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
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F-1
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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.
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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.
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• 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
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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
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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.
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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.
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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
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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
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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
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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.
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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.
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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