Agree Realty is a REIT that owns, acquires, and develops retail properties net leased to large national retailers. The company owns roughly 2,674 properties across all 50 states, totaling approximately 55.5M square feet of gross leasable area, with occupancy near 99.7%. Under net leases, tenants pay base rent plus their own property-level operating costs — taxes, insurance, and maintenance — leaving Agree Realty with highly predictable rental income. About two-thirds of annualized base rent comes from investment-grade tenants. Agree Realty deliberately concentrates its tenant base in necessity-based, e-commerce-resistant retail: auto parts, off-price retail, grocery, home improvement, convenience stores, and farm supply, while avoiding dollar stores, pharmacies, and PE-sponsored retailers. Agree Realty grows its portfolio through three platforms: acquisitions (the majority of annual investment volume), development (building to suit for specific retailer partners), and a Developer Funding Platform where Agree Realty finances third-party developers and takes ownership upon project completion. Leases include periodic rent escalators, and recent re-leasing activity has been executed at slightly above prior rent levels. As a REIT, Agree Realty distributes at least 90% of taxable income and funds growth through equity issuance and debt, targeting net debt to EBITDA of 4–5x. Agree Realty regularly uses forward equity sales to lock in cost of capital ahead of deployment. The primary earnings metric is AFFO per share.