# Agree Realty Corp (ADC)

> Cited company facts from SEC filings, by Steadybase. Web page: https://steadybase.io/company/agree-realty-corp/ JSON: https://steadybase.io/company/agree-realty-corp.json Checked Nov 10, 2026. Latest filing read: Oct 20, 2026.

## Company

- Legal name: AGREE REALTY CORP
- Ticker: ADC, ADC-PA (NYSE, NYSE)
- SEC CIK: 0000917251
- Industry: Real Estate Investment Trusts (SIC 6798)
- Headquarters: Royal Oak, MI
- Fiscal year ends: December 31
- SEC filer category: Large accelerated filer
- Website: agreerealty.com
- LinkedIn: https://www.linkedin.com/company/agree-realty-corporation
- Next earnings date: Jan 28, 2027 (estimated from past 8-K timing)

## Key facts

- Revenue: $718.4M for the fiscal year ended Dec 31, 2025 (10-K filed Feb 10, 2026). Source: https://www.sec.gov/Archives/edgar/data/917251/000091725126000013/0000917251-26-000013-index.html
- Operating income: $340.4M for the fiscal year ended Dec 31, 2025 (10-K filed Feb 10, 2026). Source: https://www.sec.gov/Archives/edgar/data/917251/000091725126000013/0000917251-26-000013-index.html
- Net income: $204.3M for the fiscal year ended Dec 31, 2025 (10-K filed Feb 10, 2026). Source: https://www.sec.gov/Archives/edgar/data/917251/000091725126000013/0000917251-26-000013-index.html
- SG&A: $44.1M for the fiscal year ended Dec 31, 2025 (10-K filed Feb 10, 2026). Source: https://www.sec.gov/Archives/edgar/data/917251/000091725126000013/0000917251-26-000013-index.html
- Employees: 90 as of Dec 31, 2025, as reported in an SEC filing. Source: https://www.sec.gov/Archives/edgar/data/917251/000091725126000013/adc-20251231.htm
- Shares outstanding: 130,101,031 as of Oct 19, 2026 (10-Q filed Oct 20, 2026). Source: https://www.sec.gov/Archives/edgar/data/917251/000091725126000076/0000917251-26-000076-index.html
- Auditor: Grant Thornton LLP, Charlotte, North Carolina, named in the latest 10-K. Source: https://www.sec.gov/Archives/edgar/data/917251/000091725126000013/adc-20251231.htm

## Business

The Company is a fully integrated REIT primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants. The Company was founded in 1971 by its current Executive Chairman, Richard Agree, and its common stock was listed on the New York Stock Exchange (“NYSE”) in 1994.7% common interest as of December 31, 2025. Under the agreement of limited partnership of the Operating Partnership, the Company, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership.

Source: Item 1. Business, https://www.sec.gov/Archives/edgar/data/917251/000091725126000013/adc-20251231.htm

## Annual results

| Fiscal year ended | Revenue | Operating income | Net income | SG&A |
|---|---|---|---|---|
| Dec 31, 2025 | $718.4M | $340.4M | $204.3M | $44.1M |
| Dec 31, 2024 | $617.1M | $302.2M | $189.2M | $37.2M |
| Dec 31, 2023 | $537.5M | $254.4M | $170.0M | $34.8M |
| Dec 31, 2022 | $429.8M | $218.1M | $152.4M | $30.1M |
| Dec 31, 2021 | $339.3M | $190.3M | $122.3M | $25.5M |

Each figure comes from the annual report for that year. Filing links for every figure: https://steadybase.io/company/agree-realty-corp.json

## Officers and directors

- Joey Agree, President and Chief Executive Officer. LinkedIn: https://linkedin.com/in/joey-agree-19a008207. Source: 8-K filed Oct 20, 2026, https://www.sec.gov/Archives/edgar/data/917251/000091725126000075/adc20260930-ex991.htm
- Peter Coughenour, CHIEF FINANCIAL OFFICER. LinkedIn: https://linkedin.com/in/peter-coughenour-a6222ba3. Source: Form 4 filed Feb 25, 2026, https://www.sec.gov/Archives/edgar/data/917251/000187898326000007/0001878983-26-000007-index.htm
- Nicole Witteveen, CHIEF OPERATING OFFICER. Source: Form 4 filed Aug 21, 2026, https://www.sec.gov/Archives/edgar/data/917251/000187956226000004/0001879562-26-000004-index.htm
- Craig Erlich, CHIEF GROWTH OFFICER. Source: Form 4 filed Sep 23, 2026, https://www.sec.gov/Archives/edgar/data/917251/000174796226000007/0001747962-26-000007-index.htm
- Danielle M. Spehar, GENERAL COUNSEL. Source: Form 4 filed Feb 25, 2026, https://www.sec.gov/Archives/edgar/data/917251/000179583126000002/0001795831-26-000002-index.htm
- Stephen Breslin, CHIEF ACCOUNTING OFFICER. LinkedIn: https://linkedin.com/in/stephen-breslin-9b330517. Source: Form 4 filed Feb 25, 2026, https://www.sec.gov/Archives/edgar/data/917251/000193255926000002/0001932559-26-000002-index.htm
- Richard Agree, EXECUTIVE CHAIRMAN OF BOARD. Source: Form 4 filed Jun 8, 2026, https://www.sec.gov/Archives/edgar/data/917251/000127523826000007/0001275238-26-000007-index.htm
- Danielle Spehar, Named in proxy. Source: DEF 14A filed Apr 2, 2026, https://www.sec.gov/Archives/edgar/data/917251/000091725126000031/adc-20260402.htm
- Gregory Lehmkuhl, Board member (per proxy). Source: DEF 14A filed Apr 2, 2026, https://www.sec.gov/Archives/edgar/data/917251/000091725126000031/adc-20260402.htm
- Joel Agree, Board member (per proxy). Source: DEF 14A filed Apr 2, 2026, https://www.sec.gov/Archives/edgar/data/917251/000091725126000031/adc-20260402.htm
- Karen Dearing, Board member (per proxy). Source: DEF 14A filed Apr 2, 2026, https://www.sec.gov/Archives/edgar/data/917251/000091725126000031/adc-20260402.htm
- Linglong He, Board member (per proxy). Source: DEF 14A filed Apr 2, 2026, https://www.sec.gov/Archives/edgar/data/917251/000091725126000031/adc-20260402.htm
- Michael Hollman, Board member (per proxy). Source: DEF 14A filed Apr 2, 2026, https://www.sec.gov/Archives/edgar/data/917251/000091725126000031/adc-20260402.htm
- Michael Judlowe, Board member (per proxy). Source: DEF 14A filed Apr 2, 2026, https://www.sec.gov/Archives/edgar/data/917251/000091725126000031/adc-20260402.htm

## Recent 8-K events

- Oct 20, 2026: Item 2.02, Results of operations and financial condition (earnings release); Item 9.01, Financial statements and exhibits. Source: https://www.sec.gov/Archives/edgar/data/917251/000091725126000075/adc-20261020.htm
- Oct 2, 2026: Item 8.01, Other events. Source: https://www.sec.gov/Archives/edgar/data/917251/000091725126000066/adc-20261002.htm
- Sep 22, 2026: Item 1.01, Entry into a material definitive agreement; Item 2.03, Creation of a direct financial obligation; Item 8.01, Other events; Item 9.01, Financial statements and exhibits. Source: https://www.sec.gov/Archives/edgar/data/917251/000162828026063023/adc-20260917.htm
- Jul 30, 2026: Item 2.02, Results of operations and financial condition (earnings release); Item 9.01, Financial statements and exhibits. Source: https://www.sec.gov/Archives/edgar/data/917251/000091725126000061/adc-20260730.htm
- Jul 2, 2026: Item 8.01, Other events. Source: https://www.sec.gov/Archives/edgar/data/917251/000091725126000054/adc-20260702.htm
- May 14, 2026: Item 5.07, Submission of matters to a vote of security holders; Item 9.01, Financial statements and exhibits. Source: https://www.sec.gov/Archives/edgar/data/917251/000091725126000050/adc-20260514.htm
- Apr 24, 2026: Item 8.01, Other events; Item 9.01, Financial statements and exhibits. Source: https://www.sec.gov/Archives/edgar/data/917251/000162828026027250/adc-20260424.htm
- Apr 21, 2026: Item 2.02, Results of operations and financial condition (earnings release); Item 9.01, Financial statements and exhibits. Source: https://www.sec.gov/Archives/edgar/data/917251/000091725126000046/adc-20260421.htm
- Apr 2, 2026: Item 8.01, Other events. Source: https://www.sec.gov/Archives/edgar/data/917251/000091725126000030/adc-20260402.htm
- Feb 26, 2026: Item 7.01, Regulation FD disclosure; Item 9.01, Financial statements and exhibits. Source: https://www.sec.gov/Archives/edgar/data/917251/000091725126000017/adc-20260226.htm

## Insider trades (Form 4)

- Sep 21, 2026: Craig Erlich (CHIEF GROWTH OFFICER) bought 1,000 shares, about $67,550. Source: https://www.sec.gov/Archives/edgar/data/917251/000174796226000007/0001747962-26-000007-index.htm
- Sep 16, 2026: John Rakolta Jr (Director) bought 20,000 shares, about $1.4M. Source: https://www.sec.gov/Archives/edgar/data/917251/000152815326000015/0001528153-26-000015-index.htm
- Sep 16, 2026: Joey Agree (PRESIDENT & CEO) bought 7,360 shares, about $500,922. Source: https://www.sec.gov/Archives/edgar/data/917251/000134849026000006/0001348490-26-000006-index.htm
- Aug 31, 2026: John Rakolta Jr (Director) bought 10,000 shares, about $724,200. Source: https://www.sec.gov/Archives/edgar/data/917251/000152815326000013/0001528153-26-000013-index.htm
- Aug 28, 2026: John Rakolta Jr (Director) bought 20,136 shares, about $1.5M. Source: https://www.sec.gov/Archives/edgar/data/917251/000152815326000011/0001528153-26-000011-index.htm
- Jun 4, 2026: Richard Agree (EXECUTIVE CHAIRMAN OF BOARD) bought 5,000 shares, about $357,050. Source: https://www.sec.gov/Archives/edgar/data/917251/000127523826000007/0001275238-26-000007-index.htm
- May 15, 2026: John Rakolta Jr (Director) bought 20,000 shares, about $1.5M. Source: https://www.sec.gov/Archives/edgar/data/917251/000152815326000007/0001528153-26-000007-index.htm
- May 14, 2026: Greg Lehmkuhl (Director) bought 750 shares, about $56,318. Source: https://www.sec.gov/Archives/edgar/data/917251/000174830326000006/0001748303-26-000006-index.htm
- May 14, 2026: Joey Agree (PRESIDENT & CEO) bought 13,295 shares, about $1.0M. Source: https://www.sec.gov/Archives/edgar/data/917251/000134849026000004/0001348490-26-000004-index.htm
- Apr 1, 2026: John Rakolta Jr (Director) bought 146 shares, about $11,051. Source: https://www.sec.gov/Archives/edgar/data/917251/000152815326000002/0001528153-26-000002-index.htm
- Jan 9, 2026: Peter Coughenour (CHIEF FINANCIAL OFFICER) bought 500 shares, about $34,900. Source: https://www.sec.gov/Archives/edgar/data/917251/000187898326000005/0001878983-26-000005-index.htm
- Jan 9, 2026: Richard Agree (EXECUTIVE CHAIRMAN OF BOARD) bought 24,000 shares, about $1.7M. Source: https://www.sec.gov/Archives/edgar/data/917251/000127523826000002/0001275238-26-000002-index.htm
- Dec 24, 2025: John Rakolta Jr (Director) bought 15,000 shares, about $1.1M. Source: https://www.sec.gov/Archives/edgar/data/917251/000152815325000006/0001528153-25-000006-index.htm
- Oct 7, 2025: John Rakolta Jr (Director) bought 25,154 shares, about $1.8M. Source: https://www.sec.gov/Archives/edgar/data/917251/000152815325000004/0001528153-25-000004-index.htm
- Oct 3, 2025: Craig Erlich (CHIEF GROWTH OFFICER) bought 360 shares, about $25,506. Source: https://www.sec.gov/Archives/edgar/data/917251/000174796225000003/0001747962-25-000003-index.htm

## What management said

- "We are very pleased with our performance through the first nine months of the year, as we invested approximately $1.3 billion across all three of our external growth platforms and are raising our 2026 AFFO per share guidance to a range of $4.58 to $4.59" Joey Agree, President and Chief Executive Officer (8-K filed Oct 20, 2026). Source: https://www.sec.gov/Archives/edgar/data/917251/000091725126000075/adc20260930-ex991.htm

## Latest filings

- 8-K filed Oct 20, 2026: https://www.sec.gov/Archives/edgar/data/917251/000091725126000075/adc-20261020.htm
- 10-K filed Feb 10, 2026: https://www.sec.gov/Archives/edgar/data/917251/000091725126000013/adc-20251231.htm
- 10-Q filed Oct 20, 2026: https://www.sec.gov/Archives/edgar/data/917251/000091725126000076/adc-20260930.htm
- DEF 14A filed Apr 2, 2026: https://www.sec.gov/Archives/edgar/data/917251/000091725126000031/adc-20260402.htm

## About this data

SEC EDGAR filings, read by Steadybase. Every value links to the filing it came from.
Steadybase covers US-headquartered public companies that file with the SEC. API and MCP access: https://steadybase.io/docs/