FEBRUARY 2026 Agree Realty Overview (NYSE: ADC) NET LEASE REIT FOCUSED ON THE ACQUISITION & DEVELOPMENT OF HIGH-QUALITY RETAIL PROPERTIES OUR COMPANY Founded in 1971 by Executive Chairman, Richard Agree Public on the NYSE since 1994 $12.6 billion retail net lease REIT headquartered in Royal Oak, Michigan(1) 2,674 retail properties totaling approximately 55.5 million square feet in all 50 states Investment grade issuer ratings of A- from Fitch, Baa1 from Moody's, and BBB+ from S&P RETHINK RETAIL Capitalize o ...

Company Overview - Agree Realty is a retail net lease REIT with an enterprise value of $12.2 billion[9] - The company owns 2,603 retail properties totaling approximately 53.7 million square feet across all 50 states[9] - The company has investment grade issuer ratings of A- from Fitch, Baa1 from Moody's, and BBB+ from S&P[9] Financial Highlights - The company raised 2025 AFFO per share guidance to $4.31 to $4.33, representing 4.4% growth at the midpoint[12] - The company has total liquidity of over $1.9 billion[12] - The company invested $451 million during Q3 2025 across 110 high-quality retail net lease assets spanning 34 states[14] - Approximately 70% of base rents acquired in Q3 2025 derived from investment grade retailers[14] Portfolio Composition - The company's top tenant sector is grocery stores, accounting for 10.3% of total annualized base rent (ABR) at $72.9 million[56] - Home Improvement sector accounts for 8.8% of total ABR at $62.5 million[56] - Convenience Stores account for 7.8% of total ABR at $54.9 million[56]

Historical Performance - TJX's 20-year performance has been 5x that of the S&P, surpassing even Microsoft [1] - TJX has significantly outperformed both the market and the consumer discretionary sector on a 5-year basis [2] Recent Performance Reversal - In the last three months, TJX's performance has lagged behind the S&P and the consumer discretionary sector, showing a reversal [2] - On a one-month basis, TJX is down, while the consumer discretionary sector and the market are up [2] Technical Analysis & Future Outlook - The 150-day moving average for TJX is now flat, often indicating a bullish to bearish reversal [3] - A return to the trend line suggests a potential 5-7% decline for TJX [4] - The analysis anticipates TJX shares heading towards $110, a decrease from the current level [4]

We want to take a look at shares of uh QXO. Um they're doing a $2 billion stock offering. They're in the bidding war, right.What's your thought. You've been in the stock a long time. The stock's down 85% from its 52- week high, right.First of all, why are you still in it. And what do you make of what's going on now with the with the news reports of this this bidding war. Yeah.And I'm not down 85%. I know you're not, but I mean, the stock is obviously making a statement. No.No, it's not what it was. So Brad ...

Core Viewpoint - Dollar Tree, Inc. (DLTR) experienced a 6.3% increase in shares following the release of its first-quarter fiscal 2025 results, outperforming the Zacks Retail - Discount Stores industry and the Zacks Retail and Wholesale sector, which declined by 3.6% and 1.3% respectively during the same period [1]. Financial Performance - Dollar Tree reported a robust 11.3% increase in net sales to $4.64 billion, excluding Family Dollar, with same-store sales growing by 5.4%, driven by a 2.5% rise in store traffic and a 2.8% increase in average ticket size [9]. - Gross profit rose by 11.7% to $1.6 billion, with a gross margin expansion of 20 basis points to 35.6%, aided by improved freight efficiency and better occupancy cost leverage, although offset by higher distribution expenses and rising wages [10]. Strategic Initiatives - The company's successful store conversions to a multi-price format and expansion efforts have attracted more customers and increased average spending per visit, contributing to strong sales growth [4][8]. - Dollar Tree reaffirmed its fiscal 2025 sales guidance, projecting net sales from continuing operations of $18.5-$19.1 billion, supported by same-store sales growth of 3-5% [13]. Market Position and Valuation - Dollar Tree is currently trading at a forward 12-month price-to-earnings (P/E) ratio of 16.66X, significantly lower than the industry average of 32.81X, making it an attractive option for value-focused investors [16]. - The company is undergoing a transformation through its multi-price strategy and the strategic divestiture of Family Dollar, positioning itself for margin expansion and long-term earnings growth [18]. Analyst Sentiment - Analysts have revised their EPS estimates upward, with current quarter and fiscal year estimates increasing by 3.3% and 3% respectively, suggesting year-over-year growth rates of 5.7% and 13.5% [20]. - Despite near-term challenges, such as tariff-related costs and transitional expenses from the Family Dollar sale, Dollar Tree remains fundamentally sound and presents a promising outlook for investors [22].

Group 1: Investment Opportunity - Prologis is a leading logistics provider for e-commerce and retail, making it an excellent REIT choice for investors [2] - Retail sales are increasing despite economic challenges, indicating a stable demand for logistics services [3] - E-commerce is growing rapidly, with Prologis benefiting from the need for more distribution space; for every $1 billion in retail sales, e-commerce requires over a million square feet compared to 334,000 square feet for physical retailers [4] Group 2: Market Position and Growth - Prologis estimates that e-commerce will account for 24% of retail sales in 2024, projected to rise to 29% by 2028, translating to significant revenue opportunities for logistics partners [6] - The company has identified $8 billion in data center opportunities over the next five years, driven by investments in AI [7] - Prologis services 6,500 customers globally, with 86% of net operating income from the U.S., and 3% of the world's GDP flows through its distribution centers annually [8][10] Group 3: Financial Stability and Dividend - Prologis has a strong client base, with major clients including Amazon, Walmart, and Coca-Cola, which helps stabilize its revenue [9] - The company is currently benefiting from increased rent and inflation, as its clients are likely to continue paying for essential logistics services [10] - Prologis offers a growing dividend with a yield of 3.6%, having increased by 180% over the past decade, making it an attractive option for dividend-seeking investors [11]

Core Perspective - TJ Maxx launches "You Sponsored by TJ Maxx," a program aimed at providing sponsorship opportunities to everyday women, addressing the disparity in sponsorship support [1][4][8] Group 1: Program Overview - The program will award 10 women custom sponsorship deals to enhance their visibility, connections, and opportunities [2][6] - Each recipient will be paired with one of five influential Co-Sponsors from various fields, including athletics, arts, fashion, and entrepreneurship [2][5] Group 2: Key Findings from Survey - A TJ Maxx survey indicates that fewer than 10% of women currently have a sponsor, while 75% believe sponsorship would help them embrace their authentic selves [1][10] - The survey was conducted with 2,000 U.S. women aged 18-65, highlighting the need for increased support for women in various professional fields [10] Group 3: Sponsorship Benefits - Recipients will receive $20,000 in funding to support their personal or professional endeavors [6] - The program includes one-on-one mentorship with Co-Sponsors and introductions to their networks to facilitate further opportunities [6] - Visibility will be enhanced through storytelling on TJ Maxx's social media platforms, reaching millions of followers [6] Group 4: Historical Context - The initiative builds on the Maxx You Project, which has supported over 200,000 women since its inception in 2017, providing resources for women to pursue their authentic lives [11]

Group 1 - The U.S. stock market opened lower on May 21 due to weak demand in the 20-year Treasury bond auction, leading to a surge in bond yields and concerns over a new tax bill increasing the federal deficit [1][2] - The Dow Jones Industrial Average fell by 816.80 points, closing at 41,860.44, a decline of 1.91%. The S&P 500 dropped by 95.85 points to 5,844.61, down 1.61%, while the Nasdaq Composite decreased by 270.07 points to 18,872.64, a drop of 1.41% [1] - Among the S&P 500 sectors, ten out of eleven declined, with the real estate and healthcare sectors leading the losses at 2.63% and 2.37%, respectively, while the communication services sector rose by 0.67% [1] Group 2 - The 20-year Treasury bond auction had a final market yield of 5.047%, surpassing the previous average yield of 4.613% from the last six auctions, marking the first time since October 2023 that the yield exceeded 5% [2] - Concerns about the new tax and spending bill, which is expected to increase the federal deficit by approximately $3 trillion over the next decade, are influencing investor sentiment [2][3] - Major retailers reported disappointing earnings, contributing to stock market pressure, with Target lowering its full-year forecast, resulting in a 5.21% drop in its stock price [3]

Retail Sector Performance - Target has consistently underperformed, failing to meet even lowered estimates, indicating ongoing challenges in the post-COVID environment and losing market share to Walmart and Amazon [3][4] - Walmart continues to thrive, leveraging its digital business to enhance sales of essential goods and expand into high-margin areas such as advertising and third-party marketplaces [4][5] - The disparity in revenue sources is notable, with approximately 60% of Walmart's revenue coming from essentials compared to only 20% for Target, impacting their respective performances [5][6] Earnings Trends - For Q1, total earnings for 469 S&P 500 members increased by 11.5% year-over-year, with revenues up by 4.3%, but the percentage of companies beating EPS and revenue estimates fell below historical averages [8] - In the Retail sector, earnings rose by 11.5% with a 5% increase in revenues, but excluding Amazon, the growth rate drops to a decline of 5.2% [8] Future Expectations - Q2 earnings for the S&P 500 are projected to grow by 5.5% year-over-year, with revenues expected to rise by 3.8%, although estimates have been cut across most sectors [10][11] - The Tech sector is expected to see earnings growth of 12.1% in Q2, but this is a reduction from earlier projections, indicating a stabilization in revisions [14][16]

Market Overview - U.S. futures are down across the board, with the Dow down 345 points (-0.81%), S&P 500 down 38 points (-0.64%), Nasdaq down 146 points (-0.68%), and Russell 2000 down 21 points (-1.02%) [2] - Major indexes have been flat over the past five trading days, with the Dow showing a slight increase of 1% over the past month, while all indexes are up double-digits [2] Q1 Earnings Reports - Target's Q1 earnings were disappointing, with earnings of $1.30 per share missing the Zacks consensus of $1.65 by 19.75%. Revenues of $23.85 billion were 1.58% short of expectations. The company has cut its growth forecast to negative from slightly positive [3] - Lowe's reported better-than-expected Q1 results, with earnings of $2.92 per share beating the Zacks consensus by 4 cents, and revenues of $20.93 billion slightly exceeding the anticipated $20.92 billion. Shares are up 1.75% in early trading [4] - The TJX Companies modestly beat expectations with earnings of 92 cents per share, 2 cents above estimates, and revenues of $13.11 billion, surpassing the anticipated $13.0 billion. Comparable sales grew by 3% year over year [5] - VF Corp. reported mixed results, with a narrower-than-expected loss of 13 cents per share compared to the estimated 15 cents, but revenues of $2.14 billion fell short of the $2.18 billion consensus. Shares are down 14% due to a challenging macro environment [6] Upcoming Earnings - Urban Outfitters is expected to report solid growth in both top and bottom lines year over year. Additionally, Snowflake and Zoom Communications will also release their quarterly results later today [7]