AI Earnings Predictions for Agree Realty Corporation (ADC)

EX-99.1

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EX-99.1

Document

Exhibit 99.1

32301 Woodward Ave.

Royal Oak, MI 48073

www.agreerealty.com

FOR IMMEDIATE RELEASE

Agree Realty Corporation Reports Second Quarter 2026 Results

Record Quarterly Investment Activity of $502 Million

Raises 2026 Investment Guidance to $1.6 Billion to $1.8 Billion

Increases 2026 AFFO Per Share Guidance to $4.57 to $4.59

Royal Oak, MI, July 30, 2026 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended June 30, 2026. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

Second Quarter 2026 Financial and Operating Highlights:

•Invested a Company record of approximately $502 million in 102 retail net lease properties

•Commenced five development or Developer Funding Platform (“DFP”) projects for total committed capital of approximately $88 million

•Net Income per share attributable to common stockholders increased 2.2% to $0.44

•Core Funds from Operations (“Core FFO”) per share increased 7.5% to $1.13

•Adjusted Funds from Operations (“AFFO”) per share increased 7.4% to $1.14

•Declared a monthly dividend of $0.267 per common share for June, a 4.3% year-over-year increase

•Settled 4.3 million shares of outstanding forward equity for net proceeds of approximately $313 million

•Balance sheet well positioned at 3.7 times proforma net debt to recurring EBITDA; 5.2 times excluding unsettled forward equity

First Half 2026 Financial and Operating Highlights:

•Invested a Company record of approximately $925 million in 187 retail net lease properties

•20 development or DFP projects completed or under construction with anticipated total costs of approximately $200 million

•Net Income per share attributable to common stockholders increased 10.6% to $0.94

•Core FFO per share increased 7.8% to $2.25

•AFFO per share increased 7.7% to $2.28

•Declared dividends of $1.587 per share, a 3.9% year-over-year increase

•Raised approximately $686 million of forward equity via the Company's at-the-market equity ("ATM") program

•Ended the first half with approximately $1.9 billion of liquidity including availability on the revolving credit facility, outstanding forward equity, and cash on hand

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended June 30, 2026 increased 11.5% to $52.8 million, compared to $47.3 million for the comparable period in 2025. Net Income per share for the three months ended June 30th increased 2.2% to $0.44, compared to $0.43 for the comparable period in 2025.

1

Net Income for the six months ended June 30, 2026 increased 22.2% to $113.0 million, compared to $92.5 million for the comparable period in 2025. Net Income per share for the six months ended June 30th increased 10.6% to $0.94, compared to $0.85 for the comparable period in 2025.

Core FFO

Core FFO for the three months ended June 30, 2026 increased 17.3% to $136.0 million, compared to $115.9 million for the comparable period in 2025. Core FFO per share for the three months ended June 30th increased 7.5% to $1.13, compared to $1.05 for the comparable period in 2025.

Core FFO for the six months ended June 30, 2026 increased 19.1% to $272.4 million, compared to $228.6 million for the comparable period in 2025. Core FFO per share for the six months ended June 30th increased 7.8% to $2.25, compared to $2.09 for the comparable period in 2025.

AFFO

AFFO for the three months ended June 30, 2026 increased 17.3% to $138.0 million, compared to $117.7 million for the comparable period in 2025. AFFO per share for the three months ended June 30th increased 7.4% to $1.14, compared to $1.06 for the comparable period in 2025.

AFFO for the six months ended June 30, 2026 increased 19.0% to $275.6 million, compared to $231.6 million for the comparable period in 2025. AFFO per share for the six months ended June 30th increased 7.7% to $2.28, compared to $2.12 for the comparable period in 2025.

Dividend

In the second quarter, the Company declared monthly cash dividends of $0.267 per common share for each of April, May and June 2026. The monthly dividends declared during the second quarter reflect an annualized dividend amount of $3.204 per common share, representing a 4.3% increase over the annualized dividend amount of $3.072 per common share from the second quarter of 2025. The dividends represent payout ratios of approximately 71% of Core FFO per share and 70% of AFFO per share, respectively.

For the six months ended June 30, 2026, the Company declared monthly cash dividends totaling $1.587 per common share, a 3.9% increase over the dividends of $1.527 per common share declared for the comparable period in 2025. The dividends represent payout ratios of approximately 70% of Core FFO per share and 70% of AFFO per share, respectively.

Subsequent to quarter end, the Company declared a monthly cash dividend of $0.267 per common share fo

EX-99.1

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EX-99.1

Document

Exhibit 99.1

32301 Woodward Ave.

Royal Oak, MI 48073

www.agreerealty.com

FOR IMMEDIATE RELEASE

Agree Realty Corporation Reports First Quarter 2026 Results

Raised Approximately $660 Million of Forward Equity via ATM Program

Balance Sheet Fortified with Approximately $2.3 Billion of Liquidity

Royal Oak, MI, April 21, 2026 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended March 31, 2026. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

First Quarter 2026 Financial and Operating Highlights:

•Invested approximately $424 million in 100 retail net lease properties

•15 development or Developer Funding Platform ("DFP") projects completed or under construction with anticipated total costs of approximately $112 million

•Net Income per share attributable to common stockholders increased 19.1% to $0.50

•Core Funds from Operations (“Core FFO”) per share increased 8.1% to $1.13

•Adjusted Funds from Operations (“AFFO”) per share increased 7.9% to $1.14

•Declared an increased monthly dividend of $0.267 per common share for April, a 4.3% year-over-year increase

•Sold 8.7 million shares of common stock via the forward component of the Company's at-the-market equity ("ATM") program for anticipated net proceeds of approximately $658 million

•Balance sheet well positioned at 3.2 times proforma net debt to recurring EBITDA; 5.1 times excluding unsettled forward equity

•Ended the quarter with approximately $2.3 billion of liquidity including availability on the revolving credit facility, outstanding forward equity, undrawn term loan capacity, and cash on hand

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended March 31, 2026 increased 33.4% to $60.2 million, compared to $45.1 million for the comparable period in 2025. Net Income per share for the three months ended March 31st increased 19.1% to $0.50, compared to $0.42 for the comparable period in 2025.

Core FFO

Core FFO for the three months ended March 31, 2026 increased 21.0% to $136.3 million, compared to $112.7 million for the comparable period in 2025. Core FFO per share for the three months ended March 31st increased 8.1% to $1.13, compared to $1.04 for the comparable period in 2025.

AFFO

AFFO for the three months ended March 31, 2026 increased 20.7% to $137.6 million, compared to $114.0 million for the comparable period in 2025. AFFO per share for the three months ended March 31st increased 7.9% to $1.14, compared to $1.06 for the comparable period in 2025.

1

Dividend

In the first quarter, the Company declared monthly cash dividends of $0.262 per common share for each of January, February and March 2026. The monthly dividends declared during the first quarter reflect an annualized dividend amount of $3.144 per common share, representing a 3.6% increase over the annualized dividend amount of $3.036 per common share from the first quarter of 2025. The dividends represent payout ratios of approximately 70% of Core FFO per share and 69% of AFFO per share, respectively.

Subsequent to quarter end, the Company declared an increased monthly cash dividend of $0.267 per common share for April 2026. The April monthly dividend reflects an annualized dividend amount of $3.204 per common share, representing a 4.3% increase over the annualized dividend amount of $3.072 per common share from the second quarter of 2025. The April dividend is payable on May 14, 2026 to stockholders of record at the close of business on April 30, 2026.

Additionally, subsequent to quarter end, the Company declared a monthly cash dividend on its 4.25% Series A Cumulative Redeemable Preferred Stock of $0.08854 per depositary share, which is equivalent to $1.0625 per annum. The dividend is payable on May 1, 2026 to stockholders of record at the close of business on April 21, 2026.

Earnings Guidance

The table below provides estimates for significant components of our 2026 earnings guidance.

Prior 2026 Revised 2026

Guidance

Guidance

AFFO per share(1)(2)

$4.54 to $4.58

$4.54 to $4.58

Investment volume $1.4 to $1.6 billion$1.4 to $1.6 billion

Disposition volume $25 to $75 million$25 to $75 million

General and administrative expenses (% of adjusted revenue)(3)(4) 5.3% to 5.6%5.3% to 5.6%

Non-reimbursable real estate expenses (% of adjusted revenue)(3)

1.0% to 1.5%1.0% to 1.5%

Income and other tax expense $2 to $3 million$2 to $2.5 million

Treasury stock method dilution(5) Approximately $0.01$0.02 to $0.04

The Company’s 2026 guidance is subject to risks and uncertainties more fully described in this press release and in the Company’s filings with the Securities and Exchange Commission (the “SEC”).

(1)The Company does not provide guidance with respect to the most directly comparable GAAP financial measure or provide reconciliations to GAAP from its forward-looking non-GA

EX-99.1

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EX-99.1

Document

Exhibit 99.1

32301 Woodward Ave.

Royal Oak, MI 48073

www.agreerealty.com

FOR IMMEDIATE RELEASE

Agree Realty Corporation Reports Fourth Quarter and Full Year 2025 Results

Provides Initial 2026 AFFO Per Share Guidance of $4.54 to $4.58

Increases 2026 Investment Guidance to $1.4 Billion to $1.6 Billion

Royal Oak, MI, February 10, 2026 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter and full year ended December 31, 2025. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

Fourth Quarter 2025 Financial and Operating Highlights:

•Invested approximately $377 million in 94 retail net lease properties across all three external growth platforms

•Commenced four development or Developer Funding Platform (“DFP”) projects for total committed capital of approximately $35 million

•Net Income per share attributable to common stockholders increased 13.5% to $0.47

•Core Funds from Operations (“Core FFO”) per share increased 7.3% to $1.10

•Adjusted Funds from Operations (“AFFO”) per share increased 6.5% to $1.11

•Declared a monthly dividend of $0.262 per common share for December, a 3.6% year-over-year increase

•Closed an unsecured $350 million 5.5-year term loan (the “Term Loan”) with a fixed rate of 4.02% inclusive of prior hedging activity

•Sold 1.5 million shares of common stock via the forward component of the Company’s at-the-market equity (“ATM”) program for anticipated net proceeds of approximately $109 million

•Settled 5.9 million shares of outstanding forward equity for net proceeds of approximately $428 million

•Balance sheet positioned for growth at 3.8 times proforma net debt to recurring EBITDA; 4.9 times excluding unsettled forward equity

Full Year 2025 Financial and Operating Highlights:

•Invested approximately $1.55 billion in 338 retail net lease properties across all three external growth platforms

•Commenced 14 development or DFP projects for total committed capital of approximately $118 million

•Net Income per share attributable to common stockholders decreased 0.7% to $1.77

•Core FFO per share increased 5.1% to $4.28

•AFFO per share increased 4.6% to $4.33

•Declared dividends of $3.081 per share, a 2.7% year-over-year increase

•Achieved an A- issuer rating from Fitch Ratings with a stable outlook

•Completed a public bond offering of $400 million of 5.60% senior unsecured notes due 2035 with an all-in rate of 5.35% inclusive of prior hedging activity

•Raised approximately $714 million of forward equity via the Company's ATM program and an overnight offering

•Over $2.0 billion of liquidity at year end including availability on the revolving credit facility and Term Loan, outstanding forward equity, and cash on hand

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended December 31, 2025 increased 24.9% to $54.2 million, compared to Net Income of $43.4 million for the comparable period in 2024. Net Income per share for the three months ended December 31st increased 13.5% to $0.47 compared to Net Income per share of $0.41 for the comparable period in 2024.

Net Income for the twelve months ended December 31, 2025 increased 8.3% to $196.9 million, compared to Net Income of $181.8 million for the comparable period in 2024. Net Income per share for the twelve months ended December 31st decreased 0.7% to $1.77 compared to Net Income per share of $1.78 for the comparable period in 2024.

Core FFO

Core FFO for the three months ended December 31, 2025 increased 17.8% to $126.8 million, compared to Core FFO of $107.6 million for the comparable period in 2024. Core FFO per share for the three months ended December 31st increased 7.3% to $1.10, compared to Core FFO per share of $1.02 for the comparable period in 2024.

Core FFO for the twelve months ended December 31, 2025 increased 14.7% to $477.8 million, compared to Core FFO of $416.7 million for the comparable period in 2024. Core FFO per share for the twelve months ended December 31st increased 5.1% to $4.28, compared to Core FFO per share of $4.08 for the comparable period in 2024.

AFFO

AFFO for the three months ended December 31, 2025 increased 16.9% to $128.0 million, compared to AFFO of $109.5 million for the comparable period in 2024. AFFO per share for the three months ended December 31st increased 6.5% to $1.11, compared to AFFO per share of $1.04 for the comparable period in 2024.

AFFO for the twelve months ended December 31, 2025 increased 14.2% to $482.8 million, compared to AFFO of $422.8 million for the comparable period in 2024. AFFO per share for the twelve months ended December 31st increased 4.6% to $4.33, compared to AFFO per share of $4.14 for the comparable period in 2024.

Dividend

In the fourth quarter, the Company declared monthly cash dividends of $0.262 per common share for each of October, November and

EX-99.1

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EX-99.1

Exhibit 99.1

32301 Woodward Ave.

Royal Oak, MI 48073

www.agreerealty.com

​

FOR IMMEDIATE RELEASE

​

Agree Realty Corporation Reports Third Quarter 2025 Results

Raises 2025 Investment Guidance to $1.50 Billion to $1.65 Billion

Increases 2025 AFFO Per Share Guidance to $4.31 to $4.33

Royal Oak, MI, October 21, 2025 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended September 30, 2025. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

​

Third Quarter 2025 Financial and Operating Highlights:

​

■Invested approximately $451 million in 110 retail net lease properties across all three external growth platforms

■Commenced five development or Developer Funding Platform (“DFP”) projects for total committed capital of approximately $51 million

■Net Income per share attributable to common stockholders increased 7.9% to $0.45

■Core Funds from Operations (“Core FFO”) per share increased 8.4% to $1.09

■Adjusted Funds from Operations (“AFFO”) per share increased 7.2% to $1.10

■Declared a monthly dividend of $0.256 per common share for September, a 2.4% year-over-year increase

■Achieved an A- issuer rating from Fitch Ratings with a stable outlook

■Settled 3.5 million shares of outstanding forward equity for net proceeds of approximately $252 million

■Balance sheet positioned for growth at 3.5 times proforma net debt to recurring EBITDA; 5.1 times excluding unsettled forward equity

■Over $1.9 billion of liquidity at quarter end including availability on the revolving credit facility, outstanding forward equity, and cash on hand

​

Financial Results

Net Income Attributable to Common Stockholders

​

Net Income for the three months ended September 30, 2025 increased 18.2% to $50.3 million, compared to Net Income of $42.5 million for the comparable period in 2024. Net Income per share for the three months ended September 30th increased 7.9% to $0.45 compared to Net Income per share of $0.42 for the comparable period in 2024.

​

Net Income for the nine months ended September 30, 2025 increased 3.1% to $142.7 million, compared to Net Income of $138.4 million for the comparable period in 2024. Net Income per share for the nine months ended September 30th decreased 5.3% to $1.30 compared to Net Income per share of $1.37 for the comparable period in 2024.

​

Core FFO

Core FFO for the three months ended September 30, 2025 increased 18.9% to $122.4 million, compared to Core FFO of $102.9 million for the comparable period in 2024. Core FFO per share for the three months ended September 30th increased 8.4% to $1.09, compared to Core FFO per share of $1.01 for the comparable period in 2024.

​

Core FFO for the nine months ended September 30, 2025 increased 13.5% to $351.0 million, compared to Core FFO of $309.1 million for the comparable period in 2024. Core FFO per share for the nine months ended September 30th increased 4.3% to $3.18, compared to Core FFO per share of $3.05 for the comparable period in 2024.

​

AFFO

​

AFFO for the three months ended September 30, 2025 increased 17.5% to $123.1 million, compared to AFFO of $104.8 million for the comparable period in 2024. AFFO per share for the three months ended September 30th increased 7.2% to $1.10, compared to AFFO per share of $1.03 for the comparable period in 2024.

​

AFFO for the nine months ended September 30, 2025 increased 13.2% to $354.8 million, compared to AFFO of $313.3 million for the comparable period in 2024. AFFO per share for the nine months ended September 30th increased 4.0% to $3.22, compared to AFFO per share of $3.10 for the comparable period in 2024.

​

Dividend

​

In the third quarter, the Company declared monthly cash dividends of $0.256 per common share for each of July, August and September 2025. The monthly dividends declared during the third quarter reflect an annualized dividend amount of $3.072 per common share, representing a 2.4% year-over-year increase. The dividends represent payout ratios of approximately 70% of Core FFO per share and 70% of AFFO per share, respectively.

​

For the nine months ended September 30, 2025, the Company declared monthly cash dividends totaling $2.295 per common share, representing a 2.4% year-over-year increase. The dividends represent payout ratios of approximately 72% of Core FFO per share and 71% of AFFO per share, respectively.

​

Subsequent to quarter end, the Company declared a monthly cash dividend of $0.262 per common share for October 2025. The monthly dividend reflects an annualized dividend amount of $3.144 per common share, representing a 3.6% year-over-year increase. The October dividend is payable on November 14, 2025 to stockholders of record at the close of business on October 31, 2025.

​

Additionally, subsequent to quarter end, the Company declared a monthly cash dividend on its 4.25% Series A Cumulative Redeemable Preferre

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

32301 Woodward Ave.

Royal Oak, MI 48073

www.agreerealty.com

FOR IMMEDIATE RELEASE

Agree Realty Corporation Reports Second Quarter 2025 Results

Raises 2025 Investment Guidance to $1.4 Billion to $1.6 Billion

Increases 2025 AFFO Per Share Guidance to $4.29 to $4.32

Royal Oak, MI, July 31, 2025 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended June 30, 2025. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

Second Quarter 2025 Financial and Operating Highlights:

§Invested approximately $350 million in 110 retail net lease properties across all three external growth platforms

§Net Income per share attributable to common stockholders decreased 18.5% to $0.43

§Core Funds from Operations (“Core FFO”) per share increased 1.3% to $1.05

§Adjusted Funds from Operations (“AFFO”) per share increased 1.7% to $1.06

§Declared a monthly dividend of $0.256 per common share for June, a 2.4% year-over-year increase

§Completed a public bond offering of $400 million of 5.60% senior unsecured notes due 2035 with an all-in rate of 5.35% inclusive of prior hedging activity

§Completed a forward equity offering of 5.2 million shares of common stock, including the underwriters’ option to purchase additional shares, raising anticipated net proceeds of approximately $387 million

§Balance sheet positioned for growth at 3.1 times proforma net debt to recurring EBITDA; 5.2 times excluding unsettled forward equity

§Approximately $2.3 billion of liquidity at quarter end including availability on the revolving credit facility, outstanding forward equity, and cash on hand

First Half 2025 Financial and Operating Highlights:

§Invested approximately $727 million in 162 retail net lease properties across all three external growth platforms

§Committed approximately $140 million to 25 development or Developer Funding Platform (“DFP”) projects completed or under construction

§Net Income per share attributable to common stockholders decreased 11.1% to $0.85

§Core FFO per share increased 2.2% to $2.09

§AFFO

per share increased 2.4% to $2.12

§Declared dividends of $1.527 per share, a 2.4% year-over-year increase

§Raised approximately $603 million of forward equity via the Company's at-the-market equity (“ATM”) program and an overnight offering

§Settled 3.3 million shares of outstanding forward equity for net proceeds of approximately $225 million

1

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended June 30, 2025 decreased 10.5% to $47.3 million, compared to $52.9 million for the comparable period in 2024. Net Income per share for the three months ended June 30th decreased 18.5% to $0.43 compared to $0.52 for the comparable period in 2024.

Net Income for the six months ended June 30, 2025 decreased 3.5% to $92.5 million, compared to $95.9 million for the comparable period in 2024. Net Income per share for the six months ended June 30th decreased 11.1% to $0.85 compared to $0.95 for the comparable period in 2024.

Core FFO

Core FFO for the three months ended June 30, 2025 increased 11.3% to $115.9 million, compared to Core FFO of $104.2 million for the comparable period in 2024. Core FFO per share for the three months ended June 30th increased 1.3% to $1.05, compared to Core FFO per share of $1.03 for the comparable period in 2024.

Core FFO for the six months ended June 30, 2025 increased 10.9% to $228.6 million, compared to Core FFO of $206.2 million for the comparable period in 2024. Core FFO per share for the six months ended June 30th increased 2.2% to $2.09, compared to Core FFO per share of $2.05 for the comparable period in 2024.

AFFO

AFFO for the three months ended June 30, 2025 increased 11.7% to $117.7 million, compared to AFFO of $105.3 million for the comparable period in 2024. AFFO per share for the three months ended June 30th increased 1.7% to $1.06, compared to AFFO per share of $1.04 for the comparable period in 2024.

AFFO for the six months ended June 30, 2025 increased 11.1% to $231.6 million, compared to AFFO of $208.6 million for the comparable period in 2024. AFFO per share for the six months ended June 30th increased 2.4% to $2.12, compared to AFFO per share of $2.07 for the comparable period in 2024.

Dividend

In the second quarter, the Company declared monthly cash dividends of $0.256 per common share for each of April, May and June 2025. The monthly dividends declared during the second quarter reflect an annualized dividend amount of $3.072 per common share, representing a 2.4% increase over the annualized dividend amount of $3.00 per common share from the second quarter of 2024. The dividends represent payout ratios of approximately 73% of Core FFO per share and 72% of AFFO per share, respectively.

For the six months ended June 30, 2025, the Company declared monthly cash divide

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

32301 Woodward Ave.

Royal Oak, MI 48073

www.agreerealty.com

FOR IMMEDIATE RELEASE

Agree Realty Corporation Reports First Quarter 2025 Results

Raises 2025 Investment Guidance to $1.3 Billion to $1.5 Billion

Increases 2025 AFFO Per Share Guidance to $4.27 to $4.30

Royal Oak, MI, April 22, 2025 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended March 31, 2025. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

First Quarter 2025 Financial and Operating Highlights:

§Invested approximately $377 million in 69 retail net lease properties

§Commenced four development or Developer Funding Platform (“DFP”) projects for total committed capital of approximately $24 million

§Net Income per share attributable to common stockholders decreased 2.0% to $0.42

§Core Funds from Operations (“Core FFO”) per share increased 3.1% to $1.04

§Adjusted Funds from Operations (“AFFO”) per share increased 3.0% to $1.06

§Declared an increased monthly dividend of $0.256 per common share for April, a 2.4% year-over-year increase

§Sold 2.4 million shares of common stock via the forward component of the Company's at-the-market equity ("ATM") program for anticipated net proceeds of approximately $181 million

§Settled 2.7 million shares of outstanding forward equity for net proceeds of approximately $183 million

§Established a $625 million unsecured commercial paper program

§Balance sheet well positioned at 3.4 times proforma net debt to recurring EBITDA; 4.9 times excluding unsettled forward equity

§Ended the quarter with approximately $1.9 billion of total liquidity including availability on the revolving credit facility, outstanding forward equity, and cash on hand

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended March 31, 2025 increased 5.0% to $45.1 million, compared to $43.0 million for the comparable period in 2024. Net Income per share for the three months ended March 31st decreased 2.0% to $0.42 compared to $0.43 for the comparable period in 2024.

Core FFO

Core FFO for the three months ended March 31, 2025 increased 10.5% to $112.7 million, compared to Core FFO of $102.0 million for the comparable period in 2024. Core FFO per share for the three months ended March 31st increased 3.1% to $1.04, compared to Core FFO per share of $1.01 for the comparable period in 2024.

AFFO

AFFO for the three months ended March 31, 2025 increased 10.4% to $114.0 million, compared to AFFO of $103.3 million for the comparable period in 2024. AFFO per share for the three months ended March 31st increased 3.0% to $1.06, compared to AFFO per share of $1.03 for the comparable period in 2024.

1

Dividend

In the first quarter, the Company declared monthly cash dividends of $0.253 per common share for each of January, February and March 2025. The monthly dividends declared during the first quarter reflect an annualized dividend amount of $3.036 per common share, representing a 2.4% increase over the annualized dividend amount of $2.964 per common share from the first quarter of 2024. The dividends represent payout ratios of approximately 73% of Core FFO per share and 72% of AFFO per share, respectively.

Subsequent to quarter end, the Company declared an increased monthly cash dividend of $0.256 per common share for April 2025. The April monthly dividend reflects an annualized dividend amount of $3.072 per common share, representing a 2.4% increase over the annualized dividend amount of $3.00 per common share from the second quarter of 2024. The April dividend is payable on May 14, 2025 to stockholders of record at the close of business on April 30, 2025.

Additionally, subsequent to quarter end, the Company declared a monthly cash dividend on its 4.25% Series A Cumulative Redeemable Preferred Stock of $0.08854 per depositary share, which is equivalent to $1.0625 per annum. The dividend is payable on May 1, 2025 to stockholders of record at the close of business on April 21, 2025.

Earnings Guidance

The table below provides estimates for significant components of our 2025 earnings guidance. In addition, the AFFO per share guidance range includes an estimate for the dilutive impact of the Company's outstanding forward equity calculated in accordance with the treasury stock method.

Prior 2025

Guidance(1)

Revised 2025

Guidance

AFFO per share(2) $4.26 to $4.30 $4.27 to $4.30

General and administrative expenses (% of adjusted revenue)(3) 5.6% to 5.9% 5.6% to 5.9%

Non-reimbursable real estate expenses (% of adjusted revenue)(3)

1.0% to 1.5% 1.0% to 1.5%

Income and other tax expense $3 to $4 million $3 to $4 million

Investment volume $1.1 to $1.3 billion $1.3 to $1.5 billion

Disposition volume $10 to $50 million $10 to $50 million

The Company’s 2025 guidance is subject to risks and uncertainties more fully described i

EX-99.1

2 tm256143d1_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

32301 Woodward Ave.

Royal Oak, MI 48073

www.agreerealty.com

FOR IMMEDIATE RELEASE

Agree Realty Corporation Reports Fourth Quarter and Full Year 2024 Results

Provides Initial 2025 AFFO Per Share Guidance of $4.26 to $4.30

Royal Oak, MI, February 11, 2025 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter and full year ended December 31, 2024. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

Fourth Quarter 2024 Financial and Operating Highlights:

§Invested approximately $371 million in 127 retail net lease properties

§Commenced eight development or Developer Funding Platform (“DFP”) projects for total committed capital of approximately $45 million

§Net Income per share attributable to common stockholders decreased 5.7% to $0.41

§Core Funds from Operations (“Core FFO”) per share increased 3.5% to $1.02

§Adjusted Funds from Operations (“AFFO”) per share increased 4.7% to $1.04

§Declared a December monthly dividend of $0.253 per common share, a 2.4% year-over-year increase

§Completed a forward equity offering of 5.1 million shares of common stock, including the underwriters' option to purchase additional shares, raising anticipated net proceeds of approximately $368 million

§Sold 0.7 million shares of common stock via the forward component of the Company's at-the-market equity ("ATM") program for anticipated net proceeds of approximately $55 million

§Settled 3.7 million shares of outstanding forward equity for net proceeds of approximately $228 million

§Balance sheet well positioned at 3.3 times proforma net debt to recurring EBITDA; 4.9 times excluding unsettled forward equity

Full Year 2024 Financial and Operating Highlights:

§Invested approximately $951 million in 282 retail net lease properties

§Commenced 25 development or DFP projects for total committed capital of approximately $115 million

§Net Income per share attributable to common stockholders increased 4.8% to $1.78

§Core FFO per share increased 3.7% to $4.08

§AFFO

per share increased 4.6% to $4.14

§Declared dividends of $3.00 per share, a 2.8% year-over-year increase

§Achieved upgraded credit rating of BBB+ from S&P Global Ratings with a stable outlook

§Raised approximately $1.1 billion of forward equity via the Company's ATM program and an overnight offering

§Completed a public bond offering of $450 million of senior unsecured notes due 2034 at an all-in rate of 5.65%

§Expanded senior unsecured revolving credit facility (the “Credit Facility”) to $1.25 billion while reducing pricing and extending the maturity date to August 2029 inclusive of extension options

§Ended the year with liquidity of over $2.0 billion including availability on the Credit Facility, outstanding forward equity, and cash on hand

1

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended December 31, 2024 decreased 1.6% to $43.4 million, compared to Net Income of $44.1 million for the comparable period in 2023. Net Income per share for the three months ended December 31st decreased 5.7% to $0.41, compared to Net Income per share of $0.44 for the comparable period in 2023.

Net Income for the twelve months ended December 31, 2024 increased 11.8% to $181.8 million, compared to Net Income of $162.5 million for the comparable period in 2023. Net Income per share for the twelve months ended December 31st increased 4.8% to $1.78, compared to Net Income per share of $1.70 for the comparable period in 2023.

Core FFO

Core FFO for the three months ended December 31, 2024 increased 7.9% to $107.6 million, compared to Core FFO of $99.7 million for the comparable period in 2023. Core FFO per share for the three months ended December 31st increased 3.5% to $1.02, compared to Core FFO per share of $0.99 for the comparable period in 2023.

Core FFO for the twelve months ended December 31, 2024 increased 10.7% to $416.7 million, compared to Core FFO of $376.5 million for the comparable period in 2023. Core FFO per share for the twelve months ended December 31st increased 3.7% to $4.08, compared to Core FFO per share of $3.93 for the comparable period in 2023.

AFFO

AFFO for the three months ended December 31, 2024 increased 9.1% to $109.5 million, compared to AFFO of $100.3 million for the comparable period in 2023. AFFO per share for the three months ended December 31st increased 4.7% to $1.04, compared to AFFO per share of $1.00 for the comparable period in 2023.

AFFO for the twelve months ended December 31, 2024 increased 11.6% to $422.8 million, compared to AFFO of $378.7 million for the comparable period in 2023. AFFO per share for the twelve months ended December 31st increased 4.6% to $4.14, compared to AFFO per share of $3.95 for the comparable period in 2023.

Dividend

In the fourth quarter, the Company declared monthly cash dividends of $0.253 per

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

32301 Woodward Ave.

Royal Oak, MI 48073

www.agreerealty.com

FOR IMMEDIATE RELEASE

Agree Realty Corporation Reports Third Quarter 2024 Results

Raises 2024 Acquisition Guidance to Approximately $850 Million

Capital Markets Activities Drive Record Liquidity of Over $1.9 Billion

Royal Oak, MI, October 22, 2024 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended September 30, 2024. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

Third Quarter 2024 Financial and Operating Highlights:

§Invested approximately $237 million in 93 retail net lease properties

§Commenced eight development or Developer Funding Platform (“DFP”) projects for total committed capital of approximately $34 million

§Net Income per share attributable to common stockholders increased 2.6% to $0.42

§Core Funds from Operations (“Core FFO”) per share increased 2.2% to $1.01

§Adjusted Funds from Operations (“AFFO”) per share increased 2.8% to $1.03

§Declared an October monthly dividend of $0.253 per common share, a 2.4% year-over-year increase

§Sold 6.6 million shares of common stock via the forward component of the Company's at-the-market equity ("ATM") program for anticipated net proceeds of approximately $469 million

§Settled 2.9 million shares of outstanding forward equity for net proceeds of approximately $176 million

§Over $1.9 billion of total liquidity including availability on the revolving credit facility, outstanding forward equity, and cash on hand

§Balance sheet well positioned at 3.6 times proforma net debt to recurring EBITDA; 4.9 times excluding unsettled forward equity

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended September 30, 2024 increased 7.2% to $42.5 million, compared to Net Income of $39.7 million for the comparable period in 2023. Net Income per share for the three months ended September 30th increased 2.6% to $0.42, compared to Net Income per share of $0.41 for the comparable period in 2023.

Net Income for the nine months ended September 30, 2024 increased 16.8% to $138.4 million, compared to Net Income of $118.4 million for the comparable period in 2023. Net Income per share for the nine months ended September 30th increased 8.6% to $1.37, compared to Net Income per share of $1.26 for the comparable period in 2023.

Core FFO

Core FFO for the three months ended September 30, 2024 increased 6.8% to $102.9 million, compared to Core FFO of $96.4 million for the comparable period in 2023. Core FFO per share for the three months ended September 30th increased 2.2% to $1.01, compared to Core FFO per share of $0.99 for the comparable period in 2023.

Core FFO for the nine months ended September 30, 2024 increased 11.7% to $309.1 million, compared to Core FFO of $276.8 million for the comparable period in 2023. Core FFO per share for the nine months ended September 30th increased 3.8% to $3.05, compared to Core FFO per share of $2.94 for the comparable period in 2023.

1

AFFO

AFFO for the three months ended September 30, 2024 increased 7.4% to $104.8 million, compared to AFFO of $97.6 million for the comparable period in 2023. AFFO per share for the three months ended September 30th increased 2.8% to $1.03, compared to AFFO per share of $1.00 for the comparable period in 2023.

AFFO for the nine months ended September 30, 2024 increased 12.5% to $313.3 million, compared to AFFO of $278.4 million for the comparable period in 2023. AFFO per share for the nine months ended September 30th increased 4.6% to $3.10, compared to AFFO per share of $2.96 for the comparable period in 2023.

Dividend

In the third quarter, the Company declared monthly cash dividends of $0.250 per common share for each of July, August and September 2024. The monthly dividends declared during the third quarter reflect an annualized dividend amount of $3.00 per common share, representing a 2.9% increase over the annualized dividend amount of $2.916 per common share from the third quarter of 2023. The dividends represent payout ratios of approximately 74% of Core FFO per share and 73% of AFFO per share, respectively.

For the nine months ended September 30, 2024, the Company declared monthly cash dividends totaling $2.241 per common share, a 2.9% increase over the dividends of $2.178 per common share declared for the comparable period in 2023. The dividends represent payout ratios of approximately 73% of Core FFO per share and 72% of AFFO per share, respectively.

Subsequent to quarter end, the Company declared an increased monthly cash dividend of $0.253 per common share for October 2024. The monthly dividend reflects an annualized dividend amount of $3.036 per common share, representing a 2.4% increase over the annualized dividend amount of $2.964 per common share from the fourth quarter of 2023. The October dividend is

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

32301 Woodward Ave.

Royal Oak, MI 48073

www.agreerealty.com

FOR IMMEDIATE RELEASE

Agree Realty Corporation Reports Second Quarter 2024 Results

Increases 2024 AFFO Per Share Guidance to $4.11 to $4.14;

Raises 2024 Acquisition Guidance to Approximately $700 Million;

Receives Commitments to Expand Credit Facility to $1.25 Billion & Extend Maturity Until 2029

Royal Oak, MI, July 23, 2024 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended June 30, 2024. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

Second Quarter 2024 Financial and Operating Highlights:

§Invested approximately $203 million in 70 retail net lease properties

§Commenced five development or Developer Funding Platform (“DFP”) projects for total committed capital of approximately $19 million

§Net Income per share attributable to common stockholders increased 25.6% to $0.52

§Core Funds from Operations (“Core FFO”) per share increased 5.7% to $1.03

§Adjusted Funds from Operations (“AFFO”) per share increased 6.4% to $1.04

§Declared a July monthly dividend of $0.250 per common share, a 2.9% year-over-year increase

§Completed a public bond offering of $450 million of 5.625% senior unsecured notes due 2034

§Sold 3.2 million shares of common stock via the forward component of the Company's at-the-market equity ("ATM") program for anticipated net proceeds of approximately $195 million

§Approximately $1.7 billion of total liquidity, proforma for the closing of the Company’s $1.25 billion senior unsecured revolving credit facility (the "Credit Facility")

§Balance sheet well positioned at 4.1 times proforma net debt to recurring EBITDA; 4.9 times excluding unsettled forward equity

First Half 2024 Financial and Operating Highlights:

§Invested approximately $343 million in 102 retail net lease properties

§Committed over $101 million to 25 development or DFP projects completed or under construction

§Net Income per share attributable to common stockholders increased 11.3% to $0.95

§Core FFO per share increased 4.6% to $2.05

§AFFO

per share increased 5.5% to $2.07

§Declared dividends of $1.491 per share, a 2.9% year-over-year increase

1

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended June 30, 2024 increased 35.5% to $52.9 million, compared to Net Income of $39.0 million for the comparable period in 2023. Net Income per share for the three months ended June 30th increased 25.6% to $0.52, compared to Net Income per share of $0.42 for the comparable period in 2023.

Net Income for the six months ended June 30, 2024 increased 21.7% to $95.9 million, compared to Net Income of $78.8 million for the comparable period in 2023. Net Income per share for the six months ended June 30th increased 11.3% to $0.95, compared to Net Income per share of $0.86 for the comparable period in 2023.

Core FFO

Core FFO for the three months ended June 30, 2024 increased 14.0% to $104.2 million, compared to Core FFO of $91.4 million for the comparable period in 2023. Core FFO per share for the three months ended June 30th increased 5.7% to $1.03, compared to Core FFO per share of $0.98 for the comparable period in 2023.

Core FFO for the six months ended June 30, 2024 increased 14.3% to $206.2 million, compared to Core FFO of $180.4 million for the comparable period in 2023. Core FFO per share for the six months ended June 30th increased 4.6% to $2.05, compared to Core FFO per share of $1.96 for the comparable period in 2023.

AFFO

AFFO for the three months ended June 30, 2024 increased 14.7% to $105.3 million, compared to AFFO of $91.8 million for the comparable period in 2023. AFFO per share for the three months ended June 30th increased 6.4% to $1.04, compared to AFFO per share of $0.98 for the comparable period in 2023.

AFFO for the six months ended June 30, 2024 increased 15.3% to $208.6 million, compared to AFFO of $180.9 million for the comparable period in 2023. AFFO per share for the six months ended June 30th increased 5.5% to $2.07, compared to AFFO per share of $1.96 for the comparable period in 2023.

Dividend

In the second quarter, the Company declared monthly cash dividends of $0.250 per common share for each of April, May and June 2024. The monthly dividends declared during the second quarter reflect an annualized dividend amount of $3.00 per common share, representing a 2.9% increase over the annualized dividend amount of $2.916 per common share from the second quarter of 2023. The dividends represent payout ratios of approximately 73% of Core FFO per share and 72% of AFFO per share, respectively.

For the six months ended June 30, 2024, the Company declared monthly cash dividends totaling $1.491 per common share, a 2.9% increase over the dividends of $1.449 per common share declared for the comparable period in 2023. The d

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

32301 Woodward Ave.

Royal Oak, MI 48073

www.agreerealty.com

FOR IMMEDIATE RELEASE

Agree Realty Corporation Reports First Quarter 2024 Results

Introduces 2024 AFFO Per Share Guidance of $4.10 to $4.13

Royal Oak, MI, April 23, 2024 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended March 31, 2024. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

First Quarter 2024 Financial and Operating Highlights:

§Invested approximately $140 million in 50 retail net lease properties

§Commenced four development or Developer Funding Platform (“DFP”) projects for total committed capital of approximately $18 million

§Net Income per share attributable to common stockholders decreased 2.4% to $0.43

§Core Funds from Operations (“Core FFO”) per share increased 3.5% to $1.01

§Adjusted Funds from Operations (“AFFO”) per share increased 4.6% to $1.03

§Declared an April monthly dividend of $0.250 per common share, a 2.9% year-over-year increase

§Balance sheet well positioned at 4.3 times proforma net debt to recurring EBITDA; 4.8 times excluding unsettled forward equity

§Ended the quarter with over $920 million of total liquidity including availability on the revolving credit facility, outstanding forward equity, and cash on hand

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended March 31, 2024 increased 8.2% to $43.0 million, compared to $39.8 million for the comparable period in 2023. Net Income per share for the three months ended March 31st decreased 2.4% to $0.43, compared to $0.44 for the comparable period in 2023.

Core FFO

Core FFO for the three months ended March 31, 2024 increased 14.6% to $102.0 million, compared to Core FFO of $89.0 million for the comparable period in 2023. Core FFO per share for the three months ended March 31st increased 3.5% to $1.01, compared to Core FFO per share of $0.98 for the comparable period in 2023.

AFFO

AFFO for the three months ended March 31, 2024 increased 15.9% to $103.3 million, compared to AFFO of $89.1 million for the comparable period in 2023. AFFO per share for the three months ended March 31st increased 4.6% to $1.03, compared to AFFO per share of $0.98 for the comparable period in 2023.

1

Dividend

In the first quarter, the Company declared monthly cash dividends of $0.247 per common share for each of January, February and March 2024. The monthly dividends declared during the first quarter reflected an annualized dividend amount of $2.964 per common share, representing a 2.9% increase over the annualized dividend amount of $2.880 per common share from the first quarter of 2023. The dividends represent payout ratios of approximately 73% of Core FFO per share and 72% of AFFO per share, respectively.

Subsequent to quarter end, the Company declared a monthly cash dividend of $0.25 per common share for April 2024. The monthly dividend reflects an annualized dividend amount of $3.00 per common share, representing a 2.9% increase over the annualized dividend amount of $2.916 per common share from the second quarter of 2023. The April dividend is payable on May 14, 2024 to stockholders of record at the close of business on April 30, 2024.

Additionally, subsequent to quarter end, the Company declared a monthly cash dividend on its 4.25% Series A Cumulative Redeemable Preferred Stock of $0.08854 per depositary share, which is equivalent to $1.0625 per annum. The dividend is payable on May 1, 2024 to stockholders of record at the close of business on April 19, 2024.

Earnings Guidance

2024 Guidance

AFFO per share(1)

$4.10 to $4.13

General and administrative expenses (% of adjusted revenue)(2)

5.7% to 6.0%

Non-reimbursable real estate expenses (% of adjusted revenue)(2)

1.0% to 1.5%

Income and other tax expense

$4 to $5 million

Acquisition volume

Approximately $600 million

Disposition volume

$50 to $100 million

The Company’s 2024 guidance is subject to risks and uncertainties more fully described in this press release and in the Company’s filings with the Securities and Exchange Commission.

(1)The Company does not provide guidance with respect to the most directly comparable GAAP financial measure or provide reconciliations to GAAP from its forward-looking non-GAAP financial measure of AFFO per share guidance due to the inherent difficulty of forecasting the effect, timing and significance of certain amounts in the reconciliation that would be required by Item 10(e)(1)(i)(B) of Regulation S-K. Examples of these amounts include impairments of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions or developments. In addition, certain non-recurring items may also significantly affect net income but are generally adjusted for in AFFO. Based on our historical experience, the dollar amounts of thes

EX-99.1

2 tm246063d1_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

32301 Woodward Ave.

Royal Oak, MI 48073

www.agreerealty.com

FOR IMMEDIATE RELEASE

Agree Realty Corporation Reports Fourth Quarter and Full Year 2023 Results

Fourth Quarter ATM Activity Creates $500 Million of Leverage Neutral Investment Capacity

Royal Oak, MI, February 13, 2024 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter and full year ended December 31, 2023. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

Fourth Quarter 2023 Financial and Operating Highlights:

§Invested approximately $199 million in 70 retail net lease properties

§Completed four development or Developer Funding Platform (“DFP”) projects representing total committed capital of over $16 million

§Net Income per share attributable to common stockholders of $0.44 was unchanged year-over-year

§Core Funds from Operations (“Core FFO”) per share increased 3.4% to $0.99

§Adjusted Funds from Operations (“AFFO”) per share increased 5.2% to $1.00

§Declared a December monthly dividend of $0.247 per common share, a 2.9% year-over-year increase

§Sold 3.8 million shares of common stock via the forward component of the Company's at-the-market equity ("ATM") program for net proceeds of approximately $236 million

§Balance sheet well positioned at 4.3 times proforma net debt to recurring EBITDA; 4.7 times excluding unsettled forward equity

Full Year 2023 Financial and Operating Highlights:

§Invested or committed $1.34 billion in 319 retail net lease properties

§Commenced 13 development or DFP projects for total committed capital of approximately $54 million

§Net Income per share attributable to common stockholders declined 7.0% to $1.70

§Core FFO per share increased 1.6% to $3.93

§AFFO

per share increased 3.1% to $3.95

§Declared dividends of $2.919 per share, a 4.1% year-over-year increase

§Raised over $370 million of gross equity proceeds through the Company's ATM program

§Closed on an unsecured $350 million 5.5-year term loan at a 4.52% fixed rate inclusive of prior hedging activity

§Ended the year with over $1.0 billion of total liquidity including availability on the revolving credit facility, outstanding forward equity, and cash on hand

1

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended December 31, 2023 increased 12.9% to $44.1 million, compared to $39.1 million for the comparable period in 2022. Net Income per share for the three months ended December 31st of $0.44 was unchanged compared to the same period in 2022.

Net Income for the twelve months ended December 31, 2023 increased 12.1% to $162.5 million, compared to $145.0 million for the comparable period in 2022. Net Income per share for the twelve months ended December 31st decreased 7.0% to $1.70, compared to $1.83 per share for the comparable period in 2022.

Core FFO

Core FFO for the three months ended December 31, 2023 increased 16.8% to $99.7 million, compared to Core FFO of $85.3 million for the comparable period in 2022. Core FFO per share for the three months ended December 31st increased 3.4% to $0.99, compared to Core FFO per share of $0.96 for the comparable period in 2022.

Core FFO for the twelve months ended December 31, 2023 increased 22.3% to $376.5 million, compared to Core FFO of $307.7 million for the comparable period in 2022. Core FFO per share for the twelve months ended December 31st increased 1.6% to $3.93, compared to Core FFO per share of $3.87 for the comparable period in 2022.

AFFO

AFFO for the three months ended December 31, 2023 increased 18.8% to $100.3 million, compared to AFFO of $84.4 million for the comparable period in 2022. AFFO per share for the three months ended December 31st increased 5.2% to $1.00, compared to AFFO per share of $0.95 for the comparable period in 2022.

AFFO for the twelve months ended December 31, 2023 increased 24.2% to $378.7 million, compared to AFFO of $304.9 million for the comparable period in 2022. AFFO per share for the twelve months ended December 31st increased 3.1% to $3.95, compared to AFFO per share of $3.83 for the comparable period in 2022.

Dividend

In the fourth quarter, the Company declared monthly cash dividends of $0.247 per common share for each of October, November and December 2023. The monthly dividends declared during the fourth quarter reflected an annualized dividend amount of $2.964 per common share, representing a 2.9% increase over the annualized dividend amount of $2.880 per common share from the fourth quarter of 2022. The dividends represent payout ratios of approximately 75% of Core FFO per share and 74% of AFFO per share, respectively.

For the twelve months ended December 31, 2023, the Company declared monthly cash dividends totaling $2.919 per common share, a 4.1% increase over the dividends of $2.805 per common share declared for the comparable period in

EX-99.1

2 tm2328932d1_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

32301 Woodward Ave.

Royal Oak, MI 48073

www.agreerealty.com

FOR IMMEDIATE RELEASE

Agree Realty Corporation Reports Third Quarter 2023 Results

Achieves Record Investment Grade Exposure Approaching 69% of Annualized Base Rents

Royal Oak, MI, October 24, 2023 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended September 30, 2023. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

Third Quarter 2023 Financial and Operating Highlights:

§Invested approximately $411 million in 98 retail net lease properties

§Completed eight development or Developer Funding Platform (“DFP”) projects representing total committed capital of over $41 million

§Net Income per share attributable to common stockholders decreased 12.4% to $0.41

§Core Funds from Operations (“Core FFO”) per share increased 2.1% to $0.99

§Adjusted Funds from Operations (“AFFO”) per share increased 4.2% to $1.00

§Declared an October monthly dividend of $0.247 per common share, a 2.9% year-over-year increase

§Closed on an unsecured $350 million 5.5-year term loan at a 4.52% fixed rate inclusive of prior hedging activity

§Sold 1,327,130 shares of common stock via the forward component of the Company's at-the-market equity ("ATM") program for net proceeds of approximately $87 million

§Settled 4,251,771 shares of outstanding forward equity for net proceeds of approximately $290 million

§Balance sheet well positioned at 4.5 times net debt to recurring EBITDA

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended September 30, 2023 increased 5.6% to $39.7 million, compared to $37.6 million for the comparable period in 2022. Net Income per share for the three months ended September 30th decreased 12.4% to $0.41, compared to $0.46 per share for the comparable period in 2022.

Net Income for the nine months ended September 30, 2023 increased 11.8% to $118.4 million, compared to $105.9 million for the comparable period in 2022. Net Income per share for the nine months ended September 30th decreased 9.4% to $1.26, compared to $1.39 per share for the comparable period in 2022.

Core FFO

Core FFO for the three months ended September 30, 2023 increased 23.3% to $96.4 million, compared to Core FFO of $78.2 million for the comparable period in 2022. Core FFO per share for the three months ended September 30th increased 2.1% to $0.99, compared to Core FFO per share of $0.97 for the comparable period in 2022.

Core FFO for the nine months ended September 30, 2023 increased 24.4% to $276.8 million, compared to Core FFO of $222.4 million for the comparable period in 2022. Core FFO per share for the nine months ended September 30th increased 0.8% to $2.94, compared to Core FFO per share of $2.92 for the comparable period in 2022.

1

AFFO

AFFO for the three months ended September 30, 2023 increased 25.8% to $97.6 million, compared to AFFO of $77.6 million for the comparable period in 2022. AFFO per share for the three months ended September 30th increased 4.2% to $1.00, compared to AFFO per share of $0.96 for the comparable period in 2022.

AFFO for the nine months ended September 30, 2023 increased 26.3% to $278.4 million, compared to AFFO of $220.5 million for the comparable period in 2022. AFFO per share for the nine months ended September 30th increased 2.3% to $2.96, compared to AFFO per share of $2.89 for the comparable period in 2022.

Dividend

In the third quarter, the Company declared monthly cash dividends of $0.243 per common share for each of July, August and September 2023. The monthly dividends during the third quarter reflected an annualized dividend amount of $2.916 per common share, representing a 3.8% increase over the annualized dividend amount of $2.808 per common share from the third quarter of 2022. The dividends represent payout ratios of approximately 74% of Core FFO per share and 73% of AFFO per share, respectively.

For the nine months ended September 30, 2023, the Company declared monthly cash dividends totaling $2.178 per common share, a 4.5% increase over the dividends of $2.085 per common share declared for the comparable period in 2022. The dividends represent payout ratios of approximately 74% of both Core FFO per share and AFFO per share.

Subsequent to quarter end, the Company declared a monthly cash dividend of $0.247 per common share for October 2023. The monthly dividend reflects an annualized dividend amount of $2.964 per common share, representing a 2.9% increase over the annualized dividend amount of $2.880 per common share from the fourth quarter of 2022. The dividend is payable November 14, 2023 to stockholders of record at the close of business on October 31, 2023.

Additionally, subsequent to quarter end, the Company declared a monthly cash dividend on its 4.25% Series A Cumulative Redeemable Preferred Stock

EX-99.1

3 tm2322508d1_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

32301 Woodward Ave.

Royal Oak, MI 48073

www.agreerealty.com

FOR IMMEDIATE RELEASE

Agree Realty Corporation Reports Second Quarter 2023 Results

Increases 2023 Acquisition Guidance to At Least $1.3 Billion; Portfolio Surpasses 2,000 Properties

Royal Oak, MI, August 1, 2023 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended June 30, 2023. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

Second Quarter 2023 Financial and Operating Highlights:

§Invested approximately $324 million in 120 retail net lease properties

§Completed six development or Partner Capital Solutions (“PCS”) projects representing total committed capital of over $18 million

§Net Income per share attributable to common stockholders decreased 7.2% to $0.42

§Core Funds from Operations (“Core FFO”) per share of $0.98 was unchanged year-over-year

§Adjusted Funds from Operations (“AFFO”) per share increased 1.1% to $0.98

§Declared a July monthly dividend of $0.243 per common share, a 3.8% year-over-year increase

§Announced an unsecured $350 million 5.5-year term loan at a 4.52% fixed rate inclusive of prior hedging activity

§Settled 3,070,997 shares of outstanding forward equity for net proceeds of approximately $205 million

§Balance sheet well positioned at 4.1 times proforma net debt to recurring EBITDA; 4.5 times excluding unsettled forward equity

First Half 2023 Financial and Operating Highlights:

§Invested approximately $638 million in 189 retail net lease properties

§Committed a record of nearly $126 million to 31 development or PCS projects completed or under construction

§Net Income per share attributable to common stockholders decreased 7.9% to $0.86

§Core FFO per share increased 0.1% to $1.96

§AFFO

per share increased 1.3% to $1.96

§Declared dividends of $1.449 per share, a 4.8% year-over-year increase

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended June 30, 2023 increased 14.3% to $39.0 million, compared to $34.1 million for the comparable period in 2022. Net Income per share for the three months ended June 30, 2023 decreased 7.2% to $0.42, compared to $0.45 per share for the comparable period in 2022.

Net Income for the six months ended June 30, 2023 increased 15.2% to $78.8 million, compared to $68.4 million for the comparable period in 2022. Net Income per share for the six months ended June 30, 2023 decreased 7.9% to $0.86, compared to $0.93 per share for the comparable period in 2022.

1

Core FFO

Core FFO for the three months ended June 30, 2023 increased 22.7% to $91.4 million, compared to Core FFO of $74.5 million for the comparable period in 2022. Core FFO per share for the three months ended June 30, 2023 of $0.98 was unchanged compared to the same period in 2022.

Core FFO for the six months ended June 30, 2023 increased 25.1% to $180.4 million, compared to Core FFO of $144.2 million for the comparable period in 2022. Core FFO per share for the six months ended June 30, 2023 increased 0.1% to $1.96, compared to Core FFO per share of $1.95 for the comparable period in 2022.

AFFO

AFFO for the three months ended June 30, 2023 increased 24.5% to $91.8 million, compared to AFFO of $73.7 million for the comparable period in 2022. AFFO per share for the three months ended June 30, 2023 increased 1.1% to $0.98, compared to AFFO per share of $0.97 for the comparable period in 2022.

AFFO for the six months ended June 30, 2023 increased 26.5% to $180.9 million, compared to AFFO of $142.9 million for the comparable period in 2022. AFFO per share for the six months ended June 30, 2023 increased 1.3% to $1.96, compared to AFFO per share of $1.94 for the comparable period in 2022.

Dividend

In the second quarter, the Company declared monthly cash dividends of $0.243 per common share for each of April, May and June 2023. The monthly dividends during the second quarter reflected an annualized dividend amount of $2.916 per common share, representing a 3.8% increase over the annualized dividend amount of $2.808 per common share from the second quarter of 2022. The dividends represent payout ratios of approximately 75% of Core FFO per share and 74% of AFFO per share, respectively.

For the six months ended June 30, 2023, the Company declared monthly cash dividends totaling $1.449 per common share, a 4.8% increase over the dividends of $1.383 per common share declared for the comparable period in 2022. The dividends represent payout ratios of approximately 74% of both Core FFO per share and AFFO per share.

Subsequent to quarter end, the Company declared a monthly cash dividend of $0.243 per common share for July 2023. The monthly dividend reflects an annualized dividend amount of $2.916 per common share, representing a 3.8% increase over the annualized dividend amount of $2.808 per common share from

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

70 E. Long Lake Rd.

Bloomfield Hills, MI 48304

www.agreerealty.com

FOR IMMEDIATE RELEASE

Agree Realty Corporation Reports First Quarter 2023 Results

Increases 2023 Acquisition Guidance to At Least $1.2 Billion

Bloomfield Hills, MI, May 4, 2023 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended March 31, 2023. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

First Quarter 2023 Financial and Operating Highlights:

§Invested approximately $314 million in 95 retail net lease properties

§Commenced five development or Partner Capital Solutions (“PCS”) projects representing total committed capital of over $19 million

§Net Income per share attributable to common stockholders decreased 8.6% to $0.44

§Core Funds from Operations (“Core FFO”) per share increased 0.6% to $0.98

§Adjusted Funds from Operations (“AFFO”) per share increased 1.5% to $0.98

§Declared an April monthly dividend of $0.243 per common share, a 3.8% year-over-year increase

§Settled 2,945,000 shares of outstanding forward equity for net proceeds of approximately $195 million

§Balance sheet positioned for growth at 3.7 times proforma net debt to recurring EBITDA; 4.5 times excluding unsettled forward equity

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended March 31, 2023 increased 16.1% to $39.8 million, compared to $34.3 million for the comparable period in 2022. Net Income per share for the three months ended March 31, 2023 decreased 8.6% to $0.44, compared to $0.48 per share for the comparable period in 2022.

Core FFO

Core FFO for the three months ended March 31, 2023 increased 27.6% to $89.0 million, compared to Core FFO of $69.7 million for the comparable period in 2022. Core FFO per share for the three months ended March 31, 2023 increased 0.6% to $0.98, compared to Core FFO per share of $0.97 for the comparable period in 2022.

AFFO

AFFO for the three months ended March 31, 2023 increased 28.7% to $89.1 million, compared to AFFO of $69.2 million for the comparable period in 2022. AFFO per share for the three months ended March 31, 2023 increased 1.5% to $0.98, compared to AFFO per share of $0.97 for the comparable period in 2022.

Dividend

In the first quarter, the Company declared monthly cash dividends of $0.240 per common share for each of January, February and March 2023. The monthly dividends during the first quarter reflected an annualized dividend amount of $2.880 per common share, representing a 5.7% increase over the annualized dividend amount of $2.724 per common share from the first quarter of 2022. The dividends represent payout ratios of approximately 74% of Core FFO per share and 73% of AFFO per share, respectively.

1

Subsequent to quarter end, the Company declared a monthly cash dividend of $0.243 per common share for April 2023. The monthly dividend reflects an annualized dividend amount of $2.916 per common share, representing a 3.8% increase over the annualized dividend amount of $2.808 per common share from the second quarter of 2022. The April dividend is payable May 12, 2023 to stockholders of record at the close of business on April 28, 2023.

Additionally, subsequent to quarter end, the Company declared a monthly cash dividend on its 4.25% Series A Cumulative Redeemable Preferred Stock of $0.08854 per depositary share, which is equivalent to $1.0625 per annum. The dividend was paid on May 1, 2023 to stockholders of record at the close of business on April 24, 2023.

CEO Comments

“We are very pleased with our strong start to the year as we stayed disciplined in our investment strategy and now have visibility into at least $1.2 billion acquired for the year,” said Joey Agree, President and Chief Executive Officer. “Our balance sheet remains in a fortified position with more than $360 million of forward equity and over $800 million of capacity on our revolving credit facility at quarter end.”

Portfolio Update

As of March 31, 2023, the Company’s portfolio consisted of 1,908 properties located in all 48 continental states and contained approximately 40.1 million square feet of gross leasable area.

At quarter end, the portfolio was 99.7% leased, had a weighted-average remaining lease term of approximately 8.8 years, and generated 68.0% of annualized base rents from investment grade retail tenants.

Ground Lease Portfolio

During the first quarter, the Company acquired two ground leases for an aggregate purchase price of approximately $18.9 million, representing 6.5% of annualized base rents acquired.

As of March 31, 2023, the Company’s ground lease portfolio consisted of 208 leases located in 32 states and totaled approximately 5.6 million square feet of gross leasable area. Properties ground leased to tenants represented 12.1% of annualized base rents.

At quarter end, the ground leas

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

70 E. Long Lake Rd.

Bloomfield Hills, MI 48304

www.agreerealty.com

FOR IMMEDIATE RELEASE

Agree Realty Corporation Reports Fourth Quarter and Record Full Year 2022 Results

Bloomfield Hills, MI, February 14, 2023 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter and full year ended December 31, 2022. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

Fourth Quarter 2022 Financial and Operating Highlights:

§Invested approximately $421 million in 157 retail net lease properties

§Net Income per share attributable to common stockholders of $0.44 was unchanged year-over-year

§Core Funds from Operations (“Core FFO”) per share increased 3.5% to $0.96

§Adjusted Funds from Operations (“AFFO”) per share increased 3.9% to $0.95

§Declared a December monthly dividend of $0.240 per common share, a 5.7% year-over-year increase

§Sold 4,104,641 shares of common stock via the forward component of the Company's at-the-market equity ("ATM") program for anticipated net proceeds of approximately $283 million

§Settled 1,600,000 shares of outstanding forward equity for net proceeds of approximately $106 million

§Balance sheet positioned for growth at 3.1 times proforma net debt to recurring EBITDA; 4.4 times excluding unsettled forward equity

Full Year 2022 Financial and Operating Highlights:

§Invested or committed a record $1.71 billion in 465 retail net lease properties

§Commenced a record 28 development and Partner Capital Solutions (“PCS”) projects for total committed capital of approximately $110 million

§Net Income per share attributable to common stockholders increased 2.4% to $1.83

§Core FFO per share increased 8.1% to $3.87

§AFFO per share increased 9.2% to $3.83

§Declared dividends of $2.805 per share, a 7.7% year-over-year increase

§Raised approximately $1.3 billion of gross equity proceeds through two overnight offerings and the Company's ATM program

§Achieved an upgraded investment grade credit rating of Baa1 from Moody's Investors Service

§Completed a public bond offering of $300 million of 4.80% senior unsecured notes due 2032 with an effective all-in rate of 3.76% inclusive of prior hedging activity

§Ended the year with approximately $1.5 billion of total liquidity including availability on the revolving credit facility, outstanding forward equity, and cash on hand

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended December 31, 2022 increased 24.8% to $39.1 million, compared to $31.3 million for the comparable period in 2021. Net Income per share for the three months ended December 31, 2022 of $0.44 was unchanged compared to the same period in 2021.

Net Income for the twelve months ended December 31, 2022 increased 20.7% to $145.0 million, compared to $120.1 million for the comparable period in 2021. Net Income per share for the twelve months ended December 31, 2022 increased 2.4% to $1.83, compared to $1.78 per share for the comparable period in 2021.

Core FFO

Core FFO for the three months ended December 31, 2022 increased 30.0% to $85.3 million, compared to Core FFO of $65.6 million for the comparable period in 2021. Core FFO per share for the three months ended December 31, 2022 increased 3.5% to $0.96, compared to Core FFO per share of $0.92 for the comparable period in 2021.

Core FFO for the twelve months ended December 31, 2022 increased 27.4% to $307.7 million, compared to Core FFO of $241.5 million for the comparable period in 2021. Core FFO per share for the twelve months ended December 31, 2022 increased 8.1% to $3.87, compared to Core FFO per share of $3.58 for the comparable period in 2021.

AFFO

AFFO for the three months ended December 31, 2022 increased 30.5% to $84.4 million, compared to AFFO of $64.7 million for the comparable period in 2021. AFFO per share for the three months ended December 31, 2022 increased 3.9% to $0.95, compared to AFFO per share of $0.91 for the comparable period in 2021.

AFFO for the twelve months ended December 31, 2022 increased 28.7% to $304.9 million, compared to AFFO of $237.0 million for the comparable period in 2021. AFFO per share for the twelve months ended December 31, 2022 increased 9.2% to $3.83, compared to AFFO per share of $3.51 for the comparable period in 2021.

Dividend

In the fourth quarter, the Company declared monthly cash dividends of $0.240 per common share for each of October, November and December 2022. The monthly dividends during the fourth quarter reflected an annualized dividend amount of $2.880 per common share, representing a 5.7% increase over the annualized dividend amount of $2.724 per common share from the fourth quarter of 2021. The dividends represent payout ratios of approximately 75% of Core FFO per share and 76% of AFFO per share, respectively.

For the twelve months ended December 31, 2022, the C

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

70 E. Long Lake Rd.

Bloomfield Hills, MI 48304

www.agreerealty.com

FOR IMMEDIATE RELEASE

Agree Realty Corporation Reports Third Quarter 2022 Results

Increases Lower End of 2022 Acquisition Guidance to $1.6 Billion;

Fortifies Balance Sheet with Over $800 Million of Capital Raised

Bloomfield Hills, MI, November 1, 2022 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended September 30, 2022. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

Third Quarter 2022 Financial and Operating Highlights:

§Invested approximately $372 million in 121 retail net lease properties

§Net Income per share attributable to common stockholders decreased 11.1% to $0.46

§Core Funds from Operations (“Core FFO”) per share increased 5.6% to $0.97

§Adjusted Funds from Operations (“AFFO”) per share increased 7.8% to $0.96

§Declared an October monthly dividend of $0.240 per common share, a 5.7% year-over-year increase

§Completed a public bond offering of $300 million of 4.80% senior unsecured notes due 2032 with an effective all-in rate of 3.76% inclusive of prior hedging activity

§Sold 1,688,390 shares of common stock via the forward component of the Company’s at-the-market equity (“ATM”) program for anticipated net proceeds of approximately $127 million

§Commenced a forward equity offering of 5,750,000 shares of common stock, including the underwriters’ option to purchase additional shares, raising anticipated net proceeds of approximately $382 million

§Settled 8,739,752 shares of outstanding forward equity for net proceeds of approximately $601 million

§Balance sheet positioned for growth at 3.1 times proforma net debt to recurring EBITDA; 4.0 times excluding unsettled forward equity

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended September 30, 2022 increased 3.3% to $37.6 million, compared to $36.4 million for the comparable period in 2021. Net Income per share for the three months ended September 30, 2022 decreased 11.1% to $0.46, compared to $0.52 per share for the comparable period in 2021.

Net Income for the nine months ended September 30, 2022 increased 19.3% to $105.9 million, compared to $88.8 million for the comparable period in 2021. Net Income per share for the nine months ended September 30, 2022 increased 3.9% to $1.39, compared to $1.34 per share for the comparable period in 2021.

Core FFO

Core FFO for the three months ended September 30, 2022 increased 22.2% to $78.2 million, compared to Core FFO of $64.0 million for the comparable period in 2021. Core FFO per share for the three months ended September 30, 2022 increased 5.6% to $0.97, compared to Core FFO per share of $0.92 for the comparable period in 2021.

Core FFO for the nine months ended September 30, 2022 increased 26.4% to $222.4 million, compared to Core FFO of $175.9 million for the comparable period in 2021. Core FFO per share for the nine months ended September 30, 2022 increased 9.9% to $2.92, compared to Core FFO per share of $2.65 for the comparable period in 2021.

1

AFFO

AFFO for the three months ended September 30, 2022 increased 24.8% to $77.6 million, compared to AFFO of $62.1 million for the comparable period in 2021. AFFO per share for the three months ended September 30, 2022 increased 7.8% to $0.96, compared to AFFO per share of $0.89 for the comparable period in 2021.

AFFO for the nine months ended September 30, 2022 increased 28.0% to $220.5 million, compared to AFFO of $172.3 million for the comparable period in 2021. AFFO per share for the nine months ended September 30, 2022 increased 11.3% to $2.89, compared to AFFO per share of $2.60 for the comparable period in 2021.

Dividend

In the third quarter, the Company declared monthly cash dividends of $0.234 per common share for each of July, August and September 2022. The monthly dividends reflected an annualized dividend amount of $2.808 per common share, representing a 7.8% increase over the annualized dividend amount of $2.604 per common share from the third quarter of 2021. The dividends represent payout ratios of approximately 73% of both Core FFO per share and AFFO per share.

For the nine months ended September 30, 2022, the Company declared monthly cash dividends totaling $2.085 per common share, an 8.4% increase over the dividends of $1.923 per common share declared for the comparable period in 2021. The dividends represent payout ratios of approximately 71% of Core FFO per share and 72% of AFFO per share.

Subsequent to quarter end, the Company declared an increased monthly cash dividend of $0.240 per common share for October 2022. The monthly dividend reflects an annualized dividend amount of $2.880 per common share, representing a 5.7% increase over the annualized dividend amount of $2.724 per common share from the fourth quarter of 2021. The

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

70 E. Long Lake Rd.

Bloomfield Hills, MI 48304

www.agreerealty.com

FOR

IMMEDIATE RELEASE

Agree Realty Corporation Reports Second Quarter 2022 Results

Increases 2022 Acquisition Guidance to $1.5 Billion to $1.7 Billion;

Raises 2022 Development and PCS Guidance to $75 Million to $125 Million Commenced

Bloomfield Hills, MI, August 2, 2022 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended June 30, 2022. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

Second Quarter 2022 Financial and Operating Highlights:

§Invested approximately $430 million in 121 retail net lease properties

§Commenced five development or Partner Capital Solutions (“PCS”) projects

§Net Income per share attributable to common stockholders increased 31.7% to $0.45

§Core Funds from Operations (“Core FFO”) per share increased 9.7% to $0.98

§Adjusted Funds from Operations (“AFFO”) per share increased 10.4% to $0.97

§Declared a July monthly dividend of $0.234 per share, a 7.8% year-over-year increase

§Completed a forward equity offering of 5,750,000 shares of common stock, including the underwriters’ option to purchase additional shares, raising anticipated net proceeds of approximately $388 million

§Sold 1,885,880 shares of common stock via the forward component of the Company's at-the-market equity ("ATM") program for anticipated net proceeds of approximately $127 million

§Settled 4,667,850 shares of outstanding forward equity for net proceeds of approximately $300 million

§Balance sheet positioned for growth at 3.8 times proforma net debt to recurring EBITDA; 5.0 times excluding unsettled forward equity

First Half 2022 Financial and Operating Highlights:

§Invested a record of approximately $860 million in 228 retail net lease properties

§Committed a record of $74 million to 23 development or PCS projects completed or under construction

§Net Income per share attributable to common stockholders increased 13.7% to $0.93

§Core FFO per share increased 12.5% to $1.95

§AFFO

per share increased 13.3% to $1.94

§Settled 8,459,814 shares of outstanding forward equity for net proceeds of approximately $551 million

§Declared dividends of $1.383 per share, an 8.7% year-over-year increase

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended June 30, 2022 increased 52.7% to $34.1 million, compared to $22.3 million for the comparable period in 2021. Net Income per share for the three months ended June 30, 2022 increased 31.7% to $0.45, compared to $0.34 per share for the comparable period in 2021.

Net Income for the six months ended June 30, 2022 increased 30.3% to $68.4 million, compared to $52.5 million for the comparable period in 2021. Net Income per share for the six months ended June 30, 2022 increased 13.7% to $0.93, compared to $0.82 per share for the comparable period in 2021.

1

Core FFO

Core FFO for the three months ended June 30, 2022 increased 27.1% to $74.5 million, compared to Core FFO of $58.6 million for the comparable period in 2021. Core FFO per share for the three months ended June 30, 2022 increased 9.7% to $0.98, compared to Core FFO per share of $0.89 for the comparable period in 2021.

Core FFO for the six months ended June 30, 2022 increased 28.9% to $144.2 million, compared to Core FFO of $111.9 million for the comparable period in 2021. Core FFO per share for the six months ended June 30, 2022 increased 12.5% to $1.95, compared to Core FFO per share of $1.74 for the comparable period in 2021.

AFFO

AFFO for the three months ended June 30, 2022 increased 27.9% to $73.7 million, compared to AFFO of $57.6 million for the comparable period in 2021. AFFO per share for the three months ended June 30, 2022 increased 10.4% to $0.97, compared to AFFO per share of $0.88 for the comparable period in 2021.

AFFO for the six months ended June 30, 2022 increased 29.8% to $142.9 million, compared to AFFO of $110.1 million for the comparable period in 2021. AFFO per share for the six months ended June 30, 2022 increased 13.3% to $1.94, compared to AFFO per share of $1.71 for the comparable period in 2021.

Dividend

In the second quarter, the Company declared monthly cash dividends of $0.234 per common share for each of April, May and June 2022. The monthly dividends reflected an annualized dividend amount of $2.808 per common share, representing a 7.8% increase over the annualized dividend amount of $2.604 per common share from the second quarter of 2021. The dividends represent payout ratios of approximately 72% of both Core FFO per share and AFFO per share.

For the six months ended June 30, 2022, the Company declared monthly cash dividends totaling $1.383 per common share, an 8.7% increase over the dividends of $1.272 per common share declared for the comparable period in 2021. The dividends represent

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

70 E. Long Lake Rd.

Bloomfield Hills, MI 48304

www.agreerealty.com

FOR IMMEDIATE RELEASE

Agree Realty Corporation Reports First Quarter 2022 Results

Increases 2022 Acquisition Guidance to $1.4 Billion to $1.6 Billion

Bloomfield Hills, MI, May 3, 2022 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended March 31, 2022. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

First Quarter 2022 Financial and Operating Highlights:

§Invested approximately $430 million in 124 retail net lease properties

§Commenced a record 15 development or Partner Capital Solutions (“PCS”) projects representing total committed capital of approximately $44 million

§Net Income per share attributable to common stockholders increased 0.4% to $0.48

§Core Funds from Operations (“Core FFO”) per share increased 15.5% to $0.97

§Adjusted Funds from Operations (“AFFO”) per share increased 16.4% to $0.97

§Declared an April monthly dividend of $0.234 per share, a 7.8% year-over-year increase

§Settled 3,791,964 shares of outstanding forward equity for net proceeds of approximately $251 million

§Balance sheet positioned for growth at 4.3 times proforma net debt to recurring EBITDA; 5.0 times excluding unsettled forward equity

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended March 31, 2022 increased 13.8% to $34.3 million, compared to $30.1 million for the comparable period in 2021. Net Income per share for the three months ended March 31, 2022 increased 0.4% to $0.48, compared to $0.48 per share for the comparable period in 2021.

Core FFO

Core FFO for the three months ended March 31, 2022 increased 30.8% to $69.7 million, compared to Core FFO of $53.3 million for the comparable period in 2021. Core FFO per share for the three months ended March 31, 2022 increased 15.5% to $0.97, compared to Core FFO per share of $0.84 for the comparable period in 2021.

AFFO

AFFO for the three months ended March 31, 2022 increased 31.8% to $69.2 million, compared to AFFO of $52.5 million for the comparable period in 2021. AFFO per share for the three months ended March 31, 2022 increased 16.4% to $0.97, compared to AFFO per share of $0.83 for the comparable period in 2021.

Dividend

In the first quarter, the Company declared monthly cash dividends of $0.227 per common share for each of the months, January, February and March 2022. The monthly dividends reflected an annualized dividend amount of $2.724 per common share, representing a 9.7% increase over the annualized dividend amount of $2.484 per common share from the first quarter of 2021. The dividends represent payout ratios of approximately 70% of Core FFO per share and 71% of AFFO per share, respectively.

1

Subsequent to quarter end, the Company declared a monthly cash dividend of $0.234 per common share for April 2022. The monthly dividend reflects an annualized dividend amount of $2.808 per common share, representing a 7.8% increase over the annualized dividend amount of $2.604 per common share from the second quarter of 2021. The April dividend is payable May 13, 2022 to stockholders of record at the close of business on April 29, 2022.

Additionally, subsequent to quarter end, the Company declared a monthly cash dividend for April on its 4.25% Series A Cumulative Redeemable Preferred Stock of $0.08854 per depositary share, which is equivalent to $1.0625 per annum. The April dividend was paid on May 2, 2022 to stockholders of record at the close of business on April 22, 2022.

CEO Comments

“We are extremely pleased with our strong start to 2022 as evidenced by the increase in our annual acquisition guidance to $1.4 billion to $1.6 billion,” said Joey Agree, President and Chief Executive Officer. “While our acquisition platform continues to source a myriad of opportunities, we commenced a record number of projects through our development and partner capital solutions platforms during the quarter. All three platforms remain focused on leading omni-channel retailers as we maintain a fortress-like balance sheet with liquidity of nearly $1.0 billion.”

Portfolio Update

As of March 31, 2022, the Company’s portfolio consisted of 1,510 properties located in 47 states and contained approximately 31.0 million square feet of gross leasable area.

At quarter-end, the portfolio was 99.6% leased,

had a weighted-average remaining lease term of approximately 9.1 years, and generated 67.8% of annualized base rents from investment grade retail tenants.

Ground Lease Portfolio

During the quarter, the Company acquired five ground leases for an aggregate purchase price of approximately $13.2 million, representing 3.1% of annualized base rents acquired.

As of March 31, 2022, the Company’s ground lease portfolio consisted of 186 leases located in 32 states and totaled approximately 4.9 mill

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

70 E. Long Lake Rd.

Bloomfield Hills,

MI 48304

www.agreerealty.com

FOR IMMEDIATE

RELEASE

AGREE REALTY CORPORATION

REPORTS FOURTH QUARTER

AND

RECORD FULL YEAR 2021 RESULTS

Bloomfield Hills, MI, February 22, 2022 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter and full year ended December 31, 2021. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

Fourth Quarter 2021 Financial and Operating Highlights:

§Invested approximately $315 million in 74 retail net lease properties

§Net Income per share attributable to common stockholders increased 5.2% to $0.44

§Core Funds from Operations (“Core FFO”) per share increased 10.2% to $0.92

§Adjusted Funds from Operations (“AFFO”) per share increased 9.2% to $0.91

§Declared a December monthly dividend of $0.227 per share, a 9.8% year-over-year increase

§Completed a forward equity offering of 5,750,000 shares of common stock, including the underwriters' option to purchase additional shares, raising net proceeds of approximately $375 million

§ Settled 1,501,210 shares of the Company’s at-the-market ("ATM") forward equity for net proceeds of approximately $94 million

§Expanded revolving credit facility from $500 million to $1.0 billion while reducing pricing and extending maturity

§Balance sheet positioned for growth at 4.9 times net debt to recurring EBITDA; 3.4 times proforma for the settlement of the Company’s outstanding forward equity offerings

Full Year 2021 Financial and Operating Highlights:

§Invested or committed a record $1.43 billion in 297 retail net lease properties

§29.1% of annualized base rents acquired were derived from ground leased assets

§Net Income per share attributable to common stockholders increased 2.3% to $1.78

§Core FFO per share increased 10.9% to $3.58

§AFFO

per share increased 9.7% to $3.51

§Declared dividends of $2.604 per share, an 8.3% year-over-year increase

§Raised approximately $1.1 billion of gross equity proceeds through three overnight offerings and the Company's ATM program

§Completed dual-tranche public bond offering comprised of $350 million of 2.0% senior unsecured notes due 2028 and $300 million of 2.6% senior unsecured notes due 2033

§Completed inaugural public offering of 4.250% Series A Cumulative Redeemable Preferred Stock for net proceeds of approximately $170 million

§Ended the year with approximately $1.4 billion in liquidity including cash, capacity on the revolving credit facility, and outstanding forward equity

1

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended December 31, 2021 increased 32.5% to $31.3 million, compared to $23.6 million for the comparable period in 2020. Net Income per share for the three months ended December 31, 2021 increased 5.2% to $0.44, compared to $0.42 per share for the comparable period in 2020.

Net Income for the twelve months ended December 31, 2021 increased 31.5% to $120.1 million, compared to $91.4 million for the comparable period in 2020. Net Income per share for the twelve months ended December 31, 2021 increased 2.3% to $1.78, compared to $1.74 per share for the comparable period in 2020.

Core FFO

Core FFO for the three months ended December 31, 2021 increased 38.6% to $65.6 million, compared to Core FFO of $47.3 million for the comparable period in 2020. Core FFO per share for the three months ended December 31, 2021 increased 10.2% to $0.92, compared to Core FFO per share of $0.84 for the comparable period in 2020.

Core FFO for the twelve months ended December 31, 2021 increased 41.9% to $241.5 million, compared to Core FFO of $170.2 million for the comparable period in 2020. Core FFO per share for the twelve months ended December 31, 2021 increased 10.9% to $3.58, compared to Core FFO per share of $3.23 for the comparable period in 2020.

AFFO

AFFO for the three months ended December 31, 2021 increased 37.4% to $64.7 million, compared to AFFO of $47.1 million for the comparable period in 2020. AFFO per share for the three months ended December 31, 2021 increased 9.2% to $0.91, compared to AFFO per share of $0.83 for the comparable period in 2020.

AFFO for the twelve months ended December 31, 2021 increased 40.4% to $237.0 million, compared to AFFO of $168.8 million for the comparable period in 2020. AFFO per share for the twelve months ended December 31, 2021 increased 9.7% to $3.51, compared to AFFO per share of $3.20 for the comparable period in 2020.

Dividend

In the fourth quarter, the Company declared monthly cash dividends of $0.227 per common share for each of October, November and December 2021. The monthly dividends reflected an annualized dividend amount of $2.724 per common share, representing a 9.8% increase over the annualized dividend amount of $2.480 per common share from the fourth quarter of 2020. The dividends repres

EX-99.1

2 tm2131555d1_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

70 E. Long Lake Rd.

Bloomfield Hills, MI 48304

www.agreerealty.com

FOR IMMEDIATE RELEASE

AGREE REALTY CORPORATION REPORTS THIRD QUARTER

2021 RESULTS

GROUND LEASE PORTFOLIO APPROACHES 14% OF ANNUALIZED

BASE RENTS

Bloomfield Hills, MI, November 1, 2021 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended September 30, 2021. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

Third Quarter 2021 Financial and Operating Highlights:

§Invested approximately $342.7 million in 83 retail net lease properties

§30.3% of annualized base rents acquired were derived from ground leased assets

§Net Income per share attributable to common stockholders increased 34.4% to $0.52

§Core Funds from Operations (“Core FFO”) per share increased 13.0% to $0.92

§Adjusted Funds from Operations (“AFFO”) per share increased 11.5% to $0.89

§Declared an October monthly dividend of $0.227 per share, a 9.8% year-over-year increase

§Completed inaugural public offering of 4.250% Series A Cumulative Redeemable Preferred Stock for net proceeds of approximately $170.3 million

§Sold 367,464 shares of common stock via the forward component of the Company's at-the-market equity ("ATM") program for anticipated net proceeds of approximately $27.0 million

§Balance sheet positioned for growth at 3.7 times proforma net debt to recurring EBITDA; 4.4 times excluding unsettled forward equity

§Appointed Michael Judlowe to the Company’s Board of Directors

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended September 30, 2021 increased 70.9% to $36.4 million, compared to $21.3 million for the comparable period in 2020. Net Income per share for the three months ended September 30, 2021 increased 34.4% to $0.52, compared to $0.39 per share for the comparable period in 2020.

Net Income for the nine months ended September 30, 2021 increased 31.1% to $88.8 million, compared to $67.8 million for the comparable period in 2020. Net Income per share for the nine months ended September 30, 2021 increased 1.3% to $1.34, compared to $1.32 per share for the comparable period in 2020.

Core FFO

Core FFO for the three months ended September 30, 2021 increased 44.0% to $64.0 million, compared to Core FFO of $44.5 million for the comparable period in 2020. Core FFO per share for the three months ended September 30, 2021 increased 13.0% to $0.92, compared to Core FFO per share of $0.81 for the comparable period in 2020.

Core FFO for the nine months ended September 30, 2021 increased 43.2% to $175.9 million, compared to Core FFO of $122.9 million for the comparable period in 2020. Core FFO per share for the nine months ended September 30, 2021 increased 11.2% to $2.65, compared to Core FFO per share of $2.39 for the comparable period in 2020.

1

AFFO

AFFO for the three months ended September 30, 2021 increased 42.0% to $62.1 million, compared to AFFO of $43.8 million for the comparable period in 2020. AFFO per share for the three months ended September 30, 2021 increased 11.5% to $0.89, compared to AFFO per share of $0.80 for the comparable period in 2020.

AFFO for the nine months ended September 30, 2021 increased 41.6% to $172.3 million, compared to AFFO of $121.7 million for the comparable period in 2020. AFFO per share for the nine months ended September 30, 2021 increased 10.0% to $2.60, compared to AFFO per share of $2.36 for the comparable period in 2020.

Dividend

In the third quarter, the Company declared monthly cash dividends of $0.217 per common share for each of July, August and September 2021. The monthly dividends reflected an annualized dividend amount of $2.604 per common share, representing an 8.5% increase over the annualized dividend amount of $2.400 per common share from the third quarter of 2020. The dividends represent payout ratios of approximately 71% of Core FFO per share and 73% of AFFO per share, respectively.

For the nine months ended September 30, 2021, the Company declared monthly dividends totaling $1.923 per common share, a 7.7% increase over the dividends of $1.785 per common share declared for the comparable period in 2020. The dividends represent payout ratios of approximately 72% of Core FFO per share and 74% of AFFO per share, respectively.

Subsequent to quarter end, the Company declared a monthly cash dividend of $0.227 per common share for October 2021. The monthly dividend reflects an annualized dividend amount of $2.724 per common share, representing a 9.8% increase over the annualized dividend amount of $2.480 per common share from the fourth quarter of 2020. The dividend is payable November 12, 2021 to stockholders of record at the close of business on October 29, 2021.

Additionally, subsequent to quarter end, the Company declared a monthly cash dividend on its 4.25% Series A Cumulative Redeemable P