Who Owns Agree Realty Company?

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Who Owns Agree Realty Corporation?

Understanding Agree Realty Corporation's ownership is crucial for grasping its strategic direction and market influence. As a real estate investment trust focused on net-leased retail properties, its shareholder base significantly impacts its operations.

Founded by Richard Agree, the company has grown into a publicly traded entity with a substantial institutional investor presence since its 1994 IPO. Its portfolio spans 2,422 properties across all 50 states as of March 31, 2025.

Who owns Agree Realty Company?

Agree Realty Corporation was established by Richard Agree, who set the company's direction towards specializing in net leased retail properties. Initially, ownership was largely held by Richard Agree, possibly with a few early partners or family members, a common structure for founder-led businesses.

Founder's Vision

Richard Agree's leadership ensured his vision for the company's portfolio was central to its early growth.

Property Specialization

The company's early strategy focused on essential and recession-resistant retail properties.

Ownership Concentration

The initial ownership structure was primarily concentrated with the founder, Richard Agree.

Early Financial Backing

Funding in the early stages likely came from personal resources, loans, or investments from close associates.

Absence of Disputes

There is no public information suggesting significant early ownership disputes or buyouts.

Cohesive Development

The concentrated control allowed for a unified and directed approach to building the company's property portfolio.

While specific details regarding the initial equity distribution or early investors beyond Richard Agree are not publicly disclosed, the company's early development was characterized by a focused strategy on net leased retail properties. This strategic alignment was facilitated by a concentrated ownership structure, ensuring the founder's vision guided the company's initial growth and portfolio construction. Understanding the Revenue Streams & Business Model of Agree Realty provides further context to the company's foundational principles.

Key Aspects of Early Ownership

The initial phase of Agree Realty Corporation's ownership was marked by founder-centric control and a clear strategic direction.

• Founder: Richard Agree
• Primary focus: Net leased retail properties
• Ownership structure: Concentrated with the founder
• Early funding: Personal funds, loans, close associates
• Strategic direction: Essential and recession-resistant retail

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Agree Realty Corporation's journey from private to public ownership began with its Initial Public Offering on April 15, 1994. This pivotal event marked the start of its significant expansion, transforming its market presence from $82.30 million in December 1998 to an estimated $8.14 billion by August 19, 2025, reflecting a compound annual growth rate of 18.75%.

The current ownership landscape of Agree Realty Corporation is overwhelmingly dominated by institutional investors, who collectively held 97.83% of the company's stock as of August 2025. This significant institutional backing, with mutual funds alone accounting for 80.82% in April 2025, suggests a strategic alignment towards sustained, stable performance, characteristic of real estate investment trusts (REITs) focused on predictable cash flows. Key institutional stakeholders include Vanguard Group Inc., Blackrock, Inc., and Cohen & Steers, Inc., among others like State Street Corp and Deutsche Bank Ag. While institutional ownership is paramount, individual insiders, including the founding family, maintain a notable presence. Joel N. Agree, the President and CEO, directly owns 635,160 shares as of August 14, 2025, valued at approximately $45.68 million, representing 0.58% of the company. Richard Agree, the founder and Executive Chairman, holds 0.92% of the shares, and Ambassador John Rakolta, Jr. possesses 1.11% as of April 7, 2025, underscoring a continued connection between management and ownership.

Understanding Agree Realty's Stakeholders

The ownership structure of Agree Realty Corporation is a blend of substantial institutional backing and key insider holdings. This composition influences the company's strategic direction and operational focus.

• Institutional investors are the primary owners, holding nearly 98% of the stock.
• Major institutional holders include Vanguard Group, Blackrock, and Cohen & Steers.
• Insiders, such as the CEO Joel N. Agree and founder Richard Agree, maintain significant personal stakes.
• This ownership model supports a strategy focused on long-term, stable financial performance.
• The company's transition to public trading in 1994 was a key event in its ownership evolution. Learn more about the Brief History of Agree Realty.

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The Board of Directors at Agree Realty Corporation is comprised of both executive and independent members, tasked with guiding the company's strategic direction and corporate governance. Richard Agree serves as the Executive Chairman, while Joel Agree holds the key roles of President, Chief Executive Officer, and Director. The board also benefits from the expertise of several independent directors, including John Rakolta, Jerome Rossi, Karen Dearing, W. Gregory Lehmkuhl (Lead Independent Director), Michael Judlowe, Merrie Frankel, Linglong He, and Michael Hollman. Linglong He joined the board effective January 1, 2024.

Agree Realty Corporation operates under a straightforward voting structure where each common share is entitled to one vote. This ensures that voting power is directly proportional to share ownership, without any preferential classes of stock that could dilute or concentrate control. While executive leadership, such as Joel Agree, holds significant personal equity, their influence in corporate decisions is governed by this one-share-one-vote principle. The company's governance framework is designed to align the interests of management with those of its shareholders, fostering a stable environment for executing its Growth Strategy of Agree Realty. The upcoming 2025 Annual Meeting of Stockholders on May 15, 2025, will feature standard proposals, including the election of directors, all conducted under this equitable voting system.

Understanding Agree Realty's Governance

The structure of Agree Realty's board and its voting power are key to understanding its ownership dynamics. The company prioritizes a governance model that ensures fairness and transparency for all shareholders.

• One-share-one-vote principle for common stock.
• No dual-class share structures exist.
• Board composition includes both executive and independent directors.
• Recent board appointments reflect ongoing governance evolution.

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Over the past three to five years, Agree Realty Corporation has demonstrated a dynamic approach to its capital structure and growth. Recent developments highlight an active presence in capital markets, with significant equity and debt offerings aimed at fueling expansion. These activities provide insight into the evolving Agree Realty ownership landscape.

Insider confidence in Agree Realty Corporation is evident through recent buying activity. CEO Joey Agree made substantial share acquisitions in August 2025, totaling over $447,000. This aligns with a broader trend of insider purchases exceeding sales in the preceding three months, contributing to a slight increase in insider holdings from 3.82% to 3.88% between March and April 2025, reinforcing the notion of strong internal belief in the company's trajectory.

Leadership Enhancements

Key leadership roles have been filled to support strategic objectives. Nicole Witteveen was promoted to Chief Operating Officer and Craig Erlich to Chief Growth Officer in September 2023. Kirk Klatt joined as Vice President of Leasing in October 2023, and John Drain was appointed Director of Development in March 2025.

Aggressive Investment Outlook

The company projects a significant increase in investment volume for 2025, targeting between $1.4 billion and $1.6 billion. This ambitious goal more than doubles the previous year's investment pace, with over $725 million already invested in the first half of 2025.

Financial Strength and Credit Rating

Agree Realty maintained a healthy liquidity position of approximately $2.3 billion as of June 30, 2025. The company also secured an A- credit rating from Fitch Ratings in August 2025, underscoring its financial stability and capacity for continued growth.

Strategic Alignment and Market Position

These strategic developments align with broader industry trends of consolidation within the REIT sector. The company's proactive capital management and investment strategy position it for continued expansion and a strong market presence, reflecting a robust Competitors Landscape of Agree Realty.

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