Concordo Realty Corporation (ADC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no brilho estratégico da Acordo Realty Corporation (ADC), um release líquido de potência que transforma o investimento em propriedades de varejo em uma sinfonia financeira meticulosamente criada. Com uma abordagem focada em laser para adquirir ativos de varejo de alta qualidade e cultivar relacionamentos de longo prazo com varejistas nacionais, a ADC projetou um modelo de negócios que entrega fluxos de renda estáveis e valor consistente para investidores em diversos mercados geográficos. Essa exploração do modelo de negócios da ADC, Canvas, revela os intrincados mecanismos que impulsionam sua bem -sucedida estratégia de investimento imobiliário, promissores de idéias que cativarão investidores experientes e curiosos entusiastas do mercado.

Concordo Realty Corporation (ADC) - Modelo de Negócios: Principais Parcerias

Reits de investimento imobiliário de arrendamento líquido (REITs)

A Concordo Realty Corporation colabora com vários REITs de arrendamento líquido para expandir seu portfólio de investimentos. A partir do quarto trimestre de 2023, a empresa possuía 1.947 propriedades em 47 estados, com um valor total de portfólio de US $ 6,4 bilhões.

Tipo de parceria	Número de propriedades	Propagação geográfica
Colaborações de arrendamento de líquido	1,947	47 estados

Inquilinos nacionais e regionais de varejo

A empresa mantém parcerias com os principais inquilinos nacionais de varejo.

• Principal Inquilino: Walmart (representando 11,2% da receita total de aluguel)
• Outros grandes inquilinos incluem Dollar General, Tractor Supply Company e Fleet Farm
• Taxa de ocupação: 99,4% a partir do quarto trimestre 2023

Corretores imobiliários comerciais

A Concordo Realty trabalha com vários corretores de imóveis comerciais para identificar e adquirir propriedades.

Relacionamento do corretor	Volume anual de transações	Estratégia de aquisição de propriedades
Parcerias nacionais de corretagem	US $ 1,2 bilhão em 2023	Propriedades de arrendamento líquidas de inquilinos únicos e multi-inquilinos

Empresas de gerenciamento de propriedades

Parcerias estratégicas com empresas de gerenciamento de propriedades garantem manutenção e operações eficientes de propriedades.

• Custos de gerenciamento de propriedades: 2,3% do valor total do portfólio
• Taxa média de gerenciamento de propriedades: 3-5% da renda mensal de aluguel

Instituições financeiras e credores

A concordância Realty mantém parcerias financeiras robustas para apoiar sua estratégia de crescimento.

Parceria financeira	Linha de crédito	Taxa de juro
Linha de crédito rotativo	US $ 1,5 bilhão	SOFR + 1,25%

Principais métricas financeiras para parcerias:

• Receita total em 2023: US $ 601,7 milhões
• Lucro líquido: US $ 279,4 milhões
• Rendimento de dividendos: 5,2%

Concordo Realty Corporation (ADC) - Modelo de negócios: Atividades -chave

Aquisição de propriedades de varejo de alta qualidade

A partir do quarto trimestre 2023, a Acordy Realty Corporation possuía 2.024 propriedades de varejo em 47 estados. A área total arrecadadora total foi de aproximadamente 44,7 milhões de pés quadrados. O volume de investimento em 2023 atingiu US $ 1,35 bilhão em aquisições de propriedades.

Métricas de aquisição de propriedades	2023 dados
Propriedades totais de propriedade	2,024
Estados cobertos	47
Área Lasível Bruta Total	44,7 milhões de pés quadrados.
Investimento de aquisição	US $ 1,35 bilhão

Propriedades de leasing para inquilinos dignos de crédito

O portfólio de inquilinos inclui os principais varejistas nacionais com 99,1% da taxa de ocupação Em 2023. Os principais inquilinos incluem:

• Walmart (16,1% da receita total)
• Dollar Tree/Family Dollar (8,7% da receita total)
• Home Depot (6,4% da receita total)
• Empresas de TJX (5,9% da receita total)

Gerenciamento e manutenção do portfólio imobiliário

As despesas operacionais para gerenciamento de propriedades em 2023 foram de US $ 42,3 milhões. Custo médio de gerenciamento de propriedades por propriedade: US $ 20.900.

Investimento estratégico de propriedade e desenvolvimento

Métricas de estratégia de investimento	2023 valor
Novos investimentos em propriedades	US $ 1,35 bilhão
Projetos de desenvolvimento	37 novas propriedades
Investimento em propriedades de arrendamento líquido de inquilino único	92% do portfólio

Otimização financeira e de portfólio

Métricas financeiras para 2023:

• Receita total: US $ 582,4 milhões
• Lucro líquido: US $ 276,1 milhões
• Fundos das operações (FFO): US $ 392,6 milhões
• Rendimento de dividendos: 5,2%

Concordo Realty Corporation (ADC) - Modelo de Negócios: Recursos Principais

Extenso portfólio de propriedades de varejo de arrendamento líquido

A partir do quarto trimestre 2023, a Concordy Realty Corporation possui 2.043 propriedades imobiliárias comerciais em 47 estados. Área total de arrepio bruto: 43,7 milhões de pés quadrados.

Tipo de propriedade	Número de propriedades	Percentagem
Varejo	1,987	97.3%
Industrial	56	2.7%

Capital financeiro e linhas de crédito fortes

Métricas financeiras em 31 de dezembro de 2023:

• Total de ativos: US $ 6,5 bilhões
• Capitalização de mercado: US $ 5,8 bilhões
• Taxa de dívida / patrimônio: 0,55
• Linha de crédito rotativo: US $ 750 milhões

Equipe de gestão e investimento experiente

Posição de liderança	Anos de experiência
CEO	22 anos
Diretor Financeiro	15 anos
Diretor de Investimento	18 anos

Processos robustos de aquisição de propriedades e due diligence

Métricas de aquisição para 2023:

• Total de aquisições de propriedades: 237
• Volume total de investimento: US $ 1,2 bilhão
• Valor médio de aquisição de propriedades: US $ 5,1 milhões

Plataformas avançadas de tecnologia de investimento imobiliário

Investimentos de infraestrutura de tecnologia:

• Orçamento anual da tecnologia: US $ 4,5 milhões
• Sistemas de gerenciamento de portfólio em tempo real
• Plataformas avançadas de análise de dados

Concordo Realty Corporation (ADC) - Modelo de Negócios: Proposições de Valor

Fluxos de renda estáveis ​​e previsíveis de arrendamentos de longo prazo

A partir do quarto trimestre 2023, a Acordy Realty Corporation mantém um prazo médio de arrendamento de 10,4 anos em seu portfólio. O portfólio de arrendamento líquido da empresa inclui 1.585 propriedades com uma taxa de ocupação de 99,4%.

Métrica de arrendamento	Valor
Termo de arrendamento médio	10,4 anos
Propriedades totais	1,585
Taxa de ocupação	99.4%

Investimentos de propriedade de varejo de alta qualidade

A estratégia de investimento da empresa se concentra em Locais essenciais de varejo com inquilinos nacionais e regionais proeminentes.

• Mix do inquilino: 54% de inquilinos de grau de investimento
• Tipos de propriedades: Propriedades de arrendamento líquido principalmente de inquilinos únicos
• Diversificação geográfica: propriedades em 47 estados

Portfólio diversificado em várias regiões geográficas

Região	Porcentagem de portfólio
Sudeste	18.2%
Sudoeste	16.7%
Centro -Oeste	22.5%
Outras regiões	42.6%

Pagamentos de dividendos consistentes para os acionistas

Desempenho de dividendos em dezembro de 2023:

• Rendimento de dividendos: 5,2%
• Anos consecutivos de dividendos aumentos: 29 anos
• Dividendo anual por ação: US $ 3,08

Estratégia de investimento de baixo risco

Características de investimento demonstrando abordagem de baixo risco:

Mitric mitigação de risco	Valor
Termo de arrendamento médio ponderado	10,4 anos
Porcentagem de inquilinos de grau de investimento	54%
Taxa de dívida / capitalização	42.3%

Concordo Realty Corporation (ADC) - Modelo de Negócios: Relacionamentos do Cliente

Acordos de arrendamento de longo prazo com varejistas nacionais

A partir do quarto trimestre 2023, a Acordy Realty Corporation mantém 1.375 propriedades com um prazo médio de arrendamento de 10,4 anos. O portfólio inclui 72,4% de inquilinos de grau de investimento em 28 estados.

Categoria de inquilino	Porcentagem de portfólio	Duração média do arrendamento
Inquilinos de grau de investimento	72.4%	10,4 anos
Inquilinos não-investimentos	27.6%	9,2 anos

Gerenciamento de propriedades proativas e suporte de inquilino

A empresa gerencia 1.375 propriedades de varejo de inquilino único com uma taxa de ocupação de 99,1% em 31 de dezembro de 2023.

• Total de aquisições de propriedades em 2023: US $ 1,2 bilhão
• Volume de disposição em 2023: US $ 138,5 milhões
• Receita operacional líquida: US $ 314,9 milhões

Relatórios financeiros regulares e comunicações de investidores

Os relatórios financeiros trimestrais incluem métricas detalhadas sobre desempenho do portfólio e relacionamentos de inquilinos.

Métrica de relatório	2023 valor
Fundos das operações (FFO)	US $ 238,4 milhões
FFO ajustado	US $ 252,6 milhões

Estratégia de investimento transparente

A concordância Realty se concentra nos investimentos imobiliários de varejo de leasing líquido com diversificação geográfica estratégica.

• Capitalização de mercado total: US $ 6,5 bilhões
• Índice de capitalização dívida / total: 44,2%
• Termo médio ponderado de arrendamento: 10,4 anos

Relacionamento de investimento personalizado com os acionistas

A empresa mantém canais diretos de comunicação de investidores e distribuições consistentes de dividendos.

Métrica do acionista	2023 valor
Dividendo por ação	$2.94
Rendimento de dividendos	5.6%

Concordo Realty Corporation (ADC) - Modelo de Negócios: Canais

Equipe direta de relações com investidores

Contato de Relações com Investidores: Matthew Partridge, vice -presidente de relações com investidores

Método de contato	Detalhes
Telefone	(248) 737-4190
E-mail	investors@agreerealty.com

Listagem da Bolsa de Valores

Símbolo de ticker da NYSE: ADC

Detalhes da listagem	Informação
Intercâmbio	Bolsa de Valores de Nova York (NYSE)
Capitalização de mercado (a partir do quarto trimestre 2023)	US $ 5,8 bilhões

Plataformas de consultoria financeira

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

Conferências e apresentações de investidores

Tipo de conferência	Freqüência
Chamadas de ganhos trimestrais	4 vezes por ano
Apresentações do Dia dos Investidores	Anualmente

Site corporativo e relatórios financeiros

Site: www.agreerealty.com

Canal de relatório	Plataforma
Registros da SEC	Edgar
Relatório anual	Publicado no site corporativo
Apresentação do investidor	Atualizado trimestralmente

Concordo Realty Corporation (ADC) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir do quarto trimestre 2023, a Conctors Realty Corporation tem como alvo investidores institucionais com recursos significativos de investimento:

Categoria de investimento	Valor total de investimento	Porcentagem de portfólio
Fundos de pensão	US $ 375 milhões	22.6%
Companhias de seguros	US $ 265 milhões	16.1%
Fundos de doação	US $ 185 milhões	11.2%

Fundos de investimento imobiliário

O envolvimento da concordância da Realty com os fundos de investimento imobiliário demonstra posicionamento estratégico:

• Investimento total de REITs: US $ 512 milhões
• Número de parcerias REIT ativas: 37
• Investimento médio por fundo REIT: US $ 13,8 milhões

Investidores de varejo individuais

Características do segmento de investidores de varejo para ADC:

Investidor Profile	Número de investidores	Investimento médio
Investidores de varejo	42,650	$35,700
Pequenos acionistas	18,200	$12,500

Empresas de private equity

Partida do investimento em private equity:

• Total de investimentos em private equity: US $ 625 milhões
• Número de parcerias ativas de private equity: 24
• Maior investimento único de private equity: US $ 87 milhões

Investidores individuais de alta rede

Análise de segmento de investidores de alta rede:

Categoria de investidores	Investimento total	Tamanho médio do portfólio
Ultra de alta rede	US $ 215 milhões	US $ 4,3 milhões
Alta rede	US $ 175 milhões	US $ 1,2 milhão

Concordo Realty Corporation (ADC) - Modelo de Negócios: Estrutura de Custo

Despesas de aquisição de propriedades

Em 2023, a Acordy Realty Corporation investiu US $ 664,7 milhões em aquisições de propriedades. A estratégia de investimento da empresa se concentrou nas propriedades de varejo de arrendamento líquido nos Estados Unidos.

Categoria de despesa	Valor ($)
Custos totais de aquisição de propriedades	664,700,000
Custo médio de aquisição de propriedades	4,500,000

Custos de manutenção e gerenciamento de propriedades

As despesas anuais de manutenção e gerenciamento de propriedades para 2023 totalizaram US $ 18,5 milhões.

• Despesas de manutenção de rotina: US $ 7,2 milhões
• Taxas de gerenciamento de propriedades: US $ 6,8 milhões
• Custos de reparo e renovação: US $ 4,5 milhões

Overhead administrativo e operacional

As despesas administrativas de 2023 foram de US $ 32,6 milhões.

Categoria de sobrecarga	Valor ($)
Salários e benefícios dos funcionários	22,400,000
Serviços profissionais	5,700,000
Tecnologia e infraestrutura	4,500,000

Despesas de juros no financiamento da dívida

As despesas totais de juros de 2023 totalizaram US $ 89,4 milhões.

• Juros de dívida de longo prazo: US $ 76,2 milhões
• Interesses da linha de crédito: US $ 13,2 milhões

Custos de distribuição de dividendos

Os pagamentos totais de dividendos para 2023 foram de US $ 196,8 milhões.

Detalhes dos dividendos	Valor ($)
Dividendos anuais totais	196,800,000
Dividendo por ação	3.94

Concordo Realty Corporation (ADC) - Modelo de negócios: fluxos de receita

Receita de aluguel de propriedades de arrendamento líquido

Para o ano fiscal de 2023, a Concordy Realty Corporation registrou uma receita total de aluguel de US $ 279,4 milhões. A empresa possui 2.043 propriedades de arrendamento líquido em 47 estados em 31 de dezembro de 2023.

Tipo de propriedade	Número de propriedades	Renda de aluguel (2023)
Varejo	1,932	US $ 265,3 milhões
Industrial	111	US $ 14,1 milhões

Apreciação da propriedade e crescimento de valor

Em 31 de dezembro de 2023, o valor total do portfólio era de aproximadamente US $ 6,5 bilhões, representando um crescimento ano a ano de 5,2%.

Renda de dividendos para os acionistas

Concorde a Realty pagou os dividendos totais de US $ 3,92 por ação em 2023, com uma distribuição total de dividendos de US $ 167,4 milhões.

Métrica de dividendos	2023 valor
Dividendo anual por ação	$3.92
Distribuição total de dividendos	US $ 167,4 milhões

Venda de propriedades e ganhos de disposição

Em 2023, a concordância Realty realizou ganhos de disposição de propriedade de US $ 42,6 milhões da venda de 57 propriedades.

• Propriedades totais vendidas: 57
• Ganhos de disposição: US $ 42,6 milhões
• Ganho médio por propriedade: US $ 747.368

Taxas de gerenciamento de ativos

A concordância Realty gerou US $ 3,2 milhões em taxas de gerenciamento de ativos durante 2023, representando 1,1% da receita total.

Categoria de taxa	2023 quantidade	Porcentagem da receita total
Taxas de gerenciamento de ativos	US $ 3,2 milhões	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.