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]

Business Overview - PriceSmart operates 55 warehouse clubs in 12 countries and one U S territory, serving nearly 20 million members[12,36] - The company is considering Chile as a potential new market for expansion[36] - The company's value proposition is based on "The Six Rights," focusing on merchandise, time, place, condition, quantity, and price[14] Financial Performance - Total revenue for the trailing twelve months (TTM) is $52 billion[51,131] - Net merchandise sales reached $385 billion year-to-date (YTD), with a 72% growth rate[104] - Membership income grew by 133% YTD, reaching $630 million[104] - Omni-channel sales represent 58% of total net merchandise sales YTD[104] Growth and Expansion - The company is planning to open its 57th club in La Romana, Dominican Republic, in the spring of 2026[17] - Digital platforms accounted for 49% of total net merchandise sales[17] - Private label penetration reached 277% of total net merchandise sales for the nine-month period ended May 31, 2025[71] Membership and Loyalty - The membership renewal rate is 880%[33,52] - The company has 197 million members[33,51]