REIT Performance Overview - REITs experienced a modestly negative average total return of -1.29% in January 2025, underperforming compared to broader market indices such as the Dow Jones Industrial Average (+4.8%), S&P 500 (+2.8%), and NASDAQ (+1.7%) [1] - The Vanguard Real Estate ETF (VNQ) outperformed the average REIT with a return of +1.65% [1] - The spread between the 2025 FFO multiples of large cap REITs (17.3x) and small cap REITs (12.6x) widened, indicating that investors are paying 37.3% more for each dollar of FFO from large cap REITs compared to small cap REITs [1] Property Type Performance - 38.9% of REIT property types yielded positive total returns in January, with a 15.14% spread between the best (Timber +7.63%, Industrial +4.06%) and worst performing property types (Single Family Housing -7.51%, Shopping Center -6.46%) [3][4] - The average P/FFO for the REIT sector decreased from 13.8x to 13.6x in January, with 50% of property types experiencing multiple contraction [4] Individual Security Highlights - Medical Properties Trust (MPW) outperformed all equity REITs with a return of +18.73%, following significant events including the bankruptcy of its tenant Prospect Medical Holdings and refinancing of large loans [6] - Creative Media & Community Trust (CMCT) saw a drastic decline of -66.22% due to a reverse stock split and subsequent price collapse [7] Dividend Yield Insights - High dividend yields remain a key attraction for investors in the REIT sector, with many REITs trading below their NAV, leading to attractive yield opportunities [11] - The highest dividend yield as of January 31, 2025, was Global Net Lease, Inc. at 15.3%, followed by Brandywine Realty Trust at 10.9% and Global Medical REIT Inc. at 10.7% [13]

Core Viewpoint - Realty Income (NYSE: O) is recognized as a leading REIT among dividend investors due to its reliable monthly income stream [1] Group 1: Company Overview - Realty Income has established a strong reputation for providing consistent monthly dividends, making it a favored choice for dividend-focused investors [1] - The company is part of a broader investment strategy that includes a mix of dividend growth stocks, Business Development Companies, REITs, and Closed End Funds to enhance investment income [1] Group 2: Investment Strategy - The investment approach combines growth and income strategies, aiming to achieve total returns comparable to traditional index funds like the S&P [1]

Group 1 - The leader of the investing group High Yield Landlord shares a real-money REIT portfolio and transactions in real-time, featuring three portfolios: core, retirement, and international [1] - Jussi Askola, President of Leonberg Capital, is a value-oriented investment expert with a focus on consulting hedge funds, family offices, and private equity firms on REIT investing [1] - Askola has authored award-winning academic papers on REIT investing and has passed all three CFA exams, establishing relationships with many top REIT executives [1]

Financial Data and Key Metrics Changes - Core FFO per share for Q4 2024 was $1.02, representing a 3.5% year-over-year increase, while full-year 2024 was $4.08, reflecting a 3.7% increase [32] - AFFO per share for Q4 2024 was $1.04, a 4.7% year-over-year increase, and for the full year, it was $4.14, which is at the high end of guidance and shows a 4.6% year-over-year growth [32][35] - The company anticipates AFFO per share guidance of $4.26 to $4.30 for 2025, indicating approximately 3.5% year-over-year growth at the midpoint [13][32] Business Line Data and Key Metrics Changes - In Q4 2024, the company invested approximately $371 million in 127 high-quality retail net lease properties, including the acquisition of 98 assets for over $341 million [17] - The fourth quarter marked the highest volume and quality of acquisitions for the year, with a weighted average cap rate of 7.3% and a weighted average lease term of 12.3 years [18] - For the full year 2024, the company invested in properties across 45 states and 28 retail sectors, with approximately $867 million originating from the acquisition platform [19] Market Data and Key Metrics Changes - The company reported that investment-grade retailers accounted for over 73% of the annualized base rents acquired in Q4 2024 [19] - The portfolio included 2,370 properties across all 50 states, with an investment-grade exposure of 68.2% at year-end [24] - Occupancy remained strong at 99.6% [24] Company Strategy and Development Direction - The company maintained a disciplined investment strategy, focusing on strong retailers with superior risk-adjusted returns [8] - The management emphasized the importance of a fortress balance sheet, allowing for significant liquidity to execute investment guidance without needing additional equity capital [10][11] - The company aims to invest between $1.1 billion and $1.3 billion in 2025 across all three external growth platforms [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a volatile higher interest rate environment, highlighting the importance of disciplined capital allocation [10] - The company noted a strong start to January 2025 and remains optimistic about investment opportunities [12] - Management acknowledged pressures on the low-income consumer but indicated that the high-end consumer remains stable [150] Other Important Information - The company raised approximately $1.1 billion of forward equity and has no material debt maturities until 2028 [25][30] - The monthly cash dividend declared for Q4 2024 was $0.253 per common share, representing a 2.4% year-over-year increase [35] Q&A Session Summary Question: Insights on ground lease renewals and market expectations - Management indicated significant mark-to-market upside in ground lease renewals, with specific examples of successful negotiations [39] Question: Balancing forward equity and acquisition opportunities - Management explained that the cost of forward equity is minimal due to current interest rates, allowing for ample liquidity for investment activities [42][45] Question: Trends in acquisition cap rates and seller expectations - Management noted that seller expectations have not significantly changed despite fluctuations in interest rates, emphasizing a disciplined approach to capital deployment [51][52] Question: Investment-grade exposure and future expectations - Management stated that the high percentage of investment-grade exposure is a result of their investment strategy, but they remain open to unrated retailers if pricing is favorable [64] Question: Transaction volume expectations for 2025 - Management expressed optimism about a strong first quarter and is currently focused on sourcing for the second quarter [68] Question: Update on development segment and retailer demand - Management reported strong demand from major retailers for new store openings, despite challenges in construction costs and financing [94][96] Question: Health of the consumer and impact on retail exposure - Management acknowledged pressures on low-income consumers but noted that high-end consumers remain stable, which could impact retail performance [150]

Financial Data and Key Metrics Changes - The company raised approximately $1,100,000,000 of forward equity during the year, with $423,000,000 in the fourth quarter alone [6][16] - Core FFO per share was $1.02 for the fourth quarter and $4.08 for the full year 2024, representing year-over-year increases of 3.5% to 3.7% respectively [19] - AFFO per share was $1.04 for the fourth quarter, reflecting a 4.7% year-over-year increase, and $4.14 for the full year, marking a 4.6% year-over-year growth [19][22] Business Line Data and Key Metrics Changes - In Q4 2024, the company invested approximately $371,000,000 in 127 high-quality retail net lease properties, including the acquisition of 98 assets for over $341,000,000 [10][11] - For the full year 2024, the company invested $951,000,000 in 282 retail net lease properties, with a weighted average cap rate of 7.5% and a weighted average lease term of 10.4 years [11][12] - The development and DFP platforms had a record year with 41 projects representing approximately $180,000,000 of committed capital [12] Market Data and Key Metrics Changes - The company reported a strong occupancy rate of 99.6% at year-end, with investment grade exposure at 68.2% [15][19] - The weighted average cap rate for dispositions in 2024 was 6.7% [14] Company Strategy and Development Direction - The company remains committed to investing in strong retailers with superior risk-adjusted returns and aims to deepen relationships with core retailers [5][9] - The company plans to deploy over $1,500,000,000 in 2025 while maintaining a target leverage range of four to five times net debt to EBITDA [7][20] - The company emphasizes a disciplined approach to capital allocation and raising, with no material debt maturities until 2028 [6][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a volatile higher interest rate environment and achieving AFFO per share guidance of $4.26 to $4.30 for 2025, representing approximately 3.5% year-over-year growth [8][20] - The management noted that the current economic environment presents both challenges and opportunities, particularly in the retail sector [40][76] Other Important Information - The company declared monthly cash dividends of $0.253 per common share for Q4 2024, representing a 2.4% year-over-year increase [22] - The company received a credit rating upgrade to BBB+ from BBB with a stable outlook, reflecting its prudent growth strategy [19] Q&A Session Summary Question: Insights on ground lease renewals and market upside - Management indicated significant mark-to-market upside in ground lease renewals, with a case study highlighting a tenant's need to sign a new lease at a higher rate [26][28] Question: Balancing forward equity and cash drag - Management explained that the cost of forward equity is minimal due to current interest rates, allowing for ample liquidity for investment activities [29][31] Question: Acquisition cap rates and seller expectations - Management noted that seller expectations have not significantly changed despite fluctuations in the ten-year treasury rates, emphasizing a disciplined approach to capital deployment [35][37] Question: Investment grade tenant exposure and future expectations - Management stated that the current investment grade exposure is near an all-time high, but they remain open to unrated retailers if the pricing is favorable [45][47] Question: Transaction volume expectations for 2025 - Management expressed optimism about a strong start to 2025, with ongoing sourcing for the second quarter, but refrained from making predictions about the overall year [49][50] Question: Update on Big Lots and lease auctions - Management provided updates on the Big Lots bankruptcy process, indicating ongoing negotiations and interest in the properties [66][68] Question: Sale leaseback market activity - Management noted ongoing discussions regarding sale leasebacks and anticipated increased activity in the market [70] Question: Development demand and labor shortages - Management reported strong demand from major retailers for new store builds, despite challenges related to construction costs and liquidity [75][78] Question: Growth plans for tenants amid recent bankruptcies - Management highlighted the lack of available retail space as a challenge for retailers looking to expand, emphasizing the need for creative growth strategies [83][85] Question: Bad debt assumptions in guidance - Management indicated that the 2025 guidance includes an assumption for 50 basis points of credit loss, compared to 35 basis points in 2024 [90][91]

Group 1 - The article promotes a free trial for a service that allows investors to become passive landlords with an 8% yielding real estate portfolio [1] - The service includes three portfolios: core, retirement, and international, along with community features such as a chat room, buy/sell alerts, and educational content [1] Group 2 - The article mentions that the analysts involved have a beneficial long position in the shares of a specific company, indicating a vested interest in the performance of the stock [2] - It clarifies that the opinions expressed are those of the author and not necessarily reflective of the broader platform [3]

Core Insights - Agree Realty (ADC) reported revenue of $160.73 million for Q4 2024, marking an 11.5% year-over-year increase and exceeding the Zacks Consensus Estimate of $159.53 million by 0.75% [1] - The company achieved an EPS of $1.04, up from $0.44 a year ago, and surpassed the consensus EPS estimate of $1.03 by 0.97% [1] Revenue Breakdown - Rental income was reported at $160.68 million, exceeding the average estimate of $156.28 million by analysts, reflecting an 11.5% year-over-year increase [4] - Other revenues amounted to $0.05 million, significantly higher than the estimated $0.02 million, representing a year-over-year change of 142.9% [4] - Rental income from operating cost reimbursement was $18.12 million, surpassing the average estimate of $16.35 million, with a year-over-year change of 19.6% [4] Stock Performance - Shares of Agree Realty have returned 4.7% over the past month, outperforming the Zacks S&P 500 composite's return of 4.2% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Group 1 - Agree Realty (ADC) reported quarterly funds from operations (FFO) of $1.04 per share, exceeding the Zacks Consensus Estimate of $1.03 per share, and up from $1 per share a year ago, representing an FFO surprise of 0.97% [1] - The company achieved revenues of $160.73 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 0.75%, compared to $144.17 million in the same quarter last year [2] - Agree Realty has outperformed the S&P 500, with shares increasing about 3.4% since the beginning of the year, compared to the S&P 500's gain of 3.1% [3] Group 2 - The current consensus FFO estimate for the upcoming quarter is $1.05 on revenues of $165.02 million, and for the current fiscal year, it is $4.30 on revenues of $684.15 million [7] - The REIT and Equity Trust - Retail industry, to which Agree Realty belongs, is currently ranked in the top 29% of over 250 Zacks industries, indicating a favorable outlook for the sector [8]

Investment and Portfolio Management - The company completed approximately $939.2 million of investments in net leased retail real estate during 2024, acquiring 242 properties for about $866.6 million and developing 21 properties for approximately $72.7 million[19]. - The portfolio consisted of 2,370 properties totaling approximately 48.8 million square feet of Gross Leasable Area (GLA), with a leasing rate of approximately 99.6% and a weighted average remaining lease term of about 7.9 years[14]. - The company executed new leases, extensions, or options on approximately 2,041,000 square feet of GLA, resulting in an annualized base contractual rent of approximately $19.8 million[22]. - The company sold 26 assets and land parcels for net proceeds of $94.3 million, recording a net gain of $11.5 million[21]. - Approximately 68.2% of the annualized base rent was derived from tenants with an investment grade credit rating[14]. - No tenant accounted for more than 10.0% of the Company's annualized base rent as of December 31, 2024[51]. - The company focuses on long-term net leases with national or large regional retailers, aiming for stable and predictable cash flow[34]. - The company emphasizes investment in e-commerce resistant sectors and recession-resistant retailers[39]. Financial Performance and Debt Management - The monthly dividend per common share was increased from $0.247 to $0.25 in April 2024 and further to $0.253 in October 2024, representing an annualized dividend yield of approximately 4.3% based on the last reported sales price of $70.45[23]. - The company entered into a $1.25 billion at-the-market (ATM) program in October 2024, replacing a previous $1.00 billion program[26]. - The Company had approximately $1.24 billion of availability under the October 2024 ATM program as of December 31, 2024[29]. - The Company entered into a $1.25 billion senior unsecured revolving credit facility in August 2024[31]. - As of December 31, 2024, the outstanding balance on the Revolving Credit Facility was $158.0 million, with an interest rate of 5.29%[32]. - The Company's total debt outstanding was $2.81 billion, including $2.61 billion of unsecured borrowings and $43.9 million of secured mortgage debt[45]. - The ratio of total debt to enterprise value was approximately 26.6%, and the ratio of total debt to total gross assets was approximately 31.1% as of December 31, 2024[44]. - The company sold 10,598,037 shares of common stock under the ATM programs in 2024, generating net proceeds of $403.8 million[29]. Corporate Governance and Sustainability - The Company maintains a focus on good corporate governance, with a board of directors consisting of 10 members, 8 of whom are independent[75]. - The Company received Gold Level recognition from Green Lease Leaders for two consecutive years, highlighting its commitment to sustainability[67]. - The Company has engaged a third-party consultant since 2022 to improve its understanding and performance across material ESG topics[65]. - The Company executed green leases with various tenants and systematically monitored ESG policies for current and prospective tenants[70]. - The Company has adopted an insider trading policy applicable to all directors, officers, and team members, and maintains stock ownership guidelines[76]. - The Company submits "say-on-pay" advisory votes to its stockholders annually, reinforcing its commitment to good corporate governance[78]. - All reports filed with the SEC are made available free of charge on the Company's website, ensuring transparency for stakeholders[79]. Employee and Team Development - The Company has increased its full-time team members from 72 to 75 as of December 31, 2024[56]. - The Agree Wellness Program enhances team members' well-being through physical and financial wellness initiatives[71]. - The Company supports team members with cash compensation plans, equity ownership programs, and retirement plans, aligning individual and corporate objectives[72]. - Time-vested stock grants to officers and team members vest over a three-year period to ensure long-term alignment with stockholder interests[77].

Exhibit 99.1 32301 Woodward Ave. Royal Oak, MI 48073 www.agreerealty.com FOR IMMEDIATE RELEASE Agree Realty Corporation Reports Fourth Quarter and Full Year 2024 Results Provides Initial 2025 AFFO Per Share Guidance of $4.26 to $4.30 Royal Oak, MI, February 11, 2025 -- Agree Realty Corporation (NYSE: ADC) (the "Company") today announced results for the quarter and full year ended December 31, 2024. All per share amounts included herein are on a diluted per common share basis unless otherwise stated. Fourth ...