein by reference: “Audit Committee Matters.” 44 PART IV ITEM 15: Exhibits and Financial Statement Schedules 15(a)(1). The following documents are filed as a part of this Annual Report on Form 10-K: • Reports of Independent Registered Public Accounting Firm • Consolidated Balance Sheets as of December 31, 2023 and 2022 • Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2023, 2022 and 2021 • Consolidated Statement of Equity for the Years Ended December 31, 2023, 2022 and 2021 • Consolidated Statements of Cash Flow for the Years Ended December 31, 2023, 2022 and 2021 • Notes to the Consolidated Financial Statements 15(a)(2). The following is a list of the financial statement schedules required by Item 8: Schedule III – Real Estate and Accumulated Depreciation 15(a)(3). Exhibits Exhibit No. Description 3.1.1 Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013). 3.1.2 Amendment to the Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on May 6, 2015). 3.1.3 Amendment to the Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on May 3, 2016). 3.1.4 Articles Supplementary of the Company, dated February 26, 2019 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on February 28, 2019). 3.1.5 Articles of Amendment of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on April 25, 2019). 3.1.6 Amendment to Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on May 10, 2021). 3.1.7 Articles Supplementary of the Company, dated September 13, 2021 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on September 13, 2021). 3.2.1 Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on May 9, 2013). 3.2.2 4.1 First Amendment to Amended and Restated Bylaws of Agree Realty Corporation, effective February 26, 2019 (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on February 28, 2019). Amended and Restated Registration Rights Agreement, dated July 8, 1994 by and among the Company, Richard Agree, Edward Rosenberg and Joel Weiner (incorporated by reference to Exhibit 10.2 to the Company’s Annual Report on Form 10-K for the year ended December 31, 1994). 45 4.2 Form of certificate representing shares of common stock (incorporated by reference to Exhibit 4.2 to the Company’s Registration Statement on Form S-3 filed on August 24, 2009). 4.3 4.4 4.5 4.6 4.7 Form of 4.32% Senior Guaranteed Note, Series 2018-A, due September 26, 2030 (incorporated by reference to Exhibit 4.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018). Form of 4.32% Senior Guaranteed Note, Series 2018-B, due September 26, 2030 (incorporated by reference to Exhibit 4.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018). Description of Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, as amended. (incorporated by reference to Exhibit 4.5 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021). Indenture, dated as of August 17, 2020, among the Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on August 17, 2020). Indenture Officer’s Certificate, dated as of August 17, 2020, among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on August 17, 2020). 4.8 Form of Global Note for 2.900% Notes due 2030 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on August 17, 2020). 4.9 4.10 Form of Guarantee by and among Agree Limited Partnership, the Guarantors named therein and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on August 17, 2020). Indenture Officer’s Certificate, dated as of May 14, 2021, among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 14, 2021). 4.11 Form of Global Note for 2.000% Notes due 2028 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 14, 2021). 4.12 Form of Global Note for 2.600% Notes due 2033 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 14, 2021). 4.13 4.14 4.15 Form of 2028 Guarantee by and among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 14, 2021). Form of 2033 Guarantee by and among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 14, 2021). Master Deposit Agreement, by and among Agree Realty Corporation, Computershare Inc. and Computershare Trust Company, N.A., as depositary, and the holders from time to time of the depositary receipts described therein relating to shares of preferred stock of the Company, dated as of September 17, 2022 (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form 8-A filed on September 17, 2021). 46 4.16 Indenture Officer’s Certificate, dated as of August 22, 2022, among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on August 22, 2022). 4.17 Form of Global Note for 4.800% Notes due 2032 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on August 22, 2022). 4.18 10.1.1 10.1.2 10.1.3 10.1.4 10.1.5 Form of 2032 Guarantee by and among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on August 22, 2022). Note Purchase Agreement, dated as of August 3, 2017, among Agree Limited Partnership, the Company and the purchasers named therein (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017). Uncommitted Master Note Facility, dated as of August 3, 2017, among Agree Limited Partnership, the Company and Teachers Insurance and Annuity Associate of America (“TIAA”) and each TIAA Affiliate (as defined therein) (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017). First Supplement to Uncommitted Master Note Facility, dated as of September 26, 2018, among Agree Limited Partnership, Agree Realty Corporation and Teachers Insurance and Annuity Association of America (“TIAA”) (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018). Uncommitted Master Note Facility, dated as of August 3, 2017, among Agree Limited Partnership, the Company and Teachers Insurance and AIG Asset Management (U.S.), LLC (“AIG”) and each AIG Affiliate (as defined therein) (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017). First Supplement to Uncommitted Master Note Facility, dated as of September 26, 2018, among Agree Limited Partnership, Agree Realty Corporation, AIG Asset Management (U.S.), LLC and the institutional investors named therein (incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018). 10.2+ Summary of Director Compensation (incorporated by reference to Exhibit 10.6 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022). 10.3.1+ Agree Realty Corporation 2014 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.10 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014). 10.3.2+ Form of Restricted Stock Agreement under the Agree Realty Corporation 2014 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2014). 10.3.3+ Form of Performance Share Award Agreement pursuant to the Agree Realty Corporation 2014 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.17 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017). 10.3.4+ Form of Performance Unit Award Notice pursuant to the Agree Realty Corporation 2014 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019). 47 10.4.1+ Agree Realty Corporation 2017 Executive Incentive Plan, dated February 16, 2017 (incorporated by reference to Exhibit 10.14 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016). 10.5 10.6 Note Purchase Agreement dated as of May 28, 2015 by and among Agree Limited Partnership, the Company and the purchasers thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 1, 2015). Note Purchase Agreement, dated as of July 28, 2016, by and among Agree Limited Partnership, the Company and the purchasers thereto (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016). 10.7 Form of Revolving Note (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on July 23, 2018). 10.8* Reimbursement Agreement, dated as of October 3, 2023 by and between the Company and Richard Agree. 10.9 Note Purchase Agreement, dated as of June 14, 2019, among Agree Limited Partnership, the Company and the purchasers named therein (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019). 10.10.1+ Agree Realty Corporation 2020 Omnibus Incentive Plan (incorporated by reference to Appendix A to the Company’s Definitive Proxy Statement on Schedule 14A filed on March 23, 2020). 10.10.2+ Form of Restricted Stock Agreement under the Agree Realty Corporation 2020 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on July 20, 2020). 10.10.3+ Form of Performance Unit Agreement under the Agree Realty Corporation 2020 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed on July 20, 2020). 10.10.4 Form of Restricted Stock Notice (Non-Employee Directors) under the Agree Realty Corporation 2020 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.31 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021). 10.5+ 10.6+ 10.7+ 10.8+ Amended Employment Agreement, dated July 1, 2014, by and between the Company and Joey Agree (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2014). Summary of Material Terms of Compensation Arrangement with Danielle M. Spehar (effective December 7, 2019). (incorporated by reference to Exhibit 10.38 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021). Employment Agreement, dated October 1, 2023, by and between Agree Realty Corporation and Joel Agree (incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q filed on October 24, 2023). Employment Agreement dated June 18, 2020, between Agree Realty Corporation and Craig Erlich (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on October 19, 2020). 10.8.1+ Addendum to Employment Agreement dated August 19, 2020, between Agree Realty Corporation and Craig Erlich (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on October 19, 2020). 48 10.9 Second Amended and Restated Agreement of Limited Partnership of Agree Limited Partnership, dated as of September 17, 2021 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on September 17, 2021). 10.10.1 10.10.2 Third Amended and Restated Credit Agreement, dated as of December 15, 2021, by and among Agree Realty Corporation, Agree Limited Partnership, PNC Bank, National Association as Administrative Agent, and a syndicate of lenders named therein (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on December 16, 2021). First Amendment to Third Amendment and Restated Credit Agreement, dated as of December 15, 2021 by and among Agree Realty Corporation, Agree Limited Partnership, PNC Bank, National Association as Administrative Agent, and a syndicate of lenders named therein (incorporated by reference to Exhibit 10.29 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022). 10.11+ Employment Agreement, dated January 5, 2022, between Agree Realty Corporation and Peter Coughenour (incorporated by reference to Exhibit 10.30 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021). 10.12 Term Loan Agreement, dated as of July 31, 2023 by and among Agree Realty Corporation, Agree Limited Partnership, PNC Bank, National Association, as Administrative Agent, and a syndicate of lenders named therein (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on August 1, 2023). 19.1* Agree Realty Corporation Insider Trading Policy, adopted September 4, 2019, and amended December 7, 2023. 21* 22* Subsidiaries of Agree Realty Corporation. Subsidiary Guarantors of Agree Realty Corporation. 23.1* Consent of Grant Thornton LLP. 24* Power of Attorney (included on the signature page of this Annual Report on Form 10-K). 31.1* Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Joel N. Agree, Chief Executive Officer. 31.2* Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Peter Coughenour, Chief Financial Officer. 32.1*† Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Joel N. Agree, Chief Executive Officer. 32.2*† Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Peter Coughenour, Chief Financial Officer. 97.1* Agree Realty Corporation Compensation Recovery Policy, effective as of December 1, 2023. 101* The following materials from Agree Realty Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023 formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations and Comprehensive Income, (iii) the Consolidated Statement of Equity, (iv) the Consolidated Statements of Cash Flows, and (v) related notes to these consolidated financial statements, tagged as blocks of text. 49 104* Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). * Filed herewith. + Management contract or compensatory plan or arrangement. † The certifications attached as Exhibit 32.1 and Exhibit 32.2 accompany this Annual Report on Form 10-K are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of Agree Realty Corporation under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Annual Report on Form 10‑K, irrespective of any general incorporation language contained in such filing. 15(b) The Exhibits listed in Item 15(a)(3) are hereby filed with this Annual Report on Form 10-K. 15(c) The financial statement schedule listed at Item 15(a)(2) is hereby filed with this Annual Report on Form 10-K. Item 16: Form 10-K Summary None. 50 Reports of Independent Registered Public Accounting Firm (PCAOB ID Number 248) Financial Statements Consolidated Balance Sheets Consolidated Statements of Operations and Comprehensive Income Consolidated Statement of Equity Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements Schedule III - Real Estate and Accumulated Depreciation Page F-2 F-5 F-7 F-8 F-9 F-10 F-38 F-1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Directors and Shareholders Agree Realty Corporation Opinion on internal control over financial reporting We have audited the internal control over financial reporting of Agree Realty Corporation (a Maryland corporation) and subsidiaries (the “Company”) as of December 31, 2023, based on criteria established in the 2013 Internal Control— Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in the 2013 Internal Control— Integrated Framework issued by COSO. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Company as of and for the year ended December 31, 2023, and our report dated February 13, 2024 expressed an unqualified opinion on those financial statements. Basis for opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and limitations of internal control over financial reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ GRANT THORNTON LLP Philadelphia, Pennsylvania February 13, 2024 F-2 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Directors and Shareholders Agree Realty Corporation Opinion on the financial statements We have audited the accompanying consolidated balance sheets of Agree Realty Corporation (a Maryland corporation) and subsidiaries (the “Company”) as of December 31, 2023 and 2022, the related consolidated statements of operations and comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2023, and the related notes and financial statement schedules included under Item 15(a) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2023, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated February 13, 2024 expressed an unqualified opinion. Basis for opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical audit matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Fair value measurements used in the purchase price allocation of real estate acquisitions As described further in Notes 2 and 4 to the financial statements, the acquisition of property for investment purposes is typically accounted for as an asset acquisition. The Company allocates the purchase price to the assets acquired and liabilities assumed including land, building, assumed debt, if any, and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. During 2023, the Company purchased 282 retail net lease assets for approximately $1.20 billion. We identified the fair value measurements used in the purchase price allocation of real estate acquisitions as a critical audit matter. The principal consideration for our determination that the fair value measurements used in the purchase price allocation of real estate acquisitions are a critical audit matter is that auditing management’s determination of fair value is complex and involved subjectivity. In particular, the fair value estimates are sensitive to significant assumptions. Those significant assumptions include market land value and market rent. F-3 Our audit procedures related to the fair value measurements used in the purchase price allocation of real estate acquisitions included the following, among others. We obtained an understanding, evaluated the design, and tested the operating effectiveness of relevant controls to allocate the purchase price of real estate acquisitions, including controls over the selection and review of inputs and assumptions used to estimate fair value. For a selection of real estate acquisitions, our real estate valuation professionals evaluated the reasonableness of key inputs and assumptions used to determine fair value by comparing the Company’s market land and market rent values to independently developed ranges using relevant market data derived from industry transaction databases and published industry reports. For a selection of real estate acquisitions and leases, we compared the Company’s market land and market rent values to independently developed ranges for reasonableness and to consider if management bias was present. Our procedures included performing sensitivity analyses over the significant assumptions. /s/ GRANT THORNTON LLP We have served as the Company’s auditor since 2013. Philadelphia, Pennsylvania February 13, 2024 F-4 AGREE REALTY CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands, except share and per-share data) ASSETS Real Estate Investments Land Buildings Less accumulated depreciation Property under development Net Real Estate Investments Real Estate Held for Sale, net Cash and Cash Equivalents Cash Held in Escrows Accounts Receivable - Tenants, net Lease Intangibles, net of accumulated amortization of $360,061 and $263,011 at December 31, 2023 and December 31, 2022, respectively Other Assets, net Total Assets See accompanying notes to consolidated financial statements. December 31, 2023 December 31, 2022 $ $ 2,282,354 4,861,692 (433,958) 6,710,088 33,232 6,743,320 1,941,599 4,054,679 (321,142) 5,675,136 65,932 5,741,068 3,642 — 10,907 27,763 3,617 1,146 82,954 65,841 854,088 799,448 76,308 77,923 $ 7,774,836 $ 6,713,189 F-5 AGREE REALTY CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands, except share and per-share data) LIABILITIES Mortgage Notes Payable, net Unsecured Term Loan, net Senior Unsecured Notes, net Unsecured Revolving Credit Facility Dividends and Distributions Payable Accounts Payable, Accrued Expenses, and Other Liabilities Lease Intangibles, net of accumulated amortization of $42,813 and $35,992 at December 31, 2023 and December 31, 2022, respectively Total Liabilities EQUITY Preferred stock, $.0001 par value per share, 4,000,000 shares authorized, 7,000 shares Series A outstanding, at stated liquidation value of $25,000 per share, at December 31, 2023 and December 31, 2022 Common stock, $.0001 par value, 180,000,000 shares authorized, 100,519,355 and 90,173,424 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively Additional paid-in-capital Dividends in excess of net income Accumulated other comprehensive income (loss) Total Equity - Agree Realty Corporation Non-controlling interest Total Equity December 31, 2023 December 31, 2022 $ 42,811 $ 47,971 346,798 — 1,794,312 1,792,047 227,000 100,000 25,534 101,401 22,345 83,722 36,827 36,714 2,574,683 2,082,799 175,000 175,000 10 5,354,120 (346,473) 16,554 5,199,211 942 5,200,153 9 4,658,570 (228,132) 23,551 4,628,998 1,392 4,630,390 Total Liabilities and Equity $ 7,774,836 $ 6,713,189 See accompanying notes to consolidated financial statements. F-6 AGREE REALTY CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In thousands, except share and per-share data) 2023 Year Ended 2022 2021 Revenues Rental income Other Total Revenues Operating Expenses Real estate taxes Property operating expenses Land lease expense General and administrative Depreciation and amortization Provision for impairment Total Operating Expenses Gain (loss) on sale of assets, net Gain (loss) on involuntary conversion, net Income from Operations Other (Expense) Income Interest expense, net Income tax (expense) benefit Loss on early extinguishment of term loans and settlement of related interest rate swaps Other (expense) income Net Income Less net income attributable to non-controlling interest Net income attributable to Agree Realty Corporation Less Series A preferred stock dividends Net Income Attributable to Common Stockholders Net Income Per Share Attributable to Common Stockholders Basic Diluted $ $ $ $ 537,403 $ 92 537,495 429,632 $ 182 429,814 40,092 24,961 1,664 34,788 176,277 7,175 284,957 1,849 — 254,387 (81,119) (2,910) — 189 170,547 32,079 18,585 1,617 30,121 133,570 1,015 216,987 5,341 (83) 218,085 (63,435) (2,860) — 1,245 153,035 588 169,959 7,437 162,522 $ 598 152,437 7,437 145,000 $ 339,067 256 339,323 25,513 13,996 1,552 25,456 95,729 1,919 164,165 14,941 170 190,269 (50,378) (2,401) (14,614) — 122,876 603 122,273 2,148 120,125 1.70 $ 1.70 $ 1.84 $ 1.83 $ 1.79 1.78 Other Comprehensive Income Net income Amortization of interest rate swaps Change in fair value and settlement of interest rate swaps Total comprehensive income (loss) Less comprehensive income (loss) attributable to non-controlling interest $ 170,547 $ (2,519) (4,501) 163,527 565 153,035 $ (684) 29,881 182,232 741 122,876 950 29,980 153,806 770 Comprehensive Income (Loss) Attributable to Agree Realty Corporation $ 162,962 $ 181,491 $ 153,036 Weighted Average Number of Common Shares Outstanding - Basic 95,191,409 78,659,333 66,802,242 Weighted Average Number of Common Shares Outstanding - Diluted 95,437,412 79,164,386 67,139,079 See accompanying notes to consolidated financial statements. F-7 AGREE REALTY CORPORATION CONSOLIDATED STATEMENT OF EQUITY (In thousands, except share and per-share data) Balance, December 31, 2020 Issuance of Series A preferred stock, net of issuance costs Issuance of common stock, net of issuance costs Repurchase of common shares Issuance of stock under the 2020 Omnibus Incentive Plan Forfeiture of restricted stock Stock-based compensation Series A preferred dividends declared for the period Common stock dividends and distributions declared for the period Amortization, changes in fair value, and settlement of interest rate swaps Net income Balance, December 31, 2021 Issuance of common stock, net of issuance costs Repurchase of common shares Issuance of stock under the 2020 Omnibus Incentive Plan Forfeiture of restricted stock Stock-based compensation Series A preferred dividends declared for the period Common stock dividends and distributions declared for the period Amortization, changes in fair value, and settlement of interest rate swaps Net income Balance, December 31, 2022 Issuance of common stock, net of issuance costs Repurchase of common shares Issuance of stock under the 2020 Omnibus Incentive Plan Forfeiture of restricted stock Stock-based compensation Series A preferred dividends declared for the period Common stock dividends and distributions declared for the period Amortization, changes in fair value, and settlement of interest rate swaps Net income Balance, December 31, 2023 Cash dividends declared per depositary share of Series A preferred stock: For the twelve months ended December 31, 2021 For the twelve months ended December 31, 2022 For the twelve months ended December 31, 2023 Cash dividends declared per common share: For the twelve months ended December 31, 2021 For the twelve months ended December 31, 2022 For the twelve months ended December 31, 2023 Preferred Stock Common Stock Shares Amount Additional Paid-In Capital Shares Amount — — $ 60,021,483 $ 6 $ 2,652,090 $ (36,266) $ 1,762 $ 2,526,249 Accumulated Dividends in Other excess of net Comprehensive Non-Controlling Income (Loss) Interest Total Equity income (91,343) $ — 1 — — — — — — — — 7 $ 2 — — — — — — — — 9 $ 1 — — — — — — (4,692) 744,846 (1,813) 320 (560) 5,358 — — — — — — — — — (176,148) — — — — — — — — — — — 120,125 3,395,549 $ (147,366) $ 1,257,821 (1,912) — — 30,763 — (5,503) $ — — 648 (61) 6,525 — — — — — — (225,766) — — — 145,000 4,658,570 $ (228,132) $ — — 689,896 (2,684) — (11) 8,349 — — — — — — (280,863) — — — — — 29,054 — 23,551 $ — — — — — — — — — — — — — — 170,308 744,847 (1,813) 320 (560) 5,358 (2,148) (903) (177,051) 167 603 30,930 122,876 1,629 $ 3,419,316 — 1,257,823 (1,912) — — — — — 648 (61) 6,525 (7,437) (978) (226,744) 143 598 29,197 153,035 1,392 $ 4,630,390 689,897 (2,684) — — — — — — — (11) 8,349 (7,437) (1,015) (281,878) — — 10 $ — — — 162,522 5,354,120 $ (346,473) $ (6,997) — 16,554 $ (7,020) (23) 588 170,547 942 $ 5,200,153 7,000 — — 175,000 — — — 11,179,982 (28,051) — — — — — — — (2,148) — — — — — 2,148 7,000 $ 175,000 — — — — — — — — — — — (7,437) — — — — — 7,437 7,000 $ 175,000 — — — — 138,894 (26,997) — — — — — 71,285,311 $ 18,799,566 (30,366) 129,099 (10,186) — — — — — 90,173,424 $ 10,267,768 (36,780) — — — — — — — (7,437) — — — — — 7,437 129,775 (14,832) — — — — — 7,000 $ 175,000 100,519,355 $ $ $ $ 0.307 1.063 1.063 $ $ $ 2.604 2.805 2.919 See accompanying notes to consolidated financial statements. F-8 AGREE REALTY CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) December 31, 2023 December 31, 2022 December 31, 2021 Year Ended Cash Flows from Operating Activities Net income Adjustments to reconcile net income to net cash provided by operating activities: $ Depreciation and amortization Amortization from above (below) market lease intangibles, net Amortization from financing costs, credit facility costs and debt discount Stock-based compensation Straight-line accrued rent Provision for impairment Gain(loss) on settlement of interest rate swaps (Gain) loss on sale of assets Write-off of unamortized financing costs upon debt extinguishment (Increase) decrease in accounts receivable (Increase) decrease in other assets Increase (decrease) in accounts payable, accrued expenses, and other liabilities Net Cash Provided by Operating Activities Cash Flows from Investing Activities Acquisition of real estate investments and other assets Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $1,957 in 2023, $1,261 in 2022, and $249 in 2021) Payment of leasing costs Net proceeds from sale of assets Net Cash Used in Investing Activities Cash Flows from Financing Activities Proceeds from Series A preferred stock offering, net Proceeds from common stock offerings, net Repurchase of common shares Unsecured revolving credit facility borrowings Unsecured revolving credit facility repayments Payments of mortgage notes payable Proceeds from unsecured term loan Payments of unsecured term loans Proceeds from senior unsecured notes Payments on senior notes Payment of Series A preferred dividends Payment of common stock dividends Distributions to non-controlling interest Payments for financing costs Net Cash Provided by Financing Activities Net Increase (Decrease) in Cash and Cash Equivalents and Cash Held in Escrow Cash and cash equivalents and cash held in escrow, beginning of period Cash and cash equivalents and cash held in escrow, end of period Supplemental Disclosure of Cash Flow Information Cash paid for interest (net of amounts capitalized) Cash paid for income tax $ $ $ Supplemental Disclosure of Non-Cash Investing and Financing Activities $ Lease right of use assets added under new ground leases Mortgage note payable assumed, net of $2,548 mortgage debt discount $ Series A preferred dividends declared and unpaid $ Common stock dividends and limited partners' distributions declared and unpaid $ Change in accrual of development, construction and other real estate investment costs $ See accompanying notes to consolidated financial statements. F-9 170,547 $ 153,035 $ 122,876 176,277 33,096 4,737 8,338 (12,142) 7,175 — (1,849) — (5,086) 121 10,384 391,598 133,570 33,337 4,065 6,464 (13,176) 1,015 28,414 (5,341) — 799 4,891 15,048 362,121 95,729 24,284 2,360 4,798 (11,857) 1,919 16,748 (14,941) 1,250 (4,447) (3,231) 10,827 246,315 (1,206,025) (1,578,511) (1,400,685) (82,368) (447) 13,843 (1,274,997) — 689,896 (2,684) 1,231,000 (1,104,000) (5,527) 350,000 — — — (7,437) (277,676) (1,012) (3,546) 869,014 (81,875) (503) 44,914 (1,615,975) — 1,257,823 (1,912) 1,035,000 (1,095,000) (24,490) — — 297,513 — (7,438) (220,304) (971) (2,708) 1,237,513 (14,385) 28,909 14,524 $ (16,341) 45,250 28,909 $ 87,481 $ 3,065 $ 58,784 $ 2,395 $ — $ — $ 620 $ 24,914 $ 1,816 $ 39,702 $ 620 $ 21,725 $ (41,464) (468) 56,002 (1,386,615) 170,308 744,847 (1,813) 594,000 (526,000) (799) — (240,000) 640,623 — (1,529) (194,296) (1,042) (6,704) 1,177,595 37,295 7,955 45,250 56,150 1,816 6,302 — 620 16,261 2,785 $ 3,199 $ (5,537) Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 Note 1 – Organization Agree Realty Corporation (the “Company”), a Maryland corporation, is a fully integrated real estate investment trust (“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 in 1994. The Company’s assets are held by, and all of its operations are conducted through, directly or indirectly, Agree Limited Partnership (the “Operating Partnership”), of which Agree Realty Corporation is the sole general partner and in which it held a 99.7% and 99.6% common equity interest as of December 31, 2023 and 2022, respectively. There is a one-for-one relationship between the limited partnership interests in the Operating Partnership (“Operating Partnership Common Units”) owned by the Company and shares of Company common stock outstanding. The Company also owns 100% of the Series A preferred equity interest in the Operating Partnership. This preferred equity interest corresponds on a one-for-one basis to the Company’s Series A Preferred Stock (Refer to Note 6 - Common and Preferred Stock), providing income and distributions to the Company equal to the dividends payable on that stock. At December 31, 2023 and 2022, respectively, the non-controlling interest in the Operating Partnership consisted of a 0.3% and 0.4% common ownership interest in the Operating Partnership held by the Company’s founder and Executive Chairman. The Operating Partnership Common Units may, under certain circumstances, be exchanged for shares of common stock on a one-for-one basis. The Company, as sole general partner of the Operating Partnership, has the option to settle exchanged Operating Partnership Common Units held by others for cash based on the current trading price of its shares. Assuming the exchange of all non-controlling Operating Partnership Common Units, there would have been 100,866,974 shares of common stock outstanding at December 31, 2023. As of December 31, 2023, the Company owned 2,135 properties, with a total gross leasable area (“GLA”) of approximately 44.2 million square feet. As of December 31, 2023, the Company’s portfolio was approximately 99.8% leased and had a weighted average remaining lease term (excluding extension options) of approximately 8.4 years. A significant majority of its properties are leased to national tenants and approximately 69.1% of its 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. The terms “Agree Realty,” the “Company,” “Management,” “we,” “our” or “us” refer to Agree Realty Corporation and all of its consolidated subsidiaries, including the Operating Partnership. Note 2 – Summary of Significant Accounting Policies Consolidation 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. The Company consolidates the Operating Partnership under the guidance set forth in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation, and as a result, the Consolidated Financial Statements include the accounts of the Company, the Operating Partnership and its wholly owned subsidiaries. All material intercompany accounts and transactions are eliminated, including the Company’s Series A preferred equity interest in the Operating Partnership. Real Estate Investments The Company records the acquisition of real estate at cost, including acquisition and closing costs. For properties developed by the Company, all direct and indirect costs related to planning, development and construction, including interest, real estate taxes and other miscellaneous costs incurred during the construction period, are capitalized for financial reporting purposes and recorded as property under development until construction has been completed. F-10 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 Assets Held for Sale Assets are classified as real estate held for sale based on specific criteria as outlined in FASB ASC Topic 360, Property, Plant & Equipment. Properties classified as real estate held for sale are recorded at the lower of their carrying value or their fair value, less anticipated selling costs. Any properties classified as held for sale are not depreciated. Assets are generally classified as real estate held for sale once management has actively engaged in marketing the asset and has received a firm purchase commitment that is expected to close within one year. Acquisitions of Real Estate The acquisition of property for investment purposes is typically accounted for as an asset acquisition. The Company allocates the purchase price to land, building, assumed debt, if any, and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. Intangible assets and liabilities represent the value of in-place leases and above- or below-market leases. In making estimates of fair values, the Company may use various sources, including data provided by independent third parties, as well as information obtained by the Company as a result of its due diligence, including expected future cash flows of the property and various characteristics of the markets where the property is located. In allocating the fair value of the identified tangible and intangible assets and liabilities of an acquired property, land is valued based upon comparable market data or independent appraisals. Buildings are valued on an as-if vacant basis based on a cost approach utilizing estimates of cost and the economic age of the building or an income approach utilizing various market data. In-place lease intangibles are valued based on the Company’s estimates of costs related to tenant acquisition and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition. Above- and below- market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition and the Company’s estimate of current market lease rates for the property. In the case of sale-leaseback transactions, it is typically assumed that the lease is not in-place prior to the close of the transaction. Depreciation and Amortization Land, buildings and improvements are recorded and stated at cost. The Company’s properties are depreciated using the straight-line method over the estimated remaining useful life of the assets, which are generally 40 years for buildings and 10 to 20 years for improvements. Properties classified as held for sale and properties under development or redevelopment are not depreciated. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. In-place lease intangible assets and the capitalized above- and below-market lease intangibles are amortized over the non- cancelable term of the lease as well as any option periods included in the estimated fair value. In-place lease intangible assets are amortized to amortization expense and above- and below-market lease intangibles are amortized as a net adjustment to rental income. In the event of early lease termination, the remaining net book value of any above- or below- market lease intangible is recognized as an adjustment to rental income. The following schedule summarizes the Company’s amortization of lease intangibles for the years ended December 31, 2023, 2022 and 2021 (presented in thousands): Lease intangibles (in-place) Lease intangibles (above-market) Lease intangibles (below-market) Total 2023 For the Year Ended December 31, 2022 2021 $ $ 58,396 39,917 (6,821) 91,492 $ $ 43,553 39,603 (6,266) 76,890 $ $ 27,827 30,596 (6,312) 52,111 F-11 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 The following schedule represents estimated future amortization of lease intangibles as of December 31, 2023 (presented in thousands): Year Ending December 31, Lease intangibles (in-place) Lease intangibles (above-market) Lease intangibles (below-market) Total Impairments 2024 2025 2026 2027 2028 Thereafter Total $ 61,552 $ 58,498 $ 55,050 $ 49,437 $ 43,295 37,642 35,308 33,579 30,984 27,510 (3,265) (4,433) (5,223) $ 93,971 $ 89,019 $ 84,196 $ 76,337 $ 67,540 (4,084) (4,787) $ 186,828 $ 454,660 234,405 399,428 (36,827) (15,035) $ 406,198 $ 817,261 The Company reviews real estate investments and related lease intangibles for possible impairment when certain events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable through operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, the Company’s ability or expectation to re- lease properties that are vacant or become vacant or a change in the anticipated holding period for a property. Management determines whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the residual value of the real estate, to the carrying cost of the individual asset. Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale. The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions and purchase offers received from third parties, which are Level 3 inputs. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. Estimating future cash flows is highly subjective and estimates can differ materially from actual results. Cash and Cash Equivalents and Cash Held in Escrow The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of deposit, checking, and money market accounts. The account balances periodically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage, and as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. Cash held in escrows primarily relates to proposed like-kind exchange transactions pursued under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Company had $13.4 million and $27.1 million in cash and cash equivalents and cash held in escrow as of December 31, 2023 and 2022, respectively, in excess of the FDIC insured limit. The following table provides a reconciliation of cash and cash equivalents and cash held in escrow, both as reported within the Consolidated Balance Sheets, to the total of the cash and cash equivalents and cash held in escrow as reported within the Consolidated Statements of Cash Flows (presented in thousands): December 31, 2023 $ 10,907 $ December 31, 2022 27,763 1,146 3,617 $ 14,524 $ 28,909 Cash and cash equivalents Cash held in escrow Total of cash and cash equivalents and cash held in escrow F-12 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 Revenue Recognition and Accounts Receivable The Company leases real estate to its tenants under long-term net leases which are accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Rental increases based upon changes in the consumer price indexes, or other variable factors, are recognized only after changes in such factors have occurred and are then applied according to the lease agreements. Certain leases also provide for additional rent based on tenants’ sales volumes. These rents are recognized when determinable after the tenant exceeds a sales breakpoint. Recognizing rent escalations on a straight-line method results in rental revenue in the early years of a lease being higher than actual cash received, creating a straight-line rent receivable asset which is included in the accounts receivable - tenants line item in the Consolidated Balance Sheets. The balance of straight-line rent receivables at December 31, 2023 and 2022 was $65.9 million and $53.9 million, respectively. To the extent any of the tenants under these leases become unable to pay their contractual cash rents, the Company may be required to write down the straight-line rent receivable from those tenants, which would reduce rental income. The Company reviews the collectability of charges under its tenant operating leases on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that collectability with respect to any tenant changes, the Company recognizes an adjustment to rental revenue. The Company’s review of collectability of charges under its operating leases also includes any accrued rental revenue related to the straight-line method of reporting rental revenue. As of December 31, 2023, the Company has three leases across three tenants where collection is not considered probable. For these tenants, the Company is recording rental income on a cash basis and has written off any outstanding receivables, including straight-line rent receivables. Adjustments to rental revenue related to tenants accounted for on the cash basis resulted in an increase to rental income and net income of $0.4 million for the year ended December 31, 2023 due to the receipt of amounts previously considered uncollectible, and a reduction to rental income and net income of $0.4 million for the year ended December 31, 2022. In addition to the tenant-specific collectability assessment performed, the Company may also recognize a general allowance, as a reduction to rental revenue, for its operating lease receivables which are not expected to be fully collectible based on the potential for settlement of arrears. The Company had no general allowance as of December 31, 2023 and 2022. The Company’s leases provide for reimbursement from tenants for common area maintenance, insurance, real estate taxes and other operating expenses. A portion of the Company’s operating cost reimbursement revenue is estimated each period and is recognized as rental revenue in the period the recoverable costs are incurred and accrued, and the related revenue is earned. The balance of unbilled operating cost reimbursement receivable at December 31, 2023 and 2022 was $14.0 million and $11.1 million, respectively. Unbilled operating cost reimbursement receivable is reflected in accounts receivable - tenants, net in the Consolidated Balance Sheets. The Company has adopted the practical expedient in FASB ASC Topic 842, Leases (“ASC 842”) that allows lessors to combine non-lease components with the lease components when the timing and patterns of transfer for the lease and non- lease components are the same and the lease is classified as an operating lease. As a result, all rentals and reimbursements pursuant to tenant leases are reflected as one-line, rental income, in the Consolidated Statement of Operations and Comprehensive Income. Earnings per Share Earnings per share of common stock has been computed pursuant to the guidance in the FASB ASC Topic 260, Earnings Per Share. The guidance requires the classification of the Company’s unvested restricted common shares (“restricted F-13 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 shares”), which contain rights to receive non-forfeitable dividends, as participating securities requiring the two-class method of computing net income per share of common stock. In accordance with the two-class method, earnings per share has been computed by dividing net income less net income attributable to unvested restricted shares by the weighted average number of shares of common stock outstanding less unvested restricted shares. Diluted earnings per share is computed by dividing net income less net income attributable to unvested restricted shares by the weighted average shares of common shares and potentially dilutive securities in accordance with the treasury stock method. The following is a reconciliation of the numerator and denominator used in the computation of basic and diluted net earnings per share of common stock for each of the periods presented (presented in thousands, except for share data): Net income attributable to Agree Realty Corporation Less: Series A preferred stock dividends Net income attributable to common stockholders Less: Income attributable to unvested restricted shares Net income used in basic and diluted earnings per share 2023 169,959 $ (7,437) 162,522 (405) 162,117 $ Year Ended December 31, 2022 152,437 $ (7,437) 145,000 (376) 144,624 $ 2021 122,273 (2,148) 120,125 (369) 119,756 $ $ Weighted average number of common shares outstanding 95,431,468 Less: Unvested restricted shares Weighted average number of common shares outstanding used in basic earnings per share Weighted average number of common shares outstanding used in basic earnings per share Effect of dilutive securities: Share-based compensation ATM Forward Equity Offerings December 2021 Forward Equity Offering May 2022 Forward Equity Offering September 2022 Forward Equity Offering (240,059) 78,885,063 (225,730) 67,004,069 (201,827) 95,191,409 78,659,333 66,802,242 95,191,409 78,659,333 66,802,242 131,261 39,519 — — 75,223 129,474 63,381 89,963 173,429 48,806 118,460 203,957 14,420 — — Weighted average number of common shares outstanding used in diluted earnings per share 95,437,412 79,164,386 67,139,079 Operating Partnership Units ("OP Units") Weighted average number of common shares and OP Units outstanding used in diluted earnings per share 347,619 347,619 347,619 95,785,031 79,512,005 67,486,698 For the year ended December 31, 2023, 185 shares of common stock related to restricted shares granted in 2021 and 2022 were anti-dilutive and were not included in the computation of diluted earnings per share. For the year ended December 31, 2022, 62 shares of common stock related to restricted shares granted in 2022 were anti- dilutive and were not included in the computation of diluted earnings per share. For the year ended December 31, 2021, 849 shares of common stock related to the 2021 ATM forward equity offerings, 5,360 shares of common stock related to the 2020 ATM forward equity offerings, and 2,092 restricted shares were anti-dilutive and were not included in the computation of diluted earnings per share. F-14 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 Forward Equity Sales The Company occasionally sells shares of common stock through forward sale agreements to enable the Company to set the price of such shares upon pricing the offering (subject to certain adjustments) while delaying the issuance of such shares and the receipt of the net proceeds by the Company. To account for the forward sale agreements, the Company considers the accounting guidance governing financial instruments and derivatives. To date, the Company has concluded that its forward sale agreements are not liabilities as they do not embody obligations to repurchase its shares nor do they embody obligations to issue a variable number of shares for which the monetary value are predominantly fixed, varying with something other than the fair value of the shares, or varying inversely in relation to its shares. The Company then evaluates whether the agreements meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments. The Company has concluded that the agreements are classifiable as equity contracts based on the following assessments: (i) none of the agreements’ exercise contingencies are based on observable markets or indices besides those related to the market for the Company’s own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to its own stock. The Company also considers the potential dilution resulting from the forward sale agreements on the earnings per share calculations. The Company uses the treasury stock method to determine the dilution resulting from forward sale agreements during the period of time prior to settlement. Equity Offering Costs Underwriting commissions and offering costs of equity offerings have been reflected as a reduction of additional paid-in- capital in the Company’s Consolidated Balance Sheets. Income Taxes The Company has made an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and related regulations. The Company generally will not be subject to federal income taxes on amounts distributed to stockholders, providing it distributes 100% of its REIT taxable income and meets certain other requirements for qualifying as a REIT. For each of the years in the three-year period ended December 31, 2023, the Company believes it has qualified as a REIT. Accordingly, no provision has been made for federal income taxes related to the Company’s REIT taxable income in the accompanying consolidated financial statements. Notwithstanding the Company’s qualification for taxation as a REIT, the Company is subject to certain state taxes on its income and real estate. Earnings and profits that determine the taxability of distributions to stockholders differ from net income reported for financial reporting purposes due to differences in the estimated useful lives and methods used to compute depreciation and the carrying value (basis) of the investments in properties for tax purposes, among other things. The Company and its taxable REIT subsidiaries (“TRS”) have made a timely TRS election pursuant to the provisions of the REIT Modernization Act. A TRS is able to engage in activities resulting in income that previously would have been disqualified from being eligible REIT income under the federal income tax regulations. As a result, certain activities of the Company which occur within its TRS entities are subject to federal and state income taxes. All provisions for federal income taxes in the accompanying consolidated financial statements are attributable to the Company’s TRS. The Company regularly analyzes its various federal and state filing positions and only recognizes the income tax effect in its financial statements when certain criteria regarding uncertain income tax positions have been met. The Company believes that its income tax positions would more likely than not be sustained upon examination by all relevant taxing authorities. Therefore, no provisions for uncertain income tax positions have been recorded in the consolidated financial statements. F-15 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 Management’s Responsibility to Evaluate Our Ability to Continue as a Going Concern When preparing financial statements for each annual and interim reporting period, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. In making its evaluation, the Company considers, among other things, any risks and/or uncertainties to its results of operations, contractual obligations in the form of near-term debt maturities, dividend requirements, or other factors impacting the Company’s liquidity and capital resources. No conditions or events that raised substantial doubt about the ability to continue as a going concern within one year were identified as of the issuance date of the consolidated financial statements contained in this Annual Report on Form 10-K. Reclassifications Certain reclassifications of prior period amounts have been made in the consolidated financial statements and footnotes in order to conform to the current presentation. Segment Reporting The Company is primarily in the business of acquiring, developing and managing retail real estate. The Company’s chief operating decision maker, which is its Chief Executive Officer, does not distinguish or group operations on a geographic or other basis when assessing the financial performance of the Company’s portfolio of properties. Accordingly, the Company has a single reportable segment for disclosure purposes. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of (1) assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and (2) revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Values of Financial Instruments The Company’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance, ASC Topic 820 Fair Value Measurement (“ASC 820”). The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques. F-16 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 Recent Accounting Pronouncements In March 2022, the FASB issued ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820)” (“ASU 2022-03”). ASU 2022-03 clarifies that contractual sale restrictions on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, are not considered in measuring the fair value of equity securities. In addition, the amendment requires the disclosure of: (1) the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, (2) the nature and remaining duration of the restrictions, and (3) any circumstances that could cause a lapse in the restrictions. The amendments in ASU 2022-03 are effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The amendment is applied prospectively and early adoption is permitted. There was no impact upon adoption of the guidance on January 1, 2024 as the Company does not have sale restrictions on equity securities. In August 2023, the FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60) (“ASU 2023-05”). ASU 2023-05 addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. ASU 2023-05 will require that a joint venture apply a new basis of accounting upon formation. By applying a new basis of accounting, a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). The amendments in ASC 2023-05 are effective prospectively for all joint ventures formed on or after January 1, 2025. Joint ventures formed prior to January 1, 2025 may elect to apply the amendments retrospectively and early adoption is permitted. The Company does not have joint ventures and as such does not anticipate any impact from the amendments. In November 2023, the FASB issues ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to improve reportable segment disclosure by requiring disclosure of incremental segment information on an annual and interim basis such as, annual and interim disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, interim disclosure of a reportable segment’s profit or loss and assets and require that a public entity that has a single reportable segment provide all the disclosures required by ASU 2023-07 and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The disclosures are applied retrospectively to all periods presented and early adoption is permitted. The Company has one reportable segment and continues to evaluate additional disclosures that may be required for entities with a single reportable segment. In December 2023, the FASB issues ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires annual disclosure of specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold within the rate reconciliation. In addition, the amendments require annual disclosure of income taxes paid disaggregated by federal, state and foreign jurisdictions as well as individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis, however early adoption and retrospective adoption is permitted. The Company continues to evaluate the potential impact of the guidance and potential additional disclosures required. Note 3 – Leases Tenant Leases The Company is primarily focused on the ownership, acquisition, development and management of retail properties leased to industry leading tenants. F-17 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 Substantially all of the Company’s tenants are subject to net lease agreements. A net lease typically requires the tenant to be responsible for minimum monthly rent and actual property operating expenses incurred, including property taxes, insurance and maintenance. In addition, the Company’s 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. Certain of the Company’s properties are subject to leases under which it retains responsibility for specific costs and expenses of the property. The Company’s leases typically provide the tenant with one or more multi-year renewal options to extend their leases, subject to generally the same terms and conditions, including rent increases, consistent with the initial lease term. The Company attempts to maximize the amount it expects to derive from the underlying real estate property following the end of the lease, to the extent it is not extended. The Company maintains a proactive leasing program that, combined with the quality and locations of its properties, has made its properties attractive to tenants. The Company intends to continue to hold its properties for long-term investment and, accordingly, places a strong emphasis on the quality of construction and an on-going program of regular and preventative maintenance. The Company has elected the practical expedient in ASC 842 on not separating non-lease components from associated lease components. The lease and non-lease components combined as a result of this election largely include tenant rentals and maintenance charges, respectively. The Company applies the accounting requirements of ASC 842 to the combined component. The following table includes information regarding contractual lease payments for the Company’s operating leases for which it is the lessor, for the years ended December 31, 2023, 2022 and 2021 (presented in thousands). Total lease payments Less: Operating cost reimbursements and percentage rents Total non-variable lease payments $ $ For the Year Ended December 31, 2022 450,369 $ 2023 558,200 $ 2021 352,797 60,694 497,506 $ 47,962 402,407 $ 36,929 315,868 At December 31, 2023, future non-variable lease payments to be received from the Company’s operating leases for the next five years and thereafter are as follows (presented in thousands): Year Ending December 31, Future non-variable lease payments Deferred Revenue 2024 2025 2026 2027 2028 Thereafter Total $ 558,548 $ 553,567 $ 534,151 $ 507,623 $ 470,740 $ 2,341,234 $ 4,965,863 As of December 31, 2023 and 2022, there was $21.9 million and $18.1 million, respectively, in deferred revenues resulting from rents paid in advance. Deferred revenues are recognized within accounts payable, accrued expenses, and other liabilities on the Consolidated Balance Sheets as of these dates. Land Lease Obligations The Company is the lessee under land lease agreements for certain of its properties. ASC 842 requires a lessee to recognize right of use assets and lease obligation liabilities that arise from leases, whether qualifying as operating or finance. As of December 31, 2023 and 2022, the Company had $60.2 million and $60.9 million, respectively, of right of use assets, net, recognized within other assets in the Consolidated Balance Sheets, while the corresponding lease obligations, net, of F-18 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 $23.0 million and $23.6 million, respectively, were recognized within accounts payable, accrued expenses, and other liabilities on the Consolidated Balance Sheets as of these dates. The Company’s land leases do not include any variable lease payments. These leases typically provide multi-year renewal options to extend their term as lessee at the Company’s option. Option periods are included in the calculation of the lease obligation liability only when options are reasonably certain to be exercised. Certain of the Company’s land leases qualify as finance leases as a result of purchase options that are reasonably certain of being exercised or automatic transfer of title to the Company at the end of the lease term. Amortization of right of use assets for operating land leases is classified as land lease expense and was $1.7 million, $1.6 million, and $1.6 million for the years ending December 31, 2023, 2022 and 2021, respectively. There was no amortization of right of use assets for finance land leases, as the underlying leased asset (land) has an infinite life. Interest expense on finance land leases was $0.3 million, $0.3 million and $0.2 million during the years ended December 31, 2023, 2022 and 2021. In calculating its lease obligations under ground leases, the Company uses discount rates estimated to be equal to what it would have to pay to borrow on a collateralized basis over a similar term, for an amount equal to the lease payments, in a similar economic environment. The following tables include information on the Company’s land leases for which it is the lessee, for the years ending December 31, 2023, 2022 and 2021 (presented in thousands). Operating leases: Operating cash outflows Weighted-average remaining lease term - operating leases (years) Finance leases: Operating cash outflows Financing cash outflows Weighted-average remaining lease term - finance leases (years) Supplemental Disclosure: Right-of-use assets obtained in exchange for new lease liabilities, including value assigned to above market lease terms Right-of-use assets net change December 31, 2023 December 31, 2022 December 31, 2021 Year Ended $ 1,197 $ 1,197 $ 1,112 33.2 33.5 33.8 $ $ 252 84 $ $ 255 81 $ $ 0.8 1.8 215 93 2.8 $ $ — — $ $ 1,816 1,816 $ $ 6,302 6,302 F-19 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 The following is a maturity analysis of lease liabilities for operating land leases as of December 31, 2023 for the following five years. (presented in thousands) Year Ending December 31, Lease payments Imputed interest Total lease liabilities 2024 2025 2026 2027 2028 Thereafter Total $ 1,197 $ 1,197 $ 1,195 $ 1,042 $ 1,013 (627) (690) (609) (647) 548 $ 415 $ 404 $ 507 $ 528 $ (669) $ 27,796 (13,254) 14,542 $ $ 33,440 (16,496) $ 16,944 The weighted-average discount rate used in computing operating and finance lease obligations approximated 4% at December 31, 2023, 2022 and 2021. The following is a maturity analysis of lease liabilities for finance land leases as of December 31, 2023 for the following five years. (presented in thousands) Year Ending December 31, Lease payments Imputed interest Total lease liabilities 2024 2025 2026 2027 2028 Thereafter Total $ 6,252 $ (207) $ 6,045 $ — $ — — $ — $ — — $ — $ — — $ — $ — — $ — $ 6,252 — (207) — $ 6,045 Note 4 – Real Estate Investments Real Estate Portfolio As of December 31, 2023, the Company owned 2,135 properties, with a total GLA of approximately 44.2 million square feet. Net Real Estate Investments totaled $6.74 billion as of December 31, 2023. As of December 31, 2022, the Company owned 1,839 properties, with a total GLA of approximately 38.1 million square feet. Net Real Estate Investments totaled $5.74 billion as of December 31, 2022. Acquisitions During 2023, the Company purchased 282 retail net lease assets for approximately $1.20 billion, which includes acquisition and closing costs. These properties are located in 40 states and had a weighted average remaining lease term of approximately 11.3 years. The aggregate 2023 acquisitions were allocated approximately $325.2 million to land, $726.1 million to buildings and improvements, and $147.4 million to lease intangibles. During 2022, the Company purchased 434 retail net lease assets for approximately $1.60 billion, which includes acquisition, closing costs and the assumption of a $42.3 million mortgage note. These properties are located in 43 states and had a weighted average lease term of approximately 10.2 years. The aggregate 2022 acquisitions were allocated approximately $387.7 million to land, $1.00 billion to buildings and improvements, $204.9 million to lease intangibles, net and $2.5 million to assumed mortgage debt discount. The 2023 and 2022 acquisitions were primarily funded as cash purchases and the assumption of a mortgage note payable with a principal balance of $42.3 million. There was no material contingent consideration associated with these acquisitions. None of the Company’s acquisitions during 2023 or 2022 caused any new or existing tenant to comprise 10% or more of the Company’s total annualized contractual base rent at December 31, 2023 or 2022. Developments During the third quarter of 2023, the Company changed the name of its Partner Capital Solutions program to Developer Funding Platform (“DFP”). F-20 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 During 2023, the Company commenced 13 and completed 21 development or DFP projects. At December 31, 2023, the Company had 16 development or DFP projects under construction. During 2022, the Company commenced 28 and completed seven development or DFP projects. At December 31, 2022, the Company had 24 development or DFP projects under construction. Dispositions During 2023, the Company sold real estate properties for net proceeds of $13.8 million and recorded a net gain of $1.8 million. During 2022, the Company sold real estate properties for net proceeds of $44.9 million and recorded a net gain of $5.3 million. During 2021, the Company sold real estate properties for net proceeds of $56.0 million and recorded a net gain of $14.9 million. During the year ended December 31, 2023, the Company completed construction and moved its headquarters to a new corporate office building. Prior to the move, the Company’s headquarters were located in two office buildings owned by the Company. The Company began marketing for sale the previous corporate office buildings in early 2023, disposing of one in October 2023 to a third party. The Company received two bona fide offers on the remaining corporate office building during the fourth quarter of 2023, the highest of which was received from an entity controlled by one of the Company’s Independent Directors. The transaction to sell the building for $3.7 million to the related party entity was approved by the Company’s Audit Committee prior to accepting the offer and entering into the purchase and sale agreement. As a result of the offers received related to the remaining corporate office building, the Company recognized impairment of $2.7 million to state the carrying value of the building at it’s fair value. The building was classified as held for sale as of December 31, 2023 and the all cash disposition closed on January 16, 2024. No amounts were due to or due from the Independent Director or the related party entity as of December 31, 2023 or subsequent to closing the disposition. Assets Held for Sale The Company classified one property as real estate held for sale at December 31, 2023, the assets for which are separately presented in the Consolidated Balance Sheets. No properties were classified as held for sale at December 31, 2022. Real estate held for sale consisted of the following as of December 31, 2023 and 2022 (presented in thousands): Land Building Accumulated depreciation and amortization, net Total Real Estate Held for Sale, net Provisions for Impairment December 31, 2023 December 31, 2022 — 671 $ $ — — — — 2,978 3,649 (7) 3,642 $ $ As a result of the Company’s review of real estate investments, it recognized provision for impairment of $7.2 million, $1.0 million and $1.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. The estimated fair value of the impaired real estate assets at their time of impairment during 2023, 2022 and 2021 was $6.3 million, $1.8 million and $1.0 million, respectively. F-21 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 Note 5 – Debt As of December 31, 2023, the Company had total gross indebtedness of $2.43 billion, including (i) $44.9 million of mortgage notes payable; (ii) $350.0 million unsecured term loan; (iii) $1.81 billion of senior unsecured notes; and (iv) $227.0 million outstanding under the Revolving Credit Facility (defined below). Mortgage Notes Payable As of December 31, 2023, the Company had total gross mortgage indebtedness of $44.9 million, which was collateralized by related real estate and tenants’ leases with an aggregate net book value of $79.3 million. The weighted average interest rate on the Company’s mortgage notes payable was 3.78% as of December 31, 2023 and 3.94% as of December 31, 2022. Mortgage notes payable consisted of the following (presented in thousands): Note payable in monthly installments of interest only at 5.01% per annum, matured in September 2023 $ — $ 4,622 December 31, 2023 December 31, 2022 Note payable in monthly installments of $92 including interest at 6.27% per annum, with a final monthly payment due July 2026 2,618 3,523 Note payable in monthly installments of interest only at 3.63% per annum, with a balloon payment due December 2029 42,250 42,250 Total principal Unamortized debt issuance costs and assumed debt discount, net Total 44,868 (2,057) 42,811 $ 50,395 (2,424) 47,971 $ During the year ended December 31, 2023, the Company repaid the $4.6 million, 5.01% per annum, interest only mortgage note at maturity. In connection with a four-property acquisition during the twelve months ended December 31, 2022, the Company assumed an interest only, mortgage note payable with a principal balance of $42.3 million and stated interest rate of 3.63% maturing December 2029. In connection with the purchase price allocation, the mortgage debt was recorded at fair value as of the date of acquisition resulting in a $2.5 million debt discount that will be amortized over the term of the mortgage note payable into Interest Expense in the Consolidated Statements of Operations and Comprehensive Income. The mortgage loans encumbering the Company’s properties are generally non-recourse, subject to certain exceptions for which the Company would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan, but generally include fraud or material misrepresentations, misstatements or omissions by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly, and certain environmental liabilities. At December 31, 2023, there were no mortgage loans with partial recourse to the Company. The Company has entered into mortgage loans that are secured by multiple properties and contain cross-default and cross- collateralization provisions. Cross-collateralization provisions allow a lender to foreclose on multiple properties in the event that the Company defaults under the loan. Cross-default provisions allow a lender to foreclose on the related property in the event a default is declared under another loan. F-22 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 Unsecured Term Loan The following table presents the unsecured term loan principal balances net of unamortized debt issuance costs as of December 31, 2023 and December 31, 2022 (presented in thousands): 2029 Unsecured Term Loan Total Principal Unamortized debt issuance costs, net Total All-in Interest Rate (1) 4.52 % Maturity January 2029 $ December 31, 2023 December 31, 2022 — — — — 350,000 $ 350,000 (3,202) 346,798 $ $ (1) Interest rate at December 31, 2023 reflects the spread of 95 basis points plus the impact of interest rate swaps which converted $350 million of SOFR-based interest to a fixed interest rate of 3.57%. On July 31, 2023, the Company closed on the unsecured $350 million 5.5-year term loan (the “2029 Unsecured Term Loan”) which includes an accordion option that allows the Company to request additional lender commitments up to a total of $500 million and matures in January 2029. Borrowings under the 2029 Unsecured Term Loan are priced at SOFR plus a spread of 80 to 160 basis points over SOFR, depending on the Company’s credit ratings, plus a SOFR adjustment of 10 basis points. Based on the Company’s credit ratings at the time of closing, pricing on the 2029 Unsecured Term Loan was 95 basis points over SOFR. The Company used the existing $350 million of forward starting interest rate swaps to hedge the variable SOFR priced interest to a weighted average fixed rate of 3.57% until January 2029. Senior Unsecured Notes The following table presents the senior unsecured notes principal balances net of unamortized debt issuance costs and original issue discounts for the Company’s private placement and public offerings as of December 31, 2023, and 2022 (presented in thousands): 2025 Senior Unsecured Notes 2027 Senior Unsecured Notes 2028 Senior Unsecured Public Notes 2028 Senior Unsecured Notes 2029 Senior Unsecured Notes 2030 Senior Unsecured Notes 2030 Senior Unsecured Public Notes 2031 Senior Unsecured Notes 2032 Senior Unsecured Public Notes 2033 Senior Unsecured Public Notes Total Principal Unamortized debt issuance costs and original issue discounts, net Total All-in Interest Rate (1) 4.16 % 4.26 % 2.11 % 4.42 % 4.19 % 4.32 % 3.49 % 4.42 % 3.96 % 2.13 % Coupon Rate Maturity 4.16 % May 2025 4.26 % May 2027 June 2028 2.00 % 4.42 % July 2028 4.19 % September 2029 4.32 % September 2030 2.90 % October 2030 4.47 % October 2031 4.80 % October 2032 2.60 % June 2033 December 31, 2023 December 31, 2022 50,000 $ 50,000 350,000 60,000 100,000 125,000 350,000 125,000 300,000 300,000 1,810,000 50,000 $ 50,000 350,000 60,000 100,000 125,000 350,000 125,000 300,000 300,000 1,810,000 (15,688) 1,794,312 $ (17,953) 1,792,047 $ (1) The all-in interest rate reflects the straight-line amortization of the terminated swap agreements, as applicable. The Company has entered into forward-starting interest rate swap agreements to hedge against changes in future cash flows on forecasted issuances of debt. Refer to Note 9 – Derivative Instruments and Hedging Activity. In connection with F-23 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 pricing certain Senior Unsecured Notes and Senior Unsecured Public Notes, the Company terminated forward-starting interest rate swap agreements to fix the interest rate on all or a portion of the respective notes. Senior Unsecured Notes – Private Placements The Senior Unsecured Notes (collectively the “Private Placements”) were issued in private placements to individual investors. The Private Placements did not involve a public offering in reliance on the exemption from registration pursuant to Section 4(a)(2) of the Securities Act. Senior Unsecured Notes – Public Offerings The Senior Unsecured Public Notes (collectively the “Public Notes”) are fully and unconditionally guaranteed by Agree Realty Corporation and certain wholly owned subsidiaries of the Operating Partnership. These guarantees are senior unsecured obligations of the guarantors, rank equally in right of payment with all other existing and future senior unsecured indebtedness and are effectively subordinated to all secured indebtedness of the Operating Partnership and each guarantor (to the extent of the value of the collateral securing such indebtedness) of the guarantors. The Public Notes are governed by an indenture, dated August 17, 2020, among the Operating Partnership, the Company and trustee (as supplemented by an officer’s certificate dated at the issuance of each of the Public Notes, the “Indenture”). The Indenture contains various restrictive covenants, including limitations on the ability of the guarantors and the issuer to incur additional indebtedness and requirements to maintain a pool of unencumbered assets. Senior Unsecured Revolving Credit Facility In December 2021, the Company entered into a Third Amended and Restated Revolving Credit Agreement which provided for a $1.0 billion senior unsecured revolving credit facility (the "Revolving Credit Facility") that bore interest based on a pricing grid with a range of 72.5 to 140 basis points over LIBOR, determined by the Company’s credit ratings and leverage ratio. Based on the Company’s credit ratings and leverage ratio at the time of closing, pricing on the Revolving Credit Facility was 77.5 basis points over LIBOR. In November 2022, the Company entered into a First Amendment to the Third Amended and Restated Revolving Credit Agreement which converted the interest rate on its $1.0 billion Revolving Credit Facility from a spread over LIBOR to a spread over SOFR plus a SOFR adjustment of 10 basis points. The margins for the Revolving Credit Facility are subject to improvement based on the Company's leverage ratio, provided its credit ratings meet a certain threshold. Based on the Company's credit ratings and leverage ratio at the time of closing plus the SOFR adjustment of 10 basis points, pricing on the Revolving Credit Facility was 87.5 basis points over SOFR. At December 31, 2023, the Revolving Credit Facility bore interest of 6.265%, which is comprised of SOFR of 5.39% plus the spread of 87.5 basis points. In connection with the Company's ongoing environmental, social and governance ("ESG") initiatives, pricing on the Revolving Credit Facility will decrease 1 basis point beginning in January 2024 due to improvements in the Company’s ESG rating score during 2023. Pricing may further be reduced if additional specific ESG rating improvements are achieved. The Revolving Credit Facility includes an accordion option that allows the Company to request additional lender commitments up to a total of $1.75 billion. The Revolving Credit Facility will mature in January 2026 with Company options to extend the maturity date to January 2027. The Company and Richard Agree, the Executive Chairman of the Company, were parties to a Reimbursement Agreement dated November 18, 2014 (the “Reimbursement Agreement”). Pursuant to the Reimbursement Agreement, Mr. Agree had agreed to reimburse the Company for any loss incurred under the Revolving Credit Facility in an amount not to exceed $14.0 million to the extent that the value of the Operating Partnership’s assets available to satisfy the Operating Partnership’s obligations under the Revolving Credit Facility is less than $14.0 million. The parties terminated the F-24 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 Reimbursement Agreement and entered into a new reimbursement agreement dated October 3, 2023 (the “New Reimbursement Agreement”). Pursuant to the New Reimbursement Agreement, Mr. Agree has agreed to reimburse the Company for his proportionate share of loss incurred under the Revolving Credit Facility in an amount to be determined by facts and circumstances at the time of loss. Debt Maturities The following table presents scheduled principal payments related to the Company’s debt as of December 31, 2023 (presented in thousands): 2024 2025 2026 (1) 2027 2028 Thereafter Total scheduled principal payments Total — $ 963 $ Scheduled Balloon Payment Principal $ 1,026 629 — — — 963 51,026 227,629 50,000 410,000 1,692,250 $ 2,618 $ 2,429,250 $ 2,431,868 50,000 227,000 50,000 410,000 1,692,250 (1) The Revolving Credit Facility matures in January 2026, with options to extend the maturity to January 2027. The Revolving Credit Facility had a $227.0 million outstanding balance as of December 31, 2023. Loan Covenants Certain loan agreements contain various restrictive covenants, including the following financial covenants: maximum total leverage ratio, maximum secured leverage ratios, consolidated net worth requirements, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, a minimum unsecured interest expense ratio, a minimum interest coverage ratio, a minimum unsecured debt yield and a minimum unencumbered interest expense ratio. As of December 31, 2023, the most restrictive covenant was the minimum unencumbered interest expense ratio. The Company was in compliance with all of its loan covenants and obligations as of December 31, 2023. Note 6 – Common and Preferred Stock Shelf Registration On May 5, 2023, the Company filed an automatic shelf registration statement on Form S-3ASR with the Securities and Exchange Commission registering an unspecified amount of common stock, preferred stock, depositary shares, warrants and guarantees of debt securities of the Operating Partnership, as well as an unspecified amount of debt securities of the Operating Partnership, at an indeterminate aggregate initial offering price. The Company may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering. Common Stock Offerings In December 2021, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters' option to purchase an additional 750,000 shares, in connection with forward sale agreements. As of December 31, 2022, the Company settled all of these forward sale agreements. The offering resulted in net proceeds to the Company of approximately $368.7 million after deducting fees and expenses and making certain other adjustments. F-25 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 In May 2022, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters' option to purchase an additional 750,000 shares, in connection with forward sale agreements. As of December 31, 2022, the Company settled all of these forward sale agreements. The offering resulted in net proceeds to the Company of approximately $386.7 million after deducting fees and expenses and making certain other adjustments. In October 2022, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters' option to purchase an additional 750,000 shares, in connection with forward sale agreements. As of December 31, 2022, the Company settled 1,600,000 shares of these October 2022 forward sale agreements, realizing net proceeds of $106.2 million. During the year ended December 31, 2023, the Company settled the remaining 4,150,000 shares of these October 2022 forward sale agreements, realizing net proceeds of $275.0 million. The offering resulted in total net proceeds to the Company of $381.2 million after deducting fees and expenses and making certain adjustments. Preferred Stock Offering As of December 31, 2023, the Company had 7,000,000 depositary shares (the “Depositary Shares”) outstanding, each representing 1/1,000th of a share of Series A Preferred Stock. Dividends on the Series A Preferred Shares are payable monthly in arrears on the first day of each month (or, if not on a business day, on the next succeeding business day). The dividend rate is 4.25% per annum of the $25,000 (equivalent to $25.00 per Depositary Share) liquidation preference. Monthly dividends on the Series A Preferred Shares have been and will be in the amount of $0.08854 per Depositary Share, equivalent to $1.0625 per annum. The Company may not redeem the Series A Preferred Shares before September 2026, except in limited circumstances to preserve its status as a real estate investment trust for federal income tax purposes and except in certain circumstances upon the occurrence of a change of control of the Company. Beginning in September 2026, the Company, at its option, may redeem the Series A Preferred Shares, in whole or from time to time in part, by paying $25.00 per Depositary Share, plus any accrued and unpaid dividends. Upon the occurrence of a change in control of the Company, if the Company does not otherwise redeem the Series A Preferred Shares, the holders have a right to convert their shares into common stock of the Company at the $25.00 per share liquidation value, plus any accrued and unpaid dividends. This conversion value is limited by a share cap if the Company’s stock price falls below a certain threshold. ATM Programs The Company enters into at-the-market (“ATM”) programs through which the Company, from time to time, sells shares of common stock and enters into forward sale agreements. The results of the ATM programs are shown in the following table. Program Year 2020 2021 2022 * * Program Size ($ million) $400.0 $500.0 $750.0 Shares Issued 3,334,056 5,453,975 10,197,230 Net Proceeds Received ($ million) $209.5 $379.1 $669.1 * ATM Programs have been terminated and no future issuance will occur under them. In September 2022, the Company entered into a $750 million ATM program (the “2022 ATM Program”) through which the Company, from time to time, may sell shares of common stock and/or enter into forward sale agreements. As of December 31, 2023, the Company entered into forward sale agreements to sell an aggregate of 10,197,230 shares of common stock under the 2022 ATM Program, for anticipated net proceeds of $669.1 million. Through December 31, 2022, F-26 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 the Company settled 245,591 shares of these forward sale agreements for net proceeds of approximately $18.1 million, after deducting fees and expenses. During the year ended December 31, 2023, the Company has settled 6,117,768 shares of these forward sale agreements as of December 31, 2023 for net proceeds of approximately $415.4 million, after deducting fees and expense. The Company is required to settle the remaining outstanding shares of common stock under the 2022 ATM Program by January 2025. The Company had approximately $75.8 million of availability remaining under this program as of December 31, 2023. Note 7 – Dividends and Distributions Payable The Company declared dividends per common share of $2.919, $2.805 and $2.4056 during the years ended December 31, 2023, 2022 and 2021. On December 12, 2023, the Company declared a dividend per common share of $0.247 per share for the month ended December 31, 2023. The holders of Operating Partnership Common Units are entitled to an equal distribution per Operating Partnership Unit held. The monthly common dividend for December 2023 has been reflected as a reduction of stockholders’ equity and the distribution has been reflected as a reduction of the limited partners’ non-controlling interest. The December 2023 dividends and distributions were recorded as a liability on the consolidated balance sheet as of December 31, 2023 and were paid on January 16, 2024. The Company declared dividends on the Series A Preferred Shares of $1.0625 per Depositary Share during the year ended December 31, 2023 and 2022 and $0.30695 per Depositary Share during the year ended December 31, 2021, covering the periods subsequent to the September 2021 preferred stock issuance date (see Note 6- Common and Preferred Stock). These dividends were reflected entirely as ordinary income for federal income tax purposes. The December 2023 dividend declared on the Series A Preferred Shares of $0.08854 per Depositary Share has been reflected as a reduction of stockholders’ equity and was recorded as a liability on the consolidated balance sheet as of December 31, 2023 and paid on January 2, 2024. For federal income tax purposes, distributions paid have been characterized as follows: For the Year Ended December 31, Ordinary Income Return of Capital Total 2021 2023 (1) 2022 $ 2.498 $ 2.518 $ 2.398 0.206 0.287 $ 2.672 $ 2.805 $ 2.604 0.174 (1) The common dividend of $0.247 per common share, declared December 12, 2023 and paid January 16, 2024 will be considered a 2024 distribution for federal tax purposes and, therefore, has been excluded from the 2023 federal income tax characterization. Note 8 – Income Taxes Uncertain Tax Positions The Company is subject to the provisions of FASB ASC Topic 740-10 (“ASC 740-10”) and has analyzed its various federal and state filing positions. The Company believes that its income tax filing positions and deductions are documented and supported. Additionally, the Company believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to ASC 740-10. The Company’s federal income tax returns are open for examination by taxing authorities for all tax years after December 31, 2019. The Company has elected to record related interest and penalties, if any, as income tax expense on the Consolidated Statements of Operations and Comprehensive Income. We have no material interest or penalties relating to income taxes recognized for years ended December 31, 2023, 2022 and 2021. F-27 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 Income Tax Expense During the years ended December 31, 2023, 2022 and 2021, the Company recognized net federal and state income tax expense of approximately $2.9 million, $2.9 million and $2.4 million, respectively. Note 9 – Derivative Instruments and Hedging Activity Background The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risk, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and, to a limited extent, the use of derivative instruments. For additional information regarding the leveling of the Company’s derivatives, refer to Note 10 – Fair Value Measurements. The Company’s objective in using interest rate derivatives is to manage its exposure to interest rate movements and add stability to interest expense. To accomplish this objective, the Company uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the life of the agreement without exchange of the underlying notional amount. 2023 Hedge Activity In June 2023, the Company entered into $350 million of forward starting interest rate swap agreements to hedge against variability in future cash flows resulting from changes in SOFR. The swaps exchange variable rate SOFR interest on $350 million of SOFR indexed debt to a weighted average fixed interest rate of 3.57% beginning August 1, 2023 through the maturity date of January 1, 2029. The swaps are designated to hedge the variable rate interest payments of the 2029 Unsecured Term Loan indexed to SOFR. As of December 31, 2023, these interest rate swaps were valued as a liability of approximately $1.3 million. In December 2023, the Company entered into $150 million forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in SOFR. The swaps exchange variable rate SOFR interest on $150 million of SOFR indexed debt to a weighted average fixed interest rate of 3.60% beginning December 31, 2024 through the maturity date of December 31, 2034. The swaps are designated to hedge previously unhedged variable rate interest payments indexed to SOFR. As of December 31, 2023, these interest rate swaps were valued as a liability of approximately $3.2 million 2022 Settlements - Hedging 2022 Debt Issuances In May and July 2021, the Company entered into forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $300 million of long-term debt. The Company hedged its exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending December 2022. In August 2022, the Company terminated the swap agreements upon the debt issuance, receiving $28.4 million upon termination. This settlement was included as a component of accumulated Other Comprehensive Income (“OCI”), to be recognized as an adjustment to income over the term of the debt. 2021 Settlements - Hedging 2021 Debt Issuances In August 2020, the Company entered into forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $100 F-28 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 million of long-term debt. The Company hedged its exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending February 2022. In May 2021, the Company terminated the swap agreements upon the debt issuance, receiving $8.0 million upon termination. This settlement was included as a component of accumulated OCI, to be recognized as an adjustment to income over the term of the debt. In December 2020, the Company entered into forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $100 million of long-term debt. The Company hedged its exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending February 2022. In May 2021, the Company terminated the swap agreements upon the debt issuance, receiving $5.6 million upon termination. This settlement was included as a component of accumulated OCI, to be recognized as an adjustment to income over the term of the debt. In February 2021, the Company entered into forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $100 million of long-term debt. The Company hedged its exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending February 2022. In May 2021, the Company terminated the swap agreements upon the debt issuance, receiving $3.1 million upon termination. This settlement was included as a component of accumulated OCI, to be recognized as an adjustment to income over the term of the debt. 2021 Settlements – Extinguishment of Term Loans Prior to May 2021, the Company had entered interest rate swap agreements to hedge against future cash flows on variable- rate borrowings. These interest rate swap agreements were settled in May 2021. The Company incurred a charge of $14.6 million upon this repayment and settlement, including swap termination costs of $13.4 million and the write-off of previously unamortized debt issuance costs of $1.2 million. Details of the interest rate swaps and related terminations is as follows: In July 2014, the Company entered into interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates on $65 million in variable-rate borrowings. Under the terms of the interest rate swap agreements, the Company received from the counterparty interest on the notional amount based on one month LIBOR and paid to the counterparty a fixed rate of 2.09%. These swaps effectively converted $65 million of variable-rate borrowings to fixed-rate borrowings from July 21, 2014 to July 21, 2021. In May 2021, the Company terminated the swap agreements upon the payoff of the related term loan, paying $0.3 million upon termination. This settlement was recognized as an expense during the year ended December 31, 2021. In June 2016, the Company entered into an interest rate swap agreement to hedge against changes in future cash flows resulting from changes in interest rates on $40 million in variable-rate borrowings. Under the terms of the interest rate swap agreement, the Company received from the counterparty interest on the notional amount based on one month LIBOR and paid to the counterparty a fixed rate of 1.40%. This swap effectively converted $40 million of variable-rate borrowings to fixed-rate borrowings from August 1, 2016 to July 1, 2023. In May 2021, the Company terminated the swap agreements upon the payoff of the related term loan, paying $1.0 million upon termination. This settlement was recognized as an expense during the year ended December 31, 2021. In December 2018, the Company entered into interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates on $100 million in variable-rate borrowings. Under the terms of the interest rate swap agreements, the Company received from the counterparty interest on the notional amount based on one month LIBOR and paid to the counterparty a fixed rate of 2.66%. These swaps effectively converted $100 million of variable-rate borrowings to fixed-rate borrowings from December 27, 2018 to January 15, 2026. In May 2021, the Company terminated the swap agreements upon the payoff of the related term loan, paying $9.2 million upon termination. This settlement was recognized as an expense during the year ended December 31, 2021. F-29 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 In October 2019, the Company entered into interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates on $65 million in variable-rate borrowings. Under the terms of the interest rate swap agreements, the Company received from the counterparty interest on the notional amount based on one month LIBOR and paid to the counterparty a fixed rate of 1.4275%. This swap effectively converted $65 million of variable-rate borrowings to fixed-rate borrowings from July 12, 2021 to January 12, 2024. In May 2021, the Company terminated the swap agreements upon the payoff of the related term loan, paying $1.8 million upon termination. This settlement was recognized as an expense during the year ended December 31, 2021. Also, in October 2019, the Company entered into an interest rate swap agreement to hedge against changes in future cash flows resulting from changes in interest rates on $35 million in variable-rate borrowings. Under the terms of the interest rate swap agreement, the Company receives from the counterparty interest on the notional amount based on one month LIBOR and pays to the counterparty a fixed rate of 1.4265%. This swap effectively converted $35 million of variable-rate borrowings to fixed-rate borrowings from September 29, 2020 to January 12, 2024. In May 2021, the Company terminated the swap agreements upon the payoff of the related term loan, paying $1.1 million upon termination. This settlement was recognized as an expense during the year ended December 31, 2021. Recognition The Company recognizes all derivative instruments as either assets or liabilities at fair value on the balance sheet. The Company recognizes its derivatives within Other Assets, net and Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Balance Sheets. The Company recognizes all changes in fair value for hedging instruments designated and qualifying for cash flow hedge accounting treatment as a component of OCI. Accumulated OCI relates to (i) the change in fair value of interest rate derivatives and (ii) realized gains or losses on settled derivative instruments. Amounts are reclassified out of accumulated OCI as an adjustment to interest expense for (i) realized gains or losses related to effective interest rate swaps and (ii) realized gains or losses on settled derivative instruments amortized over the term of the hedged debt transaction. During the next twelve months, the Company estimates that an additional $6.3 million will be reclassified as a decrease to interest expense. During 2021, the Company accelerated the reclassification of amounts in accumulated OCI into expense given that the hedged forecasted transactions were no longer likely to occur. During 2021, the Company accelerated a loss of $13.4 million out of OCI into earnings due to missed forecasted transactions associated with terminated swap agreements in connection with the early payoff of the hedged term loans (see 2021 Settlements – Extinguishment of Term Loans above). The Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (presented in thousands, except number of instruments): Interest Rate Derivatives Interest rate swap Number of Instruments 1 Notional Amount1 December 31, December 31, December 31, December 31, 2023 6 2022 2023 — $ 500,000 $ 2022 — (1) Number of Instruments and total Notional amounts disclosed includes all interest rate swap agreements outstanding at the balance sheet date, including forward-starting swaps prior to their effective date. F-30 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 The table below presents the estimated fair value of the Company’s derivative financial instruments as well as their classification in the Consolidated Balance Sheets (presented in thousands). Derivatives designated as cash flow hedges: Other Assets, net Derivatives designated as cash flow hedges: Accounts Payable, Accrued Expenses, and Other Liabilities Asset Derivatives December 31, 2023 December 31, 2022 $ — $ — Liability Derivatives December 31, 2023 December 31, 2022 $ (4,501) $ — The table below presents the effect of the Company’s derivative financial instruments in the Consolidated Statements of Operations and Other Comprehensive Income for the years ended December 31, 2023, 2022 and 2021 (presented in thousands). Year Ended December 31, Interest rate swaps $ Amount of Income/(Loss) Recognized in OCI on Derivative 2022 29,881 $ (1,911) $ 2023 2021 14,958 Location of Accumulated OCI Reclassified from Accumulated OCI into Income Amount Reclassified from Accumulated OCI as a (Reduction)/Increase in Interest Expense 2022 2023 2021 15,973 Interest expense $ (5,109) $ (684) $ Loss on extinguishment of debt and settlement of related hedges $ — $ — $ 13,363 The Company does not use derivative instruments for trading or other speculative purposes and did not have any other derivative instruments or hedging activities as of December 31, 2023. Credit Risk-Related Contingent Features The Company has agreements with its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. Although the derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both the Company and its counterparties under certain situations, the Company does not net its derivative fair values or any existing rights or obligations to cash collateral on the Consolidated Balance Sheets. As of December 31, 2023, the fair value of derivatives in a net liability position related to these agreements, which includes interest but excludes any adjustment for nonperformance risk was $4.1 million. The Company had no derivatives outstanding as of December 31, 2022. There was no offsetting of derivative assets or liabilities as of December 31, 2023 and December 31, 2022. Note 10 – Fair Value Measurements Assets and Liabilities Measured at Fair Value The Company accounts for fair values in accordance with ASC 820. ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the standard does not require any new fair value measurements of reported balances. ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset F-31 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls, is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Derivative Financial Instruments The Company uses interest rate swap agreements to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2023. (presented in thousands): December 31, 2023 Derivative assets - interest rate swaps Derivative liabilities - interest rate swaps Total Fair Value Level 2 $ $ — $ — 4,501 $ 4,501 There were no such derivative assets or liabilities as of December 31, 2022. F-32 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 Other Financial Instruments The carrying values of cash and cash equivalents, cash held in escrow, accounts receivables and accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short maturity of these financial instruments. The Company estimated the fair value of its debt based on its incremental borrowing rates for similar types of borrowing arrangements with the same remaining maturity and on the discounted estimated future cash payments to be made for other debt. The discount rate used to calculate the fair value of debt approximates current lending rates for loans and assumes the debt is outstanding through maturity. Since such amounts are estimates that are based on limited available market information for similar transactions, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument. The Company determined that the valuation of its Unsecured Term Loan, Senior Unsecured Notes and Revolving Credit Facility are classified as Level 2 of the fair value hierarchy and its fixed rate mortgages are classified as Level 3 of the fair value hierarchy. The Senior Unsecured Notes had carrying values of $1.79 billion and $1.79 billion as of December 31, 2023 and 2022, respectively, and had fair values of approximately $1.60 billion and $1.54 billion, respectively. The Mortgage Notes Payable had carrying values of $42.8 million and $48.0 million as of December 31, 2023 and 2022, respectively, and had fair values of $41.2 million and $45.4 million as of those dates. The fair value of the Revolving Credit Facility and Unsecured Term Loan are estimated to be equal to the carrying value as they are variable rate debt. Note 11 – Equity Incentive Plan In May 2020, the Company’s stockholders approved the Agree Realty Corporation 2020 Omnibus Incentive Plan (the “2020 Plan”). The 2020 Plan provides for the award to employees, directors and consultants of the Company of options, restricted stock, restricted stock units, stock appreciation rights, performance awards (which may take the form of performance units or performance shares) and other awards to acquire up to an aggregate of 700,000 shares of the Company’s common stock. As of December 31, 2023, 169,809 shares of common stock were available for issuance under the 2020 Plan. Restricted Stock - Employees Restricted shares have been granted to certain employees which vest based on continued service to the Company. The holder of a restricted share award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. Restricted share awards granted prior to 2023 vest over a five-year period while awards granted in 2023 vest over a three-year period. The Company estimates the fair value of restricted share grants at the date of grant and amortizes those amounts into expense on a straight-line basis over the appropriate vesting period. The Company used 0% for the forfeiture rate for determining the fair value of restricted stock. The Company recognized expense related to restricted share grants of $4.6 million, $3.9 million and $3.5 million for the year ended December 2023, 2022 and 2021, respectively. As of December 31, 2023, there was $9.6 million of total unrecognized compensation costs related to the outstanding restricted shares, which is expected to be recognized over a weighted average period of 2.4 years. The intrinsic value of restricted shares redeemed was $2.7 million, $1.9 million and $1.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. F-33 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 Restricted share activity is summarized as follows: Unvested restricted stock at December 31, 2020 Restricted stock granted Restricted stock vested Restricted stock forfeited Unvested restricted stock at December 31, 2021 Restricted stock granted Restricted stock vested Restricted stock forfeited Unvested restricted stock at December 31, 2022 Restricted stock granted Restricted stock vested Restricted stock forfeited Unvested restricted stock at December 31, 2023 Shares Weighted Average Outstanding (in thousands) Grant Date Fair Value 175 $ 60.53 87 $ (64) $ (23) $ 175 $ 81 $ (63) $ (10) $ 183 $ 82 $ (56) $ (15) $ 194 $ 65.23 53.82 63.88 64.90 63.10 60.84 65.12 65.46 73.15 63.95 69.12 68.85 Performance Units and Shares Performance shares were granted to certain executive officers prior to 2019, while performance units were granted beginning in 2019. Performance units or shares are subject to a three-year performance period, following the conclusion of which shares awarded are to be determined by the Company’s total shareholder return (“TSR”) compared to the constituents of the MSCI US REIT Index and a defined peer group. Fifty percent of the award is based upon the TSR percentile rank versus the constituents in the MSCI US REIT Index for the three-year performance period; and fifty percent of the award is based upon TSR percentile rank versus a specified net lease peer group for the three-year performance period. For performance units and shares granted prior to 2023, vesting of the performance units and shares following their issuance will occur ratably over a three-year period, with the initial vesting occurring immediately following the conclusion of the performance period such that all units and shares vest within five years of the original award date. Performance units granted in 2023 vest following the conclusion of the performance period such that all units will vest three years from the original award date. The grant date fair value of these awards is determined using a Monte Carlo simulation pricing model. For the performance units and shares granted prior to 2023, compensation expense is amortized on an attribution method over a five-year period. For performance units granted in 2023, compensation expense is amortized on a straight-line basis over a three-year period. Compensation expense related to performance units or shares is determined at the grant date and is not adjusted throughout the measurement or vesting periods. The Monte Carlo simulation pricing model for issued grants utilizes the following assumptions: (i) expected term (equal to the remaining performance measurement period at the grant date); (ii) volatility (based on historical volatility); and (iii) risk-free rate (interpolated based on 2-and 3- year rates). The Company used 0% for the forfeiture rate for determining the fair value of performance units and shares. F-34 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 The following assumptions were used when determining the grant date fair value: Expected term (years) Volatility Risk-free rate 2023 2.9 23.6 % 4.4 % 2022 2.9 33.5 % 1.8 % 2021 2.9 33.9 % 0.2 % The Company recognized expense related to performance units and shares for which the three-year performance period had not yet been completed of $2.2 million, $1.5 million and $1.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, there was $4.4 million of total unrecognized compensation costs related to performance units and shares for which the three-year performance period has not yet been completed, which is expected to be recognized over a weighted average period of 2.2 years. The Company recognized expense related to performance units and shares for which the three-year performance period was completed, however the shares have not yet vested, of $0.5 million, $0.4 million and $0.2 million for the years ending December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, there was $0.2 million of total unrecognized compensation costs related to performance units and shares for which the three-year performance period has been completed, however the shares have not yet vested, which is expected to be recognized over a weighted average period of 0.9 years. Performance unit and share activity is summarized as follows: Target Number Weighted Average of Awards (in thousands) Grant Date Fair Value Performance units and shares at December 31, 2020 - three-year performance period to be completed Performance units granted Performance shares - three-year performance period completed Performance units and shares forfeited Performance units and shares at December 31, 2021 - three-year performance period to be completed Performance units granted Performance shares - three-year performance period completed Performance units at December 31, 2022 - three-year performance period to be completed Performance units granted Performance shares - three-year performance period completed Performance units at December 31, 2023 - three-year performance period to be completed 87 $ 69.61 43 $ 63.42 (31) $ (21) $ 55.29 68.79 78 $ 72.13 34 $ 68.59 (27) $ 66.96 85 $ 72.27 47 $ 80.34 (21) $ 90.17 111 $ 72.14 F-35 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 Performance shares - three-year performance period completed but not yet vested at December 31, 2020 Shares earned at completion of three-year performance period (1) Shares vested Shares forfeited Performance shares - three-year performance period completed but not yet vested December 31, 2021 Shares earned at completion of three-year performance period (2) Shares vested Performance units and shares - three-year performance period completed but not yet vested at December 31, 2022 Shares earned at completion of three-year performance period (3) Shares vested Performance units and shares - three-year performance period completed but not yet vested at December 31, 2023 Shares Outstanding (in thousands) Weighted Average Grant Date Fair Value — $ — 47 $ (16) $ (4) $ 55.29 55.29 55.29 27 $ 55.29 28 $ (23) $ 66.96 59.91 32 $ 61.91 33 $ (34) $ 90.17 69.73 31 $ 83.40 (1)Performance shares granted in 2018 for which the three-year performance period was completed in 2021 paid out at the 150% performance level (2)Performance units granted in 2019 for which the three-year performance period was completed in 2022 paid out at the 106% performance level (3)Performance units granted in 2020 for which the three-year performance period was completed in 2023 paid out at the 150% performance level Restricted Stock - Directors Beginning in 2022, the Company granted restricted shares to non-employee directors which vest over the calendar year, commensurate with the board members’ annual services to the Company. During the year ended December 31, 2023, 14,535 restricted shares were granted to independent members of the Company’s board of directors at a weighted average grant date fair value of $73.27 per share. During the year ended December 31, 2022, 10,636 restricted shares were granted to independent members of the Company’s board of directors at a weighted average grant date fair value of $62.62 per share. The holder of a restricted share award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. The Company estimates the fair value of board members’ restricted share grants at the date of grant and amortizes those amounts into expense on a straight-line basis over the one-year vesting period. The Company recognized expense relating to restricted share grants to the board members of $1.1 million and $0.7 million for the years ended December 31, 2023 and 2022, respectively. F-36 Agree Realty Corporation 8 Notes to Consolidated Financial Statements December 31, 2023 The Company used 0% for the forfeiture rate for determining the fair value of this restricted stock. Note 12 – Commitments and Contingencies In the ordinary course of business, the Company is party to various legal actions which the Company considers to be routine in nature and incidental to the operation of our business. The Company believe that the outcome of the proceedings will not have a material adverse effect upon our consolidated financial position or results of operations. Note 13 – Subsequent Events In connection with the preparation of its financial statements, the Company has evaluated events that occurred subsequent to December 31, 2023 through the date on which these financial statements were issued to determine whether any of these events required adjustment to or disclosure in the financial statements. There were no reportable subsequent events or transactions. F-37 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 6 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Description Real Estate Held for Investment Encumbrance Land Initial Cost Capitalized Building and Subsequent to Improvements Acquisition Land Close of Period Building and Improvements Total Accumulated Depreciation Acquisition Date of Costs Gross Amount at Which Carried at Borman Center, MI Capital Plaza, KY Grayling Plaza, MI Omaha Store, NE Wichita Store, KS Monroeville, PA Boynton Beach, FL Chesterfield Township, MI Mt Pleasant Shopping Ctr, MI Rochester, MI Ypsilanti, MI Petoskey, MI Flint, MI New Baltimore, MI Flint, MI Indianapolis, IN Canton Twp, MI Flint, MI Albion, NY Flint, MI Boynton Beach, FL Roseville, MI Mt Pleasant, MI N Cape May, NJ Summit Twp, MI Barnesville, GA East Lansing, MI Macomb Township, MI Brighton, MI Southfield, MI Atchison, KS Johnstown, OH Lake in the Hills, IL Concord, NC Antioch, IL Mansfield, CT Spring Grove, IL Tallahassee, FL Wilmington, NC Marietta, GA Baltimore, MD Dallas, TX Chandler, AZ New Lenox, IL Roseville, CA Fort Walton Beach, FL Leawood, KS Salt Lake City, UT Macomb Township, MI Madison, AL Walker, MI Portland, OR Cochran, GA Baton Rouge, LA Southfield, MI Clifton Heights, PA Newark, DE Vineland, NJ Fort Mill, SC Spartanburg, SC Springfield, IL Jacksonville, NC Morrow, GA Charlotte, NC Lyons, GA Fuquay-Varina, NC Minneapolis, MN Lake Zurich, IL Harlingen, TX Pensacola, FL Venice, FL St. Joseph, MO — — — — — — — 550,000 7,379 200,000 150,000 1,039,195 6,332,158 1,534,942 562,404 2,240,607 1,778,657 — 1,690,644 2,249,724 2,043,122 1,087,596 8,812,548 143,997 — 451,090 (2,037,769) 5,286,734 550,000 7,379 200,000 150,000 1,139,677 3,153,890 3,103,943 1,650,000 11,053,156 1,922,654 — 2,041,252 3,390,223 5,760,855 2,200,000 11,060,535 2,122,654 150,000 3,180,929 6,544,113 8,864,798 1,650,000 2,272,371 1,724,964 — 1,145,506 1,650,097 2,610,637 1977 1978 1984 1995 1995 1996 1996 — 1,350,590 1,757,830 (46,165) 1,350,590 1,711,666 3,062,256 1,091,769 1998 40 Years — — — — — — 1,435,925 — — 1,664,211 — 1,272,314 — — — — — — — — — 1,483,000 — — — — — — 2,313,000 1,628,000 2,186,000 900,000 2,534,000 1,844,000 — — 4,752,000 1,768,000 — — 1,793,000 1,552,000 887,000 — — — — — — — — — — — — — — — — — — — — — 907,600 2,438,740 2,050,000 — 1,477,680 1,250,000 1,729,851 180,000 1,550,000 1,537,400 1,900,000 1,029,000 1,569,000 1,771,000 1,075,000 1,075,000 998,460 932,500 240,000 424,222 1,365,000 1,200,000 943,750 485,000 2,135,000 7,676,305 1,087,884 700,000 1,191,199 — 1,500,000 575,000 2,610,430 701,320 332,868 1,422,488 2,800,000 542,200 989,622 — 1,605,134 675,000 219,200 7,969,403 365,714 — 1,178,215 2,543,941 2,117,547 4,102,710 750,000 250,000 302,520 676,930 525,000 1,822,900 121,627 2,042,225 1,088,015 780,974 430,000 650,000 1,300,196 377,620 8,081,968 2,188,050 2,222,097 2,332,473 2,241,293 2,285,781 1,798,091 1,117,617 2,132,096 1,961,674 3,037,864 2,165,463 2,363,524 2,327,052 1,432,390 1,430,092 1,336,357 2,091,514 54,531 — 2,802,036 125,616 3,021,672 2,799,503 3,328,560 — — 1,902,191 — 1,482,461 1,348,591 696,297 — 778,905 793,898 — 3,695,455 1,958,790 3,003,541 6,810,104 — 1,317,927 1,024,738 — 2,053,726 1,188,322 — 3,038,561 4,777,516 1,501,854 1,187,380 765,714 653,654 1,482,748 1,383,489 3,531,275 2,155,635 1,763,768 345,958 7,909,277 1,614,378 1,165,415 — 7,639,521 11,498,547 23,358 (3,494,709) 2,020,905 99,920 9,231 660 108,551 23,021 — — (6,666) 2,374,403 395 4,787 495 12,686 5,490 (54,531) — 5,615 2,063 — — — — — 13,918 968 — — 6,359 27,619 1,042,730 360 — (96,364) 88,778 16,196 (44,416) — — — 161 — — — (3,105) (4,881) 43,977 — 4,387 49,741 — (99,850) (570,844) (103,392) (255,778) 71,142 46,509 12,854 23,957 4,892 49,219 1,874,745 2,438,740 777,388 2,015,626 1,477,680 1,250,000 1,729,851 180,000 1,550,000 1,537,400 1,900,000 1,029,000 — 1,771,000 1,075,000 1,075,000 998,460 932,500 240,000 424,222 1,365,000 1,200,000 823,170 485,000 1,690,000 7,676,305 1,087,884 700,000 1,192,167 — 1,500,000 575,000 2,638,049 701,320 332,868 1,422,488 2,695,636 542,200 989,621 — 1,605,134 675,000 219,200 7,969,564 365,714 — 1,178,215 2,543,941 2,117,547 4,125,289 750,000 250,000 302,520 676,930 525,000 1,822,900 121,627 2,042,225 826,635 780,974 430,000 650,000 1,305,088 377,620 F-38 18,613,370 2,211,408 — 2,337,752 2,341,213 2,295,012 1,798,751 1,226,168 2,155,117 1,961,674 3,037,864 2,158,797 6,306,927 2,327,447 1,437,177 1,430,587 1,349,043 2,097,004 — — 2,807,651 127,679 3,142,252 2,799,503 3,773,560 — — 1,916,109 — 1,482,461 1,348,591 702,656 — 1,821,635 794,258 — 3,703,455 2,047,568 3,019,738 6,765,688 — 1,317,927 1,024,738 — 2,053,726 1,188,322 — 3,035,456 4,772,635 1,523,251 1,187,380 770,101 703,395 1,482,748 1,283,640 2,960,431 2,052,243 1,507,990 678,480 7,955,786 1,627,232 1,189,372 — 7,688,740 20,488,115 4,650,148 777,388 4,353,378 3,818,893 3,545,012 3,528,602 1,406,168 3,705,117 3,499,074 4,937,864 3,187,797 6,306,927 4,098,447 2,512,177 2,505,587 2,347,503 3,029,504 240,000 424,222 4,172,651 1,327,679 3,965,422 3,284,503 5,463,560 7,676,305 1,087,884 2,616,109 1,192,167 1,482,461 2,848,591 1,277,656 2,638,049 2,522,955 1,127,126 1,422,488 6,399,091 2,589,768 4,009,359 6,765,688 1,605,134 1,992,927 1,243,938 7,969,564 2,419,440 1,188,322 1,178,215 5,579,397 6,890,182 5,648,540 1,937,380 1,020,101 1,005,915 2,159,678 1,808,640 4,783,331 2,173,870 3,550,215 1,505,115 8,736,760 2,057,232 1,839,372 1,305,088 8,066,360 6,112,090 1,343,197 — 1,380,859 1,300,396 1,271,626 976,159 655,638 1,081,996 972,744 1,452,484 1,032,131 1,805,635 1,054,534 649,708 646,740 583,592 849,693 — — 1,041,093 45,345 1,059,002 944,833 1,268,016 — — 624,322 — 483,341 432,674 219,503 — 554,603 243,279 — 1,141,835 612,522 905,919 2,065,178 — 395,377 301,016 — 590,448 344,118 — 869,534 1,367,224 433,097 338,897 220,604 199,519 421,986 361,649 828,917 585,393 418,372 50,886 2,196,232 447,487 325,202 — 2,086,224 1998 1999 1999 2000 2001 2001 2002 2002 2003 2004 2004 2004 2004 2005 2005 2005 2006 2007 2007 2008 2009 2009 2010 2010 2010 2010 2010 2010 2010 2010 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2013 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Costs Gross Amount at Which Carried at Initial Cost Capitalized Building and Subsequent to Improvements Acquisition Land Close of Period Building and Improvements Total Accumulated Depreciation Acquisition Date of Description Encumbrance Statham, GA North Las Vegas, NV Memphis, TN Rancho Cordova, CA Kissimmee, FL Pinellas Park, FL Manchester, CT Rapid City, SD Chicago, IL Brooklyn, OH Madisonville, TX Forest, MS Sun Valley, NV Rochester, NY Allentown, PA Casselberry, FL Berwyn, IL Grand Forks, ND Ann Arbor, MI Joplin, MO Red Bay, AL Birmingham, AL Birmingham, AL Birmingham, AL Birmingham, AL Montgomery, AL Littleton, CO St Petersburg, FL St Augustine, FL East Palatka, FL Pensacola, FL Fort Oglethorpe, GA New Lenox, IL Rockford, IL Terre Haute, IN Junction City, KS Baton Rouge, LA Lincoln Park, MI Novi, MI Jackson, MS Irvington, NJ Toledo, OH Toledo, OH Toledo, OH Mansfield, OH Orrville, OH Calcutta, OH Columbus, OH Tulsa, OK Ligonier, PA Limerick, PA Harrisburg, PA Anderson, SC Easley, SC Spartanburg, SC Spartanburg, SC Columbia, SC Alcoa, TN Knoxville, TN Red Bank, TN New Tazewell, TN Maryville, TN Morristown, TN Clinton, TN Knoxville, TN Sweetwater, TN McKinney, TX Forest Va Colonial Heights, VA Glen Allen, VA Burlington, WA Wausau, WI Foley AL — — — — — — — — — — — — — — — — — — — — — — — — — — 4,622,391 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 191,919 214,552 322,520 1,339,612 1,453,500 2,625,000 397,800 1,017,800 272,222 3,643,700 96,680 — 308,495 2,500,000 2,525,051 1,804,000 186,791 1,502,609 3,000,000 1,208,225 38,981 230,106 245,234 98,271 235,641 325,389 819,000 1,225,000 200,000 730,000 136,365 1,842,240 2,010,000 303,395 103,147 78,271 226,919 543,303 1,803,857 256,789 315,000 500,000 213,750 168,750 306,000 344,250 208,050 — 459,148 330,000 369,000 124,757 781,200 332,275 141,307 94,770 303,932 329,074 214,077 229,100 91,006 94,682 46,404 69,625 160,057 79,100 2,671,020 282,600 547,692 590,101 610,000 909,092 305,332 3,851,073 746,434 748,890 269,463 971,683 878,705 325,705 2,349,411 742,115 16,032,909 1,105,842 1,398,024 1,377,328 7,400,656 8,568,981 790,195 996,544 4,102,365 4,872,797 1,160,843 2,532,293 231,016 251,015 179,824 127,164 217,850 4,876,675 1,031,839 1,523,230 582,147 398,773 2,864,568 6,314,125 2,421,873 2,509,639 2,473,729 347,691 1,743,894 1,510,995 172,184 1,313,025 1,372,351 754,675 801,477 725,600 716,600 760,212 1,139,045 627,214 5,012,349 — 1,457,948 4,708,627 268,612 446,706 261,640 1,208,134 270,719 286,037 302,146 357,872 1,615,482 806,496 1,189,491 2,491,316 1,016,030 6,886,146 956,027 1,053,594 1,122,628 3,642,677 1,492,662 515,583 4,042,992 960,986 1,071,410 1,344,075 2,425,839 3,503,705 723,505 3,367,211 1,014,337 19,676,609 1,202,522 1,398,024 1,630,823 9,900,656 11,094,032 2,594,195 1,183,336 5,604,974 7,872,797 2,369,068 2,571,274 461,122 496,249 278,095 362,805 543,239 5,695,675 2,256,839 1,723,230 1,312,147 535,138 4,706,808 8,324,125 2,725,268 2,612,786 2,552,000 574,610 2,287,197 3,314,852 428,973 1,628,025 1,872,351 968,425 970,227 1,031,600 1,060,850 968,262 2,730,042 1,086,362 5,342,349 369,000 1,582,705 5,484,359 600,887 588,013 356,410 1,512,066 599,793 500,114 531,246 448,878 1,710,164 852,900 1,259,116 2,651,373 1,095,130 9,557,166 1,238,627 1,601,286 1,700,229 4,252,677 2,401,754 820,915 1,051,020 203,268 202,828 269,016 261,141 232,419 86,856 624,086 184,110 4,179,748 290,889 362,344 355,739 1,904,020 2,210,050 206,210 247,310 1,035,180 1,227,727 295,046 580,303 52,461 57,003 40,836 28,878 49,471 1,716,171 251,233 352,247 134,580 90,555 711,569 1,450,218 561,558 563,391 563,338 78,955 386,942 339,939 39,100 320,048 334,510 177,663 188,510 170,818 168,699 178,895 265,545 154,843 1,180,479 — 327,956 1,190,866 60,998 101,440 59,414 274,947 61,476 64,955 68,611 76,869 358,860 181,453 267,624 569,414 228,595 1,648,347 227,055 239,257 254,934 828,580 353,238 116,504 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2015 3,851,073 717,435 748,890 — 971,683 874,542 325,705 2,348,032 649,063 15,079,714 1,087,642 1,298,176 1,373,336 7,398,639 7,896,613 793,101 933,959 2,301,337 4,595,757 1,160,843 2,528,437 231,313 251,339 179,824 127,477 217,850 8,756,266 1,025,247 1,523,230 575,236 398,773 2,844,126 6,206,252 2,436,873 2,477,263 2,504,294 347,691 1,408,544 1,488,505 172,184 1,313,025 1,372,363 754,675 785,000 725,600 716,600 758,750 1,136,250 640,550 5,021,849 — 1,446,773 4,441,535 268,612 446,706 261,640 1,221,964 270,719 286,037 302,146 328,561 1,529,621 801,506 1,177,927 2,265,025 1,009,290 6,785,815 956,027 1,059,557 1,129,495 3,647,279 1,405,899 506,203 — 28,999 — 4,463 656 4,163 — 1,379 93,052 953,195 18,200 99,848 (51,008) 2,017 672,368 (2,906) 62,586 1,801,028 277,040 — 3,856 (297) (324) — (313) — (3,879,591) 6,592 — 6,911 — 20,442 107,873 (15,000) 32,376 (30,565) — 335,350 22,490 — — (12) — 16,477 — — 1,462 1,593,792 (13,336) (9,500) — 11,175 261,623 — — — (13,830) — — — 29,311 85,861 4,990 11,564 226,291 6,740 100,331 — (5,963) (19,367) (4,602) 86,763 9,380 191,919 214,552 322,520 1,074,612 1,454,156 2,625,000 397,800 1,017,800 272,222 3,643,700 96,680 — 253,495 2,500,000 2,525,051 1,804,000 186,792 1,502,609 3,000,000 1,208,225 38,981 230,106 245,234 98,271 235,641 325,389 819,000 1,225,000 200,000 730,000 136,365 1,842,240 2,010,000 303,395 103,147 78,271 226,919 543,303 1,803,857 256,789 315,000 500,000 213,750 168,750 306,000 344,250 208,050 1,590,997 459,148 330,000 369,000 124,757 775,732 332,275 141,307 94,770 303,932 329,074 214,077 229,100 91,006 94,682 46,404 69,625 160,057 79,100 2,671,020 282,600 547,692 577,601 610,000 909,092 305,332 F-39 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Description Encumbrance Land Initial Cost Capitalized Building and Subsequent to Improvements Acquisition Land Close of Period Building and Improvements Accumulated Depreciation Acquisition Date of Costs Gross Amount at Which Carried at Sulligent, AL Eutaw, AL Tallassee, AL Orange Park, AL Pace, FL Pensacola, FL Freeport, FL Albany, GA Belvidere, IL Peru, IL Davenport, IA Buffalo Center, IA Sheffield, IA Lenexa, KS Tompkinsville , KY Hazard, KY Portland, MA Flint, MI Hutchinson, MN Lowry City, MO Branson, MO Branson, MO Enfield, NH Marietta, OH Franklin, OH Elyria, OH Elyria, OH Bedford Heights, OH Newburgh Heights, OH Warrensville Heights, OH Heath, OH Lima, OH Elk City, OK Salem, OR Westfield, PA Altoona, PA Grindstone, PA Liberty, SC Blacksburg, SC Easley, SC Fountain Inn, SC Walterboro, SC Jackson, TN Brenham, TX Corpus Christi, TX Harlingen, TX Midland, TX Rockwall, TX Princeton, WV Martinsburg, WV Grand Chute, WI New Richmond, WI Baraboo, WI Decatur, AL Greenville, AL Bullhead City, AZ Page, AZ Safford, AZ Tucson, AZ Bentonville, AR Sunnyvale, CA Whittier, CA Aurora, CO Aurora, CO Evergreen, CO Lakeland, FL Mt Dora, FL North Miami Beach, FL Orlando, FL Port Orange, FL Royal Palm Beach, FL Sarasota, FL Venice, FL — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 58,803 103,746 154,437 649,652 37,860 309,607 312,615 47,955 184,136 380,254 776,366 159,353 131,794 303,175 70,252 8,392,841 — 120,078 67,914 103,202 564,066 721,135 93,628 319,157 264,153 82,023 126,641 226,920 224,040 186,209 325,381 335,386 45,212 1,450,000 47,346 555,903 288,246 27,929 27,547 51,325 107,633 21,414 277,000 355,486 316,916 126,102 194,174 578,225 111,653 620,892 2,766,417 71,969 142,563 337,738 203,722 177,501 256,983 349,269 3,208,580 610,926 7,351,903 4,237,918 847,349 1,132,676 1,998,860 61,000 1,678,671 1,622,742 903,411 1,493,863 2,052,463 1,769,175 281,936 1,085,906 1,212,006 850,448 1,775,000 524,400 775,084 1,277,386 641,123 644,492 2,125,498 6,623,542 700,460 729,543 2,186,864 1,132,033 13,731,648 3,831,860 2,561,015 720,799 614,065 940,585 717,081 1,295,320 1,225,026 1,191,777 910,404 695,072 959,528 959,099 920,496 757,994 592,154 1,242,220 2,951,167 1,117,723 9,489,791 500,379 1,222,856 1,468,101 1,187,506 1,076,633 1,156,820 495,103 17,280,895 2,140,056 869,779 5,005,720 1,768,930 1,029,090 943,163 7,084,942 648,850 653,176 510,706 905,780 1,364,406 1,299,283 1,196,307 4,410,679 897,562 4,638,432 7,343,869 834,301 5,716,367 3,827,245 1,227,037 3,691,615 512,717 1,627,159 3,114,697 956,768 3,587,992 1,291,748 653,197 834,480 901,909 1,784,664 531,370 775,059 1,277,386 641,123 644,492 2,125,498 7,503,737 700,460 729,543 2,186,864 967,513 13,732,041 3,835,032 2,581,505 720,799 614,065 940,760 713,013 1,355,349 1,225,026 1,191,777 910,404 695,072 981,428 959,099 925,396 758,129 594,987 1,242,220 4,297,807 1,129,832 9,490,808 593,442 1,222,946 1,468,101 1,187,506 1,076,633 1,156,820 597,788 17,281,476 2,153,139 882,460 5,007,720 1,769,140 1,029,090 959,290 8,082,146 648,850 653,176 510,706 915,691 1,364,406 1,299,283 1,196,983 4,402,411 897,732 4,638,626 7,343,869 860,706 6,015,358 3,827,245 1,227,037 4,331,140 523,957 1,602,316 3,808,932 993,743 4,299,285 1,416,086 (432,709) (377,526) 51,460 9,664 6,970 (25) — — — — 880,195 — — — (164,520) (16,857) 3,172 20,489 — — 175 (4,069) 60,029 — — — — 21,901 — 4,900 135 2,834 — 1,346,640 12,109 1,017 93,063 90 — — — — 102,685 581 13,083 12,681 2,000 210 — 16,127 997,204 — — — 9,912 — — 676 (8,268) 170 193 — 26,405 298,991 — — 639,524 11,241 (24,844) 694,235 36,974 711,294 124,338 58,803 103,746 154,437 649,652 37,860 309,607 312,615 47,955 184,136 380,254 776,366 159,353 131,794 303,175 70,252 8,375,591 — 120,078 67,914 103,202 564,066 721,135 93,628 319,157 264,153 82,023 126,641 226,920 224,040 186,209 325,381 335,386 45,212 1,450,000 47,346 555,903 288,246 27,929 27,547 51,325 107,633 21,414 277,000 355,486 316,916 126,102 194,174 578,225 111,653 620,892 2,766,417 71,969 142,563 337,739 203,723 177,501 256,983 349,269 3,208,580 610,926 7,351,903 4,237,918 847,349 1,132,676 1,998,860 61,000 1,678,671 1,622,742 903,411 1,493,863 2,052,463 1,769,175 281,936 F-40 Total 712,000 938,226 1,056,346 2,434,316 569,230 1,084,666 1,590,001 689,078 828,628 2,505,752 8,280,103 859,813 861,337 2,490,039 1,037,765 22,107,632 3,835,032 2,701,583 788,713 717,267 1,504,826 1,434,148 1,448,977 1,544,183 1,455,930 992,427 821,713 1,208,348 1,183,139 1,111,605 1,083,510 930,373 1,287,432 5,747,807 1,177,178 10,046,711 881,688 1,250,875 1,495,648 1,238,831 1,184,266 1,178,234 874,788 17,636,962 2,470,055 1,008,562 5,201,894 2,347,365 1,140,743 1,580,182 10,848,563 720,819 795,739 848,445 1,119,414 1,541,907 1,556,266 1,546,252 7,610,991 1,508,658 11,990,529 11,581,787 1,708,055 7,148,034 5,826,105 1,288,037 6,009,811 2,146,699 2,505,727 5,302,795 3,046,206 6,068,460 1,698,022 191,562 226,208 192,136 371,241 118,655 172,584 271,445 140,165 140,870 438,384 1,421,810 147,389 153,508 437,373 247,617 2,746,404 814,905 516,301 151,668 130,489 192,071 146,521 298,831 267,916 255,736 193,461 147,703 207,800 201,810 197,158 154,784 119,233 266,559 859,571 251,625 1,957,464 105,809 267,431 318,089 254,819 231,027 248,234 112,221 3,744,281 446,390 182,683 1,032,817 353,824 225,051 189,125 1,631,880 137,881 137,439 91,501 160,203 264,341 251,736 221,734 826,640 173,960 879,261 1,392,275 147,609 1,050,051 725,582 219,844 806,411 91,615 293,677 662,988 183,256 742,825 241,929 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Costs Gross Amount at Which Carried at Initial Cost Capitalized Building and Subsequent to Improvements Acquisition Land Close of Period Building and Improvements Total Accumulated Depreciation Acquisition Date of Description Encumbrance Vero Beach, FL Dalton, GA Crystal Lake, IL Glenwood, IL Morris, IL Bicknell, IN Fort Wayne, IN Indianapolis, IN Des Moines, IA Frankfort, KY DeRidder, LA Lake Charles, LA Shreveport, LA Marshall, MI Mt Pleasant, MI Norton Shores, MI Stephenson, MI Sterling, MI Eagle Bend, MN Brandon, MS Clinton, MS Columbus, MS Holly Springs, MS Jackson, MS Jackson, MS Meridian, MS Pearl, MS Ridgeland, MS Bowling Green, MO St Robert, MO Beatty, NV Alamogordo, NM Alamogordo, NM Alcalde, NM Cimarron, NM La Luz, NM Fayetteville, NC Gastonia, NC Devils Lake, ND Cambridge, OH Columbus, OH Grove City, OH Lorain, OH Reynoldsburg, OH Springfield, OH Ardmore, OK Dillon, SC Jasper, TN Carthage, TX Cedar Park, TX Granbury, TX Hemphill, TX Lampasas, TX Lubbock, TX Odessa, TX Port Arthur, TX Provo, UT Tappahannock, VA Manitowoc, WI Oak Creek, WI Oxford, AL Oxford, AL Oxford, AL Jonesboro, AR Lowell, AR Southington, CT Millsboro, DE Jacksonville,FL Orange Park, FL Port Richey, FL Americus, GA Brunswick, GA Brunswick, GA — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 4,469,033 211,362 2,446,521 815,483 1,206,749 215,037 711,430 734,434 322,797 — 814,891 1,308,418 891,872 339,813 — 495,605 223,152 127,844 96,558 428,464 370,264 1,103,458 413,316 242,796 732,944 396,329 299,839 407,041 360,201 394,859 198,928 654,965 524,763 435,486 345,693 487,401 1,267,529 401,119 323,508 168,717 1,109,044 334,032 808,162 843,336 982,451 571,993 85,896 190,582 597,995 1,386,802 944,223 250,503 245,312 1,501,556 921,043 1,889,732 1,692,785 1,076,745 879,237 487,277 148,407 255,786 24,875 3,656,554 949,519 1,088,181 3,501,109 2,298,885 214,858 1,140,182 1,318,463 1,279,688 126,335 — 220,927 7,422,017 970,108 2,062,495 2,381,471 1,252,794 1,096,546 1,374,153 — 2,167,078 4,241,480 2,058,257 — — 710,856 1,045,217 931,071 1,165,437 969,346 1,057,143 2,125,984 952,574 963,188 2,896,715 1,152,729 623,706 864,498 2,814,170 1,329,699 1,273,135 2,720,602 949,137 836,499 1,244,050 835,455 2,544,359 981,434 1,134,728 1,322,993 1,291,313 176,274 1,400,481 1,197,966 3,997,151 1,590,151 1,697,160 973,013 1,992,647 5,390,227 2,362,540 2,277,804 1,108,898 2,341,031 2,439,999 8,625,310 5,918,234 14,904 4,469,273 3,517,060 641,820 7,420,663 585,324 3,230,514 1,445,285 1,473,655 — 2,924,226 2,304,095 1,649,773 — 2,159,068 1,626,530 4,469,033 432,289 9,868,538 1,785,591 3,269,244 2,596,508 1,964,224 1,830,980 1,696,950 514,277 2,981,969 5,549,898 2,950,129 339,813 511,028 1,206,461 1,268,369 1,058,915 1,261,995 1,397,810 1,427,407 3,229,442 1,365,890 1,205,984 3,629,659 1,549,058 923,545 1,271,539 3,174,371 1,724,558 1,472,063 3,375,567 1,473,900 1,271,985 1,589,743 1,322,856 3,811,888 1,382,553 1,458,236 1,491,710 2,400,357 510,306 2,208,643 2,041,302 4,979,602 2,162,144 1,783,056 1,163,595 2,590,642 6,801,054 3,306,763 2,528,307 1,354,210 3,842,587 3,361,042 10,515,042 7,611,019 1,091,649 5,348,510 4,004,337 790,227 7,676,449 610,199 6,887,068 2,394,804 2,561,836 3,480,578 5,223,111 2,518,953 2,789,955 1,318,463 3,438,756 1,752,865 — 41,405 1,298,053 173,811 391,015 436,515 248,233 188,953 260,517 — 405,380 750,977 385,933 — — 129,271 182,911 166,633 211,187 185,791 202,619 419,486 178,500 184,611 527,212 220,921 109,099 165,696 509,438 234,988 230,649 493,799 168,038 146,387 220,262 147,945 450,399 173,796 207,639 219,098 242,055 33,037 273,406 224,567 776,325 301,467 335,896 170,254 369,784 1,080,380 442,984 370,926 209,409 438,953 457,310 1,535,836 1,106,644 2,767 819,035 666,839 106,942 1,229,775 98,762 504,225 216,729 229,993 — 445,642 374,390 268,077 — 364,185 247,368 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 — 220,927 7,012,819 970,108 2,062,495 2,381,471 1,258,357 970,175 1,374,153 514,277 2,156,542 4,235,719 2,058,257 — 511,282 667,982 1,044,947 905,607 1,165,437 969,346 1,057,143 2,128,089 952,574 963,188 2,862,813 1,152,729 616,351 864,498 2,809,170 1,305,366 1,265,084 2,716,166 941,615 836,499 1,236,437 835,455 2,527,462 979,803 1,133,773 1,113,232 1,291,313 176,274 1,390,481 1,197,966 3,957,512 1,590,151 1,697,160 966,125 1,965,290 4,656,229 2,362,540 1,955,918 1,063,701 2,341,031 2,434,384 8,121,417 5,874,584 14,904 4,467,960 3,082,180 641,820 7,273,871 600,936 3,219,456 1,435,056 1,287,837 — 2,894,565 2,304,095 1,649,773 — 2,158,863 1,626,530 — — 409,198 — — — (5,562) 126,370 — — 10,536 5,761 — — (254) 42,874 270 25,464 — — — (2,105) — — 33,902 — 7,355 — 5,000 24,332 8,051 4,436 7,521 — 7,613 — 16,898 1,631 955 209,761 — — 10,000 — 39,639 — — 6,888 27,357 758,023 — 321,886 45,198 — 5,614 503,893 43,650 — 1,312 434,881 — 146,792 (15,612) 11,058 10,229 185,818 (20,531) 29,662 — — — 205 — 4,469,033 211,362 2,446,521 815,483 1,206,749 215,037 711,430 734,434 322,797 514,277 814,891 1,308,418 891,872 339,813 511,028 495,605 223,152 127,844 96,558 428,464 370,264 1,103,458 413,316 242,796 732,944 396,329 299,839 407,041 360,201 394,859 198,928 654,965 524,763 435,486 345,693 487,401 1,267,529 401,119 323,508 168,717 1,109,044 334,032 808,162 843,336 982,451 571,993 85,896 190,582 597,995 1,410,827 944,223 250,503 245,312 1,501,556 921,043 1,889,732 1,692,785 1,076,745 879,237 487,277 148,407 255,786 24,875 3,656,554 949,519 1,088,181 3,480,578 2,298,885 214,858 1,140,182 1,318,463 1,279,688 126,335 F-41 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Initial Cost Costs Capitalized Building and Subsequent to Improvements Acquisition Gross Amount at Which Carried at Close of Period Building and Improvements Total Accumulated Depreciation Acquisition Date of Description Encumbrance Buford, GA Carrollton, GA Decatur, GA Metter, GA Villa Rica, GA Chicago, IL Chicago, IL Galesburg, IL Mundelein, IL Mundelein, IL Mundelein, IL Springfield, IL Woodstock, IL Frankfort, IN Kokomo, IN Nashville, IN Roeland Park, KS Georgetown, KY Hopkinsville, KY Salyersville, KY Amite, LA Bossier City, LA Kenner, LA Mandeville, LA New Orleans, LA Baltimore, MD Grand Rapids, MI Bloomington, MN Monticello, MN Mountain Iron, MN Gulfport, MS Jackson, MS McComb, MS Kansas City, MO Springfield, MO St. Charles, MO St. Peters, MO Boulder City, NV Egg Harbor, NJ Secaucus, NJ Sewell, NJ Santa Fe, NM Statesville, NC Jacksonville, NC Minot, ND Grandview Heights, OH Hilliard, OH Edmond, OK Oklahoma City, OK Erie, PA Pittsburgh, PA Sumter, SC Chattanooga, TN Etowah, TN Memphis, TN Alamo, TX Andrews, TX Arlington, TX Canyon Lake, TX Corpus Christi, TX Fort Stockton, TX Fort Worth, TX Lufkin, TX Newport News, VA Appleton, WI Onalaska, WI Athens, AL Birmingham, AL Boaz, AL Roanoke, AL Selma, AL Maricopa, AZ Parker, AZ — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 341,860 597,465 558,859 256,743 410,936 2,899,155 2,081,151 214,280 1,238,743 1,743,222 1,803,068 574,805 683,419 50,458 95,196 484,117 7,829,806 1,996,456 413,269 289,663 601,238 797,899 323,188 834,891 — 782,819 7,015,035 1,491,302 449,025 177,918 671,824 802,230 67,026 1,390,880 616,344 736,242 1,364,670 566,639 520,510 19,915,781 1,809,771 1,072,340 287,467 308,321 928,796 1,276,870 1,001,228 1,063,243 868,648 425,267 692,454 132,204 2,089,237 74,057 1,661,764 104,878 172,373 497,852 382,522 185,375 185,474 1,016,587 1,497,171 2,458,053 417,249 821,085 253,858 1,635,912 379,197 110,924 206,831 2,166,955 322,510 1,023,813 886,644 1,429,106 766,818 1,311,444 9,822,986 5,197,315 979,108 — — — 1,554,786 1,002,207 2,008,275 1,484,778 2,458,215 — 6,315,768 996,619 906,455 1,695,242 2,925,864 859,298 1,294,812 6,846,313 745,092 — — 979,816 1,139,849 1,176,505 1,434,997 685,426 1,588,573 2,448,360 2,122,426 — 993,399 1,087,374 17,306,541 6,892,134 4,013,237 867,849 875,652 1,619,726 8,557,690 — 3,816,155 1,820,174 1,284,883 2,509,358 1,095,478 3,595,808 862,436 3,874,356 821,355 817,252 1,601,007 1,026,179 1,413,299 1,186,339 4,622,507 4,948,906 5,390,475 1,525,582 2,651,773 1,204,570 2,739,834 898,689 938,451 1,790,939 9,505,724 1,159,624 — — — — — — 11,754 — — — — 9,659 27,984 — (30,615) — (1,247,898) 928 — 597 — 147 (1,001) 205 121,177 7,969 2,635,983 619 9,368 — — — — — 13,285 271,734 — — — 92,903 (100,816) 476 — 31,340 — (20,517) — 9,878 7,835 — — — 195 78,325 15,301 13,275 (291) 1,783 (281) — — 257,308 20,434 758,009 9,779 — — — — — (24,494) 14,600 1,163 Land 341,860 597,465 558,859 256,743 410,936 2,899,155 2,081,151 214,280 1,238,743 1,743,222 1,803,068 574,805 711,119 50,458 95,196 484,117 6,581,908 1,996,456 413,269 289,663 601,238 797,899 323,188 834,891 — 782,819 1,750,000 1,491,921 449,025 177,918 671,824 802,230 67,026 1,390,880 616,344 736,242 1,364,670 566,639 520,510 19,915,781 1,809,771 1,072,340 287,467 308,321 928,796 1,276,870 1,001,228 1,063,243 868,648 425,267 692,454 132,204 2,089,237 74,057 1,661,764 104,878 172,373 497,852 382,522 185,375 185,474 1,016,587 1,497,171 2,458,053 417,249 821,085 253,858 1,635,912 379,197 110,924 206,831 2,166,955 322,510 1,023,813 886,644 1,429,106 766,818 1,311,444 9,822,986 5,209,069 979,108 — — — 1,564,446 1,002,491 2,008,275 1,454,163 2,458,215 — 6,316,696 996,619 907,051 1,695,242 2,926,010 858,298 1,295,017 6,967,490 753,060 7,901,018 — 989,184 1,139,849 1,176,505 1,434,997 685,426 1,588,573 2,461,645 2,394,160 — 993,399 1,087,374 17,399,444 6,791,318 4,013,713 867,849 906,992 1,619,726 8,537,172 — 3,826,033 1,828,009 1,284,883 2,509,358 1,095,478 3,596,004 940,761 3,889,657 834,630 816,961 1,602,791 1,025,899 1,413,299 1,186,340 4,879,816 4,969,340 6,148,485 1,535,362 2,651,773 1,204,570 2,739,834 898,689 938,451 1,766,445 9,520,324 1,160,787 1,365,673 1,484,109 1,987,965 1,023,561 1,722,380 12,722,141 7,290,220 1,193,388 1,238,743 1,743,222 1,803,068 2,139,251 1,713,610 2,058,733 1,549,359 2,942,332 6,581,908 8,313,152 1,409,888 1,196,714 2,296,480 3,723,909 1,181,486 2,129,908 6,967,490 1,535,879 9,651,018 1,491,921 1,438,209 1,317,767 1,848,329 2,237,227 752,452 2,979,453 3,077,989 3,130,402 1,364,670 1,560,038 1,607,884 37,315,225 8,601,089 5,086,053 1,155,316 1,215,313 2,548,522 9,814,042 1,001,228 4,889,276 2,696,657 1,710,150 3,201,812 1,227,682 5,685,241 1,014,818 5,551,421 939,508 989,334 2,100,643 1,408,421 1,598,674 1,371,814 5,896,403 6,466,511 8,606,538 1,952,611 3,472,858 1,458,428 4,375,746 1,277,886 1,049,375 1,973,276 11,687,279 1,483,297 166,338 142,148 217,343 122,966 215,815 1,657,551 877,026 159,086 — — — 234,003 152,460 334,713 222,940 399,222 — 1,033,508 161,927 149,199 278,961 444,994 134,075 202,265 1,123,595 115,264 1,086,390 — 170,624 185,209 193,615 236,154 111,336 283,825 369,164 427,580 — 161,350 183,473 2,610,248 1,119,230 702,324 148,253 152,488 266,522 1,406,417 — 589,970 290,003 203,307 407,594 180,271 546,889 157,389 663,207 125,111 137,867 263,717 153,887 232,455 195,222 786,523 837,619 1,129,855 248,704 436,383 150,571 393,825 129,103 123,247 221,418 1,209,850 161,936 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2018 2018 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years F-42 Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Costs Gross Amount at Which Carried at Initial Cost Capitalized Building and Subsequent to Improvements Acquisition Close of Period Building and Improvements Accumulated Depreciation Acquisition Date of Description Encumbrance St. Michaels, AZ Little Rock, AR Grand Junction, CO Brookfield, CT Manchester, CT Waterbury, CT Apopka, FL Cape Coral, FL Crystal River, FL DeFuniak Springs, FL Eustis, FL Hollywood, FL Homestead, FL Jacksonville, FL Marianna, FL Melbourne, FL Merritt Island,FL St. Petersburg, FL Tampa, FL Tampa, FL Titusville, FL Winter Haven, FL Albany, GA Austell, GA Conyers, GA Covington, GA Doraville, GA Douglasville, GA Lilburn, GA Marietta, GA Marietta, GA Pooler, GA Riverdale, GA Savannah, GA Statesboro, GA Union City, GA Nampa, ID Aurora, IL Bloomington, IL Carlinville, IL Centralia, IL Chicago, IL Flora, IL Gurnee, IL Lake Zurich, IL Macomb, IL Morris, IL Newton, IL Northlake, IL Rockford, IL Greenwood, IN Hammond, IN Indianapolis, IN Mishawaka, IN South Bend, IN Warsaw, IN Ackley, IA Riceville, IA Riverside, IA Urbandale, IA Overland Park, KS Ekron, KY Florence, KY Chalmette, LA Donaldsonville, LA Franklinton, LA Franklinton, LA Franklinton, LA Franklinton, LA Harvey, LA Jena, LA Jennings, LA New Orleans, LA — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 127,874 390,921 835,792 343,489 316,847 663,667 587,585 554,721 369,723 226,898 649,394 895,783 650,821 827,799 257,760 497,607 598,790 958,547 488,002 703,273 137,421 832,247 448,253 1,162,782 330,549 744,321 1,991,031 519,420 304,597 1,257,433 447,582 989,819 474,072 944,815 681,381 97,528 496,676 174,456 1,408,067 208,519 277,527 1,569,578 232,155 1,341,679 290,272 85,753 331,622 510,192 353,337 270,180 1,586,786 230,142 132,291 1,263,680 420,571 583,174 202,968 154,294 579,935 68,172 1,053,287 95,655 601,820 290,396 542,118 193,192 242,651 396,560 163,258 728,822 772,878 128,158 293,726 1,043,962 856,987 1,915,976 835,106 558,659 607,457 2,363,721 1,009,404 1,015,324 835,016 1,580,694 947,204 948,265 1,554,516 886,801 1,549,974 988,114 902,502 1,209,902 1,283,951 1,017,394 1,433,449 1,462,641 7,462,351 941,133 1,235,171 291,663 1,492,529 1,206,785 1,563,755 832,782 1,220,271 879,835 2,997,426 1,592,291 1,036,165 5,163,257 862,599 986,931 1,113,537 351,547 632,848 1,121,688 951,320 857,467 661,375 1,842,994 1,069,075 564,677 708,041 1,232,818 — 311,647 4,106,900 2,772,376 1,118,270 896,444 742,421 1,594,085 2,938,611 6,141,649 802,880 1,054,572 1,297,684 2,418,183 925,598 2,462,533 1,122,737 747,944 1,468,688 2,392,129 2,329,137 — 12,012 — — — — — 73,672 11,500 — (18,770) — — — — — — — — — — 12,058 — 6,023 — — 64,400 452,309 — — 5,501 — 733 (3,750) 14,050 1,785 — 37,265 — 677 1,163 — — 4,087 — 141,839 — 3,880 2,500 4,343 — 1,163 — — — — 58,247 — — — (85,151) 218 — — — 31,276 — — — — — 2,040 150,190 — Land 127,874 390,921 835,792 343,489 316,847 663,667 587,585 554,721 369,723 200,998 649,394 895,783 650,821 827,799 257,760 497,607 598,790 958,547 488,002 703,273 137,421 832,247 448,253 1,162,782 330,549 744,321 1,991,031 519,420 304,597 1,257,433 447,582 989,819 470,322 944,815 681,381 97,528 496,676 174,456 1,408,067 208,519 277,527 1,569,578 232,155 1,341,679 290,272 85,753 331,622 510,192 353,337 270,180 1,586,786 230,142 132,291 1,263,680 420,571 583,174 202,968 154,294 579,935 593,022 1,053,287 95,655 601,820 290,396 542,118 193,192 242,651 396,560 163,258 728,822 774,918 128,158 293,726 1,055,974 856,987 1,915,976 835,106 558,659 607,457 2,437,393 1,020,904 1,015,324 842,146 1,580,694 947,204 948,265 1,554,516 886,801 1,549,974 988,114 902,502 1,209,902 1,283,951 1,029,453 1,433,449 1,468,664 7,462,351 941,133 1,299,571 743,971 1,492,529 1,206,785 1,569,255 832,782 1,221,005 879,835 3,011,476 1,594,077 1,036,165 5,200,522 862,599 987,609 1,114,699 351,547 632,848 1,125,775 951,320 999,306 661,375 1,846,874 1,071,575 569,020 708,041 1,233,980 — 311,647 4,106,900 2,772,376 1,176,516 896,444 742,421 1,594,085 2,328,611 6,141,868 802,880 1,054,572 1,297,684 2,449,460 925,598 2,462,533 1,122,737 747,944 1,468,688 2,392,129 2,479,326 — Total 1,183,848 1,247,908 2,751,768 1,178,595 875,506 1,271,124 3,024,978 1,575,625 1,385,047 1,043,144 2,230,088 1,842,987 1,599,086 2,382,315 1,144,561 2,047,581 1,586,904 1,861,049 1,697,904 1,987,224 1,166,874 2,265,696 1,916,917 8,625,133 1,271,682 2,043,892 2,735,002 2,011,949 1,511,382 2,826,688 1,280,364 2,210,824 1,350,157 3,956,291 2,275,458 1,133,693 5,697,198 1,037,055 2,395,676 1,323,218 629,074 2,202,426 1,357,930 2,292,999 1,289,578 747,128 2,178,496 1,581,767 922,357 978,221 2,820,766 230,142 443,938 5,370,580 3,192,947 1,759,690 1,099,412 896,715 2,174,020 2,921,633 7,195,155 898,535 1,656,392 1,588,080 2,991,578 1,118,790 2,705,184 1,519,297 911,202 2,197,510 3,167,047 2,607,484 293,726 138,382 107,123 239,497 104,388 69,832 75,932 304,192 126,782 150,173 108,703 197,587 118,400 118,533 194,314 110,850 193,747 129,690 122,157 163,841 162,065 128,606 179,181 183,542 1,057,167 117,642 157,443 59,069 186,566 150,848 227,998 104,098 167,870 109,979 376,333 209,200 129,521 703,525 107,825 139,891 155,502 43,943 93,581 143,033 136,736 113,280 82,672 242,354 142,840 73,337 104,723 172,152 — 38,956 539,031 410,034 174,128 130,649 108,164 219,187 389,889 806,116 110,396 131,821 162,211 330,984 121,485 333,468 147,359 98,168 211,052 323,934 337,931 — 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years F-43 Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Costs Gross Amount at Which Carried at Initial Cost Capitalized Building and Subsequent to Improvements Acquisition Land Close of Period Building and Improvements Accumulated Depreciation Acquisition Date of Description Encumbrance Pine Grove, LA Rayville, LA Roseland, LA Talisheek, LA Baltimore, MD Salisbury, MD Springfield, MA Ann Arbor, MI Belleville, MI Grand Blanc, MI Jackson, MI Kentwood, MI Lake Orion, MI Onaway, MI Champlin, MN North Branch, MN Richfield, MN Bay St. Louis, MS Corinth, MS Forest, MS Southaven, MS Waynesboro, MS Blue Springs, MO Florissant, MO Joplin, MO Liberty, MO Neosho, MO Springfield, MO St. Peters, MO Webb City, MO Nashua, NH Forked River, NJ Forked River, NJ Forked River, NJ Forked River, NJ Forked River, NJ Woodland Park, NJ Bernalillo, NM Farmington, NM Canandaigua, NY Catskill, NY Clifton Park, NY Elmira, NY Geneseo, NY Greece, NY Hamburg, NY Latham, NY N. Syracuse, NY Niagara Falls, NY Rochester, NY Rochester, NY Rochester, NY Schenectady, NY Schenectady, NY Syracuse, NY Syracuse, NY Tonawanda, NY Tonawanda, NY W. Seneca, NY Williamsville, NY Charlotte, NC Concord, NC Durham, NC Fayetteville, NC Greensboro, NC Greenville, NC High Point, NC Kernersville, NC Pineville, NC Rockingham, NC Salisbury, NC Zebulon, NC Akron, OH — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 238,223 310,034 307,331 150,802 699,157 305,215 153,428 735,859 598,203 1,589,886 1,451,971 939,481 1,172,982 17,557 307,271 533,175 2,141,431 547,498 504,885 189,817 150,931 243,835 431,698 733,592 789,880 308,470 687,812 1,311,497 1,205,257 1,324,146 3,635,953 4,227,966 3,505,805 1,128,858 1,682,284 682,822 7,761,801 899,770 4,428,998 154,996 80,524 925,613 43,388 264,795 182,916 520,599 373,318 165,417 392,301 100,136 575,463 375,721 74,387 453,006 339,207 607,053 94,443 131,021 98,194 705,842 287,732 526,102 1,787,380 108,898 402,957 541,233 252,336 270,581 1,390,592 245,976 572,085 160,107 445,299 Total 996,796 2,692,672 1,179,583 1,223,733 1,351,084 1,499,085 980,169 3,225,566 4,568,379 5,328,363 4,000,407 4,377,740 3,531,020 952,865 1,927,896 533,380 2,754,983 2,628,487 5,174,039 1,530,665 977,054 1,449,218 2,136,568 2,680,537 1,174,518 3,058,701 1,802,866 6,774,469 2,965,915 2,825,890 6,360,837 8,124,275 3,932,939 2,525,818 1,777,557 682,822 11,720,703 2,858,360 4,428,998 1,507,326 1,178,289 2,802,724 991,015 1,593,066 1,437,750 2,560,201 1,137,700 627,961 1,415,046 995,928 1,348,018 1,256,978 1,362,894 1,179,410 1,257,509 866,384 821,973 707,936 835,786 1,194,642 805,737 2,490,790 2,636,366 1,878,172 1,753,972 1,944,674 1,277,032 1,237,388 7,780,793 1,201,555 1,272,373 161,220 445,299 758,573 2,382,638 872,252 1,072,931 651,927 1,193,870 826,741 2,489,707 3,970,176 3,738,477 2,548,436 3,438,259 2,358,038 935,308 1,620,625 — 613,552 2,080,989 4,669,154 1,340,848 826,123 1,205,383 1,704,870 1,946,945 384,638 2,750,231 1,115,054 5,462,972 1,760,658 1,501,744 2,724,884 3,896,309 427,134 1,396,960 95,273 — 3,958,902 2,037,465 — 1,352,330 1,097,765 1,877,111 947,627 1,328,271 1,254,834 2,039,602 764,382 462,544 1,022,745 895,792 772,555 881,257 1,288,507 726,404 918,302 259,331 727,530 576,915 737,592 488,800 518,005 1,964,688 848,986 1,769,274 1,351,015 1,403,441 1,024,696 966,807 6,390,201 955,579 700,288 — — 758,573 2,365,203 872,252 1,031,214 651,927 1,193,870 826,741 2,489,707 3,970,176 3,738,477 2,548,436 3,438,259 2,349,762 935,308 1,602,196 — 613,552 2,080,989 4,540,022 1,340,848 826,123 1,205,383 1,704,870 1,961,094 384,638 2,750,231 1,115,054 5,462,972 1,760,658 1,501,744 2,720,644 3,991,690 (2,766,838) 1,396,960 3,527,964 — 3,958,902 2,037,465 — 1,352,174 1,097,609 1,858,613 947,627 1,328,115 1,254,678 2,039,602 764,382 452,510 1,022,745 895,792 772,555 881,257 1,279,967 726,404 918,302 259,331 727,373 576,915 737,592 488,800 518,005 1,955,989 848,986 1,769,274 1,351,015 1,403,441 1,024,696 966,807 6,390,201 955,579 700,288 1,077 — — 17,435 — 41,718 — — — — — — — — 8,277 — 18,429 205 — — 129,132 — — — — (14,149) — — — — — — 4,240 (95,381) 3,193,972 — (3,432,691) — — (78,875) — 156 156 18,498 — 156 156 — — 10,034 — — — — 8,540 — — — 156 — — — — 8,699 — — — — — — — — — 36 — 238,223 310,034 307,331 150,802 699,157 305,215 153,428 735,859 598,203 1,589,886 1,451,971 939,481 1,172,982 17,557 307,271 533,380 2,141,431 547,498 504,885 189,817 150,931 243,835 431,698 733,592 789,880 308,470 687,812 1,311,497 1,205,257 1,324,146 3,635,953 4,227,966 3,505,805 1,128,858 1,682,284 682,822 7,761,801 820,895 4,428,998 154,996 80,524 925,613 43,388 264,795 182,916 520,599 373,318 165,417 392,301 100,136 575,463 375,721 74,387 453,006 339,207 607,053 94,443 131,021 98,194 705,842 287,732 526,102 1,787,380 108,898 402,957 541,233 252,336 270,581 1,390,592 245,976 572,085 161,220 445,299 F-44 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 99,563 321,111 114,483 140,301 81,491 149,234 103,343 368,223 587,163 552,905 376,898 508,512 347,678 130,553 202,463 — 76,694 281,801 693,062 181,573 103,265 163,229 234,417 243,456 56,884 395,237 153,320 819,420 220,082 222,122 403,567 509,291 55,141 180,441 16,625 — 536,089 302,657 — 180,278 146,336 233,854 118,453 177,090 167,279 254,950 95,548 57,504 127,843 119,439 96,569 110,157 171,646 90,800 114,788 32,416 96,971 72,114 92,199 61,100 64,751 249,607 106,123 221,159 168,877 175,430 128,087 120,851 852,004 131,392 87,536 — — 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Costs Gross Amount at Which Carried at Initial Cost Capitalized Building and Subsequent to Improvements Acquisition Land Close of Period Building and Improvements Total Accumulated Depreciation Acquisition Date of Description Encumbrance Bellevue, OH Canton, OH Columbus, OH Fairview Park, OH Franklin, OH Middletown, OH Niles, OH North Olmsted, OH Warren, OH Warrensville Heights, OH Youngstown, OH Broken Arrow, OK Chickasha, OK Coweta, OK Midwest City, OK Oklahoma City, OK Shawnee, OK Wright City, OK Hillsboro, OR Carlisle, PA Erie, PA Johnstown, PA King of Prussia, PA Philadelphia, PA Philadelphia, PA Pittsburgh, PA Pittsburgh, PA Upper Darby, PA Wysox, PA Richmond, RI Warwick, RI Greenville, SC Lake City, SC Manning, SC Mt. Pleasant, SC Myrtle Beach, SC Spartanburg, SC Sumter, SC Walterboro, SC Chattanooga, TN Johnson City, TN Beaumont, TX Donna, TX Fairfield, TX Groves, TX Humble, TX Jacksboro, TX Kemah, TX Lamesa, TX Live Oak, TX Lufkin, TX Plano, TX Port Arthur, TX Porter, TX Tomball, TX Universal City, TX Waxahachie, TX Willis, TX Logan, UT Christiansburg, VA Fredericksburg, VA Glen Allen, VA Hampton, VA Louisa, VA Manassas, VA Virginia Beach, VA Virginia Beach, VA Everett, WA Bluefield, WV Green Bay, WI La Crosse, WI Madison, WI Mt. Pleasant, WI — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 272,308 981,941 542,161 338,732 5,405,718 311,389 334,783 544,903 208,710 735,534 323,983 919,176 230,000 282,468 755,192 1,104,085 409,190 38,302 4,632,369 340,349 58,279 1,030,667 5,097,320 155,212 127,690 927,083 1,397,965 861,339 1,668,272 1,293,932 687,454 628,081 57,911 245,546 555,387 254,334 709,338 521,299 207,130 1,179,566 181,117 936,389 962,302 125,098 596,586 173,885 119,147 2,324,774 66,019 371,174 382,643 452,721 512,094 524,532 1,336,029 380,788 388,138 406,466 914,515 520,538 452,911 1,112,948 353,242 538,246 1,454,278 2,142,002 271,176 414,899 287,740 817,143 175,551 2,475,815 208,806 1,190,340 1,076,113 1,088,316 400,013 — 1,452,632 798,136 845,340 601,092 — 989,430 1,278,532 2,892,626 803,762 5,693,131 1,914,937 957,557 1,028,593 7,656,179 643,498 833,933 — — 218,083 122,516 5,151,590 — 123,637 1,730,524 8,166,878 2,108,256 1,451,481 961,218 989,382 1,042,804 149,107 1,618,382 809,466 827,775 1,236,591 1,232,151 2,747,164 1,620,925 970,816 2,250,794 867,347 1,036,482 2,790,936 1,493,146 1,880,746 1,054,911 822,683 721,936 1,684,333 1,849,554 1,496,318 792,125 932,334 2,774,985 661,780 1,076,589 946,007 514,898 2,179,541 — 1,154,585 3,308,434 811,710 959,691 1,383,440 1,145,438 4,219,537 1,173,275 1,462,648 2,058,054 1,630,477 738,745 5,405,718 1,764,021 1,132,919 1,390,243 809,802 736,161 1,313,413 2,197,708 3,122,626 1,086,230 6,448,323 3,019,022 1,366,747 1,066,895 12,288,548 983,847 892,212 1,039,496 5,098,522 373,295 250,206 6,078,673 1,399,775 984,976 3,398,796 9,460,810 2,795,710 2,079,562 1,019,129 1,234,928 1,598,191 403,441 2,327,720 1,330,765 1,034,905 2,416,157 1,413,268 3,683,553 2,583,227 1,095,914 2,847,380 1,041,232 1,155,629 5,115,710 1,559,165 2,251,920 1,437,554 1,275,404 1,234,030 2,208,865 3,185,583 1,877,106 1,180,263 1,338,800 3,689,500 1,182,318 1,529,500 2,058,955 868,140 2,717,787 1,454,278 3,296,587 3,579,610 1,226,609 1,247,431 2,200,583 1,320,989 6,695,351 1,381,480 167,901 134,514 136,040 50,002 — 202,656 99,767 121,695 75,137 — 123,679 175,754 384,261 110,517 748,393 240,890 119,695 132,257 1,084,625 80,437 104,242 — — 27,260 15,314 663,082 — 21,654 227,274 1,222,941 263,532 181,435 119,171 131,899 130,351 18,638 202,298 101,183 113,817 154,574 154,019 343,260 216,089 125,397 281,349 108,418 133,879 367,682 211,523 258,601 131,864 102,835 90,242 221,062 254,310 187,040 99,016 122,275 369,998 82,723 134,574 124,844 64,362 288,419 — 144,323 413,554 101,464 140,972 172,930 143,180 548,752 146,659 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 1,127,365 1,076,113 1,088,316 400,013 — 1,451,469 798,136 810,840 601,092 — 989,430 1,276,754 2,881,525 803,762 5,687,280 1,874,359 957,557 1,010,645 7,656,179 643,498 833,933 — — 218,083 122,516 5,126,243 — 85,966 1,699,343 7,477,281 2,108,256 1,451,481 932,874 989,236 1,042,804 149,107 1,618,382 809,466 827,775 1,236,591 1,232,151 2,725,502 1,620,925 970,816 2,250,794 867,347 1,036,482 2,835,597 1,493,146 1,880,746 1,054,911 822,683 721,936 1,683,767 1,849,554 1,496,318 792,125 925,047 2,774,985 661,780 1,076,589 837,542 514,898 2,179,541 — 1,154,585 3,308,434 811,710 947,287 1,383,440 1,145,438 4,249,537 1,173,275 62,975 — — — — 1,163 — 34,500 — 627 — 1,778 11,101 — 5,850 40,579 — 17,948 — — — 8,829 1,201 — — 25,348 1,810 37,671 31,181 689,598 — — 28,344 146 — — — — — — — 21,661 — — — — — (44,661) — — — — — 566 — — — 7,287 — — — 108,465 — — — — — — 12,403 — — (30,001) (601) 272,308 981,941 542,161 338,732 5,405,718 311,389 334,783 544,903 208,710 736,161 323,983 919,176 230,000 282,468 755,192 1,104,085 409,190 38,302 4,632,369 340,349 58,279 1,039,496 5,098,522 155,212 127,690 927,083 1,399,775 861,339 1,668,272 1,293,932 687,454 628,081 57,911 245,546 555,387 254,334 709,338 521,299 207,130 1,179,566 181,117 936,389 962,302 125,098 596,586 173,885 119,147 2,324,774 66,019 371,174 382,643 452,721 512,094 524,532 1,336,029 380,788 388,138 406,466 914,515 520,538 452,911 1,112,948 353,242 538,246 1,454,278 2,142,002 271,176 414,899 287,740 817,143 175,551 2,475,814 208,205 F-45 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Initial Cost Costs Capitalized Building and Subsequent to Improvements Acquisition Gross Amount at Which Carried at Close of Period Building and Improvements Total Accumulated Depreciation Acquisition Date of Description Encumbrance Schofield, WI Sheboygan, WI Athens, AL Attalla, AL Birmingham, AL Blountsville, AL Coffeeville, AL Phenix, AL Silas, AL Tuba City, AZ Searcy, AR Sheridan, AR Trumann, AR Visalia, CA Lakewood, CO Rifle, CO Danbury, CT Greenwich, CT Orange, CT Torrington, CT Bear, DE Wilmington, DE Apopka, FL Clearwater, FL Cocoa, FL Lake Placid, FL Merritt Island, FL Orlando, FL Poinciana, FL Sanford, FL Tavares, FL Wauchula, FL West Palm Beach, FL Brunswick, GA Columbus, GA Conyers, GA Dacula, GA Marietta, GA Tucker, GA Chubbuck, ID Chubbuck, ID Chubbuck, ID Edwardsville, IL Elk Grove Village, IL Evergreen Park, IL Freeport, IL Geneva, IL Greenville, IL Murphysboro, IL Rockford, IL Round Lake, IL Fishers, IN Gas City, IN Hammond, IN Kokomo, IN Marion, IN Westfield, IN Waterloo, IA Concordia, KS Parsons, KS Pratt, KS Wellington, KS Wichita, KS Crestwood, KY Georgetown, KY Grayson, KY Henderson, KY Leitchfield, KY Kentwood, LA Lake Charles, LA Bowie, MD Eldersburg, MD Brockton, MA — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 533,503 331,691 338,789 289,473 1,400,530 262,412 129,263 292,234 383,742 138,006 851,561 124,667 170,957 2,552,353 3,021,260 4,427,019 1,095,933 16,350,193 6,881,022 195,171 743,604 2,501,623 646,629 497,216 2,174,730 255,339 746,846 751,265 608,450 2,791,684 736,113 333,236 2,484,935 186,767 336,125 714,666 1,280,484 390,416 374,268 1,067,983 185,310 873,334 449,741 394,567 5,687,045 92,295 644,434 135,642 176,281 814,666 325,722 429,857 504,378 149,230 716,631 140,507 594,597 369,497 150,440 203,953 245,375 95,197 1,257,608 670,021 257,839 241,857 146,676 303,830 327,392 565,778 2,840,009 563,227 3,254,807 1,071,930 929,093 1,119,459 928,717 859,880 816,070 864,122 1,280,705 1,351,195 1,253,376 5,582,069 1,070,754 1,064,039 6,994,518 6,125,185 1,599,591 — 3,076,568 10,519,218 1,541,214 — 2,784,576 1,215,458 1,027,192 — 1,059,913 1,805,756 2,089,523 1,073,714 4,763,063 1,849,694 1,156,806 2,344,077 1,615,510 2,497,365 2,137,506 1,716,312 1,441,936 1,652,522 5,880,828 — 1,653,886 1,202,041 1,395,659 18,880,969 1,537,120 1,213,859 1,026,006 988,808 1,719,410 2,669,132 621,742 1,341,890 1,002,706 1,143,537 898,097 1,260,563 1,265,450 1,144,639 1,073,554 1,293,871 1,090,333 5,700,299 1,096,031 3,025,734 1,155,603 958,794 1,062,711 638,214 890,034 4,474,364 1,855,987 8,504,236 — — (2,717) — 236,711 22,398 — — — 531 75,885 — — 283 57,272 — — 6,540 38,849 26,976 657 — 10,730 — — — — — — 20,322 — — — 1,900 32,240 — — — — — — — — 22,896 — — — — — — 5,756 25,550 — — — 27,530 43,497 — 26,864 — — — 355 9,668 266,479 — — — 20,612 (110,745) — 519 105,278 Land 533,502 331,691 338,789 289,473 1,400,530 262,412 129,263 292,234 383,742 138,006 851,561 124,667 170,957 2,552,353 3,021,260 4,427,019 1,095,933 16,350,193 6,881,022 195,171 744,261 2,501,623 646,629 497,216 2,174,730 255,339 746,846 751,265 608,450 2,791,684 736,113 333,236 2,484,935 186,767 336,125 714,666 1,280,484 390,416 374,268 1,067,983 185,310 873,334 449,741 394,567 5,687,045 92,295 644,434 135,642 176,281 814,666 325,722 429,857 504,378 149,230 716,631 140,507 594,597 369,497 150,440 203,953 245,375 95,197 1,257,608 670,021 257,839 241,857 146,676 303,830 327,392 750,569 2,840,009 563,227 3,254,807 1,071,930 929,093 1,116,742 928,717 1,096,591 838,468 864,122 1,280,705 1,351,195 1,253,907 5,657,953 1,070,754 1,064,039 6,994,802 6,182,457 1,599,591 — 3,083,108 10,558,067 1,568,190 — 2,784,576 1,226,188 1,027,192 — 1,059,913 1,805,756 2,089,523 1,073,714 4,783,386 1,849,694 1,156,806 2,344,077 1,617,410 2,529,605 2,137,506 1,716,312 1,441,936 1,652,522 5,880,828 — 1,653,886 1,202,041 1,418,555 18,880,969 1,537,120 1,213,859 1,026,006 988,808 1,719,410 2,674,888 647,292 1,341,890 1,002,706 1,143,537 925,627 1,304,060 1,265,450 1,171,503 1,073,554 1,293,871 1,090,333 5,700,654 1,105,699 3,292,213 1,155,603 958,794 1,062,711 658,826 594,498 4,474,364 1,856,507 8,609,514 1,605,432 1,260,784 1,455,531 1,218,190 2,497,121 1,100,880 993,385 1,572,939 1,734,937 1,391,913 6,509,514 1,195,421 1,234,996 9,547,155 9,203,717 6,026,610 1,095,933 19,433,301 17,439,089 1,763,361 744,261 5,286,199 1,872,817 1,524,408 2,174,730 1,315,252 2,552,602 2,840,788 1,682,164 7,575,070 2,585,807 1,490,042 4,829,012 1,804,177 2,865,730 2,852,172 2,996,796 1,832,352 2,026,790 6,948,811 185,310 2,527,220 1,651,782 1,813,122 24,568,014 1,629,415 1,858,293 1,161,648 1,165,089 2,534,076 3,000,610 1,077,149 1,846,268 1,151,936 1,860,168 1,066,134 1,898,657 1,634,947 1,321,943 1,277,507 1,539,246 1,185,530 6,958,262 1,775,720 3,550,052 1,397,460 1,105,470 1,366,541 986,218 1,345,067 7,314,373 2,419,734 11,864,321 133,991 116,137 123,386 102,546 91,129 90,679 95,413 154,752 149,185 133,137 684,834 118,096 117,354 801,479 617,391 183,178 — 361,748 1,121,202 159,972 — 330,504 153,721 121,812 — 110,408 195,624 246,716 111,845 517,769 219,656 144,601 253,870 191,728 263,165 240,355 207,328 171,053 199,620 722,849 — 203,290 142,614 153,194 2,045,167 163,252 141,617 104,738 111,098 182,620 269,153 76,312 164,941 110,715 135,687 92,539 155,547 137,018 116,904 129,600 140,169 115,782 664,933 110,510 344,257 125,190 97,877 106,271 81,882 41,427 503,255 197,151 860,708 2018 2018 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years F-46 Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Costs Gross Amount at Which Carried at Initial Cost Capitalized Building and Subsequent to Improvements Acquisition Land Close of Period Building and Improvements Total Accumulated Depreciation Acquisition Date of Description Encumbrance Ipswich, MA Ispwich, MA Adrian, MI Allegan, MI Caro, MI Clare, MI Cooks, MI Crystal Falls, MI Harrison, MI Jackson, MI Monroe, MI Plymouth, MI Spalding, MI Walker, MI Lakeville, MN Longville, MN Waite Park, MN Bolton, MS Bruce, MS Columbus, MS Flowood, MS Houston, MS Jackson, MS Michigan City, MS Pontotoc, MS Tutwiler, MS Fair Play, MO Florissant, MO Florissant, MO Grovespring, MO Hermitage, MO Madison, MO Oak Grove, MO Salem, MO South Fork, MO St. Louis, MO Manchester, HN Nashua, NH Lanoka Harbor, NJ Paramus, NJ San Ysidro, NM Hinsdale, NY Liverpool, NY Malone, NY Vestal, NY Columbus, NC Fayetteville, NC Hope Mills, NC Sylva, NC Edgeley, ND Grand Forks, ND Williston, ND Batavia, OH Bellevue, OH Columbus, OH Conneaut, OH Hamilton, OH Heath, OH Kenton, OH Maumee, OH Oxford, OH West Chester, OH West Chester, OH Ada, OK Bartlesville, OK Bokoshe, OK Lawton, OK Whitefield, OK Cranberry Township, PA Ebensburg, PA Flourtown, PA Monaca, PA Natrona Heights, PA — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 467,109 2,606,990 459,814 184,466 183,318 153,379 304,340 62,462 59,984 524,446 501,688 580,459 86,973 4,821,073 1,774,051 30,748 142,863 172,890 189,929 123,385 638,891 170,449 393,954 336,323 174,112 152,108 56,563 1,394,072 1,647,163 207,974 98,531 199,972 275,293 153,713 345,053 743,673 1,486,550 808,886 1,355,335 — 316,770 353,602 1,697,114 413,667 3,540,906 423,026 505,574 1,522,142 450,055 193,509 1,187,389 515,210 601,071 186,215 357,767 200,915 335,677 657,358 191,968 1,498,739 912,241 796,035 395,924 336,304 451,582 47,725 230,834 144,932 2,066,679 551,162 1,342,409 449,116 1,412,247 967,282 3,420,704 1,601,605 1,239,762 1,328,630 1,423,510 1,119,468 757,276 875,006 1,265,119 2,651,440 1,090,674 842,434 15,831,566 6,500,752 836,277 1,064,736 831,005 896,080 898,226 1,308,566 913,763 1,169,374 963,447 924,043 844,300 642,856 2,210,514 2,256,716 823,419 835,777 844,901 1,000,150 1,085,494 1,087,384 3,387,981 2,733,647 2,020,499 1,052,415 6,833,494 956,983 905,350 3,406,339 1,035,771 5,755,529 1,070,992 1,544,177 7,906,676 1,371,118 944,881 2,052,184 1,584,865 1,123,783 1,352,274 1,423,046 1,371,698 1,066,581 3,574,266 1,298,257 819,899 2,591,993 815,390 1,173,848 1,234,870 1,249,112 797,175 612,256 863,327 2,049,310 2,028,754 2,229,147 842,901 1,719,447 1,434,391 6,027,694 2,061,419 1,424,228 1,511,948 1,576,889 1,423,808 819,738 934,990 1,789,565 3,153,128 1,671,133 929,407 20,652,639 8,274,803 867,025 1,207,599 1,003,895 1,086,009 1,021,611 1,947,457 1,084,212 1,563,328 1,299,770 1,098,155 996,408 699,419 3,604,586 3,903,879 1,031,393 934,308 1,044,873 1,275,443 1,239,207 1,432,437 4,131,654 4,220,197 2,829,385 2,407,750 6,833,494 1,273,753 1,258,952 5,103,453 1,449,438 9,296,435 1,494,018 2,049,751 9,428,818 1,821,173 1,138,390 3,239,573 2,100,075 1,719,464 1,538,489 1,780,813 1,572,613 1,402,258 4,231,624 1,490,225 2,318,638 3,504,234 1,611,425 1,569,772 1,571,174 1,700,694 844,900 843,090 1,008,259 4,115,989 2,579,916 3,571,556 1,292,017 3,131,694 108,724 384,376 187,499 139,473 141,120 145,217 111,887 83,616 87,671 131,783 314,660 130,992 93,019 1,648,931 738,126 92,339 126,150 91,757 106,349 106,604 138,978 108,449 124,193 114,349 105,880 93,225 70,982 262,435 263,284 90,919 92,241 93,291 112,517 115,268 120,065 345,856 254,958 210,466 111,692 830,272 105,667 99,966 338,943 122,821 617,840 113,719 160,852 856,431 136,990 106,299 226,577 174,995 129,046 135,174 168,810 142,802 124,291 402,224 132,466 100,320 312,004 100,206 141,723 128,632 140,353 89,392 68,707 97,124 247,565 240,641 273,984 101,791 211,349 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 967,282 3,414,474 1,562,895 1,239,762 1,328,630 1,412,383 1,109,838 757,276 900,901 1,265,119 2,651,440 1,043,474 842,434 15,814,475 6,386,118 836,277 1,064,736 831,005 896,080 898,226 1,308,566 913,763 1,169,374 963,447 924,043 844,300 642,856 2,210,514 2,256,716 823,419 833,177 844,901 1,000,150 1,085,494 1,087,384 3,387,981 2,419,269 2,020,221 1,052,415 6,224,221 956,983 905,350 3,355,641 1,035,771 5,610,529 1,070,992 1,544,177 7,906,676 1,351,631 944,881 2,052,184 1,584,865 1,125,756 1,343,783 1,423,046 1,363,715 1,066,581 3,259,449 1,290,534 815,222 2,566,991 814,730 1,173,848 1,234,870 1,249,112 797,175 612,256 863,327 2,049,310 2,023,064 2,229,147 842,901 1,719,447 — 6,230 38,711 — — 11,126 9,630 — (25,895) — — 47,200 — 17,091 114,634 — — — — — — — — — — — — — — — 2,600 — — — — — 314,378 279 — 609,273 — — 50,698 — 145,000 — — — 19,487 — — — (7,364) 8,491 — 7,983 — 314,817 7,724 4,677 25,001 660 — — — — — — — 5,690 — — — 467,109 2,606,990 459,814 184,466 183,318 153,379 304,340 62,462 59,984 524,446 501,688 580,459 86,973 4,821,073 1,774,051 30,748 142,863 172,890 189,929 123,385 638,891 170,449 393,954 336,323 174,112 152,108 56,563 1,394,072 1,647,163 207,974 98,531 199,972 275,293 153,713 345,053 743,673 1,486,550 808,886 1,355,335 — 316,770 353,602 1,697,114 413,667 3,540,906 423,026 505,574 1,522,142 450,055 193,509 1,187,389 515,210 595,681 186,215 357,767 200,915 335,677 657,358 191,968 1,498,739 912,241 796,035 395,924 336,304 451,582 47,725 230,834 144,932 2,066,679 551,162 1,342,409 449,116 1,412,247 F-47 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Initial Cost Costs Capitalized Building and Subsequent to Improvements Acquisition Gross Amount at Which Carried at Close of Period Building and Improvements Total Accumulated Depreciation Acquisition Date of Description Encumbrance North Huntingdon, PA Oakdale, PA Philadelphia, PA Pittsburgh, PA Robinson Township, PA Titusville, PA West View, PA York, PA Columbia, SC Hampton, SC Myrtle Beach, SC Orangeburg, SC Kadoka, SD Thorn Hill, TN Woodbury, TN Burleson, TX Carrizo Springs, TX Garland, TX Kenedy, TX Laredo, TX Lewisville, TX Lubbock, TX Wichita Falls, TX Wylie, TX Draper, UT Bristol, VA Gloucester, VA Hampton, VA Hampton, VA Hampton, VA Hampton, VA Newport News, VA Newport News, VA Poquoson, VA South Boston, VA Surry, VA Williamsburg, VA Williamsburg, VA Wytheville, VA Ephrata, WA Charleston, WV Ripley, WV Black River Falls, WI Lake Geneva, WI Menomonee Falls, WI Sun Prairie, WI West Milwaukee, WI Adger, AL Dothan, AL Enterprise, AL Lanett, AL Saraland, AL Sylacauga, AL Theodore, AL Altheimer, AR Benton, AR Benton, AR Bismarck, AR Centerton, AR Elaine, AR Jonesboro, AR Little Rock, AR Mayflower, AR Mena, AR Pine Bluff, AR Pine Bluff, AR Searcy, AR Sparkman, AR West Helena, AR Coolidge, AZ Maricopa, AZ Phoenix, AZ Tucson, AZ — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 428,166 708,623 1,891,985 1,251,674 1,630,648 877,651 120,349 3,331,496 2,783,934 215,462 1,371,226 316,428 134,528 115,367 154,043 1,396,753 337,070 773,385 325,159 1,117,403 2,347,993 1,420,820 585,664 686,154 1,344,025 996,915 458,785 3,549,928 429,613 744,520 561,596 12,618,320 855,793 330,867 490,590 685,233 1,574,769 675,861 206,660 368,492 561,767 1,042,204 278,472 7,078,726 3,518,493 2,864,563 783,260 189,119 792,626 728,934 597,615 838,216 2,181,806 743,751 202,235 561,085 2,271,157 129,139 502,391 51,248 477,565 136,550 708,465 1,459,039 195,689 279,293 548,495 80,956 93,907 252,228 761,177 11,641,459 3,267,761 1,508,044 987,577 20,799,223 3,842,592 2,703,381 2,568,060 1,347,706 6,690,968 13,228,453 1,050,367 2,752,440 1,116,664 926,523 974,925 1,092,958 3,312,794 812,963 2,587,011 954,774 2,152,573 5,271,935 1,858,395 1,952,988 1,623,684 3,321,208 1,374,467 1,994,093 6,096,218 1,081,015 1,249,355 1,545,002 — 1,754,228 848,105 2,637,385 994,788 2,001,920 1,098,464 1,248,178 4,821,470 — — 1,141,572 — 12,020,248 7,215,614 3,055,907 1,222,891 3,017,431 2,504,283 2,264,102 2,709,602 9,940,930 2,667,802 1,151,471 2,141,511 1,324,716 876,127 2,152,058 802,757 942,703 638,605 448,741 — 1,102,338 1,290,094 5,834,876 720,376 885,680 1,164,641 1,600,925 7,261,072 6,624,814 — 95,078 211,964 — — — — 9,190 — — 503,611 — — — — 13,863 5,087 — 11,254 48,118 4,154 — — — 23,553 — — 107 — — — — — 2,156 15,414 — (9,200) — — 18,383 — 20,422 9,517 — 12,918 — 16,402 — (31,788) 15,377 128 1,276 4,330 — — 249,809 39,069 — 249,808 — — — 80,702 — 3,251 7,250 — — 21,923 11,720 11,257 — 383,141 Land 428,166 708,623 1,891,985 1,251,674 1,630,648 877,651 120,349 3,331,496 2,783,934 215,462 1,371,226 316,428 134,528 115,367 154,043 1,396,753 337,070 773,385 325,159 1,117,403 2,347,993 1,420,820 585,664 686,154 1,344,025 996,915 458,785 3,549,928 429,613 744,520 561,596 12,618,320 855,793 330,867 490,590 685,233 1,565,569 675,861 206,660 368,492 561,767 1,062,626 278,472 7,078,726 3,518,494 2,864,564 783,261 189,119 778,553 728,934 597,615 838,216 2,181,806 743,751 202,235 561,085 2,271,157 129,139 502,391 51,248 477,565 136,550 708,465 1,459,039 195,689 279,293 548,495 80,956 93,907 252,228 761,177 11,641,459 3,267,761 1,508,044 1,082,654 21,011,187 3,842,592 2,703,381 2,568,060 1,347,706 6,700,158 13,228,453 1,050,367 3,256,051 1,116,664 926,523 974,925 1,092,958 3,326,658 818,050 2,587,011 966,029 2,200,690 5,276,089 1,858,395 1,952,988 1,623,684 3,344,761 1,374,467 1,994,093 6,096,325 1,081,015 1,249,355 1,545,002 — 1,754,228 850,261 2,652,799 994,788 2,001,920 1,098,464 1,248,178 4,839,852 — — 1,151,090 — 12,033,165 7,215,613 3,072,308 1,222,891 2,999,716 2,519,660 2,264,230 2,710,877 9,945,260 2,667,802 1,151,471 2,391,320 1,363,785 876,127 2,401,866 802,757 942,703 638,605 529,443 — 1,105,588 1,297,344 5,834,876 720,376 907,603 1,176,361 1,612,182 7,261,072 7,007,955 1,936,210 1,791,277 22,903,172 5,094,266 4,334,029 3,445,711 1,468,055 10,031,654 16,012,387 1,265,829 4,627,277 1,433,092 1,061,051 1,090,292 1,247,001 4,723,411 1,155,120 3,360,396 1,291,188 3,318,093 7,624,082 3,279,215 2,538,652 2,309,838 4,688,786 2,371,382 2,452,878 9,646,253 1,510,628 1,993,875 2,106,598 12,618,320 2,610,021 1,181,128 3,143,389 1,680,021 3,567,489 1,774,325 1,454,838 5,208,344 561,767 1,062,626 1,429,562 7,078,726 15,551,659 10,080,177 3,855,569 1,412,010 3,778,269 3,248,594 2,861,845 3,549,093 12,127,066 3,411,553 1,353,706 2,952,405 3,634,942 1,005,266 2,904,257 854,005 1,420,268 775,155 1,237,908 1,459,039 1,301,277 1,576,637 6,383,371 801,332 1,001,510 1,428,589 2,373,359 18,902,531 10,275,716 182,162 110,768 2,468,591 408,176 304,046 294,200 145,917 766,833 1,598,311 131,296 405,123 127,873 104,234 115,677 129,789 332,579 91,910 301,818 96,533 251,366 648,118 228,428 219,711 196,135 334,329 148,901 215,982 647,485 117,110 135,347 167,375 — 190,041 92,080 276,173 107,769 216,875 119,000 124,818 493,857 — — 117,428 — 1,378,153 766,461 313,346 109,551 218,057 247,261 188,662 265,173 890,689 255,576 105,163 186,705 101,069 74,716 192,024 73,287 76,541 58,482 39,860 — 103,675 118,154 498,144 59,971 81,758 102,946 124,168 620,082 539,618 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years F-48 Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Initial Cost Costs Capitalized Building and Subsequent to Improvements Acquisition Gross Amount at Which Carried at Close of Period Building and Improvements Total Accumulated Depreciation Acquisition Date of Description Yuma, AZ Yuma, AZ Antioch, CA Calexico, CA Hawthorne, CA Napa, CA Palmdale, CA Quincy, CA Quincy, CA Rancho Cordova, CA San Francisco, CA Signal Hill, CA Stockton, CA Broomfield, CO Cortez, CO La Junta, CO Pueblo, CO Newington, CT Old Saybrook, CT Stafford Springs, CT Davenport, FL Deerfield Beach, FL Labelle, FL Lake Placid, FL Leesburg, FL Madison, FL Orlando, FL Panama City, FL Pensacola, FL Port St. Lucie, FL Punta Gorda, FL Sebring, FL Venice, FL Vero Beach, FL Albany, GA Albany, GA Albany, GA Americus, GA Cairo, GA Dallas, GA Doraville, GA Flowery Branch, GA Jesup, GA Lawrenceville, GA Lithia Springs, GA Moultrie, GA Quitman, GA Savannah, GA Savannah, GA George, IA Graettinger, IA Alexis, IL Chicago, IL Chicago, IL Chicago, IL Chicago, IL East Alton, IL Fairfield, IL Grayslake, IL Homewood, IL Kankakee, IL Manteno, IL Oswego, IL Rockton, IL Elkhart, IN Franklin, IN Indianapolis, IN Noblesville, IN Peru, IN Rockville, IN Derby, KS Independence, KS Shwanee, KS Encumbrance — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 840,427 — 3,369,667 937,091 7,297,568 5,287,831 2,159,541 315,559 605,988 10,668,451 7,234,677 8,490,622 961,910 708,881 177,422 187,988 235,805 403,932 443,801 1,230,939 721,966 1,963,542 489,345 2,060,445 708,698 171,150 4,558,262 830,080 379,154 670,030 615,829 1,986,013 1,301,719 1,241,406 311,920 248,888 898,015 238,633 237,315 235,642 533,512 1,253,091 155,604 852,136 3,789,145 150,752 407,661 749,834 3,502,278 283,785 154,261 425,656 2,780,722 424,932 596,808 932,560 113,457 198,833 478,307 1,224,131 107,139 71,681 373,727 367,154 173,631 979,332 251,149 259,582 202,110 436,457 440,419 200,329 2,594,271 5,489,179 5,052,648 6,952,571 22,274 5,841,964 13,608,836 6,648,091 1,597,973 4,898,500 — 748,185 6,714,882 3,310,275 965,675 1,594,274 823,735 1,568,540 1,915,897 3,497,920 7,075,776 1,435,651 514,491 2,754,977 — 541,993 619,660 7,261,682 856,243 969,254 1,664,571 1,921,751 — 1,233,030 1,356,081 1,278,107 1,445,530 5,713,749 968,812 1,040,643 1,134,202 1,709,449 — 864,415 1,633,580 7,881,640 868,415 1,125,845 1,802,814 4,132,018 942,785 933,746 1,237,404 2,305,569 4,223,123 1,415,648 2,553,809 1,422,573 1,180,242 1,131,061 10,005,811 1,185,653 1,213,963 2,715,101 1,526,399 972,629 1,548,523 1,550,984 1,611,431 1,501,247 1,601,972 2,367,428 1,426,975 2,766,524 577 29,919 — — 1,750 651 486 — — 27,033 19,917 — 16,202 7,993 9,852 — — 51,469 75 — — — — 15,405 7,993 6,567 — — 203,144 — — 15,406 — 19 — — — 13,125 — 14,690 — (2,000) — — — — 117,691 3,236 429,779 — — — — — — 7,273 — 30,243 — 24,941 — 37,938 16,091 — 7,992 26,567 — — — (75,085) — (75,085) — Land 840,427 — 3,369,667 959,365 7,297,568 5,287,831 2,159,541 315,559 605,988 10,695,484 7,234,677 8,490,622 961,910 708,881 177,422 187,988 235,805 403,932 443,801 1,230,939 721,966 1,963,542 489,345 2,075,850 708,698 171,150 4,558,262 830,080 379,154 670,030 615,829 2,001,419 1,301,719 1,241,406 311,920 248,888 898,015 238,633 237,315 235,642 533,512 1,251,091 155,604 852,136 3,789,145 150,752 407,661 749,834 3,502,278 283,785 154,261 425,656 2,780,722 424,932 596,808 932,560 113,457 198,833 478,307 1,224,131 107,139 71,681 373,727 367,154 173,631 979,332 251,149 259,582 202,110 436,457 440,419 200,329 2,594,271 5,489,756 5,082,567 6,952,571 — 5,843,714 13,609,486 6,648,577 1,597,973 4,898,500 — 768,103 6,714,882 3,326,478 973,668 1,604,126 823,735 1,568,540 1,967,366 3,497,994 7,075,776 1,435,651 514,491 2,754,977 — 549,986 626,228 7,261,682 856,243 1,172,398 1,664,571 1,921,751 — 1,233,030 1,356,101 1,278,107 1,445,530 5,713,749 981,937 1,040,643 1,148,892 1,709,449 — 864,415 1,633,580 7,881,640 868,415 1,243,536 1,806,050 4,561,797 942,785 933,746 1,237,404 2,305,569 4,223,123 1,415,648 2,561,082 1,422,573 1,210,486 1,131,061 10,030,752 1,185,653 1,251,901 2,731,193 1,526,399 980,621 1,575,090 1,550,984 1,611,431 1,501,247 1,526,887 2,367,428 1,351,890 2,766,524 6,330,183 5,082,567 10,322,238 959,365 13,141,282 18,897,317 8,808,118 1,913,532 5,504,488 10,695,484 8,002,780 15,205,504 4,288,388 1,682,549 1,781,548 1,011,723 1,804,345 2,371,298 3,941,795 8,306,715 2,157,617 2,478,033 3,244,322 2,075,850 1,258,684 797,378 11,819,944 1,686,323 1,551,552 2,334,601 2,537,580 2,001,419 2,534,749 2,597,507 1,590,027 1,694,418 6,611,764 1,220,570 1,277,958 1,384,534 2,242,961 1,251,091 1,020,019 2,485,716 11,670,785 1,019,167 1,651,197 2,555,884 8,064,075 1,226,570 1,088,007 1,663,060 5,086,291 4,648,055 2,012,456 3,493,642 1,536,030 1,409,319 1,609,368 11,254,883 1,292,792 1,323,582 3,104,920 1,893,553 1,154,252 2,554,422 1,802,133 1,871,013 1,703,357 1,963,344 2,807,847 1,552,219 5,360,795 480,204 381,006 579,282 — 474,637 1,190,629 623,131 149,560 438,751 — 59,023 657,499 249,382 72,975 120,248 76,975 137,247 185,165 284,063 574,907 143,565 43,845 235,220 — 41,199 57,491 665,524 85,617 78,942 159,397 188,172 — 123,303 132,784 117,096 132,448 514,818 88,838 104,064 86,396 135,331 — 79,159 159,955 689,539 79,526 112,585 153,978 394,128 94,277 93,373 121,161 187,201 343,007 114,901 192,028 124,377 92,299 101,199 918,227 93,784 93,653 204,738 114,480 73,497 118,546 119,538 157,786 131,359 114,961 197,148 101,836 241,973 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years F-49 Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Costs Gross Amount at Which Carried at Initial Cost Capitalized Building and Subsequent to Improvements Acquisition Land Close of Period Building and Improvements Total Accumulated Depreciation Acquisition Date of Description Encumbrance Wichita, KS Wichita, KS Wichita, KS Wichita, KS Louisa, KY Louisville, KY Louisville, KY Amite City, LA Baton Rouge, LA Denham Springs, LA Dequincy, LA Gibson, LA Gonzales, LA Hammond, LA Laplace, LA Springhill, LA Dorchester, MA East Wareham, MA Pittsfield, MA Pittsfield, MA Taunton, MA Aberdeen, MD Baltimore, MD Cockeysville, MD Hagerstown, MD Owings Mills, MD Augusta, ME Benton Harbor, MI Cedar Springs, MI Grayling, MI Hart, MI Holland, MI Howell, MI Jonesville, MI Monroe, MI Omer, MI Owosso, MI Taylor, MI Traverse City, MI Apple Valley, MN Blaine, MN Chanhassen, MN Glyndon, MN Hill City, MN Holdingford, MN Ottertail, MN Arnold, MO Leeton, MO Liberty, MO Northmoor, MO Platte City, MO Richmond Heights, MO Sheldon, MO Thayer, MO Union, MO Brandon, MS Flowood, MS Flowood, MS Gore Springs, MS Greenwood, MS Greenwood, MS Grenada, MS Gulfport, MS Madison, MS Oxford, MS Southaven, MS Wiggins, MS Asheville, NC Atlantic Beach, NC Beaufort, NC Boone, NC Buxton, NC Cary, NC — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 834,377 2,031,526 1,194,939 2,171,260 242,391 2,185,678 208,346 264,208 377,270 398,006 288,426 414,855 688,032 367,215 1,971,887 438,507 4,815,990 590,052 4,127,428 5,087,945 1,005,673 758,616 3,031,879 2,209,572 1,009,779 2,154,954 1,627,817 385,355 346,310 277,355 1,336,141 108,733 601,610 1,171,853 1,315,043 165,126 299,521 338,092 337,556 814,086 497,750 1,664,359 131,845 66,391 276,722 209,929 846,894 192,069 367,591 551,491 766,613 3,305,260 168,799 685,788 270,233 526,657 1,625,494 759,912 188,141 150,855 137,312 187,855 597,617 1,437,048 547,606 259,300 639,466 5,132,913 261,338 375,437 4,795,569 209,947 253,081 2,338,612 1,974,595 2,062,020 2,235,093 1,178,524 3,092,912 621,820 937,735 1,225,020 1,484,613 969,725 1,257,274 2,706,843 2,493,191 8,537,415 2,349,160 936,882 1,534,139 — — 8,352,646 1,712,723 — — 1,285,162 3,042,759 — 1,098,794 1,907,232 522,417 1,294,095 1,773,459 1,492,097 8,871,307 9,132,436 828,778 2,240,764 1,017,043 3,931,903 2,665,167 3,006,242 — 853,575 996,428 1,078,003 897,043 2,400,037 1,109,261 4,348,251 1,723,994 2,522,801 2,531,065 1,017,992 1,997,549 1,041,690 1,575,241 6,425,251 2,383,348 999,760 903,459 1,154,001 947,888 2,702,930 6,194,546 1,001,799 885,519 2,563,391 — 1,156,375 1,417,587 9,574,638 1,186,030 1,018,159 3,172,989 4,006,121 3,256,959 4,406,353 1,420,915 5,278,590 830,166 1,201,943 1,602,290 1,882,619 1,258,151 1,672,129 3,394,875 2,860,406 10,509,302 2,787,667 5,752,872 2,124,191 4,127,428 5,087,945 9,358,319 2,471,339 3,068,588 2,229,855 2,294,941 5,197,713 1,627,817 1,484,149 2,253,542 799,772 2,630,236 1,882,192 2,093,707 10,043,160 10,447,479 993,904 2,540,285 1,355,135 4,269,459 3,479,253 3,503,992 1,675,581 985,420 1,062,819 1,354,725 1,105,972 3,246,931 1,301,330 4,715,842 2,275,485 3,289,414 5,836,325 1,186,791 2,683,337 1,311,923 2,101,898 8,050,745 3,143,260 1,187,901 1,054,314 1,291,313 1,135,743 3,300,547 7,631,594 1,549,405 1,144,819 3,202,857 5,150,084 1,417,713 1,793,024 14,370,207 1,395,977 1,271,240 204,531 172,679 180,329 195,571 93,702 308,655 53,054 77,906 119,774 123,693 82,831 112,417 211,619 185,423 782,459 176,699 72,086 118,097 — — 835,265 171,272 — — 125,839 247,498 — 82,360 143,042 45,548 121,061 177,346 133,505 813,069 741,730 81,150 224,076 82,469 311,276 210,922 225,418 — 85,357 99,642 107,799 89,703 179,953 99,371 371,161 147,168 188,936 221,468 91,195 181,599 88,914 127,874 575,930 193,559 90,457 82,429 100,812 86,501 263,515 503,240 75,085 74,802 213,592 — 96,272 118,039 935,506 98,743 85,799 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2,338,612 1,974,595 2,062,020 2,235,093 1,177,975 3,081,512 621,820 930,655 1,225,020 1,484,613 969,725 1,252,765 2,457,035 2,243,382 8,537,415 2,335,035 923,841 1,525,359 — — 8,352,646 1,712,723 — — 1,285,162 3,017,368 — 1,090,802 1,907,232 521,492 1,294,095 1,773,459 1,491,797 8,871,307 9,131,436 828,778 2,240,764 1,017,043 3,980,018 2,665,167 2,998,249 11,222 853,575 996,428 1,078,003 897,043 2,392,044 1,109,261 4,348,251 1,723,994 2,501,154 2,531,065 1,017,992 1,968,043 1,041,690 1,575,241 6,417,821 2,383,348 951,645 903,459 1,154,001 947,888 2,692,177 6,194,546 993,807 864,055 2,563,263 — 1,156,375 1,417,587 9,543,185 1,186,030 1,018,159 — — — — 549 11,400 — 7,080 — — — 4,509 249,808 249,809 — 14,125 13,041 8,779 — — — — 36,709 20,283 — 25,391 — 7,992 — 925 — — 300 — 1,000 — — — (48,115) — 7,993 — — — — (1,000) 7,994 — — — 21,646 — — 29,506 — — 7,430 — 48,114 — — — 10,753 — 7,992 21,464 128 17,171 — — 31,452 — — 834,377 2,031,526 1,194,939 2,171,260 242,391 2,185,678 208,346 264,208 377,270 398,006 288,426 414,855 688,032 367,215 1,971,887 438,507 4,815,990 590,052 4,127,428 5,087,945 1,005,673 758,616 3,068,588 2,229,855 1,009,779 2,154,954 1,627,817 385,355 346,310 277,355 1,336,141 108,733 601,610 1,171,853 1,315,043 165,126 299,521 338,092 337,556 814,086 497,750 1,675,581 131,845 66,391 276,722 208,929 846,894 192,069 367,591 551,491 766,613 3,305,260 168,799 685,788 270,233 526,657 1,625,494 759,912 188,141 150,855 137,312 187,855 597,617 1,437,048 547,606 259,300 639,466 5,150,084 261,338 375,437 4,795,569 209,947 253,081 F-50 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Initial Cost Costs Capitalized Building and Subsequent to Improvements Acquisition Gross Amount at Which Carried at Close of Period Building and Improvements Accumulated Depreciation Acquisition Date of Description Encumbrance Chapel Hill, NC Charlotte, NC Concord, NC Dallas, NC Durham, NC Elkin, NC Elm City, NC Emerald Isle, NC Fuquay-Varina, NC Garner, NC Goldsboro, NC Goldsboro, NC Greensboro, NC Greenville, NC Harkers Island, NC Jacksonville, NC Jacksonville, NC Jacksonville, NC Kinston, NC Knotts Island, NC Morehead City, NC Randleman, NC Randleman, NC Rocky Mount, NC Rocky Mount, NC Salisbury, NC Salter Path, NC Smithfield, NC Sylva, NC Waves, NC Waxhaw, NC Winston Salem, NC Winston-Salem, NC Winterville, NC Stanley, ND Lebanon, NH Budd Lake, NJ Fairfield, NJ Paterson, NJ Clovis, NM Albany, NY Bemus Point, NY Candor, NY Conklin, NY Greene, NY Hamburg, NY Masonville, NY Medford, NY Mount Upton, NY Olean, NY Pompey, NY Ripley, NY Rochester, NY Syracuse, NY Wainscott, NY Watertown, NY Boardman, OH Carrollton, OH Chillicothe, OH Cincinnati, OH Columbus, OH Defiance, OH Dunkirk, OH Hudson, OH Mason, OH Massillon, OH Mayfield Heights, OH Oregon, OH Parma, OH Toledo, OH Toledo, OH Westerville, OH Westerville, OH — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 22,437,345 978,304 952,393 309,847 229,232 292,234 447,081 316,187 4,398,922 216,566 246,160 243,355 272,962 161,533 964,627 405,135 3,213,710 295,296 358,915 129,285 201,436 1,368,987 1,834,106 305,766 206,675 990,303 245,172 270,560 1,776,968 320,928 679,943 232,299 282,142 312,123 346,030 694,609 2,771,964 2,358,323 — 74,256 539,308 49,293 271,132 247,429 449,997 526,596 222,228 1,211,908 152,379 1,224,360 774,544 110,279 2,391,104 1,432,858 4,544,060 523,013 483,754 251,046 760,959 381,550 1,689,259 127,517 230,958 548,279 4,470,714 118,153 696,965 4,915,676 1,301,846 8,645,091 4,950,900 946,988 690,653 — 1,328,283 1,398,319 1,008,936 1,169,836 1,884,674 1,401,379 1,125,842 10,142,102 1,170,660 1,227,984 1,135,304 1,126,017 1,095,964 2,109,360 1,122,908 10,021,579 1,426,015 1,016,305 1,232,265 934,453 8,954,905 — 1,114,117 960,873 1,019,025 1,012,413 1,201,146 12,026,284 1,092,703 2,377,641 1,069,191 1,316,279 1,271,222 3,299,205 3,892,685 — — — 943,641 1,123,766 980,218 1,012,522 939,529 1,173,666 561,841 1,059,364 3,751,279 918,162 12,197,768 1,437,312 756,748 13,146,442 6,115,247 4,084,794 1,323,771 1,817,047 1,593,367 10,507,546 1,651,643 6,937,214 1,407,734 1,069,772 763,934 11,479,943 1,177,205 987,268 11,980,299 — 30,638 8,979,618 1,786,197 1,402,190 (776,409) — — — — 10,255 — — 30,452 — — — — — — 21,750 89,947 22,196 — — — 30,453 19,174 — — 7,993 — — 6,068 — 430 — 12,095 — 11,401 61,494 20,750 24,454 663 11,850 — (53,366) (53,366) (53,367) — 4,891 — 74 — 181,275 — — 560 — — 17,365 — — — — 7,998 (63,631) 4,509 4,891 7,630 7,993 4,891 — — (1,550) — 4,891 832,471 Land 21,657,946 978,304 952,393 309,847 229,232 292,234 447,081 316,187 4,398,922 216,566 246,160 243,355 272,962 161,533 964,627 405,135 3,213,710 295,296 358,915 129,285 201,436 1,368,987 1,853,280 305,766 206,675 990,303 245,172 270,560 1,776,968 320,928 679,943 232,299 282,142 312,123 346,030 694,609 2,792,714 2,382,777 663 74,256 539,308 49,293 271,132 247,429 449,997 526,596 222,228 1,211,908 152,379 1,224,360 774,544 110,279 2,391,104 1,432,858 4,544,060 523,013 483,754 251,046 760,959 381,550 1,689,259 127,517 230,958 548,279 4,470,714 118,153 696,965 4,915,676 1,301,846 8,674,179 4,950,900 946,988 690,653 2,990 1,328,283 1,398,319 1,008,936 1,169,836 1,894,929 1,401,379 1,125,842 10,172,554 1,170,660 1,227,984 1,135,304 1,126,017 1,095,964 2,109,360 1,144,659 10,111,526 1,448,211 1,016,305 1,232,265 934,453 8,985,357 — 1,114,117 960,873 1,027,018 1,012,413 1,201,146 12,032,353 1,092,703 2,378,071 1,069,191 1,328,374 1,271,222 3,310,605 3,954,179 — — — 955,492 1,123,766 926,851 959,155 886,162 1,173,666 566,732 1,059,364 3,751,353 918,162 12,379,043 1,437,312 756,748 13,147,003 6,115,247 4,084,794 1,341,136 1,817,047 1,593,367 10,507,546 1,651,643 6,945,212 1,344,103 1,074,280 768,825 11,487,573 1,185,197 992,159 11,980,299 — — 8,979,618 1,791,088 2,234,661 Total 21,660,936 2,306,587 2,350,712 1,318,783 1,399,068 2,187,163 1,848,460 1,442,029 14,571,476 1,387,226 1,474,144 1,378,659 1,398,979 1,257,497 3,073,987 1,549,794 13,325,236 1,743,507 1,375,220 1,361,550 1,135,889 10,354,344 1,853,280 1,419,883 1,167,548 2,017,321 1,257,585 1,471,706 13,809,321 1,413,631 3,058,014 1,301,490 1,610,516 1,583,345 3,656,635 4,648,788 2,792,714 2,382,777 663 1,029,748 1,663,074 976,144 1,230,287 1,133,591 1,623,663 1,093,328 1,281,592 4,963,261 1,070,541 13,603,403 2,211,856 867,027 15,538,107 7,548,105 8,628,854 1,864,149 2,300,801 1,844,413 11,268,505 2,033,193 8,634,471 1,471,620 1,305,238 1,317,104 15,958,287 1,303,350 1,689,124 16,895,975 1,301,846 8,674,179 13,930,518 2,738,076 2,925,314 3 124,414 134,006 88,196 97,394 142,056 116,689 93,727 994,223 97,462 102,239 94,516 93,742 91,238 175,780 94,142 814,356 108,162 84,692 102,689 77,871 877,976 — 92,843 80,073 76,976 84,368 100,096 1,128,002 91,058 188,175 89,099 99,553 105,935 309,816 360,303 — — — 73,533 93,538 82,723 85,582 79,195 102,684 42,474 92,683 304,648 80,339 1,167,421 125,765 66,215 1,067,971 573,090 382,816 108,690 155,147 149,133 984,911 141,018 676,375 100,425 96,070 57,631 957,019 88,840 74,381 948,299 — — 710,824 134,301 160,934 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years F-51 Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Costs Gross Amount at Which Carried at Initial Cost Capitalized Building and Subsequent to Improvements Acquisition Land Close of Period Building and Improvements Total Accumulated Depreciation Acquisition Date of Description Encumbrance Checotah, OK Elk City, OK Moore, OK Oklahoma City, OK Eugene, OR Seaside, OR Bristol, PA Lawrence Township, PA Nescopeck, PA New Milford, PA Orangeville, PA Port Trevorton, PA Tobyhanna, PA Wellsboro, PA Whitehall, PA Chapin, SC Clemson, SC Columbia, SC Columbia, SC Greer, SC Irmo, SC Myrtle Beach, SC Myrtle Beach, SC Pageland, SC Vermillion, SD Yankton, SD Cleveland, TN Henderson, TN Kimball, TN Knoxville, TN Knoxville, TN Lakeland, TN Nashville, TN Nashville, TN Seymour, TN Tullahoma, TN Belton, TX Comanche, TX Conroe, TX Converse, TX Converse, TX Cuero, TX Dayton, TX Devine, TX El Paso, TX Euless, TX Gonzales, TX Harker Heights, TX Harker Heights, TX Harlingen, TX Houston, TX Houston, TX Houston, TX Humble, TX La Feria, TX Lake Jackson, TX Lewisville, TX Lubbock, TX Lubbock, TX Mansfield, TX Mckinney, TX Rhome, TX Saginaw, TX San Antonio, TX Terrell, TX Tomball, TX Weslaco, TX Chester, VA Galax, VA Henrico, VA Lynchburg, VA Burlington, WI Germantown, WI — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 151,906 507,204 1,649,938 356,795 4,253,602 376,612 1,201,361 225,955 428,452 206,824 201,441 143,540 181,003 165,062 1,139,318 237,432 501,288 1,233,052 354,953 426,062 274,327 858,941 389,784 305,018 182,981 197,328 1,060,966 109,252 1,509,366 4,110,394 210,544 237,682 556,406 355,577 187,929 1,206,870 587,479 93,935 1,227,703 1,425,000 200,802 361,553 167,367 307,379 5,085,368 802,881 382,828 659,665 1,564,673 231,002 5,229,809 812,409 835,464 595,712 44,473 898,275 1,033,074 332,773 1,884,836 1,116,200 2,304,155 477,504 318,799 947,884 1,065,186 789,415 921,078 389,357 160,074 439,174 241,396 1,121,515 617,945 903,580 3,969,937 1,488,232 1,349,469 7,543,456 5,096,147 — 1,569,779 1,362,404 1,143,916 1,065,583 959,535 1,070,889 1,091,790 3,661,960 1,540,336 1,905,390 5,532,637 1,670,857 1,829,484 729,177 1,377,893 923,143 2,210,011 1,562,346 993,749 1,508,917 705,187 11,782,512 12,555,636 1,396,261 795,446 — 1,508,765 1,302,250 9,853,611 2,228,889 1,213,190 — 471,349 1,651,528 2,937,261 1,233,614 1,194,057 9,221,758 1,599,698 2,667,952 863,417 818,755 2,621,790 6,246,000 2,365,951 — 2,044,118 1,177,221 1,799,085 1,746,113 937,963 5,935,804 1,562,247 1,870,722 2,310,821 735,558 892,945 3,244,273 1,266,687 2,143,092 — 1,218,288 1,717,635 902,930 3,228,266 1,207,840 1,055,486 4,477,141 3,138,170 1,706,264 11,797,058 5,472,759 1,210,743 1,795,734 1,790,856 1,350,740 1,267,024 1,103,075 1,251,892 1,256,852 4,801,278 1,777,768 2,406,678 6,765,689 2,025,810 2,255,546 1,003,504 2,236,834 1,312,927 2,515,029 1,745,327 1,191,077 2,564,883 814,439 13,291,878 16,666,030 1,606,805 1,033,128 556,406 1,864,342 1,490,179 11,060,481 2,816,368 1,307,125 1,232,583 1,896,349 1,852,330 3,298,814 1,400,981 1,501,436 14,307,126 2,402,579 3,050,780 1,523,082 2,383,428 2,852,792 11,475,809 3,178,360 858,154 2,555,968 1,221,694 2,697,360 2,779,187 1,270,736 7,820,640 2,678,447 4,174,877 2,788,325 1,054,357 1,840,829 4,309,459 2,056,102 3,064,170 426,440 1,378,362 2,156,809 1,144,326 4,349,781 1,825,785 82,415 347,238 111,567 115,208 612,812 445,705 — 141,361 116,372 102,308 86,579 85,791 95,766 81,884 374,768 131,440 174,397 518,445 135,684 177,445 59,246 134,919 69,186 169,998 147,468 74,481 147,748 57,242 1,030,756 1,098,439 113,328 64,576 — 113,940 111,154 759,427 176,380 121,319 — 40,091 127,084 238,597 92,357 97,017 843,785 139,973 216,711 70,153 61,673 210,141 532,283 192,170 — 183,019 93,124 134,881 152,785 70,317 444,898 117,119 140,254 172,175 59,654 66,921 324,427 94,952 162,751 — 93,733 131,031 67,644 242,070 90,538 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 862,730 3,969,937 1,480,239 1,349,469 7,543,456 5,093,532 9,382 1,552,979 1,362,404 1,139,407 1,065,583 955,027 1,066,380 1,091,790 2,964,839 1,540,336 1,898,545 5,532,637 1,670,857 1,800,058 729,177 1,377,893 915,150 2,185,114 1,352,667 985,756 1,508,917 705,187 11,782,512 12,554,772 1,396,261 795,446 980,902 1,331,745 1,302,250 9,840,853 2,228,889 1,213,190 — 471,349 1,642,854 2,937,261 1,222,272 1,194,057 9,188,052 1,599,698 2,667,952 863,417 806,551 2,423,937 6,223,821 2,365,951 5,596 2,044,118 1,170,246 1,791,093 1,746,113 933,072 5,897,417 1,554,255 1,862,729 2,267,040 734,538 884,952 3,244,273 1,258,695 2,179,132 — 1,185,312 1,681,279 890,833 3,220,272 1,199,846 40,850 — 7,993 — — 2,614 — 16,801 — 4,509 — 4,508 4,508 — 697,122 — 6,845 — — 29,426 — — 7,993 24,897 209,679 7,993 (4,999) — — 864 — — (980,902) 177,020 — 12,759 — — 4,880 — 8,674 — 11,342 — 33,706 — — — 12,204 197,853 22,180 — 17,094 (83,862) 6,975 7,992 — 4,891 38,387 7,992 7,993 43,781 1,020 7,993 — 7,993 (36,040) 37,083 32,976 36,356 12,097 7,994 7,994 151,906 507,204 1,649,938 356,795 4,253,602 376,612 1,210,743 225,955 428,452 206,824 201,441 143,540 181,003 165,062 1,139,318 237,432 501,288 1,233,052 354,953 426,062 274,327 858,941 389,784 305,018 182,981 197,328 1,055,966 109,252 1,509,366 4,110,394 210,544 237,682 556,406 355,577 187,929 1,206,870 587,479 93,935 1,232,583 1,425,000 200,802 361,553 167,367 307,379 5,085,368 802,881 382,828 659,665 1,564,673 231,002 5,229,809 812,409 858,154 511,850 44,473 898,275 1,033,074 332,773 1,884,836 1,116,200 2,304,155 477,504 318,799 947,884 1,065,186 789,415 921,078 426,440 160,074 439,174 241,396 1,121,515 617,945 F-52 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Initial Cost Costs Capitalized Building and Subsequent to Improvements Acquisition Gross Amount at Which Carried at Close of Period Building and Improvements Total Accumulated Depreciation Acquisition Date of Description Encumbrance Minocqua, WI Mt. Pleasant, WI Portage, WI Vienna, WV Cheyenne, WY Gadsden, AL Jasper, AL Pelham, AL Theodore, AL Bentonville, AR Jonesboro, AR Little Rock, AR Springdale, AR Avondale, AZ Winslow, AZ Colton, CA Colton, CA Elk Grove, CA Pleasant Hill, CA Sacramento, CA Van Nuys, CA Silverthorne, CO Colchester, CT Orange, CT Stratford, CT Wallingford, CT Wallingford, CT Bridgeville, DE Daytona Beach, FL Daytona Beach, FL Fort Walton Beach, FL Hialeah, FL Hollywood, FL Homestead, FL Jacksonville, FL Merritt Island, FL Naples, FL Naples, FL Naples, FL Orlando, FL Pembroke Pines, FL Sarasota, FL Tampa, FL Vero Beach, FL Yulee, FL Athens, GA Buford, GA Conyers, GA Dublin, GA Gray, GA Jefferson, GA Jonesboro, GA Kingsland, GA Marietta, GA Rome, GA Stockbridge, GA Thomson, GA Centerville, IA Des Moines, IA Mason City, IA Nampa, ID Bloomingdale, IL Bloomington, IL Bourbonnais, IL Carbondale, IL Champaign, IL Charleston, IL Chicago, IL Coal City, IL East Dundee, IL East Peoria, IL Hampshire, IL Huntley, IL — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 226,898 1,705,035 800,764 141,299 884,988 1,516,549 733,824 919,330 121,550 2,278,930 345,738 2,050,887 1,331,671 399,574 375,135 2,917,244 904,398 1,692,244 17,618,136 2,962,751 10,821,454 4,368,862 503,706 2,155,182 993,610 4,598,776 13,491,385 2,496,605 3,248,529 2,949,873 691,891 4,971,380 804,622 545,581 1,072,558 422,211 1,453,431 1,190,857 8,035,701 1,039,722 2,285,774 1,178,923 439,430 1,046,780 2,262,371 68,943 933,105 347,441 217,337 148,268 527,074 344,270 185,047 1,177,865 1,380,532 278,080 257,455 182,203 902,749 869,564 229,425 5,377,240 239,089 1,593,823 496,342 3,112,523 2,650,341 698,854 453,744 1,567,806 2,404,155 3,866,229 2,089,500 2,866,258 14,386,316 3,052,566 1,283,342 2,104,537 — 5,508,628 2,327,831 1,211,283 1,199,562 1,279,134 1,527,796 1,696,714 2,237,087 999,436 6,274,140 — 3,387,901 — 14,367,331 6,196,785 6,781,801 5,280,982 2,723,325 6,285,488 19,587,021 4,628,672 — — 7,123,762 1,034,268 — 3,907,841 1,461,745 756,285 2,372,216 — — 10,505,521 — — 922,936 — — 7,246,236 6,048,020 1,460,129 2,622,249 605,199 1,074,924 931,010 1,576,064 2,599,400 1,833,593 — 1,479,158 1,291,280 2,115,086 — 3,270,795 1,558,507 9,661,090 1,826,238 1,525,782 1,025,021 4,504,390 — 1,412,178 1,080,622 — — — — 680 — 17,061 — 210,757 18,095 — — 14,504 — 9,749 — — 12,740 — 214 214 — — 4,194 123,312 440,130 — 3,000 — 2,205 1,939 — — 1,834 18,145 5,191 285 — — — — — 36,672 — — — 44,294 — — 28,018 136 12,604 44,294 — 1,836 11,550 — 10,875 25,716 46,794 14,423 — 44,294 62,237 — 48,794 — 1,836 8,125 — 25,533 — — — 25,533 1,836 1,835 Land 226,898 1,705,035 800,764 141,298 884,987 1,534,644 733,824 919,330 121,550 2,278,930 345,738 2,050,887 1,331,671 399,574 375,135 2,917,244 904,612 1,692,244 17,618,136 2,962,751 10,821,454 4,368,862 503,706 2,155,182 993,610 4,598,776 13,491,385 2,496,605 3,248,529 2,949,873 691,891 4,976,571 804,622 545,581 1,072,558 422,211 1,453,431 1,190,857 8,041,301 1,039,722 2,285,774 1,178,923 483,724 1,046,780 2,262,371 68,943 933,105 347,441 217,337 148,268 527,074 344,270 185,047 1,177,865 1,406,248 278,080 257,455 182,203 947,043 869,564 229,425 5,377,240 239,089 1,593,823 496,342 3,112,523 2,675,874 698,854 453,744 1,567,806 2,429,688 3,868,065 2,091,335 2,866,939 14,386,316 3,069,627 1,283,343 2,315,295 — 5,508,628 2,327,831 1,225,787 1,199,562 1,288,883 1,527,796 1,696,714 2,249,828 999,436 6,274,355 — 3,387,901 — 14,371,525 6,320,098 7,221,931 5,280,982 2,726,325 6,285,488 19,589,226 4,630,612 — — 7,125,597 1,052,413 — 3,908,126 1,461,745 756,285 2,372,216 — — 10,536,593 — — 922,936 — — 7,246,236 6,076,038 1,460,265 2,634,853 649,493 1,074,924 932,845 1,587,614 2,599,400 1,844,468 — 1,525,952 1,305,703 2,115,086 — 3,333,032 1,558,507 9,709,883 1,826,238 1,527,618 1,033,146 4,504,390 — 1,412,178 1,080,622 — — — — 3,093,837 16,091,351 3,870,391 1,424,641 3,200,282 1,534,644 6,242,452 3,247,161 1,347,337 3,478,492 1,634,621 3,578,683 3,028,385 2,649,402 1,374,571 9,191,599 904,612 5,080,145 17,618,136 17,334,276 17,141,552 11,590,793 5,784,688 4,881,507 7,279,098 24,188,002 18,121,997 2,496,605 3,248,529 10,075,470 1,744,304 4,976,571 4,712,748 2,007,326 1,828,843 2,794,427 1,453,431 1,190,857 18,577,894 1,039,722 2,285,774 2,101,859 483,724 1,046,780 9,508,607 6,144,981 2,393,370 2,982,294 866,830 1,223,192 1,459,919 1,931,884 2,784,447 3,022,333 1,406,248 1,804,032 1,563,158 2,297,289 947,043 4,202,596 1,787,932 15,087,123 2,065,327 3,121,441 1,529,488 7,616,913 2,675,874 2,111,032 1,534,366 1,567,806 2,429,688 3,868,065 2,091,335 226,828 1,168,742 255,083 128,334 177,401 — 309,791 169,738 61,199 82,455 64,383 95,348 98,959 112,412 62,366 457,463 — 247,034 — 748,371 321,825 349,017 352,066 167,539 353,508 1,183,334 242,921 — — 385,801 81,057 — 244,071 109,416 51,872 133,377 — — 591,672 — — 53,822 — — 452,317 392,980 90,643 131,664 34,919 71,634 50,414 82,540 151,558 133,971 — 74,944 65,195 136,426 — 225,199 94,140 664,905 110,315 79,512 60,477 253,120 — 102,832 74,120 — — — — 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years F-53 Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Encumbrance Initial Cost Capitalized Building and Subsequent to Improvements Acquisition Land Close of Period Building and Improvements Total Accumulated Depreciation Acquisition Date of Costs Gross Amount at Which Carried at Description Joliet, IL Lakemoor, IL Lombard, IL Mount Prospect, IL Naperville, IL Rockford, IL Romeoville, IL Schiller Park, IL Sheffield, IL South Chicago Heights, IL South Elgin, IL South Elgin, IL Streator, IL Westchester, IL Westmont, IL Bedford, IN Brownsburg, IN Fort Wayne, IN Granger, IN Indianapolis, IN Atchison, KS Kiowa, KS Liberal, KS Manhattan, KS Merriam, KS Louisville, KY Bossier City, LA Chalmette, LA Clinton, LA Independence, LA Lake Charles, LA Pineville, LA Walker, LA Abington, MA Fall River, MA Pittsfield, MA Springfield, MA Baltimore, MD Baltimore (Gwynn Oak), MD Bel Air, MD Dundalk, MD Battle Creek, MI Battle Creek, MI Grand Rapids, MI Lansing, MI Lansing, MI Okemos, MI Saginaw, MI Saginaw, MI Saginaw, MI Sterling Heights, MI Taylor, MI Brooklyn Park, MN Burnsville, MN Fridley, MN Lakeville, MN Oakdale, MN Savage, MN California, MO Marshfield, MO Pevely, MO Sugar Creek, MO Byhalia, MS Byram, MS Vicksburg, MS Sidney, MT Cary, NC Cary, NC Charlotte, NC Denver, NC Denver, NC Garner, NC Gastonia, NC Land 536,897 987,967 5,480,904 885,540 3,973,788 563,262 4,835,683 2,585,445 217,455 205,849 648,899 985,408 203,924 296,452 2,284,013 239,065 329,868 329,123 406,211 362,907 298,258 20,642 418,695 1,419,099 1,688,893 1,716,439 695,883 1,041,287 164,982 273,598 976,288 136,853 90,393 8,465,529 721,506 1,514,648 4,451,982 1,393,361 1,225,061 499,309 746,235 101,794 271,928 925,205 7,204,001 4,285,184 4,607,749 285,004 1,859,019 855,000 484,463 403,176 2,386,951 588,062 4,775,640 1,566,580 4,800,338 1,470,298 62,996 795,252 724,554 488,219 150,179 5,279,846 705,202 190,517 1,972,755 810,927 1,344,585 199,637 188,155 545,483 261,641 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 3,011,274 — — — 12,395,624 1,471,698 — — 1,001,073 1,477,667 3,918,384 3,246,744 1,042,429 1,252,538 8,912,960 958,521 3,033,286 1,532,535 1,459,388 2,710,927 1,205,996 1,488,876 6,919,579 — 6,844,926 10,823,039 1,918,440 1,521,346 1,057,099 1,042,207 2,744,759 1,307,116 1,383,507 — 5,380,883 16,947,554 — 2,832,070 — — 1,564,948 1,083,512 1,145,692 5,876,959 — — 5,825,877 905,629 — 1,621,123 3,140,000 1,862,968 2,002,599 1,997,397 — 2,730,817 12,814,387 1,283,392 1,479,867 4,724,969 1,130,540 1,038,408 1,421,441 10,832,879 825,075 3,935,720 — — — 1,323,072 702,254 2,714,833 1,107,875 3,548,171 987,967 5,482,740 886,474 16,369,412 2,034,960 4,884,643 2,607,246 1,218,528 1,683,516 4,567,283 4,232,152 1,246,353 1,548,990 11,196,973 1,197,586 3,363,154 1,861,658 1,865,599 3,073,834 1,504,254 1,509,518 7,338,274 1,420,934 8,533,819 12,539,478 2,614,323 2,562,633 1,222,081 1,315,805 3,721,047 1,443,969 1,473,900 8,465,529 6,102,389 18,462,202 4,451,982 4,225,431 1,225,061 499,309 2,311,183 1,185,306 1,417,620 6,802,164 7,204,410 4,286,006 10,433,626 1,190,633 1,859,019 2,476,123 3,624,463 2,266,144 4,389,550 2,585,459 4,787,742 4,297,397 17,614,725 2,753,690 1,542,863 5,520,221 1,855,094 1,526,627 1,571,620 16,112,725 1,530,277 4,126,237 1,972,755 810,927 1,344,585 1,522,709 890,409 3,260,316 1,369,516 212,929 — — — 716,938 100,946 — — 52,093 88,218 203,981 201,404 54,247 73,065 630,974 49,877 221,177 79,703 97,292 163,765 62,672 80,713 418,038 — 470,442 540,995 135,593 85,460 77,080 51,990 194,255 96,123 86,389 — 358,479 988,591 — 147,390 — — 117,157 67,491 59,635 382,739 — — 376,121 45,226 — 76,287 205,468 116,339 141,851 99,749 — 193,351 880,738 90,825 98,589 314,782 80,032 69,159 73,956 699,490 46,315 221,315 — — — 85,424 45,330 197,957 84,938 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 3,011,274 — — — 12,799,047 1,471,698 — — 998,824 1,452,724 3,916,025 2,746,744 1,040,180 1,252,538 8,912,960 956,272 3,033,286 1,521,763 1,459,388 2,710,927 1,193,243 1,469,150 6,919,579 — 6,844,926 10,797,925 1,918,101 1,521,346 1,057,099 1,022,901 2,744,759 1,307,116 1,383,507 — 5,380,883 16,947,554 — 2,819,672 — — 1,564,948 1,083,512 1,143,856 5,848,684 — — 5,825,877 896,731 — 1,267,920 2,991,098 1,862,968 2,002,599 1,977,978 — 2,730,817 12,814,387 1,283,392 1,479,867 4,724,969 1,130,540 1,038,408 1,417,039 10,832,879 825,075 3,935,720 — — — 1,323,072 702,254 2,714,833 1,033,980 — — 1,836 934 (403,423) — 48,960 21,801 2,249 24,942 2,359 499,999 2,249 — — 2,249 — 10,772 — — 12,752 19,726 — 1,835 — 25,114 339 — — 19,305 — — — — — — — 12,398 — — — — 1,836 28,275 409 822 — 8,898 — 353,203 148,901 — — 19,419 12,102 — — — — — — — 4,402 — — — — — — — — — 73,894 536,897 987,967 5,482,740 886,474 3,973,788 563,262 4,884,643 2,607,246 217,455 205,849 648,899 985,408 203,924 296,452 2,284,013 239,065 329,868 329,123 406,211 362,907 298,258 20,642 418,695 1,420,934 1,688,893 1,716,439 695,883 1,041,287 164,982 273,598 976,288 136,853 90,393 8,465,529 721,506 1,514,648 4,451,982 1,393,361 1,225,061 499,309 746,235 101,794 271,928 925,205 7,204,410 4,286,006 4,607,749 285,004 1,859,019 855,000 484,463 403,176 2,386,951 588,062 4,787,742 1,566,580 4,800,338 1,470,298 62,996 795,252 724,554 488,219 150,179 5,279,846 705,202 190,517 1,972,755 810,927 1,344,585 199,637 188,155 545,483 261,641 F-54 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Initial Cost Costs Capitalized Building and Subsequent to Improvements Acquisition Gross Amount at Which Carried at Close of Period Building and Improvements Total Accumulated Depreciation Acquisition Date of Description Encumbrance Hickory, NC High Point, NC Holly Springs, NC Holly Springs, NC Holly Springs, NC Holly Springs, NC Holly Springs, NC Holly Springs, NC Mt. Airy, NC Statesville, NC Statesville, NC Wilmington, NC Bottineau, ND Blair, NE Crete, NE Valentine, NE Wayne, NE Hooksett, NH Hooksett, NH Bellmawr, NJ East Hanover, NJ East Hanover, NJ Eatontown, NJ Elizabeth, NJ Hammonton, NJ Lawrenceville, NJ Lawrenceville, NJ Lawrenceville, NJ Lawrenceville, NJ Lawrenceville, NJ North Plainfield, NJ Parsippany, NJ Parsippany, NJ Parsippany, NJ Pennsauken, NJ Randolph, NJ Upper Deerfield, NJ Whippany, NJ Woodbine, NJ Woodbridge, NJ Albuquerque, NM Albuquerque, NM Albuquerque, NM Espanola, NM Kingston, NY New Rochelle, NY Niagara Falls, NY North Babylon, NY Plattsburgh, NY Rochester, NY Scarsdale, NY Wappingers Falls, NY Bedford, OH Canton, OH Chesapeake, OH Columbus, OH Dayton, OH Fairview Park, OH Gallipolis, OH Geneva, OH Groveport, OH Hilliard, OH Hilliard, OH Hilliard, OH Hilliard, OH Hilliard, OH Mentor, OH Milford Center, OH New Lexington, OH Octa, OH Pataskala, OH Reynoldsburg, OH Rocky River, OH — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 417,127 367,561 1,298,760 996,275 1,200,518 1,024,340 1,405,020 1,611,871 188,167 1,073,746 742,521 1,387,879 680,781 65,927 283,765 30,526 24,660 2,474,821 3,660,471 3,517,630 2,424,060 6,185,969 4,073,886 1,389,441 4,231,954 19,909 12,118 — 19,909 19,909 1,189,310 4,683,017 896,104 20,901,499 3,731,685 3,550,608 194,607 3,557,958 354,591 737,212 2,812,052 433,221 698,506 5,630,895 515,184 14,519,339 353,653 2,090,724 161,089 1,097,316 886,492 595,962 222,469 289,416 314,084 1,009,008 168,736 1,445,514 818,390 193,381 386,687 1,030,560 1,152,478 1,041,080 707,910 1,428,428 484,808 193,215 670,811 3,303,590 626,985 1,986,486 4,045,087 1,548,699 1,427,032 — — — — — — 1,318,013 6,186,151 1,547,361 — 2,851,784 1,171,950 4,583,875 1,276,252 1,211,103 — — — — 6,748,014 — — — — — 1,111,855 — — 1,655,062 — 1,977,903 — — — 1,729,659 — 1,545,735 2,644,765 — 1,163,623 3,183,377 — 3,795,511 21,244,741 6,062,345 — 2,240,530 7,362,973 1,108,577 3,792,944 1,643,801 1,625,007 2,102,730 — 1,738,910 5,043,700 2,159,967 1,317,460 1,166,510 — — — — — 2,222,441 924,186 2,171,553 — 1,071,479 — — 5,836 69,492 — — — — — — 116,056 6,965 44,293 — 22,314 — 1,835 2,500 — — — — 153 153 — — — — (88,104) — — — — — — 11,676 (74,044) — 12,085 — — — — — 22,723 1,835 81,585 (175) — 14,709 9,796 — — — — 4,401 96,500 — — 144,115 — — 668 — — — (68) — 10,946 12,483 — 1,835 — 5,881 — Land 417,127 367,561 1,298,760 996,275 1,200,518 1,024,340 1,405,020 1,611,871 188,167 1,073,746 742,521 1,387,879 680,781 65,927 283,765 30,526 24,660 2,474,821 3,660,471 3,517,630 2,424,213 6,185,969 4,073,886 1,389,441 4,231,954 19,909 (75,986) — 19,909 19,909 1,189,310 4,683,017 896,104 20,901,499 3,657,641 3,550,608 194,607 3,557,958 354,591 737,212 2,812,052 433,221 698,506 5,632,730 515,184 14,519,339 353,653 2,105,433 161,089 1,097,316 886,492 595,962 222,469 289,416 314,084 1,009,008 168,736 1,445,514 818,390 193,381 386,687 1,030,560 1,152,478 1,041,080 707,842 1,428,428 484,808 193,215 670,811 3,305,425 626,985 1,992,367 4,045,087 1,554,535 1,496,524 — — — — — — 1,434,069 6,193,116 1,591,655 — 2,874,097 1,171,950 4,585,710 1,278,752 1,211,103 — — — — 6,748,167 — — — — — 1,111,855 — — 1,655,062 — 1,977,903 11,676 — — 1,741,743 — 1,545,735 2,644,765 — 1,163,623 3,206,100 — 3,877,096 21,244,566 6,062,345 — 2,250,327 7,362,973 1,108,577 3,792,944 1,643,801 1,629,409 2,199,230 — 1,738,910 5,187,814 2,159,967 1,317,460 1,167,178 — — — — — 2,233,387 936,670 2,171,553 — 1,071,479 — — 1,971,662 1,864,085 1,298,760 996,275 1,200,518 1,024,340 1,405,020 1,611,871 1,622,236 7,266,862 2,334,176 1,387,879 3,554,878 1,237,877 4,869,475 1,309,278 1,235,763 2,474,821 3,660,471 3,517,630 2,424,213 12,934,136 4,073,886 1,389,441 4,231,954 19,909 (75,986) 1,111,855 19,909 19,909 2,844,372 4,683,017 2,874,007 20,913,175 3,657,641 3,550,608 1,936,350 3,557,958 1,900,326 3,381,977 2,812,052 1,596,844 3,904,606 5,632,730 4,392,280 35,763,905 6,415,998 2,105,433 2,411,416 8,460,289 1,995,069 4,388,906 1,866,270 1,918,825 2,513,314 1,009,008 1,907,646 6,633,328 2,978,357 1,510,841 1,553,865 1,030,560 1,152,478 1,041,080 707,842 1,428,428 2,718,195 1,129,885 2,842,364 3,305,425 1,698,464 1,992,367 4,045,087 84,005 114,437 — — — — — — 81,711 464,266 87,916 — 149,500 68,261 248,278 66,550 70,545 — — — — 484,688 — — — — — 78,562 — — 113,697 — 123,619 1,168 — — 101,408 — 115,716 182,854 — 72,591 166,794 — 223,076 1,375,941 416,600 (3) 126,458 505,847 62,277 252,863 95,709 84,788 162,872 — 97,697 263,890 157,395 76,726 77,652 — — — — — 111,601 46,756 158,240 — 62,411 — — 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years F-55 Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Costs Gross Amount at Which Carried at Initial Cost Capitalized Building and Subsequent to Improvements Acquisition Land Close of Period Building and Improvements Total Accumulated Depreciation Acquisition Date of Description Encumbrance Rocky River, OH Rocky River, OH Sidney, OH Streetsboro, OH Toledo, OH Urbana, OH Winchester, OH Atoka, OK Stillwater, OK Tillamook, OR Cranberry, PA Dunmore, PA Erie, PA Greenville, PA Harrisburg, PA Philadelphia, PA Quakertown, PA West Mifflin, PA Anderson, SC Bluffton, SC Columbia, SC Fort Mill, SC Lancaster, SC Olanta, SC Sumter, SC Pierre, SD Watertown, SD Antioch, TN Clarksville, TN Crossville, TN Hendersonville, TN Hermitage, TN Jackson, TN Knoxville, TN Lakesite, TN Madison, TN Murfreesboro, TN Nashville, TN Smyrna, TN Amarillo, TX Baytown, TX Burleson, TX Cypress, TX El Paso, TX El Paso, TX Kerrville, TX Midland, TX Monahans, TX Odessa, TX Odessa, TX Odessa, TX Richmond, TX Shenandoah, TX Spring, TX Texarkana, TX White Oak, TX Orem, UT Charlottesville, VA Chester, VA Lynchburg, VA Manassas, VA Newport News, VA Wytheville, VA Lakewood, WA Port Angeles, WA Puyallup, WA Roy, WA Antigo, WI Brown Deer, WI Eau Claire, WI Milwaukee, WI Sheboygan, WI Athens, WV — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 2,151,951 1,372,577 45,594 199,026 4,839,262 4,690,277 259,544 335,303 501,114 1,491,707 1,677,064 2,386,896 1,545,236 1,117,096 1,276,788 547,237 1,763,324 1,275,400 1,327,346 473,900 307,888 1,675,276 187,595 81,182 305,903 181,579 561,618 935,614 238,147 691,538 1,724,979 722,734 1,730,483 1,762,166 834,052 797,234 1,191,176 669,035 2,059,771 1,479,874 5,245,019 1,899,691 621,351 1,290,305 4,640,263 629,024 3,506,179 783,242 2,378,043 2,256,629 2,365,571 478,530 2,293,709 1,886,748 1,312,692 120,160 764,062 1,364,219 646,751 2,102,839 3,659,187 287,461 450,045 788,705 476,652 1,626,445 327,278 150,406 413,053 2,897,122 63,728 373,040 416,517 — — 1,562,442 986,385 6,842,158 6,963,348 1,241,207 3,504,781 3,252,177 5,261,299 — — 20,032,320 10,406,356 — 1,503,662 — — 5,895,355 3,740,291 2,411,359 6,017,305 1,044,489 820,443 639,547 2,071,921 1,605,174 — 1,339,823 2,655,627 — — 3,102,654 3,753,566 999,412 — — — — 3,950,429 13,452,319 1,955,961 — 4,701,339 — 2,890,219 1,938,388 2,932,995 1,905,793 1,689,906 1,566,637 2,624,852 — 1,930,279 2,136,561 1,225,299 2,054,014 — 4,938,519 6,892,262 3,746,418 2,098,348 — 2,937,767 5,940,135 2,757,598 1,862,388 909,122 2,919,287 6,600,361 1,834,352 3,478,726 1,472,494 2,172,166 1,392,792 1,608,036 1,185,411 11,681,420 11,653,625 1,500,751 3,840,084 3,753,291 6,753,006 1,677,064 2,386,896 21,577,556 11,523,452 1,325,013 2,050,899 1,794,158 1,275,400 7,222,701 4,214,191 2,719,247 7,692,581 1,232,084 901,625 945,450 2,253,500 2,166,792 935,614 1,577,970 3,347,165 1,724,979 722,734 4,833,137 5,515,732 1,833,464 797,234 1,191,176 669,035 2,059,771 5,430,303 18,697,338 3,855,652 621,351 5,991,644 4,640,263 3,519,243 5,444,567 3,716,237 4,283,836 3,946,535 3,932,208 3,103,382 2,293,709 3,817,027 3,449,253 1,345,459 2,818,076 1,364,219 5,585,270 8,995,101 7,405,605 2,385,809 450,045 3,726,472 6,416,787 4,384,043 2,189,666 1,059,528 3,332,340 9,497,483 1,898,080 3,851,766 1,889,011 — — 91,051 49,251 441,756 449,582 64,569 197,074 182,850 328,761 — — 1,084,981 520,161 — 103,299 — — 345,082 210,281 135,568 325,627 60,997 46,083 39,200 129,414 80,206 — 97,485 141,249 — — 174,305 234,575 68,637 — — — — 213,434 868,662 130,370 — 332,825 — 178,910 121,125 146,634 119,088 105,595 97,891 158,565 — 112,600 145,720 76,321 149,772 — 339,441 472,681 249,761 104,846 — 184,243 364,127 172,225 116,348 49,124 145,802 454,708 110,768 188,278 107,267 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 — — 1,562,442 975,438 6,842,158 6,963,348 1,236,805 3,504,781 3,252,177 5,261,299 — — 20,023,873 10,381,185 — 1,503,662 — — 5,564,166 3,740,291 2,411,359 5,987,483 991,659 820,443 571,538 2,071,921 1,596,716 — 1,331,623 2,633,769 — — 3,100,154 3,753,566 999,412 — — — — 3,920,015 13,452,319 1,955,961 — 4,701,339 — 2,862,560 1,938,388 2,930,495 1,905,793 1,689,906 1,566,637 2,624,852 — 1,930,279 2,124,343 1,224,831 2,054,014 — 4,938,519 6,892,262 3,746,418 2,086,888 — 2,937,767 5,940,135 2,757,598 1,862,388 907,287 2,893,299 6,600,361 1,834,352 3,470,250 1,472,494 20,215 20,215 — 10,947 — — 4,402 — — — — — 8,447 25,171 48,225 — 30,834 — 331,189 — — 29,821 52,829 — 68,009 — 8,458 — 8,200 21,858 — — 2,500 — — — — — — 30,414 — — — — — 27,659 — 2,500 — — — — — — 12,218 468 — — — — — 11,460 — — — — — 1,835 25,988 — — 8,476 — 2,172,166 1,392,792 45,594 199,026 4,839,262 4,690,277 259,544 335,303 501,114 1,491,707 1,677,064 2,386,896 1,545,236 1,117,096 1,325,013 547,237 1,794,158 1,275,400 1,327,346 473,900 307,888 1,675,276 187,595 81,182 305,903 181,579 561,618 935,614 238,147 691,538 1,724,979 722,734 1,730,483 1,762,166 834,052 797,234 1,191,176 669,035 2,059,771 1,479,874 5,245,019 1,899,691 621,351 1,290,305 4,640,263 629,024 3,506,179 783,242 2,378,043 2,256,629 2,365,571 478,530 2,293,709 1,886,748 1,312,692 120,160 764,062 1,364,219 646,751 2,102,839 3,659,187 287,461 450,045 788,705 476,652 1,626,445 327,278 150,406 413,053 2,897,122 63,728 373,040 416,517 F-56 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Costs Gross Amount at Which Carried at Initial Cost Capitalized Building and Subsequent to Improvements Acquisition Land Close of Period Building and Improvements Total Accumulated Depreciation Acquisition Date of Description Encumbrance Beckley, WV Buckhannon, WV Elkins, WV Huntington, WV Huntington, WV Princeton, WV Princeton, WV Bessemer, AL Blountsville, AL Clayton, AL Foley, AL Grant, AL Hoover, AL Madison, AL Mobile, AL Talladega, AL Springdale, AR Coal Hill, AR Conway, AR Fort Smith, AR Lincoln, AR Little Rock, AR Pine Bluff, AR Russellville, AR Springdale, AR Glendale, AZ Phoenix, AZ Tolleson, AZ Bakersfield, CA La Cañada, CA Ontario, CA Riverside, CA Stockton, CA Turlock, CA Turlock, CA Turlock, CA Vallejo, CA Windsor Hill, CA Middletown, CT Waterbury, CT West Hartford, CT West Hartford, CT Wethersfield, CT Wethersfield, CT Millsboro, DE Ocala, FL Palm Coast, FL Panama City, FL Sanford, FL Trenton, FL Chiefland, FL Coral Gables, FL Crestview, FL Destin, FL Gainesville, FL Gainesville, FL Hollywood, FL Homestead, FL Jacksonville Beach, FL Jacksonville, FL Jacksonville, FL Jacksonville, FL Jacksonville, FL Jacksonville, FL Lake Butler, FL Marco Island, FL Melbourne, FL Miami, FL North Palm Beach, FL Pensacola, FL Tallahassee, FL Vero Beach, FL West Palm Beach, FL — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 663,138 469,129 397,225 447,207 572,162 778,229 233,205 319,436 231,165 305,323 876,745 77,433 1,548,554 1,317,052 81,304 903,998 568,164 134,620 357,768 50,300 318,811 369,985 216,373 176,925 1,333,032 3,552,730 1,393,147 2,091,545 1,205,283 1,921,417 3,173,695 3,081,078 1,275,187 487,463 1,200,474 1,086,480 2,769,671 3,332,206 2,143,995 972,505 852,020 4,044,465 553,394 933,446 6,857,716 204,589 479,504 1,998,986 3,590,819 430,460 489,309 3,127,647 961,109 1,830,319 1,173,553 2,544,415 927,500 1,021,155 1,130,336 1,057,416 1,185,978 235,155 216,803 415,780 503,163 1,350,573 653,912 2,700,553 662,025 536,059 336,533 1,037,380 2,925,553 2,263,526 2,005,428 1,832,516 1,851,268 1,386,007 2,357,830 1,245,497 1,007,258 1,316,448 1,202,116 1,662,760 1,188,768 1,351,397 1,381,193 1,526,990 2,076,805 3,133,875 1,385,671 2,955,854 2,405,011 1,269,472 4,273,401 391,093 481,072 2,945,032 3,237,895 3,870,640 4,381,506 3,023,312 457,509 2,567,074 14,400,052 945,420 2,212,222 4,510,849 5,124,804 2,513,905 2,100,596 2,943,499 2,058,031 5,300,806 14,250,442 1,132,300 1,502,895 — 1,703,533 984,850 1,409,662 2,515,568 2,303,847 1,531,945 272,270 1,044,147 780,173 517,465 5,897,642 1,351,724 735,767 991,770 1,007,440 1,025,426 3,935,924 1,400,601 1,668,994 1,360,333 528,219 961,132 1,142,414 950,529 1,628,848 2,681,517 1,397,242 264,364 2,926,664 2,474,557 2,229,741 2,298,475 1,958,169 3,136,059 1,478,702 1,326,694 1,547,613 1,507,439 2,539,505 1,266,201 2,899,951 2,698,245 1,608,294 2,984,517 3,702,039 1,520,291 3,313,622 2,455,311 1,588,283 4,643,386 607,466 657,997 4,278,064 6,790,625 5,263,787 6,473,051 4,228,595 2,378,926 5,740,769 17,481,130 2,220,607 2,699,685 5,711,323 6,211,284 5,283,576 5,432,802 5,087,494 3,030,536 6,152,826 18,294,907 1,685,694 2,436,341 6,857,716 1,908,122 1,464,354 3,408,648 6,106,387 2,734,307 2,021,254 3,399,917 2,005,256 2,610,492 1,691,018 8,442,057 2,279,224 1,756,922 2,122,106 2,064,856 2,211,404 4,171,079 1,617,404 2,084,774 1,863,496 1,878,792 1,615,044 3,842,967 1,612,554 2,164,907 3,018,050 2,434,622 3,189,917 167,814 150,241 133,518 137,143 103,633 171,823 75,229 44,067 46,117 42,614 63,445 43,339 38,743 42,407 66,914 58,025 137,107 57,992 106,922 89,363 40,978 159,808 14,666 17,957 109,929 109,929 143,698 137,595 97,569 17,073 96,182 600,036 43,553 71,041 137,441 193,536 112,361 102,777 140,730 80,321 225,799 600,959 42,461 56,192 — 74,529 47,118 61,673 110,056 100,412 72,880 10,127 38,323 24,172 19,322 186,425 50,607 27,508 37,108 37,779 38,453 143,302 54,799 60,329 52,508 18,467 34,673 42,757 35,562 54,165 69,793 52,313 9,830 2021 2021 2021 2021 2021 2021 2021 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2,263,526 1,853,528 1,832,516 1,851,268 1,386,007 2,357,830 1,245,497 1,007,258 1,316,448 1,199,107 1,662,760 1,188,768 1,351,397 1,381,193 1,526,990 2,044,842 3,133,875 1,378,371 2,955,854 2,378,776 1,269,472 4,260,606 391,093 481,057 2,929,959 3,229,514 3,822,282 4,359,819 3,010,596 457,495 2,567,059 14,365,552 945,420 2,212,222 4,510,849 5,124,804 2,513,905 2,100,596 2,943,499 2,058,031 5,066,206 14,245,446 1,132,300 1,502,866 — 1,703,533 984,850 1,409,662 2,515,568 2,288,147 1,306,132 272,255 1,044,147 780,173 517,450 5,881,080 1,351,709 735,752 991,755 1,007,440 1,025,426 3,784,135 1,400,601 1,668,994 1,360,333 504,251 961,132 1,142,400 950,514 1,628,848 2,677,778 1,397,227 264,350 — 151,900 — — — — — — — 3,009 — — — — — 35,677 — 7,300 — 26,235 — 12,795 — 15 15,074 8,381 48,359 21,687 12,716 15 15 34,500 — — — — — — — — 234,600 4,996 — 30 — — — — — 15,700 225,812 15 — — 15 16,562 15 15 15 — — 151,789 — — — 23,968 — 15 15 — 3,740 15 15 663,138 469,129 397,225 447,207 572,162 778,229 233,205 319,436 231,165 305,323 876,745 77,433 1,548,554 1,317,052 81,304 907,712 568,164 134,620 357,768 50,300 318,811 369,985 216,373 176,925 1,333,032 3,552,730 1,393,147 2,091,545 1,205,283 1,921,417 3,173,695 3,081,078 1,275,187 487,463 1,200,474 1,086,480 2,769,671 3,332,206 2,143,995 972,505 852,020 4,044,465 553,394 933,446 6,857,716 204,589 479,504 1,998,986 3,590,819 430,460 489,309 3,127,647 961,109 1,830,319 1,173,553 2,544,415 927,500 1,021,155 1,130,336 1,057,416 1,185,978 235,155 216,803 415,780 503,163 1,350,573 653,912 2,700,553 662,025 536,059 336,533 1,037,380 2,925,553 F-57 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Costs Gross Amount at Which Carried at Initial Cost Capitalized Building and Subsequent to Improvements Acquisition Land Close of Period Building and Improvements Total Accumulated Depreciation Acquisition Date of Description Encumbrance Winter Springs, FL New Port Richey, FL Calhoun, GA Chula, GA Perry, GA Surrency, GA Swainsboro, GA Augusta, GA Augusta, GA Bremen, GA Canton, GA Dawsonville, GA Edison, GA Hephzibah, GA Newman, GA Pooler, GA Statesboro, GA Bettendorf, IA Bettendorf, IA Bettendorf, IA Corning, IA Fredericksburg, IA Weiser, ID Hainesville, IL O'Fallon, IL Plainfield, IL Bellwood, IL Calumet City, IL Chicago, IL Cicero, IL Elgin, IL Franklin Park, IL Hoffman Estates, IL Lansing, IL Lynwood, IL Markham, IL Naperville, IL Pecatonica, IL Romeoville, IL Round Lake Beach, IL Roxana, IL South Elgin, IL Tinley Park, IL Waukegan, IL Greenfield, IN Winchester, IN Attica, IN Boswell, IN DeMotte, IN Evansville, IN Indianapolis, IN Kentland, IN Merrillville, IN Switz City, IN Lansing, KS Goddard, KS Kansas City, KS Lawrence, KS Topeka, KS Wichita, KS Edmonton, KY Brandenburg, KY Coldiron, KY Louisville, KY Morganfield, KY Baton Rouge, LA Donaldsonville, LA Gretna, LA Plain Dealing, LA Bogalusa, LA Campti, LA Center Point, LA Denham Springs, LA — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 1,606,141 791,096 370,237 316,673 567,281 399,599 113,339 72,851 199,100 203,102 3,078,088 264,759 397,493 109,510 1,619,186 736,451 723,713 1,314,298 280,575 248,576 30,145 30,004 76,942 3,130,195 893,771 634,629 1,441,254 434,232 673,631 371,928 860,328 444,444 529,309 200,857 97,956 2,638,402 3,749,690 187,658 3,564,144 625,866 391,797 618,840 408,954 883,882 366,213 91,925 475,447 78,218 421,240 140,334 432,264 60,638 202,967 78,568 626,782 590,138 175,008 1,205,052 1,434,423 419,468 298,674 729,975 318,829 356,816 85,769 1,198,858 1,007,428 636,981 120,709 2,009,203 146,784 9,988 261,591 873,441 2,857,431 1,896,447 949,483 11,880,078 853,287 2,890,387 1,604,226 1,794,406 5,264,118 6,862,199 1,005,563 1,256,213 1,460,599 5,272,513 2,777,892 1,146,114 3,229,725 1,114,076 — 1,368,151 1,282,544 1,488,028 1,221,373 2,322,875 959,057 — 962,880 950,418 1,410,440 1,964,892 1,411,881 4,013,419 2,083,016 1,149,706 — — 1,303,749 3,088,724 2,667,064 1,602,654 5,109,054 1,309,401 1,333,044 651,652 2,507,276 1,742,397 1,270,744 1,318,829 810,428 3,924,654 1,336,242 1,406,373 1,357,589 2,546,877 3,091,194 709,057 1,279,300 — 1,041,945 2,629,815 1,751,191 1,301,455 1,165,830 1,298,550 3,163,251 2,228,224 3,081,276 1,241,822 2,772,165 1,068,283 991,058 1,105,750 2,479,582 3,002,900 2,266,684 1,266,156 12,447,359 1,252,886 3,003,726 1,677,077 1,993,506 5,467,220 9,940,287 1,270,322 1,653,706 1,570,109 6,891,699 3,514,343 1,869,827 4,547,737 1,398,365 252,311 1,398,296 1,312,548 1,564,970 4,351,568 3,216,646 1,593,686 1,441,254 1,397,112 1,624,049 1,782,368 2,825,220 1,856,325 4,542,728 2,283,873 1,247,662 2,638,402 3,749,690 1,491,407 6,652,868 3,292,930 1,994,451 5,759,990 1,718,355 2,216,926 1,017,865 2,599,201 2,217,844 1,348,962 1,740,069 950,762 4,360,632 1,396,880 1,609,340 1,436,157 3,173,659 3,681,332 884,065 2,484,352 1,434,423 1,461,413 2,928,489 2,481,166 1,620,284 1,522,646 1,384,319 4,362,109 3,235,652 3,718,257 1,362,531 4,781,368 1,215,067 1,001,046 1,367,341 32,671 92,259 90,781 45,405 519,465 40,809 125,909 60,075 64,957 182,475 235,694 32,400 40,410 57,281 190,733 108,845 42,001 107,752 30,940 — 49,938 46,411 46,672 60,777 111,184 41,907 — 28,074 32,093 49,709 62,115 45,194 134,694 71,453 33,951 — — 38,571 103,205 90,728 41,569 107,722 82,745 36,807 28,376 121,937 49,157 46,296 55,762 42,324 115,116 42,622 46,198 49,416 116,657 105,245 24,107 60,735 — 31,765 114,999 90,681 41,896 32,465 52,172 144,894 97,485 135,545 53,792 121,282 47,605 44,837 33,349 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 873,427 2,857,431 1,896,447 949,483 11,880,078 853,287 2,874,987 1,604,212 1,794,406 5,264,118 6,862,199 1,005,563 1,253,203 1,460,599 5,272,513 2,777,892 1,146,114 3,229,705 1,114,056 — 1,365,946 1,280,340 1,488,028 1,216,373 2,322,875 959,057 — 939,480 950,418 1,410,440 1,964,892 1,411,881 3,946,239 2,082,566 1,148,587 — — 1,302,630 3,088,724 2,657,522 1,575,658 2,908,118 1,262,396 1,323,127 651,652 2,351,576 1,730,232 1,268,380 1,318,829 810,428 3,657,559 1,336,242 1,406,373 1,355,225 2,546,877 3,000,737 624,234 1,279,300 — 1,034,134 2,629,815 1,751,191 1,298,446 1,154,276 1,298,550 3,163,251 2,228,224 3,081,276 1,234,522 2,772,165 1,068,283 991,058 1,084,538 15 (645,627) — — — — 15,400 15 — — — — 3,009 — — — — 3,734 3,734 3,734 2,204 2,204 — 5,000 — — — 23,400 — — — — 67,180 450 1,119 — — 1,119 — 9,542 26,996 2,233,033 47,005 9,917 — 155,700 12,165 2,364 — — 270,809 — — 2,364 — 90,458 84,823 — — 7,812 — — 3,009 11,555 — — — — 7,300 — — — 21,212 1,606,141 145,469 370,237 316,673 567,281 399,599 113,339 72,851 199,100 203,102 3,078,088 264,759 397,493 109,510 1,619,186 736,451 723,713 1,318,012 284,289 252,311 30,145 30,004 76,942 3,130,195 893,771 634,629 1,441,254 434,232 673,631 371,928 860,328 444,444 529,309 200,857 97,956 2,638,402 3,749,690 187,658 3,564,144 625,866 391,797 650,936 408,954 883,882 366,213 91,925 475,447 78,218 421,240 140,334 435,978 60,638 202,967 78,568 626,782 590,138 175,008 1,205,052 1,434,423 419,468 298,674 729,975 318,829 356,816 85,769 1,198,858 1,007,428 636,981 120,709 2,009,203 146,784 9,988 261,591 F-58 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Costs Gross Amount at Which Carried at Initial Cost Capitalized Building and Subsequent to Improvements Acquisition Land Close of Period Building and Improvements Accumulated Depreciation Acquisition Date of Description Encumbrance Erwinville, LA Lafayette/Scott, LA Livingston, LA Minden, LA Montegut, LA Morganza, LA New Iberia, LA St. Martinville, LA Danvers, MA Leominster, MA Saugus, MA Worcester, MA Boonsboro, MD Cumberland, MD Germantown, MD Hagerstown, MD Joppa, MD Lonaconing, MD Rockville, MD Westover, MD Glen Burnie, MD Glen Burnie, MD Timonium, MD Van Buren, ME DeWitt, MI Whitmore Lake, MI Lenox, MI St. Helen, MI Boyne City, MI Brimley, MI Clawson, MI Davisburg, MI East China, MI Grandville, MI Grandville, MI Grayling, MI Kingsford Heights, MI Lake Orion, MI Lansing, MI Lincoln Park, MI Marquette, MI Midland, MI Montrose, MI Novi, MI Otter Lake, MI Sault Ste Marie, MI Sebewaing, MI Walker, MI Weidman, MI Wyoming, MI Eagan, MN Maple Grove, MN Mora, MN Winona, MN Farmington, MO Excelsior Springs, MO Freeburg, MO Helena, MO Jefferson City, MO Joplin, MO Joplin, MO Lake Lafayette, MO Lincoln, MO Springfield, MO Clarksdale, MS De Kalb, MS Tupelo, MS Ashland, MS Baldwyn, MS Belzoni, MS Cleveland, MS Dora, MS Edinburg - Carthage, MS — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 146,236 350,159 362,592 126,902 479,549 213,888 314,985 415,223 6,043,876 1,975,829 3,927,594 7,944,877 689,063 485,641 4,341,903 599,602 1,911,100 440,782 4,685,563 167,135 1,090,535 1,709,572 5,253,016 82,988 440,264 2,197,350 107,860 70,353 486,215 62,229 860,422 120,838 59,309 706,193 3,938,089 101,381 201,983 508,462 908,568 335,839 209,677 71,784 97,689 2,090,447 154,390 239,906 60,259 2,527,449 67,968 3,194,618 1,297,596 760,163 19,524 1,562,225 314,078 78,699 72,490 67,324 1,195,039 441,710 108,268 106,627 138,746 1,001,257 111,726 111,394 443,321 38,697 29,404 67,668 — 77,349 114,642 Total 747,487 1,453,453 1,336,045 1,105,635 1,414,009 1,323,094 1,388,627 1,472,745 6,050,413 7,131,183 5,315,456 7,944,772 1,937,863 1,862,905 6,059,771 1,823,699 4,538,046 1,829,163 6,239,583 1,471,180 1,094,261 1,709,572 15,091,444 1,259,909 2,186,025 2,197,350 1,352,439 1,466,832 3,676,043 882,481 2,242,673 1,636,402 1,637,457 8,236,498 8,123,149 1,458,759 1,611,215 1,941,770 1,746,306 1,620,274 2,405,867 1,641,798 2,190,909 20,440,455 1,560,082 1,246,983 1,512,801 6,522,990 1,475,671 8,023,140 3,330,921 10,678,447 1,294,037 8,439,254 2,737,622 1,345,580 1,288,057 1,305,505 4,966,889 2,510,759 2,088,548 1,286,162 1,557,604 6,421,807 1,410,867 1,101,070 4,277,986 1,465,949 938,374 1,205,140 5,635,242 1,355,149 1,406,093 575,669 1,102,175 952,241 969,983 913,248 1,108,087 1,072,523 1,056,403 — 5,144,054 1,374,841 — 1,248,800 1,377,264 1,717,868 1,224,097 2,626,946 1,388,381 1,554,020 1,304,045 — — 9,838,428 1,175,321 1,732,240 — 1,244,579 1,396,479 3,184,228 820,252 1,382,251 1,515,277 1,577,989 7,506,131 4,173,417 1,355,174 1,408,945 1,373,650 793,444 1,255,710 2,188,590 1,569,727 1,934,430 18,266,009 1,405,532 1,007,077 1,452,542 3,983,896 1,400,386 4,816,878 2,033,325 9,863,462 1,272,308 6,867,512 2,423,544 1,265,762 1,213,203 1,237,062 3,759,032 2,041,893 1,980,280 1,178,416 1,413,644 5,420,536 1,299,141 981,026 3,834,665 1,427,252 908,970 1,137,472 5,635,242 1,277,800 1,291,451 601,251 1,103,294 973,453 978,733 934,460 1,109,206 1,073,642 1,057,522 — 5,155,354 1,387,862 — 1,248,800 1,377,264 1,717,868 1,224,097 2,626,946 1,388,381 1,554,020 1,304,045 — — 9,838,428 1,176,921 1,745,761 — 1,244,579 1,396,479 3,189,828 820,252 1,382,251 1,515,564 1,578,148 7,530,305 4,181,346 1,357,378 1,409,232 1,433,308 837,738 1,284,435 2,196,190 1,570,014 2,093,220 18,350,008 1,405,692 1,007,077 1,452,542 3,991,826 1,407,703 4,824,808 2,033,325 9,918,284 1,274,513 6,877,029 2,423,544 1,266,881 1,215,567 1,238,181 3,771,850 2,069,049 1,980,280 1,179,535 1,418,858 5,420,550 1,299,141 989,676 3,834,665 1,427,252 908,970 1,137,472 5,635,242 1,277,800 1,291,451 25,582 1,119 21,212 8,750 21,212 1,119 1,119 1,119 6,538 11,300 13,021 (105) — — — — — — — — 3,726 — — 1,600 13,521 — — — 5,600 — — 287 159 24,174 11,644 2,204 287 59,658 44,294 28,726 7,600 287 158,790 83,999 159 — — 11,644 7,317 11,644 — 54,822 2,204 9,517 — 1,119 2,364 1,119 12,818 27,157 — 1,119 5,214 15 — 8,650 — — — — — — — 146,236 350,159 362,592 126,902 479,549 213,888 314,985 415,223 6,050,413 1,975,829 3,927,594 7,944,772 689,063 485,641 4,341,903 599,602 1,911,100 440,782 4,685,563 167,135 1,094,261 1,709,572 5,253,016 82,988 440,264 2,197,350 107,860 70,353 486,215 62,229 860,422 120,838 59,309 706,193 3,941,803 101,381 201,983 508,462 908,568 335,839 209,677 71,784 97,689 2,090,447 154,390 239,906 60,259 2,531,164 67,968 3,198,332 1,297,596 760,163 19,524 1,562,225 314,078 78,699 72,490 67,324 1,195,039 441,710 108,268 106,627 138,746 1,001,257 111,726 111,394 443,321 38,697 29,404 67,668 — 77,349 114,642 F-59 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 23,913 36,194 29,279 42,825 28,297 33,443 32,892 34,578 — 210,905 49,477 — 54,635 60,255 82,224 53,517 137,442 60,742 74,373 62,395 — — 476,200 68,434 75,817 — 57,000 64,005 113,937 39,021 47,859 53,685 56,741 235,875 108,855 49,803 51,268 49,179 37,381 35,273 66,501 56,682 69,485 733,185 51,443 48,499 73,486 103,920 44,634 125,612 88,898 290,860 46,025 257,536 110,978 40,729 45,176 39,690 140,074 76,738 60,820 38,148 57,254 203,187 62,160 42,796 167,766 71,945 57,886 70,828 181,971 40,807 52,500 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Costs Gross Amount at Which Carried at Initial Cost Capitalized Building and Subsequent to Improvements Acquisition Land Close of Period Building and Improvements Total Accumulated Depreciation Acquisition Date of Description Encumbrance Ellisville, MS Greenville, MS Richland, MS Sardis, MS Silver Creek, MS Southaven, MS Aulander, NC Fayetteville, NC Garner, NC Garner, NC Greenville, NC Kings Mountain, NC Roxboro, NC Southern Pines, NC Angier, NC Asheboro, NC Castalia, NC Concord, NC Flat Rock, NC North Wilkesboro, NC Salisbury, NC Statesville, NC Tabor City, NC Wilkesboro, NC Windsor, NC Winton - Salem, NC West Fargo, ND Lincoln, NE Chappell, NE Juniata, NE Pleasantville, NJ Wrightstown, NJ Deptford, NJ Galloway, NJ Mullica Hill, NJ Newfield, NJ Toms River, NJ Vineland, NJ Wayne, NJ Turnersville, NJ Santa Fe, NM Las Cruces, NM Tse Bonito, NM South Corning, NY Schenectady, NY Bergen, NY Buffalo, NY Canandaigua, NY Canastota, NY Elmira, NY Frankfort, NY Friendship, NY Hastings, NY Liverpool, NY Medford, NY Newport, NY North Rose, NY Red Creek, NY Riverhead, NY Rochester, NY Rochester, NY Sennett, NY Star Lake, NY West Henrietta, NY West Seneca, NY Yonkers, NY Holland, OH McArthur, OH Strongsville, OH Zanesville, OH Apple Creek, OH Austinburg, OH Bellefontaine, OH — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 313,192 193,378 851,944 362,033 307,453 212,377 195,098 1,605,366 2,718,172 874,423 243,002 509,102 256,768 805,577 672,850 1,562,706 139,549 1,289,337 150,439 148,134 571,426 1,159,344 20,939 509,859 175,633 1,772,410 722,425 2,350,709 228,961 90,602 872,737 5,051,058 4,637,926 258,312 648,435 278,914 1,785,123 833,473 3,162,613 1,795,330 835,775 598,909 126,882 120,453 393,418 92,953 927,338 91,579 108,348 41,281 317,533 97,367 68,941 527,708 695,815 108,474 86,206 39,875 538,226 455,606 182,135 2,400,380 195,082 436,838 614,219 3,911,416 86,884 210,094 412,105 336,258 335,713 105,423 1,348,236 1,074,958 1,294,269 8,906,164 816,187 1,067,083 1,962,757 984,103 2,566,208 2,763,915 1,550,116 2,160,494 2,258,512 1,218,469 1,231,351 1,349,207 17,355,572 1,366,925 15,972,978 846,253 1,017,289 3,725,270 2,582,811 1,504,921 2,478,770 1,346,774 6,666,783 776,924 11,189,814 1,034,870 1,134,953 4,130,042 — 10,426,984 1,775,886 1,266,298 1,625,829 851,436 — 3,295,307 3,384,014 1,151,399 4,184,598 1,645,562 1,623,818 2,018,314 916,917 403,223 1,470,852 1,372,709 915,590 1,168,873 1,295,401 1,286,676 1,268,846 2,164,666 1,359,693 1,321,915 1,348,623 1,569,184 1,080,523 1,927,563 6,427,546 1,240,034 1,631,322 17,967,840 4,253,894 4,996,831 1,843,048 6,461,470 1,136,178 1,082,196 1,141,236 — 1,388,150 1,487,647 9,758,108 1,178,220 1,374,536 2,175,134 1,179,201 4,171,574 5,482,087 2,424,539 2,403,496 2,767,614 1,475,237 2,036,928 2,022,057 18,918,278 1,506,474 17,262,315 996,692 1,165,423 4,296,696 3,742,155 1,525,860 2,988,629 1,522,407 8,439,193 1,499,349 13,540,523 1,263,831 1,225,555 5,002,779 5,051,058 15,064,910 2,034,198 1,914,733 1,904,743 2,636,559 833,473 6,457,920 5,180,066 1,987,174 4,783,507 1,772,444 1,744,271 2,411,732 1,009,870 1,330,561 1,562,431 1,481,057 956,871 1,486,406 1,392,768 1,355,617 1,796,554 2,860,481 1,468,167 1,408,121 1,388,498 2,107,410 1,536,129 2,109,698 8,827,926 1,435,116 2,068,160 18,582,059 8,165,310 5,083,715 2,053,142 6,873,575 1,472,436 1,417,909 1,246,659 1,348,236 32,267 39,062 287,567 38,809 32,092 63,352 47,064 133,155 132,347 73,804 103,433 112,623 58,294 53,872 47,641 771,481 47,696 716,340 30,247 34,788 138,533 99,074 47,606 144,556 53,353 310,031 33,919 489,555 31,216 34,409 183,646 — 463,621 51,240 36,871 46,563 23,858 — 145,565 96,888 52,725 188,224 53,211 75,737 88,011 49,038 15,038 75,523 40,400 34,251 34,938 45,083 38,304 56,606 95,999 40,077 41,552 39,913 68,616 62,944 108,550 193,165 37,051 92,564 769,580 146,257 221,320 80,435 309,299 49,666 32,686 45,580 — 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 1,053,746 1,282,104 8,905,221 816,187 1,045,870 1,962,757 984,103 2,566,208 2,763,915 1,550,116 2,160,494 2,258,512 1,218,469 1,231,351 1,349,207 17,355,572 1,366,925 15,972,978 846,253 1,013,906 3,687,049 2,580,515 1,495,256 2,478,770 1,346,774 6,666,783 776,925 11,189,814 1,027,400 1,127,483 4,130,042 — 10,426,984 1,774,767 1,265,179 1,624,710 835,695 — 3,288,907 2,978,086 1,151,399 4,180,398 1,633,674 1,623,218 2,018,314 916,917 403,208 1,470,852 1,371,590 915,575 1,167,754 1,295,401 1,285,557 1,268,846 2,164,666 1,359,693 1,320,796 1,347,504 1,569,184 1,080,523 1,927,563 6,427,546 1,238,915 1,631,322 17,967,840 4,262,152 4,996,831 1,836,031 6,461,470 1,136,178 1,081,077 1,141,236 — 21,212 12,165 943 — 21,212 — — — — — — — — — — — — — — 3,383 38,221 2,296 9,665 — — — — — 7,470 7,470 — — — 1,119 1,119 1,119 15,740 — 6,400 406,651 — 4,200 11,889 600 — — 15 — 1,119 15 1,119 — 1,119 — — — 1,119 1,119 — — — — 1,119 — — (8,258) — 7,017 — — 1,119 — — 313,192 193,378 851,944 362,033 307,453 212,377 195,098 1,605,366 2,718,172 874,423 243,002 509,102 256,768 805,577 672,850 1,562,706 139,549 1,289,337 150,439 148,134 571,426 1,159,344 20,939 509,859 175,633 1,772,410 722,425 2,350,709 228,961 90,602 872,737 5,051,058 4,637,926 258,312 648,435 278,914 1,785,123 833,473 3,162,613 1,796,052 835,775 598,909 126,882 120,453 393,418 92,953 927,338 91,579 108,348 41,281 317,533 97,367 68,941 527,708 695,815 108,474 86,206 39,875 538,226 455,606 182,135 2,400,380 195,082 436,838 614,219 3,911,416 86,884 210,094 412,105 336,258 335,713 105,423 1,348,236 F-60 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Costs Gross Amount at Which Carried at Initial Cost Capitalized Building and Subsequent to Improvements Acquisition Land Close of Period Building and Improvements Total Accumulated Depreciation Acquisition Date of Description Encumbrance Cincinnati, OH Columbus, OH Columbus, OH Conneaut, OH Dayton, OH Grovepoint, OH Heppner, OH Louisville, OH New Philadelphia, OH North Olmsted, OH Otway, OH Port Washington, OH Republic, OH Rock Creek, OH Shelby, OH Sinking Spring, OH Springfield, OH Thornville, OH Tiffin, OH Toledo, OH Valley City, OH Zanesville, OH Lawton, OK Moore, OK Chickasha, OK Langley, OK Maud, OK Pauls Valley, OK Talihina, OK Tulsa, OK Wagoner, OK Warner, OK Pilot Rock, OR Salem, OR Breezewood, PA Dover, PA Latrobe, PA McConnellsburg, PA Natrona Heights, PA Pine Grove, PA Red Lion, PA Allentown, PA Bath, PA Bethel Park, PA Easton, PA Brookville, PA Burnham, PA Chambersburg, PA Cranberry, PA Fogelsville, PA Glassport, PA Lancaster, PA Lancaster, PA Meadville, PA Pen Argyl, PA Pittsburgh, PA Pittsburgh, PA Pittsburgh, PA Wyomissing, PA Cheraw, SC Conway, SC Greer, SC Hardeeville, SC York, SC Blackville, SC Bowman, SC Green Sea, SC Greenville, SC Johnston, SC Lake View, SC Lancaster, SC Spartanburg, SC Spartansburg, SC — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 1,070,525 2,559,388 1,176,215 69,163 431,934 3,851,484 135,937 208,868 176,310 1,791,441 351,675 419,686 141,246 126,770 92,254 49,881 216,253 110,395 119,687 119,897 128,015 234,595 1,828,658 901,884 98,335 30,156 202,967 245,017 70,366 1,402,904 332,347 243,393 158,987 522,007 193,091 2,754,584 255,918 581,054 550,226 1,079,176 1,018,707 1,365,945 1,719,426 681,235 540,714 311,983 694,983 99,647 348,328 1,611,621 130,234 1,541,745 5,553,054 867,819 504,828 567,111 885,493 145,180 2,302,182 82,917 487,563 461,522 338,184 779,888 88,814 150,034 30,158 1,472,814 207,425 19,682 239,276 1,153,766 227,760 270,666 8,626,542 2,947,798 1,517,147 1,716,534 — 1,433,618 1,183,130 1,171,273 2,654,170 1,147,001 880,573 1,498,136 1,505,820 1,101,734 1,289,010 1,659,174 1,324,765 1,526,637 1,403,558 1,486,316 1,178,133 2,152,285 7,979,738 1,291,170 1,646,990 1,284,561 1,407,928 1,610,311 2,853,584 1,912,388 1,251,359 1,405,679 1,395,605 1,408,906 2,386,051 2,193,454 2,956,295 3,336,843 3,194,973 3,289,563 3,272,555 663,133 8,979,837 2,112,447 1,431,919 2,891,176 1,406,245 12,833,619 2,617,623 2,810,530 (695) 2,221,406 2,147,667 705,552 1,544,632 488,783 1,858,387 6,811,158 1,425,081 1,301,332 3,210,651 993,814 11,701,659 1,342,142 1,330,816 1,553,185 7,979,401 1,305,786 1,493,386 1,709,034 10,959,443 1,790,593 1,341,191 11,189,645 4,127,728 1,586,310 2,148,468 3,851,484 1,569,555 1,391,998 1,347,583 4,445,611 1,498,676 1,300,259 1,639,382 1,632,590 1,193,988 1,338,891 1,875,427 1,435,160 1,646,324 1,523,455 1,614,331 1,412,728 3,980,943 8,881,622 1,389,505 1,677,146 1,487,528 1,652,945 1,680,677 4,256,488 2,244,735 1,494,752 1,564,666 1,917,612 1,601,997 5,140,635 2,449,372 3,537,349 3,887,069 4,274,149 4,308,270 4,642,215 2,382,559 9,661,072 2,653,161 1,743,902 3,586,159 1,505,892 13,181,947 4,229,244 2,940,764 1,541,050 7,774,460 3,015,486 1,210,380 2,115,458 1,377,990 2,003,567 9,113,340 1,507,998 1,788,895 3,672,173 1,331,998 12,481,547 1,430,956 1,480,850 1,583,343 9,452,215 1,513,211 1,513,068 1,948,310 12,113,209 2,018,353 10,067 272,417 76,704 54,889 49,913 — 51,281 35,274 38,252 78,230 41,793 28,928 53,383 54,324 46,462 45,202 60,140 60,561 77,234 43,031 53,905 35,253 103,130 348,955 52,711 80,539 42,005 47,865 81,261 100,270 118,656 44,586 51,241 56,046 67,420 104,170 105,008 141,565 150,218 153,002 157,534 85,161 32,655 388,014 89,067 61,527 80,016 41,313 579,035 111,993 116,006 (8) 74,308 76,535 29,884 44,435 16,687 75,800 306,816 68,194 56,933 144,251 43,479 511,944 56,652 56,433 48,663 378,533 52,366 46,742 61,482 394,460 52,838 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 270,651 8,602,145 2,934,082 1,516,980 1,507,682 — 1,433,459 1,182,011 1,170,154 2,654,170 1,147,001 879,455 1,497,976 1,505,669 1,101,734 1,278,876 1,352,319 1,314,956 1,501,037 1,403,558 1,486,157 1,177,014 2,152,285 7,979,738 1,291,170 1,646,990 1,281,551 1,360,881 1,610,311 2,835,532 1,912,388 1,248,350 1,405,393 1,371,132 1,408,906 2,385,674 2,193,454 2,956,295 3,327,228 3,194,973 3,289,563 3,258,839 663,133 8,979,837 2,112,447 1,431,919 2,879,011 1,405,127 12,833,619 2,617,623 2,810,530 — 2,222,786 2,147,667 705,552 1,534,029 478,181 1,858,387 6,811,158 1,425,081 1,301,332 3,143,208 993,814 11,701,659 1,342,142 1,324,966 1,540,522 8,002,345 1,305,786 1,486,376 1,688,550 10,959,443 1,695,984 15 28,112 17,430 167 208,851 — 159 1,119 1,119 — — 1,119 159 151 — 10,135 306,855 9,809 25,600 — 159 1,119 — — — — 3,009 47,048 — 18,053 — 3,009 287 24,473 — 377 — — 9,615 — — 17,430 — — — — 12,165 1,119 — — — (695) (1,380) — — 14,317 14,317 — — — — 67,442 — — — 5,850 12,663 (22,944) — 7,010 20,484 — 94,609 1,070,525 2,563,103 1,179,930 69,163 431,934 3,851,484 135,937 208,868 176,310 1,791,441 351,675 419,686 141,246 126,770 92,254 49,881 216,253 110,395 119,687 119,897 128,015 234,595 1,828,658 901,884 98,335 30,156 202,967 245,017 70,366 1,402,904 332,347 243,393 158,987 522,007 193,091 2,754,584 255,918 581,054 550,226 1,079,176 1,018,707 1,369,660 1,719,426 681,235 540,714 311,983 694,983 99,647 348,328 1,611,621 130,234 1,541,745 5,553,054 867,819 504,828 570,826 889,207 145,180 2,302,182 82,917 487,563 461,522 338,184 779,888 88,814 150,034 30,158 1,472,814 207,425 19,682 239,276 1,153,766 227,760 F-61 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Costs Gross Amount at Which Carried at Initial Cost Capitalized Building and Subsequent to Improvements Acquisition Land Close of Period Building and Improvements Total Accumulated Depreciation Acquisition Date of Description Encumbrance Reliance, SD Hendersonville, TN Red Boiling Springs, TN Smyrna, TN Waverly, TN Camden, TN Morrison, TN Abilene, TX El Paso, TX Fort Worth, TX Fort Worth, TX Hallettsville, TX Midland, TX Atascocita, TX Baytown, TX Beaumont, TX Beaumont, TX Brenham, TX Brownsville, TX Daisetta, TX Dallas, TX Dallas, TX Ennis, TX Hempstead, TX Killeen, TX League City, TX Livingston, TX Sachse, TX San Antonio, TX San Antonio, TX San Antonio, TX Whitehouse, TX West Jordan, UT Abington, VA Danville, VA Dinwiddie, VA Farnham, VA Fredericksburg, VA Fredericksburg, VA Pulaski, VA Stuart, VA Suffolk, VA Warrenton, VA Amissville, VA Blackstone, VA Clintwood, VA Drakes Branch, VA Elkton, VA Front Royal, VA Harrisonburg, VA Portsmouth, VA Richlands, VA Roanoke, VA Timberville, VA Bradford, VT Manchester, VT Longview, WA Springdale, WA Yakima, WA Janesville, WI Appleton, WI Cumberland, WI Winter, WI Kimberly, WI Menomonee Falls, WI Menomonee Falls, WI New Lisbon, WI Plover, WI West Bend, WI Whitewater, WI Charleston, WV Morgantown, WV Ranson, WV — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 240,024 383,715 156,751 1,354,350 150,519 100,415 62,277 2,776,008 1,233,238 1,974,780 1,537,608 1,698,504 775,334 265,212 852,215 252,810 866,155 1,436,571 474,602 264,096 2,702,569 1,603,859 117,760 517,067 1,057,720 233,323 291,190 1,486,211 1,844,251 456,278 8,225,612 249,151 4,852,556 120,721 1,487,674 285,046 117,517 619,961 703,119 100,420 797,955 265,887 3,395,581 3,431,638 89,165 113,165 289,986 77,727 521,787 268,145 245,186 168,804 1,674,947 246,509 428,378 455,477 782,602 147,170 883,736 796,925 340,803 270,296 170,499 1,312,245 976,214 988,153 76,725 67,127 286,709 822,920 144,019 563,100 800,605 1,138,602 2,561,679 1,010,884 1,357,173 2,865,694 921,973 1,354,709 1,460,146 2,142,229 3,140,537 3,897,778 2,489,154 1,537,915 3,238,853 4,184,162 1,793,687 3,571,158 16,213,091 686,668 1,267,943 2,791,232 7,918,934 1,294,827 1,155,699 3,437,810 1,056,160 1,955,276 3,134,063 1,606,842 4,092,103 — 2,380,649 5,291,421 1,269,056 2,911,596 3,489,439 1,356,942 1,107,876 — 1,518,702 2,698,524 3,462,367 2,914,723 610,616 974,130 1,129,975 857,204 918,853 955,502 901,845 946,999 1,139,417 3,378,931 1,088,525 3,997,371 2,064,534 2,490,040 1,641,471 2,466,259 1,195,165 1,904,812 1,144,054 1,270,767 2,785,410 4,312,547 — 1,228,407 1,781,889 1,696,761 3,046,276 894,866 1,952,862 — 1,378,626 2,945,394 1,167,635 2,711,523 3,016,213 1,022,388 1,416,986 4,236,154 3,375,467 5,115,317 5,435,386 4,187,658 2,313,249 3,504,065 5,036,377 2,046,497 4,437,313 17,649,662 1,161,270 1,532,039 5,493,801 9,522,793 1,412,587 1,672,766 4,495,530 1,289,483 2,246,466 4,620,274 3,451,093 4,548,381 8,225,612 2,629,800 10,143,977 1,389,777 4,399,270 3,774,485 1,474,459 1,727,837 710,280 1,619,122 3,496,479 3,728,254 6,310,304 4,042,254 1,063,295 1,243,140 1,147,190 996,580 1,477,289 1,169,990 1,192,185 1,308,221 5,057,592 1,335,034 4,425,749 2,520,011 3,272,642 1,788,641 3,349,995 1,998,686 2,245,615 1,414,350 1,441,266 4,104,413 5,288,761 988,153 1,305,132 1,849,016 1,983,470 3,872,910 1,038,885 2,515,962 800,605 54,450 117,200 48,347 63,698 125,374 53,187 47,740 72,827 103,106 158,276 170,462 119,181 73,601 103,945 187,652 67,180 100,425 643,949 19,415 41,372 104,271 301,264 47,455 35,305 130,423 39,523 138,979 107,998 59,920 153,454 — 94,812 170,842 60,718 127,382 152,640 64,930 48,193 — 72,665 129,214 151,478 127,519 16,550 33,333 46,601 39,318 31,733 32,921 31,100 50,401 50,223 87,931 37,635 135,062 89,263 113,876 51,131 101,709 39,951 83,254 54,802 60,770 75,068 179,617 — 36,493 49,416 90,039 103,674 47,051 89,272 — 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 1,130,606 2,561,679 1,010,884 1,329,642 2,865,694 920,173 1,354,709 1,460,146 2,142,229 3,140,537 3,897,778 2,489,154 1,537,915 3,238,853 4,184,162 1,793,672 3,558,993 16,209,074 686,668 1,251,335 2,780,002 7,908,697 1,294,827 1,138,654 3,009,308 1,056,145 1,955,276 3,133,939 1,600,804 4,092,103 — 2,378,143 5,290,602 1,269,056 2,911,596 3,478,289 1,356,942 1,100,715 — 1,518,702 2,698,524 3,462,367 2,914,723 593,963 960,237 1,129,975 857,204 918,853 955,502 901,845 945,199 1,139,417 3,365,215 1,088,525 3,997,371 2,064,534 2,480,990 1,641,471 2,466,259 1,191,970 1,904,812 1,144,054 1,270,767 2,811,473 4,312,547 — 1,227,288 1,770,000 1,696,761 3,021,878 858,224 1,952,862 — 7,996 — — 27,531 — 1,800 — — — — — — — — — 15 12,165 4,017 — 16,609 11,231 10,236 — 17,045 428,502 15 — 124 6,038 — — 2,506 820 — — 11,150 — 7,161 7,162 — — — — 16,654 13,893 — — — — — 1,800 — 17,430 — — — 9,050 — — 9,791 — — — (19,305) — — 1,119 11,889 — 28,112 36,642 — — 240,024 383,715 156,751 1,354,350 150,519 100,415 62,277 2,776,008 1,233,238 1,974,780 1,537,608 1,698,504 775,334 265,212 852,215 252,810 866,155 1,436,571 474,602 264,096 2,702,569 1,603,859 117,760 517,067 1,057,720 233,323 291,190 1,486,211 1,844,251 456,278 8,225,612 249,151 4,852,556 120,721 1,487,674 285,046 117,517 619,961 710,280 100,420 797,955 265,887 3,395,581 3,431,638 89,165 113,165 289,986 77,727 521,787 268,145 245,186 168,804 1,678,661 246,509 428,378 455,477 782,602 147,170 883,736 803,521 340,803 270,296 170,499 1,319,003 976,214 988,153 76,725 67,127 286,709 826,634 144,019 563,100 800,605 F-62 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Costs Gross Amount at Which Carried at Initial Cost Capitalized Building and Subsequent to Improvements Acquisition Land Close of Period Building and Improvements Total Accumulated Depreciation Acquisition Date of Description Encumbrance Westover, WV Williamstown, WV Barboursville, WV Morgantown, WV Morgantown, WV Morgantown, WV Weirton, WV Casper, WY Eagle River, AK Atmore, AL Bessemer, AL Cherokee, AL Creola, AL Florence, AL Fort Mitchell, AL Glencoe, AL Montgomery, AL Prattville, AL Sylacauga, AL Tuscumbia, AL Dover, AR Rogers, AR Searcy, AR Kingman, AZ Show Low, AZ Yuma, AZ Fontana, CA Murrieta, CA Paradise, CA Pleasant Hill, CA Vacaville, CA Vacaville, CA Delta, CO Rifle, CO Meriden, CT Brooksville, FL Florida City, FL Fort Lauderdale, FL High Springs, FL Jacksonville, FL Jacksonville, FL Jonesville, FL Kissimmee, FL Labelle, FL Lake Park, FL Land O'Lakes, FL Live Oak, FL Naples, FL Ocala, FL Palm Harbor, FL Panama City, FL Pensacola, FL Port St. Joe, FL St. Augustine, FL Tarpon Springs, FL Venice, FL Albany, GA Chatsworth, GA Commerce, GA Douglas, GA Douglas, GA Douglasville, GA Fort Gaines, GA Glennville, GA LaGrange, GA LaGrange, GA Lawrenceville, GA Lilburn, GA Lumpkin, GA Morrow, GA Perry, GA Pooler, GA Reidsville, GA — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 2,902,457 328,040 703,425 2,162,116 816,836 862,215 295,802 860,483 1,496,010 71,526 653,431 74,238 558,482 156,040 70,408 199,230 720,048 585,717 2,301,743 244,809 117,697 1,801,475 104,246 546,717 288,314 379,684 1,337,717 1,546,553 386,926 8,366,775 641,411 1,009,383 816,826 1,454,956 213,799 371,478 734,330 1,419,090 571,750 827,034 6,666,982 1,993,989 907,575 149,091 1,123,321 1,544,181 1,994,802 610,067 1,011,142 2,435,739 1,328,041 616,285 1,678,568 1,015,143 1,490,471 1,491,079 149,753 1,153,708 727,292 166,295 177,643 556,078 29,308 200,641 192,840 211,020 405,255 1,184,610 39,403 797,482 301,806 381,482 120,421 3,819,875 1,293,550 3,683,500 55,985 — 1,187,338 1,408,496 986,990 1,038,294 841,253 564,626 1,375,131 1,985,719 1,168,090 1,506,853 1,252,206 575,608 136,254 — 1,944,563 1,356,901 5,718,794 2,277,293 3,279,531 1,668,984 893,425 1,012,730 1,350,113 1,049,431 — 1,586,489 2,952,663 3,802,927 2,182,762 1,946,087 2,171,428 781,628 1,359,401 3,362,328 1,417,515 12,592,838 2,233,481 1,637,075 959,309 1,336,168 1,290,714 3,028,612 1,674,205 1,401,019 8,235,223 14,823,857 965,620 2,246,346 567,058 3,155,387 2,326,845 1,245,539 4,535,359 2,034,999 6,583,588 2,347,052 4,410,887 1,600,808 1,381,501 1,476,001 1,277,849 1,152,039 1,181,635 1,438,663 1,231,217 1,202,858 2,646,073 1,321,925 6,722,332 1,621,590 4,386,925 2,244,008 816,836 2,049,553 1,704,298 1,847,473 2,534,304 912,779 1,218,057 1,449,369 2,544,201 1,324,130 1,577,261 1,451,436 1,295,656 721,971 2,301,743 2,189,372 1,474,598 7,520,269 2,381,539 3,826,248 1,957,298 1,273,109 2,350,447 2,896,666 1,436,357 8,366,775 2,227,900 3,962,046 4,619,753 3,637,718 2,159,886 2,542,906 1,515,958 2,778,491 3,934,078 2,244,549 19,259,820 4,227,470 2,544,650 1,108,400 2,459,489 2,834,895 5,023,414 2,284,272 2,412,161 10,670,962 16,151,898 1,581,905 3,924,914 1,582,201 4,645,858 3,817,924 1,395,292 5,689,067 2,762,291 6,749,883 2,524,695 4,966,965 1,630,116 1,582,142 1,668,841 1,488,869 1,557,294 2,366,245 1,478,066 2,028,699 1,504,664 3,027,555 1,442,346 167,119 56,537 131,913 292 — 51,908 39,945 36,929 14,933 19,022 12,386 33,954 34,430 29,196 5,713 10,080 18,233 1,245 — 45,961 33,071 53,591 27,753 49,054 30,992 2,953 20,121 30,441 7,942 — 29,049 35,121 35,608 6,959 27,532 50,911 15,761 21,110 47,434 20,788 185,906 32,361 13,020 20,985 9,779 27,979 28,349 23,998 54,409 10,090 168,071 22,549 17,943 11,919 71,585 45,990 19,294 14,172 66,204 160,442 8,790 97,167 5,962 33,580 22,689 20,000 19,316 6,548 5,473 25,128 26,315 22,210 20,325 2022 2022 2022 2022 2022 2022 2022 2022 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 3,819,875 1,293,550 3,654,262 — — 1,187,338 1,389,355 986,975 1,038,294 841,253 564,626 1,375,131 1,985,719 1,168,090 1,506,853 1,252,206 575,608 136,254 — 1,944,563 1,356,901 5,718,794 2,277,293 3,279,531 1,668,984 893,425 1,012,730 1,350,113 1,049,431 — 1,586,489 2,952,663 3,802,927 2,182,762 1,946,087 2,171,428 781,628 1,359,401 3,362,328 1,417,515 12,592,838 2,233,481 1,637,075 959,309 1,336,168 1,290,714 3,028,612 1,674,205 1,401,019 8,235,223 14,823,857 965,620 2,246,346 567,058 3,155,387 2,326,845 1,245,539 4,535,359 2,034,999 6,583,588 2,347,052 4,410,887 1,600,808 1,381,501 1,476,001 1,277,849 1,152,039 1,181,635 1,438,663 1,231,217 1,202,858 2,646,073 1,321,925 — — 29,238 81,892 — — 19,140 15 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 2,902,457 328,040 703,425 2,188,023 816,836 862,215 295,802 860,483 1,496,010 71,526 653,431 74,238 558,482 156,040 70,408 199,230 720,048 585,717 2,301,743 244,809 117,697 1,801,475 104,246 546,717 288,314 379,684 1,337,717 1,546,553 386,926 8,366,775 641,411 1,009,383 816,826 1,454,956 213,799 371,478 734,330 1,419,090 571,750 827,034 6,666,982 1,993,989 907,575 149,091 1,123,321 1,544,181 1,994,802 610,067 1,011,142 2,435,739 1,328,041 616,285 1,678,568 1,015,143 1,490,471 1,491,079 149,753 1,153,708 727,292 166,295 177,643 556,078 29,308 200,641 192,840 211,020 405,255 1,184,610 39,403 797,482 301,806 381,482 120,421 F-63 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Description Encumbrance Land Initial Cost Costs Capitalized Building and Subsequent to Improvements Acquisition Gross Amount at Which Carried at Close of Period Building and Improvements Land Total Accumulated Depreciation Acquisition Date of Riceboro, GA Rome, GA Sharpsburg, GA Thomaston, GA Thomasville, GA Vidalia, GA Warner Robins, GA Fairfield, IA Iowa City, IA Lime Springs, IA Washington, IA Aurora, IL Bridgeview, IL Champaign, IL Chicago, IL Chicago, IL Chicago, IL Chicago, IL Creve Coeur, IL Geneva, IL Huntley, IL Lisle, IL Lockport, IL Lombard, IL Orland Park, IL Riverside, IL Rochelle, IL Woodridge, IL Woodstock, IL Brookston, IN Fort Wayne, IN Greenwood, IN Greenwood, IN Greenwood, IN Knox, IN Kokomo, IN Muncie, IN Valparaiso, IN Vincennes, IN Emporia, KS Emporia, KS Emporia, KS Emporia, KS Emporia, KS Emporia, KS Hutchinson, KS Kansas City, KS Olathe, KS Olathe, KS Salina, KS Wichita, KS Frankfort, KY Irvington, KY Louisville, KY Madisonville, KY Princeton, KY Richmond, KY Shelbyville, KY Basile, LA Baton Rouge, LA Crowley, LA Donaldsonville, LA Lake Charles, LA Lake Charles, LA Lake Charles, LA Metairie, LA Opelousas, LA Ponchatoula, LA Zachary, LA Centerville, MA Framingham, MA Baltimore, MD Lexington Park, MD — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 86,062 379,158 538,166 110,892 229,300 283,117 1,599,751 433,650 497,431 69,547 320,353 505,175 1,665,640 247,591 501,240 486,636 771,442 1,673,732 210,394 2,610,458 611,482 640,978 2,824,591 2,946,768 3,843,576 1,133,763 427,051 2,846,291 799,371 77,375 769,226 465,241 1,419,024 909,561 261,831 133,015 293,266 3,372,667 612,871 176,561 122,695 62,320 114,625 108,807 234,462 407,556 897,693 5,056,272 1,664,774 936,164 421,521 2,524,753 152,562 549,357 85,619 168,644 226,350 1,622,962 136,575 240,880 1,058,442 591,985 305,882 1,738,223 565,276 4,284,004 2,183,038 719,750 3,998,332 1,927,046 11,790,877 3,958,684 2,058,580 1,309,280 541,671 1,483,569 1,343,781 1,210,294 2,002,472 1,518,417 1,861,993 928,323 1,523,213 1,254,387 1,045,666 — 968,124 1,100,889 1,052,415 1,503,279 — 1,591,118 — 2,905,566 1,148,863 — — 12,469,586 794,728 1,099,148 — 1,361,043 1,217,616 1,602,780 1,685,402 678,671 — 1,042,120 1,286,615 2,258,466 4,043,020 6,569,716 1,382,256 926,287 12,050,193 (9,123,955) 2,289,291 4,204,694 4,716,475 9,394,357 16,769,196 6,889,116 4,758,269 6,354,013 2,469,364 1,064,042 1,033,316 1,253,974 1,202,504 1,729,049 4,714,584 1,282,322 743,644 3,005,302 1,223,694 1,344,712 6,843,220 1,445,880 7,310,189 2,933,100 959,034 2,589,899 2,830,876 13,167,251 — 2,796,986 1,309,280 541,671 1,483,569 1,343,781 1,210,294 2,002,472 1,518,417 1,861,993 928,323 1,523,213 1,254,387 1,045,666 — 968,124 1,100,889 1,052,415 1,503,279 — 1,591,118 — 2,905,566 1,148,863 — — 12,469,586 794,728 1,099,148 — 1,361,043 1,217,616 1,602,780 1,685,402 678,671 — 1,042,120 1,286,615 2,258,466 4,043,020 6,569,716 1,382,256 926,287 12,050,193 (9,123,955) 2,289,291 4,204,694 4,716,475 9,394,357 16,769,196 6,889,116 4,758,269 6,354,013 2,469,364 1,064,042 1,033,316 1,253,974 1,202,504 1,729,049 4,714,584 1,282,322 743,644 3,005,302 1,223,694 1,344,712 6,843,220 1,445,880 7,310,189 2,933,100 959,034 2,589,899 2,830,876 13,167,251 — 2,796,986 1,395,342 920,829 2,021,735 1,454,673 1,439,594 2,285,589 3,118,168 2,295,643 1,425,754 1,592,760 1,574,740 1,550,841 1,665,640 1,215,715 1,602,129 1,539,051 2,274,721 1,673,732 1,801,512 2,610,458 3,517,048 1,789,841 2,824,591 2,946,768 16,313,162 1,928,491 1,526,199 2,846,291 2,160,414 1,294,991 2,372,006 2,150,643 2,097,695 909,561 1,303,951 1,419,630 2,551,732 7,415,687 7,182,587 1,558,817 1,048,982 12,112,513 (9,009,330) 2,398,098 4,439,156 5,124,031 10,292,050 21,825,468 8,553,890 5,694,433 6,775,534 4,994,117 1,216,604 1,582,673 1,339,593 1,371,148 1,955,399 6,337,546 1,418,897 984,524 4,063,744 1,815,679 1,650,594 8,581,443 2,011,156 11,594,193 5,116,138 1,678,784 6,588,231 4,757,922 24,958,128 3,958,684 4,855,566 20,050 12,338 29,260 20,662 18,727 29,295 1,582 42,292 14,420 1,772 41,560 22,727 — 19,071 25,290 16,314 4,961 — 1,869 — 22,208 26,604 — — 107,200 6,528 21,884 — 15,213 30,451 12,470 40,830 778 — 22,616 10,176 52,854 37,859 109,948 43,632 24,686 20,153 33,498 39,192 72,359 142,086 72,758 331,866 62,407 6,213 125,742 23,106 1,306 1,236 1,490 1,457 47,664 14,732 31,817 12,839 28,131 13,992 19,796 106,502 22,222 61,604 9,165 7,835 24,236 39,732 103,413 — 32,817 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 86,062 379,158 538,166 110,892 229,300 283,117 1,599,751 433,650 497,431 69,547 320,353 505,175 1,665,640 247,591 501,240 486,636 771,442 1,673,732 210,394 2,610,458 611,482 640,978 2,824,591 2,946,768 3,843,576 1,133,763 427,051 2,846,291 799,371 77,375 769,226 465,241 1,419,024 909,561 261,831 133,015 293,266 3,372,667 612,871 176,561 122,695 62,320 114,625 108,807 234,462 407,556 897,693 5,056,272 1,664,774 936,164 421,521 2,524,753 152,562 549,357 85,619 168,644 226,350 1,622,962 136,575 240,880 1,058,442 591,985 305,882 1,738,223 565,276 4,284,004 2,183,038 719,750 3,998,332 1,927,046 11,790,877 3,958,684 2,058,580 F-64 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Costs Gross Amount at Which Carried at Initial Cost Capitalized Building and Subsequent to Improvements Acquisition Land Close of Period Building and Improvements Accumulated Depreciation Acquisition Date of Description Encumbrance Silver Springs, MD Westbrook, ME Battle Creek, MI Battle Creek, MI Commerce Township, MI Escanaba, MI Gaylord, MI Gladwin, MI Grandville, MI Holland, MI Midland, MI Monroe, MI Muskegon, MI Royal Oak, MI Royal Oak, MI Whitmore Lake, MI Baxter, MN Coon Rapids, MN Eagan, MN Lakeville, MN Maplewood, MN Oakdale, MN Willmar, MN Willmar, MN Woodbury, MN Aurora, MO Gladstone, MO Jefferson City, MO Joplin, MO Mansfield, MO Springfield, MO Springfield, MO St. Louis, MO Unionville, MO Wentzville, MO Booneville, MS Bruce, MS Ecru, MS Jackson, MS McComb, MS Pontotoc, MS Richland, MS Sledge, MS Thyatira, MS Burlington, NC Charlotte, NC Charlotte, NC Charlotte, NC Charlotte, NC Charlotte, NC Charlotte, NC Charlotte, NC Charlotte, NC Charlotte, NC Charlotte, NC Clemmons, NC Denver, NC Granite Falls, NC Lexington, NC Matthews, NC Mount Airy, NC Peachland, NC Pine Hall, NC Rocky Mount, NC Statesville, NC Statesville, NC Winterville, NC Fremont, NE Tilton, NH Absecon, NJ Sicklerville, NJ Toms River, NJ El Prado, NM — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 7,519,250 510,631 257,967 164,067 677,204 910,022 155,528 80,254 1,789,008 530,631 138,007 187,241 374,687 944,796 3,316,620 1,365,345 446,629 2,268,163 894,229 2,167,767 1,228,008 1,999,873 879,088 563,842 2,761,790 1,522,425 2,593,334 568,949 942,416 118,819 2,274,742 38,540 924,702 69,653 670,822 253,319 245,529 518,873 388,057 1,685,118 137,504 532,562 212,071 141,335 1,426,614 712,025 3,176,091 2,577,766 1,597,777 1,365,528 1,848,911 1,604,085 1,249,515 1,052,922 666,753 1,889,699 3,259,088 561,420 160,671 962,409 119,892 138,576 76,013 195,852 366,289 1,430,555 485,409 431,520 183,534 1,374,061 1,692,765 3,850,142 2,480,000 Total 11,831,965 1,811,112 1,188,093 1,289,023 2,823,244 2,887,619 1,400,015 1,743,744 8,217,854 1,415,943 1,639,856 694,166 3,628,920 1,799,859 26,610,521 4,373,206 8,870,799 5,649,897 4,951,807 5,596,310 1,228,008 5,372,269 4,177,337 4,030,473 6,332,394 7,517,722 20,597,878 6,104,867 2,791,249 1,341,847 18,585 3,178,613 2,864,621 1,283,429 5,527,964 1,539,562 1,585,074 1,708,001 1,049,940 5,304,270 1,350,429 3,562,478 1,420,690 1,324,465 3,668,151 1,532,220 5,405,306 4,867,396 3,438,360 3,510,303 3,184,869 3,202,762 3,140,672 1,905,336 5,264,434 11,528,221 6,586,923 1,950,067 1,449,915 2,886,979 1,426,152 1,457,691 1,292,761 1,313,168 1,569,356 3,679,947 3,185,833 1,751,780 4,016,161 3,005,289 1,692,765 6,932,177 5,580,561 4,312,715 1,300,481 930,126 1,124,956 2,146,040 1,977,597 1,244,487 1,663,490 6,428,846 885,312 1,501,849 506,925 3,254,233 855,063 23,293,901 3,007,861 8,424,170 3,381,734 4,057,578 3,428,543 — 3,372,396 3,298,249 3,466,631 3,570,604 5,995,297 18,004,544 5,535,918 1,848,833 1,223,028 (2,256,157) 3,140,073 1,939,919 1,213,776 4,857,142 1,286,243 1,339,545 1,189,128 661,883 3,619,152 1,212,925 3,029,916 1,208,619 1,183,130 2,241,537 820,195 2,229,215 2,289,630 1,840,583 2,144,775 1,335,958 1,598,677 1,891,157 852,414 4,597,681 9,638,522 3,327,835 1,388,647 1,289,244 1,924,570 1,306,260 1,319,115 1,216,748 1,117,316 1,203,067 2,249,392 2,700,424 1,320,260 3,832,627 1,631,228 — 3,082,035 3,100,561 4,312,715 1,300,481 930,126 1,124,956 2,146,040 1,977,597 1,244,487 1,663,490 6,428,846 885,312 1,501,849 506,925 3,254,233 855,063 23,293,901 3,007,861 8,424,170 3,381,734 4,057,578 3,428,543 — 3,372,396 3,298,249 3,466,631 3,570,604 5,995,297 18,004,544 5,535,918 1,848,833 1,223,028 (2,256,157) 3,140,073 1,939,919 1,213,776 4,857,142 1,286,243 1,339,545 1,189,128 661,883 3,619,152 1,212,925 3,029,916 1,208,619 1,183,130 2,241,537 820,195 2,229,215 2,289,630 1,840,583 2,144,775 1,335,958 1,598,677 1,891,157 852,414 4,597,681 9,638,522 3,327,835 1,388,647 1,289,244 1,924,570 1,306,260 1,319,115 1,216,748 1,117,316 1,203,067 2,249,392 2,700,424 1,320,260 3,832,627 1,631,228 — 3,082,035 3,100,561 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 7,519,250 510,631 257,967 164,067 677,204 910,022 155,528 80,254 1,789,008 530,631 138,007 187,241 374,687 944,796 3,316,620 1,365,345 446,629 2,268,163 894,229 2,167,767 1,228,008 1,999,873 879,088 563,842 2,761,790 1,522,425 2,593,334 568,949 942,416 118,819 2,274,742 38,540 924,702 69,653 670,822 253,319 245,529 518,873 388,057 1,685,118 137,504 532,562 212,071 141,335 1,426,614 712,025 3,176,091 2,577,766 1,597,777 1,365,528 1,848,911 1,604,085 1,249,515 1,052,922 666,753 1,889,699 3,259,088 561,420 160,671 962,409 119,892 138,576 76,013 195,852 366,289 1,430,555 485,409 431,520 183,534 1,374,061 1,692,765 3,850,142 2,480,000 F-65 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years — 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years — — 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 5,386 1,467 25,424 1,326 17,420 45,057 28,244 13,556 60,248 13,304 25,836 7,791 2,750 13,895 262,259 67,223 146,170 32,209 57,131 32,646 — 32,126 51,663 30,573 33,995 56,183 356,291 109,551 15,760 30,230 53,818 3,271 24,857 30,448 34,146 10,775 11,116 9,945 13,683 33,886 10,150 62,259 12,985 12,765 17,053 17,060 30,961 32,323 25,703 29,855 18,653 15,745 18,514 8,403 5,143 12,432 31,154 11,112 19,923 26,769 20,142 20,283 18,738 18,131 18,821 33,178 38,022 4,917 4,496 27,159 — 32,122 23,096 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Depreciation in Costs Gross Amount at Which Carried at Initial Cost Capitalized Building and Subsequent to Improvements Acquisition Land Close of Period Building and Improvements Accumulated Depreciation Acquisition Date of Description Encumbrance Albany, NY Albion, NY Depew, NY Gates, NY Hamburg, NY Johnson City, NY Johnson City, NY N Syracuse, NY Stamford, NY Bucyrus, OH Defiance, OH Franklin, OH Hilliard, OH Hillsboro, OH Lima, OH Lima, OH Monroe, OH Sharonville, OH Toledo, OH Wakeman, OH Allen, OK Blackwell, OK Broken Arrow, OK Chickasha, OK Lawton, OK Oklahoma, OK Owasso, OK Pauls Valley, OK Purcell, OK Yukon, OK Carlisle, PA Chester Springs, PA Forks, PA Lebanon, PA Mechanicsburg, PA New Castle, PA Palmyra, PA Plymouth Meeting, PA Bristol, RI North Providence, RI Barnwell, SC Bennettsville, SC Effingham, SC Fort Mill, SC Wagener, SC Milbank, SD Redfield, SD Sioux Falls, SD Columbia, TN Crump, TN Harriman, TN Johnson City, TN Lexington, TN Mountain City, TN Nashville, TN Spring Hill, TN Austin, TX Baytown, TX Brenham, TX Buna, TX Crosby, TX Eagle Pass, TX El Paso, TX Houston, TX Houston, TX League City, TX Longview, TX Lubbock, TX Mercedes, TX Normangee, TX Pearsall, TX Richardson, TX Richardson, TX — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Land 105,489 100,313 721,883 532,363 1,691,131 174,807 9,439,030 380,662 124,923 195,999 541,262 1,034,113 769,622 996,059 1,140,068 508,542 245,925 1,453,858 606,513 91,669 62,626 93,533 2,100,860 1,130,176 1,924,571 2,037,061 384,877 195,652 382,358 518,955 1,748,925 1,585,049 1,045,325 212,037 4,005,779 727,785 422,549 7,087,849 4,129,728 7,557,758 760,049 280,266 57,620 2,971,923 40,799 96,069 239,453 222,895 1,005,897 49,423 538,425 797,083 69,699 303,224 2,510,007 511,449 752,403 347,353 149,300 206,332 2,392,756 275,989 1,149,820 2,089,325 1,211,812 1,762,616 641,613 838,994 721,575 123,404 168,396 5,317,097 1,610,028 Total 921,238 820,912 1,553,430 1,197,387 6,087,555 2,247,003 9,439,030 2,985,334 3,493,005 5,273,643 4,112,972 2,974,910 2,195,868 3,781,777 4,388,975 2,043,511 1,742,631 5,633,208 3,209,304 1,307,423 1,288,464 1,112,831 7,518,951 1,130,176 5,280,927 5,750,036 1,724,501 1,756,805 1,895,669 5,542,511 4,345,092 5,659,975 2,431,080 1,739,911 8,740,886 2,582,874 2,036,204 24,510,927 21,585,800 7,557,758 7,122,753 2,079,648 1,418,012 4,547,597 1,447,804 1,699,542 1,552,691 1,563,667 4,496,192 1,100,423 1,721,509 2,452,423 1,104,587 1,606,435 3,203,571 2,641,150 1,024,290 3,689,556 5,431,627 1,474,161 6,286,350 3,821,238 3,586,683 7,015,814 4,557,540 7,386,629 3,351,853 4,117,932 2,080,744 1,366,172 1,215,910 10,459,178 1,610,028 815,749 720,599 831,547 665,024 4,396,424 2,072,196 — 2,604,672 3,368,082 5,077,644 3,571,710 1,940,797 1,426,246 2,785,718 3,248,907 1,534,969 1,496,706 4,179,350 2,602,791 1,215,754 1,225,838 1,019,298 5,418,091 — 3,356,356 3,712,975 1,339,624 1,561,153 1,513,311 5,023,556 2,596,167 4,074,926 1,385,755 1,527,874 4,735,107 1,855,089 1,613,655 17,423,078 17,456,072 — 6,362,704 1,799,382 1,360,392 1,575,674 1,407,005 1,603,473 1,313,238 1,340,772 3,490,295 1,051,000 1,183,084 1,655,340 1,034,888 1,303,211 693,564 2,129,701 271,887 3,342,203 5,282,327 1,267,829 3,893,594 3,545,249 2,436,863 4,926,489 3,345,728 5,624,013 2,710,240 3,278,938 1,359,169 1,242,768 1,047,514 5,142,081 — 815,749 720,599 831,547 665,024 4,396,424 2,072,196 — 2,604,672 3,368,082 5,077,644 3,571,710 1,940,797 1,426,246 2,785,718 3,248,907 1,534,969 1,496,706 4,179,350 2,602,791 1,215,754 1,225,838 1,019,298 5,418,091 — 3,356,356 3,712,975 1,339,624 1,561,153 1,513,311 5,023,556 2,596,167 4,074,926 1,385,755 1,527,874 4,735,107 1,855,089 1,613,655 17,423,078 17,456,072 — 6,362,704 1,799,382 1,360,392 1,575,674 1,407,005 1,603,473 1,313,238 1,340,772 3,490,295 1,051,000 1,183,084 1,655,340 1,034,888 1,303,211 693,564 2,129,701 271,887 3,342,203 5,282,327 1,267,829 3,893,594 3,545,249 2,436,863 4,926,489 3,345,728 5,624,013 2,710,240 3,278,938 1,359,169 1,242,768 1,047,514 5,142,081 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 105,489 100,313 721,883 532,363 1,691,131 174,807 9,439,030 380,662 124,923 195,999 541,262 1,034,113 769,622 996,059 1,140,068 508,542 245,925 1,453,858 606,513 91,669 62,626 93,533 2,100,860 1,130,176 1,924,571 2,037,061 384,877 195,652 382,358 518,955 1,748,925 1,585,049 1,045,325 212,037 4,005,779 727,785 422,549 7,087,849 4,129,728 7,557,758 760,049 280,266 57,620 2,971,923 40,799 96,069 239,453 222,895 1,005,897 49,423 538,425 797,083 69,699 303,224 2,510,007 511,449 752,403 347,353 149,300 206,332 2,392,756 275,989 1,149,820 2,089,325 1,211,812 1,762,616 641,613 838,994 721,575 123,404 168,396 5,317,097 1,610,028 F-66 Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 12,616 5,254 16,868 2,293 41,172 49,733 — 56,556 65,261 100,481 70,676 27,519 20,513 8,705 87,138 11,999 11,828 4,910 22,048 24,001 1,632 1,359 50,772 — 25,340 38,341 19,323 18,632 17,954 79,151 19,422 31,634 10,474 5,034 79,643 3,249 5,297 430,197 97,531 — 104,553 26,697 32,879 21,939 5,343 53,733 21,840 19,350 12,673 1,290 17,579 24,242 1,267 22,172 16,631 2,461 3,584 75,788 6,105 18,797 36,458 80,149 3,812 107,764 53,553 123,023 53,640 59,229 10,374 30,873 22,497 6,796 — 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 Agree Realty Corporation Schedule III – Real Estate and Accumulated Depreciation December 31, 2023 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Initial Cost Costs Capitalized Building and Subsequent to Improvements Acquisition Land 677,550 1,795,552 152,485 425,025 1,764,786 317,313 260,183 796,500 674,340 749,693 663,929 3,545,375 547,959 3,209,988 4,908,249 484,147 708,781 1,976,641 1,257,822 729,300 4,242,556 1,245,867 948,705 — 1,207,183 1,718,446 2,175,477 796,624 1,002,374 884,896 26,018,158 7,964,601 — 12,193,217 1,090,863 4,431,128 722,606 6,166,075 — — — — — — — — — — — — — — — — — — — Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 Years 40 Years 40 Years 40 Years Gross Amount at Which Carried at Close of Period Building and Improvements Land 677,550 1,795,552 152,485 425,025 1,764,786 317,313 260,183 796,500 674,340 749,693 663,929 3,545,375 547,959 3,209,988 4,908,249 484,147 708,781 1,976,641 1,257,820 729,300 4,242,556 1,245,867 948,705 — 1,207,183 1,718,446 2,175,477 796,624 1,002,374 884,896 26,018,158 7,964,601 — 12,193,217 1,090,863 4,431,128 722,606 6,166,061 Accumulated Depreciation Acquisition Date of Total 1,406,850 6,038,108 1,398,352 1,373,730 1,764,786 1,524,496 1,978,629 2,971,977 1,470,964 1,752,067 1,548,825 29,563,533 8,512,560 3,209,988 17,101,466 1,575,010 5,139,909 2,699,247 7,423,881 14,802 13,257 31,036 15,851 — 23,347 40,837 23,540 17,412 5,523 18,132 514,918 186,497 — 73,893 10,847 96,928 13,159 134,875 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years 40 Years Description Stafford, TX Temple, TX Warren, TX Danville, VA Fredericksburg, VA Midlothian, VA Portsmouth, VA Stafford, VA Puyallup, WA Tacoma, WA Vancouver, WA Ashwaubenon, WI Manitowoc, WI Milwaukee, WI Onalaska, WI Sparta, WI Charleston, WV Pennsboro, WV Ripley, WV Encumbrance — — — — — — — — — — — — — — — — — — — Subtotal Property Under Development Various Sub Total Total 32,634,841 2,288,976,437 4,793,822,802 61,246,776 2,282,353,521 4,861,692,489 0 7,144,046,010 0 433,957,769 — — $ 32,634,841 $ 2,288,976,437 $ 4,827,054,970 $ 61,246,776 $ 2,282,353,521 $ 4,894,924,657 $ 7,177,278,178 $ 433,957,769 33,232,168 33,232,168 33,232,168 33,232,168 33,232,168 33,232,168 — — — — — — — — 1. Reconciliation of Real Estate Properties The following table reconciles the Real Estate Properties from January 1, 2021 to December 31, 2023. 2023 2022 2021 Balance at January 1 Construction, acquisition and other costs Impairment charge Disposition of real estate Balance at December 31 2. Reconciliation of Accumulated Depreciation $ 6,062,209,367 $ 4,605,458,035 $ 3,478,088,144 1,172,183,773 (2,905,125) (41,908,757) $ 7,177,278,178 $ 6,062,209,367 $ 4,605,458,035 1,499,979,100 (1,165,524) (42,062,244) 1,135,848,799 (9,555,945) (11,224,043) The following table reconciles the Real Estate Properties from January 1, 2021 to December 31, 2023. 2023 2022 2021 Balance at January 1 Current year depreciation expense Impairment charge Disposition of real estate Balance at December 31 3. Tax Basis $ 321,141,833 $ 233,861,792 $ 172,698,378 67,019,106 (986,221) (4,869,471) $ 433,957,769 $ 321,141,833 $ 233,861,792 88,892,382 (150,523) (1,461,818) 115,969,605 (2,425,088) (728,581) The aggregate cost of our real estate assets for federal income tax purposes is approximately $8.28 billion at December 31, 2023. F-67 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. SIGNATURES AGREE REALTY CORPORATION By: /s/ Joel N. Agree Joel N. Agree President and Chief Executive Officer Date: February 13, 2024 KNOW ALL PERSONS BY THESE PRESENTS, that we, the undersigned officers and directors of Agree Realty Corporation, hereby severally constitute Richard Agree, Joel N. Agree and Peter Coughenour, and each of them singly, our true and lawful attorneys with full power to them, and each of them singly, to sign for us and in our names in the capacities indicated below, the Annual Report on Form 10-K filed herewith and any and all amendments to said Annual Report on Form 10-K, and generally to do all such things in our names and in our capacities as officers and directors to enable Agree Realty Corporation to comply with the provisions of the Securities Exchange Act of 1934, as amended and all requirements of the Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by our said attorneys, or any of them, to said Annual Report on Form 10-K and any and all amendments thereto. PURSUANT to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. By: /s/ Richard Agree Richard Agree Executive Chairman of the Board of Directors By: /s/ Joel N. Agree Joel N. Agree President, Chief Executive Officer and Director (Principal Executive Officer) By: /s/ Peter Coughenour Peter Coughenour Chief Financial Officer and Secretary (Principal Financial Officer) By: /s/ Stephen Breslin Stephen Breslin Chief Accounting Officer (Principal Accounting Officer) By: /s/ Karen Dearing Karen Dearing Director By: /s/ Merrie S. Frankel Merrie S. Frankel Director By: /s/ Mike Hollman Mike Hollman Director By: /s/ Michael Judlowe Michael Judlowe Director Date: February 13, 2024 Date: February 13, 2024 Date: February 13, 2024 Date: February 13, 2024 Date: February 13, 2024 Date: February 13, 2024 Date: February 13, 2024 Date: February 13, 2024 By: /s/ Linglong He Linglong He Director By: /s/ Greg Lehmkuhl Greg Lehmkuhl Director By: /s/ John Rakolta John Rakolta Director By: /s/ Jerome Rossi Jerome Rossi Director Date: February 13, 2024 Date: February 13, 2024 Date: February 13, 2024 Date: February 13, 2024 (This page has been left blank intentionally.) AGREE REALTY CORPORATION FINANCIAL HIGHLIGHTS NYSE: ADC FINANCIALS – For Year Ended December 31, 2023 2022 2021 Rental Income ($000’s) $ 537,403 $ 429,632 $ 339,067 Adjusted Funds from Operations ($000’s) $ 378,742 $ 304,917 $ 236,970 Adjusted Funds from Operations per share Dividends per share $ $ 3.95 2.919 $ $ 3.83 2.805 $ $ 3.51 2.604 PROPERTY PORTFOLIO 2023 2022 2021 Real estate assets, at cost ($000’s) $ 7,177,278 $ 6,062,210 $ 4,600,973 Total assets ($000’s) $ 7,774,836 $ 6,713,189 $ 5,226,906 Total principal amount of debt outstanding ($000’s) $ 2,431,86 8 $ 1,960,395 $ 1,702,635 Number of properties 2,135 1,839 1,404 Gross leasable area (sq. ft.) 44,162,000 38,147,000 29,129,000 TOTAL RETURN PERFORMANCE 210 185 160 135 110 85 60 12.31.18 12.31.19 12.31.20 12.31.21 12.31.22 12.31.23 Agree Realty Corporation S&P MidCap 400 Dow Jones U.S. Real Estate Strip Centers INDEX 12.31.18 12.31.19 12.31.20 12.31.21 12.31.22 12.31.23 Agree Realty Corporation 100.00 122.67 120.84 134.45 139.13 129.26 S&P MidCap 400 100.00 126.20 143.44 178.95 155.58 181.15 Dow Jones U.S. Real Estate Strip Centers 100.00 127.04 87.19 125.49 113.27 124.88 AGREE REALTY CORPORATION FINANCIAL HIGHLIGHTS NYSE: ADC ADJUSTED FUNDS FROM OPERATIONS (in thousands) 2018 2019 2020 2021 2022 2023 REAL ESTATE ASSETS (in thousands) $ 380,000 $ 350,000 $ 320,000 $ 290,000 $ 260,000 $ 230,000 $ 200,000 $ 170,000 $ 140,000 $ 110,000 $ 80,000 $ 50,000 $ 7,750,000 $ 7,000,000 $ 6,250,000 $ 5,500,000 $ 4,750,000 $ 4,000,000 $ 3,250,000 $ 2,500,000 $ 1,750,000 $ 1,000,000 2018 2019 2020 2021 2022 2023 CORPORATE INFORMATION LEADERSHIP TEAM Joey Agree President Chief Executive Officer Director Peter Coughenour Chief Financial Officer Secretary Richard Agree Executive Chairman Karen Dearing Senior Advisor Sun Communities (NYSE: SUI) Merrie S. Frankel President Minerva Realty Consultants, LLC Adjunct Professor Columbia University New York University Linglong He Chief Leadership Advisor Interim Chief Data Officer Rocket Companies (NYSE: RKT) Mike Hollman SVP, Treasurer Head of Strategic Finance Hilton (NYSE: HLT) DIRECTORS Craig Erlich Chief Growth Officer Danielle Spehar General Counsel Nicole Witteveen Chief Operating Officer Michael Judlowe Former, Chairman of Jefferies’ US Real Estate, Gaming and Lodging Investment Banking Greg Lehmkuhl President Chief Executive Officer Lineage Logistics Ambassador John Rakolta, Jr. (Ret.) Chairman Walbridge Jerry Rossi Chief Executive Officer R&R Consulting Former, Group President The TJX Companies (NYSE: TJX) Annual Meeting of Stockholders Thursday, May 23, 2024 - 10:00 AM ET www.virtualshareholdermeeting.com/ ADC2024 Independent Registered Public Accounting Firm Grant Thornton LLP 171 North Clark Street, Suite 200 Chicago, IL 60601 Counsel Honigman LLP 39400 Woodward Ave., Suite 101 Bloomfield Hills, MI 48304 Registrar & Transfer Agent Computershare Trust Company, N.A. P.O. Box 43006 Providence, RI 02940 a g r e e r e a l t y. c o m

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