Agree Realty Corp.
- ADC · NYSE
- Real Estate Investment Trusts
- Royal Oak, MI
- 90 employees
- CIK 0000917251
Updated from SEC filings through
Top things to know
Executives
- Joey Agree President and Chief Executive Officer 8-K, 2026-10-20
-
Peter Coughenour CHIEF FINANCIAL OFFICER 4, 2026-02-25 -
Craig Erlich CHIEF GROWTH OFFICER 4, 2026-09-23 -
Nicole Witteveen CHIEF OPERATING OFFICER 4, 2026-08-21 - Stephen Breslin CHIEF ACCOUNTING OFFICER 4, 2026-02-25
- Danielle M. Spehar GENERAL COUNSEL 4, 2026-02-25
What leadership is saying
“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”
Earnings press release (8-K Ex. 99.1), filed October 20, 2026
Agree Realty Corp is a U.S. public company in real estate investment trusts (SIC 6798), headquartered in Royal Oak, MI. It trades as ADC on NYSE. Revenue was $718M in the fiscal year ending December 31, 2025, +16.4% from the year before. It reported about 90 employees. Joey Agree is President and Chief Executive Officer.
Five-year financials
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $718M 10-K, 2026-02-10 | $617M 10-K, 2026-02-10 | $537M 10-K, 2026-02-10 | $430M 10-K, 2025-02-11 | $339M 10-K, 2024-02-13 |
| Operating income | $340M 10-K, 2026-02-10 | $302M 10-K, 2026-02-10 | $254M 10-K, 2026-02-10 | $218M 10-K, 2025-02-11 | $190M 10-K, 2024-02-13 |
| SG&A | $44.1M 10-K, 2026-02-10 | $37.2M 10-K, 2026-02-10 | $34.8M 10-K, 2026-02-10 | $30.1M 10-K, 2025-02-11 | $25.5M 10-K, 2024-02-13 |
| Net income | $204M 10-K, 2026-02-10 | $189M 10-K, 2026-02-10 | $170M 10-K, 2026-02-10 | $152M 10-K, 2025-02-11 | $122M 10-K, 2024-02-13 |
Annual figures from XBRL in each company's own filings. Click a figure to open the filing. SG&A marked derived is general and administrative plus selling and marketing.
Leadership and board
| Name | Title | Source |
|---|---|---|
| Joey Agree Chief Executive Officer at Agree Realty Corporation | President and Chief Executive Officer | 8-K, 2026-10-20 |
| Joel Agree | Board member (per proxy) bio: President, Chief Executive Officer and Director | DEF 14A, 2026-04-02 |
| Peter Coughenour Chief Financial Officer at Agree Realty Corporation | CHIEF FINANCIAL OFFICER | 4, 2026-02-25 |
| Craig Erlich | CHIEF GROWTH OFFICER | 4, 2026-09-23 |
| Nicole Witteveen | CHIEF OPERATING OFFICER | 4, 2026-08-21 |
| Stephen Breslin Chief Accounting Officer at Agree Realty | CHIEF ACCOUNTING OFFICER | 4, 2026-02-25 |
 Danielle Spehar | Named in proxy bio: General Counsel | DEF 14A, 2026-04-02 |
| Danielle M. Spehar | GENERAL COUNSEL | 4, 2026-02-25 |
| Richard Agree | EXECUTIVE CHAIRMAN OF BOARD | 4, 2026-06-08 |
| Gregory Lehmkuhl | Board member (per proxy) bio: Independent Director | DEF 14A, 2026-04-02 |
| Karen Dearing | Board member (per proxy) bio: Independent Director | DEF 14A, 2026-04-02 |
| Linglong He | Board member (per proxy) bio: Independent Director | DEF 14A, 2026-04-02 |
| Michael Hollman | Board member (per proxy) bio: Independent Director | DEF 14A, 2026-04-02 |
| Michael Judlowe | Board member (per proxy) bio: Independent Director | DEF 14A, 2026-04-02 |
What Agree Realty Corp does
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.
Item 1. Business, 10-K for the year ending December 31, 2025
Shares and governance
| Shares outstanding | 130.1 million (as of October 19, 2026) | 10-Q, October 20, 2026 |
|---|---|---|
| Public float | $5.1B (as of June 30, 2025) | 10-K, February 10, 2026 |
| Reportable segments | 1 (period ending September 30, 2026) | 10-Q, October 20, 2026 |
| Latest proxy statement | Meeting May 14, 2026 (filed April 2, 2026) | DEF 14A, April 2, 2026 |
| Auditor | Grant Thornton LLP (Charlotte, North Carolina) | Latest 10-K |
Insider trades
Open-market buys and sales by officers and directors, from Forms 4 and 5. One row per filing.
| Date | Insider | Trade | Shares | Value | Source |
|---|---|---|---|---|---|
| September 21, 2026 | Craig Erlich CHIEF GROWTH OFFICER | Buy | 1,000 | $68K | Form 4, September 23, 2026 |
| September 16, 2026 | John Rakolta Jr Director | Buy | 20,000 | $1.4M | Form 4, September 17, 2026 |
| September 16, 2026 | Joey Agree PRESIDENT & CEO | Buy | 7,360 | $501K | Form 4, September 17, 2026 |
| August 31, 2026 | John Rakolta Jr Director | Buy | 10,000 | $724K | Form 4, September 2, 2026 |
| August 28, 2026 | John Rakolta Jr Director | Buy | 20,136 | $1.5M | Form 4, August 31, 2026 |
| June 4, 2026 | Richard Agree EXECUTIVE CHAIRMAN OF BOARD | Buy | 5,000 | $357K | Form 4, June 8, 2026 |
| May 15, 2026 | John Rakolta Jr Director | Buy | 20,000 | $1.5M | Form 4, May 19, 2026 |
| May 14, 2026 | Greg Lehmkuhl Director | Buy | 750 | $56K | Form 4, May 18, 2026 |
Recent 8-K events
- 8-K filed 2026-10-20
- Item 2.02 Results of operations and financial condition (earnings release)
- 8-K filed 2026-10-02
- Item 8.01 Other events
- 8-K filed 2026-09-22
- Item 1.01 Entry into a material definitive agreement
- Item 2.03 Creation of a direct financial obligation
- Item 8.01 Other events
- 8-K filed 2026-07-30
- Item 2.02 Results of operations and financial condition (earnings release)
- 8-K filed 2026-07-02
- Item 8.01 Other events
- 8-K filed 2026-05-14
- Item 5.07 Submission of matters to a vote of security holders
- 8-K filed 2026-04-24
- Item 8.01 Other events
- 8-K filed 2026-04-21
- Item 2.02 Results of operations and financial condition (earnings release)
- 8-K filed 2026-04-02
- Item 8.01 Other events
- 8-K filed 2026-02-26
- Item 7.01 Regulation FD disclosure
Frequently asked questions about Agree Realty Corp
- What does Agree Realty Corp do?
- In its own words, from Item 1 of its 10-K: "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."
- What is Agree Realty Corp's revenue?
- $718M for the fiscal year ending December 31, 2025, from its 10-K filed February 10, 2026.
- Is Agree Realty Corp profitable?
- Agree Realty Corp reported net income of $204M for the fiscal year ending December 31, 2025.
- How many employees does Agree Realty Corp have?
- About 90 as of December 31, 2025, as stated in its annual report.
- Who is the CEO of Agree Realty Corp?
- Joey Agree, President and Chief Executive Officer, as named in a 8-K filed October 20, 2026.
- Who is the CFO of Agree Realty Corp?
- Peter Coughenour, CHIEF FINANCIAL OFFICER, as named in a 4 filed February 25, 2026.
- Where is Agree Realty Corp headquartered?
- Royal Oak, MI.
- What is Agree Realty Corp's stock ticker?
- ADC, ADC-PA on NYSE.
- What industry is Agree Realty Corp in?
- Real Estate Investment Trusts, SIC code 6798.
- What is Agree Realty Corp's website?
- agreerealty.com.
- When does Agree Realty Corp report earnings next?
- January 28, 2027. Source: estimate_8k_pattern.
- Is Agree Realty Corp a public company?
- Yes. Agree Realty Corp files with the SEC under CIK 0000917251 and trades as ADC.
- Who audits Agree Realty Corp?
- Grant Thornton LLP, Charlotte, North Carolina, as named in its latest annual report (10-K).
- How many shares of Agree Realty Corp are outstanding?
- 130.1 million shares as of October 19, 2026, from its 10-Q filed October 20, 2026.
- What is Agree Realty Corp's public float?
- $5.1B as of June 30, 2025, as reported on the cover of its 10-K filed February 10, 2026.
- How many business segments does Agree Realty Corp report?
- 1 reportable segment for the period ending September 30, 2026, from its 10-Q filed October 20, 2026.
- When is Agree Realty Corp's annual shareholder meeting?
- May 14, 2026, per its proxy statement (DEF 14A) filed April 2, 2026.
- Have Agree Realty Corp insiders traded stock recently?
- Since August 13, 2025, officers and directors reported 0 open-market sales and 19 purchases worth about $12.5M on Forms 4 and 5. The most recent: Craig Erlich (CHIEF GROWTH OFFICER) bought 1,000 shares on September 21, 2026.