AGREE REALTY CORP
For the period ended Dec 31, 2025. Filed Feb 10, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 2. : Properties
As of December 31, 2025, the Company’s portfolio consisted of 2,674 properties located in all 50 states and totaling approximately 55.5 million square feet of GLA.
As of December 31, 2025, the Company’s portfolio was approximately 99.7% leased and had a weighted average remaining lease term of approximately 7.8 years. A significant majority of the Company’s properties are leased to national tenants and approximately 66.8% of our annualized base rent was derived from tenants, or parent entities thereof, with an investment grade credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or National Association of Insurance Commissioners. Substantially all of our tenants are subject to net lease agreements. A net lease typically requires the tenant to be responsible for minimum monthly rent and property operating expenses including property taxes, insurance and maintenance. In addition, our tenants are typically subject to future rent increases based on fixed amounts or increases in the consumer price index and certain leases provide for additional rent calculated as a percentage of the tenants’ gross sales above a specified level.
Tenant Diversification
The following table presents annualized base rents for all tenants that represented 1.5% or greater of our total annualized base rent as of December 31, 2025(dollars in thousands):
| Annualized | Percent of | |
|---|---|---|
| Tenant | Base Rent(1) | Annualized Base Rent |
| Walmart | $41,155 | 5.6% |
| Tractor Supply | 35,632 | 4.9% |
| Dollar General | 28,612 | 3.9% |
| O'Reilly Auto Parts | 22,274 | 3.0% |
| TJX Companies | 22,239 | 3.0% |
| Best Buy | 22,123 | 3.0% |
| CVS | 21,288 | 2.9% |
| Kroger | 21,039 | 2.9% |
| Lowe's | 20,974 | 2.9% |
| Hobby Lobby | 20,913 | 2.9% |
| Gerber Collision | 18,933 | 2.6% |
| 7-Eleven | 18,037 | 2.5% |
| Sunbelt Rentals | 17,224 | 2.3% |
| Burlington | 15,133 | 2.1% |
| Home Depot | 14,062 | 1.9% |
| Sherwin-Williams | 13,947 | 1.9% |
| Genuine Parts Company (NAPA Auto Parts) | 12,172 | 1.7% |
| Dollar Tree | 12,045 | 1.6% |
| Wawa | 11,111 | 1.5% |
| Other(2) | 344,482 | 46.9% |
| Total Portfolio | $733,395 | 100.0% |
(2)Includes tenants that represented less than 1.5% of annualized contractual base rent as of December 31, 2025.
Tenant Sector Diversification
The following table presents annualized base rents for all retail sectors as of December 31, 2025(dollars in thousands):
| Annualized | Percent of | |
|---|---|---|
| Sector | Base Rent(1) | Annualized Base Rent |
| Grocery Stores | $75,290 | 10.3% |
| Home Improvement | 66,416 | 9.0% |
| Convenience Stores | 56,237 | 7.7% |
| Tire and Auto Service | 55,926 | 7.6% |
| Auto Parts | 49,371 | 6.7% |
| Dollar Stores | 47,315 | 6.4% |
| Off-Price Retail | 43,863 | 6.0% |
| Farm and Rural Supply | 37,403 | 5.1% |
| General Merchandise | 36,643 | 5.0% |
| Pharmacy | 26,239 | 3.6% |
| Consumer Electronics | 26,224 | 3.6% |
| Crafts and Novelties | 23,205 | 3.2% |
| Discount Stores | 20,861 | 2.8% |
| Equipment Rental | 18,280 | 2.5% |
| Health Services | 18,050 | 2.5% |
| Warehouse Clubs | 16,823 | 2.3% |
| Restaurants - Quick Service | 16,572 | 2.3% |
| Health and Fitness | 15,237 | 2.1% |
| Dealerships | 15,078 | 2.0% |
| Sporting Goods | 12,911 | 1.8% |
| Financial Services | 9,745 | 1.3% |
| Specialty Retail | 9,271 | 1.3% |
| Restaurants - Casual Dining | 7,027 | 0.9% |
| Shoes | 4,897 | 0.7% |
| Home Furnishings | 4,857 | 0.7% |
| Pet Supplies | 4,813 | 0.6% |
| Theaters | 3,976 | 0.5% |
| Beauty and Cosmetics | 3,776 | 0.5% |
| Entertainment Retail | 2,651 | 0.4% |
| Apparel | 2,544 | 0.3% |
| Miscellaneous | 1,270 | 0.2% |
| Office Supplies | 624 | 0.1% |
| Total Portfolio | $733,395 | 100.0% |
Geographic Diversification
The following table presents annualized base rents, by state, for our portfolio as of December 31, 2025(dollars in thousands):
| Annualized | Percent of | |
|---|---|---|
| State | Base Rent(1) | Annualized Base Rent |
| Texas | $50,474 | 6.9% |
| Illinois | 44,964 | 6.1% |
| Ohio | 39,176 | 5.3% |
| Michigan | 38,060 | 5.2% |
| New York | 36,303 | 5.0% |
| Pennsylvania | 35,627 | 4.9% |
| Florida | 34,465 | 4.7% |
| North Carolina | 34,010 | 4.6% |
| California | 32,190 | 4.4% |
| Georgia | 29,476 | 4.0% |
| New Jersey | 26,296 | 3.6% |
| Wisconsin | 20,690 | 2.8% |
| Missouri | 20,228 | 2.8% |
| Louisiana | 19,362 | 2.6% |
| Virginia | 17,825 | 2.4% |
| Mississippi | 17,078 | 2.3% |
| Minnesota | 16,472 | 2.2% |
| South Carolina | 16,448 | 2.2% |
| Kansas | 15,971 | 2.2% |
| Indiana | 15,283 | 2.1% |
| Connecticut | 14,519 | 2.0% |
| Tennessee | 13,618 | 1.9% |
| Massachusetts | 13,442 | 1.8% |
| Alabama | 13,408 | 1.8% |
| Oklahoma | 11,097 | 1.5% |
| Other(2) | 106,913 | 14.7% |
| Total Portfolio | $733,395 | 100.0% |
(2)Includes tenants that represented less than 1.5% of annualized contractual base rent as of December 31, 2025.
Lease Expirations
The following table presents contractual lease expirations within the Company’s portfolio as of December 31, 2025, assuming no tenants exercise renewal options(dollars and GLA in thousands):
| Annualized Base Rent(1) · Gross Leasable Area | |||||
|---|---|---|---|---|---|
| Year | Number ofLeases | Dollars | % ofTotal | Square Feet | % ofTotal |
| 2026 | 52 | $10,710 | 1.5% | 1,004 | 1.8% |
| 2027 | 162 | 36,701 | 5.0% | 3,375 | 6.1% |
| 2028 | 182 | 48,018 | 6.5% | 4,188 | 7.6% |
| 2029 | 218 | 67,725 | 9.2% | 6,370 | 11.5% |
| 2030 | 339 | 74,708 | 10.2% | 6,295 | 11.4% |
| 2031 | 244 | 61,877 | 8.4% | 4,885 | 8.8% |
| 2032 | 257 | 54,118 | 7.4% | 3,919 | 7.1% |
| 2033 | 229 | 52,849 | 7.2% | 4,015 | 7.3% |
| 2034 | 232 | 53,022 | 7.2% | 3,575 | 6.5% |
| 2035 | 217 | 60,350 | 8.2% | 4,151 | 7.5% |
| Thereafter | 763 | 213,317 | 29.2% | 13,495 | 24.4% |
| Total Portfolio | 2,895 | $733,395 | 100.0% | 55,272 | 100.0% |
Developments
During the year ended December 31, 2025, the Company had 34 development or DFP projects completed or under construction, for which 13 remained under construction as of December 31, 2025. Anticipated total costs for the 13 projects are approximately $94.1 million.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.