Agree Realty Corporation (NYSE: ADC) is a self-administered and self-managed real estate investment trust (REIT) that specializes in acquiring, developing, and managing retail properties under long-term, net leases. The company's business model is centered on single-tenant, freestanding properties leased to national and regional retailers operating in e-commerce-resistant and recession-resilient sectors. Key tenant categories include grocery stores, home improvement centers, tire and auto service centers, convenience stores, and dollar stores. Agree Realty generates its revenue entirely from rental income across its expansive portfolio, which encompasses over 2,300 properties located in all 50 U.S. states and contains more than 44 million square feet of gross leasable area. The company maintains exceptionally high occupancy rates, typically near 99%, and derives approximately 68% of its annualized base rent from investment-grade tenants such as Walmart, Tractor Supply, CVS, and Dollar General. Agree Realty's competitive position is underpinned by its fortress balance sheet, investment-grade credit rating, and disciplined capital allocation strategy, enabling it to consistently fund acquisitions and internal development projects at an attractive cost of capital.
