AGREE REALTY REPORTS SECOND QUARTER 2024 RESULTS

Increases 2024 AFFO Per Share Guidance to $4.11 to $4.14;

Raises 2024 Acquisition Guidance to Approximately $700 Million;

Receives Commitments to Expand Credit Facility to $1.25 Billion &

Extend Maturity Until 2029

Royal Oak, MI

July 23, 2024

Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended June 30, 2024. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

Second Quarter 2024 Financial and Operating Highlights:

• Invested approximately $203 million in 70 retail net lease properties
• Raised acquisition guidance to approximately $700 million
• Commenced five development or Developer Funding Platform (“DFP”) projects for total committed capital of approximately $19 million
• Core Funds from Operations (“Core FFO”) per share increased 5.7% to $1.03
• Adjusted Funds from Operations (“AFFO”) per share increased 6.4% to $1.04
• Declared an July monthly dividend of $0.250 per common share, a 2.9% year-over-year increase
• Balance sheet well positioned at 4.1 times proforma net debt to recurring EBITDA; 4.9 times excluding unsettled forward equity
• Ended the quarter with over $1.7 billion of total liquidity including availability on the revolving credit facility, outstanding forward equity, and cash on hand

CEO Comments:

"We are very pleased with our performance during the first half of the year," said Joey Agree, President and Chief Executive Officer. "During the quarter, we raised nearly $650 million of capital to further bolster our balance sheet, which now enjoys total liquidity of $1.7 billion proforma for the closing of our expanded Credit Facility. Our growing pipelines across all three external growth platforms give us confidence to increase our full-year acquisition guidance to approximately $700 million. Given accelerating investment activity and the strong performance of our portfolio year-to-date, we are raising our 2024 AFFO per share guidance to a range of $4.11 to $4.14, reflecting 4.4% growth at the midpoint."

About Agree Realty Corporation

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of June 30, 2024, the Company owned and operated a portfolio of 2,202 properties, located in 49 states and containing approximately 45.8 million square feet of gross leasable area. The Company’s common stock is listed on the New York Stock Exchange under the symbol “ADC”. For additional information on the Company and RETHINKING RETAIL, please visit www.agreerealty.com.