Agree Realty Corp (NYSE: ADC) is a real estate investment trust (REIT) that acquires, develops, and manages retail net lease properties across the United States. The company makes money by collecting rent from tenants under net lease agreements, where tenants are generally responsible for property taxes, insurance, and maintenance costs, providing Agree Realty with predictable, recurring income. The filing confirms ADC's status as a well-known seasoned issuer under SEC Rule 405, with its common equity registered on a national securities exchange. As a net lease REIT focused on retail properties, ADC competes in a sector that includes other publicly traded net lease operators. The filing was made on 2026-02-10 for the fiscal year ended in that reporting period, under accession number 000091725126000013.

Revenue model

Net lease rental income. Tenants pay base rent while bearing operating expenses such as property taxes, insurance, and maintenance under net lease structures, producing stable, contractual cash flows for the company.

Products and services

Acquisition, development, and management of retail net lease properties in the United States.

Customers and end markets

Retail tenants operating under net lease agreements. Specific tenant names, concentration percentages, and end market details are not supported by the filing excerpts provided.

Value-chain role

Property owner and landlord. Agree Realty acquires and develops retail real estate assets and leases them to retail tenants under net lease structures.

Geographic exposure

United States. Specific state-level or regional breakdowns are not supported by the filing excerpts provided.

Source: SEC 10-K, filed 2026-02-10

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