# AGREE REALTY CORP

Summary updated: 2026-10-02T15:55:02.139886Z
Canonical: https://finbar.com/research/companies/agree-realty-corp

## Overview

Agree Realty Corporation is a U.S. retail real estate investment trust that acquires, develops and manages retail properties, primarily under net leases to individual tenants. Its business is focused on retail real estate and is reported as one operating segment. [1](https://app.finbar.com/go?id=P32042545)[2](https://app.finbar.com/go?id=P45753965) The company describes its mission as “RETHINK RETAIL” and its purpose as acquiring and developing retail properties leased to leading retail tenants. [3](https://investors.agreerealty.com/overview/default.aspx)

Agree Realty’s portfolio is nationwide: as of June 30, 2026, it reported 2,825 properties across all 50 states and the District of Columbia, totaling approximately 59.6 million square feet. [4](https://investors.agreerealty.com/press-releases/press-releases-details/2026/Agree-Realty-Corporation-Reports-Second-Quarter-2026-Results/default.aspx) For the year ended December 31, 2025, it reported total revenue of $718.4 million and 90 full-time team members. [5](https://app.finbar.com/go?id=T9191586)[6](https://app.finbar.com/go?id=P97037732)
[1](https://app.finbar.com/go?id=P32042545)[2](https://app.finbar.com/go?id=P45753965)[3](https://investors.agreerealty.com/overview/default.aspx)[4](https://investors.agreerealty.com/press-releases/press-releases-details/2026/Agree-Realty-Corporation-Reports-Second-Quarter-2026-Results/default.aspx)[5](https://app.finbar.com/go?id=T9191586)[6](https://app.finbar.com/go?id=P97037732)[3](https://investors.agreerealty.com/overview/default.aspx)[4](https://investors.agreerealty.com/press-releases/press-releases-details/2026/Agree-Realty-Corporation-Reports-Second-Quarter-2026-Results/default.aspx)

## Products & services

Agree Realty’s core offerings are single-tenant, net-leased retail properties and ground leases, which it acquires, develops, or funds through its Developer Funding Platform. Its acquisition targets also include sale-leasebacks, property portfolios, urban street retail, and multi-tenant assets. [2](https://app.finbar.com/go?id=P45753965)[7](https://agreerealty.com/acquire/)[8](https://agreerealty.com/develop/)[9](https://agreerealty.com/fund/)

At year-end 2025, the portfolio comprised 2,674 properties totaling approximately 55.5 million square feet; 99.7% was leased, with a 7.8-year weighted-average remaining lease term. Ground leases accounted for 10.2% of annualized base rent, while investment-grade tenants accounted for 66.8%. [10](https://app.finbar.com/go?id=P8282862)[11](https://app.finbar.com/go?id=P10304722)[12](https://app.finbar.com/go?id=P102870415) FY2025 revenue was $718.398 million, including $718.163 million in rental income and $0.235 million in other revenue; the company did not report product-format-specific revenue or NOI. [13](https://app.finbar.com/go?id=P82960306)
[2](https://app.finbar.com/go?id=P45753965)[7](https://agreerealty.com/acquire/)[8](https://agreerealty.com/develop/)[9](https://agreerealty.com/fund/)[10](https://app.finbar.com/go?id=P8282862)[11](https://app.finbar.com/go?id=P10304722)[12](https://app.finbar.com/go?id=P102870415)[13](https://app.finbar.com/go?id=P82960306)[7](https://agreerealty.com/acquire/)[8](https://agreerealty.com/develop/)[9](https://agreerealty.com/fund/)

## Geographic presence

As of June 30, 2026, Agree Realty’s portfolio comprised 2,825 properties across all 50 U.S. states and the District of Columbia, totaling approximately 59.6 million square feet. [14](https://app.finbar.com/go?id=P145010684) The company’s principal executive office is in Royal Oak, Michigan. [15](https://app.finbar.com/go?id=T16582650)

Texas had the largest share of annualized base rent (ABR) at 7.1%, followed by Illinois (5.8%), Ohio (5.2%), Michigan (4.9%), New York (4.8%), Pennsylvania (4.8%), Florida (4.8%), North Carolina (4.6%), California (4.2%) and Georgia (3.9%). These ten states together accounted for 50.1% of ABR. [16](https://app.finbar.com/go?id=T16582753) ABR is a contractual rent measure, not geographic revenue. [17](https://app.finbar.com/go?id=P145011289) At year-end 2025, Texas, Illinois, Ohio, Michigan and New York had the company’s largest state property counts: 169, 166, 164, 149 and 103, respectively. [18](https://app.finbar.com/go?id=P120685809)
[14](https://app.finbar.com/go?id=P145010684)[15](https://app.finbar.com/go?id=T16582650)[16](https://app.finbar.com/go?id=T16582753)[16](https://app.finbar.com/go?id=T16582753)[16](https://app.finbar.com/go?id=T16582753)[16](https://app.finbar.com/go?id=T16582753)[16](https://app.finbar.com/go?id=T16582753)[16](https://app.finbar.com/go?id=T16582753)[16](https://app.finbar.com/go?id=T16582753)[16](https://app.finbar.com/go?id=T16582753)[16](https://app.finbar.com/go?id=T16582753)[16](https://app.finbar.com/go?id=T16582753)[17](https://app.finbar.com/go?id=P145011289)[18](https://app.finbar.com/go?id=P120685809)

## Business segments

Agree Realty reports one operating and reportable segment: its retail real estate business, encompassing the ownership, acquisition, development, and management of retail properties. The company does not report separate operating segments by geography, tenant type, or other business category. [1](https://app.finbar.com/go?id=P32042545)[19](https://app.finbar.com/go?id=P145010421)

Because the single segment encompasses the company’s consolidated operations, it represents the full business rather than one share of a multi-segment mix. The company does not provide separate segment contribution percentages; its chief operating decision maker assesses performance using consolidated net income, and the company does not regularly review segment assets. [20](https://app.finbar.com/go?id=P65205105)[21](https://app.finbar.com/go?id=P145010422)
[1](https://app.finbar.com/go?id=P32042545)[19](https://app.finbar.com/go?id=P145010421)[20](https://app.finbar.com/go?id=P65205105)[21](https://app.finbar.com/go?id=P145010422)

## Company history

Agree Realty traces its origins to 1971, when Richard Agree founded Agree Development Company, a predecessor that developed community shopping centers. The company became a publicly traded REIT in 1994, listing on the New York Stock Exchange. [22](https://agreerealty.com/about/)[23](https://app.finbar.com/go?id=P145010343)

In 2010, Agree launched an acquisition platform, and in 2012 it added Partner Capital Solutions, working with private developers on projects that Agree typically acquired upon completion. [24](https://app.finbar.com/go?id=P189936697)[25](https://app.finbar.com/go?id=P189936705) Joey Agree succeeded Richard Agree as CEO in 2013. [26](https://agreerealty.com/wp-content/uploads/2013/01/Press_CEO_Transition_1.8.2012.pdf)

The company’s investment activity expanded substantially: in 2020 it reported a record $1.36 billion invested or committed across 329 properties, followed by $1.71 billion across 465 properties in 2022. [27](https://investors.agreerealty.com/press-releases/press-releases-details/2021/Agree-Realty-Corporation-Reports-Fourth-Quarter-And-Record-Full-Year-2020-Results-02-18-2021/default.aspx)[28](https://investors.agreerealty.com/press-releases/press-releases-details/2023/Agree-Realty-Corporation-Reports-Fourth-Quarter-and-Record-Full-Year-2022-Results-02-14-2023/default.aspx) In 2023, Agree Realty was added to the S&P MidCap 400. [29](https://press.spglobal.com/2023-01-30-Agree-Realty-Set-to-Join-S-P-MidCap-400-Comstock-Resources-to-Join-S-P-SmallCap-600)
[23](https://app.finbar.com/go?id=P145010343)[24](https://app.finbar.com/go?id=P189936697)[25](https://app.finbar.com/go?id=P189936705)[22](https://agreerealty.com/about/)[26](https://agreerealty.com/wp-content/uploads/2013/01/Press_CEO_Transition_1.8.2012.pdf)[27](https://investors.agreerealty.com/press-releases/press-releases-details/2021/Agree-Realty-Corporation-Reports-Fourth-Quarter-And-Record-Full-Year-2020-Results-02-18-2021/default.aspx)[28](https://investors.agreerealty.com/press-releases/press-releases-details/2023/Agree-Realty-Corporation-Reports-Fourth-Quarter-and-Record-Full-Year-2022-Results-02-14-2023/default.aspx)[29](https://press.spglobal.com/2023-01-30-Agree-Realty-Set-to-Join-S-P-MidCap-400-Comstock-Resources-to-Join-S-P-SmallCap-600)

## Sources

1. [AGREE REALTY CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P32042545)
2. [AGREE REALTY CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P45753965)
3. [investors.agreerealty.com](https://investors.agreerealty.com/overview/default.aspx)
4. [investors.agreerealty.com](https://investors.agreerealty.com/press-releases/press-releases-details/2026/Agree-Realty-Corporation-Reports-Second-Quarter-2026-Results/default.aspx)
5. [AGREE REALTY CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=T9191586)
6. [AGREE REALTY CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P97037732)
7. [agreerealty.com](https://agreerealty.com/acquire/)
8. [agreerealty.com](https://agreerealty.com/develop/)
9. [agreerealty.com](https://agreerealty.com/fund/)
10. [AGREE REALTY CORP — Press release (2025 Y)](https://app.finbar.com/go?id=P8282862)
11. [AGREE REALTY CORP — Press release (2025 Y)](https://app.finbar.com/go?id=P10304722)
12. [AGREE REALTY CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P102870415)
13. [AGREE REALTY CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P82960306)
14. [AGREE REALTY CORP — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P145010684)
15. [AGREE REALTY CORP — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T16582650)
16. [AGREE REALTY CORP — Press release (2026 Q 2)](https://app.finbar.com/go?id=T16582753)
17. [AGREE REALTY CORP — Press release (2026 Q 2)](https://app.finbar.com/go?id=P145011289)
18. [AGREE REALTY CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P120685809)
19. [AGREE REALTY CORP — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P145010421)
20. [AGREE REALTY CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P65205105)
21. [AGREE REALTY CORP — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P145010422)
22. [agreerealty.com](https://agreerealty.com/about/)
23. [AGREE REALTY CORP — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P145010343)
24. [AGREE REALTY CORP — Full financial report (2015 Y)](https://app.finbar.com/go?id=P189936697)
25. [AGREE REALTY CORP — Full financial report (2015 Y)](https://app.finbar.com/go?id=P189936705)
26. [agreerealty.com](https://agreerealty.com/wp-content/uploads/2013/01/Press_CEO_Transition_1.8.2012.pdf)
27. [investors.agreerealty.com](https://investors.agreerealty.com/press-releases/press-releases-details/2021/Agree-Realty-Corporation-Reports-Fourth-Quarter-And-Record-Full-Year-2020-Results-02-18-2021/default.aspx)
28. [investors.agreerealty.com](https://investors.agreerealty.com/press-releases/press-releases-details/2023/Agree-Realty-Corporation-Reports-Fourth-Quarter-and-Record-Full-Year-2022-Results-02-14-2023/default.aspx)
29. [press.spglobal.com](https://press.spglobal.com/2023-01-30-Agree-Realty-Set-to-Join-S-P-MidCap-400-Comstock-Resources-to-Join-S-P-SmallCap-600)

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