Agree Realty Corporation is a U.S. net-lease REIT founded in 1971 by Richard Agree and listed on the NYSE in 1994 under the ticker ADC. The company focuses exclusively on single-tenant retail real estate, using three external growth platforms—acquisitions, development, and a developer-funding program, to scale a portfolio leased to leading, largely investment-grade retailers. Operations target necessity-based and e-commerce-resistant categories including grocery, home improvement, convenience, dollar stores, auto parts and tire/auto service. The tenant mix emphasizes national chains with omnichannel strength; the roster commonly includes Walmart, Tractor Supply, Dollar General, Kroger, TJX concepts and others. While the portfolio is truly national, exposure is most meaningful in large, supply-constrained and high-growth states; management’s disclosures indicate diversified state exposure without outsized single-state concentration, which limits geographic risk in down cycles and during tenant-specific disruptions. Investment activity accelerated in 2025, with approximately $1.55 billion deployed into 338 net-lease retail assets, following $951 million in 2024 and $1.34 billion in 2023. The strategy consistently recycles capital from non-core or lower-yielding assets into higher risk-adjusted opportunities, including an expanding ground-lease book.