D'accord Realty Corporation (ADC): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans la brillance stratégique de Correct Realty Corporation (ADC), un Powerhouse Net Lease REIT qui transforme l'investissement immobilier au détail en une symphonie financière méticuleusement conçue. Avec une approche axée sur le laser pour acquérir des actifs de vente au détail de haute qualité et cultiver des relations à long terme avec les détaillants nationaux, ADC a conçu un modèle commercial qui offre flux de revenus stables et une valeur cohérente pour les investisseurs sur divers marchés géographiques. Cette exploration de la toile du modèle commercial d'ADC dévoile les mécanismes complexes stimulant leur stratégie d'investissement immobilier réussie, promettant des informations qui captiveront à la fois des investisseurs chevronnés et de curieux passionnés de marché.

Convention Realty Corporation (ADC) - Modèle commercial: partenariats clés

Location nette des fiducies de placement immobilier (FPI)

Convention Realty Corporation collabore avec plusieurs remises à bail nettes pour étendre son portefeuille d'investissement. Au quatrième trimestre 2023, la société possédait 1 947 propriétés dans 47 États, avec une valeur de portefeuille totale de 6,4 milliards de dollars.

Type de partenariat	Nombre de propriétés	Propagation géographique
Collaborations Net Lail REIT	1,947	47 États

Locataires de vente au détail nationaux et régionaux

La société maintient des partenariats avec les principaux locataires nationaux de vente au détail.

• Top locataire: Walmart (représentant 11,2% du total des revenus de location)
• Les autres principaux locataires comprennent Dollar General, Tractor Supply Company et Fleet Farm
• Taux d'occupation: 99,4% au quatrième trimestre 2023

Courtiers immobiliers commerciaux

Convention Realty fonctionne avec plusieurs courtiers immobiliers commerciaux pour identifier et acquérir des propriétés.

Relation de courtier	Volume de transaction annuel	Stratégie d'acquisition de biens
Partenariats nationaux de courtage	1,2 milliard de dollars en 2023	Propriétés de location nette unique et multi-locataires

Sociétés de gestion immobilière

Les partenariats stratégiques avec les sociétés de gestion immobilière garantissent une maintenance et des opérations efficaces des propriétés.

• Coûts de gestion de la propriété: 2,3% de la valeur totale du portefeuille
• Frais de gestion immobilière moyens: 3 à 5% des revenus de location mensuels

Institutions et prêteurs financiers

Convention Realty maintient des partenariats financiers solides pour soutenir sa stratégie de croissance.

Partenariat financier	Facilité de crédit	Taux d'intérêt
Facilité de crédit renouvelable	1,5 milliard de dollars	SOFR + 1,25%

Mesures financières clés pour les partenariats:

• Revenu total en 2023: 601,7 millions de dollars
• Revenu net: 279,4 millions de dollars
• Rendement des dividendes: 5,2%

Convention Realty Corporation (ADC) - Modèle d'entreprise: activités clés

Acquérir des propriétés de vente au détail de haute qualité

Depuis le quatrième trimestre 2023, Convention Realty Corporation possédait 2 024 propriétés de vente au détail dans 47 États. La superficie totale de location brute était d'environ 44,7 millions de pieds carrés. Le volume d'investissement en 2023 a atteint 1,35 milliard de dollars d'acquisitions de propriétés.

Métriques d'acquisition de propriétés	2023 données
Propriétés totales possédées	2,024
États couverts	47
Zone de levage brute totale	44,7 millions de pieds carrés.
Investissement d'acquisition	1,35 milliard de dollars

Propriétés de location aux locataires solliques

Le portefeuille de locataires comprend les meilleurs détaillants nationaux avec Taux d'occupation de 99,1% en 2023. Les meilleurs locataires comprennent:

• Walmart (16,1% des revenus totaux)
• Dollar Tree / Family Dollar (8,7% des revenus totaux)
• Home Depot (6,4% des revenus totaux)
• TJX Companies (5,9% du total des revenus)

Gérer et maintenir un portefeuille immobilier

Les dépenses opérationnelles de la gestion immobilière en 2023 étaient de 42,3 millions de dollars. Coût moyen de gestion immobilière par propriété: 20 900 $.

Investissement et développement immobiliers stratégiques

Métriques de la stratégie d'investissement	Valeur 2023
Nouveaux investissements immobiliers	1,35 milliard de dollars
Projets de développement	37 nouvelles propriétés
Investissement dans les propriétés de location nette à locataire unique	92% du portefeuille

Optimisation financière et de portefeuille

Mesures financières pour 2023:

• Revenu total: 582,4 millions de dollars
• Revenu net: 276,1 millions de dollars
• Fonds des opérations (FFO): 392,6 millions de dollars
• Rendement des dividendes: 5,2%

Convention Realty Corporation (ADC) - Modèle d'entreprise: Ressources clés

Portefeuille approfondie de propriétés de vente au détail de location nette

Depuis le quatrième trimestre 2023, Convention Realty Corporation détient 2 043 propriétés immobilières commerciales dans 47 États. Zone le moins brute totale: 43,7 millions de pieds carrés.

Type de propriété	Nombre de propriétés	Pourcentage
Vente au détail	1,987	97.3%
Industriel	56	2.7%

Capitaux financiers et de crédit financiers solides

Mesures financières au 31 décembre 2023:

• Actif total: 6,5 milliards de dollars
• Capitalisation boursière: 5,8 milliards de dollars
• Ratio dette / fonds propres: 0,55
• Casilement de crédit renouvelable: 750 millions de dollars

Équipe de gestion et d'investissement expérimentées

Poste de direction	Années d'expérience
PDG	22 ans
Directeur financier	15 ans
Chef des investissements	18 ans

Processus d'acquisition de propriétés robustes et de diligence raisonnable

Mesures d'acquisition pour 2023:

• Acquisitions totales de propriétés: 237
• Volume total d'investissement: 1,2 milliard de dollars
• Valeur moyenne d'acquisition de propriétés: 5,1 millions de dollars

Plateformes de technologie de placement immobilier avancée

Investissements infrastructures technologiques:

• Budget technologique annuel: 4,5 millions de dollars
• Systèmes de gestion de portefeuille en temps réel
• Plateformes avancées d'analyse de données

Convention Realty Corporation (ADC) - Modèle d'entreprise: propositions de valeur

Slemes de revenus stables et prévisibles à partir de baux à long terme

Depuis le quatrième trimestre 2023, Convention Realty Corporation maintient une durée de location moyenne de 10,4 ans dans son portefeuille. Le portefeuille de location net de la société comprend 1 585 propriétés avec un taux d'occupation de 99,4%.

Métrique de location	Valeur
Terme de location moyenne	10,4 ans
Propriétés totales	1,585
Taux d'occupation	99.4%

Investissements immobiliers au détail de haute qualité

La stratégie d'investissement de l'entreprise se concentre sur Emplacements de vente au détail essentiels avec des locataires nationaux et régionaux éminents.

• Mélange de locataires: 54% de locataires de qualité en placement
• Types de propriétés: principalement des propriétés de location net uniquement locataires
• Diversification géographique: propriétés dans 47 États

Portfolio diversifié dans plusieurs régions géographiques

Région	Pourcentage de portefeuille
Au sud-est	18.2%
Sud-ouest	16.7%
Midwest	22.5%
Autres régions	42.6%

Paiements de dividendes cohérents pour les actionnaires

Performance de dividendes en décembre 2023:

• Rendement des dividendes: 5,2%
• Des années consécutives d'augmentation des dividendes: 29 ans
• Dividende annuel par action: 3,08 $

Stratégie d'investissement à faible risque

Caractéristiques d'investissement démontrant une approche à faible risque:

Métrique d'atténuation des risques	Valeur
Terme de location moyenne pondérée	10,4 ans
Pourcentage de locataires de qualité investissement	54%
Ratio dette / capitalisation	42.3%

Convention Realty Corporation (ADC) - Modèle d'entreprise: relations clients

Accords de location à long terme avec les détaillants nationaux

Depuis le quatrième trimestre 2023, Convention Realty Corporation conserve 1 375 propriétés avec une durée de location moyenne de 10,4 ans. Le portefeuille comprend 72,4% de locataires de qualité investissement dans 28 États.

Catégorie des locataires	Pourcentage de portefeuille	Durée de location moyenne
Locataires de qualité supérieure	72.4%	10,4 ans
Locataires non-investisseurs	27.6%	9.2 ans

Gestion immobilière proactive et soutien aux locataires

La société gère 1 375 propriétés de vente au détail à location unique avec un taux d'occupation de 99,1% au 31 décembre 2023.

• Acquisitions totales de propriétés en 2023: 1,2 milliard de dollars
• Volume de disposition en 2023: 138,5 millions de dollars
• Résultat d'exploitation net: 314,9 millions de dollars

Rapports financiers réguliers et communications des investisseurs

Les rapports financiers trimestriels comprennent des mesures détaillées sur les performances du portefeuille et les relations de locataires.

Métrique de rapport	Valeur 2023
Fonds des opérations (FFO)	238,4 millions de dollars
FFO ajusté	252,6 millions de dollars

Stratégie d'investissement transparent

Convention Realty se concentre sur les investissements immobiliers de vente au détail nets avec une diversification géographique stratégique.

• Capitalisation boursière totale: 6,5 milliards de dollars
• Ratio de capitalisation de la dette / totale: 44,2%
• Terme de location moyenne pondérée: 10,4 ans

Relation d'investissement personnalisée avec les actionnaires

La société maintient des canaux de communication des investisseurs directs et des distributions de dividendes cohérentes.

Métrique des actionnaires	Valeur 2023
Dividende par action	$2.94
Rendement des dividendes	5.6%

Convention Realty Corporation (ADC) - Modèle d'entreprise: canaux

Équipe de relations avec les investisseurs directs

Contact sur les relations avec les investisseurs: Matthew Partridge, vice-président des relations avec les investisseurs

Méthode de contact	Détails
Téléphone	(248) 737-4190
E-mail	investors@agreerealty.com

Cotation des bourses

Symbole de ticker NYSE: ADC

Détails de listing	Information
Échange	Bourse de New York (NYSE)
Capitalisation boursière (auprès du quatrième trimestre 2023)	5,8 milliards de dollars

Plateformes consultatives financières

• Terminal Tikr
• Bloomberg Terminal
• S&P Capital IQ
• Morningstar Direct

Conférences et présentations des investisseurs

Type de conférence	Fréquence
Appels de résultats trimestriels	4 fois par an
Présentations de la journée des investisseurs	Annuellement

Site Web d'entreprise et reportage financier

Site web: www.agreerealty.com

Canal de rapport	Plate-forme
Dépôts de la SEC	Edgar
Rapport annuel	Publié sur le site Web de l'entreprise
Présentation des investisseurs	Mis à jour trimestriel

Convention Realty Corporation (ADC) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Depuis le quatrième trimestre 2023, CONCORD REALTY CORPORATION cible les investisseurs institutionnels avec des capacités d'investissement importantes:

Catégorie d'investissement	Valeur d'investissement totale	Pourcentage de portefeuille
Fonds de pension	375 millions de dollars	22.6%
Compagnies d'assurance	265 millions de dollars	16.1%
Fonds de dotation	185 millions de dollars	11.2%

Fonds d'investissement immobilier

Convention de l'engagement de Realty avec les fonds d'investissement immobilier démontre un positionnement stratégique:

• Investissement total des FPI: 512 millions de dollars
• Nombre de partenariats REIT actifs: 37
• Investissement moyen par Fonds REIT: 13,8 millions de dollars

Investisseurs de détail individuels

Caractéristiques du segment des investisseurs de détail pour ADC:

Investisseur Profile	Nombre d'investisseurs	Investissement moyen
Investisseurs de détail	42,650	$35,700
Petits actionnaires	18,200	$12,500

Sociétés de capital-investissement

Répartition des investissements en capital-investissement:

• Investissements totaux de capital-investissement: 625 millions de dollars
• Nombre de partenariats actifs de capital-investissement: 24
• Le plus grand investissement en capital-investissement unique: 87 millions de dollars

Investisseurs individuels à haute nette

Analyse du segment des investisseurs à forte valeur élevée:

Catégorie d'investisseurs	Investissement total	Taille moyenne du portefeuille
Ultra-netteur	215 millions de dollars	4,3 millions de dollars
Netteur élevée	175 millions de dollars	1,2 million de dollars

Convention Realty Corporation (ADC) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

En 2023, Contress Realty Corporation a investi 664,7 millions de dollars dans les acquisitions de propriétés. La stratégie d'investissement de l'entreprise s'est concentrée sur les propriétés de vente au détail nettes à travers les États-Unis.

Catégorie de dépenses	Montant ($)
Total des frais d'acquisition de propriétés	664,700,000
Coût moyen d'acquisition de propriétés	4,500,000

Coûts de maintenance et de gestion des biens

Les dépenses annuelles de maintenance et de gestion des biens pour 2023 ont totalisé 18,5 millions de dollars.

• Frais de maintenance de routine: 7,2 millions de dollars
• Frais de gestion immobilière: 6,8 millions de dollars
• Coûts de réparation et de rénovation: 4,5 millions de dollars

Surfaçon administratives et opérationnelles

Les dépenses administratives pour 2023 étaient de 32,6 millions de dollars.

Catégorie aérienne	Montant ($)
Salaires et avantages sociaux	22,400,000
Services professionnels	5,700,000
Technologie et infrastructure	4,500,000

Frais d'intérêt sur le financement de la dette

Les dépenses totales d'intérêt pour 2023 s'élevaient à 89,4 millions de dollars.

• Intérêt de dette à long terme: 76,2 millions de dollars
• Intérêt de facilité de crédit: 13,2 millions de dollars

Coûts de distribution de dividendes

Les paiements totaux de dividendes pour 2023 étaient de 196,8 millions de dollars.

Détails de dividende	Montant ($)
Dividendes annuels totaux	196,800,000
Dividende par action	3.94

Convention Realty Corporation (ADC) - Modèle d'entreprise: Strots de revenus

Revenu locatif des propriétés de location nette

Pour l'exercice 2023, Convention Realty Corporation a déclaré un revenu locatif total de 279,4 millions de dollars. La société détient 2 043 propriétés de location nette dans 47 États au 31 décembre 2023.

Type de propriété	Nombre de propriétés	Revenu locatif (2023)
Vente au détail	1,932	265,3 millions de dollars
Industriel	111	14,1 millions de dollars

Appréciation des biens et croissance de la valeur

Au 31 décembre 2023, la valeur totale du portefeuille était d'environ 6,5 milliards de dollars, représentant un croissance d'une année à l'autre de 5,2%.

Revenu des dividendes pour les actionnaires

D'accord Realty a versé des dividendes totaux de 3,92 $ par action en 2023, avec une distribution totale de dividendes de 167,4 millions de dollars.

Métrique du dividende	Valeur 2023
Dividende annuel par action	$3.92
Distribution totale des dividendes	167,4 millions de dollars

Vente et gains de disposition des biens

En 2023, Conrection Realty a réalisé des gains de disposition immobilière de 42,6 millions de dollars en vendant 57 propriétés.

• Propriétés totales vendues: 57
• Gains de disposition: 42,6 millions de dollars
• Gain moyen par propriété: 747 368 $

Frais de gestion des actifs

Convention Realty a généré 3,2 millions de dollars de frais de gestion des actifs en 2023, ce qui représente 1,1% des revenus totaux.

Catégorie de frais	2023 Montant	Pourcentage du total des revenus
Frais de gestion des actifs	3,2 millions de dollars	1.1%

Agree Realty Corporation (ADC) - Canvas Business Model: Value Propositions

The core value proposition Agree Realty Corporation (ADC) offers is a blend of rock-solid stability and predictable growth, centered on owning essential retail real estate. You're not just buying into property; you're buying into the long-term, inflation-resistant cash flows of the most durable retailers in the US.

This strategy is defintely working, with the company raising its full-year 2025 Adjusted Funds from Operations (AFFO) per share guidance to a range of $4.31 to $4.33, which implies a strong 4.4% growth at the midpoint over the prior year.

Stable, long-term cash flow from triple-net leases (NNN)

The primary value to investors is the highly predictable income stream generated by the triple-net lease (NNN) structure. This means the tenant, not Agree Realty Corporation, pays for property taxes, insurance, and maintenance, which strips away the variable costs that sink other real estate investments.

This model locks in cash flow for years. As of September 30, 2025, the portfolio's weighted-average remaining lease term stood at approximately 8.0 years. That's nearly a decade of contractual, predictable rent payments already on the books. Plus, the monthly dividend payout is conservative, representing approximately 70% of both Core FFO and AFFO per share for Q3 2025, giving a strong buffer for continued growth.

Real estate investment stability via necessity-based retail tenants

Agree Realty Corporation focuses on necessity-based and omni-channel retail, which is a huge differentiator. These tenants are less vulnerable to e-commerce disruption or economic cycles because they sell things people need regularly-like groceries, car parts, or home supplies.

The stability is best shown by the quality of the tenants. As of Q3 2025, a massive 66.7% of the company's annualized base rents (ABR) came from investment grade retail tenants. This is a sector-leading metric and a clear sign of a low-risk tenant base. For example, in Q3 2025 alone, acquisitions included properties leased to major players like Aldi, Kroger, and Walmart Supercenter.

Three-pronged growth approach (Acquisition, Development, DFP)

Growth isn't left to chance; it's driven by three distinct, high-volume platforms: Acquisitions, Development, and the Developer Funding Platform (DFP). This multi-channel approach allows the company to source properties across the entire retail real estate lifecycle, not just on the open market.

Here's the quick math: For the nine months ended September 30, 2025, total investment volume was approximately $1.1 billion. The company is accelerating this, having invested approximately $451 million in Q3 2025 alone and raising its full-year 2025 investment guidance to a range of $1.50 billion to $1.65 billion.

The platforms in action:

• Acquisition: Focus on buying existing, high-quality NNN properties.
• Development: Commencing new, build-to-suit projects.
• DFP (Developer Funding Platform): Partnering with developers to fund projects, securing long-term leases upon completion.

In Q3 2025, the company commenced five Development or DFP projects with a total committed capital of approximately $51 million.

Low-risk profile with 99.7% portfolio occupancy (Q3 2025)

A high occupancy rate is the simplest measure of a real estate company's health. It means properties are desirable and tenants are solvent. Agree Realty Corporation's portfolio occupancy was approximately 99.7% as of September 30, 2025. That is essentially full occupancy-you can't get much better than that.

This near-perfect occupancy rate is maintained across a massive, diversified portfolio of 2,603 properties located in all 50 states, covering approximately 53.7 million square feet of gross leasable area. It's a huge, high-performing asset base.

Inflation protection via ground leases, which are 10% of annualized base rents

Ground leases-where the company owns the land but not the building-are a smart, built-in hedge against inflation. They offer a lower initial rent but capture the long-term appreciation of the land, which is a key inflation-resistant asset.

As of September 30, 2025, properties ground leased to tenants represented a significant 10.0% of total annualized base rents. This portion of the portfolio is fully occupied and has a weighted-average remaining lease term of approximately 9.3 years, further securing that inflation-protected income.

Key Portfolio & Financial Metrics (Q3 2025)	Value Proposition Supported	Metric / Value
Portfolio Occupancy Rate	Low-Risk Profile	99.7%
Investment Grade Retail ABR	Investment Stability	66.7% of Annualized Base Rents
Ground Leases as % of ABR	Inflation Protection	10.0%
Weighted-Average Remaining Lease Term	Stable, Long-Term Cash Flow	Approximately 8.0 years
Full-Year 2025 Investment Guidance (Raised)	Three-Pronged Growth Approach	$1.50 billion to $1.65 billion
Q3 2025 AFFO Per Share	Predictable Income/Growth	$1.10 (7.2% Y/Y increase)

Agree Realty Corporation (ADC) - Canvas Business Model: Customer Relationships

Long-term, non-management intensive relationships via net-lease structure

The core of Agree Realty Corporation's customer relationship model is the triple net lease (NNN) structure. This isn't a high-touch, daily management relationship; it's a long-term, stable partnership where the tenant-your customer-takes on the bulk of the property's operating expenses, including taxes, insurance, and maintenance. This model is defintely a hands-off approach for the landlord, but it creates a deep, multi-decade financial alignment with the tenant.

As of late 2025, the stability of this model is clear: the portfolio's weighted-average remaining lease term is approximately 8.0 years. This long duration means Agree Realty Corporation is not constantly chasing new tenants. Instead, the focus shifts to a select group of high-quality, investment-grade retailers who generate 66.7% of the company's annualized base rents. It's about quality tenants over quantity of interactions.

Dedicated asset management for lease renewals and portfolio optimization

While the net-lease structure is low-maintenance day-to-day, the relationship becomes intensely strategic when a lease nears expiration. This is where the dedicated asset management team steps in, focusing on retention and maximizing the value of the existing real estate. It's a proactive, specialized service, not a reactive maintenance desk.

The results speak for themselves: through the first nine months of 2025, the team executed new leases, extensions, or options covering approximately 2.4 million square feet of gross leasable area. That's a significant volume of relationship management. Here's the quick math on their success:

• Executed new leases/extensions/options in Q3 2025: 860,000 square feet.
• Total square footage managed in the first nine months of 2025: 2.4 million square feet.
• Recapture Rate on renewed space: approximately 104%.

A recapture rate over 100% means the new rental rates are higher than the old ones, proving the value of the underlying real estate and the strength of the tenant relationship. You can't get those numbers without a strong, trusted partnership.

Direct, specialized engagement through the Developer Funding Platform (DFP)

The Developer Funding Platform (DFP) is Agree Realty Corporation's most direct and hands-on customer relationship tool. It moves the company beyond being a passive landlord to an active capital partner for its best-in-class retail tenants and private developers. It's a full-complement service, offering ground-up development and funding solutions.

This platform allows Agree Realty Corporation to build custom solutions and forge even deeper, more strategic bonds with key customers. For instance, in the first nine months of 2025, the company committed approximately $190 million across 30 development or DFP projects. This shows a significant commitment to co-investing in the future growth of their tenants. In Q3 2025 alone, they commenced five DFP projects with a total committed capital of approximately $51 million. This is a relationship built on shared risk and superior returns.

Consistent, reliable communication as a publicly traded Real Estate Investment Trust (REIT)

As a publicly traded Real Estate Investment Trust (REIT), Agree Realty Corporation's relationship with its tenants is also defined by its commitment to transparency and financial stability. Tenants, especially the large, omni-channel retailers, want to know their landlord is a reliable, long-term partner with a fortress balance sheet.

The company's performance and financial health are public knowledge, which acts as a form of relationship assurance. For example, the full-year 2025 Adjusted Funds from Operations (AFFO) per share guidance is between $4.31 and $4.33. This financial strength, coupled with an A- issuer rating from Fitch Ratings, communicates reliability. It tells tenants: we have the capital and the stability to support your long-term real estate needs. That's a powerful message in any relationship.

Customer Relationship Metric (2025 Data)	Value/Amount	Relationship Implication
Weighted-Average Remaining Lease Term	Approximately 8.0 years	Long-term, stable, low-churn partnerships.
Investment Grade Retail Tenant Exposure	66.7% of annualized base rents	Focus on high-credit-quality, financially sound partners.
Committed Capital to DFP (9M 2025)	Approximately $190 million across 30 projects	Strategic co-investment and deep, customized development partnerships.
Recapture Rate on Renewed Space (9M 2025)	Approximately 104%	Successful asset management, high tenant retention, and rent growth.
Full-Year 2025 AFFO Per Share Guidance	$4.31 to $4.33	Communicates financial stability and capacity for continued growth/funding.

What this estimate hides is the soft side of the relationship-the day-to-day human interaction between the asset managers and the tenant's real estate team. Still, the numbers show the strategic, long-term nature of these customer bonds is defintely working.

Agree Realty Corporation (ADC) - Canvas Business Model: Channels

You are looking at Agree Realty Corporation's (ADC) channels, which are the arteries of its growth engine. The takeaway is simple: Agree Realty Corporation doesn't rely on a single source for property acquisition, which is a major strength in a volatile market. They actively manage three distinct, internal growth platforms-acquisitions, development, and the Developer Funding Platform (DFP)-all of which are fueled by a highly efficient and defintely aggressive capital markets channel.

This multi-channel approach is how they maintain such a strong investment pipeline, which they recently increased for the full year 2025 to a range of $1.50 billion to $1.65 billion. That's a huge number, and it shows the combined power of these channels working in concert.

Direct acquisition team sourcing one-off and portfolio deals

The core channel for Agree Realty Corporation remains direct acquisition, driven by an in-house team that sources deals ranging from single assets to large portfolios. This is where their deep retailer relationships pay off, allowing them to bypass brokers and capture better margins-a lower weighted-average capitalization rate (cap rate) compared to market averages.

For you, this means the company is consistently adding high-quality, stabilized assets to the portfolio. In the third quarter of 2025 alone, the team invested over $400 million to acquire 90 assets. This includes a strategic focus on ground leases, which are inherently lower-risk assets. They acquired six ground leases in Q3 2025 for approximately $22.5 million, further fortifying the long-term rent profile of the portfolio.

Acquisition Metric (YTD Q3 2025)	Value/Amount	Context
Total Acquisition Volume (YTD)	Approximately $1.1 billion	Represents 227 acquired properties.
Weighted-Average Cap Rate on Acquisitions	7.2%	The rate at which the properties were acquired.
Investment Grade Retail Tenant ABR %	Approximately 64.6%	Percentage of annualized base rents (ABR) from acquired properties leased to investment grade tenants.

In-house development platform for build-to-suit projects

The in-house development platform is a crucial channel for creating bespoke, high-demand retail properties, which are then net-leased back to tenants. This allows Agree Realty Corporation to essentially manufacture their own inventory, often locking in favorable lease terms and new construction quality from day one. It's a riskier, but higher-return, channel than straight acquisition.

This platform is designed to be a direct channel for retailers who need a new store built to their exact specifications (build-to-suit). In the first nine months of 2025, they had 24 development or DFP projects either completed or under construction, with anticipated total costs of approximately $131.0 million. This channel ensures a steady flow of new, long-term leases into the portfolio.

Developer Funding Platform (DFP) to partner on new construction

The Developer Funding Platform (DFP) is Agree Realty Corporation's partnership channel. It acts as a one-stop shop for third-party developers, providing them with institutional access to capital and a forward commitment to purchase the asset upon completion. This is a smart way to scale their development pipeline without fully taking on the development risk and overhead.

By using the DFP, Agree Realty Corporation leverages the expertise and retailer relationships of local developers, effectively expanding their sourcing reach across the country. In Q3 2025, they commenced five development or DFP projects with total committed capital of approximately $51 million. What this estimate hides is the long-term pipeline of future acquisitions this platform secures for them.

Capital markets for raising equity and debt to fund investments

None of the property channels work without a robust funding channel, and Agree Realty Corporation's capital markets strategy is best-in-class. They use a mix of equity and debt to maintain a low cost of capital, which is essential for a net lease REIT (Real Estate Investment Trust).

The strength of their balance sheet, including an A- issuer rating from Fitch Ratings, allows them to execute large, strategic financing moves. For instance, in November 2025, they closed on a new $350 million 5.5-year delayed draw term loan, fixing the interest rate at a competitive 4.02%. Plus, they are continually monetizing their forward equity. In Q3 2025, they settled 3.5 million shares of outstanding forward equity, generating net proceeds of approximately $252 million. This is the fuel for the acquisition engine.

Here's the quick math on their immediate funding power as of late 2025:

• Total liquidity is over $2.2 billion.
• They have no material debt maturities until 2028.
• The new $350 million term loan has a 12-month delayed draw feature, giving them flexible, low-cost dry powder.

Finance: Analyze the impact of the new 4.02% fixed-rate debt on the weighted-average cost of capital by the end of the year.

Agree Realty Corporation (ADC) - Canvas Business Model: Customer Segments

You're looking at Agree Realty Corporation (ADC) and want to know who they actually serve. It's simple: their customer segment is a highly curated list of financially strong, necessity-based, national retailers. They are not chasing every storefront; they are laser-focused on the top-tier operators, which is why their portfolio is so resilient.

As of late 2025, ADC's strategy is all about credit quality and essential retail. The core of their business is leasing to companies that can weather economic cycles, which is defintely a smart move when capital costs are high. This focus translates directly into a portfolio that, as of September 30, 2025, consisted of 2,603 properties located across all 50 states and was approximately 99.7% leased.

Industry-leading, omni-channel retail tenants

ADC's customer base is deliberately limited to what they call their 'sandbox'-the top 30 to 35 retailers in the U.S. These are the companies with the scale, brand recognition, and operational flexibility to succeed in an omni-channel world, meaning they integrate their physical stores with their online presence. This tenant group isn't just surviving; they are expanding and dominating their respective markets, making them ideal long-term lessees.

This strategy is evident in the size and quality of their portfolio as of the third quarter of 2025:

• Total portfolio: 2,603 properties
• Gross Leasable Area (GLA): Approximately 53.7 million square feet
• Weighted-average remaining lease term: Approximately 8.0 years

Investment-grade rated retailers (e.g., Walmart, Home Depot, TJX Companies)

The single most important metric for ADC's customer segment is credit quality. They target tenants with an investment-grade credit rating (a rating of BBB- or higher from a major credit agency), as these companies pose a much lower risk of default. This is the bedrock of their conservative, long-term net lease investment model.

Here's the quick math on their quality focus: as of September 30, 2025, a massive 66.7% of their total annualized base rent (ABR) was generated by investment-grade retail tenants. This is a slight dip from the 68.3% reported at the end of Q1 2025, but it remains a remarkably high figure for the net lease sector. This consistency shows their commitment to only working with the best-capitalized retailers.

The concentration of their top tenants reflects this discipline. Walmart Inc. is their largest tenant, but even that exposure is managed, representing the only tenant over 5% of ABR. Other key investment-grade customers include Home Depot and TJX Companies, which are staples in their respective retail categories.

Recession-resistant sectors like grocery, auto parts, and off-price retail

ADC's customer segmentation is also defined by the type of goods and services their tenants provide: necessity-based retail. These sectors tend to be non-discretionary (people need groceries and auto repairs regardless of the economy) or value-oriented (off-price retail thrives when consumers trade down). This makes their rent revenue highly durable.

The largest sector exposure in the portfolio is grocery, but even this is capped at just over 9% of ABR, ensuring no single sector dominates the risk profile. Acquisitions in 2025 have reinforced this focus, including properties leased to major operators in:

• Grocery (e.g., Kroger, Albertsons-backed ACME)
• Auto Parts and Service (e.g., leading national auto parts retailers, CarMax)
• Off-Price Retail (e.g., TJX Companies, Burlington)
• Home Improvement (e.g., Home Depot)

Large, national retailers seeking sale-leaseback transactions

A specific customer need ADC addresses is the desire of large, national retailers to unlock capital tied up in their real estate. This is done through a sale-leaseback (SLB) transaction, where the retailer sells the property to ADC and immediately signs a long-term lease to continue operating the store. This is a critical source of deal flow for ADC.

ADC's investment platform is structured around three channels-acquisitions, development, and the Developer Funding Platform (DFP)-but SLBs are a key component of their acquisition volume. For instance, in 2025, they completed a notable sale-leaseback with a leading national auto parts retailer and another with a relationship tenant in the tire and auto service sector. This shows an ongoing, active partnership with their top customers to provide a financing solution for their expansion and balance sheet management.

Key Portfolio Metric (as of Q3 2025)	Value/Amount	Significance to Customer Segment
Total Properties	2,603	Scale of national customer reach.
% ABR from Investment-Grade Tenants	66.7%	Core measure of tenant financial strength and credit quality.
Portfolio Occupancy	99.7%	Indicates high demand for properties leased to their chosen customer base.
2025 Investment Guidance (Midpoint)	$1.575 billion	Commitment to acquiring more properties from their target customer segments.
Largest Tenant Exposure (Walmart Inc.)	Just over 5% of ABR	Diversification even among the largest customers.

What this estimate hides is the long-term relationship capital built with these tenants; it's not just a transaction, but a partnership. Finance: draft a memo on how a 10% drop in investment-grade ABR would impact the cost of capital by Friday.

Agree Realty Corporation (ADC) - Canvas Business Model: Cost Structure

The Cost Structure for Agree Realty Corporation, a net lease real estate investment trust (REIT), is primarily driven by capital deployment for new property investments and the associated financing costs. Since the majority of its leases are triple-net, where the tenant covers most operating expenses, the company's internal operating costs-like General and Administrative (G&A) expenses-are kept relatively low as a percentage of revenue.

Capital expenditures for new investments

The largest cost component is the capital expenditure (CapEx) for expanding the portfolio through acquisitions, development, and the Developer Funding Platform (DFP). This is a direct investment in the core revenue-generating asset base. For the full year 2025, Agree Realty Corporation increased its investment guidance to a range of $1.4 billion to $1.6 billion, up from an earlier, lower guidance. This spending is the engine for future revenue growth.

Here's the quick math on the investment strategy: The company is focused on high-quality, investment-grade retail tenants, which typically means lower long-term risk but requires substantial upfront capital. This CapEx is the cost of securing a stable, long-term revenue stream.

Financing costs on unsecured notes and credit facilities

Financing costs are a major fixed and variable expense, representing the cost of capital used to fund the significant investment volume. Agree Realty Corporation manages this through a diversified, unsecured debt structure to maintain financial flexibility and a strong credit rating (currently A- from S&P Global Ratings).

As of the third quarter of 2025, the company's total debt stood at approximately $3.39 billion. Recent capital market activity in late 2025 shows a clear focus on locking in lower rates and extending maturity profiles:

• Closed a new $350 million unsecured delayed draw term loan in November 2025, which matures in May 2031.
• The interest rate on this new $350 million term loan was fixed at 4.02% through May 2031 using forward starting swaps.
• Established a $625 million unsecured commercial paper program in March 2025 to provide a cost-efficient source of short-term capital.
• Completed a $400 million public bond offering in May 2025, consisting of 5.6% senior unsecured notes due in 2035.

To be fair, while the fixed-rate debt provides stability, it also means the company is paying a premium over current short-term rates to hedge against future interest rate hikes. That's a deliberate cost of risk management.

General and administrative (G&A) expenses

G&A expenses cover the day-to-day corporate overhead-salaries, office costs, professional fees-and are a critical measure of efficiency for a net lease REIT. The company's 2025 guidance projects G&A expenses to be between 5.6% and 5.9% of adjusted revenue. This is a low percentage, reflecting the operational simplicity of the net lease model, where the tenant handles most property management duties. The goal is to keep this ratio tight, so more revenue drops straight to the bottom line.

Non-reimbursable real estate expenses

Even with triple-net leases, some property-level costs are not passed on to the tenant. These non-reimbursable real estate expenses include things like property taxes during a vacancy period, insurance deductibles, or certain capital reserves. For 2025, this cost is guided to be between 1.0% and 1.5% of adjusted revenue, which is a very small, manageable operational cost.

Costs associated with development and DFP projects

The costs for development and the Developer Funding Platform (DFP) are essentially CapEx but broken out to show a distinct growth channel. The DFP model lets Agree Realty Corporation fund a third-party developer's project, then acquire the completed asset, which is a way to secure high-quality properties off-market. As of June 30, 2025, the company had 25 development or DFP projects either completed or under construction, representing approximately $139.6 million in anticipated total costs. The committed capital for these projects through the first half of 2025 was $140 million, with $98 million of those costs already incurred.

The table below summarizes the key 2025 cost structure guidance and recent financing activity:

Cost Component	2025 Guidance / Financial Data	Nature of Cost
Capital Expenditures (Investment Volume)	$1.4 billion to $1.6 billion	Variable, Growth-Oriented (Acquisitions, Development)
G&A Expenses (as % of adjusted revenue)	5.6% to 5.9%	Fixed/Semi-Variable, Operational Overhead
Non-Reimbursable Real Estate Expenses (as % of adjusted revenue)	1.0% to 1.5%	Variable, Property-Level Operating Costs
Committed Development/DFP Capital (H1 2025)	$140 million	Variable, Strategic Investment
New Term Loan Interest Rate	4.02% (Fixed on $350M loan)	Fixed, Cost of Debt
Total Debt (Q3 2025)	Approximately $3.39 billion	Fixed, Capital Structure

Agree Realty Corporation (ADC) - Canvas Business Model: Revenue Streams

The core of Agree Realty Corporation's (ADC) revenue model is simple: highly predictable, long-term rental income from a vast portfolio of retail properties, primarily net-leased to financially strong, investment-grade tenants. This focus on defensive retail sectors like grocery, home improvement, and auto parts ensures a stable cash flow, which is the lifeblood of any real estate investment trust (REIT).

Minimum rents from long-term net-lease agreements

The vast majority of Agree Realty Corporation's revenue comes from minimum rents generated by its triple-net leases. A triple-net lease (NNN) means the tenant is responsible for property taxes, insurance, and maintenance, which greatly stabilizes the landlord's operating expenses and makes the revenue stream more predictable. As of September 30, 2025, the portfolio was defintely strong, consisting of 2,603 properties located in all 50 states.

This stability is reinforced by the portfolio's high occupancy and long lease duration. The portfolio was approximately 99.7% leased at the end of the third quarter of 2025, with a weighted-average remaining lease term of approximately 8.0 years. This long-term structure provides clear visibility on future cash flows. You can count on that check showing up.

The quality of the tenant base is crucial here. Over 66.7% of the annualized base rents were generated from investment-grade retail tenants as of September 30, 2025, which significantly reduces credit risk and bolsters the reliability of the minimum rent stream.

Rental income from ground leases (10% of total annualized base rents)

A growing and strategically important component of the revenue stream is rental income from ground leases. A ground lease is essentially renting the land itself, where the tenant builds and owns the building, and it offers an even lower risk profile for the landlord. This is a very smart, defensive strategy.

As of the first quarter of 2025, properties ground leased to tenants represented approximately 10.6% of the total annualized base rents. This portfolio consisted of 231 leases across 37 states as of March 31, 2025.

• Ground leases are long-term, typically 20+ years.
• They require minimal capital expenditure from Agree Realty Corporation.
• 88.0% of the annualized base rents from the ground lease portfolio came from investment-grade retail tenants as of March 31, 2025.

Proceeds from property dispositions (expected $25 million to $50 million in 2025)

While the primary business is holding and growing the portfolio, Agree Realty Corporation also generates revenue from strategically selling non-core or lower-yielding assets. This is less about profit and more about capital recycling-selling older properties to fund the acquisition of newer, higher-growth assets.

The company has provided clear guidance on this activity. For the full year 2025, the anticipated disposition volume is expected to be between $25 million and $50 million. This is a manageable amount that allows them to prune the portfolio without significantly impacting the core rental income. For example, in the third quarter of 2025, the company sold eight properties for gross proceeds of approximately $15.0 million.

Adjusted Funds From Operations (AFFO) per share guided to $4.31 to $4.33 for 2025

For a REIT, the most critical measure of financial performance and revenue health is Adjusted Funds From Operations (AFFO) per share. This metric is a cleaner view of cash flow than simple net income, adjusting for non-cash items and recurring capital expenditures. It tells you how much cash is truly available to pay dividends and reinvest.

Following a strong performance through the third quarter of 2025, Agree Realty Corporation raised its full-year 2025 AFFO per share guidance to a range of $4.31 to $4.33. This updated guidance reflects an expected year-over-year growth of approximately 4.4%.

Here's the quick math on their core financial targets for the year:

Metric	2025 Full-Year Guidance (Latest Update)	Notes
Adjusted Funds From Operations (AFFO) per Share	$4.31 to $4.33	Raised guidance, implying approximately 4.4% year-over-year growth.
Property Disposition Volume (Gross Proceeds)	$25 million to $50 million	Capital recycling to fund new acquisitions.
Investment Volume (Acquisitions & Development)	$1.50 billion to $1.65 billion	Increased guidance, showing aggressive external growth.

What this estimate hides is the potential for credit loss, which management has factored in. The guidance includes an assumption for approximately 25 basis points of credit loss at the high end of the AFFO range. This means they are realistic about tenant risk, even with their high investment-grade exposure.