Company Overview - Agree Realty Corporation (ADC) is a retail net lease REIT with an enterprise value of $116 billion as of July 25, 2025[10] - The company owns 2,513 retail properties across all 50 states, totaling approximately 520 million square feet[10] - The company has investment grade issuer ratings of Baa1 from Moody's and BBB+ from S&P[10] Financial Highlights - The company raised 2025 AFFO per share guidance to $429 to $432, representing over 4% growth at the midpoint[13] - The company increased 2025 investment guidance to $14 billion to $16 billion of high-quality retail net lease assets[13] - The company invested $727 million during the first half of the year across 162 high-quality retail net lease assets spanning 27 states[13] - The company issued $400 million of senior unsecured notes due 2035 at an all-in interest rate of 535%[13] - The company has total liquidity of approximately $23 billion, including approximately $13 billion of outstanding forward equity as of June 30th[14] - The company declared a monthly cash dividend of $0256 per common share for July, representing a 24% year-over-year increase[14] Portfolio Composition - Investment grade tenants account for 678% of the portfolio's annualized base rent (ABR)[49] - National tenants comprise 88% of the portfolio's ABR[57] - Grocery stores represent 106% of the portfolio's ABR, amounting to $715 million[50]

Financial Performance - DICK'S Sporting Goods' comparable sales increased by 5.2%[13] - Net sales reached $13.44 billion, a 3.5% increase year-over-year[13] - Non-GAAP gross margin improved to 35.90%, up 89 basis points[13] - Non-GAAP EBT totaled $1.52 billion, an 8.3% increase[13] - Non-GAAP EPS reached $14.05, an 8.8% increase[13] Strategic Initiatives - DICK'S is investing in House of Sport locations, aiming for 75 to 100 stores by the end of FY27[24] - House of Sport locations are expected to generate ~$35 million in Y1 Omni Sales with a ~25% cash on cash return and a payback period of ~2.5 years[31] - DICK'S Field House locations are expected to generate ~$14 million in Y1 Omni Sales with a ~40% cash on cash return and a payback period of less than 4 years[31] Omni-Channel Performance - Omni-channel sales accounted for approximately 30% of FY24 sales, a +600 bps increase since FY19[39] - Omni-channel athletes spend 2x+ more than single-channel athletes[39] - Stores enabled 75% of sales in FY24[41] - Stores fulfilled 70% of online orders in FY24[41] Vertical Brands - Vertical brand sales accounted for 19% of total sales in 2024[63]