http://fasb.org/us-gaap/2022#RevenueFromContractWithCustomerIncludingAssessedTax http://fasb.org/us-gaap/2022#RevenueFromContractWithCustomerIncludingAssessedTax 0000917251--12-31 2022 FY false http://fasb.org/us-gaap/2022#OtherAssets http://fasb.org/us-gaap/2022#OtherAssets 0.04 0.04 71285311 90173424 P10Y http://fasb.org/us-gaap/2022#RevenueFromContractWithCustomerIncludingAssessedTax http://fasb.org/us-gaap/2022#AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent http://fasb.org/us-gaap/2022#AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent P0Y 0.001 http://fasb.org/us-gaap/2022#OtherAssets http://fasb.org/us-gaap/2022#AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent http://fasb.org/us-gaap/2022#OtherAssets http://fasb.org/us-gaap/2022#AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent P3Y 0000917251 adc:OmnibusIncentivePlan2020Member us-gaap:PreferredStockMember 2022-01-01 2022-12-31 0000917251 adc:OmnibusIncentivePlan2020Member us-gaap:NoncontrollingInterestMember 2022-01-01 2022-12-31 0000917251 adc:OmnibusIncentivePlan2020Member us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-12-31 0000917251 adc:OmnibusIncentivePlan2020Member us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-12-31 0000917251 adc:OmnibusIncentivePlan2020Member us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2022-01-01 2022-12-31 0000917251 adc:OmnibusIncentivePlan2020Member 2022-01-01 2022-12-31 0000917251 adc:OmnibusIncentivePlan2020Member us-gaap:PreferredStockMember 2021-01-01 2021-12-31 0000917251 adc:OmnibusIncentivePlan2020Member us-gaap:NoncontrollingInterestMember 2021-01-01 2021-12-31 0000917251 adc:OmnibusIncentivePlan2020Member us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-12-31 0000917251 adc:OmnibusIncentivePlan2020Member us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-12-31 0000917251 adc:OmnibusIncentivePlan2020Member us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2021-01-01 2021-12-31 0000917251 adc:OmnibusIncentivePlan2020Member 2021-01-01 2021-12-31 0000917251 adc:OmnibusIncentivePlan2020Member us-gaap:PreferredStockMember 2020-01-01 2020-12-31 0000917251 adc:OmnibusIncentivePlan2020Member us-gaap:NoncontrollingInterestMember 2020-01-01 2020-12-31 0000917251 adc:OmnibusIncentivePlan2020Member us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-12-31 0000917251 adc:OmnibusIncentivePlan2020Member us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-12-31 0000917251 adc:OmnibusIncentivePlan2020Member us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-01-01 2020-12-31 0000917251 adc:OmnibusIncentivePlan2014Member us-gaap:PreferredStockMember 2020-01-01 2020-12-31 0000917251 adc:OmnibusIncentivePlan2014Member us-gaap:NoncontrollingInterestMember 2020-01-01 2020-12-31 0000917251 adc:OmnibusIncentivePlan2014Member us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-12-31 0000917251 adc:OmnibusIncentivePlan2014Member us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-12-31 0000917251 adc:OmnibusIncentivePlan2014Member us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-01-01 2020-12-31 0000917251 adc:OmnibusIncentivePlan2020Member 2020-01-01 2020-12-31 0000917251 adc:OmnibusIncentivePlan2014Member 2020-01-01 2020-12-31 0000917251 us-gaap:SeriesAPreferredStockMember us-gaap:NoncontrollingInterestMember 2021-01-01 2021-12-31 0000917251 us-gaap:SeriesAPreferredStockMember us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-12-31 0000917251 us-gaap:SeriesAPreferredStockMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-12-31 0000917251 us-gaap:SeriesAPreferredStockMember us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2021-01-01 2021-12-31 0000917251 us-gaap:SeriesAPreferredStockMember 2021-01-01 2021-12-31 0000917251 adc:OmnibusIncentivePlan2020Member us-gaap:CommonStockMember 2022-01-01 2022-12-31 0000917251 adc:OmnibusIncentivePlan2020Member us-gaap:CommonStockMember 2021-01-01 2021-12-31 0000917251 adc:OmnibusIncentivePlan2020Member us-gaap:CommonStockMember 2020-01-01 2020-12-31 0000917251 adc:OmnibusIncentivePlan2014Member us-gaap:CommonStockMember 2020-01-01 2020-12-31 0000917251 us-gaap:CommonStockMember 2022-01-01 2022-12-31 0000917251 us-gaap:RedeemablePreferredStockMember us-gaap:OverAllotmentOptionMember 2021-09-01 2021-09-30 0000917251 us-gaap:SeriesAPreferredStockMember us-gaap:PreferredStockMember 2021-01-01 2021-12-31 0000917251 us-gaap:CommonStockMember 2021-01-01 2021-12-31 0000917251 us-gaap:CommonStockMember 2020-01-01 2020-12-31 0000917251 us-gaap:NoncontrollingInterestMember 2022-12-31 0000917251 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0000917251 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0000917251 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2022-12-31 0000917251 us-gaap:NoncontrollingInterestMember 2021-12-31 0000917251 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0000917251 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0000917251 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2021-12-31 0000917251 us-gaap:NoncontrollingInterestMember 2020-12-31 0000917251 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0000917251 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0000917251 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-12-31 0000917251 us-gaap:PreferredStockMember 2019-12-31 0000917251 us-gaap:NoncontrollingInterestMember 2019-12-31 0000917251 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0000917251 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0000917251 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-12-31 0000917251 us-gaap:CommonStockMember 2019-12-31 0000917251 adc:OmnibusIncentivePlan2020Member 2020-05-31 0000917251 us-gaap:PerformanceSharesMember 2022-12-31 0000917251 adc:PerformanceUnitsAndSharesMember 2022-12-31 0000917251 us-gaap:RestrictedStockMember 2021-12-31 0000917251 us-gaap:PerformanceSharesMember 2021-12-31 0000917251 adc:PerformanceUnitsAndSharesMember 2021-12-31 0000917251 us-gaap:RestrictedStockMember 2020-12-31 0000917251 us-gaap:PerformanceSharesMember 2020-12-31 0000917251 adc:PerformanceUnitsAndSharesMember 2020-12-31 0000917251 us-gaap:RestrictedStockMember 2019-12-31 0000917251 adc:PerformanceUnitsAndSharesMember 2019-12-31 0000917251 srt:MaximumMember adc:PerformanceUnitsAndSharesMember 2022-01-01 2022-12-31 0000917251 us-gaap:PerformanceSharesMember 2022-01-01 2022-12-31 0000917251 us-gaap:PerformanceSharesMember 2021-01-01 2021-12-31 0000917251 adc:PerformanceUnitsAndSharesMember 2021-01-01 2021-12-31 0000917251 us-gaap:PerformanceSharesMember 2020-01-01 2020-12-31 0000917251 adc:PerformanceUnitsAndSharesMember 2020-01-01 2020-12-31 0000917251 adc:PerformanceUnitsAndSharesMember 2019-01-01 2019-12-31 0000917251 us-gaap:MortgagesMember 2022-01-01 2022-12-31 0000917251 adc:SeniorUnsecuredNotesMember 2022-01-01 2022-12-31 0000917251 us-gaap:InterestExpenseMember 2022-01-01 2022-12-31 0000917251 adc:GainLossOnExtinguishmentOfDebtAndSettlementOfRelatedHedgesMember 2022-01-01 2022-12-31 0000917251 us-gaap:InterestExpenseMember 2021-01-01 2021-12-31 0000917251 adc:GainLossOnExtinguishmentOfDebtAndSettlementOfRelatedHedgesMember 2021-01-01 2021-12-31 0000917251 us-gaap:InterestExpenseMember 2020-01-01 2020-12-31 0000917251 adc:GainLossOnExtinguishmentOfDebtAndSettlementOfRelatedHedgesMember 2020-01-01 2020-12-31 0000917251 adc:LancasterScMember 2022-01-01 2022-12-31 0000917251 srt:MinimumMember us-gaap:BuildingImprovementsMember 2022-01-01 2022-12-31 0000917251 srt:MaximumMember us-gaap:BuildingImprovementsMember 2022-01-01 2022-12-31 0000917251 us-gaap:BuildingMember 2022-01-01 2022-12-31 0000917251 us-gaap:SeriesAPreferredStockMember us-gaap:OverAllotmentOptionMember 2021-09-01 2021-09-30 0000917251 us-gaap:ScenarioPlanMember us-gaap:ForwardContractsMember us-gaap:CommonStockMember 2022-10-01 2022-10-31 0000917251 us-gaap:ForwardContractsMember us-gaap:CommonStockMember 2022-05-01 2022-05-31 0000917251 us-gaap:ForwardContractsMember us-gaap:CommonStockMember 2022-01-01 2022-12-31 0000917251 us-gaap:ForwardContractsMember us-gaap:CommonStockMember 2021-12-01 2021-12-31 0000917251 us-gaap:CommonStockMember 2021-06-01 2021-06-30 0000917251 us-gaap:CommonStockMember 2021-01-01 2021-01-31 0000917251 us-gaap:SeriesAPreferredStockMember 2022-12-31 0000917251 us-gaap:SeriesAPreferredStockMember 2021-12-31 0000917251 us-gaap:SeriesAPreferredStockMember 2021-09-30 0000917251 us-gaap:RedeemablePreferredStockMember 2021-09-30 0000917251 2022-12-13 2022-12-13 0000917251 us-gaap:PreferredStockMember 2022-10-01 2022-12-31 0000917251 us-gaap:RedeemablePreferredStockMember 2022-10-01 2022-10-01 0000917251 us-gaap:PreferredStockMember 2022-07-01 2022-09-30 0000917251 us-gaap:PreferredStockMember 2022-04-01 2022-06-30 0000917251 us-gaap:PreferredStockMember 2022-01-01 2022-03-31 0000917251 us-gaap:RedeemablePreferredStockMember 2021-01-01 2021-12-31 0000917251 us-gaap:SeriesAPreferredStockMember 2021-09-01 2021-09-30 0000917251 us-gaap:InterestRateSwapMember 2022-01-01 2022-12-31 0000917251 us-gaap:InterestRateSwapMember 2021-01-01 2021-12-31 0000917251 us-gaap:InterestRateSwapMember 2020-01-01 2020-12-31 0000917251 adc:AgreeRealtyCorporationMember us-gaap:OtherOwnershipInterestMember 2022-01-01 2022-12-31 0000917251 adc:AgreeRealtyCorporationMember us-gaap:OtherOwnershipInterestMember 2021-01-01 2021-12-31 0000917251 adc:AgreeRealtyCorporationMember us-gaap:GeneralPartnerMember 2022-01-01 2022-12-31 0000917251 adc:AgreeRealtyCorporationMember us-gaap:GeneralPartnerMember 2021-01-01 2021-12-31 0000917251 us-gaap:FairValueInputsLevel2Member us-gaap:InterestRateSwapMember 2022-12-31 0000917251 us-gaap:InterestRateSwapMember 2022-12-31 0000917251 us-gaap:FairValueInputsLevel2Member us-gaap:InterestRateSwapMember 2021-12-31 0000917251 us-gaap:InterestRateSwapMember 2021-12-31 0000917251 us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:InterestRateSwapMember 2022-12-31 0000917251 us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:InterestRateSwapMember 2021-12-31 0000917251 us-gaap:OtherAssetsMember us-gaap:InterestRateSwapMember 2022-12-31 0000917251 us-gaap:OtherAssetsMember us-gaap:InterestRateSwapMember 2021-12-31 0000917251 adc:September2022ForwardEquityMember 2022-01-01 2022-12-31 0000917251 adc:May2022ForwardOfferingMember 2022-01-01 2022-12-31 0000917251 adc:December2021ForwardEquityMember 2022-01-01 2022-12-31 0000917251 adc:AtMarket2022ForwardEquityMember 2022-01-01 2022-12-31 0000917251 adc:AtMarket2021ForwardEquityMember 2022-01-01 2022-12-31 0000917251 adc:AtMarket2020ForwardEquityMember 2022-01-01 2022-12-31 0000917251 adc:AtMarket2019ForwardEquityMember 2022-01-01 2022-12-31 0000917251 adc:April2020ForwardEquityMember 2022-01-01 2022-12-31 0000917251 adc:September2022ForwardEquityMember 2021-01-01 2021-12-31 0000917251 adc:May2022ForwardOfferingMember 2021-01-01 2021-12-31 0000917251 adc:December2021ForwardEquityMember 2021-01-01 2021-12-31 0000917251 adc:AtMarket2022ForwardEquityMember 2021-01-01 2021-12-31 0000917251 adc:AtMarket2021ForwardEquityMember 2021-01-01 2021-12-31 0000917251 adc:AtMarket2020ForwardEquityMember 2021-01-01 2021-12-31 0000917251 adc:AtMarket2019ForwardEquityMember 2021-01-01 2021-12-31 0000917251 adc:April2020ForwardEquityMember 2021-01-01 2021-12-31 0000917251 adc:September2022ForwardEquityMember 2020-01-01 2020-12-31 0000917251 adc:May2022ForwardOfferingMember 2020-01-01 2020-12-31 0000917251 adc:December2021ForwardEquityMember 2020-01-01 2020-12-31 0000917251 adc:AtMarket2022ForwardEquityMember 2020-01-01 2020-12-31 0000917251 adc:AtMarket2021ForwardEquityMember 2020-01-01 2020-12-31 0000917251 adc:AtMarket2020ForwardEquityMember 2020-01-01 2020-12-31 0000917251 adc:AtMarket2019ForwardEquityMember 2020-01-01 2020-12-31 0000917251 adc:April2020ForwardEquityMember 2020-01-01 2020-12-31 0000917251 us-gaap:ScenarioPlanMember us-gaap:ForwardContractsMember us-gaap:CommonStockMember adc:AtMarketProgram2022Member 2022-01-01 2022-12-31 0000917251 us-gaap:ForwardContractsMember us-gaap:CommonStockMember adc:AtMarketProgram2021Member 2022-01-01 2022-12-31 0000917251 us-gaap:ForwardContractsMember us-gaap:CommonStockMember adc:AtMarketProgram2020Member 2022-01-01 2022-12-31 0000917251 adc:LeasingCostsMember 2022-12-31 0000917251 adc:CreditFacilityFinancingCostsMember 2022-12-31 0000917251 adc:PerformanceUnitsAndSharesMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2022-12-31 0000917251 adc:PerformanceUnitsAndSharesMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2022-12-31 0000917251 us-gaap:RestrictedStockMember 2022-12-31 0000917251 us-gaap:PreferredStockMember 2022-12-31 0000917251 us-gaap:PreferredStockMember 2021-12-31 0000917251 us-gaap:CommonStockMember 2021-12-31 0000917251 us-gaap:PreferredStockMember 2020-12-31 0000917251 us-gaap:CommonStockMember 2020-12-31 0000917251 us-gaap:CommonStockMember 2022-12-31 0000917251 adc:DividendDeclaredReturnOfCapitalMember 2022-12-31 0000917251 adc:DividendDeclaredOrdinaryIncomeMember 2022-12-31 0000917251 adc:AgreeLimitedPartnershipMember 2022-12-13 0000917251 us-gaap:CommonStockMember 2022-09-30 0000917251 us-gaap:CommonStockMember 2022-06-30 0000917251 us-gaap:CommonStockMember 2022-03-31 0000917251 adc:DividendDeclaredReturnOfCapitalMember 2021-12-31 0000917251 adc:DividendDeclaredOrdinaryIncomeMember 2021-12-31 0000917251 adc:DividendDeclaredReturnOfCapitalMember 2020-12-31 0000917251 adc:DividendDeclaredOrdinaryIncomeMember 2020-12-31 0000917251 adc:InterestRateSwapAgreementInMayAndJuly2021Member 2021-07-31 0000917251 adc:InterestRateSwapAgreementInFebruary2021Member 2021-02-28 0000917251 adc:InterestRateSwapAgreementInDecember2020Member 2020-12-31 0000917251 adc:InterestRateSwapAgreementInAugust2020Member 2020-08-31 0000917251 us-gaap:InterestRateSwapMember 2022-12-31 0000917251 us-gaap:InterestRateSwapMember 2021-12-31 0000917251 adc:InterestRateSwapAgreementThirtyFiveMillionInOctober2019Member 2019-10-01 2019-10-31 0000917251 adc:InterestRateSwapAgreementSixtyFiveMillionInOctober2019Member 2019-10-01 2019-10-31 0000917251 adc:InterestRateSwapAgreementInDecember2018Member 2018-12-01 2018-12-31 0000917251 adc:InterestRateSwapAgreementInJune2016Member 2016-06-01 2016-06-30 0000917251 adc:InterestRateSwapAgreementInJuly2014Member 2014-07-01 2014-07-31 0000917251 adc:InterestRateSwapAgreementThirtyFiveMillionInOctober2019Member 2019-10-31 0000917251 adc:InterestRateSwapAgreementSixtyFiveMillionInOctober2019Member 2019-10-31 0000917251 adc:InterestRateSwapAgreementInDecember2018Member 2018-12-31 0000917251 adc:InterestRateSwapAgreementInJune2016Member 2016-06-30 0000917251 adc:InterestRateSwapAgreementInJuly2014Member 2014-07-31 0000917251 adc:NotesPayableDueJuly20266.27PercentMember us-gaap:MortgagesMember 2022-01-01 2022-12-31 0000917251 adc:NotesPayableDueJuly20266.27PercentMember us-gaap:MortgagesMember 2021-01-01 2021-12-31 0000917251 adc:PropertyAcquisitionMember us-gaap:MortgagesMember 2022-12-31 0000917251 adc:SeniorUnsecuredPublicNotes2032Member adc:BlendedAllInIncludingInterestRateSwapMember adc:SeniorUnsecuredDebtMember 2022-08-31 0000917251 us-gaap:RevolvingCreditFacilityMember us-gaap:FairValueInputsLevel2Member us-gaap:LongTermDebtMember 2022-12-31 0000917251 us-gaap:RevolvingCreditFacilityMember us-gaap:FairValueInputsLevel2Member us-gaap:LongTermDebtMember 2021-12-31 0000917251 us-gaap:RevolvingCreditFacilityMember adc:SeniorUnsecuredDebtMember us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2022-11-30 0000917251 adc:SeniorUnsecuredPublicNotes2032Member adc:SeniorUnsecuredDebtMember 2022-08-31 0000917251 adc:SeniorUnsecuredPublicNotes2033Member adc:BlendedAllInIncludingInterestRateSwapMember adc:SeniorUnsecuredDebtMember 2021-05-31 0000917251 adc:SeniorUnsecuredPublicNotes2028Member adc:BlendedAllInIncludingInterestRateSwapMember adc:SeniorUnsecuredDebtMember 2021-05-31 0000917251 adc:SeniorUnsecuredPublicNotes2033Member adc:SeniorUnsecuredDebtMember 2021-05-31 0000917251 adc:SeniorUnsecuredPublicNotes2028Member adc:SeniorUnsecuredDebtMember 2021-05-31 0000917251 adc:SeniorUnsecuredPublicNote2030Member adc:BlendedAllInIncludingInterestRateSwapMember adc:SeniorUnsecuredDebtMember 2020-08-31 0000917251 adc:SeniorUnsecuredPublicNote2030Member adc:SeniorUnsecuredDebtMember 2020-08-31 0000917251 adc:SeniorUnsecuredNote2031Member adc:SeniorUnsecuredDebtMember 2019-10-31 0000917251 adc:SeniorUnsecuredNote2031Member adc:BlendedAllInIncludingInterestRateSwapMember adc:SeniorUnsecuredDebtMember 2019-03-31 0000917251 adc:SeniorUnsecuredNote2031Member adc:SeniorUnsecuredDebtMember 2019-03-31 0000917251 us-gaap:FairValueInputsLevel3Member us-gaap:LongTermDebtMember us-gaap:MortgagesMember 2022-12-31 0000917251 us-gaap:FairValueInputsLevel2Member us-gaap:LongTermDebtMember adc:SeniorUnsecuredDebtMember 2022-12-31 0000917251 adc:SeniorUnsecuredPublicNotes2033Member adc:SeniorUnsecuredDebtMember 2022-12-31 0000917251 adc:SeniorUnsecuredPublicNotes2032Member adc:SeniorUnsecuredDebtMember 2022-12-31 0000917251 adc:SeniorUnsecuredPublicNotes2028Member adc:SeniorUnsecuredDebtMember 2022-12-31 0000917251 adc:SeniorUnsecuredPublicNote2030Member adc:SeniorUnsecuredDebtMember 2022-12-31 0000917251 adc:SeniorUnsecuredNote2031Member adc:SeniorUnsecuredDebtMember 2022-12-31 0000917251 adc:SeniorUnsecuredNote2030Member adc:SeniorUnsecuredDebtMember 2022-12-31 0000917251 adc:SeniorUnsecuredNote2029Member adc:SeniorUnsecuredDebtMember 2022-12-31 0000917251 adc:SeniorUnsecuredNote2028Member adc:SeniorUnsecuredDebtMember 2022-12-31 0000917251 adc:SeniorUnsecuredNote2027Member adc:SeniorUnsecuredDebtMember 2022-12-31 0000917251 adc:SeniorUnsecuredNote2025Member adc:SeniorUnsecuredDebtMember 2022-12-31 0000917251 adc:NotesPayableDueSeptember20235.01PercentMember us-gaap:MortgagesMember 2022-12-31 0000917251 adc:NotesPayableDueJuly20266.27PercentMember us-gaap:MortgagesMember 2022-12-31 0000917251 adc:NotesPayableDueJanuary20233.60PercentMember us-gaap:MortgagesMember 2022-12-31 0000917251 adc:NotesPayableDueDecember20293.63PercentMember us-gaap:MortgagesMember 2022-12-31 0000917251 us-gaap:RevolvingCreditFacilityMember 2022-12-31 0000917251 us-gaap:MortgagesMember 2022-12-31 0000917251 adc:SeniorUnsecuredDebtMember 2022-12-31 0000917251 adc:DebtInstrumentScheduledPrincipalMember 2022-12-31 0000917251 adc:DebtInstrumentBalloonPaymentMember 2022-12-31 0000917251 us-gaap:FairValueInputsLevel3Member us-gaap:LongTermDebtMember us-gaap:MortgagesMember 2021-12-31 0000917251 us-gaap:FairValueInputsLevel2Member us-gaap:LongTermDebtMember adc:SeniorUnsecuredDebtMember 2021-12-31 0000917251 adc:SeniorUnsecuredPublicNotes2033Member adc:SeniorUnsecuredDebtMember 2021-12-31 0000917251 adc:SeniorUnsecuredPublicNotes2032Member adc:SeniorUnsecuredDebtMember 2021-12-31 0000917251 adc:SeniorUnsecuredPublicNotes2028Member adc:SeniorUnsecuredDebtMember 2021-12-31 0000917251 adc:SeniorUnsecuredPublicNote2030Member adc:SeniorUnsecuredDebtMember 2021-12-31 0000917251 adc:SeniorUnsecuredNote2031Member adc:SeniorUnsecuredDebtMember 2021-12-31 0000917251 adc:SeniorUnsecuredNote2030Member adc:SeniorUnsecuredDebtMember 2021-12-31 0000917251 adc:SeniorUnsecuredNote2029Member adc:SeniorUnsecuredDebtMember 2021-12-31 0000917251 adc:SeniorUnsecuredNote2028Member adc:SeniorUnsecuredDebtMember 2021-12-31 0000917251 adc:SeniorUnsecuredNote2027Member adc:SeniorUnsecuredDebtMember 2021-12-31 0000917251 adc:SeniorUnsecuredNote2025Member adc:SeniorUnsecuredDebtMember 2021-12-31 0000917251 adc:NotesPayableDueSeptember20235.01PercentMember us-gaap:MortgagesMember 2021-12-31 0000917251 adc:NotesPayableDueJuly20266.27PercentMember us-gaap:MortgagesMember 2021-12-31 0000917251 adc:NotesPayableDueJanuary20233.60PercentMember us-gaap:MortgagesMember 2021-12-31 0000917251 adc:NotesPayableDueDecember20293.63PercentMember us-gaap:MortgagesMember 2021-12-31 0000917251 us-gaap:MortgagesMember 2021-12-31 0000917251 adc:SeniorUnsecuredDebtMember 2021-12-31 0000917251 srt:MinimumMember us-gaap:RevolvingCreditFacilityMember adc:SeniorUnsecuredDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2021-01-01 2021-12-31 0000917251 srt:MaximumMember us-gaap:RevolvingCreditFacilityMember adc:SeniorUnsecuredDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2021-01-01 2021-12-31 0000917251 us-gaap:RevolvingCreditFacilityMember adc:SeniorUnsecuredDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2021-01-01 2021-12-31 0000917251 us-gaap:ForwardContractsMember us-gaap:CommonStockMember us-gaap:OverAllotmentOptionMember 2022-10-31 0000917251 us-gaap:ForwardContractsMember us-gaap:CommonStockMember 2022-10-31 0000917251 us-gaap:ForwardContractsMember us-gaap:CommonStockMember us-gaap:OverAllotmentOptionMember 2022-05-31 0000917251 us-gaap:ForwardContractsMember us-gaap:CommonStockMember 2022-05-31 0000917251 us-gaap:ForwardContractsMember us-gaap:CommonStockMember us-gaap:OverAllotmentOptionMember 2021-12-31 0000917251 us-gaap:ForwardContractsMember us-gaap:CommonStockMember 2021-12-31 0000917251 us-gaap:CommonStockMember us-gaap:OverAllotmentOptionMember 2021-06-30 0000917251 us-gaap:CommonStockMember 2021-06-30 0000917251 us-gaap:CommonStockMember us-gaap:OverAllotmentOptionMember 2021-01-31 0000917251 us-gaap:CommonStockMember 2021-01-31 0000917251 adc:OmnibusIncentivePlan2020Member 2022-12-31 0000917251 adc:BelowMarketLeasesMember 2022-12-31 0000917251 us-gaap:RestrictedStockMember 2022-01-01 2022-12-31 0000917251 us-gaap:ForwardContractsMember adc:AtMarket2021ForwardEquityMember 2021-01-01 2021-12-31 0000917251 us-gaap:ForwardContractsMember adc:AtMarket2020ForwardEquityMember 2021-01-01 2021-12-31 0000917251 us-gaap:RestrictedStockMember 2021-01-01 2021-12-31 0000917251 us-gaap:ForwardContractsMember adc:AtMarket2020ForwardEquityMember 2020-01-01 2020-12-31 0000917251 us-gaap:ForwardContractsMember adc:AtMarket2019ForwardEquityMember 2020-01-01 2020-12-31 0000917251 adc:PerformanceUnitsMember 2020-01-01 2020-12-31 0000917251 adc:LeasingCostsMember 2022-01-01 2022-12-31 0000917251 adc:CreditFacilityFinancingCostsMember 2022-01-01 2022-12-31 0000917251 adc:LeasingCostsMember 2021-01-01 2021-12-31 0000917251 adc:CreditFacilityFinancingCostsMember 2021-01-01 2021-12-31 0000917251 adc:LeasingCostsMember 2020-01-01 2020-12-31 0000917251 adc:CreditFacilityFinancingCostsMember 2020-01-01 2020-12-31 0000917251 adc:BelowMarketLeasesMember 2022-01-01 2022-12-31 0000917251 adc:BelowMarketLeasesMember 2021-01-01 2021-12-31 0000917251 adc:BelowMarketLeasesMember 2020-01-01 2020-12-31 0000917251 adc:PerformanceUnitsAndSharesMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2022-01-01 2022-12-31 0000917251 adc:PerformanceUnitsAndSharesMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2022-01-01 2022-12-31 0000917251 adc:PerformanceUnitsAndSharesMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2021-01-01 2021-12-31 0000917251 adc:PerformanceUnitsAndSharesMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2021-01-01 2021-12-31 0000917251 us-gaap:RestrictedStockMember 2021-01-01 2021-12-31 0000917251 adc:PerformanceUnitsAndSharesMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2020-01-01 2020-12-31 0000917251 us-gaap:RestrictedStockMember 2020-01-01 2020-12-31 0000917251 us-gaap:PreferredStockMember 2022-01-01 2022-12-31 0000917251 us-gaap:NoncontrollingInterestMember 2022-01-01 2022-12-31 0000917251 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-12-31 0000917251 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-12-31 0000917251 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2022-01-01 2022-12-31 0000917251 us-gaap:PreferredStockMember 2021-01-01 2021-12-31 0000917251 us-gaap:NoncontrollingInterestMember 2021-01-01 2021-12-31 0000917251 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-12-31 0000917251 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-12-31 0000917251 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2021-01-01 2021-12-31 0000917251 us-gaap:PreferredStockMember 2020-01-01 2020-12-31 0000917251 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-12-31 0000917251 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-12-31 0000917251 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-12-31 0000917251 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-01-01 2020-12-31 0000917251 us-gaap:UnbilledRevenuesMember 2022-12-31 0000917251 us-gaap:UnbilledRevenuesMember 2021-12-31 0000917251 adc:PropertyUnderDevelopmentMember adc:VariousMember 2022-12-31 0000917251 adc:PropertyUnderDevelopmentMember adc:SubTotalMember 2022-12-31 0000917251 adc:ZebulonNcMember 2022-12-31 0000917251 adc:ZanesvilleOhMember 2022-12-31 0000917251 adc:ZanesvilleOh1Member 2022-12-31 0000917251 adc:YumaAzMember 2022-12-31 0000917251 adc:YumaAz1Member 2022-12-31 0000917251 adc:YuleeFlMember 2022-12-31 0000917251 adc:YpsilantiMiMember 2022-12-31 0000917251 adc:YoungstownOh1Member 2022-12-31 0000917251 adc:YorkScMember 2022-12-31 0000917251 adc:YorkPaMember 2022-12-31 0000917251 adc:YonkersNyMember 2022-12-31 0000917251 adc:YanktonSdMember 2022-12-31 0000917251 adc:YakimaWaMember 2022-12-31 0000917251 adc:WythevilleVaMember 2022-12-31 0000917251 adc:WythevilleVa1Member 2022-12-31 0000917251 adc:WysoxPaMember 2022-12-31 0000917251 adc:WyomissingPaMember 2022-12-31 0000917251 adc:WyomingMiMember 2022-12-31 0000917251 adc:WylieTxMember 2022-12-31 0000917251 adc:WylieTx1Member 2022-12-31 0000917251 adc:WrightstownNjMember 2022-12-31 0000917251 adc:WrightCityOkMember 2022-12-31 0000917251 adc:WorcesterMaMember 2022-12-31 0000917251 adc:WoodstockIlMember 2022-12-31 0000917251 adc:WoodlandParkNjMember 2022-12-31 0000917251 adc:WoodburyTnMember 2022-12-31 0000917251 adc:WoodbridgeNjMember 2022-12-31 0000917251 adc:WoodbineNjMember 2022-12-31 0000917251 adc:WintonSalemNcMember 2022-12-31 0000917251 adc:WinterWiMember 2022-12-31 0000917251 adc:WintervilleNcMember 2022-12-31 0000917251 adc:WinterSpringsFlMember 2022-12-31 0000917251 adc:WinterHavenFlMember 2022-12-31 0000917251 adc:WinstonSalemNcMember 2022-12-31 0000917251 adc:WinstonSalemNc1Member 2022-12-31 0000917251 adc:WinslowAzMember 2022-12-31 0000917251 adc:WinonaMnMember 2022-12-31 0000917251 adc:WindsorNcMember 2022-12-31 0000917251 adc:WindsorHillCaMember 2022-12-31 0000917251 adc:WinchesterOhMember 2022-12-31 0000917251 adc:WinchesterInMember 2022-12-31 0000917251 adc:WilmingtonNcMember 2022-12-31 0000917251 adc:WilmingtonNc1Member 2022-12-31 0000917251 adc:WilmingtonDeMember 2022-12-31 0000917251 adc:WillisTxMember 2022-12-31 0000917251 adc:WillistonNdMember 2022-12-31 0000917251 adc:WilliamsvilleNyMember 2022-12-31 0000917251 adc:WilliamstownWvMember 2022-12-31 0000917251 adc:WilliamsburgVaMember 2022-12-31 0000917251 adc:WilliamsburgVa1Member 2022-12-31 0000917251 adc:WilkesboroNcMember 2022-12-31 0000917251 adc:WigginsMsMember 2022-12-31 0000917251 adc:WichitaStoreKsMember 2022-12-31 0000917251 adc:WichitaKsMember 2022-12-31 0000917251 adc:WichitaKs5Member 2022-12-31 0000917251 adc:WichitaKs4Member 2022-12-31 0000917251 adc:WichitaKs3Member 2022-12-31 0000917251 adc:WichitaKs2Member 2022-12-31 0000917251 adc:WichitaKs1Member 2022-12-31 0000917251 adc:WichitaFallsTxMember 2022-12-31 0000917251 adc:WhittierCaMember 2022-12-31 0000917251 adc:WhitmoreLakeMiMember 2022-12-31 0000917251 adc:WhitewaterWiMember 2022-12-31 0000917251 adc:WhiteOakTxMember 2022-12-31 0000917251 adc:WhitehouseTxMember 2022-12-31 0000917251 adc:WhitehallPaMember 2022-12-31 0000917251 adc:WhitefieldOkMember 2022-12-31 0000917251 adc:WhippanyNjMember 2022-12-31 0000917251 adc:WethersfieldCt3Member 2022-12-31 0000917251 adc:WethersfieldCt2Member 2022-12-31 0000917251 adc:WestViewPaMember 2022-12-31 0000917251 adc:WestSenecaNyMember 2022-12-31 0000917251 adc:WestPalmBeachFlMember 2022-12-31 0000917251 adc:WestPalmBeachFl1Member 2022-12-31 0000917251 adc:WestoverWvMember 2022-12-31 0000917251 adc:WestoverMdMember 2022-12-31 0000917251 adc:WestmontIlMember 2022-12-31 0000917251 adc:WestMilwaukeeWiMember 2022-12-31 0000917251 adc:WestMifflinPaMember 2022-12-31 0000917251 adc:WestJordanUtMember 2022-12-31 0000917251 adc:WestHenriettaNyMember 2022-12-31 0000917251 adc:WestHelenaArMember 2022-12-31 0000917251 adc:WestHartfordCtMember 2022-12-31 0000917251 adc:WestHartfordCt1Member 2022-12-31 0000917251 adc:WestfieldPaMember 2022-12-31 0000917251 adc:WestfieldInMember 2022-12-31 0000917251 adc:WestFargoNdMember 2022-12-31 0000917251 adc:WestervilleOhMember 2022-12-31 0000917251 adc:WestervilleOh1Member 2022-12-31 0000917251 adc:WestChesterOhMember 2022-12-31 0000917251 adc:WestChesterOh1Member 2022-12-31 0000917251 adc:WestchesterIlMember 2022-12-31 0000917251 adc:WestBendWiMember 2022-12-31 0000917251 adc:WeslacoTxMember 2022-12-31 0000917251 adc:WellsboroPaMember 2022-12-31 0000917251 adc:WellingtonKsMember 2022-12-31 0000917251 adc:WeiserIdMember 2022-12-31 0000917251 adc:WeirtonWvMember 2022-12-31 0000917251 adc:WeidmanMiMember 2022-12-31 0000917251 adc:WebbCityMoMember 2022-12-31 0000917251 adc:WaynesboroMsMember 2022-12-31 0000917251 adc:WayneNjMember 2022-12-31 0000917251 adc:WayneNeMember 2022-12-31 0000917251 adc:WaxhawNcMember 2022-12-31 0000917251 adc:WaxahachieTxMember 2022-12-31 0000917251 adc:WavesNcMember 2022-12-31 0000917251 adc:WaverlyTnMember 2022-12-31 0000917251 adc:WausauWiMember 2022-12-31 0000917251 adc:WaukeganIlMember 2022-12-31 0000917251 adc:WauchulaFlMember 2022-12-31 0000917251 adc:WatertownSdMember 2022-12-31 0000917251 adc:WatertownNyMember 2022-12-31 0000917251 adc:WaterlooIaMember 2022-12-31 0000917251 adc:WaterburyCtMember 2022-12-31 0000917251 adc:WaterburyCt2Member 2022-12-31 0000917251 adc:WarwickRiMember 2022-12-31 0000917251 adc:WarsawInMember 2022-12-31 0000917251 adc:WarrentonVaMember 2022-12-31 0000917251 adc:WarrensvilleHeightsOhMember 2022-12-31 0000917251 adc:WarrensvilleHeightsOh1Member 2022-12-31 0000917251 adc:WarrenOhMember 2022-12-31 0000917251 adc:WarnerOkMember 2022-12-31 0000917251 adc:WappingersFallsNyMember 2022-12-31 0000917251 adc:WalterboroScMember 2022-12-31 0000917251 adc:WalterboroSc1Member 2022-12-31 0000917251 adc:WallingfordCtMember 2022-12-31 0000917251 adc:WallingfordCtIiMember 2022-12-31 0000917251 adc:WalkerMiMember 2022-12-31 0000917251 adc:WalkerMi2Member 2022-12-31 0000917251 adc:WalkerMi1Member 2022-12-31 0000917251 adc:WalkerLaMember 2022-12-31 0000917251 adc:WaiteParkMnMember 2022-12-31 0000917251 adc:WainscottNyMember 2022-12-31 0000917251 adc:WagonerOkMember 2022-12-31 0000917251 adc:W.SenecaNyMember 2022-12-31 0000917251 adc:VisaliaCaMember 2022-12-31 0000917251 adc:VirginiaBeachVaMember 2022-12-31 0000917251 adc:VirginiaBeachVa1Member 2022-12-31 0000917251 adc:VinelandNjMember 2022-12-31 0000917251 adc:VinelandNj1Member 2022-12-31 0000917251 adc:VillaRicaGaMember 2022-12-31 0000917251 adc:ViennaWvMember 2022-12-31 0000917251 adc:VicksburgMsMember 2022-12-31 0000917251 adc:VestalNyMember 2022-12-31 0000917251 adc:VeroBeachFlMember 2022-12-31 0000917251 adc:VeroBeachFl5Member 2022-12-31 0000917251 adc:VeroBeachFl3Member 2022-12-31 0000917251 adc:VeroBeachFl2Member 2022-12-31 0000917251 adc:VermillionSdMember 2022-12-31 0000917251 adc:VeniceFlMember 2022-12-31 0000917251 adc:VeniceFl2Member 2022-12-31 0000917251 adc:VeniceFl1Member 2022-12-31 0000917251 adc:VanNuysCaMember 2022-12-31 0000917251 adc:VanBurenMeMember 2022-12-31 0000917251 adc:ValleyCityOhMember 2022-12-31 0000917251 adc:VallejoCaMember 2022-12-31 0000917251 adc:ValentineNeMember 2022-12-31 0000917251 adc:UrbandaleIaMember 2022-12-31 0000917251 adc:UrbanaOhMember 2022-12-31 0000917251 adc:UpperDeerfieldNjMember 2022-12-31 0000917251 adc:UpperDarbyPaMember 2022-12-31 0000917251 adc:UniversalCityTxMember 2022-12-31 0000917251 adc:UnionMoMember 2022-12-31 0000917251 adc:UnionCityGaMember 2022-12-31 0000917251 adc:TutwilerMsMember 2022-12-31 0000917251 adc:TurnersvilleNjMember 2022-12-31 0000917251 adc:TurlockCaMember 2022-12-31 0000917251 adc:TurlockCa2Member 2022-12-31 0000917251 adc:TurlockCa1Member 2022-12-31 0000917251 adc:TupeloMsMember 2022-12-31 0000917251 adc:TulsaOkMember 2022-12-31 0000917251 adc:TulsaOk1Member 2022-12-31 0000917251 adc:TullahomaTnMember 2022-12-31 0000917251 adc:TucsonAzMember 2022-12-31 0000917251 adc:TucsonAz1Member 2022-12-31 0000917251 adc:TuckerGaMember 2022-12-31 0000917251 adc:TubaCityAzMember 2022-12-31 0000917251 adc:TseBonitoNmMember 2022-12-31 0000917251 adc:TrumannArMember 2022-12-31 0000917251 adc:TrentonFlMember 2022-12-31 0000917251 adc:TraverseCityMiMember 2022-12-31 0000917251 adc:TorringtonCtMember 2022-12-31 0000917251 adc:TopekaKsMember 2022-12-31 0000917251 adc:TonawandaNyMember 2022-12-31 0000917251 adc:TonawandaNy1Member 2022-12-31 0000917251 adc:TomsRiverNjMember 2022-12-31 0000917251 adc:TompkinsvilleKyMember 2022-12-31 0000917251 adc:TomballTxMember 2022-12-31 0000917251 adc:TomballTx1Member 2022-12-31 0000917251 adc:TollesonAzMember 2022-12-31 0000917251 adc:ToledoOhMember 2022-12-31 0000917251 adc:ToledoOh7Member 2022-12-31 0000917251 adc:ToledoOh6Member 2022-12-31 0000917251 adc:ToledoOh5Member 2022-12-31 0000917251 adc:ToledoOh3Member 2022-12-31 0000917251 adc:ToledoOh2Member 2022-12-31 0000917251 adc:ToledoOh1Member 2022-12-31 0000917251 adc:TobyhannaPaMember 2022-12-31 0000917251 adc:TitusvillePaMember 2022-12-31 0000917251 adc:TitusvilleFlMember 2022-12-31 0000917251 adc:TinleyParkIlMember 2022-12-31 0000917251 adc:TimoniumMdMember 2022-12-31 0000917251 adc:TimbervilleVaMember 2022-12-31 0000917251 adc:TillamookOrMember 2022-12-31 0000917251 adc:TiffinOhMember 2022-12-31 0000917251 adc:ThornvilleOhMember 2022-12-31 0000917251 adc:ThornHillTnMember 2022-12-31 0000917251 adc:ThomsonGaMember 2022-12-31 0000917251 adc:TheodoreAlMember 2022-12-31 0000917251 adc:TheodoreAl1Member 2022-12-31 0000917251 adc:ThayerMoMember 2022-12-31 0000917251 adc:TexarkanaTxMember 2022-12-31 0000917251 adc:TerrellTxMember 2022-12-31 0000917251 adc:TerreHauteInMember 2022-12-31 0000917251 adc:TaylorMiMember 2022-12-31 0000917251 adc:TaylorMi2Member 2022-12-31 0000917251 adc:TavaresFlMember 2022-12-31 0000917251 adc:TauntonMaMember 2022-12-31 0000917251 adc:TappahannockVaMember 2022-12-31 0000917251 adc:TampaFlMember 2022-12-31 0000917251 adc:TampaFl2Member 2022-12-31 0000917251 adc:TampaFl1Member 2022-12-31 0000917251 adc:TallasseeAlMember 2022-12-31 0000917251 adc:TallahasseeFlMember 2022-12-31 0000917251 adc:TallahasseeFl1Member 2022-12-31 0000917251 adc:TalladegaAlMember 2022-12-31 0000917251 adc:TalisheekLaMember 2022-12-31 0000917251 adc:TalihinaOkMember 2022-12-31 0000917251 adc:TaborCityNcMember 2022-12-31 0000917251 adc:SyracuseNyMember 2022-12-31 0000917251 adc:SyracuseNy2Member 2022-12-31 0000917251 adc:SyracuseNy1Member 2022-12-31 0000917251 adc:SylvaNcMember 2022-12-31 0000917251 adc:SylvaNc1Member 2022-12-31 0000917251 adc:SylacaugaAlMember 2022-12-31 0000917251 adc:SwitzCityInMember 2022-12-31 0000917251 adc:SweetwaterTnMember 2022-12-31 0000917251 adc:SwainsboroGaMember 2022-12-31 0000917251 adc:SurryVaMember 2022-12-31 0000917251 adc:SurrencyGaMember 2022-12-31 0000917251 adc:SunValleyNvMember 2022-12-31 0000917251 adc:SunPrairieWiMember 2022-12-31 0000917251 adc:SunnyvaleCaMember 2022-12-31 0000917251 adc:SumterScMember 2022-12-31 0000917251 adc:SumterSc2Member 2022-12-31 0000917251 adc:SumterSc1Member 2022-12-31 0000917251 adc:SummitTwpMiMember 2022-12-31 0000917251 adc:SulligentAlMember 2022-12-31 0000917251 adc:SugarCreekMoMember 2022-12-31 0000917251 adc:SuffolkVaMember 2022-12-31 0000917251 adc:SubTotalMember 2022-12-31 0000917251 adc:StuartVaMember 2022-12-31 0000917251 adc:StrongsvilleOhMember 2022-12-31 0000917251 adc:StRobertMoMember 2022-12-31 0000917251 adc:StreetsboroOhMember 2022-12-31 0000917251 adc:StreatorIlMember 2022-12-31 0000917251 adc:StratfordCtMember 2022-12-31 0000917251 adc:StPetersMoMember 2022-12-31 0000917251 adc:StPetersburgFlMember 2022-12-31 0000917251 adc:StocktonCaMember 2022-12-31 0000917251 adc:StocktonCa1Member 2022-12-31 0000917251 adc:StockbridgeGaMember 2022-12-31 0000917251 adc:StJosephMoMember 2022-12-31 0000917251 adc:StillwaterOkMember 2022-12-31 0000917251 adc:SterlingMiMember 2022-12-31 0000917251 adc:SterlingHeightsMiMember 2022-12-31 0000917251 adc:StephensonMiMember 2022-12-31 0000917251 adc:StCharlesMoMember 2022-12-31 0000917251 adc:StAugustineFlMember 2022-12-31 0000917251 adc:StathamGaMember 2022-12-31 0000917251 adc:StatesvilleNcMember 2022-12-31 0000917251 adc:StatesvilleNc3Member 2022-12-31 0000917251 adc:StatesvilleNc2Member 2022-12-31 0000917251 adc:StatesvilleNc1Member 2022-12-31 0000917251 adc:StatesboroGaMember 2022-12-31 0000917251 adc:StatesboroGa1Member 2022-12-31 0000917251 adc:StarLakeNyMember 2022-12-31 0000917251 adc:StanleyNdMember 2022-12-31 0000917251 adc:StallingsMatthewsNcMember 2022-12-31 0000917251 adc:StaffordSpringsCtMember 2022-12-31 0000917251 adc:St.PetersMoMember 2022-12-31 0000917251 adc:St.PetersburgFlMember 2022-12-31 0000917251 adc:St.MichaelsAzMember 2022-12-31 0000917251 adc:St.MartinvilleLaMember 2022-12-31 0000917251 adc:St.LouisMoMember 2022-12-31 0000917251 adc:St.HelenMiMember 2022-12-31 0000917251 adc:SpringTxMember 2022-12-31 0000917251 adc:SpringhillLaMember 2022-12-31 0000917251 adc:SpringGroveIlMember 2022-12-31 0000917251 adc:SpringfieldOhMember 2022-12-31 0000917251 adc:SpringfieldOh1Member 2022-12-31 0000917251 adc:SpringfieldMoMember 2022-12-31 0000917251 adc:SpringfieldMo2Member 2022-12-31 0000917251 adc:SpringfieldMo1Member 2022-12-31 0000917251 adc:SpringfieldMaMember 2022-12-31 0000917251 adc:SpringfieldMa2Member 2022-12-31 0000917251 adc:SpringfieldIlMember 2022-12-31 0000917251 adc:SpringfieldIl2Member 2022-12-31 0000917251 adc:SpringdaleWaMember 2022-12-31 0000917251 adc:SpringdaleArMember 2022-12-31 0000917251 adc:SpringdaleAr2Member 2022-12-31 0000917251 adc:SpringdaleAr1Member 2022-12-31 0000917251 adc:SpartanburgScMember 2022-12-31 0000917251 adc:SpartanburgSc5Member 2022-12-31 0000917251 adc:SpartanburgSc4Member 2022-12-31 0000917251 adc:SpartanburgSc3Member 2022-12-31 0000917251 adc:SpartanburgSc2Member 2022-12-31 0000917251 adc:SpartanburgSc1Member 2022-12-31 0000917251 adc:SparkmanArMember 2022-12-31 0000917251 adc:SpaldingMiMember 2022-12-31 0000917251 adc:SouthingtonCtMember 2022-12-31 0000917251 adc:SouthForkMoMember 2022-12-31 0000917251 adc:SouthfieldMiMember 2022-12-31 0000917251 adc:SouthfieldMi1Member 2022-12-31 0000917251 adc:SouthernPinesNcMember 2022-12-31 0000917251 adc:SouthElginIlMember 2022-12-31 0000917251 adc:SouthElginIl2Member 2022-12-31 0000917251 adc:SouthElginIl1Member 2022-12-31 0000917251 adc:SouthCorningNyMember 2022-12-31 0000917251 adc:SouthChicagoHeightsIlMember 2022-12-31 0000917251 adc:SouthBostonVaMember 2022-12-31 0000917251 adc:SouthBendInMember 2022-12-31 0000917251 adc:SouthavenMsMember 2022-12-31 0000917251 adc:SouthavenMs2Member 2022-12-31 0000917251 adc:SouthavenMs1Member 2022-12-31 0000917251 adc:SmyrnaTnMember 2022-12-31 0000917251 adc:SmyrnaTn1Member 2022-12-31 0000917251 adc:SmithfieldNcMember 2022-12-31 0000917251 adc:SinkingSpringOhMember 2022-12-31 0000917251 adc:SilverthorneCoMember 2022-12-31 0000917251 adc:SilverCreekMsMember 2022-12-31 0000917251 adc:SilasAlMember 2022-12-31 0000917251 adc:SignalHillCaMember 2022-12-31 0000917251 adc:SidneyOhMember 2022-12-31 0000917251 adc:SidneyMtMember 2022-12-31 0000917251 adc:ShwaneeKs1Member 2022-12-31 0000917251 adc:ShreveportLaMember 2022-12-31 0000917251 adc:SheridanArMember 2022-12-31 0000917251 adc:ShenandoahTxMember 2022-12-31 0000917251 adc:SheldonMoMember 2022-12-31 0000917251 adc:ShelbyOhMember 2022-12-31 0000917251 adc:SheffieldIlMember 2022-12-31 0000917251 adc:SheffieldIaMember 2022-12-31 0000917251 adc:SheboyganWiMember 2022-12-31 0000917251 adc:SheboyganWi1Member 2022-12-31 0000917251 adc:ShawneeOkMember 2022-12-31 0000917251 adc:SeymourTnMember 2022-12-31 0000917251 adc:SewellNjMember 2022-12-31 0000917251 adc:SennettNyMember 2022-12-31 0000917251 adc:SelmaAlMember 2022-12-31 0000917251 adc:SecaucusNjMember 2022-12-31 0000917251 adc:SebringFlMember 2022-12-31 0000917251 adc:SebewaingMiMember 2022-12-31 0000917251 adc:SeasideOrMember 2022-12-31 0000917251 adc:SearcyArMember 2022-12-31 0000917251 adc:SearcyAr1Member 2022-12-31 0000917251 adc:SchofieldWiMember 2022-12-31 0000917251 adc:SchillerParkIlMember 2022-12-31 0000917251 adc:SchenectadyNyMember 2022-12-31 0000917251 adc:SchenectadyNy2Member 2022-12-31 0000917251 adc:SchenectadyNy1Member 2022-12-31 0000917251 adc:ScarsdaleNyMember 2022-12-31 0000917251 adc:SavannahGaMember 2022-12-31 0000917251 adc:SavannahGa2Member 2022-12-31 0000917251 adc:SavannahGa1Member 2022-12-31 0000917251 adc:SavageMnMember 2022-12-31 0000917251 adc:SaultSteMarieMiMember 2022-12-31 0000917251 adc:SaugusMaMember 2022-12-31 0000917251 adc:SardisMsMember 2022-12-31 0000917251 adc:SarasotaFlMember 2022-12-31 0000917251 adc:SarasotaFl2Member 2022-12-31 0000917251 adc:SaralandAlMember 2022-12-31 0000917251 adc:SanYsidroNmMember 2022-12-31 0000917251 adc:SantaFeNmMember 2022-12-31 0000917251 adc:SantaFeNm1Member 2022-12-31 0000917251 adc:SanFranciscoCaMember 2022-12-31 0000917251 adc:SanfordFlMember 2022-12-31 0000917251 adc:SanfordFl1Member 2022-12-31 0000917251 adc:SanAntonioTxMember 2022-12-31 0000917251 adc:SanAntonioTx3Member 2022-12-31 0000917251 adc:SanAntonioTx2Member 2022-12-31 0000917251 adc:SanAntonioTx1Member 2022-12-31 0000917251 adc:SalyersvilleKyMember 2022-12-31 0000917251 adc:SaltLakeCityUtMember 2022-12-31 0000917251 adc:SalterPathNcMember 2022-12-31 0000917251 adc:SalisburyNcMember 2022-12-31 0000917251 adc:SalisburyNc2Member 2022-12-31 0000917251 adc:SalisburyNc1Member 2022-12-31 0000917251 adc:SalisburyMdMember 2022-12-31 0000917251 adc:SalemOrMember 2022-12-31 0000917251 adc:SalemOr1Member 2022-12-31 0000917251 adc:SalemMoMember 2022-12-31 0000917251 adc:SaginawTxMember 2022-12-31 0000917251 adc:SaginawMiMember 2022-12-31 0000917251 adc:SaginawMi2Member 2022-12-31 0000917251 adc:SaginawMi1Member 2022-12-31 0000917251 adc:SaffordAzMember 2022-12-31 0000917251 adc:SacramentoCaMember 2022-12-31 0000917251 adc:SachseTxMember 2022-12-31 0000917251 adc:RussellvilleArMember 2022-12-31 0000917251 adc:RoyWaMember 2022-12-31 0000917251 adc:RoyalPalmBeachFlMember 2022-12-31 0000917251 adc:RoxboroNcMember 2022-12-31 0000917251 adc:RoxanaIlMember 2022-12-31 0000917251 adc:RoundLakeIlMember 2022-12-31 0000917251 adc:RoundLakeBeachIlMember 2022-12-31 0000917251 adc:RosevilleMiMember 2022-12-31 0000917251 adc:RosevilleCaMember 2022-12-31 0000917251 adc:RoselandLaMember 2022-12-31 0000917251 adc:RomeovilleIlMember 2022-12-31 0000917251 adc:RomeovilleIl2Member 2022-12-31 0000917251 adc:RomeGaMember 2022-12-31 0000917251 adc:RoelandParkKsMember 2022-12-31 0000917251 adc:RockyRiverOhMember 2022-12-31 0000917251 adc:RockyRiverOh2Member 2022-12-31 0000917251 adc:RockyRiverOh1Member 2022-12-31 0000917251 adc:RockyMountNcMember 2022-12-31 0000917251 adc:RockyMountNc1Member 2022-12-31 0000917251 adc:RockwallTxMember 2022-12-31 0000917251 adc:RockvilleMdMember 2022-12-31 0000917251 adc:RockvilleInMember 2022-12-31 0000917251 adc:RocktonIlMember 2022-12-31 0000917251 adc:RockinghamNcMember 2022-12-31 0000917251 adc:RockfordIlMember 2022-12-31 0000917251 adc:RockfordIl4Member 2022-12-31 0000917251 adc:RockfordIl3Member 2022-12-31 0000917251 adc:RockfordIl1Member 2022-12-31 0000917251 adc:RockCreekOhMember 2022-12-31 0000917251 adc:RochesterNyMember 2022-12-31 0000917251 adc:RochesterNy7Member 2022-12-31 0000917251 adc:RochesterNy6Member 2022-12-31 0000917251 adc:RochesterNy5Member 2022-12-31 0000917251 adc:RochesterNy4Member 2022-12-31 0000917251 adc:RochesterNy3Member 2022-12-31 0000917251 adc:RochesterNy2Member 2022-12-31 0000917251 adc:RochesterNy1Member 2022-12-31 0000917251 adc:RochesterMiMember 2022-12-31 0000917251 adc:RobinsonTownshipPaMember 2022-12-31 0000917251 adc:RoanokeVaMember 2022-12-31 0000917251 adc:RoanokeAlMember 2022-12-31 0000917251 adc:RiversideIaMember 2022-12-31 0000917251 adc:RiversideCaMember 2022-12-31 0000917251 adc:RiverheadNyMember 2022-12-31 0000917251 adc:RiverdaleGaMember 2022-12-31 0000917251 adc:RipleyWvMember 2022-12-31 0000917251 adc:RipleyNyMember 2022-12-31 0000917251 adc:RifleCoMember 2022-12-31 0000917251 adc:RidgelandMsMember 2022-12-31 0000917251 adc:RichmondTxMember 2022-12-31 0000917251 adc:RichmondRiMember 2022-12-31 0000917251 adc:RichmondHeightsMoMember 2022-12-31 0000917251 adc:RichlandsVaMember 2022-12-31 0000917251 adc:RichlandMsMember 2022-12-31 0000917251 adc:RichfieldMnMember 2022-12-31 0000917251 adc:RicevilleIaMember 2022-12-31 0000917251 adc:RhomeTxMember 2022-12-31 0000917251 adc:ReynoldsburgOhMember 2022-12-31 0000917251 adc:ReynoldsburgOh1Member 2022-12-31 0000917251 adc:RepublicOhMember 2022-12-31 0000917251 adc:RelianceSdMember 2022-12-31 0000917251 adc:RedLionPaMember 2022-12-31 0000917251 adc:RedCreekNyMember 2022-12-31 0000917251 adc:RedBoilingSpringsTnMember 2022-12-31 0000917251 adc:RedBayAlMember 2022-12-31 0000917251 adc:RedBankTnMember 2022-12-31 0000917251 adc:RayvilleLaMember 2022-12-31 0000917251 adc:RapidCitySdMember 2022-12-31 0000917251 adc:RansonWvMember 2022-12-31 0000917251 adc:RandolphNjMember 2022-12-31 0000917251 adc:RandlemanNcMember 2022-12-31 0000917251 adc:RandlemanNc1Member 2022-12-31 0000917251 adc:RanchoCordovaCaMember 2022-12-31 0000917251 adc:RanchoCordovaCa1Member 2022-12-31 0000917251 adc:QuitmanGaMember 2022-12-31 0000917251 adc:QuincyCaMember 2022-12-31 0000917251 adc:QuincyCa1Member 2022-12-31 0000917251 adc:QuakertownPaMember 2022-12-31 0000917251 adc:PuyallupWaMember 2022-12-31 0000917251 adc:PuntaGordaFlMember 2022-12-31 0000917251 adc:PulaskiVaMember 2022-12-31 0000917251 adc:PuebloCoMember 2022-12-31 0000917251 adc:ProvoUtMember 2022-12-31 0000917251 adc:PrincetonWvMember 2022-12-31 0000917251 adc:PrincetonWv2Member 2022-12-31 0000917251 adc:PrincetonWv1Member 2022-12-31 0000917251 adc:PrattKsMember 2022-12-31 0000917251 adc:PortWashingtonOhMember 2022-12-31 0000917251 adc:PortTrevortonPaMember 2022-12-31 0000917251 adc:PortSt.LucieFlMember 2022-12-31 0000917251 adc:PortsmouthVaMember 2022-12-31 0000917251 adc:PortRicheyFlMember 2022-12-31 0000917251 adc:PortOrangeFlMember 2022-12-31 0000917251 adc:PortlandOrMember 2022-12-31 0000917251 adc:PortlandMaMember 2022-12-31 0000917251 adc:PorterTxMember 2022-12-31 0000917251 adc:PortArthurTxMember 2022-12-31 0000917251 adc:PortArthurTx1Member 2022-12-31 0000917251 adc:PortAngelesWaMember 2022-12-31 0000917251 adc:PortageWiMember 2022-12-31 0000917251 adc:PoquosonVaMember 2022-12-31 0000917251 adc:PoolerGaMember 2022-12-31 0000917251 adc:PoolerGa1Member 2022-12-31 0000917251 adc:PontotocMsMember 2022-12-31 0000917251 adc:PontiacMiMember 2022-12-31 0000917251 adc:PompeyNyMember 2022-12-31 0000917251 adc:PoincianaFlMember 2022-12-31 0000917251 adc:PlymouthMiMember 2022-12-31 0000917251 adc:PloverWiMember 2022-12-31 0000917251 adc:PleasantvilleNjMember 2022-12-31 0000917251 adc:PleasantHillCaMember 2022-12-31 0000917251 adc:PlattsburghNyMember 2022-12-31 0000917251 adc:PlatteCityMoMember 2022-12-31 0000917251 adc:PlanoTxMember 2022-12-31 0000917251 adc:PlainfieldIlMember 2022-12-31 0000917251 adc:PlainDealingLaMember 2022-12-31 0000917251 adc:PittsfieldMaMember 2022-12-31 0000917251 adc:PittsfieldMa2Member 2022-12-31 0000917251 adc:PittsfieldMa1Member 2022-12-31 0000917251 adc:PittsburghPaMember 2022-12-31 0000917251 adc:PittsburghPa6Member 2022-12-31 0000917251 adc:PittsburghPa5Member 2022-12-31 0000917251 adc:PittsburghPa4Member 2022-12-31 0000917251 adc:PittsburghPa3Member 2022-12-31 0000917251 adc:PittsburghPa2Member 2022-12-31 0000917251 adc:PittsburghPa1Member 2022-12-31 0000917251 adc:PinevilleNcMember 2022-12-31 0000917251 adc:PinevilleLaMember 2022-12-31 0000917251 adc:PinellasParkFlMember 2022-12-31 0000917251 adc:PineGrovePaMember 2022-12-31 0000917251 adc:PineGroveLaMember 2022-12-31 0000917251 adc:PineBluffArMember 2022-12-31 0000917251 adc:PineBluffAr2Member 2022-12-31 0000917251 adc:PineBluffAr1Member 2022-12-31 0000917251 adc:PilotRockOrMember 2022-12-31 0000917251 adc:PierreSdMember 2022-12-31 0000917251 adc:PhoenixAzMember 2022-12-31 0000917251 adc:PhoenixAz1Member 2022-12-31 0000917251 adc:PhiladelphiaPaMember 2022-12-31 0000917251 adc:PhiladelphiaPa3Member 2022-12-31 0000917251 adc:PhiladelphiaPa2Member 2022-12-31 0000917251 adc:PhiladelphiaPa1Member 2022-12-31 0000917251 adc:PhenixAlMember 2022-12-31 0000917251 adc:PevelyMoMember 2022-12-31 0000917251 adc:PetoskeyMiMember 2022-12-31 0000917251 adc:PeruInMember 2022-12-31 0000917251 adc:PeruIlMember 2022-12-31 0000917251 adc:PerryGaMember 2022-12-31 0000917251 adc:PensacolaFlMember 2022-12-31 0000917251 adc:PensacolaFl5Member 2022-12-31 0000917251 adc:PensacolaFl4Member 2022-12-31 0000917251 adc:PensacolaFl2Member 2022-12-31 0000917251 adc:PensacolaFl1Member 2022-12-31 0000917251 adc:PennsaukenNj3Member 2022-12-31 0000917251 adc:PenargylPaMember 2022-12-31 0000917251 adc:PembrokePinesFlMember 2022-12-31 0000917251 adc:PelhamAlMember 2022-12-31 0000917251 adc:PecatonicaIlMember 2022-12-31 0000917251 adc:PearlMsMember 2022-12-31 0000917251 adc:PaulsValleyOkMember 2022-12-31 0000917251 adc:PatersonNjMember 2022-12-31 0000917251 adc:PataskalaOhMember 2022-12-31 0000917251 adc:ParsonsKsMember 2022-12-31 0000917251 adc:ParsippanyNjMember 2022-12-31 0000917251 adc:ParsippanyNj2Member 2022-12-31 0000917251 adc:ParsippanyNj1Member 2022-12-31 0000917251 adc:ParmaOhMember 2022-12-31 0000917251 adc:ParkerAzMember 2022-12-31 0000917251 adc:ParamusNjMember 2022-12-31 0000917251 adc:PanamaCityFlMember 2022-12-31 0000917251 adc:PanamaCityFl1Member 2022-12-31 0000917251 adc:PalmdaleCaMember 2022-12-31 0000917251 adc:PalmCoastFlMember 2022-12-31 0000917251 adc:PagelandScMember 2022-12-31 0000917251 adc:PageAzMember 2022-12-31 0000917251 adc:PaceFlMember 2022-12-31 0000917251 adc:OxfordOhMember 2022-12-31 0000917251 adc:OxfordMsMember 2022-12-31 0000917251 adc:OxfordAlMember 2022-12-31 0000917251 adc:OxfordAl2Member 2022-12-31 0000917251 adc:OxfordAl1Member 2022-12-31 0000917251 adc:OwossoMiMember 2022-12-31 0000917251 adc:OwingsMillsMdMember 2022-12-31 0000917251 adc:OverlandParkKsMember 2022-12-31 0000917251 adc:OtwayOhMember 2022-12-31 0000917251 adc:OttumwaIaMember 2022-12-31 0000917251 adc:OttertailMnMember 2022-12-31 0000917251 adc:OtterLakeMiMember 2022-12-31 0000917251 adc:OswegoIlMember 2022-12-31 0000917251 adc:OrvilleOhMember 2022-12-31 0000917251 adc:OrlandoFlMember 2022-12-31 0000917251 adc:OrlandoFllMember 2022-12-31 0000917251 adc:OrlandoFl3Member 2022-12-31 0000917251 adc:OrlandoFl2Member 2022-12-31 0000917251 adc:OremUtMember 2022-12-31 0000917251 adc:OregonOhMember 2022-12-31 0000917251 adc:OrangevillePaMember 2022-12-31 0000917251 adc:OrangeParkFl1Member 2022-12-31 0000917251 adc:OrangeParkAlMember 2022-12-31 0000917251 adc:OrangeCtMember 2022-12-31 0000917251 adc:OrangeCt1Member 2022-12-31 0000917251 adc:OrangeburgScMember 2022-12-31 0000917251 adc:OntarioCaMember 2022-12-31 0000917251 adc:OnawayMiMember 2022-12-31 0000917251 adc:OnalaskaWiMember 2022-12-31 0000917251 adc:OmerMiMember 2022-12-31 0000917251 adc:OmahaStoreNeMember 2022-12-31 0000917251 adc:OleanNyMember 2022-12-31 0000917251 adc:OldSaybrookCtMember 2022-12-31 0000917251 adc:OlantaScMember 2022-12-31 0000917251 adc:OklahomaCityOkMember 2022-12-31 0000917251 adc:OklahomaCityOk2Member 2022-12-31 0000917251 adc:OklahomaCityOk1Member 2022-12-31 0000917251 adc:OkemosMiMember 2022-12-31 0000917251 adc:OFallonIlMember 2022-12-31 0000917251 adc:OdessaTxMember 2022-12-31 0000917251 adc:OdessaTx3Member 2022-12-31 0000917251 adc:OdessaTx2Member 2022-12-31 0000917251 adc:OdessaTx1Member 2022-12-31 0000917251 adc:OctaOhMember 2022-12-31 0000917251 adc:OcalaFlMember 2022-12-31 0000917251 adc:OakGroveMoMember 2022-12-31 0000917251 adc:OakdalePaMember 2022-12-31 0000917251 adc:OakdaleMnMember 2022-12-31 0000917251 adc:OakCreekWiMember 2022-12-31 0000917251 adc:NwLexingtonOhMember 2022-12-31 0000917251 adc:NoviMiMember 2022-12-31 0000917251 adc:NoviMi1Member 2022-12-31 0000917251 adc:NortonShoresMiMember 2022-12-31 0000917251 adc:NorthWilkesboroNcMember 2022-12-31 0000917251 adc:NorthRoseNyMember 2022-12-31 0000917251 adc:NorthPlainfieldNjMember 2022-12-31 0000917251 adc:NorthPalmBeachFlMember 2022-12-31 0000917251 adc:NorthOlmstedOhMember 2022-12-31 0000917251 adc:NorthOlmstedOh1Member 2022-12-31 0000917251 adc:NorthmoorMoMember 2022-12-31 0000917251 adc:NorthMiamiBeachFlMember 2022-12-31 0000917251 adc:NorthLasVegasNvMember 2022-12-31 0000917251 adc:NorthlakeIlMember 2022-12-31 0000917251 adc:NorthHuntingdonPaMember 2022-12-31 0000917251 adc:NorthBranchMnMember 2022-12-31 0000917251 adc:NorthBabylonNyMember 2022-12-31 0000917251 adc:NoblesvilleInMember 2022-12-31 0000917251 adc:NilesOhMember 2022-12-31 0000917251 adc:NiagaraFallsNyMember 2022-12-31 0000917251 adc:NiagaraFallsNy1Member 2022-12-31 0000917251 adc:NewtonIlMember 2022-12-31 0000917251 adc:NewTazewellTnMember 2022-12-31 0000917251 adc:NewRochelleNyMember 2022-12-31 0000917251 adc:NewRichmondWiMember 2022-12-31 0000917251 adc:NewPortRicheyFlMember 2022-12-31 0000917251 adc:NewportNyMember 2022-12-31 0000917251 adc:NewportNewsVaMember 2022-12-31 0000917251 adc:NewportNewsVa3Member 2022-12-31 0000917251 adc:NewportNewsVa2Member 2022-12-31 0000917251 adc:NewportNewsVa1Member 2022-12-31 0000917251 adc:NewPhiladelphiaOhMember 2022-12-31 0000917251 adc:NewOrleansLaMember 2022-12-31 0000917251 adc:NewOrleansLa1Member 2022-12-31 0000917251 adc:NewMilfordPaMember 2022-12-31 0000917251 adc:NewmanGaMember 2022-12-31 0000917251 adc:NewLisbonWiMember 2022-12-31 0000917251 adc:NewLenoxIlMember 2022-12-31 0000917251 adc:NewLenoxIl2Member 2022-12-31 0000917251 adc:NewingtonCtMember 2022-12-31 0000917251 adc:NewIberiaLaMember 2022-12-31 0000917251 adc:NewfieldNjMember 2022-12-31 0000917251 adc:NewburghHeightsOhMember 2022-12-31 0000917251 adc:NewBaltimoreMiMember 2022-12-31 0000917251 adc:NewarkDeMember 2022-12-31 0000917251 adc:NescopeckPaMember 2022-12-31 0000917251 adc:NeoshoMoMember 2022-12-31 0000917251 adc:NCapeMayNjMember 2022-12-31 0000917251 adc:NatronaHeightsPaMember 2022-12-31 0000917251 adc:NatronaHeightsPa1Member 2022-12-31 0000917251 adc:NashvilleTnMember 2022-12-31 0000917251 adc:NashvilleTn2Member 2022-12-31 0000917251 adc:NashvilleTn1Member 2022-12-31 0000917251 adc:NashvilleInMember 2022-12-31 0000917251 adc:NashuaNhMember 2022-12-31 0000917251 adc:NashuaNh1Member 2022-12-31 0000917251 adc:NaplesFlMember 2022-12-31 0000917251 adc:NaplesFl2Member 2022-12-31 0000917251 adc:NaplesFl1Member 2022-12-31 0000917251 adc:NapervilleIlMember 2022-12-31 0000917251 adc:NapervilleIl1Member 2022-12-31 0000917251 adc:NapaCaMember 2022-12-31 0000917251 adc:NampaId2Member 2022-12-31 0000917251 adc:NampaId1Member 2022-12-31 0000917251 adc:N.SyracuseNyMember 2022-12-31 0000917251 adc:MyrtleBeachScMember 2022-12-31 0000917251 adc:MyrtleBeachSc3Member 2022-12-31 0000917251 adc:MyrtleBeachSc2Member 2022-12-31 0000917251 adc:MyrtleBeachSc1Member 2022-12-31 0000917251 adc:MurphysboroIlMember 2022-12-31 0000917251 adc:MurfreesboroTnMember 2022-12-31 0000917251 adc:MundeleinIlMember 2022-12-31 0000917251 adc:MundeleinIl2Member 2022-12-31 0000917251 adc:MundeleinIl1Member 2022-12-31 0000917251 adc:MullicaHillNjMember 2022-12-31 0000917251 adc:MtPleasantShoppingCenterMiMember 2022-12-31 0000917251 adc:MtPleasantMiMember 2022-12-31 0000917251 adc:MtPleasantMi2Member 2022-12-31 0000917251 adc:MtDoraFlMember 2022-12-31 0000917251 adc:Mt.PleasantWiMember 2022-12-31 0000917251 adc:Mt.PleasantWi1Member 2022-12-31 0000917251 adc:Mt.PleasantScMember 2022-12-31 0000917251 adc:Mt.AiryNcMember 2022-12-31 0000917251 adc:MountUptonNyMember 2022-12-31 0000917251 adc:MountProspectIlMember 2022-12-31 0000917251 adc:MountainIronMnMember 2022-12-31 0000917251 adc:MoultrieGaMember 2022-12-31 0000917251 adc:MorrowGaMember 2022-12-31 0000917251 adc:MorristownTnMember 2022-12-31 0000917251 adc:MorrisonTnMember 2022-12-31 0000917251 adc:MorrisIlMember 2022-12-31 0000917251 adc:MorrisIl1Member 2022-12-31 0000917251 adc:MorganzaLaMember 2022-12-31 0000917251 adc:MorgantownWvMember 2022-12-31 0000917251 adc:MorgantownWv3Member 2022-12-31 0000917251 adc:MorgantownWv2Member 2022-12-31 0000917251 adc:MorgantownWv1Member 2022-12-31 0000917251 adc:MorganfieldKyMember 2022-12-31 0000917251 adc:MoreheadCityNcMember 2022-12-31 0000917251 adc:MoraMnMember 2022-12-31 0000917251 adc:MooreOkMember 2022-12-31 0000917251 adc:MooreOk1Member 2022-12-31 0000917251 adc:MontroseMiMember 2022-12-31 0000917251 adc:MonticelloMnMember 2022-12-31 0000917251 adc:MontgomeryAlMember 2022-12-31 0000917251 adc:MontegutLaMember 2022-12-31 0000917251 adc:MonroevillePaMember 2022-12-31 0000917251 adc:MonroeMiMember 2022-12-31 0000917251 adc:MonroeMi1Member 2022-12-31 0000917251 adc:MonahansTxMember 2022-12-31 0000917251 adc:MonacaPaMember 2022-12-31 0000917251 adc:MobileAlMember 2022-12-31 0000917251 adc:MishawakaInMember 2022-12-31 0000917251 adc:MinotNdMember 2022-12-31 0000917251 adc:MinocquaWiMember 2022-12-31 0000917251 adc:MinneapolisMnMember 2022-12-31 0000917251 adc:MindenLaMember 2022-12-31 0000917251 adc:MilwaukeeWiMember 2022-12-31 0000917251 adc:MillsboroDeMember 2022-12-31 0000917251 adc:MillsboroDe1Member 2022-12-31 0000917251 adc:MilfordCenterOhMember 2022-12-31 0000917251 adc:MidwestCityOkMember 2022-12-31 0000917251 adc:MidlandTxMember 2022-12-31 0000917251 adc:MidlandTx2Member 2022-12-31 0000917251 adc:MidlandTx1Member 2022-12-31 0000917251 adc:MidlandMiMember 2022-12-31 0000917251 adc:MiddletownOhMember 2022-12-31 0000917251 adc:MiddletownCtMember 2022-12-31 0000917251 adc:MichiganCityLamarMsMember 2022-12-31 0000917251 adc:MiamiFlMember 2022-12-31 0000917251 adc:MetterGaMember 2022-12-31 0000917251 adc:MerrittIslandFlMember 2022-12-31 0000917251 adc:MerrittIslandFl3Member 2022-12-31 0000917251 adc:MerrittIslandFl2Member 2022-12-31 0000917251 adc:MerrillvilleInMember 2022-12-31 0000917251 adc:MerriamKsMember 2022-12-31 0000917251 adc:MeridianMsMember 2022-12-31 0000917251 adc:MentorOh5Member 2022-12-31 0000917251 adc:MenomoneeFallsWiMember 2022-12-31 0000917251 adc:MenomoneeFallsWi2Member 2022-12-31 0000917251 adc:MenomoneeFallsWi1Member 2022-12-31 0000917251 adc:MenaArMember 2022-12-31 0000917251 adc:MemphisTnMember 2022-12-31 0000917251 adc:MemphisTn1Member 2022-12-31 0000917251 adc:MelbourneFlMember 2022-12-31 0000917251 adc:MelbourneFl1Member 2022-12-31 0000917251 adc:MedfordNyMember 2022-12-31 0000917251 adc:MedfordNy1Member 2022-12-31 0000917251 adc:MeadvillePaMember 2022-12-31 0000917251 adc:MckinneyTxMember 2022-12-31 0000917251 adc:MckinneyTx1Member 2022-12-31 0000917251 adc:McconnellsburgPaMember 2022-12-31 0000917251 adc:McarthurOhMember 2022-12-31 0000917251 adc:MayflowerArMember 2022-12-31 0000917251 adc:MayfieldHeightsOhMember 2022-12-31 0000917251 adc:MaumeeOhMember 2022-12-31 0000917251 adc:MaudOkMember 2022-12-31 0000917251 adc:MassillonOhMember 2022-12-31 0000917251 adc:MasonvilleNyMember 2022-12-31 0000917251 adc:MasonOhMember 2022-12-31 0000917251 adc:MasonCityIaMember 2022-12-31 0000917251 adc:MaryvilleTnMember 2022-12-31 0000917251 adc:MartinsburgWvMember 2022-12-31 0000917251 adc:MarshfieldMoMember 2022-12-31 0000917251 adc:MarshallMiMember 2022-12-31 0000917251 adc:MarquetteMiMember 2022-12-31 0000917251 adc:MarkhamIlMember 2022-12-31 0000917251 adc:MarionInMember 2022-12-31 0000917251 adc:MariettaOhMember 2022-12-31 0000917251 adc:MariettaGaMember 2022-12-31 0000917251 adc:MariettaGa5Member 2022-12-31 0000917251 adc:MariettaGa4Member 2022-12-31 0000917251 adc:MariettaGa2Member 2022-12-31 0000917251 adc:MariettaGa1Member 2022-12-31 0000917251 adc:MaricopaAzMember 2022-12-31 0000917251 adc:MaricopaAz1Member 2022-12-31 0000917251 adc:MariannaFlMember 2022-12-31 0000917251 adc:MarcoIslandFlMember 2022-12-31 0000917251 adc:MapleGroveMnMember 2022-12-31 0000917251 adc:MantenoIlMember 2022-12-31 0000917251 adc:MansfieldTxMember 2022-12-31 0000917251 adc:MansfieldOhMember 2022-12-31 0000917251 adc:MansfieldCtMember 2022-12-31 0000917251 adc:ManningScMember 2022-12-31 0000917251 adc:ManitowocWiMember 2022-12-31 0000917251 adc:ManhattanKsMember 2022-12-31 0000917251 adc:MandevilleLaMember 2022-12-31 0000917251 adc:ManchesterVtMember 2022-12-31 0000917251 adc:ManchesterHnMember 2022-12-31 0000917251 adc:ManchesterCtMember 2022-12-31 0000917251 adc:ManchesterCt1Member 2022-12-31 0000917251 adc:ManassasVaMember 2022-12-31 0000917251 adc:ManassasVa1Member 2022-12-31 0000917251 adc:MaloneNyMember 2022-12-31 0000917251 adc:MadisonWiMember 2022-12-31 0000917251 adc:MadisonvilleTxMember 2022-12-31 0000917251 adc:MadisonTnMember 2022-12-31 0000917251 adc:MadisonMsMember 2022-12-31 0000917251 adc:MadisonMoMember 2022-12-31 0000917251 adc:MadisonFlMember 2022-12-31 0000917251 adc:MadisonAlMember 2022-12-31 0000917251 adc:MadisonAl1Member 2022-12-31 0000917251 adc:MacombTownshipMiMember 2022-12-31 0000917251 adc:MacombTownshipMi2Member 2022-12-31 0000917251 adc:MacombIlMember 2022-12-31 0000917251 adc:LyonsGaMember 2022-12-31 0000917251 adc:LynwoodIlMember 2022-12-31 0000917251 adc:LynchburgVaMember 2022-12-31 0000917251 adc:LynchburgVa1Member 2022-12-31 0000917251 adc:LufkinTxMember 2022-12-31 0000917251 adc:LufkinTx1Member 2022-12-31 0000917251 adc:LubbockTxMember 2022-12-31 0000917251 adc:LubbockTx3Member 2022-12-31 0000917251 adc:LubbockTx2Member 2022-12-31 0000917251 adc:LubbockTx1Member 2022-12-31 0000917251 adc:LowryCityMoMember 2022-12-31 0000917251 adc:LowellArMember 2022-12-31 0000917251 adc:LouisvilleOhMember 2022-12-31 0000917251 adc:LouisvilleKyMember 2022-12-31 0000917251 adc:LouisvilleKy3Member 2022-12-31 0000917251 adc:LouisvilleKy2Member 2022-12-31 0000917251 adc:LouisvilleKy1Member 2022-12-31 0000917251 adc:LouisaVaMember 2022-12-31 0000917251 adc:LouisaKyMember 2022-12-31 0000917251 adc:LorainOh2Member 2022-12-31 0000917251 adc:LongvilleMnMember 2022-12-31 0000917251 adc:LongviewWaMember 2022-12-31 0000917251 adc:LonaconingMdMember 2022-12-31 0000917251 adc:LombardIlMember 2022-12-31 0000917251 adc:LoganUtMember 2022-12-31 0000917251 adc:LivingstonTxMember 2022-12-31 0000917251 adc:LivingstonLaMember 2022-12-31 0000917251 adc:LiverpoolNyMember 2022-12-31 0000917251 adc:LiverpoolNy1Member 2022-12-31 0000917251 adc:LiveOakTxMember 2022-12-31 0000917251 adc:LittletonCoMember 2022-12-31 0000917251 adc:LittleRockArMember 2022-12-31 0000917251 adc:LittleRockAr3Member 2022-12-31 0000917251 adc:LittleRockAr2Member 2022-12-31 0000917251 adc:LittleRockAr1Member 2022-12-31 0000917251 adc:LithiaSpringsGaMember 2022-12-31 0000917251 adc:LincolnParkMiMember 2022-12-31 0000917251 adc:LincolnParkMi1Member 2022-12-31 0000917251 adc:LincolnNeMember 2022-12-31 0000917251 adc:LincolnMoMember 2022-12-31 0000917251 adc:LincolnArMember 2022-12-31 0000917251 adc:LimerickPaMember 2022-12-31 0000917251 adc:LimaOhMember 2022-12-31 0000917251 adc:LilburnGaMember 2022-12-31 0000917251 adc:LigonierPaMember 2022-12-31 0000917251 adc:LibertyScMember 2022-12-31 0000917251 adc:LibertyMoMember 2022-12-31 0000917251 adc:LibertyMo1Member 2022-12-31 0000917251 adc:LiberalKsMember 2022-12-31 0000917251 adc:LewisvilleTxMember 2022-12-31 0000917251 adc:LewisvilleTx1Member 2022-12-31 0000917251 adc:LeominsterMaMember 2022-12-31 0000917251 adc:LenoxMiMember 2022-12-31 0000917251 adc:LenexaKsMember 2022-12-31 0000917251 adc:LeitchfieldKyMember 2022-12-31 0000917251 adc:LeetonMoMember 2022-12-31 0000917251 adc:LeesburgFlMember 2022-12-31 0000917251 adc:LebanonNhMember 2022-12-31 0000917251 adc:LeawoodKsMember 2022-12-31 0000917251 adc:LeagueCityTxMember 2022-12-31 0000917251 adc:LawtonOkMember 2022-12-31 0000917251 adc:LawtonOk1Member 2022-12-31 0000917251 adc:LawrencevilleNj5Member 2022-12-31 0000917251 adc:LawrencevilleNj4Member 2022-12-31 0000917251 adc:LawrencevilleNj3Member 2022-12-31 0000917251 adc:LawrencevilleNj2Member 2022-12-31 0000917251 adc:LawrencevilleNj1Member 2022-12-31 0000917251 adc:LawrencevilleGaMember 2022-12-31 0000917251 adc:LawrenceTownshipPaMember 2022-12-31 0000917251 adc:LawrenceKsMember 2022-12-31 0000917251 adc:LatrobePaMember 2022-12-31 0000917251 adc:LathamNyMember 2022-12-31 0000917251 adc:LasCrucesNmMember 2022-12-31 0000917251 adc:LaredoTxMember 2022-12-31 0000917251 adc:LaplaceLaMember 2022-12-31 0000917251 adc:LansingMiMember 2022-12-31 0000917251 adc:LansingMi3Member 2022-12-31 0000917251 adc:LansingMi2Member 2022-12-31 0000917251 adc:LansingKsMember 2022-12-31 0000917251 adc:LansingIlMember 2022-12-31 0000917251 adc:LanokaHarborNjMember 2022-12-31 0000917251 adc:LangleyOkMember 2022-12-31 0000917251 adc:LanettAlMember 2022-12-31 0000917251 adc:LancasterScMember 2022-12-31 0000917251 adc:LancasterSc1Member 2022-12-31 0000917251 adc:LancasterPaMember 2022-12-31 0000917251 adc:LancasterPa1Member 2022-12-31 0000917251 adc:LampasasTxMember 2022-12-31 0000917251 adc:LamesaTxMember 2022-12-31 0000917251 adc:LaLuzNmMember 2022-12-31 0000917251 adc:LakeZurichIlMember 2022-12-31 0000917251 adc:LakeZurichIl1Member 2022-12-31 0000917251 adc:LakewoodWaMember 2022-12-31 0000917251 adc:LakewoodCoMember 2022-12-31 0000917251 adc:LakevilleMnMember 2022-12-31 0000917251 adc:LakevilleMn1Member 2022-12-31 0000917251 adc:LakeViewScMember 2022-12-31 0000917251 adc:LakesiteTnMember 2022-12-31 0000917251 adc:LakePlacidFlMember 2022-12-31 0000917251 adc:LakePlacidFl1Member 2022-12-31 0000917251 adc:LakeOrionMiMember 2022-12-31 0000917251 adc:LakeOrionMi1Member 2022-12-31 0000917251 adc:LakemoorIlMember 2022-12-31 0000917251 adc:LakelandTnMember 2022-12-31 0000917251 adc:LakelandFlMember 2022-12-31 0000917251 adc:LakeLafayetteMoMember 2022-12-31 0000917251 adc:LakeJacksonTxMember 2022-12-31 0000917251 adc:LakeInHillsIlMember 2022-12-31 0000917251 adc:LakeGenevaWiMember 2022-12-31 0000917251 adc:LakeCityScMember 2022-12-31 0000917251 adc:LakeCharlesLaMember 2022-12-31 0000917251 adc:LakeCharlesLa3Member 2022-12-31 0000917251 adc:LakeCharlesLa2Member 2022-12-31 0000917251 adc:LakeButlerFlMember 2022-12-31 0000917251 adc:LaJuntaCoMember 2022-12-31 0000917251 adc:LaFeriaTxMember 2022-12-31 0000917251 adc:LafayetteScottLaMember 2022-12-31 0000917251 adc:LaCrosseWiMember 2022-12-31 0000917251 adc:LaCanadaCaMember 2022-12-31 0000917251 adc:LabelleFlMember 2022-12-31 0000917251 adc:KokomoInMember 2022-12-31 0000917251 adc:KokomoIn1Member 2022-12-31 0000917251 adc:KnoxvilleTnMember 2022-12-31 0000917251 adc:KnoxvilleTn4Member 2022-12-31 0000917251 adc:KnoxvilleTn3Member 2022-12-31 0000917251 adc:KnoxvilleTn2Member 2022-12-31 0000917251 adc:KnoxvilleTn1Member 2022-12-31 0000917251 adc:KnottsIslandNcMember 2022-12-31 0000917251 adc:KissimmeeFlMember 2022-12-31 0000917251 adc:KiowaKsMember 2022-12-31 0000917251 adc:KinstonNcMember 2022-12-31 0000917251 adc:KingstonNyMember 2022-12-31 0000917251 adc:KingsMountainNcMember 2022-12-31 0000917251 adc:KingslandGaMember 2022-12-31 0000917251 adc:KingsfordHeightsMiMember 2022-12-31 0000917251 adc:KingOfPrussiaPaMember 2022-12-31 0000917251 adc:KimberlyWiMember 2022-12-31 0000917251 adc:KimballTnMember 2022-12-31 0000917251 adc:KilleenTxMember 2022-12-31 0000917251 adc:KerrvilleTxMember 2022-12-31 0000917251 adc:KernersvilleNcMember 2022-12-31 0000917251 adc:KentwoodMiMember 2022-12-31 0000917251 adc:KentwoodLaMember 2022-12-31 0000917251 adc:KentonOhMember 2022-12-31 0000917251 adc:KentlandInMember 2022-12-31 0000917251 adc:KennerLaMember 2022-12-31 0000917251 adc:KenedyTxMember 2022-12-31 0000917251 adc:KemahTxMember 2022-12-31 0000917251 adc:KansasCityMoMember 2022-12-31 0000917251 adc:KansasCityKsMember 2022-12-31 0000917251 adc:KankakeeIlMember 2022-12-31 0000917251 adc:KadokaSdMember 2022-12-31 0000917251 adc:JuniataNeMember 2022-12-31 0000917251 adc:JunctionCityKsMember 2022-12-31 0000917251 adc:JoppaMdMember 2022-12-31 0000917251 adc:JoplinMoMember 2022-12-31 0000917251 adc:JoplinMo3Member 2022-12-31 0000917251 adc:JoplinMo2Member 2022-12-31 0000917251 adc:JoplinMo1Member 2022-12-31 0000917251 adc:JonesvilleMMember 2022-12-31 0000917251 adc:JonesboroGaMember 2022-12-31 0000917251 adc:JonesboroArMember 2022-12-31 0000917251 adc:JonesboroAr2Member 2022-12-31 0000917251 adc:JonesboroAr1Member 2022-12-31 0000917251 adc:JolietIlMember 2022-12-31 0000917251 adc:JohnstownPaMember 2022-12-31 0000917251 adc:JohnstownOhMember 2022-12-31 0000917251 adc:JohnstonScMember 2022-12-31 0000917251 adc:JohnsonCityTnMember 2022-12-31 0000917251 adc:JesupGaMember 2022-12-31 0000917251 adc:JenningsLaMember 2022-12-31 0000917251 adc:JenaLaMember 2022-12-31 0000917251 adc:JeffersonGaMember 2022-12-31 0000917251 adc:JeffersonCityMoMember 2022-12-31 0000917251 adc:JasperTnMember 2022-12-31 0000917251 adc:JasperAlMember 2022-12-31 0000917251 adc:JanesvilleWiMember 2022-12-31 0000917251 adc:JacksonvilleNcMember 2022-12-31 0000917251 adc:JacksonvilleNc4Member 2022-12-31 0000917251 adc:JacksonvilleNc3Member 2022-12-31 0000917251 adc:JacksonvilleNc2Member 2022-12-31 0000917251 adc:JacksonvilleNc1Member 2022-12-31 0000917251 adc:JacksonvilleFlMember 2022-12-31 0000917251 adc:JacksonvilleFlIMember 2022-12-31 0000917251 adc:JacksonvilleFl6Member 2022-12-31 0000917251 adc:JacksonvilleFl5Member 2022-12-31 0000917251 adc:JacksonvilleFl4Member 2022-12-31 0000917251 adc:JacksonvilleFl3Member 2022-12-31 0000917251 adc:JacksonvilleFl2Member 2022-12-31 0000917251 adc:JacksonvilleFl1Member 2022-12-31 0000917251 adc:JacksonvilleBeachFlMember 2022-12-31 0000917251 adc:JacksonTnMember 2022-12-31 0000917251 adc:JacksonTn1Member 2022-12-31 0000917251 adc:JacksonMsMember 2022-12-31 0000917251 adc:JacksonMs5Member 2022-12-31 0000917251 adc:JacksonMs4Member 2022-12-31 0000917251 adc:JacksonMs3Member 2022-12-31 0000917251 adc:JacksonMs2Member 2022-12-31 0000917251 adc:JacksonMs1Member 2022-12-31 0000917251 adc:JacksonMiMember 2022-12-31 0000917251 adc:JacksonMi1Member 2022-12-31 0000917251 adc:JacksboroTxMember 2022-12-31 0000917251 adc:IrvingtonNjMember 2022-12-31 0000917251 adc:IrmoScMember 2022-12-31 0000917251 adc:IpswichMa2Member 2022-12-31 0000917251 adc:IpswichMa1Member 2022-12-31 0000917251 adc:IndianapolisInMember 2022-12-31 0000917251 adc:IndianapolisIn6Member 2022-12-31 0000917251 adc:IndianapolisIn5Member 2022-12-31 0000917251 adc:IndianapolisIn4Member 2022-12-31 0000917251 adc:IndianapolisIn3Member 2022-12-31 0000917251 adc:IndianapolisIn1Member 2022-12-31 0000917251 adc:IndependenceLaMember 2022-12-31 0000917251 adc:IndependenceKsMember 2022-12-31 0000917251 adc:HutchinsonMnMember 2022-12-31 0000917251 adc:HuntleyIlMember 2022-12-31 0000917251 adc:HuntingtonWvMember 2022-12-31 0000917251 adc:HuntingtonWv1Member 2022-12-31 0000917251 adc:HumbleTxMember 2022-12-31 0000917251 adc:HumbleTx1Member 2022-12-31 0000917251 adc:HudsonOhMember 2022-12-31 0000917251 adc:HowellMiMember 2022-12-31 0000917251 adc:HoustonTxMember 2022-12-31 0000917251 adc:HoustonTx2Member 2022-12-31 0000917251 adc:HoustonTx1Member 2022-12-31 0000917251 adc:HoustonMsMember 2022-12-31 0000917251 adc:HopkinsvilleKyMember 2022-12-31 0000917251 adc:HopeMillsNcMember 2022-12-31 0000917251 adc:HooverAlMember 2022-12-31 0000917251 adc:HooksettNhMember 2022-12-31 0000917251 adc:HooksettNh1Member 2022-12-31 0000917251 adc:HomewoodIlMember 2022-12-31 0000917251 adc:HomesteadFlMember 2022-12-31 0000917251 adc:HomesteadFlIMember 2022-12-31 0000917251 adc:HomesteadFl1Member 2022-12-31 0000917251 adc:HollywoodFlMember 2022-12-31 0000917251 adc:HollywoodFlIMember 2022-12-31 0000917251 adc:HollywoodFl1Member 2022-12-31 0000917251 adc:HollySpringsNcMember 2022-12-31 0000917251 adc:HollySpringsNc5Member 2022-12-31 0000917251 adc:HollySpringsNc4Member 2022-12-31 0000917251 adc:HollySpringsNc3Member 2022-12-31 0000917251 adc:HollySpringsNc2Member 2022-12-31 0000917251 adc:HollySpringsNc1Member 2022-12-31 0000917251 adc:HollySpringsMsMember 2022-12-31 0000917251 adc:HollandOhMember 2022-12-31 0000917251 adc:HollandMiMember 2022-12-31 0000917251 adc:HoldingfordMnMember 2022-12-31 0000917251 adc:HoffmanEstatesIlMember 2022-12-31 0000917251 adc:HinsdaleNyMember 2022-12-31 0000917251 adc:HillsboroOrMember 2022-12-31 0000917251 adc:HilliardOh4Member 2022-12-31 0000917251 adc:HilliardOh3Member 2022-12-31 0000917251 adc:HilliardOh2Member 2022-12-31 0000917251 adc:HilliardOh1Member 2022-12-31 0000917251 adc:HillCityMnMember 2022-12-31 0000917251 adc:HillardOhMember 2022-12-31 0000917251 adc:HillardOh1Member 2022-12-31 0000917251 adc:HighPointNcMember 2022-12-31 0000917251 adc:HighPointNc1Member 2022-12-31 0000917251 adc:HickoryNcMember 2022-12-31 0000917251 adc:HialeahFlMember 2022-12-31 0000917251 adc:HermitageTnMember 2022-12-31 0000917251 adc:HermitageMoMember 2022-12-31 0000917251 adc:HeppnerOhMember 2022-12-31 0000917251 adc:HephzibahGaMember 2022-12-31 0000917251 adc:HenricoVaMember 2022-12-31 0000917251 adc:HendersonvilleTnMember 2022-12-31 0000917251 adc:HendersonvilleTn1Member 2022-12-31 0000917251 adc:HendersonTnMember 2022-12-31 0000917251 adc:HendersonKyMember 2022-12-31 0000917251 adc:HempsteadTxMember 2022-12-31 0000917251 adc:HemphillTxMember 2022-12-31 0000917251 adc:HelenaMoMember 2022-12-31 0000917251 adc:HeathOhMember 2022-12-31 0000917251 adc:HeathOh1Member 2022-12-31 0000917251 adc:HazardKyMember 2022-12-31 0000917251 adc:HawthorneCaMember 2022-12-31 0000917251 adc:HastingsNyMember 2022-12-31 0000917251 adc:HarveyLaMember 2022-12-31 0000917251 adc:HartMiMember 2022-12-31 0000917251 adc:HarrisonMiMember 2022-12-31 0000917251 adc:HarrisonburgVaMember 2022-12-31 0000917251 adc:HarrisburgPaMember 2022-12-31 0000917251 adc:HarrisburgPa1Member 2022-12-31 0000917251 adc:HarlingenTxMember 2022-12-31 0000917251 adc:HarlingenTx2Member 2022-12-31 0000917251 adc:HarlingenTx1Member 2022-12-31 0000917251 adc:HarkersIslandNcMember 2022-12-31 0000917251 adc:HarkerHeightsTxMember 2022-12-31 0000917251 adc:HarkerHeightsTx1Member 2022-12-31 0000917251 adc:HardeevilleScMember 2022-12-31 0000917251 adc:HamptonVaMember 2022-12-31 0000917251 adc:HamptonVa4Member 2022-12-31 0000917251 adc:HamptonVa3Member 2022-12-31 0000917251 adc:HamptonVa2Member 2022-12-31 0000917251 adc:HamptonVa1Member 2022-12-31 0000917251 adc:HamptonScMember 2022-12-31 0000917251 adc:HampshireIlMember 2022-12-31 0000917251 adc:HammontonNjMember 2022-12-31 0000917251 adc:HammondLaMember 2022-12-31 0000917251 adc:HammondInMember 2022-12-31 0000917251 adc:HammondIn1Member 2022-12-31 0000917251 adc:HamiltonOhMember 2022-12-31 0000917251 adc:HamburgNyMember 2022-12-31 0000917251 adc:HamburgNy1Member 2022-12-31 0000917251 adc:HallettsvilleTxMember 2022-12-31 0000917251 adc:HainesvilleIlMember 2022-12-31 0000917251 adc:HagerstownMdMember 2022-12-31 0000917251 adc:HagerstownMd1Member 2022-12-31 0000917251 adc:GurneeIlMember 2022-12-31 0000917251 adc:GulfportMsMember 2022-12-31 0000917251 adc:GulfportMs1Member 2022-12-31 0000917251 adc:GrovesTxMember 2022-12-31 0000917251 adc:GrovespringMoMember 2022-12-31 0000917251 adc:GroveportOhMember 2022-12-31 0000917251 adc:GrovepointOhMember 2022-12-31 0000917251 adc:GroveCityOhMember 2022-12-31 0000917251 adc:GrindstonePaMember 2022-12-31 0000917251 adc:GretnaLaMember 2022-12-31 0000917251 adc:GrenadaMsMember 2022-12-31 0000917251 adc:GreerScMember 2022-12-31 0000917251 adc:GreerSc1Member 2022-12-31 0000917251 adc:GreenwoodMsMember 2022-12-31 0000917251 adc:GreenwoodMs1Member 2022-12-31 0000917251 adc:GreenwoodInMember 2022-12-31 0000917251 adc:GreenwichCtMember 2022-12-31 0000917251 adc:GreenvilleScMember 2022-12-31 0000917251 adc:GreenvilleSc1Member 2022-12-31 0000917251 adc:GreenvillePaMember 2022-12-31 0000917251 adc:GreenvilleNcMember 2022-12-31 0000917251 adc:GreenvilleNc2Member 2022-12-31 0000917251 adc:GreenvilleNc1Member 2022-12-31 0000917251 adc:GreenvilleMsMember 2022-12-31 0000917251 adc:GreenvilleIlMember 2022-12-31 0000917251 adc:GreenvilleAlMember 2022-12-31 0000917251 adc:GreenSeaScMember 2022-12-31 0000917251 adc:GreensboroNcMember 2022-12-31 0000917251 adc:GreensboroNc1Member 2022-12-31 0000917251 adc:GreenfieldInMember 2022-12-31 0000917251 adc:GreeneNyMember 2022-12-31 0000917251 adc:GreenBayWiMember 2022-12-31 0000917251 adc:GreeceNyMember 2022-12-31 0000917251 adc:GraysonKyMember 2022-12-31 0000917251 adc:GrayslakeIlMember 2022-12-31 0000917251 adc:GraylingPlazaMiMember 2022-12-31 0000917251 adc:GraylingMiMember 2022-12-31 0000917251 adc:GraylingMi1Member 2022-12-31 0000917251 adc:GrayGaMember 2022-12-31 0000917251 adc:GrantAlMember 2022-12-31 0000917251 adc:GrangerInMember 2022-12-31 0000917251 adc:GrandvilleMiMember 2022-12-31 0000917251 adc:GrandvilleMi1Member 2022-12-31 0000917251 adc:GrandviewHeightsOhMember 2022-12-31 0000917251 adc:GrandRapidsMi2Member 2022-12-31 0000917251 adc:GrandRapidsMi1Member 2022-12-31 0000917251 adc:GrandJunctionCoMember 2022-12-31 0000917251 adc:GrandForksNdMember 2022-12-31 0000917251 adc:GrandForksNd2Member 2022-12-31 0000917251 adc:GrandChuteWiMember 2022-12-31 0000917251 adc:GrandBlancMi1Member 2022-12-31 0000917251 adc:GranburyTxMember 2022-12-31 0000917251 adc:GraettingerIaMember 2022-12-31 0000917251 adc:GoreSpringsMsMember 2022-12-31 0000917251 adc:GonzalesTxMember 2022-12-31 0000917251 adc:GonzalesLaMember 2022-12-31 0000917251 adc:GoldsboroNcMember 2022-12-31 0000917251 adc:GoldsboroNc1Member 2022-12-31 0000917251 adc:GoddardKsMember 2022-12-31 0000917251 adc:GlyndonMnMember 2022-12-31 0000917251 adc:GloucesterVaMember 2022-12-31 0000917251 adc:GlenwoodIlMember 2022-12-31 0000917251 adc:GlenwoodGaMember 2022-12-31 0000917251 adc:GlendaleAzMember 2022-12-31 0000917251 adc:GlenBurnieMdMember 2022-12-31 0000917251 adc:GlenBurnieMd2Member 2022-12-31 0000917251 adc:GlenAllenVaMember 2022-12-31 0000917251 adc:GlenAllenVa1Member 2022-12-31 0000917251 adc:GlassportPaMember 2022-12-31 0000917251 adc:GibsonLaMember 2022-12-31 0000917251 adc:GermantownWiMember 2022-12-31 0000917251 adc:GermantownMdMember 2022-12-31 0000917251 adc:GeorgetownKyMember 2022-12-31 0000917251 adc:GeorgetownKy1Member 2022-12-31 0000917251 adc:GeorgeIaMember 2022-12-31 0000917251 adc:GenevaOhMember 2022-12-31 0000917251 adc:GenevaIlMember 2022-12-31 0000917251 adc:GeneseoNyMember 2022-12-31 0000917251 adc:GastoniaNcMember 2022-12-31 0000917251 adc:GastoniaNc1Member 2022-12-31 0000917251 adc:GasCityInMember 2022-12-31 0000917251 adc:GarnerNcMember 2022-12-31 0000917251 adc:GarnerNc3Member 2022-12-31 0000917251 adc:GarnerNc2Member 2022-12-31 0000917251 adc:GarnerNc1Member 2022-12-31 0000917251 adc:GarlandTxMember 2022-12-31 0000917251 adc:GallowayNjMember 2022-12-31 0000917251 adc:GallipolisOhMember 2022-12-31 0000917251 adc:GalesburgIlMember 2022-12-31 0000917251 adc:GalaxVaMember 2022-12-31 0000917251 adc:GainesvilleFlMember 2022-12-31 0000917251 adc:GainesvilleFl1Member 2022-12-31 0000917251 adc:GadsdenAlMember 2022-12-31 0000917251 adc:FuquayVarinaNcMember 2022-12-31 0000917251 adc:FuquayvarinaNcMember 2022-12-31 0000917251 adc:FrontRoyalVaMember 2022-12-31 0000917251 adc:FriendshipNyMember 2022-12-31 0000917251 adc:FridleyMnMember 2022-12-31 0000917251 adc:FreeportIlMember 2022-12-31 0000917251 adc:FreeportFlMember 2022-12-31 0000917251 adc:FreeburgMoMember 2022-12-31 0000917251 adc:FredericksburgVaMember 2022-12-31 0000917251 adc:FredericksburgVa2Member 2022-12-31 0000917251 adc:FredericksburgVa1Member 2022-12-31 0000917251 adc:FredericksburgIaMember 2022-12-31 0000917251 adc:FranklintonLaMember 2022-12-31 0000917251 adc:FranklintonLa3Member 2022-12-31 0000917251 adc:FranklintonLa2Member 2022-12-31 0000917251 adc:FranklintonLa1Member 2022-12-31 0000917251 adc:FranklinParkIlMember 2022-12-31 0000917251 adc:FranklinOhMember 2022-12-31 0000917251 adc:FranklinOh1Member 2022-12-31 0000917251 adc:FranklinInMember 2022-12-31 0000917251 adc:FrankfortNyMember 2022-12-31 0000917251 adc:FrankfortKyMember 2022-12-31 0000917251 adc:FrankfortInMember 2022-12-31 0000917251 adc:FountainInnScMember 2022-12-31 0000917251 adc:FortWorthTxMember 2022-12-31 0000917251 adc:FortWorthTx2Member 2022-12-31 0000917251 adc:FortWorthTx1Member 2022-12-31 0000917251 adc:FortWayneInMember 2022-12-31 0000917251 adc:FortWayneIn1Member 2022-12-31 0000917251 adc:FortWaltonBeachFlMember 2022-12-31 0000917251 adc:FortWaltonBeachFlIMember 2022-12-31 0000917251 adc:FortStocktonTxMember 2022-12-31 0000917251 adc:FortSmithArMember 2022-12-31 0000917251 adc:FortOglethorpeGaMember 2022-12-31 0000917251 adc:FortMillScMember 2022-12-31 0000917251 adc:FortMillSc1Member 2022-12-31 0000917251 adc:ForkedRiverNjMember 2022-12-31 0000917251 adc:ForkedRiverNj4Member 2022-12-31 0000917251 adc:ForkedRiverNj3Member 2022-12-31 0000917251 adc:ForkedRiverNj2Member 2022-12-31 0000917251 adc:ForestVaMember 2022-12-31 0000917251 adc:ForestMsMember 2022-12-31 0000917251 adc:ForestMs1Member 2022-12-31 0000917251 adc:FoleyAlMember 2022-12-31 0000917251 adc:FoleyAl2Member 2022-12-31 0000917251 adc:FogelsvillePaMember 2022-12-31 0000917251 adc:FlowoodMsMember 2022-12-31 0000917251 adc:FlowoodMs2Member 2022-12-31 0000917251 adc:FlowoodMs1Member 2022-12-31 0000917251 adc:FloweryBranchGaMember 2022-12-31 0000917251 adc:FlourtownPaMember 2022-12-31 0000917251 adc:FlorissantMoMember 2022-12-31 0000917251 adc:FlorissantMo2Member 2022-12-31 0000917251 adc:FlorissantMo1Member 2022-12-31 0000917251 adc:FlorenceKyMember 2022-12-31 0000917251 adc:FloraIlMember 2022-12-31 0000917251 adc:FlintMiMember 2022-12-31 0000917251 adc:FlintMi5Member 2022-12-31 0000917251 adc:FlintMi4Member 2022-12-31 0000917251 adc:FlintMi3Member 2022-12-31 0000917251 adc:FlintMi2Member 2022-12-31 0000917251 adc:FlintMi1Member 2022-12-31 0000917251 adc:FlatRockNcMember 2022-12-31 0000917251 adc:FishersInMember 2022-12-31 0000917251 adc:FayettevilleNcMember 2022-12-31 0000917251 adc:FayettevilleNc3Member 2022-12-31 0000917251 adc:FayettevilleNc2Member 2022-12-31 0000917251 adc:FayettevilleNc1Member 2022-12-31 0000917251 adc:FarnhamVaMember 2022-12-31 0000917251 adc:FarmingtonNmMember 2022-12-31 0000917251 adc:FarmingtonMoMember 2022-12-31 0000917251 adc:FallRiverMaMember 2022-12-31 0000917251 adc:FairviewParkOhMember 2022-12-31 0000917251 adc:FairviewParkOh1Member 2022-12-31 0000917251 adc:FairPlayMoMember 2022-12-31 0000917251 adc:FairfieldTxMember 2022-12-31 0000917251 adc:FairfieldNjMember 2022-12-31 0000917251 adc:FairfieldIlMember 2022-12-31 0000917251 adc:ExcelsiorSpringsMoMember 2022-12-31 0000917251 adc:EvergreenParkIlMember 2022-12-31 0000917251 adc:EvergreenCoMember 2022-12-31 0000917251 adc:EverettWaMember 2022-12-31 0000917251 adc:EvansvilleInMember 2022-12-31 0000917251 adc:EutawAlMember 2022-12-31 0000917251 adc:EustisFlMember 2022-12-31 0000917251 adc:EulessTxMember 2022-12-31 0000917251 adc:EugeneOrMember 2022-12-31 0000917251 adc:EtowahTnMember 2022-12-31 0000917251 adc:EspanolaNmMember 2022-12-31 0000917251 adc:ErwinvilleLaMember 2022-12-31 0000917251 adc:EriePaMember 2022-12-31 0000917251 adc:EriePa2Member 2022-12-31 0000917251 adc:EriePa1Member 2022-12-31 0000917251 adc:EphrataWaMember 2022-12-31 0000917251 adc:EnterpriseAlMember 2022-12-31 0000917251 adc:EnnisTxMember 2022-12-31 0000917251 adc:EnfieldNhMember 2022-12-31 0000917251 adc:EmeraldIsleNcMember 2022-12-31 0000917251 adc:ElyriaOhMember 2022-12-31 0000917251 adc:ElyriaOh1Member 2022-12-31 0000917251 adc:ElPasoTxMember 2022-12-31 0000917251 adc:ElPasoTx3Member 2022-12-31 0000917251 adc:ElPasoTx2Member 2022-12-31 0000917251 adc:ElPasoTx1Member 2022-12-31 0000917251 adc:ElmiraNyMember 2022-12-31 0000917251 adc:ElmiraNy1Member 2022-12-31 0000917251 adc:ElmCityNcMember 2022-12-31 0000917251 adc:EllisvilleMsMember 2022-12-31 0000917251 adc:ElktonVaMember 2022-12-31 0000917251 adc:ElkinsWvMember 2022-12-31 0000917251 adc:ElkinNcMember 2022-12-31 0000917251 adc:ElkhartInMember 2022-12-31 0000917251 adc:ElkGroveVillageIlMember 2022-12-31 0000917251 adc:ElkGroveCaMember 2022-12-31 0000917251 adc:ElkCityOkMember 2022-12-31 0000917251 adc:ElkCityOk1Member 2022-12-31 0000917251 adc:ElizabethNjMember 2022-12-31 0000917251 adc:ElginIlMember 2022-12-31 0000917251 adc:EldersburgMdMember 2022-12-31 0000917251 adc:ElaineArMember 2022-12-31 0000917251 adc:EkronKyMember 2022-12-31 0000917251 adc:EggHarborNjMember 2022-12-31 0000917251 adc:EdwardsvilleIlMember 2022-12-31 0000917251 adc:EdmontonKyMember 2022-12-31 0000917251 adc:EdmondOkMember 2022-12-31 0000917251 adc:EdisonGaMember 2022-12-31 0000917251 adc:EdinburgCarthadgeMsMember 2022-12-31 0000917251 adc:EdgeleyNdMember 2022-12-31 0000917251 adc:EbensburgPaMember 2022-12-31 0000917251 adc:EauClaireWiMember 2022-12-31 0000917251 adc:EatontownNjMember 2022-12-31 0000917251 adc:EastWarehamMaMember 2022-12-31 0000917251 adc:EastPeoriaIlMember 2022-12-31 0000917251 adc:EastPalatkaFlMember 2022-12-31 0000917251 adc:EastonPaMember 2022-12-31 0000917251 adc:EastLansingMiMember 2022-12-31 0000917251 adc:EastHanoverNjMember 2022-12-31 0000917251 adc:EastHanoverNj1Member 2022-12-31 0000917251 adc:EastDundeeIlMember 2022-12-31 0000917251 adc:EastChinaMiMember 2022-12-31 0000917251 adc:EastAltonIlMember 2022-12-31 0000917251 adc:EasleyScMember 2022-12-31 0000917251 adc:EasleySc1Member 2022-12-31 0000917251 adc:EagleBendMnMember 2022-12-31 0000917251 adc:EaganMnMember 2022-12-31 0000917251 adc:DurhamNcMember 2022-12-31 0000917251 adc:DurhamNc1Member 2022-12-31 0000917251 adc:DunmorePaMember 2022-12-31 0000917251 adc:DunkirkOhMember 2022-12-31 0000917251 adc:DundalkMdMember 2022-12-31 0000917251 adc:DublinGaMember 2022-12-31 0000917251 adc:DraperUtMember 2022-12-31 0000917251 adc:DrakesBranchVaMember 2022-12-31 0000917251 adc:DoverPaMember 2022-12-31 0000917251 adc:DouglasvilleGaMember 2022-12-31 0000917251 adc:DothanAlMember 2022-12-31 0000917251 adc:DorchesterMaMember 2022-12-31 0000917251 adc:DoravilleGaMember 2022-12-31 0000917251 adc:DoravilleGa1Member 2022-12-31 0000917251 adc:DoraMsMember 2022-12-31 0000917251 adc:DonnaTxMember 2022-12-31 0000917251 adc:DonaldsonvilleLaMember 2022-12-31 0000917251 adc:DonaldsonvilleLa1Member 2022-12-31 0000917251 adc:DinwiddieVaMember 2022-12-31 0000917251 adc:DillonScMember 2022-12-31 0000917251 adc:DewittMiMember 2022-12-31 0000917251 adc:DevineTxMember 2022-12-31 0000917251 adc:DevilsLakeNdMember 2022-12-31 0000917251 adc:DestinFlMember 2022-12-31 0000917251 adc:DesMoinesIaMember 2022-12-31 0000917251 adc:DesMoinesIa2Member 2022-12-31 0000917251 adc:DeridderLaMember 2022-12-31 0000917251 adc:DerbyKsMember 2022-12-31 0000917251 adc:DequincyLa1Member 2022-12-31 0000917251 adc:DeptfordNjMember 2022-12-31 0000917251 adc:DenverNcMember 2022-12-31 0000917251 adc:DenverNc1Member 2022-12-31 0000917251 adc:DenhamSpringsLaMember 2022-12-31 0000917251 adc:DenhamSpringsLa1Member 2022-12-31 0000917251 adc:DemotteInMember 2022-12-31 0000917251 adc:DeKalbMsMember 2022-12-31 0000917251 adc:DefuniakSpringsFlMember 2022-12-31 0000917251 adc:DefianceOhMember 2022-12-31 0000917251 adc:DeerfieldBeachFlMember 2022-12-31 0000917251 adc:DecaturGaMember 2022-12-31 0000917251 adc:DecaturAlMember 2022-12-31 0000917251 adc:DaytonTxMember 2022-12-31 0000917251 adc:DaytonOhMember 2022-12-31 0000917251 adc:DaytonOh1Member 2022-12-31 0000917251 adc:DaytonaBeachFlMember 2022-12-31 0000917251 adc:DaytonaBeachFlIMember 2022-12-31 0000917251 adc:DawsonvilleGaMember 2022-12-31 0000917251 adc:DavisburgMiMember 2022-12-31 0000917251 adc:DavenportIaMember 2022-12-31 0000917251 adc:DavenportFlMember 2022-12-31 0000917251 adc:DanvilleVaMember 2022-12-31 0000917251 adc:DanversMaMember 2022-12-31 0000917251 adc:DanburyCtMember 2022-12-31 0000917251 adc:DaltonGaMember 2022-12-31 0000917251 adc:DallasTxMember 2022-12-31 0000917251 adc:DallasTx2Member 2022-12-31 0000917251 adc:DallasTx1Member 2022-12-31 0000917251 adc:DallasNcMember 2022-12-31 0000917251 adc:DallasGaMember 2022-12-31 0000917251 adc:DaisettaTxMember 2022-12-31 0000917251 adc:DaculaGaMember 2022-12-31 0000917251 adc:CypressTxMember 2022-12-31 0000917251 adc:CumberlandWiMember 2022-12-31 0000917251 adc:CumberlandMdMember 2022-12-31 0000917251 adc:CueroTxMember 2022-12-31 0000917251 adc:CrystalRiverFlMember 2022-12-31 0000917251 adc:CrystalLakeIlMember 2022-12-31 0000917251 adc:CrystalFallsMiMember 2022-12-31 0000917251 adc:CrossvilleTnMember 2022-12-31 0000917251 adc:CreteNeMember 2022-12-31 0000917251 adc:CrestwoodKyMember 2022-12-31 0000917251 adc:CrestviewFlMember 2022-12-31 0000917251 adc:CranberryTownshipPaMember 2022-12-31 0000917251 adc:CranberryPaMember 2022-12-31 0000917251 adc:CranberryPa1Member 2022-12-31 0000917251 adc:CowetaOkMember 2022-12-31 0000917251 adc:CovingtonGaMember 2022-12-31 0000917251 adc:CortezCoMember 2022-12-31 0000917251 adc:CorpusChristiTxMember 2022-12-31 0000917251 adc:CorpusChristiTx1Member 2022-12-31 0000917251 adc:CorningIaMember 2022-12-31 0000917251 adc:CorinthMsMember 2022-12-31 0000917251 adc:CoralGablesFlMember 2022-12-31 0000917251 adc:CoolidgeAzMember 2022-12-31 0000917251 adc:CooksMiMember 2022-12-31 0000917251 adc:ConyersGaMember 2022-12-31 0000917251 adc:ConyersGa3Member 2022-12-31 0000917251 adc:ConyersGa2Member 2022-12-31 0000917251 adc:ConwayScMember 2022-12-31 0000917251 adc:ConwayArMember 2022-12-31 0000917251 adc:ConverseTxMember 2022-12-31 0000917251 adc:ConverseTx1Member 2022-12-31 0000917251 adc:ConroeTxMember 2022-12-31 0000917251 adc:ConneautOhMember 2022-12-31 0000917251 adc:ConneautOh1Member 2022-12-31 0000917251 adc:ConklinNyMember 2022-12-31 0000917251 adc:ConcordNcMember 2022-12-31 0000917251 adc:ConcordNc3Member 2022-12-31 0000917251 adc:ConcordNc2Member 2022-12-31 0000917251 adc:ConcordNc1Member 2022-12-31 0000917251 adc:ConcordiaKsMember 2022-12-31 0000917251 adc:ComancheTxMember 2022-12-31 0000917251 adc:ColumbusOhMember 2022-12-31 0000917251 adc:ColumbusOh7Member 2022-12-31 0000917251 adc:ColumbusOh6Member 2022-12-31 0000917251 adc:ColumbusOh5Member 2022-12-31 0000917251 adc:ColumbusOh4Member 2022-12-31 0000917251 adc:ColumbusOh3Member 2022-12-31 0000917251 adc:ColumbusOh2Member 2022-12-31 0000917251 adc:ColumbusOh1Member 2022-12-31 0000917251 adc:ColumbusNcMember 2022-12-31 0000917251 adc:ColumbusMsMember 2022-12-31 0000917251 adc:ColumbusMs1Member 2022-12-31 0000917251 adc:ColumbusGaMember 2022-12-31 0000917251 adc:ColumbiaScMember 2022-12-31 0000917251 adc:ColumbiaSc5Member 2022-12-31 0000917251 adc:ColumbiaSc4Member 2022-12-31 0000917251 adc:ColumbiaSc3Member 2022-12-31 0000917251 adc:ColumbiaSc2Member 2022-12-31 0000917251 adc:ColtonCaMember 2022-12-31 0000917251 adc:ColtonCaIiMember 2022-12-31 0000917251 adc:ColonialHeightsVaMember 2022-12-31 0000917251 adc:ColdironKyMember 2022-12-31 0000917251 adc:ColchesterCtMember 2022-12-31 0000917251 adc:CoffeevilleAlMember 2022-12-31 0000917251 adc:CocoaFlMember 2022-12-31 0000917251 adc:CockeysvilleMdMember 2022-12-31 0000917251 adc:CochranGaMember 2022-12-31 0000917251 adc:CoalHillArMember 2022-12-31 0000917251 adc:CoalCityIlMember 2022-12-31 0000917251 adc:ClovisNmMember 2022-12-31 0000917251 adc:ClintwoodVaMember 2022-12-31 0000917251 adc:ClintonTnMember 2022-12-31 0000917251 adc:ClintonMsMember 2022-12-31 0000917251 adc:ClintonLaMember 2022-12-31 0000917251 adc:CliftonParkNyMember 2022-12-31 0000917251 adc:CliftonHeightsPaMember 2022-12-31 0000917251 adc:ClevelandTnMember 2022-12-31 0000917251 adc:ClevelandMsMember 2022-12-31 0000917251 adc:ClemsonScMember 2022-12-31 0000917251 adc:ClearwaterFlMember 2022-12-31 0000917251 adc:ClaytonAlMember 2022-12-31 0000917251 adc:ClawsonMiMember 2022-12-31 0000917251 adc:ClarksvilleTnMember 2022-12-31 0000917251 adc:ClarksdaleMsMember 2022-12-31 0000917251 adc:ClareMiMember 2022-12-31 0000917251 adc:CincinnatiOhMember 2022-12-31 0000917251 adc:CincinnatiOh1Member 2022-12-31 0000917251 adc:CimarronNmMember 2022-12-31 0000917251 adc:CiceroIlMember 2022-12-31 0000917251 adc:ChulaGaMember 2022-12-31 0000917251 adc:ChubbuckId3Member 2022-12-31 0000917251 adc:ChubbuckId2Member 2022-12-31 0000917251 adc:ChubbuckId1Member 2022-12-31 0000917251 adc:ChristiansburgVaMember 2022-12-31 0000917251 adc:ChillicotheOhMember 2022-12-31 0000917251 adc:ChieflandFlMember 2022-12-31 0000917251 adc:ChickashaOkMember 2022-12-31 0000917251 adc:ChickashaOk2Member 2022-12-31 0000917251 adc:ChicagoIlMember 2022-12-31 0000917251 adc:ChicagoIl9Member 2022-12-31 0000917251 adc:ChicagoIl8Member 2022-12-31 0000917251 adc:ChicagoIl7Member 2022-12-31 0000917251 adc:ChicagoIl6Member 2022-12-31 0000917251 adc:ChicagoIl5Member 2022-12-31 0000917251 adc:ChicagoIl4Member 2022-12-31 0000917251 adc:ChicagoIl3Member 2022-12-31 0000917251 adc:ChicagoIl2Member 2022-12-31 0000917251 adc:ChicagoIl1Member 2022-12-31 0000917251 adc:CheyenneWyMember 2022-12-31 0000917251 adc:ChesterVa2Member 2022-12-31 0000917251 adc:ChesterVa1Member 2022-12-31 0000917251 adc:ChesterfieldTownshipMiMember 2022-12-31 0000917251 adc:ChesepeakeOhMember 2022-12-31 0000917251 adc:CherawScMember 2022-12-31 0000917251 adc:ChecotahOkMember 2022-12-31 0000917251 adc:ChattanoogaTnMember 2022-12-31 0000917251 adc:ChattanoogaTn1Member 2022-12-31 0000917251 adc:CharlottesvilleVaMember 2022-12-31 0000917251 adc:CharlotteNcMember 2022-12-31 0000917251 adc:CharlotteNc3Member 2022-12-31 0000917251 adc:CharlotteNc2Member 2022-12-31 0000917251 adc:CharlotteNc1Member 2022-12-31 0000917251 adc:CharlestonWvMember 2022-12-31 0000917251 adc:CharlestonWv1Member 2022-12-31 0000917251 adc:CharlestonIlMember 2022-12-31 0000917251 adc:ChappellNeMember 2022-12-31 0000917251 adc:ChapinScMember 2022-12-31 0000917251 adc:ChapelHillNcMember 2022-12-31 0000917251 adc:ChanhassenMnMember 2022-12-31 0000917251 adc:ChandlerAzMember 2022-12-31 0000917251 adc:ChamplinMnMember 2022-12-31 0000917251 adc:ChampaignIlMember 2022-12-31 0000917251 adc:ChambersburgPaMember 2022-12-31 0000917251 adc:ChalmetteLaMember 2022-12-31 0000917251 adc:ChalmetteLa1Member 2022-12-31 0000917251 adc:CentraliaIlMember 2022-12-31 0000917251 adc:CentervilleIaMember 2022-12-31 0000917251 adc:CentertonArMember 2022-12-31 0000917251 adc:CenterPointLaMember 2022-12-31 0000917251 adc:CedarSpringsMiMember 2022-12-31 0000917251 adc:CedarParkTxMember 2022-12-31 0000917251 adc:CatskillNyMember 2022-12-31 0000917251 adc:CastaliaNcMember 2022-12-31 0000917251 adc:CasselberryFlMember 2022-12-31 0000917251 adc:CasperWyMember 2022-12-31 0000917251 adc:CaryNcMember 2022-12-31 0000917251 adc:CaryNc2Member 2022-12-31 0000917251 adc:CaryNc1Member 2022-12-31 0000917251 adc:CarthageTxMember 2022-12-31 0000917251 adc:CarrolltonOhMember 2022-12-31 0000917251 adc:CarrolltonGaMember 2022-12-31 0000917251 adc:CarrizoSpringsTxMember 2022-12-31 0000917251 adc:CaroMiMember 2022-12-31 0000917251 adc:CarlislePaMember 2022-12-31 0000917251 adc:CarlinvilleIlMember 2022-12-31 0000917251 adc:CarbondaleIlMember 2022-12-31 0000917251 adc:CapitalPlazaKyMember 2022-12-31 0000917251 adc:CapeCoralFlMember 2022-12-31 0000917251 adc:CanyonLakeTxMember 2022-12-31 0000917251 adc:CantonTwpMiMember 2022-12-31 0000917251 adc:CantonOhMember 2022-12-31 0000917251 adc:CantonOh1Member 2022-12-31 0000917251 adc:CantonGaMember 2022-12-31 0000917251 adc:CandorNyMember 2022-12-31 0000917251 adc:CanastotaNyMember 2022-12-31 0000917251 adc:CanandaiguaNyMember 2022-12-31 0000917251 adc:CanandaiguaNy1Member 2022-12-31 0000917251 adc:CamptiLaMember 2022-12-31 0000917251 adc:CamdenTnMember 2022-12-31 0000917251 adc:CambridgeOhMember 2022-12-31 0000917251 adc:CalumetCityIlMember 2022-12-31 0000917251 adc:CaliforniaMoMember 2022-12-31 0000917251 adc:CalhounGaMember 2022-12-31 0000917251 adc:CalexicoCaMember 2022-12-31 0000917251 adc:CalcuttaOhMember 2022-12-31 0000917251 adc:CairoGaMember 2022-12-31 0000917251 adc:ByramMsMember 2022-12-31 0000917251 adc:ByhaliaMsMember 2022-12-31 0000917251 adc:BuxtonNcMember 2022-12-31 0000917251 adc:BurnsvilleMnMember 2022-12-31 0000917251 adc:BurnhamPaMember 2022-12-31 0000917251 adc:BurlingtonWiMember 2022-12-31 0000917251 adc:BurlingtonWaMember 2022-12-31 0000917251 adc:BurlesonTxMember 2022-12-31 0000917251 adc:BurlesonTx1Member 2022-12-31 0000917251 adc:BullheadCityAzMember 2022-12-31 0000917251 adc:BufordGaMember 2022-12-31 0000917251 adc:BufordGa2Member 2022-12-31 0000917251 adc:BuffaloNyMember 2022-12-31 0000917251 adc:BuffaloCenterIaMember 2022-12-31 0000917251 adc:BuddLakeNjMember 2022-12-31 0000917251 adc:BuckhannonWvMember 2022-12-31 0000917251 adc:BrunswickGaMember 2022-12-31 0000917251 adc:BrunswickGa2Member 2022-12-31 0000917251 adc:BrunswickGa1Member 2022-12-31 0000917251 adc:BruceMsMember 2022-12-31 0000917251 adc:BrownsvilleTxMember 2022-12-31 0000917251 adc:BrownDeerWiMember 2022-12-31 0000917251 adc:BrownburgInMember 2022-12-31 0000917251 adc:BroomfieldCoMember 2022-12-31 0000917251 adc:BrookvillePaMember 2022-12-31 0000917251 adc:BrooklynParkMnMember 2022-12-31 0000917251 adc:BrooklynOhMember 2022-12-31 0000917251 adc:BrookfieldCtMember 2022-12-31 0000917251 adc:BrokenArrowOkMember 2022-12-31 0000917251 adc:BrocktonMaMember 2022-12-31 0000917251 adc:BristolVaMember 2022-12-31 0000917251 adc:BristolPaMember 2022-12-31 0000917251 adc:BrimleyMiMember 2022-12-31 0000917251 adc:BrightonMiMember 2022-12-31 0000917251 adc:BridgevilleDeMember 2022-12-31 0000917251 adc:BrenhamTxMember 2022-12-31 0000917251 adc:BrenhamTx1Member 2022-12-31 0000917251 adc:BremenGaMember 2022-12-31 0000917251 adc:BreezewoodPaMember 2022-12-31 0000917251 adc:BransonMoMember 2022-12-31 0000917251 adc:BransonMo1Member 2022-12-31 0000917251 adc:BrandonMsMember 2022-12-31 0000917251 adc:BrandonMs1Member 2022-12-31 0000917251 adc:BrandenburgKyMember 2022-12-31 0000917251 adc:BradfordVtMember 2022-12-31 0000917251 adc:BoyntonBeachFlMember 2022-12-31 0000917251 adc:BoyntonBeachFl1Member 2022-12-31 0000917251 adc:BoyneCityMiMember 2022-12-31 0000917251 adc:BowmanScMember 2022-12-31 0000917251 adc:BowlingGreenMoMember 2022-12-31 0000917251 adc:BowieMdMember 2022-12-31 0000917251 adc:BourbonnaisIl3Member 2022-12-31 0000917251 adc:BoulderCityNvMember 2022-12-31 0000917251 adc:BottineauNdMember 2022-12-31 0000917251 adc:BoswellInMember 2022-12-31 0000917251 adc:BossierCityLaMember 2022-12-31 0000917251 adc:BossierCityLa2Member 2022-12-31 0000917251 adc:BormanCenterMiMember 2022-12-31 0000917251 adc:BoonsboroMdMember 2022-12-31 0000917251 adc:BooneNcMember 2022-12-31 0000917251 adc:BoltonMsMember 2022-12-31 0000917251 adc:BokosheOkMember 2022-12-31 0000917251 adc:BogalusaLaMember 2022-12-31 0000917251 adc:BoazAlMember 2022-12-31 0000917251 adc:BoardmanOhMember 2022-12-31 0000917251 adc:BlufftonScMember 2022-12-31 0000917251 adc:BlueSpringsMoMember 2022-12-31 0000917251 adc:BluefieldWvMember 2022-12-31 0000917251 adc:BlountsvilleAlMember 2022-12-31 0000917251 adc:BlountsvilleAl1Member 2022-12-31 0000917251 adc:BloomingtonMnMember 2022-12-31 0000917251 adc:BloomingtonIlMember 2022-12-31 0000917251 adc:BloomingtonIl2Member 2022-12-31 0000917251 adc:BloomingdaleIl1Member 2022-12-31 0000917251 adc:BloomfieldHillsMiMember 2022-12-31 0000917251 adc:BloomfieldHillsMi1Member 2022-12-31 0000917251 adc:BlairNeMember 2022-12-31 0000917251 adc:BlaineMnMember 2022-12-31 0000917251 adc:BlackvilleScMember 2022-12-31 0000917251 adc:BlackstoneVaMember 2022-12-31 0000917251 adc:BlacksburgScMember 2022-12-31 0000917251 adc:BlackRiverFallsWiMember 2022-12-31 0000917251 adc:BismarckArMember 2022-12-31 0000917251 adc:BirminghamAlMember 2022-12-31 0000917251 adc:BirminghamAl5Member 2022-12-31 0000917251 adc:BirminghamAl4Member 2022-12-31 0000917251 adc:BirminghamAl3Member 2022-12-31 0000917251 adc:BirminghamAl2Member 2022-12-31 0000917251 adc:BirminghamAl1Member 2022-12-31 0000917251 adc:BicknellInMember 2022-12-31 0000917251 adc:BettendorfIaMember 2022-12-31 0000917251 adc:BettendorfIa2Member 2022-12-31 0000917251 adc:BettendorfIa1Member 2022-12-31 0000917251 adc:BethelParkPaMember 2022-12-31 0000917251 adc:BessemerAlMember 2022-12-31 0000917251 adc:BerwynIlMember 2022-12-31 0000917251 adc:BernalilloNmMember 2022-12-31 0000917251 adc:BergenNyMember 2022-12-31 0000917251 adc:BentonvilleArMember 2022-12-31 0000917251 adc:BentonvilleAr1Member 2022-12-31 0000917251 adc:BentonHarborMiMember 2022-12-31 0000917251 adc:BentonArMember 2022-12-31 0000917251 adc:BentonAr1Member 2022-12-31 0000917251 adc:BemusPointNyMember 2022-12-31 0000917251 adc:BelzoniMsMember 2022-12-31 0000917251 adc:BelvidereIlMember 2022-12-31 0000917251 adc:BeltonTxMember 2022-12-31 0000917251 adc:BellwoodIlMember 2022-12-31 0000917251 adc:BellmawrNjMember 2022-12-31 0000917251 adc:BellevueOhMember 2022-12-31 0000917251 adc:BellevueOh1Member 2022-12-31 0000917251 adc:BellevilleMiMember 2022-12-31 0000917251 adc:BellefontaineOhMember 2022-12-31 0000917251 adc:BelAirMdMember 2022-12-31 0000917251 adc:BedfordOhMember 2022-12-31 0000917251 adc:BedfordInMember 2022-12-31 0000917251 adc:BedfordHeightsOhMember 2022-12-31 0000917251 adc:BeckleyWv1Member 2022-12-31 0000917251 adc:BeaumontTxMember 2022-12-31 0000917251 adc:BeaumontTx2Member 2022-12-31 0000917251 adc:BeaumontTx1Member 2022-12-31 0000917251 adc:BeaufortNcMember 2022-12-31 0000917251 adc:BeattyNvMember 2022-12-31 0000917251 adc:BearDeMember 2022-12-31 0000917251 adc:BaytownTxMember 2022-12-31 0000917251 adc:BaytownTx1Member 2022-12-31 0000917251 adc:BaySt.LouisMsMember 2022-12-31 0000917251 adc:BattleCreekMiMember 2022-12-31 0000917251 adc:BattleCreekMi1Member 2022-12-31 0000917251 adc:BatonRougeLaMember 2022-12-31 0000917251 adc:BatonRougeLa4Member 2022-12-31 0000917251 adc:BatonRougeLa3Member 2022-12-31 0000917251 adc:BatonRougeLa1Member 2022-12-31 0000917251 adc:BathPaMember 2022-12-31 0000917251 adc:BataviaUnionTownshipOhMember 2022-12-31 0000917251 adc:BartlesvilleOkMember 2022-12-31 0000917251 adc:BarnesvilleGaMember 2022-12-31 0000917251 adc:BarboursvilleWvMember 2022-12-31 0000917251 adc:BarabooWiMember 2022-12-31 0000917251 adc:BaltimoreMdMember 2022-12-31 0000917251 adc:BaltimoreMd4Member 2022-12-31 0000917251 adc:BaltimoreMd3Member 2022-12-31 0000917251 adc:BaltimoreMd2Member 2022-12-31 0000917251 adc:BaltimoreMd1Member 2022-12-31 0000917251 adc:BaltimoreGwynnOakMdMember 2022-12-31 0000917251 adc:BaldwynMsMember 2022-12-31 0000917251 adc:BakersfieldCaMember 2022-12-31 0000917251 adc:AvondaleAzMember 2022-12-31 0000917251 adc:AustinburgOhMember 2022-12-31 0000917251 adc:AustellGaMember 2022-12-31 0000917251 adc:AuroraIl1Member 2022-12-31 0000917251 adc:AuroraCo3Member 2022-12-31 0000917251 adc:AuroraCo2Member 2022-12-31 0000917251 adc:AulanderNcMember 2022-12-31 0000917251 adc:AugustaMeMember 2022-12-31 0000917251 adc:AugustaGaMember 2022-12-31 0000917251 adc:AugustaGa1Member 2022-12-31 0000917251 adc:AtticaInMember 2022-12-31 0000917251 adc:AttalaAlMember 2022-12-31 0000917251 adc:AtokaOkMember 2022-12-31 0000917251 adc:AtlanticBeachNcMember 2022-12-31 0000917251 adc:AthensWvMember 2022-12-31 0000917251 adc:AthensGaMember 2022-12-31 0000917251 adc:AthensAlMember 2022-12-31 0000917251 adc:AthensAl1Member 2022-12-31 0000917251 adc:AtchisonKsMember 2022-12-31 0000917251 adc:AtchisonKs1Member 2022-12-31 0000917251 adc:AtascocitaTxMember 2022-12-31 0000917251 adc:AshlandMsMember 2022-12-31 0000917251 adc:AshevilleNcMember 2022-12-31 0000917251 adc:AsheboroNcMember 2022-12-31 0000917251 adc:ArnoldMoMember 2022-12-31 0000917251 adc:ArlingtonTx1Member 2022-12-31 0000917251 adc:ArdmoreOkMember 2022-12-31 0000917251 adc:AppleValleyMnMember 2022-12-31 0000917251 adc:AppletonWiMember 2022-12-31 0000917251 adc:AppletonWi1Member 2022-12-31 0000917251 adc:AppleCreekOhMember 2022-12-31 0000917251 adc:ApopkaFl3Member 2022-12-31 0000917251 adc:ApopkaFl1Member 2022-12-31 0000917251 adc:AntiochTnMember 2022-12-31 0000917251 adc:AntiochIlMember 2022-12-31 0000917251 adc:AntiochCaMember 2022-12-31 0000917251 adc:AntigoWiMember 2022-12-31 0000917251 adc:AnnArborMiMember 2022-12-31 0000917251 adc:AnnArborMi2Member 2022-12-31 0000917251 adc:AngierNcMember 2022-12-31 0000917251 adc:AndrewsTxMember 2022-12-31 0000917251 adc:AndersonScMember 2022-12-31 0000917251 adc:AndersonSc1Member 2022-12-31 0000917251 adc:AmiteLaMember 2022-12-31 0000917251 adc:AmiteCityLaMember 2022-12-31 0000917251 adc:AmissvilleVaMember 2022-12-31 0000917251 adc:AmericusGaMember 2022-12-31 0000917251 adc:AmericusGa1Member 2022-12-31 0000917251 adc:AmarilloTxMember 2022-12-31 0000917251 adc:AltoonaPaMember 2022-12-31 0000917251 adc:AltheimerArMember 2022-12-31 0000917251 adc:AllentownPaMember 2022-12-31 0000917251 adc:AllentownPa1Member 2022-12-31 0000917251 adc:AlleganMiMember 2022-12-31 0000917251 adc:AlexisIlMember 2022-12-31 0000917251 adc:AlcoaTnMember 2022-12-31 0000917251 adc:AlcaldeNmMember 2022-12-31 0000917251 adc:AlbuquerqueNmMember 2022-12-31 0000917251 adc:AlbuquerqueNm2Member 2022-12-31 0000917251 adc:AlbuquerqueNm1Member 2022-12-31 0000917251 adc:AlbionNyMember 2022-12-31 0000917251 adc:AlbanyNyMember 2022-12-31 0000917251 adc:AlbanyGaMember 2022-12-31 0000917251 adc:AlbanyGa4Member 2022-12-31 0000917251 adc:AlbanyGa3Member 2022-12-31 0000917251 adc:AlbanyGa2Member 2022-12-31 0000917251 adc:AlbanyGa1Member 2022-12-31 0000917251 adc:AlamoTxMember 2022-12-31 0000917251 adc:AlamogordoNmMember 2022-12-31 0000917251 adc:AlamogordoNm2Member 2022-12-31 0000917251 adc:AkronOh3Member 2022-12-31 0000917251 adc:AdrianMiMember 2022-12-31 0000917251 adc:AdgerAlMember 2022-12-31 0000917251 adc:AdaOkMember 2022-12-31 0000917251 adc:AckleyIaMember 2022-12-31 0000917251 adc:AbingtonVaMember 2022-12-31 0000917251 adc:AbingdonMaMember 2022-12-31 0000917251 adc:AbileneTxMember 2022-12-31 0000917251 adc:AberdeenMdMember 2022-12-31 0000917251 us-gaap:RedeemablePreferredStockMember 2022-01-01 2022-12-31 0000917251 us-gaap:CommonStockMember 2022-01-01 2022-12-31 0000917251 2022-06-30 0000917251 2023-02-13 0000917251 us-gaap:RevolvingCreditFacilityMember adc:SeniorUnsecuredDebtMember us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2022-11-01 2022-11-30 0000917251 us-gaap:RevolvingCreditFacilityMember adc:SeniorUnsecuredDebtMember us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2022-01-01 2022-12-31 0000917251 us-gaap:ForwardContractsMember us-gaap:CommonStockMember adc:AtMarketProgram2021Member 2022-12-31 0000917251 us-gaap:ForwardContractsMember us-gaap:CommonStockMember adc:AtMarketProgram2020Member 2022-12-31 0000917251 us-gaap:ForwardContractsMember us-gaap:CommonStockMember adc:AtMarketProgram2022Member 2022-09-30 0000917251 2019-12-31 0000917251 srt:MaximumMember 2014-11-18 0000917251 adc:ZebulonNcMember 2022-01-01 2022-12-31 0000917251 adc:ZanesvilleOhMember 2022-01-01 2022-12-31 0000917251 adc:ZanesvilleOh1Member 2022-01-01 2022-12-31 0000917251 adc:YumaAzMember 2022-01-01 2022-12-31 0000917251 adc:YumaAz1Member 2022-01-01 2022-12-31 0000917251 adc:YuleeFlMember 2022-01-01 2022-12-31 0000917251 adc:YpsilantiMiMember 2022-01-01 2022-12-31 0000917251 adc:YoungstownOh1Member 2022-01-01 2022-12-31 0000917251 adc:YorkScMember 2022-01-01 2022-12-31 0000917251 adc:YorkPaMember 2022-01-01 2022-12-31 0000917251 adc:YonkersNyMember 2022-01-01 2022-12-31 0000917251 adc:YanktonSdMember 2022-01-01 2022-12-31 0000917251 adc:YakimaWaMember 2022-01-01 2022-12-31 0000917251 adc:WythevilleVaMember 2022-01-01 2022-12-31 0000917251 adc:WythevilleVa1Member 2022-01-01 2022-12-31 0000917251 adc:WysoxPaMember 2022-01-01 2022-12-31 0000917251 adc:WyomissingPaMember 2022-01-01 2022-12-31 0000917251 adc:WyomingMiMember 2022-01-01 2022-12-31 0000917251 adc:WylieTxMember 2022-01-01 2022-12-31 0000917251 adc:WylieTx1Member 2022-01-01 2022-12-31 0000917251 adc:WrightstownNjMember 2022-01-01 2022-12-31 0000917251 adc:WrightCityOkMember 2022-01-01 2022-12-31 0000917251 adc:WorcesterMaMember 2022-01-01 2022-12-31 0000917251 adc:WoodstockIlMember 2022-01-01 2022-12-31 0000917251 adc:WoodlandParkNjMember 2022-01-01 2022-12-31 0000917251 adc:WoodburyTnMember 2022-01-01 2022-12-31 0000917251 adc:WoodbridgeNjMember 2022-01-01 2022-12-31 0000917251 adc:WoodbineNjMember 2022-01-01 2022-12-31 0000917251 adc:WintonSalemNcMember 2022-01-01 2022-12-31 0000917251 adc:WinterWiMember 2022-01-01 2022-12-31 0000917251 adc:WintervilleNcMember 2022-01-01 2022-12-31 0000917251 adc:WinterSpringsFlMember 2022-01-01 2022-12-31 0000917251 adc:WinterHavenFlMember 2022-01-01 2022-12-31 0000917251 adc:WinstonSalemNcMember 2022-01-01 2022-12-31 0000917251 adc:WinstonSalemNc1Member 2022-01-01 2022-12-31 0000917251 adc:WinslowAzMember 2022-01-01 2022-12-31 0000917251 adc:WinonaMnMember 2022-01-01 2022-12-31 0000917251 adc:WindsorNcMember 2022-01-01 2022-12-31 0000917251 adc:WindsorHillCaMember 2022-01-01 2022-12-31 0000917251 adc:WinchesterOhMember 2022-01-01 2022-12-31 0000917251 adc:WinchesterInMember 2022-01-01 2022-12-31 0000917251 adc:WilmingtonNcMember 2022-01-01 2022-12-31 0000917251 adc:WilmingtonNc1Member 2022-01-01 2022-12-31 0000917251 adc:WilmingtonDeMember 2022-01-01 2022-12-31 0000917251 adc:WillisTxMember 2022-01-01 2022-12-31 0000917251 adc:WillistonNdMember 2022-01-01 2022-12-31 0000917251 adc:WilliamsvilleNyMember 2022-01-01 2022-12-31 0000917251 adc:WilliamstownWvMember 2022-01-01 2022-12-31 0000917251 adc:WilliamsburgVaMember 2022-01-01 2022-12-31 0000917251 adc:WilliamsburgVa1Member 2022-01-01 2022-12-31 0000917251 adc:WilkesboroNcMember 2022-01-01 2022-12-31 0000917251 adc:WigginsMsMember 2022-01-01 2022-12-31 0000917251 adc:WichitaStoreKsMember 2022-01-01 2022-12-31 0000917251 adc:WichitaKsMember 2022-01-01 2022-12-31 0000917251 adc:WichitaKs5Member 2022-01-01 2022-12-31 0000917251 adc:WichitaKs4Member 2022-01-01 2022-12-31 0000917251 adc:WichitaKs3Member 2022-01-01 2022-12-31 0000917251 adc:WichitaKs2Member 2022-01-01 2022-12-31 0000917251 adc:WichitaKs1Member 2022-01-01 2022-12-31 0000917251 adc:WichitaFallsTxMember 2022-01-01 2022-12-31 0000917251 adc:WhittierCaMember 2022-01-01 2022-12-31 0000917251 adc:WhitmoreLakeMiMember 2022-01-01 2022-12-31 0000917251 adc:WhitewaterWiMember 2022-01-01 2022-12-31 0000917251 adc:WhiteOakTxMember 2022-01-01 2022-12-31 0000917251 adc:WhitehouseTxMember 2022-01-01 2022-12-31 0000917251 adc:WhitehallPaMember 2022-01-01 2022-12-31 0000917251 adc:WhitefieldOkMember 2022-01-01 2022-12-31 0000917251 adc:WhippanyNjMember 2022-01-01 2022-12-31 0000917251 adc:WethersfieldCt3Member 2022-01-01 2022-12-31 0000917251 adc:WethersfieldCt2Member 2022-01-01 2022-12-31 0000917251 adc:WestViewPaMember 2022-01-01 2022-12-31 0000917251 adc:WestSenecaNyMember 2022-01-01 2022-12-31 0000917251 adc:WestPalmBeachFlMember 2022-01-01 2022-12-31 0000917251 adc:WestPalmBeachFl1Member 2022-01-01 2022-12-31 0000917251 adc:WestoverWvMember 2022-01-01 2022-12-31 0000917251 adc:WestoverMdMember 2022-01-01 2022-12-31 0000917251 adc:WestmontIlMember 2022-01-01 2022-12-31 0000917251 adc:WestMilwaukeeWiMember 2022-01-01 2022-12-31 0000917251 adc:WestMifflinPaMember 2022-01-01 2022-12-31 0000917251 adc:WestJordanUtMember 2022-01-01 2022-12-31 0000917251 adc:WestHenriettaNyMember 2022-01-01 2022-12-31 0000917251 adc:WestHelenaArMember 2022-01-01 2022-12-31 0000917251 adc:WestHartfordCtMember 2022-01-01 2022-12-31 0000917251 adc:WestHartfordCt1Member 2022-01-01 2022-12-31 0000917251 adc:WestfieldPaMember 2022-01-01 2022-12-31 0000917251 adc:WestfieldInMember 2022-01-01 2022-12-31 0000917251 adc:WestFargoNdMember 2022-01-01 2022-12-31 0000917251 adc:WestervilleOhMember 2022-01-01 2022-12-31 0000917251 adc:WestervilleOh1Member 2022-01-01 2022-12-31 0000917251 adc:WestChesterOhMember 2022-01-01 2022-12-31 0000917251 adc:WestChesterOh1Member 2022-01-01 2022-12-31 0000917251 adc:WestchesterIlMember 2022-01-01 2022-12-31 0000917251 adc:WestBendWiMember 2022-01-01 2022-12-31 0000917251 adc:WeslacoTxMember 2022-01-01 2022-12-31 0000917251 adc:WellsboroPaMember 2022-01-01 2022-12-31 0000917251 adc:WellingtonKsMember 2022-01-01 2022-12-31 0000917251 adc:WeiserIdMember 2022-01-01 2022-12-31 0000917251 adc:WeirtonWvMember 2022-01-01 2022-12-31 0000917251 adc:WeidmanMiMember 2022-01-01 2022-12-31 0000917251 adc:WebbCityMoMember 2022-01-01 2022-12-31 0000917251 adc:WaynesboroMsMember 2022-01-01 2022-12-31 0000917251 adc:WayneNjMember 2022-01-01 2022-12-31 0000917251 adc:WayneNeMember 2022-01-01 2022-12-31 0000917251 adc:WaxhawNcMember 2022-01-01 2022-12-31 0000917251 adc:WaxahachieTxMember 2022-01-01 2022-12-31 0000917251 adc:WavesNcMember 2022-01-01 2022-12-31 0000917251 adc:WaverlyTnMember 2022-01-01 2022-12-31 0000917251 adc:WausauWiMember 2022-01-01 2022-12-31 0000917251 adc:WaukeganIlMember 2022-01-01 2022-12-31 0000917251 adc:WauchulaFlMember 2022-01-01 2022-12-31 0000917251 adc:WatertownSdMember 2022-01-01 2022-12-31 0000917251 adc:WatertownNyMember 2022-01-01 2022-12-31 0000917251 adc:WaterlooIaMember 2022-01-01 2022-12-31 0000917251 adc:WaterburyCtMember 2022-01-01 2022-12-31 0000917251 adc:WaterburyCt2Member 2022-01-01 2022-12-31 0000917251 adc:WarwickRiMember 2022-01-01 2022-12-31 0000917251 adc:WarsawInMember 2022-01-01 2022-12-31 0000917251 adc:WarrentonVaMember 2022-01-01 2022-12-31 0000917251 adc:WarrensvilleHeightsOhMember 2022-01-01 2022-12-31 0000917251 adc:WarrensvilleHeightsOh1Member 2022-01-01 2022-12-31 0000917251 adc:WarrenOhMember 2022-01-01 2022-12-31 0000917251 adc:WarnerOkMember 2022-01-01 2022-12-31 0000917251 adc:WappingersFallsNyMember 2022-01-01 2022-12-31 0000917251 adc:WalterboroScMember 2022-01-01 2022-12-31 0000917251 adc:WalterboroSc1Member 2022-01-01 2022-12-31 0000917251 adc:WallingfordCtMember 2022-01-01 2022-12-31 0000917251 adc:WallingfordCtIiMember 2022-01-01 2022-12-31 0000917251 adc:WalkerMiMember 2022-01-01 2022-12-31 0000917251 adc:WalkerMi2Member 2022-01-01 2022-12-31 0000917251 adc:WalkerMi1Member 2022-01-01 2022-12-31 0000917251 adc:WalkerLaMember 2022-01-01 2022-12-31 0000917251 adc:WaiteParkMnMember 2022-01-01 2022-12-31 0000917251 adc:WainscottNyMember 2022-01-01 2022-12-31 0000917251 adc:WagonerOkMember 2022-01-01 2022-12-31 0000917251 adc:W.SenecaNyMember 2022-01-01 2022-12-31 0000917251 adc:VisaliaCaMember 2022-01-01 2022-12-31 0000917251 adc:VirginiaBeachVaMember 2022-01-01 2022-12-31 0000917251 adc:VirginiaBeachVa1Member 2022-01-01 2022-12-31 0000917251 adc:VinelandNjMember 2022-01-01 2022-12-31 0000917251 adc:VinelandNj1Member 2022-01-01 2022-12-31 0000917251 adc:VillaRicaGaMember 2022-01-01 2022-12-31 0000917251 adc:ViennaWvMember 2022-01-01 2022-12-31 0000917251 adc:VicksburgMsMember 2022-01-01 2022-12-31 0000917251 adc:VestalNyMember 2022-01-01 2022-12-31 0000917251 adc:VeroBeachFlMember 2022-01-01 2022-12-31 0000917251 adc:VeroBeachFl5Member 2022-01-01 2022-12-31 0000917251 adc:VeroBeachFl3Member 2022-01-01 2022-12-31 0000917251 adc:VeroBeachFl2Member 2022-01-01 2022-12-31 0000917251 adc:VermillionSdMember 2022-01-01 2022-12-31 0000917251 adc:VeniceFlMember 2022-01-01 2022-12-31 0000917251 adc:VeniceFl2Member 2022-01-01 2022-12-31 0000917251 adc:VeniceFl1Member 2022-01-01 2022-12-31 0000917251 adc:VanNuysCaMember 2022-01-01 2022-12-31 0000917251 adc:VanBurenMeMember 2022-01-01 2022-12-31 0000917251 adc:ValleyCityOhMember 2022-01-01 2022-12-31 0000917251 adc:VallejoCaMember 2022-01-01 2022-12-31 0000917251 adc:ValentineNeMember 2022-01-01 2022-12-31 0000917251 adc:UrbandaleIaMember 2022-01-01 2022-12-31 0000917251 adc:UrbanaOhMember 2022-01-01 2022-12-31 0000917251 adc:UpperDeerfieldNjMember 2022-01-01 2022-12-31 0000917251 adc:UpperDarbyPaMember 2022-01-01 2022-12-31 0000917251 adc:UniversalCityTxMember 2022-01-01 2022-12-31 0000917251 adc:UnionMoMember 2022-01-01 2022-12-31 0000917251 adc:UnionCityGaMember 2022-01-01 2022-12-31 0000917251 adc:TutwilerMsMember 2022-01-01 2022-12-31 0000917251 adc:TurnersvilleNjMember 2022-01-01 2022-12-31 0000917251 adc:TurlockCaMember 2022-01-01 2022-12-31 0000917251 adc:TurlockCa2Member 2022-01-01 2022-12-31 0000917251 adc:TurlockCa1Member 2022-01-01 2022-12-31 0000917251 adc:TupeloMsMember 2022-01-01 2022-12-31 0000917251 adc:TulsaOkMember 2022-01-01 2022-12-31 0000917251 adc:TulsaOk1Member 2022-01-01 2022-12-31 0000917251 adc:TullahomaTnMember 2022-01-01 2022-12-31 0000917251 adc:TucsonAzMember 2022-01-01 2022-12-31 0000917251 adc:TucsonAz1Member 2022-01-01 2022-12-31 0000917251 adc:TuckerGaMember 2022-01-01 2022-12-31 0000917251 adc:TubaCityAzMember 2022-01-01 2022-12-31 0000917251 adc:TseBonitoNmMember 2022-01-01 2022-12-31 0000917251 adc:TrumannArMember 2022-01-01 2022-12-31 0000917251 adc:TrentonFlMember 2022-01-01 2022-12-31 0000917251 adc:TraverseCityMiMember 2022-01-01 2022-12-31 0000917251 adc:TorringtonCtMember 2022-01-01 2022-12-31 0000917251 adc:TopekaKsMember 2022-01-01 2022-12-31 0000917251 adc:TonawandaNyMember 2022-01-01 2022-12-31 0000917251 adc:TonawandaNy1Member 2022-01-01 2022-12-31 0000917251 adc:TomsRiverNjMember 2022-01-01 2022-12-31 0000917251 adc:TompkinsvilleKyMember 2022-01-01 2022-12-31 0000917251 adc:TomballTxMember 2022-01-01 2022-12-31 0000917251 adc:TomballTx1Member 2022-01-01 2022-12-31 0000917251 adc:TollesonAzMember 2022-01-01 2022-12-31 0000917251 adc:ToledoOhMember 2022-01-01 2022-12-31 0000917251 adc:ToledoOh7Member 2022-01-01 2022-12-31 0000917251 adc:ToledoOh6Member 2022-01-01 2022-12-31 0000917251 adc:ToledoOh5Member 2022-01-01 2022-12-31 0000917251 adc:ToledoOh3Member 2022-01-01 2022-12-31 0000917251 adc:ToledoOh2Member 2022-01-01 2022-12-31 0000917251 adc:ToledoOh1Member 2022-01-01 2022-12-31 0000917251 adc:TobyhannaPaMember 2022-01-01 2022-12-31 0000917251 adc:TitusvillePaMember 2022-01-01 2022-12-31 0000917251 adc:TitusvilleFlMember 2022-01-01 2022-12-31 0000917251 adc:TinleyParkIlMember 2022-01-01 2022-12-31 0000917251 adc:TimoniumMdMember 2022-01-01 2022-12-31 0000917251 adc:TimbervilleVaMember 2022-01-01 2022-12-31 0000917251 adc:TillamookOrMember 2022-01-01 2022-12-31 0000917251 adc:TiffinOhMember 2022-01-01 2022-12-31 0000917251 adc:ThornvilleOhMember 2022-01-01 2022-12-31 0000917251 adc:ThornHillTnMember 2022-01-01 2022-12-31 0000917251 adc:ThomsonGaMember 2022-01-01 2022-12-31 0000917251 adc:TheodoreAlMember 2022-01-01 2022-12-31 0000917251 adc:TheodoreAl1Member 2022-01-01 2022-12-31 0000917251 adc:ThayerMoMember 2022-01-01 2022-12-31 0000917251 adc:TexarkanaTxMember 2022-01-01 2022-12-31 0000917251 adc:TerrellTxMember 2022-01-01 2022-12-31 0000917251 adc:TerreHauteInMember 2022-01-01 2022-12-31 0000917251 adc:TaylorMiMember 2022-01-01 2022-12-31 0000917251 adc:TaylorMi2Member 2022-01-01 2022-12-31 0000917251 adc:TavaresFlMember 2022-01-01 2022-12-31 0000917251 adc:TauntonMaMember 2022-01-01 2022-12-31 0000917251 adc:TappahannockVaMember 2022-01-01 2022-12-31 0000917251 adc:TampaFlMember 2022-01-01 2022-12-31 0000917251 adc:TampaFl2Member 2022-01-01 2022-12-31 0000917251 adc:TampaFl1Member 2022-01-01 2022-12-31 0000917251 adc:TallasseeAlMember 2022-01-01 2022-12-31 0000917251 adc:TallahasseeFlMember 2022-01-01 2022-12-31 0000917251 adc:TallahasseeFl1Member 2022-01-01 2022-12-31 0000917251 adc:TalladegaAlMember 2022-01-01 2022-12-31 0000917251 adc:TalisheekLaMember 2022-01-01 2022-12-31 0000917251 adc:TalihinaOkMember 2022-01-01 2022-12-31 0000917251 adc:TaborCityNcMember 2022-01-01 2022-12-31 0000917251 adc:SyracuseNyMember 2022-01-01 2022-12-31 0000917251 adc:SyracuseNy2Member 2022-01-01 2022-12-31 0000917251 adc:SyracuseNy1Member 2022-01-01 2022-12-31 0000917251 adc:SylvaNcMember 2022-01-01 2022-12-31 0000917251 adc:SylvaNc1Member 2022-01-01 2022-12-31 0000917251 adc:SylacaugaAlMember 2022-01-01 2022-12-31 0000917251 adc:SwitzCityInMember 2022-01-01 2022-12-31 0000917251 adc:SweetwaterTnMember 2022-01-01 2022-12-31 0000917251 adc:SwainsboroGaMember 2022-01-01 2022-12-31 0000917251 adc:SurryVaMember 2022-01-01 2022-12-31 0000917251 adc:SurrencyGaMember 2022-01-01 2022-12-31 0000917251 adc:SunValleyNvMember 2022-01-01 2022-12-31 0000917251 adc:SunPrairieWiMember 2022-01-01 2022-12-31 0000917251 adc:SunnyvaleCaMember 2022-01-01 2022-12-31 0000917251 adc:SumterScMember 2022-01-01 2022-12-31 0000917251 adc:SumterSc2Member 2022-01-01 2022-12-31 0000917251 adc:SumterSc1Member 2022-01-01 2022-12-31 0000917251 adc:SummitTwpMiMember 2022-01-01 2022-12-31 0000917251 adc:SulligentAlMember 2022-01-01 2022-12-31 0000917251 adc:SugarCreekMoMember 2022-01-01 2022-12-31 0000917251 adc:SuffolkVaMember 2022-01-01 2022-12-31 0000917251 adc:StuartVaMember 2022-01-01 2022-12-31 0000917251 adc:StrongsvilleOhMember 2022-01-01 2022-12-31 0000917251 adc:StRobertMoMember 2022-01-01 2022-12-31 0000917251 adc:StreetsboroOhMember 2022-01-01 2022-12-31 0000917251 adc:StreatorIlMember 2022-01-01 2022-12-31 0000917251 adc:StratfordCtMember 2022-01-01 2022-12-31 0000917251 adc:StPetersMoMember 2022-01-01 2022-12-31 0000917251 adc:StPetersburgFlMember 2022-01-01 2022-12-31 0000917251 adc:StocktonCaMember 2022-01-01 2022-12-31 0000917251 adc:StocktonCa1Member 2022-01-01 2022-12-31 0000917251 adc:StockbridgeGaMember 2022-01-01 2022-12-31 0000917251 adc:StJosephMoMember 2022-01-01 2022-12-31 0000917251 adc:StillwaterOkMember 2022-01-01 2022-12-31 0000917251 adc:SterlingMiMember 2022-01-01 2022-12-31 0000917251 adc:SterlingHeightsMiMember 2022-01-01 2022-12-31 0000917251 adc:StephensonMiMember 2022-01-01 2022-12-31 0000917251 adc:StCharlesMoMember 2022-01-01 2022-12-31 0000917251 adc:StAugustineFlMember 2022-01-01 2022-12-31 0000917251 adc:StathamGaMember 2022-01-01 2022-12-31 0000917251 adc:StatesvilleNcMember 2022-01-01 2022-12-31 0000917251 adc:StatesvilleNc3Member 2022-01-01 2022-12-31 0000917251 adc:StatesvilleNc2Member 2022-01-01 2022-12-31 0000917251 adc:StatesvilleNc1Member 2022-01-01 2022-12-31 0000917251 adc:StatesboroGaMember 2022-01-01 2022-12-31 0000917251 adc:StatesboroGa1Member 2022-01-01 2022-12-31 0000917251 adc:StarLakeNyMember 2022-01-01 2022-12-31 0000917251 adc:StanleyNdMember 2022-01-01 2022-12-31 0000917251 adc:StallingsMatthewsNcMember 2022-01-01 2022-12-31 0000917251 adc:StaffordSpringsCtMember 2022-01-01 2022-12-31 0000917251 adc:St.PetersMoMember 2022-01-01 2022-12-31 0000917251 adc:St.PetersburgFlMember 2022-01-01 2022-12-31 0000917251 adc:St.MichaelsAzMember 2022-01-01 2022-12-31 0000917251 adc:St.MartinvilleLaMember 2022-01-01 2022-12-31 0000917251 adc:St.LouisMoMember 2022-01-01 2022-12-31 0000917251 adc:St.HelenMiMember 2022-01-01 2022-12-31 0000917251 adc:SpringTxMember 2022-01-01 2022-12-31 0000917251 adc:SpringhillLaMember 2022-01-01 2022-12-31 0000917251 adc:SpringGroveIlMember 2022-01-01 2022-12-31 0000917251 adc:SpringfieldOhMember 2022-01-01 2022-12-31 0000917251 adc:SpringfieldOh1Member 2022-01-01 2022-12-31 0000917251 adc:SpringfieldMoMember 2022-01-01 2022-12-31 0000917251 adc:SpringfieldMo2Member 2022-01-01 2022-12-31 0000917251 adc:SpringfieldMo1Member 2022-01-01 2022-12-31 0000917251 adc:SpringfieldMaMember 2022-01-01 2022-12-31 0000917251 adc:SpringfieldMa2Member 2022-01-01 2022-12-31 0000917251 adc:SpringfieldIlMember 2022-01-01 2022-12-31 0000917251 adc:SpringfieldIl2Member 2022-01-01 2022-12-31 0000917251 adc:SpringdaleWaMember 2022-01-01 2022-12-31 0000917251 adc:SpringdaleArMember 2022-01-01 2022-12-31 0000917251 adc:SpringdaleAr2Member 2022-01-01 2022-12-31 0000917251 adc:SpringdaleAr1Member 2022-01-01 2022-12-31 0000917251 adc:SpartanburgScMember 2022-01-01 2022-12-31 0000917251 adc:SpartanburgSc5Member 2022-01-01 2022-12-31 0000917251 adc:SpartanburgSc4Member 2022-01-01 2022-12-31 0000917251 adc:SpartanburgSc3Member 2022-01-01 2022-12-31 0000917251 adc:SpartanburgSc2Member 2022-01-01 2022-12-31 0000917251 adc:SpartanburgSc1Member 2022-01-01 2022-12-31 0000917251 adc:SparkmanArMember 2022-01-01 2022-12-31 0000917251 adc:SpaldingMiMember 2022-01-01 2022-12-31 0000917251 adc:SouthingtonCtMember 2022-01-01 2022-12-31 0000917251 adc:SouthForkMoMember 2022-01-01 2022-12-31 0000917251 adc:SouthfieldMiMember 2022-01-01 2022-12-31 0000917251 adc:SouthfieldMi1Member 2022-01-01 2022-12-31 0000917251 adc:SouthernPinesNcMember 2022-01-01 2022-12-31 0000917251 adc:SouthElginIlMember 2022-01-01 2022-12-31 0000917251 adc:SouthElginIl2Member 2022-01-01 2022-12-31 0000917251 adc:SouthElginIl1Member 2022-01-01 2022-12-31 0000917251 adc:SouthCorningNyMember 2022-01-01 2022-12-31 0000917251 adc:SouthChicagoHeightsIlMember 2022-01-01 2022-12-31 0000917251 adc:SouthBostonVaMember 2022-01-01 2022-12-31 0000917251 adc:SouthBendInMember 2022-01-01 2022-12-31 0000917251 adc:SouthavenMsMember 2022-01-01 2022-12-31 0000917251 adc:SouthavenMs2Member 2022-01-01 2022-12-31 0000917251 adc:SouthavenMs1Member 2022-01-01 2022-12-31 0000917251 adc:SmyrnaTnMember 2022-01-01 2022-12-31 0000917251 adc:SmyrnaTn1Member 2022-01-01 2022-12-31 0000917251 adc:SmithfieldNcMember 2022-01-01 2022-12-31 0000917251 adc:SinkingSpringOhMember 2022-01-01 2022-12-31 0000917251 adc:SilverthorneCoMember 2022-01-01 2022-12-31 0000917251 adc:SilverCreekMsMember 2022-01-01 2022-12-31 0000917251 adc:SilasAlMember 2022-01-01 2022-12-31 0000917251 adc:SignalHillCaMember 2022-01-01 2022-12-31 0000917251 adc:SidneyOhMember 2022-01-01 2022-12-31 0000917251 adc:SidneyMtMember 2022-01-01 2022-12-31 0000917251 adc:ShwaneeKs1Member 2022-01-01 2022-12-31 0000917251 adc:ShreveportLaMember 2022-01-01 2022-12-31 0000917251 adc:SheridanArMember 2022-01-01 2022-12-31 0000917251 adc:ShenandoahTxMember 2022-01-01 2022-12-31 0000917251 adc:SheldonMoMember 2022-01-01 2022-12-31 0000917251 adc:ShelbyOhMember 2022-01-01 2022-12-31 0000917251 adc:SheffieldIlMember 2022-01-01 2022-12-31 0000917251 adc:SheffieldIaMember 2022-01-01 2022-12-31 0000917251 adc:SheboyganWiMember 2022-01-01 2022-12-31 0000917251 adc:SheboyganWi1Member 2022-01-01 2022-12-31 0000917251 adc:ShawneeOkMember 2022-01-01 2022-12-31 0000917251 adc:SeymourTnMember 2022-01-01 2022-12-31 0000917251 adc:SewellNjMember 2022-01-01 2022-12-31 0000917251 adc:SennettNyMember 2022-01-01 2022-12-31 0000917251 adc:SelmaAlMember 2022-01-01 2022-12-31 0000917251 adc:SecaucusNjMember 2022-01-01 2022-12-31 0000917251 adc:SebringFlMember 2022-01-01 2022-12-31 0000917251 adc:SebewaingMiMember 2022-01-01 2022-12-31 0000917251 adc:SeasideOrMember 2022-01-01 2022-12-31 0000917251 adc:SearcyArMember 2022-01-01 2022-12-31 0000917251 adc:SearcyAr1Member 2022-01-01 2022-12-31 0000917251 adc:SchofieldWiMember 2022-01-01 2022-12-31 0000917251 adc:SchillerParkIlMember 2022-01-01 2022-12-31 0000917251 adc:SchenectadyNyMember 2022-01-01 2022-12-31 0000917251 adc:SchenectadyNy2Member 2022-01-01 2022-12-31 0000917251 adc:SchenectadyNy1Member 2022-01-01 2022-12-31 0000917251 adc:ScarsdaleNyMember 2022-01-01 2022-12-31 0000917251 adc:SavannahGaMember 2022-01-01 2022-12-31 0000917251 adc:SavannahGa2Member 2022-01-01 2022-12-31 0000917251 adc:SavannahGa1Member 2022-01-01 2022-12-31 0000917251 adc:SavageMnMember 2022-01-01 2022-12-31 0000917251 adc:SaultSteMarieMiMember 2022-01-01 2022-12-31 0000917251 adc:SaugusMaMember 2022-01-01 2022-12-31 0000917251 adc:SardisMsMember 2022-01-01 2022-12-31 0000917251 adc:SarasotaFlMember 2022-01-01 2022-12-31 0000917251 adc:SarasotaFl2Member 2022-01-01 2022-12-31 0000917251 adc:SaralandAlMember 2022-01-01 2022-12-31 0000917251 adc:SanYsidroNmMember 2022-01-01 2022-12-31 0000917251 adc:SantaFeNmMember 2022-01-01 2022-12-31 0000917251 adc:SantaFeNm1Member 2022-01-01 2022-12-31 0000917251 adc:SanFranciscoCaMember 2022-01-01 2022-12-31 0000917251 adc:SanfordFlMember 2022-01-01 2022-12-31 0000917251 adc:SanfordFl1Member 2022-01-01 2022-12-31 0000917251 adc:SanAntonioTxMember 2022-01-01 2022-12-31 0000917251 adc:SanAntonioTx3Member 2022-01-01 2022-12-31 0000917251 adc:SanAntonioTx2Member 2022-01-01 2022-12-31 0000917251 adc:SanAntonioTx1Member 2022-01-01 2022-12-31 0000917251 adc:SalyersvilleKyMember 2022-01-01 2022-12-31 0000917251 adc:SaltLakeCityUtMember 2022-01-01 2022-12-31 0000917251 adc:SalterPathNcMember 2022-01-01 2022-12-31 0000917251 adc:SalisburyNcMember 2022-01-01 2022-12-31 0000917251 adc:SalisburyNc2Member 2022-01-01 2022-12-31 0000917251 adc:SalisburyNc1Member 2022-01-01 2022-12-31 0000917251 adc:SalisburyMdMember 2022-01-01 2022-12-31 0000917251 adc:SalemOrMember 2022-01-01 2022-12-31 0000917251 adc:SalemOr1Member 2022-01-01 2022-12-31 0000917251 adc:SalemMoMember 2022-01-01 2022-12-31 0000917251 adc:SaginawTxMember 2022-01-01 2022-12-31 0000917251 adc:SaginawMiMember 2022-01-01 2022-12-31 0000917251 adc:SaginawMi2Member 2022-01-01 2022-12-31 0000917251 adc:SaginawMi1Member 2022-01-01 2022-12-31 0000917251 adc:SaffordAzMember 2022-01-01 2022-12-31 0000917251 adc:SacramentoCaMember 2022-01-01 2022-12-31 0000917251 adc:SachseTxMember 2022-01-01 2022-12-31 0000917251 adc:RussellvilleArMember 2022-01-01 2022-12-31 0000917251 adc:RoyWaMember 2022-01-01 2022-12-31 0000917251 adc:RoyalPalmBeachFlMember 2022-01-01 2022-12-31 0000917251 adc:RoxboroNcMember 2022-01-01 2022-12-31 0000917251 adc:RoxanaIlMember 2022-01-01 2022-12-31 0000917251 adc:RoundLakeIlMember 2022-01-01 2022-12-31 0000917251 adc:RoundLakeBeachIlMember 2022-01-01 2022-12-31 0000917251 adc:RosevilleMiMember 2022-01-01 2022-12-31 0000917251 adc:RosevilleCaMember 2022-01-01 2022-12-31 0000917251 adc:RoselandLaMember 2022-01-01 2022-12-31 0000917251 adc:RomeovilleIlMember 2022-01-01 2022-12-31 0000917251 adc:RomeovilleIl2Member 2022-01-01 2022-12-31 0000917251 adc:RomeGaMember 2022-01-01 2022-12-31 0000917251 adc:RoelandParkKsMember 2022-01-01 2022-12-31 0000917251 adc:RockyRiverOhMember 2022-01-01 2022-12-31 0000917251 adc:RockyRiverOh2Member 2022-01-01 2022-12-31 0000917251 adc:RockyRiverOh1Member 2022-01-01 2022-12-31 0000917251 adc:RockyMountNcMember 2022-01-01 2022-12-31 0000917251 adc:RockyMountNc1Member 2022-01-01 2022-12-31 0000917251 adc:RockwallTxMember 2022-01-01 2022-12-31 0000917251 adc:RockvilleMdMember 2022-01-01 2022-12-31 0000917251 adc:RockvilleInMember 2022-01-01 2022-12-31 0000917251 adc:RocktonIlMember 2022-01-01 2022-12-31 0000917251 adc:RockinghamNcMember 2022-01-01 2022-12-31 0000917251 adc:RockfordIlMember 2022-01-01 2022-12-31 0000917251 adc:RockfordIl4Member 2022-01-01 2022-12-31 0000917251 adc:RockfordIl3Member 2022-01-01 2022-12-31 0000917251 adc:RockfordIl1Member 2022-01-01 2022-12-31 0000917251 adc:RockCreekOhMember 2022-01-01 2022-12-31 0000917251 adc:RochesterNyMember 2022-01-01 2022-12-31 0000917251 adc:RochesterNy7Member 2022-01-01 2022-12-31 0000917251 adc:RochesterNy6Member 2022-01-01 2022-12-31 0000917251 adc:RochesterNy5Member 2022-01-01 2022-12-31 0000917251 adc:RochesterNy4Member 2022-01-01 2022-12-31 0000917251 adc:RochesterNy3Member 2022-01-01 2022-12-31 0000917251 adc:RochesterNy2Member 2022-01-01 2022-12-31 0000917251 adc:RochesterNy1Member 2022-01-01 2022-12-31 0000917251 adc:RochesterMiMember 2022-01-01 2022-12-31 0000917251 adc:RobinsonTownshipPaMember 2022-01-01 2022-12-31 0000917251 adc:RoanokeVaMember 2022-01-01 2022-12-31 0000917251 adc:RoanokeAlMember 2022-01-01 2022-12-31 0000917251 adc:RiversideIaMember 2022-01-01 2022-12-31 0000917251 adc:RiversideCaMember 2022-01-01 2022-12-31 0000917251 adc:RiverheadNyMember 2022-01-01 2022-12-31 0000917251 adc:RiverdaleGaMember 2022-01-01 2022-12-31 0000917251 adc:RipleyWvMember 2022-01-01 2022-12-31 0000917251 adc:RipleyNyMember 2022-01-01 2022-12-31 0000917251 adc:RifleCoMember 2022-01-01 2022-12-31 0000917251 adc:RidgelandMsMember 2022-01-01 2022-12-31 0000917251 adc:RichmondTxMember 2022-01-01 2022-12-31 0000917251 adc:RichmondRiMember 2022-01-01 2022-12-31 0000917251 adc:RichmondHeightsMoMember 2022-01-01 2022-12-31 0000917251 adc:RichlandsVaMember 2022-01-01 2022-12-31 0000917251 adc:RichlandMsMember 2022-01-01 2022-12-31 0000917251 adc:RichfieldMnMember 2022-01-01 2022-12-31 0000917251 adc:RicevilleIaMember 2022-01-01 2022-12-31 0000917251 adc:RhomeTxMember 2022-01-01 2022-12-31 0000917251 adc:ReynoldsburgOhMember 2022-01-01 2022-12-31 0000917251 adc:ReynoldsburgOh1Member 2022-01-01 2022-12-31 0000917251 adc:RepublicOhMember 2022-01-01 2022-12-31 0000917251 adc:RelianceSdMember 2022-01-01 2022-12-31 0000917251 adc:RedLionPaMember 2022-01-01 2022-12-31 0000917251 adc:RedCreekNyMember 2022-01-01 2022-12-31 0000917251 adc:RedBoilingSpringsTnMember 2022-01-01 2022-12-31 0000917251 adc:RedBayAlMember 2022-01-01 2022-12-31 0000917251 adc:RedBankTnMember 2022-01-01 2022-12-31 0000917251 adc:RayvilleLaMember 2022-01-01 2022-12-31 0000917251 adc:RapidCitySdMember 2022-01-01 2022-12-31 0000917251 adc:RansonWvMember 2022-01-01 2022-12-31 0000917251 adc:RandolphNjMember 2022-01-01 2022-12-31 0000917251 adc:RandlemanNcMember 2022-01-01 2022-12-31 0000917251 adc:RandlemanNc1Member 2022-01-01 2022-12-31 0000917251 adc:RanchoCordovaCaMember 2022-01-01 2022-12-31 0000917251 adc:RanchoCordovaCa1Member 2022-01-01 2022-12-31 0000917251 adc:QuitmanGaMember 2022-01-01 2022-12-31 0000917251 adc:QuincyCaMember 2022-01-01 2022-12-31 0000917251 adc:QuincyCa1Member 2022-01-01 2022-12-31 0000917251 adc:QuakertownPaMember 2022-01-01 2022-12-31 0000917251 adc:PuyallupWaMember 2022-01-01 2022-12-31 0000917251 adc:PuntaGordaFlMember 2022-01-01 2022-12-31 0000917251 adc:PulaskiVaMember 2022-01-01 2022-12-31 0000917251 adc:PuebloCoMember 2022-01-01 2022-12-31 0000917251 adc:ProvoUtMember 2022-01-01 2022-12-31 0000917251 adc:PrincetonWvMember 2022-01-01 2022-12-31 0000917251 adc:PrincetonWv2Member 2022-01-01 2022-12-31 0000917251 adc:PrincetonWv1Member 2022-01-01 2022-12-31 0000917251 adc:PrattKsMember 2022-01-01 2022-12-31 0000917251 adc:PortWashingtonOhMember 2022-01-01 2022-12-31 0000917251 adc:PortTrevortonPaMember 2022-01-01 2022-12-31 0000917251 adc:PortSt.LucieFlMember 2022-01-01 2022-12-31 0000917251 adc:PortsmouthVaMember 2022-01-01 2022-12-31 0000917251 adc:PortRicheyFlMember 2022-01-01 2022-12-31 0000917251 adc:PortOrangeFlMember 2022-01-01 2022-12-31 0000917251 adc:PortlandOrMember 2022-01-01 2022-12-31 0000917251 adc:PortlandMaMember 2022-01-01 2022-12-31 0000917251 adc:PorterTxMember 2022-01-01 2022-12-31 0000917251 adc:PortArthurTxMember 2022-01-01 2022-12-31 0000917251 adc:PortArthurTx1Member 2022-01-01 2022-12-31 0000917251 adc:PortAngelesWaMember 2022-01-01 2022-12-31 0000917251 adc:PortageWiMember 2022-01-01 2022-12-31 0000917251 adc:PoquosonVaMember 2022-01-01 2022-12-31 0000917251 adc:PoolerGaMember 2022-01-01 2022-12-31 0000917251 adc:PoolerGa1Member 2022-01-01 2022-12-31 0000917251 adc:PontotocMsMember 2022-01-01 2022-12-31 0000917251 adc:PontiacMiMember 2022-01-01 2022-12-31 0000917251 adc:PompeyNyMember 2022-01-01 2022-12-31 0000917251 adc:PoincianaFlMember 2022-01-01 2022-12-31 0000917251 adc:PlymouthMiMember 2022-01-01 2022-12-31 0000917251 adc:PloverWiMember 2022-01-01 2022-12-31 0000917251 adc:PleasantvilleNjMember 2022-01-01 2022-12-31 0000917251 adc:PleasantHillCaMember 2022-01-01 2022-12-31 0000917251 adc:PlattsburghNyMember 2022-01-01 2022-12-31 0000917251 adc:PlatteCityMoMember 2022-01-01 2022-12-31 0000917251 adc:PlanoTxMember 2022-01-01 2022-12-31 0000917251 adc:PlainfieldIlMember 2022-01-01 2022-12-31 0000917251 adc:PlainDealingLaMember 2022-01-01 2022-12-31 0000917251 adc:PittsfieldMaMember 2022-01-01 2022-12-31 0000917251 adc:PittsfieldMa2Member 2022-01-01 2022-12-31 0000917251 adc:PittsfieldMa1Member 2022-01-01 2022-12-31 0000917251 adc:PittsburghPaMember 2022-01-01 2022-12-31 0000917251 adc:PittsburghPa6Member 2022-01-01 2022-12-31 0000917251 adc:PittsburghPa5Member 2022-01-01 2022-12-31 0000917251 adc:PittsburghPa4Member 2022-01-01 2022-12-31 0000917251 adc:PittsburghPa3Member 2022-01-01 2022-12-31 0000917251 adc:PittsburghPa2Member 2022-01-01 2022-12-31 0000917251 adc:PittsburghPa1Member 2022-01-01 2022-12-31 0000917251 adc:PinevilleNcMember 2022-01-01 2022-12-31 0000917251 adc:PinevilleLaMember 2022-01-01 2022-12-31 0000917251 adc:PinellasParkFlMember 2022-01-01 2022-12-31 0000917251 adc:PineGrovePaMember 2022-01-01 2022-12-31 0000917251 adc:PineGroveLaMember 2022-01-01 2022-12-31 0000917251 adc:PineBluffArMember 2022-01-01 2022-12-31 0000917251 adc:PineBluffAr2Member 2022-01-01 2022-12-31 0000917251 adc:PineBluffAr1Member 2022-01-01 2022-12-31 0000917251 adc:PilotRockOrMember 2022-01-01 2022-12-31 0000917251 adc:PierreSdMember 2022-01-01 2022-12-31 0000917251 adc:PhoenixAzMember 2022-01-01 2022-12-31 0000917251 adc:PhoenixAz1Member 2022-01-01 2022-12-31 0000917251 adc:PhiladelphiaPaMember 2022-01-01 2022-12-31 0000917251 adc:PhiladelphiaPa3Member 2022-01-01 2022-12-31 0000917251 adc:PhiladelphiaPa2Member 2022-01-01 2022-12-31 0000917251 adc:PhiladelphiaPa1Member 2022-01-01 2022-12-31 0000917251 adc:PhenixAlMember 2022-01-01 2022-12-31 0000917251 adc:PevelyMoMember 2022-01-01 2022-12-31 0000917251 adc:PetoskeyMiMember 2022-01-01 2022-12-31 0000917251 adc:PeruInMember 2022-01-01 2022-12-31 0000917251 adc:PeruIlMember 2022-01-01 2022-12-31 0000917251 adc:PerryGaMember 2022-01-01 2022-12-31 0000917251 adc:PensacolaFlMember 2022-01-01 2022-12-31 0000917251 adc:PensacolaFl5Member 2022-01-01 2022-12-31 0000917251 adc:PensacolaFl4Member 2022-01-01 2022-12-31 0000917251 adc:PensacolaFl2Member 2022-01-01 2022-12-31 0000917251 adc:PensacolaFl1Member 2022-01-01 2022-12-31 0000917251 adc:PennsaukenNj3Member 2022-01-01 2022-12-31 0000917251 adc:PenargylPaMember 2022-01-01 2022-12-31 0000917251 adc:PembrokePinesFlMember 2022-01-01 2022-12-31 0000917251 adc:PelhamAlMember 2022-01-01 2022-12-31 0000917251 adc:PecatonicaIlMember 2022-01-01 2022-12-31 0000917251 adc:PearlMsMember 2022-01-01 2022-12-31 0000917251 adc:PaulsValleyOkMember 2022-01-01 2022-12-31 0000917251 adc:PatersonNjMember 2022-01-01 2022-12-31 0000917251 adc:PataskalaOhMember 2022-01-01 2022-12-31 0000917251 adc:ParsonsKsMember 2022-01-01 2022-12-31 0000917251 adc:ParsippanyNjMember 2022-01-01 2022-12-31 0000917251 adc:ParsippanyNj2Member 2022-01-01 2022-12-31 0000917251 adc:ParsippanyNj1Member 2022-01-01 2022-12-31 0000917251 adc:ParmaOhMember 2022-01-01 2022-12-31 0000917251 adc:ParkerAzMember 2022-01-01 2022-12-31 0000917251 adc:ParamusNjMember 2022-01-01 2022-12-31 0000917251 adc:PanamaCityFlMember 2022-01-01 2022-12-31 0000917251 adc:PanamaCityFl1Member 2022-01-01 2022-12-31 0000917251 adc:PalmdaleCaMember 2022-01-01 2022-12-31 0000917251 adc:PalmCoastFlMember 2022-01-01 2022-12-31 0000917251 adc:PagelandScMember 2022-01-01 2022-12-31 0000917251 adc:PageAzMember 2022-01-01 2022-12-31 0000917251 adc:PaceFlMember 2022-01-01 2022-12-31 0000917251 adc:OxfordOhMember 2022-01-01 2022-12-31 0000917251 adc:OxfordMsMember 2022-01-01 2022-12-31 0000917251 adc:OxfordAlMember 2022-01-01 2022-12-31 0000917251 adc:OxfordAl2Member 2022-01-01 2022-12-31 0000917251 adc:OxfordAl1Member 2022-01-01 2022-12-31 0000917251 adc:OwossoMiMember 2022-01-01 2022-12-31 0000917251 adc:OwingsMillsMdMember 2022-01-01 2022-12-31 0000917251 adc:OverlandParkKsMember 2022-01-01 2022-12-31 0000917251 adc:OtwayOhMember 2022-01-01 2022-12-31 0000917251 adc:OttumwaIaMember 2022-01-01 2022-12-31 0000917251 adc:OttertailMnMember 2022-01-01 2022-12-31 0000917251 adc:OtterLakeMiMember 2022-01-01 2022-12-31 0000917251 adc:OswegoIlMember 2022-01-01 2022-12-31 0000917251 adc:OrvilleOhMember 2022-01-01 2022-12-31 0000917251 adc:OrlandoFlMember 2022-01-01 2022-12-31 0000917251 adc:OrlandoFllMember 2022-01-01 2022-12-31 0000917251 adc:OrlandoFl3Member 2022-01-01 2022-12-31 0000917251 adc:OrlandoFl2Member 2022-01-01 2022-12-31 0000917251 adc:OremUtMember 2022-01-01 2022-12-31 0000917251 adc:OregonOhMember 2022-01-01 2022-12-31 0000917251 adc:OrangevillePaMember 2022-01-01 2022-12-31 0000917251 adc:OrangeParkFl1Member 2022-01-01 2022-12-31 0000917251 adc:OrangeParkAlMember 2022-01-01 2022-12-31 0000917251 adc:OrangeCtMember 2022-01-01 2022-12-31 0000917251 adc:OrangeCt1Member 2022-01-01 2022-12-31 0000917251 adc:OrangeburgScMember 2022-01-01 2022-12-31 0000917251 adc:OntarioCaMember 2022-01-01 2022-12-31 0000917251 adc:OnawayMiMember 2022-01-01 2022-12-31 0000917251 adc:OnalaskaWiMember 2022-01-01 2022-12-31 0000917251 adc:OmerMiMember 2022-01-01 2022-12-31 0000917251 adc:OmahaStoreNeMember 2022-01-01 2022-12-31 0000917251 adc:OleanNyMember 2022-01-01 2022-12-31 0000917251 adc:OldSaybrookCtMember 2022-01-01 2022-12-31 0000917251 adc:OlantaScMember 2022-01-01 2022-12-31 0000917251 adc:OklahomaCityOkMember 2022-01-01 2022-12-31 0000917251 adc:OklahomaCityOk2Member 2022-01-01 2022-12-31 0000917251 adc:OklahomaCityOk1Member 2022-01-01 2022-12-31 0000917251 adc:OkemosMiMember 2022-01-01 2022-12-31 0000917251 adc:OFallonIlMember 2022-01-01 2022-12-31 0000917251 adc:OdessaTxMember 2022-01-01 2022-12-31 0000917251 adc:OdessaTx3Member 2022-01-01 2022-12-31 0000917251 adc:OdessaTx2Member 2022-01-01 2022-12-31 0000917251 adc:OdessaTx1Member 2022-01-01 2022-12-31 0000917251 adc:OctaOhMember 2022-01-01 2022-12-31 0000917251 adc:OcalaFlMember 2022-01-01 2022-12-31 0000917251 adc:OakGroveMoMember 2022-01-01 2022-12-31 0000917251 adc:OakdalePaMember 2022-01-01 2022-12-31 0000917251 adc:OakdaleMnMember 2022-01-01 2022-12-31 0000917251 adc:OakCreekWiMember 2022-01-01 2022-12-31 0000917251 adc:NwLexingtonOhMember 2022-01-01 2022-12-31 0000917251 adc:NoviMiMember 2022-01-01 2022-12-31 0000917251 adc:NoviMi1Member 2022-01-01 2022-12-31 0000917251 adc:NortonShoresMiMember 2022-01-01 2022-12-31 0000917251 adc:NorthWilkesboroNcMember 2022-01-01 2022-12-31 0000917251 adc:NorthRoseNyMember 2022-01-01 2022-12-31 0000917251 adc:NorthPlainfieldNjMember 2022-01-01 2022-12-31 0000917251 adc:NorthPalmBeachFlMember 2022-01-01 2022-12-31 0000917251 adc:NorthOlmstedOhMember 2022-01-01 2022-12-31 0000917251 adc:NorthOlmstedOh1Member 2022-01-01 2022-12-31 0000917251 adc:NorthmoorMoMember 2022-01-01 2022-12-31 0000917251 adc:NorthMiamiBeachFlMember 2022-01-01 2022-12-31 0000917251 adc:NorthLasVegasNvMember 2022-01-01 2022-12-31 0000917251 adc:NorthlakeIlMember 2022-01-01 2022-12-31 0000917251 adc:NorthHuntingdonPaMember 2022-01-01 2022-12-31 0000917251 adc:NorthBranchMnMember 2022-01-01 2022-12-31 0000917251 adc:NorthBabylonNyMember 2022-01-01 2022-12-31 0000917251 adc:NoblesvilleInMember 2022-01-01 2022-12-31 0000917251 adc:NilesOhMember 2022-01-01 2022-12-31 0000917251 adc:NiagaraFallsNyMember 2022-01-01 2022-12-31 0000917251 adc:NiagaraFallsNy1Member 2022-01-01 2022-12-31 0000917251 adc:NewtonIlMember 2022-01-01 2022-12-31 0000917251 adc:NewTazewellTnMember 2022-01-01 2022-12-31 0000917251 adc:NewRochelleNyMember 2022-01-01 2022-12-31 0000917251 adc:NewRichmondWiMember 2022-01-01 2022-12-31 0000917251 adc:NewPortRicheyFlMember 2022-01-01 2022-12-31 0000917251 adc:NewportNyMember 2022-01-01 2022-12-31 0000917251 adc:NewportNewsVaMember 2022-01-01 2022-12-31 0000917251 adc:NewportNewsVa3Member 2022-01-01 2022-12-31 0000917251 adc:NewportNewsVa2Member 2022-01-01 2022-12-31 0000917251 adc:NewportNewsVa1Member 2022-01-01 2022-12-31 0000917251 adc:NewPhiladelphiaOhMember 2022-01-01 2022-12-31 0000917251 adc:NewOrleansLaMember 2022-01-01 2022-12-31 0000917251 adc:NewOrleansLa1Member 2022-01-01 2022-12-31 0000917251 adc:NewMilfordPaMember 2022-01-01 2022-12-31 0000917251 adc:NewmanGaMember 2022-01-01 2022-12-31 0000917251 adc:NewLisbonWiMember 2022-01-01 2022-12-31 0000917251 adc:NewLenoxIlMember 2022-01-01 2022-12-31 0000917251 adc:NewLenoxIl2Member 2022-01-01 2022-12-31 0000917251 adc:NewingtonCtMember 2022-01-01 2022-12-31 0000917251 adc:NewIberiaLaMember 2022-01-01 2022-12-31 0000917251 adc:NewfieldNjMember 2022-01-01 2022-12-31 0000917251 adc:NewburghHeightsOhMember 2022-01-01 2022-12-31 0000917251 adc:NewBaltimoreMiMember 2022-01-01 2022-12-31 0000917251 adc:NewarkDeMember 2022-01-01 2022-12-31 0000917251 adc:NescopeckPaMember 2022-01-01 2022-12-31 0000917251 adc:NeoshoMoMember 2022-01-01 2022-12-31 0000917251 adc:NCapeMayNjMember 2022-01-01 2022-12-31 0000917251 adc:NatronaHeightsPaMember 2022-01-01 2022-12-31 0000917251 adc:NatronaHeightsPa1Member 2022-01-01 2022-12-31 0000917251 adc:NashvilleTnMember 2022-01-01 2022-12-31 0000917251 adc:NashvilleTn2Member 2022-01-01 2022-12-31 0000917251 adc:NashvilleTn1Member 2022-01-01 2022-12-31 0000917251 adc:NashvilleInMember 2022-01-01 2022-12-31 0000917251 adc:NashuaNhMember 2022-01-01 2022-12-31 0000917251 adc:NashuaNh1Member 2022-01-01 2022-12-31 0000917251 adc:NaplesFlMember 2022-01-01 2022-12-31 0000917251 adc:NaplesFl2Member 2022-01-01 2022-12-31 0000917251 adc:NaplesFl1Member 2022-01-01 2022-12-31 0000917251 adc:NapervilleIlMember 2022-01-01 2022-12-31 0000917251 adc:NapervilleIl1Member 2022-01-01 2022-12-31 0000917251 adc:NapaCaMember 2022-01-01 2022-12-31 0000917251 adc:NampaId2Member 2022-01-01 2022-12-31 0000917251 adc:NampaId1Member 2022-01-01 2022-12-31 0000917251 adc:N.SyracuseNyMember 2022-01-01 2022-12-31 0000917251 adc:MyrtleBeachScMember 2022-01-01 2022-12-31 0000917251 adc:MyrtleBeachSc3Member 2022-01-01 2022-12-31 0000917251 adc:MyrtleBeachSc2Member 2022-01-01 2022-12-31 0000917251 adc:MyrtleBeachSc1Member 2022-01-01 2022-12-31 0000917251 adc:MurphysboroIlMember 2022-01-01 2022-12-31 0000917251 adc:MurfreesboroTnMember 2022-01-01 2022-12-31 0000917251 adc:MundeleinIlMember 2022-01-01 2022-12-31 0000917251 adc:MundeleinIl2Member 2022-01-01 2022-12-31 0000917251 adc:MundeleinIl1Member 2022-01-01 2022-12-31 0000917251 adc:MullicaHillNjMember 2022-01-01 2022-12-31 0000917251 adc:MtPleasantShoppingCenterMiMember 2022-01-01 2022-12-31 0000917251 adc:MtPleasantMiMember 2022-01-01 2022-12-31 0000917251 adc:MtPleasantMi2Member 2022-01-01 2022-12-31 0000917251 adc:MtDoraFlMember 2022-01-01 2022-12-31 0000917251 adc:Mt.PleasantWiMember 2022-01-01 2022-12-31 0000917251 adc:Mt.PleasantWi1Member 2022-01-01 2022-12-31 0000917251 adc:Mt.PleasantScMember 2022-01-01 2022-12-31 0000917251 adc:Mt.AiryNcMember 2022-01-01 2022-12-31 0000917251 adc:MountUptonNyMember 2022-01-01 2022-12-31 0000917251 adc:MountProspectIlMember 2022-01-01 2022-12-31 0000917251 adc:MountainIronMnMember 2022-01-01 2022-12-31 0000917251 adc:MoultrieGaMember 2022-01-01 2022-12-31 0000917251 adc:MorrowGaMember 2022-01-01 2022-12-31 0000917251 adc:MorristownTnMember 2022-01-01 2022-12-31 0000917251 adc:MorrisonTnMember 2022-01-01 2022-12-31 0000917251 adc:MorrisIlMember 2022-01-01 2022-12-31 0000917251 adc:MorrisIl1Member 2022-01-01 2022-12-31 0000917251 adc:MorganzaLaMember 2022-01-01 2022-12-31 0000917251 adc:MorgantownWvMember 2022-01-01 2022-12-31 0000917251 adc:MorgantownWv3Member 2022-01-01 2022-12-31 0000917251 adc:MorgantownWv2Member 2022-01-01 2022-12-31 0000917251 adc:MorgantownWv1Member 2022-01-01 2022-12-31 0000917251 adc:MorganfieldKyMember 2022-01-01 2022-12-31 0000917251 adc:MoreheadCityNcMember 2022-01-01 2022-12-31 0000917251 adc:MoraMnMember 2022-01-01 2022-12-31 0000917251 adc:MooreOkMember 2022-01-01 2022-12-31 0000917251 adc:MooreOk1Member 2022-01-01 2022-12-31 0000917251 adc:MontroseMiMember 2022-01-01 2022-12-31 0000917251 adc:MonticelloMnMember 2022-01-01 2022-12-31 0000917251 adc:MontgomeryAlMember 2022-01-01 2022-12-31 0000917251 adc:MontegutLaMember 2022-01-01 2022-12-31 0000917251 adc:MonroevillePaMember 2022-01-01 2022-12-31 0000917251 adc:MonroeMiMember 2022-01-01 2022-12-31 0000917251 adc:MonroeMi1Member 2022-01-01 2022-12-31 0000917251 adc:MonahansTxMember 2022-01-01 2022-12-31 0000917251 adc:MonacaPaMember 2022-01-01 2022-12-31 0000917251 adc:MobileAlMember 2022-01-01 2022-12-31 0000917251 adc:MishawakaInMember 2022-01-01 2022-12-31 0000917251 adc:MinotNdMember 2022-01-01 2022-12-31 0000917251 adc:MinocquaWiMember 2022-01-01 2022-12-31 0000917251 adc:MinneapolisMnMember 2022-01-01 2022-12-31 0000917251 adc:MindenLaMember 2022-01-01 2022-12-31 0000917251 adc:MilwaukeeWiMember 2022-01-01 2022-12-31 0000917251 adc:MillsboroDeMember 2022-01-01 2022-12-31 0000917251 adc:MillsboroDe1Member 2022-01-01 2022-12-31 0000917251 adc:MilfordCenterOhMember 2022-01-01 2022-12-31 0000917251 adc:MidwestCityOkMember 2022-01-01 2022-12-31 0000917251 adc:MidlandTxMember 2022-01-01 2022-12-31 0000917251 adc:MidlandTx2Member 2022-01-01 2022-12-31 0000917251 adc:MidlandTx1Member 2022-01-01 2022-12-31 0000917251 adc:MidlandMiMember 2022-01-01 2022-12-31 0000917251 adc:MiddletownOhMember 2022-01-01 2022-12-31 0000917251 adc:MiddletownCtMember 2022-01-01 2022-12-31 0000917251 adc:MichiganCityLamarMsMember 2022-01-01 2022-12-31 0000917251 adc:MiamiFlMember 2022-01-01 2022-12-31 0000917251 adc:MetterGaMember 2022-01-01 2022-12-31 0000917251 adc:MerrittIslandFlMember 2022-01-01 2022-12-31 0000917251 adc:MerrittIslandFl3Member 2022-01-01 2022-12-31 0000917251 adc:MerrittIslandFl2Member 2022-01-01 2022-12-31 0000917251 adc:MerrillvilleInMember 2022-01-01 2022-12-31 0000917251 adc:MerriamKsMember 2022-01-01 2022-12-31 0000917251 adc:MeridianMsMember 2022-01-01 2022-12-31 0000917251 adc:MentorOh5Member 2022-01-01 2022-12-31 0000917251 adc:MenomoneeFallsWiMember 2022-01-01 2022-12-31 0000917251 adc:MenomoneeFallsWi2Member 2022-01-01 2022-12-31 0000917251 adc:MenomoneeFallsWi1Member 2022-01-01 2022-12-31 0000917251 adc:MenaArMember 2022-01-01 2022-12-31 0000917251 adc:MemphisTnMember 2022-01-01 2022-12-31 0000917251 adc:MemphisTn1Member 2022-01-01 2022-12-31 0000917251 adc:MelbourneFlMember 2022-01-01 2022-12-31 0000917251 adc:MelbourneFl1Member 2022-01-01 2022-12-31 0000917251 adc:MedfordNyMember 2022-01-01 2022-12-31 0000917251 adc:MedfordNy1Member 2022-01-01 2022-12-31 0000917251 adc:MeadvillePaMember 2022-01-01 2022-12-31 0000917251 adc:MckinneyTxMember 2022-01-01 2022-12-31 0000917251 adc:MckinneyTx1Member 2022-01-01 2022-12-31 0000917251 adc:McconnellsburgPaMember 2022-01-01 2022-12-31 0000917251 adc:McarthurOhMember 2022-01-01 2022-12-31 0000917251 adc:MayflowerArMember 2022-01-01 2022-12-31 0000917251 adc:MayfieldHeightsOhMember 2022-01-01 2022-12-31 0000917251 adc:MaumeeOhMember 2022-01-01 2022-12-31 0000917251 adc:MaudOkMember 2022-01-01 2022-12-31 0000917251 adc:MassillonOhMember 2022-01-01 2022-12-31 0000917251 adc:MasonvilleNyMember 2022-01-01 2022-12-31 0000917251 adc:MasonOhMember 2022-01-01 2022-12-31 0000917251 adc:MasonCityIaMember 2022-01-01 2022-12-31 0000917251 adc:MaryvilleTnMember 2022-01-01 2022-12-31 0000917251 adc:MartinsburgWvMember 2022-01-01 2022-12-31 0000917251 adc:MarshfieldMoMember 2022-01-01 2022-12-31 0000917251 adc:MarshallMiMember 2022-01-01 2022-12-31 0000917251 adc:MarquetteMiMember 2022-01-01 2022-12-31 0000917251 adc:MarkhamIlMember 2022-01-01 2022-12-31 0000917251 adc:MarionInMember 2022-01-01 2022-12-31 0000917251 adc:MariettaOhMember 2022-01-01 2022-12-31 0000917251 adc:MariettaGaMember 2022-01-01 2022-12-31 0000917251 adc:MariettaGa5Member 2022-01-01 2022-12-31 0000917251 adc:MariettaGa4Member 2022-01-01 2022-12-31 0000917251 adc:MariettaGa2Member 2022-01-01 2022-12-31 0000917251 adc:MariettaGa1Member 2022-01-01 2022-12-31 0000917251 adc:MaricopaAzMember 2022-01-01 2022-12-31 0000917251 adc:MaricopaAz1Member 2022-01-01 2022-12-31 0000917251 adc:MariannaFlMember 2022-01-01 2022-12-31 0000917251 adc:MarcoIslandFlMember 2022-01-01 2022-12-31 0000917251 adc:MapleGroveMnMember 2022-01-01 2022-12-31 0000917251 adc:MantenoIlMember 2022-01-01 2022-12-31 0000917251 adc:MansfieldTxMember 2022-01-01 2022-12-31 0000917251 adc:MansfieldOhMember 2022-01-01 2022-12-31 0000917251 adc:MansfieldCtMember 2022-01-01 2022-12-31 0000917251 adc:ManningScMember 2022-01-01 2022-12-31 0000917251 adc:ManitowocWiMember 2022-01-01 2022-12-31 0000917251 adc:ManhattanKsMember 2022-01-01 2022-12-31 0000917251 adc:MandevilleLaMember 2022-01-01 2022-12-31 0000917251 adc:ManchesterVtMember 2022-01-01 2022-12-31 0000917251 adc:ManchesterHnMember 2022-01-01 2022-12-31 0000917251 adc:ManchesterCtMember 2022-01-01 2022-12-31 0000917251 adc:ManchesterCt1Member 2022-01-01 2022-12-31 0000917251 adc:ManassasVaMember 2022-01-01 2022-12-31 0000917251 adc:ManassasVa1Member 2022-01-01 2022-12-31 0000917251 adc:MaloneNyMember 2022-01-01 2022-12-31 0000917251 adc:MadisonWiMember 2022-01-01 2022-12-31 0000917251 adc:MadisonvilleTxMember 2022-01-01 2022-12-31 0000917251 adc:MadisonTnMember 2022-01-01 2022-12-31 0000917251 adc:MadisonMsMember 2022-01-01 2022-12-31 0000917251 adc:MadisonMoMember 2022-01-01 2022-12-31 0000917251 adc:MadisonFlMember 2022-01-01 2022-12-31 0000917251 adc:MadisonAlMember 2022-01-01 2022-12-31 0000917251 adc:MadisonAl1Member 2022-01-01 2022-12-31 0000917251 adc:MacombTownshipMiMember 2022-01-01 2022-12-31 0000917251 adc:MacombTownshipMi2Member 2022-01-01 2022-12-31 0000917251 adc:MacombIlMember 2022-01-01 2022-12-31 0000917251 adc:LyonsGaMember 2022-01-01 2022-12-31 0000917251 adc:LynwoodIlMember 2022-01-01 2022-12-31 0000917251 adc:LynchburgVaMember 2022-01-01 2022-12-31 0000917251 adc:LynchburgVa1Member 2022-01-01 2022-12-31 0000917251 adc:LufkinTxMember 2022-01-01 2022-12-31 0000917251 adc:LufkinTx1Member 2022-01-01 2022-12-31 0000917251 adc:LubbockTxMember 2022-01-01 2022-12-31 0000917251 adc:LubbockTx3Member 2022-01-01 2022-12-31 0000917251 adc:LubbockTx2Member 2022-01-01 2022-12-31 0000917251 adc:LubbockTx1Member 2022-01-01 2022-12-31 0000917251 adc:LowryCityMoMember 2022-01-01 2022-12-31 0000917251 adc:LowellArMember 2022-01-01 2022-12-31 0000917251 adc:LouisvilleOhMember 2022-01-01 2022-12-31 0000917251 adc:LouisvilleKyMember 2022-01-01 2022-12-31 0000917251 adc:LouisvilleKy3Member 2022-01-01 2022-12-31 0000917251 adc:LouisvilleKy2Member 2022-01-01 2022-12-31 0000917251 adc:LouisvilleKy1Member 2022-01-01 2022-12-31 0000917251 adc:LouisaVaMember 2022-01-01 2022-12-31 0000917251 adc:LouisaKyMember 2022-01-01 2022-12-31 0000917251 adc:LorainOh2Member 2022-01-01 2022-12-31 0000917251 adc:LongvilleMnMember 2022-01-01 2022-12-31 0000917251 adc:LongviewWaMember 2022-01-01 2022-12-31 0000917251 adc:LonaconingMdMember 2022-01-01 2022-12-31 0000917251 adc:LombardIlMember 2022-01-01 2022-12-31 0000917251 adc:LoganUtMember 2022-01-01 2022-12-31 0000917251 adc:LivingstonTxMember 2022-01-01 2022-12-31 0000917251 adc:LivingstonLaMember 2022-01-01 2022-12-31 0000917251 adc:LiverpoolNyMember 2022-01-01 2022-12-31 0000917251 adc:LiverpoolNy1Member 2022-01-01 2022-12-31 0000917251 adc:LiveOakTxMember 2022-01-01 2022-12-31 0000917251 adc:LittletonCoMember 2022-01-01 2022-12-31 0000917251 adc:LittleRockArMember 2022-01-01 2022-12-31 0000917251 adc:LittleRockAr3Member 2022-01-01 2022-12-31 0000917251 adc:LittleRockAr2Member 2022-01-01 2022-12-31 0000917251 adc:LittleRockAr1Member 2022-01-01 2022-12-31 0000917251 adc:LithiaSpringsGaMember 2022-01-01 2022-12-31 0000917251 adc:LincolnParkMiMember 2022-01-01 2022-12-31 0000917251 adc:LincolnParkMi1Member 2022-01-01 2022-12-31 0000917251 adc:LincolnNeMember 2022-01-01 2022-12-31 0000917251 adc:LincolnMoMember 2022-01-01 2022-12-31 0000917251 adc:LincolnArMember 2022-01-01 2022-12-31 0000917251 adc:LimerickPaMember 2022-01-01 2022-12-31 0000917251 adc:LimaOhMember 2022-01-01 2022-12-31 0000917251 adc:LilburnGaMember 2022-01-01 2022-12-31 0000917251 adc:LigonierPaMember 2022-01-01 2022-12-31 0000917251 adc:LibertyScMember 2022-01-01 2022-12-31 0000917251 adc:LibertyMoMember 2022-01-01 2022-12-31 0000917251 adc:LibertyMo1Member 2022-01-01 2022-12-31 0000917251 adc:LiberalKsMember 2022-01-01 2022-12-31 0000917251 adc:LewisvilleTxMember 2022-01-01 2022-12-31 0000917251 adc:LewisvilleTx1Member 2022-01-01 2022-12-31 0000917251 adc:LeominsterMaMember 2022-01-01 2022-12-31 0000917251 adc:LenoxMiMember 2022-01-01 2022-12-31 0000917251 adc:LenexaKsMember 2022-01-01 2022-12-31 0000917251 adc:LeitchfieldKyMember 2022-01-01 2022-12-31 0000917251 adc:LeetonMoMember 2022-01-01 2022-12-31 0000917251 adc:LeesburgFlMember 2022-01-01 2022-12-31 0000917251 adc:LebanonNhMember 2022-01-01 2022-12-31 0000917251 adc:LeawoodKsMember 2022-01-01 2022-12-31 0000917251 adc:LeagueCityTxMember 2022-01-01 2022-12-31 0000917251 adc:LawtonOkMember 2022-01-01 2022-12-31 0000917251 adc:LawtonOk1Member 2022-01-01 2022-12-31 0000917251 adc:LawrencevilleNj5Member 2022-01-01 2022-12-31 0000917251 adc:LawrencevilleNj4Member 2022-01-01 2022-12-31 0000917251 adc:LawrencevilleNj3Member 2022-01-01 2022-12-31 0000917251 adc:LawrencevilleNj2Member 2022-01-01 2022-12-31 0000917251 adc:LawrencevilleNj1Member 2022-01-01 2022-12-31 0000917251 adc:LawrencevilleGaMember 2022-01-01 2022-12-31 0000917251 adc:LawrenceTownshipPaMember 2022-01-01 2022-12-31 0000917251 adc:LawrenceKsMember 2022-01-01 2022-12-31 0000917251 adc:LatrobePaMember 2022-01-01 2022-12-31 0000917251 adc:LathamNyMember 2022-01-01 2022-12-31 0000917251 adc:LasCrucesNmMember 2022-01-01 2022-12-31 0000917251 adc:LaredoTxMember 2022-01-01 2022-12-31 0000917251 adc:LaplaceLaMember 2022-01-01 2022-12-31 0000917251 adc:LansingMiMember 2022-01-01 2022-12-31 0000917251 adc:LansingMi3Member 2022-01-01 2022-12-31 0000917251 adc:LansingMi2Member 2022-01-01 2022-12-31 0000917251 adc:LansingKsMember 2022-01-01 2022-12-31 0000917251 adc:LansingIlMember 2022-01-01 2022-12-31 0000917251 adc:LanokaHarborNjMember 2022-01-01 2022-12-31 0000917251 adc:LangleyOkMember 2022-01-01 2022-12-31 0000917251 adc:LanettAlMember 2022-01-01 2022-12-31 0000917251 adc:LancasterSc1Member 2022-01-01 2022-12-31 0000917251 adc:LancasterPaMember 2022-01-01 2022-12-31 0000917251 adc:LancasterPa1Member 2022-01-01 2022-12-31 0000917251 adc:LampasasTxMember 2022-01-01 2022-12-31 0000917251 adc:LamesaTxMember 2022-01-01 2022-12-31 0000917251 adc:LaLuzNmMember 2022-01-01 2022-12-31 0000917251 adc:LakeZurichIlMember 2022-01-01 2022-12-31 0000917251 adc:LakeZurichIl1Member 2022-01-01 2022-12-31 0000917251 adc:LakewoodWaMember 2022-01-01 2022-12-31 0000917251 adc:LakewoodCoMember 2022-01-01 2022-12-31 0000917251 adc:LakevilleMnMember 2022-01-01 2022-12-31 0000917251 adc:LakevilleMn1Member 2022-01-01 2022-12-31 0000917251 adc:LakeViewScMember 2022-01-01 2022-12-31 0000917251 adc:LakesiteTnMember 2022-01-01 2022-12-31 0000917251 adc:LakePlacidFlMember 2022-01-01 2022-12-31 0000917251 adc:LakePlacidFl1Member 2022-01-01 2022-12-31 0000917251 adc:LakeOrionMiMember 2022-01-01 2022-12-31 0000917251 adc:LakeOrionMi1Member 2022-01-01 2022-12-31 0000917251 adc:LakemoorIlMember 2022-01-01 2022-12-31 0000917251 adc:LakelandTnMember 2022-01-01 2022-12-31 0000917251 adc:LakelandFlMember 2022-01-01 2022-12-31 0000917251 adc:LakeLafayetteMoMember 2022-01-01 2022-12-31 0000917251 adc:LakeJacksonTxMember 2022-01-01 2022-12-31 0000917251 adc:LakeInHillsIlMember 2022-01-01 2022-12-31 0000917251 adc:LakeGenevaWiMember 2022-01-01 2022-12-31 0000917251 adc:LakeCityScMember 2022-01-01 2022-12-31 0000917251 adc:LakeCharlesLaMember 2022-01-01 2022-12-31 0000917251 adc:LakeCharlesLa3Member 2022-01-01 2022-12-31 0000917251 adc:LakeCharlesLa2Member 2022-01-01 2022-12-31 0000917251 adc:LakeCharlesLa1Member 2022-01-01 2022-12-31 0000917251 adc:LakeButlerFlMember 2022-01-01 2022-12-31 0000917251 adc:LaJuntaCoMember 2022-01-01 2022-12-31 0000917251 adc:LaFeriaTxMember 2022-01-01 2022-12-31 0000917251 adc:LafayetteScottLaMember 2022-01-01 2022-12-31 0000917251 adc:LaCrosseWiMember 2022-01-01 2022-12-31 0000917251 adc:LaCanadaCaMember 2022-01-01 2022-12-31 0000917251 adc:LabelleFlMember 2022-01-01 2022-12-31 0000917251 adc:KokomoInMember 2022-01-01 2022-12-31 0000917251 adc:KokomoIn1Member 2022-01-01 2022-12-31 0000917251 adc:KnoxvilleTnMember 2022-01-01 2022-12-31 0000917251 adc:KnoxvilleTn4Member 2022-01-01 2022-12-31 0000917251 adc:KnoxvilleTn3Member 2022-01-01 2022-12-31 0000917251 adc:KnoxvilleTn2Member 2022-01-01 2022-12-31 0000917251 adc:KnoxvilleTn1Member 2022-01-01 2022-12-31 0000917251 adc:KnottsIslandNcMember 2022-01-01 2022-12-31 0000917251 adc:KissimmeeFlMember 2022-01-01 2022-12-31 0000917251 adc:KiowaKsMember 2022-01-01 2022-12-31 0000917251 adc:KinstonNcMember 2022-01-01 2022-12-31 0000917251 adc:KingstonNyMember 2022-01-01 2022-12-31 0000917251 adc:KingsMountainNcMember 2022-01-01 2022-12-31 0000917251 adc:KingslandGaMember 2022-01-01 2022-12-31 0000917251 adc:KingsfordHeightsMiMember 2022-01-01 2022-12-31 0000917251 adc:KingOfPrussiaPaMember 2022-01-01 2022-12-31 0000917251 adc:KimberlyWiMember 2022-01-01 2022-12-31 0000917251 adc:KimballTnMember 2022-01-01 2022-12-31 0000917251 adc:KilleenTxMember 2022-01-01 2022-12-31 0000917251 adc:KerrvilleTxMember 2022-01-01 2022-12-31 0000917251 adc:KernersvilleNcMember 2022-01-01 2022-12-31 0000917251 adc:KentwoodMiMember 2022-01-01 2022-12-31 0000917251 adc:KentwoodLaMember 2022-01-01 2022-12-31 0000917251 adc:KentonOhMember 2022-01-01 2022-12-31 0000917251 adc:KentlandInMember 2022-01-01 2022-12-31 0000917251 adc:KennerLaMember 2022-01-01 2022-12-31 0000917251 adc:KenedyTxMember 2022-01-01 2022-12-31 0000917251 adc:KemahTxMember 2022-01-01 2022-12-31 0000917251 adc:KansasCityMoMember 2022-01-01 2022-12-31 0000917251 adc:KansasCityKsMember 2022-01-01 2022-12-31 0000917251 adc:KankakeeIlMember 2022-01-01 2022-12-31 0000917251 adc:KadokaSdMember 2022-01-01 2022-12-31 0000917251 adc:JuniataNeMember 2022-01-01 2022-12-31 0000917251 adc:JunctionCityKsMember 2022-01-01 2022-12-31 0000917251 adc:JoppaMdMember 2022-01-01 2022-12-31 0000917251 adc:JoplinMoMember 2022-01-01 2022-12-31 0000917251 adc:JoplinMo3Member 2022-01-01 2022-12-31 0000917251 adc:JoplinMo2Member 2022-01-01 2022-12-31 0000917251 adc:JoplinMo1Member 2022-01-01 2022-12-31 0000917251 adc:JonesvilleMMember 2022-01-01 2022-12-31 0000917251 adc:JonesboroGaMember 2022-01-01 2022-12-31 0000917251 adc:JonesboroArMember 2022-01-01 2022-12-31 0000917251 adc:JonesboroAr2Member 2022-01-01 2022-12-31 0000917251 adc:JonesboroAr1Member 2022-01-01 2022-12-31 0000917251 adc:JolietIlMember 2022-01-01 2022-12-31 0000917251 adc:JohnstownPaMember 2022-01-01 2022-12-31 0000917251 adc:JohnstownOhMember 2022-01-01 2022-12-31 0000917251 adc:JohnstonScMember 2022-01-01 2022-12-31 0000917251 adc:JohnsonCityTnMember 2022-01-01 2022-12-31 0000917251 adc:JesupGaMember 2022-01-01 2022-12-31 0000917251 adc:JenningsLaMember 2022-01-01 2022-12-31 0000917251 adc:JenaLaMember 2022-01-01 2022-12-31 0000917251 adc:JeffersonGaMember 2022-01-01 2022-12-31 0000917251 adc:JeffersonCityMoMember 2022-01-01 2022-12-31 0000917251 adc:JasperTnMember 2022-01-01 2022-12-31 0000917251 adc:JasperAlMember 2022-01-01 2022-12-31 0000917251 adc:JanesvilleWiMember 2022-01-01 2022-12-31 0000917251 adc:JacksonvilleNcMember 2022-01-01 2022-12-31 0000917251 adc:JacksonvilleNc4Member 2022-01-01 2022-12-31 0000917251 adc:JacksonvilleNc3Member 2022-01-01 2022-12-31 0000917251 adc:JacksonvilleNc2Member 2022-01-01 2022-12-31 0000917251 adc:JacksonvilleNc1Member 2022-01-01 2022-12-31 0000917251 adc:JacksonvilleFlMember 2022-01-01 2022-12-31 0000917251 adc:JacksonvilleFlIMember 2022-01-01 2022-12-31 0000917251 adc:JacksonvilleFl6Member 2022-01-01 2022-12-31 0000917251 adc:JacksonvilleFl5Member 2022-01-01 2022-12-31 0000917251 adc:JacksonvilleFl4Member 2022-01-01 2022-12-31 0000917251 adc:JacksonvilleFl3Member 2022-01-01 2022-12-31 0000917251 adc:JacksonvilleFl2Member 2022-01-01 2022-12-31 0000917251 adc:JacksonvilleFl1Member 2022-01-01 2022-12-31 0000917251 adc:JacksonvilleBeachFlMember 2022-01-01 2022-12-31 0000917251 adc:JacksonTnMember 2022-01-01 2022-12-31 0000917251 adc:JacksonTn1Member 2022-01-01 2022-12-31 0000917251 adc:JacksonMsMember 2022-01-01 2022-12-31 0000917251 adc:JacksonMs5Member 2022-01-01 2022-12-31 0000917251 adc:JacksonMs4Member 2022-01-01 2022-12-31 0000917251 adc:JacksonMs3Member 2022-01-01 2022-12-31 0000917251 adc:JacksonMs2Member 2022-01-01 2022-12-31 0000917251 adc:JacksonMs1Member 2022-01-01 2022-12-31 0000917251 adc:JacksonMiMember 2022-01-01 2022-12-31 0000917251 adc:JacksonMi1Member 2022-01-01 2022-12-31 0000917251 adc:JacksboroTxMember 2022-01-01 2022-12-31 0000917251 adc:IrvingtonNjMember 2022-01-01 2022-12-31 0000917251 adc:IrmoScMember 2022-01-01 2022-12-31 0000917251 adc:IpswichMa2Member 2022-01-01 2022-12-31 0000917251 adc:IpswichMa1Member 2022-01-01 2022-12-31 0000917251 adc:IndianapolisInMember 2022-01-01 2022-12-31 0000917251 adc:IndianapolisIn6Member 2022-01-01 2022-12-31 0000917251 adc:IndianapolisIn5Member 2022-01-01 2022-12-31 0000917251 adc:IndianapolisIn4Member 2022-01-01 2022-12-31 0000917251 adc:IndianapolisIn3Member 2022-01-01 2022-12-31 0000917251 adc:IndianapolisIn1Member 2022-01-01 2022-12-31 0000917251 adc:IndependenceLaMember 2022-01-01 2022-12-31 0000917251 adc:IndependenceKsMember 2022-01-01 2022-12-31 0000917251 adc:HutchinsonMnMember 2022-01-01 2022-12-31 0000917251 adc:HuntleyIlMember 2022-01-01 2022-12-31 0000917251 adc:HuntingtonWvMember 2022-01-01 2022-12-31 0000917251 adc:HuntingtonWv1Member 2022-01-01 2022-12-31 0000917251 adc:HumbleTxMember 2022-01-01 2022-12-31 0000917251 adc:HumbleTx1Member 2022-01-01 2022-12-31 0000917251 adc:HudsonOhMember 2022-01-01 2022-12-31 0000917251 adc:HowellMiMember 2022-01-01 2022-12-31 0000917251 adc:HoustonTxMember 2022-01-01 2022-12-31 0000917251 adc:HoustonTx2Member 2022-01-01 2022-12-31 0000917251 adc:HoustonTx1Member 2022-01-01 2022-12-31 0000917251 adc:HoustonMsMember 2022-01-01 2022-12-31 0000917251 adc:HopkinsvilleKyMember 2022-01-01 2022-12-31 0000917251 adc:HopeMillsNcMember 2022-01-01 2022-12-31 0000917251 adc:HooverAlMember 2022-01-01 2022-12-31 0000917251 adc:HooksettNhMember 2022-01-01 2022-12-31 0000917251 adc:HooksettNh1Member 2022-01-01 2022-12-31 0000917251 adc:HomewoodIlMember 2022-01-01 2022-12-31 0000917251 adc:HomesteadFlMember 2022-01-01 2022-12-31 0000917251 adc:HomesteadFlIMember 2022-01-01 2022-12-31 0000917251 adc:HomesteadFl1Member 2022-01-01 2022-12-31 0000917251 adc:HollywoodFlMember 2022-01-01 2022-12-31 0000917251 adc:HollywoodFlIMember 2022-01-01 2022-12-31 0000917251 adc:HollywoodFl1Member 2022-01-01 2022-12-31 0000917251 adc:HollySpringsNcMember 2022-01-01 2022-12-31 0000917251 adc:HollySpringsNc5Member 2022-01-01 2022-12-31 0000917251 adc:HollySpringsNc4Member 2022-01-01 2022-12-31 0000917251 adc:HollySpringsNc3Member 2022-01-01 2022-12-31 0000917251 adc:HollySpringsNc2Member 2022-01-01 2022-12-31 0000917251 adc:HollySpringsNc1Member 2022-01-01 2022-12-31 0000917251 adc:HollySpringsMsMember 2022-01-01 2022-12-31 0000917251 adc:HollandOhMember 2022-01-01 2022-12-31 0000917251 adc:HollandMiMember 2022-01-01 2022-12-31 0000917251 adc:HoldingfordMnMember 2022-01-01 2022-12-31 0000917251 adc:HoffmanEstatesIlMember 2022-01-01 2022-12-31 0000917251 adc:HinsdaleNyMember 2022-01-01 2022-12-31 0000917251 adc:HillsboroOrMember 2022-01-01 2022-12-31 0000917251 adc:HilliardOh4Member 2022-01-01 2022-12-31 0000917251 adc:HilliardOh3Member 2022-01-01 2022-12-31 0000917251 adc:HilliardOh2Member 2022-01-01 2022-12-31 0000917251 adc:HilliardOh1Member 2022-01-01 2022-12-31 0000917251 adc:HillCityMnMember 2022-01-01 2022-12-31 0000917251 adc:HillardOhMember 2022-01-01 2022-12-31 0000917251 adc:HillardOh1Member 2022-01-01 2022-12-31 0000917251 adc:HighPointNcMember 2022-01-01 2022-12-31 0000917251 adc:HighPointNc1Member 2022-01-01 2022-12-31 0000917251 adc:HickoryNcMember 2022-01-01 2022-12-31 0000917251 adc:HialeahFlMember 2022-01-01 2022-12-31 0000917251 adc:HermitageTnMember 2022-01-01 2022-12-31 0000917251 adc:HermitageMoMember 2022-01-01 2022-12-31 0000917251 adc:HeppnerOhMember 2022-01-01 2022-12-31 0000917251 adc:HephzibahGaMember 2022-01-01 2022-12-31 0000917251 adc:HenricoVaMember 2022-01-01 2022-12-31 0000917251 adc:HendersonvilleTnMember 2022-01-01 2022-12-31 0000917251 adc:HendersonvilleTn1Member 2022-01-01 2022-12-31 0000917251 adc:HendersonTnMember 2022-01-01 2022-12-31 0000917251 adc:HendersonKyMember 2022-01-01 2022-12-31 0000917251 adc:HempsteadTxMember 2022-01-01 2022-12-31 0000917251 adc:HemphillTxMember 2022-01-01 2022-12-31 0000917251 adc:HelenaMoMember 2022-01-01 2022-12-31 0000917251 adc:HeathOhMember 2022-01-01 2022-12-31 0000917251 adc:HeathOh1Member 2022-01-01 2022-12-31 0000917251 adc:HazardKyMember 2022-01-01 2022-12-31 0000917251 adc:HawthorneCaMember 2022-01-01 2022-12-31 0000917251 adc:HastingsNyMember 2022-01-01 2022-12-31 0000917251 adc:HarveyLaMember 2022-01-01 2022-12-31 0000917251 adc:HartMiMember 2022-01-01 2022-12-31 0000917251 adc:HarrisonMiMember 2022-01-01 2022-12-31 0000917251 adc:HarrisonburgVaMember 2022-01-01 2022-12-31 0000917251 adc:HarrisburgPaMember 2022-01-01 2022-12-31 0000917251 adc:HarrisburgPa1Member 2022-01-01 2022-12-31 0000917251 adc:HarlingenTxMember 2022-01-01 2022-12-31 0000917251 adc:HarlingenTx2Member 2022-01-01 2022-12-31 0000917251 adc:HarlingenTx1Member 2022-01-01 2022-12-31 0000917251 adc:HarkersIslandNcMember 2022-01-01 2022-12-31 0000917251 adc:HarkerHeightsTxMember 2022-01-01 2022-12-31 0000917251 adc:HarkerHeightsTx1Member 2022-01-01 2022-12-31 0000917251 adc:HardeevilleScMember 2022-01-01 2022-12-31 0000917251 adc:HamptonVaMember 2022-01-01 2022-12-31 0000917251 adc:HamptonVa4Member 2022-01-01 2022-12-31 0000917251 adc:HamptonVa3Member 2022-01-01 2022-12-31 0000917251 adc:HamptonVa2Member 2022-01-01 2022-12-31 0000917251 adc:HamptonVa1Member 2022-01-01 2022-12-31 0000917251 adc:HamptonScMember 2022-01-01 2022-12-31 0000917251 adc:HampshireIlMember 2022-01-01 2022-12-31 0000917251 adc:HammontonNjMember 2022-01-01 2022-12-31 0000917251 adc:HammondLaMember 2022-01-01 2022-12-31 0000917251 adc:HammondInMember 2022-01-01 2022-12-31 0000917251 adc:HammondIn1Member 2022-01-01 2022-12-31 0000917251 adc:HamiltonOhMember 2022-01-01 2022-12-31 0000917251 adc:HamburgNyMember 2022-01-01 2022-12-31 0000917251 adc:HamburgNy1Member 2022-01-01 2022-12-31 0000917251 adc:HallettsvilleTxMember 2022-01-01 2022-12-31 0000917251 adc:HainesvilleIlMember 2022-01-01 2022-12-31 0000917251 adc:HagerstownMdMember 2022-01-01 2022-12-31 0000917251 adc:HagerstownMd1Member 2022-01-01 2022-12-31 0000917251 adc:GurneeIlMember 2022-01-01 2022-12-31 0000917251 adc:GulfportMsMember 2022-01-01 2022-12-31 0000917251 adc:GulfportMs1Member 2022-01-01 2022-12-31 0000917251 adc:GrovesTxMember 2022-01-01 2022-12-31 0000917251 adc:GrovespringMoMember 2022-01-01 2022-12-31 0000917251 adc:GroveportOhMember 2022-01-01 2022-12-31 0000917251 adc:GrovepointOhMember 2022-01-01 2022-12-31 0000917251 adc:GroveCityOhMember 2022-01-01 2022-12-31 0000917251 adc:GrindstonePaMember 2022-01-01 2022-12-31 0000917251 adc:GretnaLaMember 2022-01-01 2022-12-31 0000917251 adc:GrenadaMsMember 2022-01-01 2022-12-31 0000917251 adc:GreerScMember 2022-01-01 2022-12-31 0000917251 adc:GreerSc1Member 2022-01-01 2022-12-31 0000917251 adc:GreenwoodMsMember 2022-01-01 2022-12-31 0000917251 adc:GreenwoodMs1Member 2022-01-01 2022-12-31 0000917251 adc:GreenwoodInMember 2022-01-01 2022-12-31 0000917251 adc:GreenwichCtMember 2022-01-01 2022-12-31 0000917251 adc:GreenvilleScMember 2022-01-01 2022-12-31 0000917251 adc:GreenvilleSc1Member 2022-01-01 2022-12-31 0000917251 adc:GreenvillePaMember 2022-01-01 2022-12-31 0000917251 adc:GreenvilleNcMember 2022-01-01 2022-12-31 0000917251 adc:GreenvilleNc2Member 2022-01-01 2022-12-31 0000917251 adc:GreenvilleNc1Member 2022-01-01 2022-12-31 0000917251 adc:GreenvilleMsMember 2022-01-01 2022-12-31 0000917251 adc:GreenvilleIlMember 2022-01-01 2022-12-31 0000917251 adc:GreenvilleAlMember 2022-01-01 2022-12-31 0000917251 adc:GreenSeaScMember 2022-01-01 2022-12-31 0000917251 adc:GreensboroNcMember 2022-01-01 2022-12-31 0000917251 adc:GreensboroNc1Member 2022-01-01 2022-12-31 0000917251 adc:GreenfieldInMember 2022-01-01 2022-12-31 0000917251 adc:GreeneNyMember 2022-01-01 2022-12-31 0000917251 adc:GreenBayWiMember 2022-01-01 2022-12-31 0000917251 adc:GreeceNyMember 2022-01-01 2022-12-31 0000917251 adc:GraysonKyMember 2022-01-01 2022-12-31 0000917251 adc:GrayslakeIlMember 2022-01-01 2022-12-31 0000917251 adc:GraylingPlazaMiMember 2022-01-01 2022-12-31 0000917251 adc:GraylingMiMember 2022-01-01 2022-12-31 0000917251 adc:GraylingMi1Member 2022-01-01 2022-12-31 0000917251 adc:GrayGaMember 2022-01-01 2022-12-31 0000917251 adc:GrantAlMember 2022-01-01 2022-12-31 0000917251 adc:GrangerInMember 2022-01-01 2022-12-31 0000917251 adc:GrandvilleMiMember 2022-01-01 2022-12-31 0000917251 adc:GrandvilleMi1Member 2022-01-01 2022-12-31 0000917251 adc:GrandviewHeightsOhMember 2022-01-01 2022-12-31 0000917251 adc:GrandRapidsMi2Member 2022-01-01 2022-12-31 0000917251 adc:GrandRapidsMi1Member 2022-01-01 2022-12-31 0000917251 adc:GrandJunctionCoMember 2022-01-01 2022-12-31 0000917251 adc:GrandForksNdMember 2022-01-01 2022-12-31 0000917251 adc:GrandForksNd2Member 2022-01-01 2022-12-31 0000917251 adc:GrandChuteWiMember 2022-01-01 2022-12-31 0000917251 adc:GrandBlancMi1Member 2022-01-01 2022-12-31 0000917251 adc:GranburyTxMember 2022-01-01 2022-12-31 0000917251 adc:GraettingerIaMember 2022-01-01 2022-12-31 0000917251 adc:GoreSpringsMsMember 2022-01-01 2022-12-31 0000917251 adc:GonzalesTxMember 2022-01-01 2022-12-31 0000917251 adc:GonzalesLaMember 2022-01-01 2022-12-31 0000917251 adc:GoldsboroNcMember 2022-01-01 2022-12-31 0000917251 adc:GoldsboroNc1Member 2022-01-01 2022-12-31 0000917251 adc:GoddardKsMember 2022-01-01 2022-12-31 0000917251 adc:GlyndonMnMember 2022-01-01 2022-12-31 0000917251 adc:GloucesterVaMember 2022-01-01 2022-12-31 0000917251 adc:GlenwoodIlMember 2022-01-01 2022-12-31 0000917251 adc:GlenwoodGaMember 2022-01-01 2022-12-31 0000917251 adc:GlendaleAzMember 2022-01-01 2022-12-31 0000917251 adc:GlenBurnieMdMember 2022-01-01 2022-12-31 0000917251 adc:GlenBurnieMd2Member 2022-01-01 2022-12-31 0000917251 adc:GlenAllenVaMember 2022-01-01 2022-12-31 0000917251 adc:GlenAllenVa1Member 2022-01-01 2022-12-31 0000917251 adc:GlassportPaMember 2022-01-01 2022-12-31 0000917251 adc:GibsonLaMember 2022-01-01 2022-12-31 0000917251 adc:GermantownWiMember 2022-01-01 2022-12-31 0000917251 adc:GermantownMdMember 2022-01-01 2022-12-31 0000917251 adc:GeorgetownKyMember 2022-01-01 2022-12-31 0000917251 adc:GeorgetownKy1Member 2022-01-01 2022-12-31 0000917251 adc:GeorgeIaMember 2022-01-01 2022-12-31 0000917251 adc:GenevaOhMember 2022-01-01 2022-12-31 0000917251 adc:GenevaIlMember 2022-01-01 2022-12-31 0000917251 adc:GeneseoNyMember 2022-01-01 2022-12-31 0000917251 adc:GastoniaNcMember 2022-01-01 2022-12-31 0000917251 adc:GastoniaNc1Member 2022-01-01 2022-12-31 0000917251 adc:GasCityInMember 2022-01-01 2022-12-31 0000917251 adc:GarnerNcMember 2022-01-01 2022-12-31 0000917251 adc:GarnerNc3Member 2022-01-01 2022-12-31 0000917251 adc:GarnerNc2Member 2022-01-01 2022-12-31 0000917251 adc:GarnerNc1Member 2022-01-01 2022-12-31 0000917251 adc:GarlandTxMember 2022-01-01 2022-12-31 0000917251 adc:GallowayNjMember 2022-01-01 2022-12-31 0000917251 adc:GallipolisOhMember 2022-01-01 2022-12-31 0000917251 adc:GalesburgIlMember 2022-01-01 2022-12-31 0000917251 adc:GalaxVaMember 2022-01-01 2022-12-31 0000917251 adc:GainesvilleFlMember 2022-01-01 2022-12-31 0000917251 adc:GainesvilleFl1Member 2022-01-01 2022-12-31 0000917251 adc:GadsdenAlMember 2022-01-01 2022-12-31 0000917251 adc:FuquayVarinaNcMember 2022-01-01 2022-12-31 0000917251 adc:FuquayvarinaNcMember 2022-01-01 2022-12-31 0000917251 adc:FrontRoyalVaMember 2022-01-01 2022-12-31 0000917251 adc:FriendshipNyMember 2022-01-01 2022-12-31 0000917251 adc:FridleyMnMember 2022-01-01 2022-12-31 0000917251 adc:FreeportIlMember 2022-01-01 2022-12-31 0000917251 adc:FreeportFlMember 2022-01-01 2022-12-31 0000917251 adc:FreeburgMoMember 2022-01-01 2022-12-31 0000917251 adc:FredericksburgVaMember 2022-01-01 2022-12-31 0000917251 adc:FredericksburgVa2Member 2022-01-01 2022-12-31 0000917251 adc:FredericksburgVa1Member 2022-01-01 2022-12-31 0000917251 adc:FredericksburgIaMember 2022-01-01 2022-12-31 0000917251 adc:FranklintonLaMember 2022-01-01 2022-12-31 0000917251 adc:FranklintonLa3Member 2022-01-01 2022-12-31 0000917251 adc:FranklintonLa2Member 2022-01-01 2022-12-31 0000917251 adc:FranklintonLa1Member 2022-01-01 2022-12-31 0000917251 adc:FranklinParkIlMember 2022-01-01 2022-12-31 0000917251 adc:FranklinOhMember 2022-01-01 2022-12-31 0000917251 adc:FranklinOh1Member 2022-01-01 2022-12-31 0000917251 adc:FranklinInMember 2022-01-01 2022-12-31 0000917251 adc:FrankfortNyMember 2022-01-01 2022-12-31 0000917251 adc:FrankfortKyMember 2022-01-01 2022-12-31 0000917251 adc:FrankfortInMember 2022-01-01 2022-12-31 0000917251 adc:FountainInnScMember 2022-01-01 2022-12-31 0000917251 adc:FortWorthTxMember 2022-01-01 2022-12-31 0000917251 adc:FortWorthTx2Member 2022-01-01 2022-12-31 0000917251 adc:FortWorthTx1Member 2022-01-01 2022-12-31 0000917251 adc:FortWayneInMember 2022-01-01 2022-12-31 0000917251 adc:FortWayneIn1Member 2022-01-01 2022-12-31 0000917251 adc:FortWaltonBeachFlMember 2022-01-01 2022-12-31 0000917251 adc:FortWaltonBeachFlIMember 2022-01-01 2022-12-31 0000917251 adc:FortStocktonTxMember 2022-01-01 2022-12-31 0000917251 adc:FortSmithArMember 2022-01-01 2022-12-31 0000917251 adc:FortOglethorpeGaMember 2022-01-01 2022-12-31 0000917251 adc:FortMillScMember 2022-01-01 2022-12-31 0000917251 adc:FortMillSc1Member 2022-01-01 2022-12-31 0000917251 adc:ForkedRiverNjMember 2022-01-01 2022-12-31 0000917251 adc:ForkedRiverNj4Member 2022-01-01 2022-12-31 0000917251 adc:ForkedRiverNj3Member 2022-01-01 2022-12-31 0000917251 adc:ForkedRiverNj2Member 2022-01-01 2022-12-31 0000917251 adc:ForkedRiverNj1Member 2022-01-01 2022-12-31 0000917251 adc:ForestVaMember 2022-01-01 2022-12-31 0000917251 adc:ForestMsMember 2022-01-01 2022-12-31 0000917251 adc:ForestMs1Member 2022-01-01 2022-12-31 0000917251 adc:FoleyAlMember 2022-01-01 2022-12-31 0000917251 adc:FoleyAl2Member 2022-01-01 2022-12-31 0000917251 adc:FogelsvillePaMember 2022-01-01 2022-12-31 0000917251 adc:FlowoodMsMember 2022-01-01 2022-12-31 0000917251 adc:FlowoodMs2Member 2022-01-01 2022-12-31 0000917251 adc:FlowoodMs1Member 2022-01-01 2022-12-31 0000917251 adc:FloweryBranchGaMember 2022-01-01 2022-12-31 0000917251 adc:FlourtownPaMember 2022-01-01 2022-12-31 0000917251 adc:FlorissantMoMember 2022-01-01 2022-12-31 0000917251 adc:FlorissantMo2Member 2022-01-01 2022-12-31 0000917251 adc:FlorissantMo1Member 2022-01-01 2022-12-31 0000917251 adc:FlorenceKyMember 2022-01-01 2022-12-31 0000917251 adc:FloraIlMember 2022-01-01 2022-12-31 0000917251 adc:FlintMiMember 2022-01-01 2022-12-31 0000917251 adc:FlintMi5Member 2022-01-01 2022-12-31 0000917251 adc:FlintMi4Member 2022-01-01 2022-12-31 0000917251 adc:FlintMi3Member 2022-01-01 2022-12-31 0000917251 adc:FlintMi2Member 2022-01-01 2022-12-31 0000917251 adc:FlintMi1Member 2022-01-01 2022-12-31 0000917251 adc:FlatRockNcMember 2022-01-01 2022-12-31 0000917251 adc:FishersInMember 2022-01-01 2022-12-31 0000917251 adc:FayettevilleNcMember 2022-01-01 2022-12-31 0000917251 adc:FayettevilleNc3Member 2022-01-01 2022-12-31 0000917251 adc:FayettevilleNc2Member 2022-01-01 2022-12-31 0000917251 adc:FayettevilleNc1Member 2022-01-01 2022-12-31 0000917251 adc:FarnhamVaMember 2022-01-01 2022-12-31 0000917251 adc:FarmingtonNmMember 2022-01-01 2022-12-31 0000917251 adc:FarmingtonMoMember 2022-01-01 2022-12-31 0000917251 adc:FallRiverMaMember 2022-01-01 2022-12-31 0000917251 adc:FairviewParkOhMember 2022-01-01 2022-12-31 0000917251 adc:FairviewParkOh1Member 2022-01-01 2022-12-31 0000917251 adc:FairPlayMoMember 2022-01-01 2022-12-31 0000917251 adc:FairfieldTxMember 2022-01-01 2022-12-31 0000917251 adc:FairfieldNjMember 2022-01-01 2022-12-31 0000917251 adc:FairfieldIlMember 2022-01-01 2022-12-31 0000917251 adc:ExcelsiorSpringsMoMember 2022-01-01 2022-12-31 0000917251 adc:EvergreenParkIlMember 2022-01-01 2022-12-31 0000917251 adc:EvergreenCoMember 2022-01-01 2022-12-31 0000917251 adc:EverettWaMember 2022-01-01 2022-12-31 0000917251 adc:EvansvilleInMember 2022-01-01 2022-12-31 0000917251 adc:EutawAlMember 2022-01-01 2022-12-31 0000917251 adc:EustisFlMember 2022-01-01 2022-12-31 0000917251 adc:EulessTxMember 2022-01-01 2022-12-31 0000917251 adc:EugeneOrMember 2022-01-01 2022-12-31 0000917251 adc:EtowahTnMember 2022-01-01 2022-12-31 0000917251 adc:EspanolaNmMember 2022-01-01 2022-12-31 0000917251 adc:ErwinvilleLaMember 2022-01-01 2022-12-31 0000917251 adc:EriePaMember 2022-01-01 2022-12-31 0000917251 adc:EriePa2Member 2022-01-01 2022-12-31 0000917251 adc:EriePa1Member 2022-01-01 2022-12-31 0000917251 adc:EphrataWaMember 2022-01-01 2022-12-31 0000917251 adc:EnterpriseAlMember 2022-01-01 2022-12-31 0000917251 adc:EnnisTxMember 2022-01-01 2022-12-31 0000917251 adc:EnfieldNhMember 2022-01-01 2022-12-31 0000917251 adc:EmeraldIsleNcMember 2022-01-01 2022-12-31 0000917251 adc:ElyriaOhMember 2022-01-01 2022-12-31 0000917251 adc:ElyriaOh1Member 2022-01-01 2022-12-31 0000917251 adc:ElPasoTxMember 2022-01-01 2022-12-31 0000917251 adc:ElPasoTx3Member 2022-01-01 2022-12-31 0000917251 adc:ElPasoTx2Member 2022-01-01 2022-12-31 0000917251 adc:ElPasoTx1Member 2022-01-01 2022-12-31 0000917251 adc:ElmiraNyMember 2022-01-01 2022-12-31 0000917251 adc:ElmiraNy1Member 2022-01-01 2022-12-31 0000917251 adc:ElmCityNcMember 2022-01-01 2022-12-31 0000917251 adc:EllisvilleMsMember 2022-01-01 2022-12-31 0000917251 adc:ElktonVaMember 2022-01-01 2022-12-31 0000917251 adc:ElkinsWvMember 2022-01-01 2022-12-31 0000917251 adc:ElkinNcMember 2022-01-01 2022-12-31 0000917251 adc:ElkhartInMember 2022-01-01 2022-12-31 0000917251 adc:ElkGroveVillageIlMember 2022-01-01 2022-12-31 0000917251 adc:ElkGroveCaMember 2022-01-01 2022-12-31 0000917251 adc:ElkCityOkMember 2022-01-01 2022-12-31 0000917251 adc:ElkCityOk1Member 2022-01-01 2022-12-31 0000917251 adc:ElizabethNjMember 2022-01-01 2022-12-31 0000917251 adc:ElginIlMember 2022-01-01 2022-12-31 0000917251 adc:EldersburgMdMember 2022-01-01 2022-12-31 0000917251 adc:ElaineArMember 2022-01-01 2022-12-31 0000917251 adc:EkronKyMember 2022-01-01 2022-12-31 0000917251 adc:EggHarborNjMember 2022-01-01 2022-12-31 0000917251 adc:EdwardsvilleIlMember 2022-01-01 2022-12-31 0000917251 adc:EdmontonKyMember 2022-01-01 2022-12-31 0000917251 adc:EdmondOkMember 2022-01-01 2022-12-31 0000917251 adc:EdisonGaMember 2022-01-01 2022-12-31 0000917251 adc:EdinburgCarthadgeMsMember 2022-01-01 2022-12-31 0000917251 adc:EdgeleyNdMember 2022-01-01 2022-12-31 0000917251 adc:EbensburgPaMember 2022-01-01 2022-12-31 0000917251 adc:EauClaireWiMember 2022-01-01 2022-12-31 0000917251 adc:EatontownNjMember 2022-01-01 2022-12-31 0000917251 adc:EastWarehamMaMember 2022-01-01 2022-12-31 0000917251 adc:EastPeoriaIlMember 2022-01-01 2022-12-31 0000917251 adc:EastPalatkaFlMember 2022-01-01 2022-12-31 0000917251 adc:EastonPaMember 2022-01-01 2022-12-31 0000917251 adc:EastLansingMiMember 2022-01-01 2022-12-31 0000917251 adc:EastHanoverNjMember 2022-01-01 2022-12-31 0000917251 adc:EastHanoverNj1Member 2022-01-01 2022-12-31 0000917251 adc:EastDundeeIlMember 2022-01-01 2022-12-31 0000917251 adc:EastChinaMiMember 2022-01-01 2022-12-31 0000917251 adc:EastAltonIlMember 2022-01-01 2022-12-31 0000917251 adc:EasleyScMember 2022-01-01 2022-12-31 0000917251 adc:EasleySc1Member 2022-01-01 2022-12-31 0000917251 adc:EagleBendMnMember 2022-01-01 2022-12-31 0000917251 adc:EaganMnMember 2022-01-01 2022-12-31 0000917251 adc:DurhamNcMember 2022-01-01 2022-12-31 0000917251 adc:DurhamNc1Member 2022-01-01 2022-12-31 0000917251 adc:DunmorePaMember 2022-01-01 2022-12-31 0000917251 adc:DunkirkOhMember 2022-01-01 2022-12-31 0000917251 adc:DundalkMdMember 2022-01-01 2022-12-31 0000917251 adc:DublinGaMember 2022-01-01 2022-12-31 0000917251 adc:DraperUtMember 2022-01-01 2022-12-31 0000917251 adc:DrakesBranchVaMember 2022-01-01 2022-12-31 0000917251 adc:DoverPaMember 2022-01-01 2022-12-31 0000917251 adc:DouglasvilleGaMember 2022-01-01 2022-12-31 0000917251 adc:DothanAlMember 2022-01-01 2022-12-31 0000917251 adc:DorchesterMaMember 2022-01-01 2022-12-31 0000917251 adc:DoravilleGaMember 2022-01-01 2022-12-31 0000917251 adc:DoravilleGa1Member 2022-01-01 2022-12-31 0000917251 adc:DoraMsMember 2022-01-01 2022-12-31 0000917251 adc:DonnaTxMember 2022-01-01 2022-12-31 0000917251 adc:DonaldsonvilleLaMember 2022-01-01 2022-12-31 0000917251 adc:DonaldsonvilleLa1Member 2022-01-01 2022-12-31 0000917251 adc:DinwiddieVaMember 2022-01-01 2022-12-31 0000917251 adc:DillonScMember 2022-01-01 2022-12-31 0000917251 adc:DewittMiMember 2022-01-01 2022-12-31 0000917251 adc:DevineTxMember 2022-01-01 2022-12-31 0000917251 adc:DevilsLakeNdMember 2022-01-01 2022-12-31 0000917251 adc:DestinFlMember 2022-01-01 2022-12-31 0000917251 adc:DesMoinesIaMember 2022-01-01 2022-12-31 0000917251 adc:DesMoinesIa2Member 2022-01-01 2022-12-31 0000917251 adc:DeridderLaMember 2022-01-01 2022-12-31 0000917251 adc:DerbyKsMember 2022-01-01 2022-12-31 0000917251 adc:DequincyLa1Member 2022-01-01 2022-12-31 0000917251 adc:DeptfordNjMember 2022-01-01 2022-12-31 0000917251 adc:DenverNcMember 2022-01-01 2022-12-31 0000917251 adc:DenverNc1Member 2022-01-01 2022-12-31 0000917251 adc:DenhamSpringsLaMember 2022-01-01 2022-12-31 0000917251 adc:DenhamSpringsLa1Member 2022-01-01 2022-12-31 0000917251 adc:DemotteInMember 2022-01-01 2022-12-31 0000917251 adc:DeKalbMsMember 2022-01-01 2022-12-31 0000917251 adc:DefuniakSpringsFlMember 2022-01-01 2022-12-31 0000917251 adc:DefianceOhMember 2022-01-01 2022-12-31 0000917251 adc:DeerfieldBeachFlMember 2022-01-01 2022-12-31 0000917251 adc:DecaturGaMember 2022-01-01 2022-12-31 0000917251 adc:DecaturAlMember 2022-01-01 2022-12-31 0000917251 adc:DaytonTxMember 2022-01-01 2022-12-31 0000917251 adc:DaytonOhMember 2022-01-01 2022-12-31 0000917251 adc:DaytonOh1Member 2022-01-01 2022-12-31 0000917251 adc:DaytonaBeachFlMember 2022-01-01 2022-12-31 0000917251 adc:DaytonaBeachFlIMember 2022-01-01 2022-12-31 0000917251 adc:DawsonvilleGaMember 2022-01-01 2022-12-31 0000917251 adc:DavisburgMiMember 2022-01-01 2022-12-31 0000917251 adc:DavenportIaMember 2022-01-01 2022-12-31 0000917251 adc:DavenportFlMember 2022-01-01 2022-12-31 0000917251 adc:DanvilleVaMember 2022-01-01 2022-12-31 0000917251 adc:DanversMaMember 2022-01-01 2022-12-31 0000917251 adc:DanburyCtMember 2022-01-01 2022-12-31 0000917251 adc:DaltonGaMember 2022-01-01 2022-12-31 0000917251 adc:DallasTxMember 2022-01-01 2022-12-31 0000917251 adc:DallasTx2Member 2022-01-01 2022-12-31 0000917251 adc:DallasTx1Member 2022-01-01 2022-12-31 0000917251 adc:DallasNcMember 2022-01-01 2022-12-31 0000917251 adc:DallasGaMember 2022-01-01 2022-12-31 0000917251 adc:DaisettaTxMember 2022-01-01 2022-12-31 0000917251 adc:DaculaGaMember 2022-01-01 2022-12-31 0000917251 adc:CypressTxMember 2022-01-01 2022-12-31 0000917251 adc:CumberlandWiMember 2022-01-01 2022-12-31 0000917251 adc:CumberlandMdMember 2022-01-01 2022-12-31 0000917251 adc:CueroTxMember 2022-01-01 2022-12-31 0000917251 adc:CrystalRiverFlMember 2022-01-01 2022-12-31 0000917251 adc:CrystalLakeIlMember 2022-01-01 2022-12-31 0000917251 adc:CrystalFallsMiMember 2022-01-01 2022-12-31 0000917251 adc:CrossvilleTnMember 2022-01-01 2022-12-31 0000917251 adc:CreteNeMember 2022-01-01 2022-12-31 0000917251 adc:CrestwoodKyMember 2022-01-01 2022-12-31 0000917251 adc:CrestviewFlMember 2022-01-01 2022-12-31 0000917251 adc:CranberryTownshipPaMember 2022-01-01 2022-12-31 0000917251 adc:CranberryPaMember 2022-01-01 2022-12-31 0000917251 adc:CranberryPa1Member 2022-01-01 2022-12-31 0000917251 adc:CowetaOkMember 2022-01-01 2022-12-31 0000917251 adc:CovingtonGaMember 2022-01-01 2022-12-31 0000917251 adc:CortezCoMember 2022-01-01 2022-12-31 0000917251 adc:CorpusChristiTxMember 2022-01-01 2022-12-31 0000917251 adc:CorpusChristiTx1Member 2022-01-01 2022-12-31 0000917251 adc:CorningIaMember 2022-01-01 2022-12-31 0000917251 adc:CorinthMsMember 2022-01-01 2022-12-31 0000917251 adc:CoralGablesFlMember 2022-01-01 2022-12-31 0000917251 adc:CoolidgeAzMember 2022-01-01 2022-12-31 0000917251 adc:CooksMiMember 2022-01-01 2022-12-31 0000917251 adc:ConyersGaMember 2022-01-01 2022-12-31 0000917251 adc:ConyersGa3Member 2022-01-01 2022-12-31 0000917251 adc:ConyersGa2Member 2022-01-01 2022-12-31 0000917251 adc:ConwayScMember 2022-01-01 2022-12-31 0000917251 adc:ConwayArMember 2022-01-01 2022-12-31 0000917251 adc:ConverseTxMember 2022-01-01 2022-12-31 0000917251 adc:ConverseTx1Member 2022-01-01 2022-12-31 0000917251 adc:ConroeTxMember 2022-01-01 2022-12-31 0000917251 adc:ConneautOhMember 2022-01-01 2022-12-31 0000917251 adc:ConneautOh1Member 2022-01-01 2022-12-31 0000917251 adc:ConklinNyMember 2022-01-01 2022-12-31 0000917251 adc:ConcordNcMember 2022-01-01 2022-12-31 0000917251 adc:ConcordNc3Member 2022-01-01 2022-12-31 0000917251 adc:ConcordNc2Member 2022-01-01 2022-12-31 0000917251 adc:ConcordNc1Member 2022-01-01 2022-12-31 0000917251 adc:ConcordiaKsMember 2022-01-01 2022-12-31 0000917251 adc:ComancheTxMember 2022-01-01 2022-12-31 0000917251 adc:ColumbusOhMember 2022-01-01 2022-12-31 0000917251 adc:ColumbusOh7Member 2022-01-01 2022-12-31 0000917251 adc:ColumbusOh6Member 2022-01-01 2022-12-31 0000917251 adc:ColumbusOh5Member 2022-01-01 2022-12-31 0000917251 adc:ColumbusOh4Member 2022-01-01 2022-12-31 0000917251 adc:ColumbusOh3Member 2022-01-01 2022-12-31 0000917251 adc:ColumbusOh2Member 2022-01-01 2022-12-31 0000917251 adc:ColumbusOh1Member 2022-01-01 2022-12-31 0000917251 adc:ColumbusNcMember 2022-01-01 2022-12-31 0000917251 adc:ColumbusMsMember 2022-01-01 2022-12-31 0000917251 adc:ColumbusMs1Member 2022-01-01 2022-12-31 0000917251 adc:ColumbusGaMember 2022-01-01 2022-12-31 0000917251 adc:ColumbiaScMember 2022-01-01 2022-12-31 0000917251 adc:ColumbiaSc5Member 2022-01-01 2022-12-31 0000917251 adc:ColumbiaSc4Member 2022-01-01 2022-12-31 0000917251 adc:ColumbiaSc3Member 2022-01-01 2022-12-31 0000917251 adc:ColumbiaSc2Member 2022-01-01 2022-12-31 0000917251 adc:ColtonCaMember 2022-01-01 2022-12-31 0000917251 adc:ColtonCaIiMember 2022-01-01 2022-12-31 0000917251 adc:ColonialHeightsVaMember 2022-01-01 2022-12-31 0000917251 adc:ColdironKyMember 2022-01-01 2022-12-31 0000917251 adc:ColchesterCtMember 2022-01-01 2022-12-31 0000917251 adc:CoffeevilleAlMember 2022-01-01 2022-12-31 0000917251 adc:CocoaFlMember 2022-01-01 2022-12-31 0000917251 adc:CockeysvilleMdMember 2022-01-01 2022-12-31 0000917251 adc:CochranGaMember 2022-01-01 2022-12-31 0000917251 adc:CoalHillArMember 2022-01-01 2022-12-31 0000917251 adc:CoalCityIlMember 2022-01-01 2022-12-31 0000917251 adc:ClovisNmMember 2022-01-01 2022-12-31 0000917251 adc:ClintwoodVaMember 2022-01-01 2022-12-31 0000917251 adc:ClintonTnMember 2022-01-01 2022-12-31 0000917251 adc:ClintonMsMember 2022-01-01 2022-12-31 0000917251 adc:ClintonLaMember 2022-01-01 2022-12-31 0000917251 adc:CliftonParkNyMember 2022-01-01 2022-12-31 0000917251 adc:CliftonHeightsPaMember 2022-01-01 2022-12-31 0000917251 adc:ClevelandTnMember 2022-01-01 2022-12-31 0000917251 adc:ClevelandMsMember 2022-01-01 2022-12-31 0000917251 adc:ClemsonScMember 2022-01-01 2022-12-31 0000917251 adc:ClearwaterFlMember 2022-01-01 2022-12-31 0000917251 adc:ClaytonAlMember 2022-01-01 2022-12-31 0000917251 adc:ClawsonMiMember 2022-01-01 2022-12-31 0000917251 adc:ClarksvilleTnMember 2022-01-01 2022-12-31 0000917251 adc:ClarksdaleMsMember 2022-01-01 2022-12-31 0000917251 adc:ClareMiMember 2022-01-01 2022-12-31 0000917251 adc:CincinnatiOhMember 2022-01-01 2022-12-31 0000917251 adc:CincinnatiOh1Member 2022-01-01 2022-12-31 0000917251 adc:CimarronNmMember 2022-01-01 2022-12-31 0000917251 adc:CiceroIlMember 2022-01-01 2022-12-31 0000917251 adc:ChulaGaMember 2022-01-01 2022-12-31 0000917251 adc:ChubbuckId3Member 2022-01-01 2022-12-31 0000917251 adc:ChubbuckId2Member 2022-01-01 2022-12-31 0000917251 adc:ChubbuckId1Member 2022-01-01 2022-12-31 0000917251 adc:ChristiansburgVaMember 2022-01-01 2022-12-31 0000917251 adc:ChillicotheOhMember 2022-01-01 2022-12-31 0000917251 adc:ChieflandFlMember 2022-01-01 2022-12-31 0000917251 adc:ChickashaOkMember 2022-01-01 2022-12-31 0000917251 adc:ChickashaOk2Member 2022-01-01 2022-12-31 0000917251 adc:ChicagoIlMember 2022-01-01 2022-12-31 0000917251 adc:ChicagoIl9Member 2022-01-01 2022-12-31 0000917251 adc:ChicagoIl8Member 2022-01-01 2022-12-31 0000917251 adc:ChicagoIl7Member 2022-01-01 2022-12-31 0000917251 adc:ChicagoIl6Member 2022-01-01 2022-12-31 0000917251 adc:ChicagoIl5Member 2022-01-01 2022-12-31 0000917251 adc:ChicagoIl4Member 2022-01-01 2022-12-31 0000917251 adc:ChicagoIl3Member 2022-01-01 2022-12-31 0000917251 adc:ChicagoIl2Member 2022-01-01 2022-12-31 0000917251 adc:ChicagoIl1Member 2022-01-01 2022-12-31 0000917251 adc:CheyenneWyMember 2022-01-01 2022-12-31 0000917251 adc:ChesterVa2Member 2022-01-01 2022-12-31 0000917251 adc:ChesterVa1Member 2022-01-01 2022-12-31 0000917251 adc:ChesterfieldTownshipMiMember 2022-01-01 2022-12-31 0000917251 adc:ChesepeakeOhMember 2022-01-01 2022-12-31 0000917251 adc:CherawScMember 2022-01-01 2022-12-31 0000917251 adc:ChecotahOkMember 2022-01-01 2022-12-31 0000917251 adc:ChattanoogaTnMember 2022-01-01 2022-12-31 0000917251 adc:ChattanoogaTn1Member 2022-01-01 2022-12-31 0000917251 adc:CharlottesvilleVaMember 2022-01-01 2022-12-31 0000917251 adc:CharlotteNcMember 2022-01-01 2022-12-31 0000917251 adc:CharlotteNc3Member 2022-01-01 2022-12-31 0000917251 adc:CharlotteNc2Member 2022-01-01 2022-12-31 0000917251 adc:CharlotteNc1Member 2022-01-01 2022-12-31 0000917251 adc:CharlestonWvMember 2022-01-01 2022-12-31 0000917251 adc:CharlestonWv1Member 2022-01-01 2022-12-31 0000917251 adc:CharlestonIlMember 2022-01-01 2022-12-31 0000917251 adc:ChappellNeMember 2022-01-01 2022-12-31 0000917251 adc:ChapinScMember 2022-01-01 2022-12-31 0000917251 adc:ChapelHillNcMember 2022-01-01 2022-12-31 0000917251 adc:ChanhassenMnMember 2022-01-01 2022-12-31 0000917251 adc:ChandlerAzMember 2022-01-01 2022-12-31 0000917251 adc:ChamplinMnMember 2022-01-01 2022-12-31 0000917251 adc:ChampaignIlMember 2022-01-01 2022-12-31 0000917251 adc:ChambersburgPaMember 2022-01-01 2022-12-31 0000917251 adc:ChalmetteLaMember 2022-01-01 2022-12-31 0000917251 adc:ChalmetteLa1Member 2022-01-01 2022-12-31 0000917251 adc:CentraliaIlMember 2022-01-01 2022-12-31 0000917251 adc:CentervilleIaMember 2022-01-01 2022-12-31 0000917251 adc:CentertonArMember 2022-01-01 2022-12-31 0000917251 adc:CenterPointLaMember 2022-01-01 2022-12-31 0000917251 adc:CedarSpringsMiMember 2022-01-01 2022-12-31 0000917251 adc:CedarParkTxMember 2022-01-01 2022-12-31 0000917251 adc:CatskillNyMember 2022-01-01 2022-12-31 0000917251 adc:CastaliaNcMember 2022-01-01 2022-12-31 0000917251 adc:CasselberryFlMember 2022-01-01 2022-12-31 0000917251 adc:CasperWyMember 2022-01-01 2022-12-31 0000917251 adc:CaryNcMember 2022-01-01 2022-12-31 0000917251 adc:CaryNc2Member 2022-01-01 2022-12-31 0000917251 adc:CaryNc1Member 2022-01-01 2022-12-31 0000917251 adc:CarthageTxMember 2022-01-01 2022-12-31 0000917251 adc:CarrolltonOhMember 2022-01-01 2022-12-31 0000917251 adc:CarrolltonGaMember 2022-01-01 2022-12-31 0000917251 adc:CarrizoSpringsTxMember 2022-01-01 2022-12-31 0000917251 adc:CaroMiMember 2022-01-01 2022-12-31 0000917251 adc:CarlislePaMember 2022-01-01 2022-12-31 0000917251 adc:CarlinvilleIlMember 2022-01-01 2022-12-31 0000917251 adc:CarbondaleIlMember 2022-01-01 2022-12-31 0000917251 adc:CapitalPlazaKyMember 2022-01-01 2022-12-31 0000917251 adc:CapeCoralFlMember 2022-01-01 2022-12-31 0000917251 adc:CanyonLakeTxMember 2022-01-01 2022-12-31 0000917251 adc:CantonTwpMiMember 2022-01-01 2022-12-31 0000917251 adc:CantonOhMember 2022-01-01 2022-12-31 0000917251 adc:CantonOh1Member 2022-01-01 2022-12-31 0000917251 adc:CantonGaMember 2022-01-01 2022-12-31 0000917251 adc:CandorNyMember 2022-01-01 2022-12-31 0000917251 adc:CanastotaNyMember 2022-01-01 2022-12-31 0000917251 adc:CanandaiguaNyMember 2022-01-01 2022-12-31 0000917251 adc:CanandaiguaNy1Member 2022-01-01 2022-12-31 0000917251 adc:CamptiLaMember 2022-01-01 2022-12-31 0000917251 adc:CamdenTnMember 2022-01-01 2022-12-31 0000917251 adc:CambridgeOhMember 2022-01-01 2022-12-31 0000917251 adc:CalumetCityIlMember 2022-01-01 2022-12-31 0000917251 adc:CaliforniaMoMember 2022-01-01 2022-12-31 0000917251 adc:CalhounGaMember 2022-01-01 2022-12-31 0000917251 adc:CalexicoCaMember 2022-01-01 2022-12-31 0000917251 adc:CalcuttaOhMember 2022-01-01 2022-12-31 0000917251 adc:CairoGaMember 2022-01-01 2022-12-31 0000917251 adc:ByramMsMember 2022-01-01 2022-12-31 0000917251 adc:ByhaliaMsMember 2022-01-01 2022-12-31 0000917251 adc:BuxtonNcMember 2022-01-01 2022-12-31 0000917251 adc:BurnsvilleMnMember 2022-01-01 2022-12-31 0000917251 adc:BurnhamPaMember 2022-01-01 2022-12-31 0000917251 adc:BurlingtonWiMember 2022-01-01 2022-12-31 0000917251 adc:BurlingtonWaMember 2022-01-01 2022-12-31 0000917251 adc:BurlesonTxMember 2022-01-01 2022-12-31 0000917251 adc:BurlesonTx1Member 2022-01-01 2022-12-31 0000917251 adc:BullheadCityAzMember 2022-01-01 2022-12-31 0000917251 adc:BufordGaMember 2022-01-01 2022-12-31 0000917251 adc:BufordGa2Member 2022-01-01 2022-12-31 0000917251 adc:BuffaloNyMember 2022-01-01 2022-12-31 0000917251 adc:BuffaloCenterIaMember 2022-01-01 2022-12-31 0000917251 adc:BuddLakeNjMember 2022-01-01 2022-12-31 0000917251 adc:BuckhannonWvMember 2022-01-01 2022-12-31 0000917251 adc:BrunswickGaMember 2022-01-01 2022-12-31 0000917251 adc:BrunswickGa2Member 2022-01-01 2022-12-31 0000917251 adc:BrunswickGa1Member 2022-01-01 2022-12-31 0000917251 adc:BruceMsMember 2022-01-01 2022-12-31 0000917251 adc:BrownsvilleTxMember 2022-01-01 2022-12-31 0000917251 adc:BrownDeerWiMember 2022-01-01 2022-12-31 0000917251 adc:BrownburgInMember 2022-01-01 2022-12-31 0000917251 adc:BroomfieldCoMember 2022-01-01 2022-12-31 0000917251 adc:BrookvillePaMember 2022-01-01 2022-12-31 0000917251 adc:BrooklynParkMnMember 2022-01-01 2022-12-31 0000917251 adc:BrooklynOhMember 2022-01-01 2022-12-31 0000917251 adc:BrookfieldCtMember 2022-01-01 2022-12-31 0000917251 adc:BrokenArrowOkMember 2022-01-01 2022-12-31 0000917251 adc:BrocktonMaMember 2022-01-01 2022-12-31 0000917251 adc:BristolVaMember 2022-01-01 2022-12-31 0000917251 adc:BristolPaMember 2022-01-01 2022-12-31 0000917251 adc:BrimleyMiMember 2022-01-01 2022-12-31 0000917251 adc:BrightonMiMember 2022-01-01 2022-12-31 0000917251 adc:BridgevilleDeMember 2022-01-01 2022-12-31 0000917251 adc:BrenhamTxMember 2022-01-01 2022-12-31 0000917251 adc:BrenhamTx1Member 2022-01-01 2022-12-31 0000917251 adc:BremenGaMember 2022-01-01 2022-12-31 0000917251 adc:BreezewoodPaMember 2022-01-01 2022-12-31 0000917251 adc:BransonMoMember 2022-01-01 2022-12-31 0000917251 adc:BransonMo1Member 2022-01-01 2022-12-31 0000917251 adc:BrandonMsMember 2022-01-01 2022-12-31 0000917251 adc:BrandonMs1Member 2022-01-01 2022-12-31 0000917251 adc:BrandenburgKyMember 2022-01-01 2022-12-31 0000917251 adc:BradfordVtMember 2022-01-01 2022-12-31 0000917251 adc:BoyntonBeachFlMember 2022-01-01 2022-12-31 0000917251 adc:BoyntonBeachFl1Member 2022-01-01 2022-12-31 0000917251 adc:BoyneCityMiMember 2022-01-01 2022-12-31 0000917251 adc:BowmanScMember 2022-01-01 2022-12-31 0000917251 adc:BowlingGreenMoMember 2022-01-01 2022-12-31 0000917251 adc:BowieMdMember 2022-01-01 2022-12-31 0000917251 adc:BourbonnaisIl3Member 2022-01-01 2022-12-31 0000917251 adc:BoulderCityNvMember 2022-01-01 2022-12-31 0000917251 adc:BottineauNdMember 2022-01-01 2022-12-31 0000917251 adc:BoswellInMember 2022-01-01 2022-12-31 0000917251 adc:BossierCityLaMember 2022-01-01 2022-12-31 0000917251 adc:BossierCityLa2Member 2022-01-01 2022-12-31 0000917251 adc:BormanCenterMiMember 2022-01-01 2022-12-31 0000917251 adc:BoonsboroMdMember 2022-01-01 2022-12-31 0000917251 adc:BooneNcMember 2022-01-01 2022-12-31 0000917251 adc:BoltonMsMember 2022-01-01 2022-12-31 0000917251 adc:BokosheOkMember 2022-01-01 2022-12-31 0000917251 adc:BogalusaLaMember 2022-01-01 2022-12-31 0000917251 adc:BoazAlMember 2022-01-01 2022-12-31 0000917251 adc:BoardmanOhMember 2022-01-01 2022-12-31 0000917251 adc:BlufftonScMember 2022-01-01 2022-12-31 0000917251 adc:BlueSpringsMoMember 2022-01-01 2022-12-31 0000917251 adc:BluefieldWvMember 2022-01-01 2022-12-31 0000917251 adc:BlountsvilleAlMember 2022-01-01 2022-12-31 0000917251 adc:BlountsvilleAl1Member 2022-01-01 2022-12-31 0000917251 adc:BloomingtonMnMember 2022-01-01 2022-12-31 0000917251 adc:BloomingtonIlMember 2022-01-01 2022-12-31 0000917251 adc:BloomingtonIl2Member 2022-01-01 2022-12-31 0000917251 adc:BloomingdaleIl1Member 2022-01-01 2022-12-31 0000917251 adc:BloomfieldHillsMiMember 2022-01-01 2022-12-31 0000917251 adc:BloomfieldHillsMi1Member 2022-01-01 2022-12-31 0000917251 adc:BlairNeMember 2022-01-01 2022-12-31 0000917251 adc:BlaineMnMember 2022-01-01 2022-12-31 0000917251 adc:BlackvilleScMember 2022-01-01 2022-12-31 0000917251 adc:BlackstoneVaMember 2022-01-01 2022-12-31 0000917251 adc:BlacksburgScMember 2022-01-01 2022-12-31 0000917251 adc:BlackRiverFallsWiMember 2022-01-01 2022-12-31 0000917251 adc:BismarckArMember 2022-01-01 2022-12-31 0000917251 adc:BirminghamAlMember 2022-01-01 2022-12-31 0000917251 adc:BirminghamAl5Member 2022-01-01 2022-12-31 0000917251 adc:BirminghamAl4Member 2022-01-01 2022-12-31 0000917251 adc:BirminghamAl3Member 2022-01-01 2022-12-31 0000917251 adc:BirminghamAl2Member 2022-01-01 2022-12-31 0000917251 adc:BirminghamAl1Member 2022-01-01 2022-12-31 0000917251 adc:BicknellInMember 2022-01-01 2022-12-31 0000917251 adc:BettendorfIaMember 2022-01-01 2022-12-31 0000917251 adc:BettendorfIa2Member 2022-01-01 2022-12-31 0000917251 adc:BettendorfIa1Member 2022-01-01 2022-12-31 0000917251 adc:BethelParkPaMember 2022-01-01 2022-12-31 0000917251 adc:BessemerAlMember 2022-01-01 2022-12-31 0000917251 adc:BerwynIlMember 2022-01-01 2022-12-31 0000917251 adc:BernalilloNmMember 2022-01-01 2022-12-31 0000917251 adc:BergenNyMember 2022-01-01 2022-12-31 0000917251 adc:BentonvilleArMember 2022-01-01 2022-12-31 0000917251 adc:BentonvilleAr1Member 2022-01-01 2022-12-31 0000917251 adc:BentonHarborMiMember 2022-01-01 2022-12-31 0000917251 adc:BentonArMember 2022-01-01 2022-12-31 0000917251 adc:BentonAr1Member 2022-01-01 2022-12-31 0000917251 adc:BemusPointNyMember 2022-01-01 2022-12-31 0000917251 adc:BelzoniMsMember 2022-01-01 2022-12-31 0000917251 adc:BelvidereIlMember 2022-01-01 2022-12-31 0000917251 adc:BeltonTxMember 2022-01-01 2022-12-31 0000917251 adc:BellwoodIlMember 2022-01-01 2022-12-31 0000917251 adc:BellmawrNjMember 2022-01-01 2022-12-31 0000917251 adc:BellevueOhMember 2022-01-01 2022-12-31 0000917251 adc:BellevueOh1Member 2022-01-01 2022-12-31 0000917251 adc:BellevilleMiMember 2022-01-01 2022-12-31 0000917251 adc:BellefontaineOhMember 2022-01-01 2022-12-31 0000917251 adc:BelAirMdMember 2022-01-01 2022-12-31 0000917251 adc:BedfordOhMember 2022-01-01 2022-12-31 0000917251 adc:BedfordInMember 2022-01-01 2022-12-31 0000917251 adc:BedfordHeightsOhMember 2022-01-01 2022-12-31 0000917251 adc:BeckleyWv1Member 2022-01-01 2022-12-31 0000917251 adc:BeaumontTxMember 2022-01-01 2022-12-31 0000917251 adc:BeaumontTx2Member 2022-01-01 2022-12-31 0000917251 adc:BeaumontTx1Member 2022-01-01 2022-12-31 0000917251 adc:BeaufortNcMember 2022-01-01 2022-12-31 0000917251 adc:BeattyNvMember 2022-01-01 2022-12-31 0000917251 adc:BearDeMember 2022-01-01 2022-12-31 0000917251 adc:BaytownTxMember 2022-01-01 2022-12-31 0000917251 adc:BaytownTx1Member 2022-01-01 2022-12-31 0000917251 adc:BaySt.LouisMsMember 2022-01-01 2022-12-31 0000917251 adc:BattleCreekMiMember 2022-01-01 2022-12-31 0000917251 adc:BattleCreekMi1Member 2022-01-01 2022-12-31 0000917251 adc:BatonRougeLaMember 2022-01-01 2022-12-31 0000917251 adc:BatonRougeLa4Member 2022-01-01 2022-12-31 0000917251 adc:BatonRougeLa3Member 2022-01-01 2022-12-31 0000917251 adc:BatonRougeLa1Member 2022-01-01 2022-12-31 0000917251 adc:BathPaMember 2022-01-01 2022-12-31 0000917251 adc:BataviaUnionTownshipOhMember 2022-01-01 2022-12-31 0000917251 adc:BartlesvilleOkMember 2022-01-01 2022-12-31 0000917251 adc:BarnesvilleGaMember 2022-01-01 2022-12-31 0000917251 adc:BarboursvilleWvMember 2022-01-01 2022-12-31 0000917251 adc:BarabooWiMember 2022-01-01 2022-12-31 0000917251 adc:BaltimoreMdMember 2022-01-01 2022-12-31 0000917251 adc:BaltimoreMd4Member 2022-01-01 2022-12-31 0000917251 adc:BaltimoreMd3Member 2022-01-01 2022-12-31 0000917251 adc:BaltimoreMd2Member 2022-01-01 2022-12-31 0000917251 adc:BaltimoreMd1Member 2022-01-01 2022-12-31 0000917251 adc:BaltimoreGwynnOakMdMember 2022-01-01 2022-12-31 0000917251 adc:BaldwynMsMember 2022-01-01 2022-12-31 0000917251 adc:BakersfieldCaMember 2022-01-01 2022-12-31 0000917251 adc:AvondaleAzMember 2022-01-01 2022-12-31 0000917251 adc:AustinburgOhMember 2022-01-01 2022-12-31 0000917251 adc:AustellGaMember 2022-01-01 2022-12-31 0000917251 adc:AuroraIl1Member 2022-01-01 2022-12-31 0000917251 adc:AuroraCo3Member 2022-01-01 2022-12-31 0000917251 adc:AuroraCo2Member 2022-01-01 2022-12-31 0000917251 adc:AulanderNcMember 2022-01-01 2022-12-31 0000917251 adc:AugustaMeMember 2022-01-01 2022-12-31 0000917251 adc:AugustaGaMember 2022-01-01 2022-12-31 0000917251 adc:AugustaGa1Member 2022-01-01 2022-12-31 0000917251 adc:AtticaInMember 2022-01-01 2022-12-31 0000917251 adc:AttalaAlMember 2022-01-01 2022-12-31 0000917251 adc:AtokaOkMember 2022-01-01 2022-12-31 0000917251 adc:AtlanticBeachNcMember 2022-01-01 2022-12-31 0000917251 adc:AthensWvMember 2022-01-01 2022-12-31 0000917251 adc:AthensGaMember 2022-01-01 2022-12-31 0000917251 adc:AthensAlMember 2022-01-01 2022-12-31 0000917251 adc:AthensAl1Member 2022-01-01 2022-12-31 0000917251 adc:AtchisonKsMember 2022-01-01 2022-12-31 0000917251 adc:AtchisonKs1Member 2022-01-01 2022-12-31 0000917251 adc:AtascocitaTxMember 2022-01-01 2022-12-31 0000917251 adc:AshlandMsMember 2022-01-01 2022-12-31 0000917251 adc:AshevilleNcMember 2022-01-01 2022-12-31 0000917251 adc:AsheboroNcMember 2022-01-01 2022-12-31 0000917251 adc:ArnoldMoMember 2022-01-01 2022-12-31 0000917251 adc:ArlingtonTx1Member 2022-01-01 2022-12-31 0000917251 adc:ArdmoreOkMember 2022-01-01 2022-12-31 0000917251 adc:AppleValleyMnMember 2022-01-01 2022-12-31 0000917251 adc:AppletonWiMember 2022-01-01 2022-12-31 0000917251 adc:AppletonWi1Member 2022-01-01 2022-12-31 0000917251 adc:AppleCreekOhMember 2022-01-01 2022-12-31 0000917251 adc:ApopkaFl3Member 2022-01-01 2022-12-31 0000917251 adc:ApopkaFl1Member 2022-01-01 2022-12-31 0000917251 adc:AntiochTnMember 2022-01-01 2022-12-31 0000917251 adc:AntiochIlMember 2022-01-01 2022-12-31 0000917251 adc:AntiochCaMember 2022-01-01 2022-12-31 0000917251 adc:AntigoWiMember 2022-01-01 2022-12-31 0000917251 adc:AnnArborMiMember 2022-01-01 2022-12-31 0000917251 adc:AnnArborMi2Member 2022-01-01 2022-12-31 0000917251 adc:AngierNcMember 2022-01-01 2022-12-31 0000917251 adc:AndrewsTxMember 2022-01-01 2022-12-31 0000917251 adc:AndersonScMember 2022-01-01 2022-12-31 0000917251 adc:AndersonSc1Member 2022-01-01 2022-12-31 0000917251 adc:AmiteLaMember 2022-01-01 2022-12-31 0000917251 adc:AmiteCityLaMember 2022-01-01 2022-12-31 0000917251 adc:AmissvilleVaMember 2022-01-01 2022-12-31 0000917251 adc:AmericusGaMember 2022-01-01 2022-12-31 0000917251 adc:AmericusGa1Member 2022-01-01 2022-12-31 0000917251 adc:AmarilloTxMember 2022-01-01 2022-12-31 0000917251 adc:AltoonaPaMember 2022-01-01 2022-12-31 0000917251 adc:AltheimerArMember 2022-01-01 2022-12-31 0000917251 adc:AllentownPaMember 2022-01-01 2022-12-31 0000917251 adc:AllentownPa1Member 2022-01-01 2022-12-31 0000917251 adc:AlleganMiMember 2022-01-01 2022-12-31 0000917251 adc:AlexisIlMember 2022-01-01 2022-12-31 0000917251 adc:AlcoaTnMember 2022-01-01 2022-12-31 0000917251 adc:AlcaldeNmMember 2022-01-01 2022-12-31 0000917251 adc:AlbuquerqueNmMember 2022-01-01 2022-12-31 0000917251 adc:AlbuquerqueNm2Member 2022-01-01 2022-12-31 0000917251 adc:AlbuquerqueNm1Member 2022-01-01 2022-12-31 0000917251 adc:AlbionNyMember 2022-01-01 2022-12-31 0000917251 adc:AlbanyNyMember 2022-01-01 2022-12-31 0000917251 adc:AlbanyGaMember 2022-01-01 2022-12-31 0000917251 adc:AlbanyGa4Member 2022-01-01 2022-12-31 0000917251 adc:AlbanyGa3Member 2022-01-01 2022-12-31 0000917251 adc:AlbanyGa2Member 2022-01-01 2022-12-31 0000917251 adc:AlbanyGa1Member 2022-01-01 2022-12-31 0000917251 adc:AlamoTxMember 2022-01-01 2022-12-31 0000917251 adc:AlamogordoNmMember 2022-01-01 2022-12-31 0000917251 adc:AlamogordoNm2Member 2022-01-01 2022-12-31 0000917251 adc:AkronOh3Member 2022-01-01 2022-12-31 0000917251 adc:AdrianMiMember 2022-01-01 2022-12-31 0000917251 adc:AdgerAlMember 2022-01-01 2022-12-31 0000917251 adc:AdaOkMember 2022-01-01 2022-12-31 0000917251 adc:AckleyIaMember 2022-01-01 2022-12-31 0000917251 adc:AbingtonVaMember 2022-01-01 2022-12-31 0000917251 adc:AbingdonMaMember 2022-01-01 2022-12-31 0000917251 adc:AbileneTxMember 2022-01-01 2022-12-31 0000917251 adc:AberdeenMdMember 2022-01-01 2022-12-31 0000917251 adc:ForkedRiverNj1Member 2022-12-31 0000917251 adc:SeniorUnsecuredPublicNotes2032Member us-gaap:InterestRateSwapMember adc:SeniorUnsecuredDebtMember 2022-08-01 2022-08-31 0000917251 adc:SeniorUnsecuredPublicNotes2033Member us-gaap:InterestRateSwapMember adc:SeniorUnsecuredDebtMember 2021-05-01 2021-05-31 0000917251 us-gaap:RedeemablePreferredStockMember 2021-09-01 2021-09-30 0000917251 adc:SeniorUnsecuredPublicNote2030Member us-gaap:InterestRateSwapMember adc:SeniorUnsecuredDebtMember 2020-08-01 2020-08-31 0000917251 adc:InterestRateSwapAgreementInMayAndJuly2021Member 2022-08-01 2022-08-31 0000917251 adc:InterestRateSwapAgreementThirtyFiveMillionInOctober2019Member 2021-05-01 2021-05-31 0000917251 adc:InterestRateSwapAgreementSixtyFiveMillionInOctober2019Member 2021-05-01 2021-05-31 0000917251 adc:InterestRateSwapAgreementInJune2016Member 2021-05-01 2021-05-31 0000917251 adc:InterestRateSwapAgreementInJuly2014Member 2021-05-01 2021-05-31 0000917251 adc:InterestRateSwapAgreementInFebruary2021Member 2021-05-01 2021-05-31 0000917251 adc:InterestRateSwapAgreementInDecember2020Member 2021-05-01 2021-05-31 0000917251 adc:InterestRateSwapAgreementInDecember2018Member 2021-05-01 2021-05-31 0000917251 adc:InterestRateSwapAgreementInAugust2020Member 2021-05-01 2021-05-31 0000917251 adc:PropertyAcquisitionMember us-gaap:MortgagesMember 2022-01-01 2022-12-31 0000917251 2021-12-31 0000917251 2020-12-31 0000917251 adc:InterestRateSwapAgreementPriorToMay2021Member 2021-05-01 2021-05-31 0000917251 us-gaap:ForwardContractsMember us-gaap:CommonStockMember adc:AtMarketProgram2022Member 2022-01-01 2022-12-31 0000917251 srt:DirectorMember us-gaap:RestrictedStockMember 2022-01-01 2022-12-31 0000917251 us-gaap:RestrictedStockMember 2022-01-01 2022-12-31 0000917251 adc:PerformanceUnitsAndSharesMember 2022-01-01 2022-12-31 0000917251 adc:SeniorUnsecuredPublicNotes2032Member us-gaap:InterestRateSwapMember adc:SeniorUnsecuredDebtMember 2022-08-31 0000917251 adc:SeniorUnsecuredPublicNotes2033Member us-gaap:InterestRateSwapMember adc:SeniorUnsecuredDebtMember 2021-05-31 0000917251 adc:SeniorUnsecuredPublicNote2030Member us-gaap:InterestRateSwapMember adc:SeniorUnsecuredDebtMember 2020-08-31 0000917251 us-gaap:RevolvingCreditFacilityMember adc:SeniorUnsecuredDebtMember 2021-12-31 0000917251 2022-01-01 2022-12-31 0000917251 2021-01-01 2021-12-31 0000917251 2020-01-01 2020-12-31 0000917251 2022-12-31 xbrli:shares utr:sqft adc:DerivativeInstrument adc:tenant adc:lease iso4217:USD xbrli:pure adc:site adc:property adc:state iso4217:USD xbrli:shares adc:item

Table of Contents

​

​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2022

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number 001-12928

AGREE REALTY CORPORATION

(Exact name of registrant as specified in its charter)

Maryland |  | 38-3148187
(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)

​

​ ​ ​ | ​ ​
70 E. Long Lake Road, Bloomfield Hills, Michigan (Address of principal executive offices) | 48304 (Zip Code)

(248) 737-4190

(Registrant’s telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered
Common Stock, $.0001 par value | ADC | New York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 4.25% Series A Cumulative Redeemable Preferred Stock, $0.0001 par value | ADCPrA | New York Stock Exchange

Securities Registered Pursuant to Section 12(g) of the Act: None

​

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ⌧ No ☐

​

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ⌧

​

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ☐

​

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ☐

​

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

​

Large accelerated filer ⌧ | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company ☐
Emerging growth company ☐ |  |  |

​

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

​

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ⌧

​

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

​

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

​

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ⌧

​

The aggregate market value of the Registrant’s shares of common stock held by non-affiliates was $5,759,057,053 as of June 30, 2022, based on the closing price of $72.13 on the New York Stock Exchange on that date.

​

At February 13, 2023, there were 90,173,424 shares of common stock, $.0001 par value per share, outstanding.

​

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s definitive proxy statement for the annual stockholder meeting to be held in 2023 are incorporated by reference into Part III of this Annual Report on Form 10-K as noted herein.

​

​

​

Table of Contents

AGREE REALTY CORPORATION

Index to Form 10-K

|  | Page
PART I |  |
Item 1: | Business | 2
Item 1A: | Risk Factors | 9
Item 1B: | Unresolved Staff Comments | 23
Item 2: | Properties | 23
Item 3: | Legal Proceedings | 26
Item 4: | Mine Safety Disclosures | 27
PART II |  |
Item 5: | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 27
Item 6: | [Reserved] | 28
Item 7: | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 28
Item 7A: | Quantitative and Qualitative Disclosures about Market Risk | 39
Item 8: | Financial Statements and Supplementary Data | 39
Item 9: | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 39
Item 9A: | Controls and Procedures | 40
Item 9B: | Other Information | 40
Item 9C: | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 41
​ | ​ | ​
PART III |  |
Item 10: | Directors, Executive Officers and Corporate Governance | 42
Item 11: | Executive Compensation | 42
Item 12: | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 42
Item 13: | Certain Relationships and Related Transactions, and Director Independence | 42
Item 14: | Principal Accountant Fees and Services | 42
PART IV |  |
Item 15: | Exhibits and Financial Statement Schedules | 43
​ | Consolidated Financial Statements and Notes | F-1
Item 16: | Form 10-K Summary | 48
| ​ | ​
SIGNATURES | ​ |

​

​

​

Table of Contents

PART I

Cautionary Note Regarding Forward-Looking Statements

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” “may,” “will,” “seek,” “could,” “project” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could materially affect the Company’s results of operations, financial condition, cash flows, performance or future achievements or events. Currently, one of the most significant factors, however, is the adverse effect of macroeconomic conditions and of the current pandemic of the novel coronavirus, or COVID-19, on the financial condition, results of operations, cash flows and performance of the Company and its tenants, the real estate market and the global economy and financial markets. The extent to which macroeconomic trends and COVID-19 impact the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence. Moreover, you should interpret many of the risks identified in this report, as well as the risks set forth below, as being heightened as a result of the ongoing and numerous adverse impacts of macroeconomic conditions and the COVID-19 pandemic. Additional factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes in general economic, financial and real estate market conditions; the financial failure of, or other default in payment by, tenants under their leases and the potential resulting vacancies; the Company’s concentration with certain tenants and in certain markets, which may make the Company more susceptible to adverse events; changes in the Company’s business strategy; risks that the Company’s acquisition and development projects will fail to perform as expected; adverse changes and disruption in the retail sector and the financing stability of the Company’s tenants, which could impact tenants’ ability to pay rent and expense reimbursement; the Company’s ability to pay dividends; risks relating to information technology and cybersecurity attacks, loss of confidential information and other related business disruptions; loss of key management personnel; the potential need to fund improvements or other capital expenditures out of operating cash flow; financing risks, such as the inability to obtain debt or equity financing on favorable terms or at all; the level and volatility of interest rates; the Company’s ability to renew or re-lease space as leases expire; limitations in the Company’s tenants’ leases on real estate tax, insurance and operating cost reimbursement obligations; loss or bankruptcy of one or more of the Company’s major tenants, and bankruptcy laws that may limit the Company’s remedies if a tenant becomes bankrupt and rejects its leases; potential liability for environmental contamination, which could result in substantial costs; the Company’s level of indebtedness, which could reduce funds available for other business purposes and reduce the Company’s operational flexibility; covenants in the Company’s credit agreements and unsecured notes, which could limit the Company’s flexibility and adversely affect its financial condition; credit market developments that may reduce availability under the Company’s revolving credit facility; an increase in market interest rates which could raise the Company’s interest costs on existing and future debt; a decrease in interest rates, which may lead to additional competition for the acquisition of real estate or adversely affect the Company’s results of operations; the Company’s hedging strategies, which may not be successful in mitigating the Company’s risks associated with interest rates; legislative or regulatory changes, including changes to laws governing real estate investment trusts (“REITs”); the Company’s ability to maintain its qualification as a REIT for federal income tax purposes and the limitations imposed on its business by its status as a REIT; and the Company’s failure to qualify as a REIT for federal income tax purposes, which could adversely affect the Company’s operations and ability to make distributions.

Unless the context otherwise requires, references in this Annual Report on Form 10-K to the terms “registrant,” the “Company,” “Agree Realty,” “we,” “our” or “us” refer to Agree Realty Corporation and all of its consolidated subsidiaries, including its majority owned operating partnership, Agree Limited Partnership (the “Operating Partnership”). Agree Realty has elected to treat certain subsidiaries as taxable real estate investment trust subsidiaries which are collectively referred to herein as the “TRS.”

1

Table of Contents

Item 1: Business

General

The Company is a fully integrated REIT primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants. The Company was founded in 1971 by its current Executive Chairman, Richard Agree, and its common stock was listed on the New York Stock Exchange (“NYSE”) in 1994. The Company’s assets are held by, and all of its operations are conducted through, directly or indirectly, the Operating Partnership of which the Company is the sole general partner and in which it held a 99.6% common interest as of December 31, 2022. Under the agreement of limited partnership of the Operating Partnership, the Company, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership.

As of December 31, 2022, the Company’s portfolio consisted of 1,839 properties located in 48 states and totaling approximately 38.1 million square feet of Gross Leasable Area (“GLA”). The portfolio was approximately 99.7% leased and had a weighted average remaining lease term of approximately 8.8 years. A significant majority of the Company’s properties are leased to national tenants and approximately 67.8% of our annualized base rent was derived from tenants, or parent entities thereof, with an investment grade credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners. Substantially all of our tenants are subject to net lease agreements. A net lease typically requires the tenant to be responsible for minimum monthly rent and property operating expenses including property taxes, insurance and maintenance.

As of December 31, 2022, the Company had 76 full-time employees, covering acquisitions, development, legal, asset management, accounting, finance, administrative and executive functions.

The Company was incorporated in December 1993 under the laws of the State of Maryland. The Company believes that it has operated, and it intends to continue to operate, in such a manner to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). In order to maintain qualification as a REIT, the Company must, among other things, distribute at least 90% of its REIT taxable income each year and meet asset and income tests. Additionally, its charter limits ownership of the Company, directly or constructively, by any single person to 9.8% of the value or number of shares, whichever is more restrictive, of its outstanding common stock and 9.8% of the value of the aggregate of all of its outstanding stock, subject to certain exceptions. As a REIT, the Company is not subject to federal income tax with respect to that portion of its income that is distributed currently to its stockholders.

The Company’s principal executive offices are located at 70 E. Long Lake Road, Bloomfield Hills, MI 48304 and its telephone number is (248) 737-4190. The Company’s website is www.agreerealty.com. The Company’s reports are electronically filed with or furnished to the Securities and Exchange Commission (“SEC”) pursuant to Section 13 or 15(d) of the Exchange Act and can be accessed through this site, free of charge, as soon as reasonably practicable after we electronically file or furnish such reports. These filings are also available on the SEC’s website at www.sec.gov. The Company’s website also contains copies of its corporate governance guidelines and code of business conduct and ethics, as well as the charters of its audit, compensation and nominating and governance committees. The information on the Company’s website is not part of this report.

Recent Developments

For a discussion of business developments that occurred in 2022, see “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations” later in this report. Certain summarized highlights are contained below.

Investments and Disposition Activity

During 2022, the Company completed approximately $1.62 billion of investments in net leased retail real estate, including acquisition and closing costs. Total investment volume includes the acquisition of 434 properties for an aggregate purchase price of approximately $1.6 billion and the completed development of seven properties for an aggregate cost of approximately $22.5 million. These 441 properties are net leased to tenants operating in 27 sectors and are located in 43 states. These assets are 100% leased for a weighted average lease term of approximately 10.2 years.

2

Table of Contents

During 2022, the Company sold seven assets for net proceeds of $44.9 million.

Leasing

During 2022, excluding properties that were sold, the Company executed new leases, extensions or options on approximately 850,000 square feet of GLA throughout its portfolio. The annualized base contractual rent associated with these new leases, extensions or options is approximately $8.6 million.

Dividends

The Company increased its monthly dividend per common share from $0.227 to $0.234 in April 2022 and further increased the monthly dividend per common share to $0.240 in October 2022.

The December 2022 dividend per share of $0.240 represents an annualized dividend of $2.88 per share and an annualized dividend yield of approximately 4.1% based on the last reported sales price of our common stock listed on the NYSE of $70.93 on December 30, 2022.

The Company has routinely paid cash dividends to our common shareholders. Common cash dividends were paid quarterly for 107 consecutive quarters between 1994 and 2020 prior to moving to monthly common cash dividends in 2021. We have since paid 25 consecutive monthly dividends. Although we expect to continue our policy of paying regular dividends, we cannot guarantee that we will maintain our current level of common dividends, that we will continue our recent pattern of increasing dividends per share or what our actual dividend yield will be in any future period.

In addition to its common dividends, the Company paid monthly cash dividends on its 4.25% Series A Cumulative Redeemable Preferred Stock.

Financing

Equity

During 2022, the Company completed two follow-on public offerings totaling 11,500,000 shares of common stock under its shelf registration statement, in connection with forward sale agreements. Upon settlement, these offerings are anticipated to raise total net proceeds of $767.4 million after deducting fees and expenses and making certain other adjustments as provided in the equity distribution agreements. During 2022, the Company settled 7,350,000 shares of common stock under these forward sale agreements, realizing net proceeds of $492.9 million. In addition, the Company settled 5,750,000 shares of common stock under a forward settlement agreement related to a follow-on public offering from December 2021, realizing net proceeds of $368.7 million.

In September 2022, the Company entered into a new $750 million at-the-market (“ATM”) program (the “2022 ATM Program”) through which the Company, from time to time, may sell shares of common stock and/or enter into forward sale agreements.

During 2022, the Company settled 5,453,975 shares of common stock under predecessor ATM programs, generating net proceeds of $379.1 million. Additionally, the Company completed forward sale agreements under the 2022 ATM Program for 4,350,232 shares of common stock, for anticipated future net proceeds of $300.9 million. The Company has settled 245,591 shares of these forward sale agreements as of December 31, 2022 for net proceeds of approximately $18.1 million, after deducting fees and expenses. The Company is required to settle these forward agreements by various dates between November and December 2023.

After considering the 4,350,232 shares of common stock subject to forward sale agreements under the 2022 ATM Program, the Company had approximately $446.6 million of availability remaining under the 2022 ATM Program as of December 31, 2022.

3

Table of Contents

Debt

In April 2022, and in connection with a four-property acquisition, the Company assumed an interest only, mortgage note payable with a principal balance of $42.3 million, stated interest rate of 3.63%, and maturity in December 2029.

In August 2022, the Operating Partnership completed an underwritten public offering of $300 million aggregate principal amount of 4.80% Notes due 2032 (the “2032 Senior Unsecured Public Notes”). The 2032 Senior Unsecured Public Notes are fully and unconditionally guaranteed by the Company and certain wholly owned subsidiaries of the Operating Partnership. Considering the effect of terminated swap agreements relating to these notes, the blended all-in rates for the $300 million principal amount is 3.96%.

In November 2022, the Company entered into a First Amendment to the Third Amended and Restated Revolving Credit Agreement which converted the interest rate on its $1.0 billion senior unsecured revolving credit facility (the "Revolving Credit Facility") from a spread over LIBOR to a spread over Secured Overnight Financing Rate (“SOFR”), plus a SOFR adjustment of 10 basis points. No other changes were made to the Revolving Credit Facility as a result of the amendment.

Business Strategies

Our primary business objectives are to capitalize on distinct market positioning in the retail net lease space, focus on 21st century industry-leading retailers through our external growth platforms, leverage our real estate acumen and relationships to identify superior risk-adjusted opportunities, maintain a conservative and flexible capital structure that enables growth, and provide consistent, high-quality earnings growth and a well-covered growing dividend. The following is a discussion of our investment, financing and asset management strategies.

Investment

We are primarily focused on the long-term, fee simple ownership of properties net leased to national or large, regional retailers operating in sectors we believe to be more e-commerce and recession resistant than other retail sectors. Our leases are typically long-term net leases that require the tenant to pay all property operating expenses, including real estate taxes, insurance and maintenance. We believe that a diversified portfolio of such properties provides for stable and predictable cash flow.

We seek to expand and enhance our portfolio by identifying the best risk-adjusted investment opportunities across our three external growth platforms: development, Partner Capital Solutions (“PCS”) and acquisitions.

Development: We have been developing retail properties since the formation of our predecessor company in 1971 and our development platform seeks to employ our capabilities to direct all aspects of the development process, including site selection, land acquisition, lease negotiation, due diligence, design and construction. Our developments are typically build-to-suit projects that result in fee simple ownership of the property upon completion.

Partner Capital Solutions: We launched our PCS program in April 2012. Our PCS program allows us to acquire properties or development opportunities by partnering with private developers or retailers on their in-process developments. We offer construction expertise and access to capital to facilitate the successful completion of their projects. We typically take fee simple ownership of PCS projects upon completion.

Acquisitions: Our acquisitions platform was launched in April 2010 in order to expand our investment capabilities by pursuing opportunities that meet both our real estate and return on investment criteria.

We believe that development and PCS projects have the potential to generate superior risk-adjusted returns on investment in properties that are substantially similar to those we acquire.

4

Table of Contents

We focus on four core principles that underlie our investment criteria:

| ● | Omni-channel critical (e-commerce resistance), focusing on leading operators that have matured in omni-channel structure or those in e-commerce resistant sectors;

| ● | Recession resistance, emphasizing a balanced portfolio with exposure to counter-cyclical sectors and retailers with strong credit profiles;

| ● | Avoidance of private equity sponsorship, emphasizing leading operators with strong balance sheets and minimizing exposure to the possibility of such sponsorship overleveraging their acquisitions and reducing retailers’ abilities to invest in their businesses; and

| ● | Adherence to strong real estate fundamentals and fungible buildings, protecting against unforeseen changes to our investment philosophies.

​

Each platform leverages the Company’s real estate acumen to pursue investments in net lease retail real estate. Factors that we consider when evaluating an investment include but are not limited to:

| ● | Overall market-specific characteristics, such as demographics, market rents, competition and retail synergy;

| ● | Asset-specific characteristics, such as the age, size, location, zoning, use and environmental history, accessibility, physical condition, signage and visibility of the property;

| ● | Tenant-specific characteristics, including but not limited to the financial profile, operating history, business plan, size, market positioning, geographic footprint, management team, industry and/or sector-specific trends and other characteristics specific to the tenant and parent thereof;

| ● | Unit-level operating characteristics, including store sales performance and profitability, if available;

| ● | Lease-specific terms, including term of the lease, rent to be paid by the tenant and other tenancy considerations; and

| ● | Transaction considerations, such as purchase price, seller profile and other non-financial terms.

Financing

We seek to maintain a capital structure that provides us with the flexibility to manage our business and pursue our growth strategies, while allowing us to service our debt requirements and generate appropriate risk-adjusted returns for our stockholders. We believe these objectives are best achieved by a capital structure that consists primarily of common equity and prudent amounts of preferred equity and debt financing. However, we may raise capital in any form and under terms that we deem acceptable and in the best interest of our stockholders.

We have previously utilized common and preferred stock equity offerings, secured mortgage borrowings, unsecured bank borrowings, private placements and public offerings of senior unsecured notes and the sale of properties to meet our capital requirements. We continually evaluate our financing policies on an on-going basis in light of current economic conditions, access to various capital markets, relative costs of equity and debt securities, the market value of our properties and other factors.

We occasionally sell common stock through forward sale agreements, enabling the Company to set the price of shares upon pricing the offering while delaying the issuance of shares and the receipt of the net proceeds by the Company.

As of December 31, 2022, the Company’s ratio of total debt to enterprise value, assuming the conversion of common limited partnership interests in the Operating Partnership (“Operating Partnership Common Units”) into shares of common stock, was approximately 23.0%, and its ratio of total debt to total gross assets (before accumulated depreciation) was approximately 27.9%.

As of December 31, 2022, our total debt outstanding before deferred financing costs and original issue discount was $1.96 billion, including $50.4 million of secured mortgage debt that had a weighted average fixed interest rate of 3.94% and a weighted average maturity of 6.2 years, $1.81 billion of unsecured borrowings that had a weighted average fixed interest rate of 3.31% (including the effects of previously settled, forward interest rate swap agreements) and a weighted average

5

Table of Contents

maturity of 7.8 years, and $100.0 million of floating rate borrowings under our revolving credit facility at a weighted average interest rate of approximately 5.14%.

Certain financial agreements to which the Company is a party contain covenants that limit its ability to incur debt under certain circumstances; however, our organizational documents do not limit the absolute amount or percentage of indebtedness that we may incur. As such, we may modify our borrowing policies at any time without stockholder approval.

Asset Management

We maintain a proactive leasing and capital improvement program that, combined with the quality and locations of our properties, has made our properties attractive to tenants. We intend to continue to hold our properties for long-term investment and, accordingly, place a strong emphasis on the quality of construction and an on-going program of regular and preventative maintenance. Our properties are designed and built to require minimal capital improvements other than renovations or alterations, typically paid for by tenants. Personnel from our corporate headquarters conduct regular inspections of each property, maintain regular contact with major tenants and engage in consistent dialogue to understand store performance and tenant sustainability.

We have a management information system designed to provide our management with the operating data necessary to make informed business decisions on a timely basis. This system provides us rapid access to lease data, tenants’ sales history, cash flow budgets and forecasts. Such a system helps us to maximize cash flow from operations and closely monitor corporate expenses.

Competition

The U.S. commercial real estate investment market is a highly competitive industry. We actively compete with many entities engaged in the acquisition, development and operation of commercial properties. As such, we compete with other investors for a limited supply of properties and financing for these properties. Investors include traded and non-traded public REITs, private equity firms, institutional investment funds, insurance companies and private individuals, many of which have greater financial resources than we do and the ability to accept more risk than we believe we can prudently manage. There can be no assurance that we will be able to compete successfully with such entities in our acquisition, development and leasing activities in the future.

Significant Tenants

No tenant accounted for more than 10.0% of our annualized base rent as of December 31, 2022. See “Item 2 – Properties” for additional information on our top tenants and the composition of our tenant base.

Regulation

Environmental

Investments in real property create the potential for environmental liability on the part of the owner or operator of such real property. If hazardous substances are discovered on or emanating from a property, the owner or operator of the property may under certain statutory schemes be held strictly liable for all costs and liabilities relating to such hazardous substances. We have obtained a Phase I environmental study (which involves inspection without soil sampling or ground water analysis) conducted by independent environmental consultants on each of our properties and, in certain instances, have conducted additional investigation, including Phase II environmental assessments.

We have no knowledge of any hazardous substances existing on our properties in violation of any applicable laws; however, no assurance can be given that such substances are not currently located on any of our properties.

We believe that we are in compliance, in all material respects, with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Furthermore, we have not received notice from any governmental authority of any noncompliance, liability or other claim in connection with any of our properties.

6

Table of Contents

Americans with Disabilities Act of 1990

Our properties, as commercial facilities, are required to comply with Title III of the Americans with Disabilities Act of 1990 and similar state and local laws and regulations (collectively, the “ADA”). Investigation of a property may reveal non-compliance with the ADA. Our tenants will typically have primary responsibility for complying with the ADA, but we may incur costs if the tenant does not comply. As of December 31, 2022, we have not received notice from any governmental authority, nor are we otherwise aware, of any non-compliance with the ADA that we believe would have a material adverse effect on our business, financial position or results of operations.

Human Capital

Team Members and Values

As of December 31, 2022, the Company had 76 full-time team members covering acquisitions, development, legal, asset management, accounting, finance, administrative, and executive functions as compared to 57 full-time team members as of December 31, 2021. The increased headcount is attributable to the Company’s need to support its current and future portfolio growth.

​

Our core values are the foundation of our Company culture and include:

| ● | We are a team. We all roll up our sleeves and dig in, no matter the task.

| ● | We achieve results by making consistent, disciplined decisions.

| ● | We have a resilient mindset to achieve and exceed our goals.

| ● | We push ourselves to be the best we can at our position and embrace the opportunities that new challenges present.

​

We work to attract the best talent externally to meet the current and future demands of our business. We utilize social media, professional recruiters and other organizations to find motivated and talented team members and employ competency-based behavioral interviewing techniques.

​

Talent Management

​

Professional development is a cornerstone of our talent management system, and we diligently work to develop talent from within. We emphasize professional development through both technical and soft-skill development and training. To empower team members to reach their potential, the Company provides a range of on-the-job training and mentoring, knowledge sharing, continuing education and “lunch-and-learn” programs. Our talent management practices include the utilization of our core competency frameworks, professional development plans, career pathing and succession planning and carefully designed promotion and internal mobility opportunities.

​

Our team members goal setting and performance feedback processes include formal quarterly and annual reviews and self and team leader reviews, as well as ongoing one-on-one meetings with team leaders. Professional development plans based on critical competencies are created and monitored to ensure progress is made along established timelines.

​

Financial and Health Wellness

​

As part of our compensation philosophy, we offer and maintain market competitive total rewards programs for team members in order to attract and retain superior talent. These programs not only include wages and incentives, but also health, welfare, and retirement benefits.

​

Our compensation philosophies include:

​

| ● | Total compensation that is both fair and competitive. The Company seeks fairness in total compensation with reference to external and internal comparisons.

| ● | Attract, retain and motivate team members. Compensation is used to achieve business objectives by attracting, retaining and motivating top talent.

7

Table of Contents

| ● | Reward superior individual and Company performance on both a short-term and long-term basis. Performance-based pay aligns the interests of management with the interests of our stockholders and motivates and rewards individual efforts and company success.

| ● | Align executives’ and team members’ long-term interests with those of our stockholders. The Company seeks to align these interests by providing a significant portion of executive officer compensation in the form of restricted common stock. In addition, all team members are eligible to receive a portion of compensation in the form of restricted common stock.

​

The structure of our compensation programs balance incentive earnings for both short-term and long-term performance. Specifically, the programs include a base salary, incentive compensation through annual cash bonuses and equity participation, and a retirement plan with Company match.

​

The “Agree Wellness Program” affords team members paid time off and holidays, fully equipped on-site fitness amenities, and leaves of absence for specified events. Insurance coverages are provided for all team members and their dependents, including medical, dental, vision, disability, and life insurance. The Company pays 100% of medical, short-term, long-term, and life insurance premiums for team members and their families.

​

COVID-19

During 2022, we have continued to focus on the safety of our team members in response to the COVID-19 pandemic. To do so we have:

| ● | When warranted, closed our offices for non-essential functions and offered remote work flexibility;

| ● | Provided personal protective equipment and maintained cleaning protocols;

| ● | Maintained regular communication regarding impacts of the COVID-19 pandemic, including health and safety protocols and procedures;

| ● | Continued screening of any team members and vendors at our offices;

| ● | Maintained protocols to address actual and suspected COVID-19 cases and potential exposure; and

| ● | Continued employing protocols regarding required masks and social distancing

​

Environmental, Social and Governance (“ESG”)

As part of the Company’s commitment to continuously improving our understanding of and performance across material ESG topics, the Company engaged a third-party consultant in 2022 to help identify opportunities for improvement across our programs, policies, and disclosures to meet the expectations of our stakeholders. This process resulted in a three-year action plan and roadmap for the Company to enhance its ESG program through oversight structures, risk management, policies, data collection, reporting, and stakeholder engagement.

Environmental Sustainability

The Company, through its team members, understands that corporate and environmental responsibility is an ongoing endeavor and embraces responsibility to being a steward of the environment, using natural resources carefully, and meeting the goals of its tenant partners. We remain committed to using our time, talents, resources and relationships to grow in a manner that makes the world and the environment better for future generations.

​

The Company’s focus on industry leading, national and super-regional retailers provides for long-term relationships with some of the most environmentally conscientious retailers in the world. This is particularly meaningful because the Company’s portfolio is primarily comprised of properties that are leased to tenants under long-term net leases where the tenant is generally responsible for maintaining the property and implementing environmentally responsible practices. We are proud to know that our tenants have pioneered the use of environmentally-preferable solutions in their business practices in many ways. In 2022, the Company enhanced its engagement with its retail partners on shared sustainability initiatives, introduced green lease language into its standard lease forms, and executed leases that contained green clauses with several tenants. Additionally, the Company’s award-winning headquarters utilize green technologies including programmable thermostats, Low-E window glass, LEED HVAC systems and LED occupancy-sensored lighting.

​

8

Table of Contents

Social Company Culture and Team Members

The Agree Wellness Program focuses on physical and financial wellness to enhance team members’ well-being. The Company believes that team members who are healthy, fit, financially secure and motivated are team members who achieve personal and professional success. Ongoing professional development is offered to help all team members advance their careers. The Company regularly sponsors local charities and has received numerous local awards recognizing its outstanding corporate culture and wellness initiatives. The Company supports healthy living through enhanced health insurance, an on-site gym, training and education, various complementary meal programs and many other benefits.

We support team members with generous cash compensation plans, equity ownership programs, retirement plans and ongoing access to financial planning resources. Team members are compensated for their performance and rewarded for their outstanding work. Alignment of individual, team, corporate and stockholder objectives provides for continuity, teamwork and increased collaboration. Our team members are paid commensurate with their qualifications, responsibilities, productivity, quality of work and adherence to our core values.

The Agree Culture Committee is composed of team members from departments throughout the organization. The Company’s Culture Committee hosts a variety of events that are focused on team building and camaraderie as well as contributing to the communities in which they live.

Governance Fiduciary Duties and Ethics

We believe that nothing is more important than a company’s reputation for integrity and serving as a responsible fiduciary for its stockholders. We are committed to managing the Company for the benefit of our stockholders and are focused on maintaining good corporate governance.

Our Board has nine directors, seven of whom are independent. Five new independent directors have been added since 2018. Independent directors meet regularly, without the presence of officers or team members. A Lead Independent Director was appointed in 2019.

The Board has adopted an insider trading policy that applies to all directors, officers and team members. The Company does not have a stockholder rights plan (“poison pill”) and maintains stock ownership guidelines for directors and named executive officers requiring specified levels of stock ownership. Time-vested stock grants to officers and team members vest over a five-year period to provide long-term alignment, while performance-based stock grants to named executive officers utilize total shareholder return, with the amount of the grants intended to increase as total returns to stockholders increase, further enhancing alignment. Our board of directors has established a succession plan for the Chief Executive Officer to cover emergencies and other occurrences. Finally, the Company annually submits “say-on-pay” advisory votes to its stockholders.

Available Information

We make available free of charge through our website at www.agreerealty.com all reports we electronically file with, or furnish to, the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and current reports on Form 8-K, as well as any amendments to those reports, as soon as reasonably practicable after those documents are filed with, or furnished to, the SEC. These filings are also accessible on the SEC’s website at www.sec.gov.

Item 1A: Risk Factors

The following factors and other factors discussed in this Annual Report on Form 10-K could cause the Company’s actual results to differ materially from those contained in forward-looking statements made in this report or presented elsewhere in future SEC reports. You should carefully consider each of the risks, assumptions, uncertainties and other factors described below and elsewhere in this report, as well as any reports, amendments or updates reflected in subsequent filings or furnishings with the SEC. We believe these risks, assumptions, uncertainties and other factors, individually or in the

9

Table of Contents

aggregate, could cause our actual results to differ materially from expected and historical results and could materially and adversely affect our business operations, results of operations, financial condition and liquidity.

Risks Related to Our Business and Operations

Economic and financial conditions may have a negative effect on our business and operations.

Changes in global or national economic conditions, such as a market downturn or a disruption in the capital markets, may cause, among other things, a significant tightening in the credit markets, lower levels of liquidity, increases in the rate of default and bankruptcy and lower consumer spending and business spending, which could adversely affect our business and operations. Potential consequences of changes in economic and financial conditions include:

| ● | Changes in the performance of our tenants, which may result in lower rent and lower recoverable expenses that the tenant can afford to pay and tenant defaults under the leases;

| ● | Current or potential tenants may delay or postpone entering into long-term net leases with us;

| ● | The ability to borrow on terms and conditions that we find acceptable may be limited or unavailable, which could reduce our ability to pursue acquisition and development opportunities and refinance existing debt, reduce our returns from acquisition and development activities, reduce our ability to make cash distributions to our stockholders and increase our future interest expense;

| ● | Our ability to access the capital markets may be restricted at a time when we would like, or need, to access those markets, which could have an impact on our flexibility to react to changing economic and business conditions;

| ● | The recognition of impairment charges on or reduced values of our properties, which may adversely affect our results of operations or limit our ability to dispose of assets at attractive prices and may reduce the availability of buyer financing; and

| ● | One or more lenders under our revolving credit facility could fail and we may not be able to replace the financing commitment of any such lenders on favorable terms, or at all.

​

We are also limited in our ability to reduce costs to offset the results of a prolonged or severe economic downturn given certain fixed costs and commitments associated with our operations, which could materially impact our results of operations and/or financial condition.

​

Our business is significantly dependent on single tenant properties.

We focus our development and investment activities on ownership of real properties that are primarily net leased to a single tenant. Therefore, the financial failure of, or other default in payment by, a single tenant under its lease and the potential resulting vacancy is likely to cause a significant reduction in our operating cash flows from that property and a significant reduction in the value of the property and could cause a significant impairment loss. In addition, we would be responsible for all of the operating costs of a property following a vacancy at a single tenant building. Because our properties have generally been built to suit a particular tenant’s specific needs and desires, we may also incur significant losses to make the leased premises ready for another tenant and experience difficulty or a significant delay in releasing such property.

Bankruptcy laws will limit our remedies if a tenant becomes bankrupt and rejects its leases.

If a tenant becomes bankrupt or insolvent, that could diminish the income we receive from that tenant’s leases. We may not be able to evict a tenant solely because of its bankruptcy. On the other hand, a bankruptcy court might authorize the tenant to terminate its leasehold with us. If that happens, our claim against the bankrupt tenant for unpaid future rent would be an unsecured claim subject to statutory limitations, and therefore any amounts received in bankruptcy are likely to be substantially less valuable than the remaining rent we otherwise were owed under the leases. In addition, any payment on a claim we have for unpaid past rent could be substantially less than the amount owed.

10

Table of Contents

Our portfolio is concentrated in certain states, which makes us more susceptible to adverse events in these areas.

Our properties are located in 48 states throughout the United States and in particular, the state of Texas (where 124 properties out of 1,839 properties are located, or 7.3% of our annualized base rent was derived as of December 31, 2022), Ohio (122 properties, or 5.7% of our annualized base rent) Florida (116 properties, or 5.6% of our annualized base rent), Michigan (101 properties, or 5.6% of our annualized base rent), and Illinois (106 properties, or 5.5% of our annualized rent). An economic downturn or other adverse events or conditions such as natural disasters in any of these areas, or any other area where we may have significant concentration in the future, could result in a material reduction of our cash flows or material losses to our company.

Our tenants are concentrated in certain retail sectors, which makes us susceptible to adverse conditions impacting these sectors.

As of December 31, 2022, 9.1%, 8.9% and 8.9% of our annualized contractual base rent and interest were derived from tenants operating in the home improvement, grocery store, and tire and auto service sectors, respectively. Similarly, we have concentrations in other sectors such as dollar stores, convenience stores, and general merchandise. Any decrease in consumer demand for the products and services offered by our tenants operating in any industries for which we have concentrations could have an adverse effect on our tenants’ revenues, costs and results of operations, thereby adversely affecting their ability to meet their lease obligations to us. As we continue to invest in properties, our portfolio may become more or less concentrated by industry sector.

There are risks associated with our development and acquisition activities.

We intend to continue the development of new properties and to consider possible acquisitions of existing properties. We anticipate that our new developments will be financed under the revolving credit facility or other forms of financing that will result in a risk that permanent fixed rate financing on newly developed projects might not be available or would be available only on disadvantageous terms. In addition, new project development is subject to a number of risks, including risks of construction delays or cost overruns that may increase anticipated project costs. Furthermore, new project commencement risks also include receipt of zoning, occupancy, other required governmental permits and authorizations and the incurrence of development costs in connection with projects that are not pursued to completion. If permanent debt or equity financing is not available on acceptable terms to finance new development or acquisitions undertaken without permanent financing, further development activities or acquisitions might be curtailed, or cash available for distribution might be adversely affected. Acquisitions entail risks that investments will fail to perform in accordance with expectations, as well as general investment risks associated with any new real estate investment.

Loss of revenues from tenants would reduce the Company’s cash flow.

Our tenants encounter significant macroeconomic, governmental and competitive forces. Adverse changes in consumer spending or consumer preferences for particular goods, services or store-based retailing could severely impact their ability to pay rent. Shifts from in-store to online shopping could increase due to changing consumer shopping patterns as well as the increase in consumer adoption and use of mobile electronic devices. This expansion of e-commerce could have an adverse impact on our tenant’s ongoing viability. The default, financial distress, bankruptcy or liquidation of one or more of our tenants could cause substantial vacancies in our property portfolio or impact our tenants’ ability to pay rent. Vacancies reduce our revenues, increase property expenses and could decrease the value of each vacant property. Upon the expiration of a lease, the tenant may choose not to renew the lease, renegotiate the economics of any option period(s) as a condition of exercising one or more of them, and/or we may not be able to release the vacant property at a comparable lease rate or without incurring additional expenditures in connection with such renewal or re-leasing. These risks could be exacerbated by a deterioration in the financial condition of any major tenant with leases in multiple locations.

The availability and timing of cash dividends is uncertain.

We expect to continue to pay regular dividends to our stockholders. However, we bear all expenses incurred by our operations, and our funds generated by operations, after deducting these expenses, may not be sufficient to cover desired

11

Table of Contents

levels of dividends to our stockholders. We cannot assure our stockholders that sufficient funds will be available to pay dividends.

The decision to declare and pay dividends on our common stock in the future, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of our board of directors and will depend on our earnings, funds from operations, liquidity, financial condition, capital requirements, contractual prohibitions, or other limitations under our indebtedness, annual dividend requirements or the REIT provisions of the Internal Revenue Code, state law and such other factors as our board of directors deems relevant. Further, we may issue new shares of common stock as compensation to our team members or in connection with public offerings or acquisitions. Any future issuances may substantially increase the cash required to pay dividends at current or higher levels.

Any preferred shares we may offer may have a fixed dividend rate that would not increase with any increases in the dividend rate of our common stock. Conversely, payment of dividends on our common stock is subject to payment in full of the dividends on any preferred shares and payment of interest on any debt securities we may offer.

If we do not maintain or increase the dividend on our common stock, it could have an adverse effect on the market price of our shares.

We face risks relating to information technology and cybersecurity attacks, loss of confidential information and other business disruptions.

We rely on information technology networks and systems, including the Internet, to process, transmit and store electronic information and to manage or support a variety of our business processes and we rely on commercially available systems, software, tools and monitoring to provide infrastructure and security for processing, transmitting and storing information. Any failure, inadequacy or interruption could materially harm our business. Furthermore, our business is subject to risks from and may be impacted by cybersecurity attacks, including attempts to gain unauthorized access to our confidential data and other electronic security breaches. Such cyber-attacks can range from individual attempts to gain unauthorized access to our information technology systems to more sophisticated security threats. While we employ a number of measures to prevent, detect and mitigate these threats, there is no guarantee such efforts will be successful in preventing a cyber-attack. Cybersecurity incidents could cause operational interruption, damage to our business relationships, private data exposure (including personally identifiable information, or proprietary and confidential information, of ours and our team members, as well as third parties) and affect the efficiency of our business operations. Any such incidents could result in legal claims or proceedings, liability or regulatory penalties under laws protecting the privacy of personal information and reduce the benefits of our technologies. Further, while we carry cyber liability insurance, such insurance may not be adequate to cover all losses related to such events.

Our environmental, social and governance commitments could result in additional costs, and our inability to achieve them could have an adverse impact on our reputation and performance.

From time to time we communicate our strategies, commitments and targets related to sustainability and other environmental, social and governance matters. These strategies, commitments and targets reflect our current plans and aspirations, and we may be unable to achieve them. We may from time to time incur additional expense to meet such targets. Any failure to meet these sustainability targets could adversely impact our business, financial condition and results of operations. In addition, standards and processes for measuring and reporting carbon emissions and other sustainability metrics may change over time, and may result in inconsistent data, or could result in significant revisions to our strategies, commitments and targets, or our ability to achieve them. Any scrutiny of our sustainability disclosures or our failure to achieve related strategies, commitments and targets could negatively impact our reputation or performance.

12

Table of Contents

General Real Estate Risk

Our performance and value are subject to general economic conditions and risks associated with our real estate assets.

There are risks associated with owning and leasing real estate. Although many of our leases contain terms that obligate the tenants to bear substantially all of the costs of operating our properties, investing in real estate involves a number of risks. Income from and the value of our properties may be adversely affected by:

| ● | Changes in general or local economic conditions;

| ● | The attractiveness of our properties to potential tenants;

| ● | Changes in supply of or demand for similar or competing properties in an area;

| ● | Bankruptcies, financial difficulties or lease defaults by our tenants;

| ● | Changes in operating costs and expense and our ability to control rents;

| ● | Our ability to lease properties at favorable rental rates;

| ● | Our ability to sell a property when we desire to do so at a favorable price;

| ● | Property damage or casualty loss;

| ● | Impacts of climate change;

| ● | The potential risk of functional obsolescence of properties over time;

| ● | Changes in or increased costs of compliance with governmental rules, regulations and fiscal policies, including changes in the ADA and similar regulations and tax, real estate, environmental and zoning laws, and our potential liability thereunder.

​

Economic and financial market conditions have and may continue to exacerbate many of the foregoing risks. If a tenant fails to perform on its lease covenants, that would not excuse us from meeting any mortgage debt obligation secured by the property and could require us to fund reserves in favor of our mortgage lenders, thereby reducing funds available for payment of cash dividends on our shares of common stock.

The fact that real estate investments are relatively illiquid may reduce economic returns to investors.

We may desire to sell a property in the future because of changes in market conditions or poor tenant performance or to avail ourselves of other opportunities. We may also be required to sell a property in the future to meet secured debt obligations or to avoid a secured debt loan default. Real estate properties cannot generally be sold quickly, and we cannot assure you that we could always obtain a favorable price. We may be required to invest in the restoration or modification of a property before we can sell it, or we may need to obtain landlord consent to sell certain assets in which we have a leasehold interest in the land underlying the buildings. This lack of liquidity may limit our ability to vary our portfolio promptly in response to changes in economic or other conditions and, as a result, could adversely affect our financial condition, results of operations, cash flows and our ability to pay dividends on our common stock.

Our ability to renew leases or re-lease space on favorable terms as leases expire significantly affects our business.

We are subject to the risks that, upon expiration of leases for space located in our properties, the premises may not be re-let or the terms of re-letting (including the cost of concessions to tenants) may be less favorable than current lease terms. If a tenant does not renew its lease or if a tenant defaults on its lease obligations, there is no assurance we could obtain a substitute tenant on acceptable terms. If we cannot obtain another tenant with comparable building structural space and configuration needs, we may be required to modify the property for a different use, which may involve a significant capital expenditure and a delay in re-leasing the property. Further, if we are unable to re-let promptly all or a substantial portion of our retail space or if the rental rates upon such re-letting were significantly lower than expected rates, our net income and ability to make expected distributions to stockholders would be adversely affected. There can be no assurance that we will be able to retain tenants in any of our properties upon the expiration of their leases.

13

Table of Contents

Our leases contain certain limitations on tenants’ real estate tax, insurance and operating cost reimbursement obligations.

Our tenants under net leases generally are responsible for paying the real estate taxes, insurance costs and operating costs associated with the leased property. However, certain leases contain limitations on the tenant’s cost reimbursement obligations and, therefore, there are costs which may be incurred and which will not be reimbursed in full by tenants. This could reduce our operating cash flows from those properties and could reduce the value of those properties.

Potential liability for environmental contamination could result in substantial costs.

Under federal, state and local environmental laws, we may be required to investigate and clean up any release of hazardous or toxic substances or petroleum products at our properties, regardless of our knowledge or actual responsibility, simply because of our current or past ownership or operation of the real estate. If unidentified environmental problems arise, we may have to make substantial payments, which could adversely affect our cash flow and our ability to make distributions to our stockholders. This potential liability results from the following:

| ● | As owner, we may have to pay for property damage and for investigation and clean-up costs incurred in connection with the contamination;

| ● | The law may impose clean-up responsibility and liability regardless of whether the owner or operator knew of or caused the contamination;

| ● | Even if more than one person is responsible for the contamination, each person who shares legal liability under environmental laws may be held responsible for all of the clean-up costs; and

| ● | Governmental entities and third parties may sue the owner or operator of a contaminated site for damages and costs.

These costs could be substantial and in extreme cases could exceed the value of the contaminated property. The presence of hazardous substances or petroleum products or the failure to properly remediate contamination may adversely affect our ability to borrow against, sell or lease an affected property. In addition, some environmental laws create liens on contaminated sites in favor of the government for damages and costs it incurs in connection with a contamination.

We own and may in the future acquire properties that will be operated as convenience stores with gas station facilities. The operation of convenience stores with gas station facilities at our properties will create additional environmental concerns. Similarly, we may lease properties to users or producers of other hazardous materials. We require that the tenants who operate these facilities do so in material compliance with current laws and regulations.

A majority of our leases require our tenants to comply with environmental laws and to indemnify us against environmental liability arising from the operation of the properties. However, we could be subject to strict liability under environmental laws because we own the properties. There are certain losses, including losses from environmental liabilities, that are not generally insured against or that are not generally fully insured against because it is not deemed economically feasible or prudent to do so. There is also a risk that tenants may not satisfy their environmental compliance and indemnification obligations under the leases. Any of these events could substantially increase our cost of operations, require us to fund environmental indemnities in favor of our secured lenders and reduce our ability to service our secured debt and pay dividends to stockholders and any debt security interest payments. Environmental problems at any properties could also put us in default under loans secured by those properties, as well as loans secured by unaffected properties.

Uninsured losses relating to real property may adversely affect our returns.

Our leases generally require tenants to carry comprehensive liability and extended coverage insurance on our properties. However, there are certain losses, including losses from environmental liabilities, terrorist acts or catastrophic acts of nature, that are not generally insured against or that are not generally fully insured against because it is not deemed economically feasible or prudent to do so. If there is an uninsured loss or a loss in excess of insurance limits, we could lose both the revenues generated by the affected property and the capital we have invested in the property. In the event of a substantial unreimbursed loss, we would remain obligated to repay any mortgage indebtedness or other obligations related to the property.

14

Table of Contents

Risks Related to Our Debt Financings

Our level of indebtedness could materially and adversely affect our financial position, including reducing funds available for other business purposes and reducing our operational flexibility, and we may have future capital needs and may not be able to obtain additional financing on acceptable terms.

At December 31, 2022, our ratio of total debt to enterprise value (assuming conversion of Operating Partnership Common Units into shares of common stock) was approximately 23.0%. Incurring substantial debt may adversely affect our business and operating results by:

| ● | Requiring us to use a substantial portion of our cash flow to pay interest and principal, which reduces the amount available for distributions, acquisitions and capital expenditures;

| ● | Making us more vulnerable to economic and industry downturns and reducing our flexibility to respond to changing business and economic conditions;

| ● | Requiring us to agree to less favorable terms, including higher interest rates, in order to incur additional debt, and otherwise limiting our ability to borrow for operations, working capital or to finance acquisitions in the future; or

| ● | Limiting our flexibility in conducting our business, including our ability to finance or refinance our assets, contribute assets to joint ventures or sell assets as needed, which may place us at a disadvantage compared to competitors with less debt or debt with less restrictive terms.

In addition, the use of leverage presents an additional element of risk in the event that (1) the cash flow from lease payments on our properties is insufficient to meet debt obligations, (2) we are unable to refinance our debt obligations as necessary or on as favorable terms, (3) there is an increase in interest rates, (4) we default on our financial obligations or (5) debt service requirements increase. If a property is mortgaged to secure payment of indebtedness and we are unable to meet mortgage payments, the property could be foreclosed upon with a consequential loss of income and asset value to us.

We generally intend to maintain a ratio of total indebtedness (including construction or acquisition financing) to total market capitalization of 65% or less. Nevertheless, we may operate with debt levels which are in excess of 65% of total market capitalization for extended periods of time. If our debt capitalization policy were changed, we could become more highly leveraged, resulting in an increase in debt service that could adversely affect our operating cash flow and our ability to make expected distributions to stockholders, and could result in an increased risk of default on our obligations.

Covenants in our credit agreements and note purchase agreements could limit our flexibility and adversely affect our financial condition.

The terms of the financing agreements and other indebtedness require us to comply with a number of customary financial and other covenants. These covenants may limit our flexibility in our operations, and breaches of these covenants could result in defaults under the instruments governing the applicable indebtedness even if we have satisfied our payment obligations. Our financing agreements contain certain cross-default provisions which could be triggered in the event that we default on our other indebtedness. These cross-default provisions may require us to repay or restructure the revolving credit facility in addition to any mortgage or other debt that is in default. If our properties were foreclosed upon, or if we are unable to refinance our indebtedness at maturity or meet our payment obligations, the amount of our distributable cash flows and our financial condition would be adversely affected.

Our unsecured revolving credit facility, certain term loan agreements and certain note purchase agreements contain various restrictive corporate covenants, including a maximum total leverage ratio, a maximum secured leverage ratio and a minimum fixed charge coverage ratio. In addition, our unsecured revolving credit facility, certain term loan agreements and certain note purchase agreements have unencumbered pool covenants, which include a maximum unencumbered leverage ratio and a minimum unencumbered interest coverage ratio. These covenants may restrict our ability to pursue certain business initiatives or certain transactions that might otherwise be advantageous. Furthermore, failure to meet certain of these financial covenants could cause an event of default under and/or accelerate some or all of such indebtedness which could have a material adverse effect on us.

15

Table of Contents

An increase in market interest rates could raise our interest costs on existing and future debt or adversely affect our stock price, and a decrease in interest rates may lead to additional competition for the acquisition of real estate or adversely affect our results of operations.

Our interest costs for any new debt and our current debt obligations may rise if interest rates increase. This increased cost could make the financing of any new acquisition more expensive as well as lower our current period earnings. Rising interest rates could limit our ability to refinance existing debt when it matures or cause us to pay higher interest rates upon refinancing. In addition, an increase in interest rates could decrease the access third parties have to credit, thereby decreasing the amount they are willing to pay to lease our assets and limit our ability to reposition our portfolio promptly in response to changes in economic or other conditions. An increase in market interest rates may lead prospective purchasers of our common stock to expect a higher dividend yield, which could adversely affect the market price of our common stock. Decreases in interest rates may lead to additional competition for the acquisition of real estate due to a reduction in desirable alternative income-producing investments. Increased competition for the acquisition of real estate may lead to a decrease in the yields on real estate targeted for acquisition. In such circumstances, if we are not able to offset the decrease in yields by obtaining lower interest costs on our borrowings, our results of operations may be adversely affected.

Our hedging strategies may not be successful in mitigating our risks associated with interest rates and could reduce the overall returns on your investment.

We use various derivative financial instruments to provide a level of protection against interest rate risks, but no hedging strategy can protect us completely. These instruments involve risks, such as the risk that the counterparties may fail to honor their obligations under these arrangements, that these arrangements may not be effective in reducing our exposure to interest rate changes, that a court could rule that such agreements are not legally enforceable, and that we may have to post collateral to enter into hedging transactions, which we may lose if we are unable to honor our obligations. These instruments may also generate income that may not be treated as qualifying REIT income for purposes of the REIT income tests. In addition, the nature and timing of hedging transactions may influence the effectiveness of our hedging strategies. Poorly designed strategies or improperly executed transactions could actually increase our risk and losses. Moreover, hedging strategies involve transaction and other costs. We cannot assure you that our hedging strategy and the derivatives that we use will adequately offset the risk of interest rate volatility or that our hedging transactions will not result in losses that may reduce the overall return on your investment.

Future offerings of debt and equity may not be available to us or may adversely affect the market price of our common stock.

We expect to continue to increase our capital resources by making additional offerings of equity and debt securities in the future, which could include classes or series of preferred stock, common stock and senior or subordinated notes. Our ability to raise additional capital may be restricted at a time when we would like or need, including as a result of market conditions. Future market dislocations could cause us to seek sources of potentially less attractive capital and impact our flexibility to react to changing economic and business conditions. All debt securities and other borrowings, as well as all classes or series of preferred stock, will be senior to our common stock in a liquidation of our company. Additional equity offerings could dilute our stockholders’ equity and reduce the market price of shares of our common stock. In addition, depending on the terms and pricing of an additional offering of our common stock and the value of our properties, our stockholders may experience dilution in both the book value and fair value of their shares. The market price of our common stock could decline as a result of sales of a large number of shares of our common stock in the market after an offering or the perception that such sales could occur, and this could materially and adversely affect our ability to raise capital through future offerings of equity or equity-related securities. In addition, we may issue preferred stock or other securities convertible into equity securities with a distribution preference or a liquidation preference that may limit our ability to make distributions on our common stock. Our ability to estimate the amount, timing or nature of additional offerings is limited as these factors will depend upon market conditions and other factors.

16

Table of Contents

Risks Related to Our Corporate Structure

Our charter, bylaws and Maryland law contain provisions that may delay, defer or prevent a change of control transaction.

Our charter contains 9.8% ownership limits. Our charter, subject to certain exceptions, authorizes our directors to take such actions as are necessary and desirable to preserve our qualification as a REIT and contains provisions that limit any person to actual or constructive ownership of no more than 9.8% (in value or in number of shares, whichever is more restrictive) of the outstanding shares of our common stock and no more than 9.8% (in value) of the aggregate of the outstanding shares of all classes and series of our stock. Our board of directors, in its sole discretion, may exempt, subject to the satisfaction of certain conditions, any person from the ownership limits. These restrictions on transferability and ownership will not apply if our board of directors determines that it is no longer in our best interests to attempt to qualify, or to continue to qualify, as a REIT. The ownership limits may delay or impede, and we may use the ownership limits deliberately to delay or impede, a transaction or a change of control that might involve a premium price for our common stock or otherwise be in the best interest of our stockholders.

We have a staggered board. Our directors are divided into three classes serving three-year staggered terms. The staggering of our board of directors may discourage offers for the Company or make an acquisition more difficult, even when an acquisition may be viewed to be in the best interest of our stockholders.

We could issue stock without stockholder approval. Our board of directors could, without stockholder approval, issue authorized but unissued shares of our common stock or preferred stock. In addition, our board of directors could, without stockholder approval, classify or reclassify any unissued shares of our common stock or preferred stock and set the preferences, rights and other terms of such classified or reclassified shares. Our board of directors could establish a series of stock that could, depending on the terms of such series, delay, defer or prevent a transaction or change of control that might involve a premium price for our common stock or otherwise be viewed to be in the best interest of our stockholders.

Provisions of Maryland law may limit the ability of a third party to acquire control of our company. Certain provisions of Maryland law may have the effect of inhibiting a third party from making a proposal to acquire us or of impeding a change of control under certain circumstances that otherwise could provide the holders of shares of our common stock with the opportunity to realize a premium over the then prevailing market price of such shares, including:

| ● | “Business combination” provisions that, subject to limitations, prohibit certain business combinations between us and an “interested stockholder” (defined generally as any person who beneficially owns 10% or more of the voting power of our shares or an affiliate thereof) for five years after the most recent date on which the stockholder becomes an interested stockholder and thereafter would require the recommendation of our board of directors and impose special appraisal rights and special stockholder voting requirements on these combinations; and

| ● | “Control share” provisions that provide that “control shares” of our company (defined as shares which, when aggregated with other shares controlled by the stockholder, entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of “control shares”) have no voting rights except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares.

The business combination statute permits various exemptions from its provisions, including business combinations that are approved or exempted by the board of directors before the time that the interested stockholder becomes an interested stockholder. Our board of directors has exempted from the business combination provisions of the Maryland General Corporation Law, or MGCL, any business combination with Mr. Richard Agree or any other person acting in concert or as a group with Mr. Richard Agree.

In addition, our bylaws contain a provision exempting from the control share acquisition statute Richard Agree, Edward Rosenberg, any spouses or the foregoing, any brothers or sisters of the foregoing, any ancestors of the foregoing, any other lineal descendants of any of the foregoing, any estates of any of the foregoing, any trusts established for the benefit of any

17

Table of Contents

of the foregoing and any other entity controlled by any of the foregoing, our other officers, our team members, any of the associates or affiliates of the foregoing and any other person acting in concert of as a group with any of the foregoing.

Additionally, Title 3, Subtitle 8 of the MGCL, permits our board of directors, without stockholder approval and regardless of what is currently provided in our charter or our bylaws, to implement certain takeover defenses. These provisions may have the effect of inhibiting a third party from making an acquisition proposal for our company or of delaying, deferring or preventing a change in control of our company under circumstances that otherwise could provide the holders of our common stock with the opportunity to realize a premium over the then-current market price.

Our charter, our bylaws, the limited partnership agreement of the Operating Partnership and Maryland law also contain other provisions that may delay, defer or prevent a transaction or a change of control that might involve a premium price for our common stock or otherwise be viewed to be in the best interest of our stockholders.

An officer and director may have interests that conflict with the interests of stockholders.

An officer and member of our board of directors owns Operating Partnership Units. This individual may have personal interests that conflict with the interests of our stockholders with respect to business decisions affecting us and the Operating Partnership, such as interests in the timing and pricing of property sales or refinancing in order to obtain favorable tax treatment.

Federal Income Tax Risks

Complying with REIT requirements may cause us to forego otherwise attractive opportunities.

To qualify as a REIT for federal income tax purposes we must continually satisfy numerous income, asset and other tests, thus having to forego investments we might otherwise make and hindering our investment performance.

Failure to qualify as a REIT could adversely affect our operations and our ability to make distributions.

We will be subject to increased taxation if we fail to qualify as a REIT for federal income tax purposes. Although we believe that we are organized and operate in such a manner so as to qualify as a REIT under the Internal Revenue Code, no assurance can be given that we will remain so qualified. Qualification as a REIT involves the application of highly technical and complex Code provisions for which there are only limited judicial or administrative interpretations. The complexity of these provisions and applicable treasury regulations is also increased in the context of a REIT that holds its assets in partnership form. The determination of various factual matters and circumstances not entirely within our control may affect our ability to qualify as a REIT. Additionally, our charter provides our board of directors with the power, under certain circumstances, to revoke or otherwise terminate our REIT election and cause us to be taxed as a regular corporation, without the approval of our stockholders. A REIT that annually distributes at least 90% of its taxable income to its stockholders generally is not taxed at the corporate level on such distributed income. We have not requested and do not plan to request a ruling from the Internal Revenue Service (the “IRS”) that we qualify as a REIT.

If we fail to qualify as a REIT, we will face tax consequences that will substantially reduce the funds available for payment of cash dividends:

| ● | We would not be allowed a deduction for dividends paid to stockholders in computing our taxable income and would be subject to federal income tax at regular corporate rates.

| ● | We may be subject to increased state and local taxes.

| ● | Unless we are entitled to relief under statutory provisions, we could not elect to be treated as a REIT for four taxable years following the year in which we failed to qualify.

In addition, if we fail to qualify as a REIT, we will no longer be required to pay dividends (other than any mandatory dividends on any preferred shares we may offer). As a result of these factors, our failure to qualify as a REIT could adversely affect the market price for our common stock.

18

Table of Contents

U.S. federal tax reform legislation could affect REITs generally, the geographic markets in which we operate, our stock and our results of operations, both positively and negatively in ways that are difficult to anticipate.

Changes to the federal income tax laws are proposed regularly. Additionally, the REIT rules are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury, which may result in revisions to regulations and interpretations in addition to statutory changes. If enacted, certain such changes could have an adverse impact on our business and financial results. In particular, H.R. 1, which took effect for taxable years that began on or after January 1, 2018 (subject to certain exceptions), as amended by the Coronavirus Aid, Relief, and Economic Security Act made many significant changes to the federal income tax laws that profoundly impacted the taxation of individuals, corporations (both regular C corporations as well as corporations that have elected to be taxed as REITs), and the taxation of taxpayers with overseas assets and operations. A number of changes that affect non-corporate taxpayers will expire at the end of 2025 unless Congress acts to extend them. These changes impact us and our stockholders in various ways, some of which are adverse or potentially adverse compared to prior law. While the IRS has issued some guidance with respect to certain of the new provisions, there are numerous interpretive issues that will require further guidance, and technical corrections legislation may be needed to clarify certain aspects of the new law and give proper effect to Congressional intent. There can be no assurance, however, that technical clarifications or further changes needed to prevent unintended or unforeseen tax consequences will be enacted by Congress. In addition, while certain elements of tax reform legislation do not impact us directly as a REIT, they could impact the geographic markets in which we operate, the tenants that populate our properties and the customers who frequent our properties in ways, both positive and negative, that are difficult to anticipate. Other legislative proposals could be enacted in the future that could affect REITs and their stockholders. Prospective investors are urged to consult their tax advisors regarding the effect of these tax law changes and any other potential tax law changes on an investment in our common stock.

Changes in tax laws may prevent us from maintaining our qualification as a REIT.

As we have previously described, we intend to maintain our qualification as a REIT for federal income tax purposes. However, this intended qualification is based on the tax laws that are currently in effect. We are unable to predict any future changes in the tax laws that would adversely affect our status as a REIT. If there is a change in the tax law that prevents us from qualifying as a REIT or that requires REITs generally to pay corporate level income taxes, we may not be able to make the same level of distributions to our stockholders.

Complying with REIT requirements may force us to liquidate or restructure otherwise attractive investments.

In order to qualify as a REIT, at least 75% of the value of our assets must consist of cash, cash items, government securities and qualified real estate assets. The remainder of our investments in securities (other than government securities, securities of TRSs and qualified real estate assets) cannot include more than 10% of the voting securities or 10% of the value of all securities, of any one issuer. In addition, in general, no more than 5% of the total value of our assets (other than government securities, securities of TRSs and qualified real estate assets) can consist of securities of any one issuer, and no more than 20% of the total value of our assets can be represented by one or more TRSs. If we fail to comply with these requirements at the end of any calendar quarter, we must correct the failure within 30 days after the end of the calendar quarter or qualify for certain statutory relief provisions to avoid losing our REIT qualification and suffering adverse tax consequences. As a result, we may be required to liquidate otherwise attractive investments.

We may have to borrow funds or sell assets to meet our distribution requirements.

Subject to some adjustments that are unique to REITs, a REIT generally must distribute 90% of its taxable income. For the purpose of determining taxable income, we may be required to accrue interest, rent and other items treated as earned for tax purposes but that we have not yet received. In addition, we may be required not to accrue as expenses for tax purposes some expenses that actually have been paid, including, for example, payments of principal on our debt, or some of our deductions might be disallowed by the IRS. As a result, we could have taxable income in excess of cash available for distribution. If this occurs, we may have to borrow funds or liquidate some of our assets in order to meet the distribution requirement applicable to a REIT.

19

Table of Contents

Our ownership of and relationship with our TRSs will be limited, and a failure to comply with the limits would jeopardize our REIT status and may result in the application of a 100% excise tax.

A REIT may own up to 100% of the stock of one or more TRSs. A TRS may earn income that would not be qualifying income if earned directly by the parent REIT. Overall, no more than 20% of the value of a REIT’s assets may consist of stock or securities of one or more TRSs. A TRS will typically pay federal, state and local income tax at regular corporate rates on any income that it earns. In addition, the TRS rules impose a 100% excise tax on certain transactions between a TRS and its parent REIT that are not conducted on an arm’s-length basis. Our TRSs will pay federal, state and local income tax on their taxable income, and their after-tax net income will be available for distribution to us but will not be required to be distributed to us. There can be no assurance that we will be able to comply with the 20% limitation discussed above or to avoid application of the 100% excise tax discussed above.

Liquidation of our assets may jeopardize our REIT qualification.

To qualify as a REIT, we must comply with requirements regarding our assets and our sources of income. If we are compelled to liquidate our investments to repay obligations to our lenders, we may be unable to comply with these requirements, ultimately jeopardizing our qualification as a REIT, or we may be subject to a 100% tax on any gain if we sell assets in transactions that are considered to be “prohibited transactions,” which are explained in the risk factor below.

We may be subject to other tax liabilities even if we qualify as a REIT.

Even if we remain qualified as a REIT for federal income tax purposes, we will be required to pay certain federal, state and local taxes on our income and property. For example, we will be subject to federal income tax on any of our REIT taxable income (including capital gains) that we do not distribute annually to our stockholders. Additionally, we will be subject to a 4% nondeductible excise tax on the amount, if any, by which dividends paid by us in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years. Moreover, if we have net income from “prohibited transactions,” that income will be subject to a 100% tax. In general, prohibited transactions are sales or other dispositions of property held primarily for sale to customers in the ordinary course of business. The determination as to whether a particular sale is a prohibited transaction depends on the facts and circumstances related to that sale. While we will undertake sales of assets if those assets become inconsistent with our long-term strategic or return objectives, we do not believe that those sales should be considered prohibited transactions, but there can be no assurance that the IRS would not contend otherwise. The need to avoid prohibited transactions could cause us to forego or defer sales of properties that might otherwise be in our best interest to sell.

In addition, any net taxable income earned directly by our TRSs, or through entities that are disregarded for federal income tax purposes as entities separate from our TRSs, will be subject to federal and possibly state corporate income tax. To the extent that we and our affiliates are required to pay federal, state and local taxes, we will have less cash available for distributions to our stockholders.

Dividends payable by REITs do not qualify for the reduced tax rates on dividend income from regular corporations.

The maximum federal income tax rate applicable to “qualified dividend income” payable by non-REIT corporations to certain non-corporate U.S. stockholders is generally 20% and a 3.8% Medicare tax may also apply. Dividends paid by REITs, however, generally are not eligible for the reduced rates applicable to qualified dividend income. Commencing with taxable years that began on or after January 1, 2018 and continuing through 2025, H.R. 1 temporarily reduced the effective tax rate on ordinary REIT dividends (i.e., dividends other than capital gain dividends and dividends attributable to certain qualified dividend income received by us) for U.S. holders of our common stock that are individuals, estates or trusts by permitting such holders to claim a deduction in determining their taxable income equal to 20% of any such dividends they receive. Taking into account H.R. 1’s reduction in the maximum individual federal income tax rate from 39.6% to 37%, this results in a maximum effective rate of regular income tax on ordinary REIT dividends of 29.6% through 2025 (as compared to the 20% maximum federal income tax rate applicable to qualified dividend income received from a non-REIT corporation). The more favorable rates applicable to regular corporate distributions could cause investors who are individuals to perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT

20

Table of Contents

corporations that pay distributions. This could materially and adversely affect the value of the stock of REITs, including our common stock.

Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

The REIT provisions of the Internal Revenue Code substantially limit our ability to hedge our liabilities. Any income from a hedging transaction we enter into to manage risk of interest rate changes, price changes or currency fluctuations with respect to borrowings made or to be made to acquire or carry real estate assets that is clearly identified in the manner specified in the Internal Revenue Code does not constitute gross income, and is not counted for purposes of income tests that apply to us as a REIT. To the extent that we enter into other types of hedging transactions, the income from those transactions is likely to be treated as non-qualifying income for purposes of the income tests. As a result of these rules, we may need to limit our use of advantageous hedging techniques or implement those hedges through a TRS. This could increase the cost of our hedging activities because our TRS would be subject to tax on gains or expose us to greater risks associated with changes in interest rates than we would otherwise want to bear. In addition, losses in our TRSs will generally not provide any tax benefit, except for being carried forward against future taxable income in the TRSs.

General Risks

Loss of our key personnel could materially impair our ability to operate successfully.

Our continued success and our ability to manage anticipated future growth depend, in large part, upon the efforts of key personnel. The loss of services of one or more members of our senior management team, or our inability to attract and retain highly qualified personnel, could adversely affect our business, diminish our investment opportunities and our relationships with lenders, business partners, existing and prospective tenants and industry personnel, which could materially and adversely affect us.

If we fail to maintain an effective system of internal controls, we may not be able to accurately report financial results, which could result in a loss of investor confidence and adversely affect the market price of our common stock.

We are required to establish and maintain internal control over financial reporting and disclosure controls and procedures. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with generally accepted accounting principles. Disclosure controls and procedures are processes designed to ensure that information required to be disclosed is communicated to management and reported in a timely manner. We cannot be certain that we will be successful in continuing to maintain adequate control over our financial reporting and disclosure controls and procedures. Deficiencies, including any material weakness, in our internal control over financial reporting that may occur could result in misstatements or restatements of our financial statements or a decline in the price of our securities. In addition, as our business continues to grow, and as we continue to make significant acquisitions, our internal controls will become more complex and may require significantly more resources to ensure that our disclosure controls and procedures remain effective. Moreover, the existence of any material weakness or significant deficiency in our internal controls and procedures may require management to devote significant time and incur significant expense to remediate any such material weaknesses or significant deficiencies and management may not be able to remediate any such material weaknesses or significant deficiencies in a timely manner. If we cannot provide reliable financial reports, our reputation and operating results could be materially adversely affected, which could also cause investors to lose confidence in our reported financial information, which in turn could result in a reduction in the trading price of our common stock.

The market price and trading volume of shares of our common stock may fluctuate or decline.

The market price and trading volume of our common stock may fluctuate widely due to various factors, including:

| ● | Broad market fluctuations;

| ● | Market reaction to any additional indebtedness we incur or debt or equity securities we or the Operating Partnership issue in the future;

| ● | Additions or departures of key management personnel;

21

Table of Contents

| ● | Changes in our credit ratings;

| ● | The financial condition, performance and prospects of our tenants;

| ● | Changes in market interest rates; and

| ● | The realization of any of the other risk factors presented in this Annual Report on Form 10-K.

Many of the factors listed above are beyond our control. Those factors may cause the market price of our common stock to decline significantly, regardless of our financial condition, results of operations and prospects. It is impossible to provide any assurance that the market price of our common stock will not fall in the future, and it may be difficult for holders to resell shares of our common stock at prices they find attractive, or at all.

The COVID-19 pandemic, its variants, and the future outbreak of other highly infectious or contagious diseases, could materially and adversely impact or disrupt our financial condition, results of operations, cash flows and performance.

The COVID-19 pandemic, including continued spread of new variants, has had, and other pandemics in the future could have, repercussions across regional and global economies and financial markets.

The COVID-19 pandemic, or a future pandemic, could also have material and adverse effects on our ability to successfully operate and on our financial condition, results of operations and cash flows due to, among other factors:

| ● | A complete or partial closure of, or other operational issues at, one or more of our properties resulting from government or tenant action;

| ● | Reduced economic activity could severely impact our tenants’ businesses, financial condition and liquidity and may cause one or more of our tenants to be unable to meet their obligations to us in full, or at all, or to otherwise seek modifications of such obligations;

| ● | Reduced economic activity could result in a prolonged recession, which could negatively impact consumer discretionary spending;

| ● | Difficulty accessing debt and equity capital on attractive terms, or at all, potential impacts to our credit ratings, and a prolonged severe disruption and instability in the global financial markets or deteriorations in credit and financing conditions may affect our access to capital necessary to fund business operations or address maturing liabilities on a timely basis and our tenants’ ability to fund their business operations and meet their obligations to us;

| ● | Negative impacts to our future compliance with financial covenants of our Revolving Credit Facility and other debt agreements could result in a default and potentially an acceleration of indebtedness, which non-compliance could negatively impact our ability to make additional borrowings under our Revolving Credit Facility and pay dividends;

| ● | Any impairment in value of our tangible or intangible assets which could be recorded as a result of weaker economic conditions;

| ● | A decline in business activity and demand for real estate transactions could adversely affect our ability or desire to grow our portfolio of properties;

| ● | A deteriorati on in our or our tenants’ ability to operate in affected areas or delays in the supply of products or services to us or our tenants from vendors that are needed for our or our tenants’ efficient operations could adversely affect our operations and those of our tenants; and

| ● | The potential negative impact on the health of our personnel, particularly if a significant number of them are impacted, could result in a deterioration in our ability to ensure business continuity during this disruption.

The extent to which the COVID-19 pandemic, or a future pandemic, impacts our operations and those of our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence.

The rapid development and fluidity of the COVID-19 pandemic, or a future pandemic, precludes any prediction as to the full adverse impacts on our business. Nevertheless, the COVID-19 pandemic, of a future pandemic, presents a material uncertainty and risk with respect to our financial condition, results of operations, cash flows and performance.

22

Table of Contents

Item 1B: Unresolved Staff Comments

There are no unresolved staff comments.

Item 2: Properties

As of December 31, 2022, our portfolio consisted of 1,839 properties located in 48 states and totaling approximately 38.1 million square feet of GLA.

As of December 31, 2022, our portfolio was approximately 99.7% leased and had a weighted average remaining lease term of approximately 8.8 years. A significant majority of our properties are leased to national tenants and approximately 67.8% of our annualized base rent was derived from tenants, or parents thereof, with an investment grade credit rating. Substantially all of our tenants are subject to net lease agreements. A net lease typically requires the tenant to be responsible for minimum monthly rent and property operating expenses including property taxes, insurance and maintenance. In addition, our tenants are typically subject to future rent increases based on fixed amounts or increases in the consumer price index and certain leases provide for additional rent calculated as a percentage of the tenants’ gross sales above a specified level.

Tenant Diversification

The following table presents annualized base rents for all tenants that generated 1.5% or greater of our total annualized base rent as of December 31, 2022:

​ | ​ | ​ | ​ | ​ | ​ | ​
($ in thousands) |  | ​ | ​ |  |  |
​ | ​ | Annualized | ​ | % of Ann. |
Tenant / Concept |  | Base Rent (1) |  | Base Rent |
Walmart | ​ | $ | 31,924 |  | 6.8 | %
Dollar General | ​ |  | 23,465 |  | 5.0 | %
Tractor Supply | ​ |  | 20,649 |  | 4.4 | %
Best Buy | ​ |  | 19,515 |  | 4.1 | %
Dollar Tree | ​ |  | 14,240 |  | 3.0 | %
TJX Companies | ​ |  | 14,216 |  | 3.0 | %
O'Reilly Auto Parts | ​ |  | 14,137 |  | 3.0 | %
CVS | ​ |  | 14,117 |  | 3.0 | %
Kroger | ​ |  | 12,856 |  | 2.7 | %
Lowe's | ​ |  | 12,210 |  | 2.6 | %
Hobby Lobby | ​ |  | 11,904 |  | 2.5 | %
Burlington | ​ |  | 11,408 |  | 2.4 | %
Sherwin-Williams | ​ |  | 10,849 |  | 2.3 | %
Sunbelt Rentals | ​ | ​ | 10,072 |  | 2.1 | %
Wawa | ​ | ​ | 9,668 |  | 2.1 | %
Home Depot | ​ | ​ | 8,880 |  | 1.9 | %
TBC Corporation | ​ |  | 8,437 |  | 1.8 | %
Gerber Collision | ​ |  | 7,538 |  | 1.6 | %
Goodyear | ​ |  | 7,522 |  | 1.6 | %
AutoZone | ​ |  | 7,466 |  | 1.6 | %
Other(2) | ​ |  | 199,342 |  | 42.5 | %
Total | ​ | $ | 470,415 |  | 100.0 | %

(1) | Represents annualized contractual base rent on a straight-line basis as of December 31, 2022.

(2) | Includes tenants generating less than 1.5% of annualized contractual base rent.

23

Table of Contents

Tenant Sector Diversification

The following table presents annualized base rents for all sectors as of December 31, 2022:

​ | ​ | ​ | ​ | ​ | ​ | ​
($ in thousands) |  | ​ | ​ |  |  |
​ | ​ | Annualized | ​ | % of Ann. |
Tenant Sector |  | Base Rent (1) |  | Base Rent |
Home Improvement | ​ | $ | 42,754 | ​ | 9.1 | %
Grocery Stores | ​ |  | 41,884 | ​ | 8.9 | %
Tire and Auto Service | ​ |  | 41,612 | ​ | 8.9 | %
Dollar Stores | ​ |  | 36,241 | ​ | 7.7 | %
Convenience Stores | ​ |  | 35,842 | ​ | 7.6 | %
General Merchandise | ​ |  | 30,476 | ​ | 6.5 | %
Off-Price Retail | ​ |  | 28,782 | ​ | 6.1 | %
Auto Parts | ​ |  | 27,301 | ​ | 5.8 | %
Farm and Rural Supply | ​ |  | 22,187 | ​ | 4.7 | %
Consumer Electronics | ​ |  | 21,723 | ​ | 4.6 | %
Pharmacy | ​ |  | 20,823 | ​ | 4.4 | %
Crafts and Novelties | ​ |  | 14,208 | ​ | 3.0 | %
Discount Stores | ​ |  | 11,212 | ​ | 2.4 | %
Equipment Rental | ​ |  | 10,398 | ​ | 2.2 | %
Warehouse Clubs | ​ |  | 10,100 | ​ | 2.2 | %
Health Services | ​ | ​ | 9,496 | ​ | 2.0 | %
Health and Fitness | ​ | ​ | 8,082 | ​ | 1.7 | %
Restaurants - Quick Service | ​ | ​ | 7,931 | ​ | 1.7 | %
Dealerships | ​ | ​ | 6,506 | ​ | 1.4 | %
Specialty Retail | ​ | ​ | 6,306 | ​ | 1.3 | %
Restaurants - Casual Dining | ​ | ​ | 5,243 | ​ | 1.1 | %
Home Furnishings | ​ | ​ | 4,898 | ​ | 1.0 | %
Sporting Goods | ​ | ​ | 4,835 | ​ | 1.0 | %
Financial Services | ​ | ​ | 4,606 | ​ | 1.0 | %
Theaters | ​ | ​ | 3,848 | ​ | 0.8 | %
Pet Supplies | ​ | ​ | 3,146 | ​ | 0.7 | %
Entertainment Retail | ​ | ​ | 2,323 | ​ | 0.5 | %
Beauty and Cosmetics | ​ | ​ | 2,259 | ​ | 0.5 | %
Shoes | ​ | ​ | 2,005 | ​ | 0.4 | %
Apparel | ​ | ​ | 1,418 | ​ | 0.3 | %
Miscellaneous | ​ | ​ | 1,175 | ​ | 0.3 | %
Office Supplies | ​ |  | 795 | ​ | 0.2 | %
Total | ​ | $ | 470,415 |  | 100.0 | %

(1) | Represents annualized contractual base rent on a straight-line basis as of December 31, 2022.

24

Table of Contents

Geographic Diversification

The following table presents annualized base rents, by state, for our portfolio as of December 31, 2022:

​ | ​ | ​ | ​ | ​ | ​ | ​
($ in thousands) |  | ​ | ​ |  | ​ |
​ | ​ | Annualized | ​ | % of Ann. |
Tenant Sector |  | Base Rent (1) |  | Base Rent |
Texas | ​ | $ | 34,202 |  | 7.3 | %
Ohio | ​ |  | 26,661 |  | 5.7 | %
Florida | ​ |  | 26,317 |  | 5.6 | %
Michigan | ​ |  | 26,139 |  | 5.6 | %
Illinois | ​ |  | 26,069 |  | 5.5 | %
North Carolina | ​ |  | 25,095 |  | 5.3 | %
New Jersey | ​ |  | 22,198 |  | 4.7 | %
Pennsylvania | ​ |  | 22,097 |  | 4.7 | %
California | ​ |  | 20,010 |  | 4.3 | %
New York | ​ |  | 18,992 |  | 4.0 | %
Georgia | ​ |  | 16,174 |  | 3.4 | %
Virginia | ​ |  | 14,415 |  | 3.1 | %
Connecticut | ​ | ​ | 12,618 | ​ | 2.7 | %
Wisconsin | ​ | ​ | 12,356 | ​ | 2.6 | %
Other(2) | ​ | ​ | 167,072 | ​ | 35.5 | %
Total | ​ | $ | 470,415 |  | 100.0 | %

(1) | Represents annualized contractual base rent on a straight-line basis as of December 31, 2022.

(2) | Includes states generating less than 2.5% of annualized contractual base rent.

​

Lease Expirations

The following table presents contractual lease expirations within the Company’s portfolio as of December 31, 2022, assuming that no tenants exercise renewal options:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
($ and GLA in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | ​ | ​ | Annualized Base Rent (1) | ​ | Gross Leasable Area |
​ | ​ | Number of | ​ | ​ | ​ | ​ | % of | ​ | ​ | ​ | % of |
Year |  | Leases |  | Dollars |  | Total |  | Square Feet |  | Total |
2023 |  | 33 | ​ | $ | 6,083 |  | 1.3 | % | 714 |  | 1.9 | %
2024 |  | 47 | ​ |  | 13,963 |  | 3.0 | % | 1,623 |  | 4.3 | %
2025 |  | 71 | ​ |  | 17,582 |  | 3.7 | % | 1,688 |  | 4.4 | %
2026 |  | 114 | ​ |  | 24,966 |  | 5.3 | % | 2,657 |  | 7.0 | %
2027 |  | 131 | ​ |  | 30,453 |  | 6.5 | % | 2,881 |  | 7.6 | %
2028 |  | 142 | ​ |  | 36,855 |  | 7.8 | % | 3,350 |  | 8.8 | %
2029 |  | 158 | ​ |  | 43,537 |  | 9.3 | % | 4,285 |  | 11.2 | %
2030 |  | 253 | ​ |  | 52,183 |  | 11.1 | % | 3,962 |  | 10.4 | %
2031 |  | 164 | ​ |  | 38,612 |  | 8.2 | % | 2,821 |  | 7.4 | %
2032 |  | 198 | ​ |  | 39,170 |  | 8.3 | % | 3,051 |  | 8.0 | %
Thereafter |  | 678 | ​ |  | 167,011 |  | 35.5 | % | 11,001 |  | 29.0 | %
Total |  | 1,989 | ​ | $ | 470,415 |  | 100.0 | % | 38,033 |  | 100.0 | %

(1) | Represents annualized contractual base rent on a straight-line basis as of December 31, 2022.

25

Table of Contents

Developments

During the fourth quarter, the Company commenced six development and PCS projects, with total anticipated costs of approximately $37.3 million. Construction continued during the quarter on 18 projects with anticipated costs totaling approximately $58.6 million. The Company completed two projects during the quarter, which include a Gerber Collision in Kimberly, Wisconsin and a Sunbelt Rentals in Roxana, Illinois.

​

During the year ended December 31, 2022, the Company had 31 development or PCS projects completed or under construction. Anticipated total costs for those projects are approximately $118.5 million and include the following completed or commenced projects:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | ​ |  | Actual or |  | ​
​ | ​ | ​ | ​ | ​ | ​ | Lease | ​ | Anticipated Rent | ​ |
Tenant | ​ | Location | ​ | Lease Structure | ​ | Term | ​ | Commencement | ​ | Status
7-Eleven | ​ | Saginaw, MI | ​ | Build-to-Suit | ​ | 15 years | ​ | Q1 2022 | ​ | Complete
Gerber Collision | ​ | Pooler, GA | ​ | Build-to-Suit | ​ | 15 years | ​ | Q2 2022 | ​ | Complete
Burlington | ​ | Turnersville, NJ | ​ | Build-to-Suit | ​ | 10 years | ​ | Q3 2022 | ​ | Complete
Gerber Collision | ​ | Janesville, WI | ​ | Build-to-Suit | ​ | 15 years | ​ | Q3 2022 | ​ | Complete
Gerber Collision | ​ | New Port Richey, FL | ​ | Build-to-Suit | ​ | 15 years | ​ | Q3 2022 | ​ | Complete
Gerber Collision | ​ | Kimberly, WI | ​ | Build-to-Suit | ​ | 15 years | ​ | Q4 2022 | ​ | Complete
Sunbelt Rentals | ​ | Roxana, IL | ​ | Build-to-Suit | ​ | 10 years | ​ | Q4 2022 | ​ | Complete
Gerber Collision | ​ | Fort Wayne, IN | ​ | Build-to-Suit | ​ | 15 years | ​ | Q1 2023 | ​ | Under Construction
Gerber Collision | ​ | Johnson City, NY | ​ | Build-to-Suit | ​ | 15 years | ​ | Q1 2023 | ​ | Under Construction
Gerber Collision | ​ | Joplin, MO | ​ | Build-to-Suit | ​ | 15 years | ​ | Q1 2023 | ​ | Under Construction
Gerber Collision | ​ | Lake Charles, LA | ​ | Build-to-Suit | ​ | 15 years | ​ | Q1 2023 | ​ | Under Construction
Gerber Collision | ​ | Lake Park, FL | ​ | Build-to-Suit | ​ | 15 years | ​ | Q1 2023 | ​ | Under Construction
Gerber Collision | ​ | McDonough, GA | ​ | Build-to-Suit | ​ | 15 years | ​ | Q1 2023 | ​ | Under Construction
Gerber Collision | ​ | Murrieta, CA | ​ | Build-to-Suit | ​ | 15 years | ​ | Q1 2023 | ​ | Under Construction
Gerber Collision | ​ | Ocala, FL | ​ | Build-to-Suit | ​ | 15 years | ​ | Q1 2023 | ​ | Under Construction
Gerber Collision | ​ | Toledo, OH | ​ | Build-to-Suit | ​ | 15 years | ​ | Q1 2023 | ​ | Under Construction
Gerber Collision | ​ | Venice, FL | ​ | Build-to-Suit | ​ | 15 years | ​ | Q1 2023 | ​ | Under Construction
Gerber Collision | ​ | Winterville, NC | ​ | Build-to-Suit | ​ | 15 years | ​ | Q1 2023 | ​ | Under Construction
Gerber Collision | ​ | Woodstock, IL | ​ | Build-to-Suit | ​ | 15 years | ​ | Q1 2023 | ​ | Under Construction
Gerber Collision | ​ | Yorkville, IL | ​ | Build-to-Suit | ​ | 15 years | ​ | Q1 2023 | ​ | Under Construction
Sunbelt Rentals | ​ | St. Louis, MO | ​ | Build-to-Suit | ​ | 7 years | ​ | Q1 2023 | ​ | Under Construction
Gerber Collision | ​ | Huntley, IL | ​ | Build-to-Suit | ​ | 15 years | ​ | Q2 2023 | ​ | Under Construction
Gerber Collision | ​ | Lawrence, PA | ​ | Build-to-Suit | ​ | 15 years | ​ | Q2 2023 | ​ | Under Construction
Gerber Collision | ​ | Springfield, MO | ​ | Build-to-Suit | ​ | 15 years | ​ | Q2 2023 | ​ | Under Construction
HomeGoods | ​ | South Elgin, IL | ​ | Build-to-Suit | ​ | 10 years | ​ | Q2 2023 | ​ | Under Construction
Old Navy | ​ | Searcy, AR | ​ | Build-to-Suit | ​ | 7 years | ​ | Q2 2023 | ​ | Under Construction
Burlington | ​ | Brenham, TX | ​ | Build-to-Suit | ​ | 10 years | ​ | Q3 2023 | ​ | Under Construction
Ulta Beauty | ​ | Brenham, TX | ​ | Build-to-Suit | ​ | 10 years | ​ | Q3 2023 | ​ | Under Construction
Five Below | ​ | Onalaska, WI | ​ | Build-to-Suit | ​ | 10 years | ​ | Q3 2023 | ​ | Under Construction
HomeGoods | ​ | Onalaska, WI | ​ | Build-to-Suit | ​ | 10 years | ​ | Q3 2023 | ​ | Under Construction
Sierra Trading Post | ​ | Onalaska, WI | ​ | Build-to-Suit | ​ | 10 years | ​ | Q3 2023 | ​ | Under Construction
TJ Maxx | ​ | Onalaska, WI | ​ | Build-to-Suit | ​ | 10 years | ​ | Q3 2023 | ​ | Under Construction
Ulta Beauty | ​ | Onalaska, WI | ​ | Build-to-Suit | ​ | 11 years | ​ | Q3 2023 | ​ | Under Construction
Gerber Collision | ​ | Blue Springs, MO | ​ | Build-to-Suit | ​ | 15 years | ​ | Q3 2023 | ​ | Under Construction
Gerber Collision | ​ | Muskegon, MI | ​ | Build-to-Suit | ​ | 15 years | ​ | Q3 2023 | ​ | Under Construction
Sunbelt Rentals | ​ | Wentzille, MO | ​ | Build-to-Suit | ​ | 12 years | ​ | Q3 2023 | ​ | Under Construction

​

​

Item 3: Legal Proceedings

From time to time, we are involved in legal proceedings in the ordinary course of business. We are not presently involved in any litigation nor, to our knowledge, is any other litigation threatened against us, other than routine litigation arising in

26

Table of Contents

the ordinary course of business, which is expected to be covered by our liability insurance and all of which collectively is not expected to have a material adverse effect on our liquidity, results of operations or business or financial condition.

Item 4: Mine Safety Disclosures

Not applicable.

PART II

Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information and Dividend Policy

Our common stock is traded on the NYSE under the symbol “ADC.” At February 13, 2023, there were 90,173,424 shares of our common stock issued and outstanding which were held by approximately 139 stockholders of record. The number of stockholders of record does not reflect persons or entities that held their shares in nominee or “street” name. In addition, at February 13, 2023 there were 347,619 outstanding Operating Partnership Common Units held by a limited partner other than our Company. The Operating Partnership Common Units are exchangeable into shares of common stock on a one-for-one basis.

We intend to continue to declare regular dividends. However, our distributions are determined by our board of directors and will depend upon cash generated by operating activities, our financial condition, capital requirements, annual distribution requirements under the REIT provisions of the Internal Revenue Code and such other factors as the board of directors deems relevant. We have historically paid cash dividends, although we may choose to pay a portion in stock dividends in the future. To qualify as a REIT, we must distribute at least 90% of our REIT taxable income prior to net capital gains to our stockholders, as well as meet certain other requirements. We must pay these distributions in the taxable year the income is recognized; or in the following taxable year if they are declared during the last three months of the taxable year, payable to stockholders of record on a specified date during such period and paid during January of the following year. Such distributions are treated for REIT tax purposes as paid by us and received by our stockholders on December 31 of the year in which they are declared. In addition, at our election, a distribution for a taxable year may be declared in the following taxable year if it is declared before we timely file our tax return for such year and if paid on or before the first regular dividend payment after such declaration. These distributions qualify as dividends paid for the 90% REIT distribution test for the previous year and are taxable to holders of our capital stock in the year in which paid.

Purchases of Equity Securities by the Issuer

Common stock repurchases during the three months ended December 31, 2022 were:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ |  | Total Number of | ​ | Maximum Number
​ |  | ​ | ​ |  | ​ |  | Shares Purchased |  | of Shares that May
​ | ​ | ​ | ​ | ​ | ​ | ​ | as Part of Publicly | ​ | Yet Be Purchased
​ | ​ | Total Number of | ​ | ​ | Average Price Paid | ​ | Announced Plans | ​ | Under the Plans
Period | ​ | Shares Purchased | ​ | ​ | Per Share | ​ | or Programs | ​ | or Programs
October 1, 2022 - October 31, 2022 | ​ | — | ​ | $ | — | ​ | — | ​ | —
November 1, 2022 - November 30, 2022 | ​ | 82 | ​ | ​ | 69.31 | ​ | — | ​ | —
December 1, 2022 - December 31, 2022 | ​ | 172 | ​ | ​ | 70.20 | ​ | — | ​ | —
Total | ​ | 254 | ​ | $ | 69.91 | ​ | — | ​ | —

​

27

Table of Contents

During the three months ended December 31, 2022, the Company withheld 254 shares from employees to satisfy estimated statutory income tax obligations related to vesting of restricted stock awards. The value of the common stock withheld was based on the closing price of our common stock on the applicable vesting date.

Recent Sales of Unregistered Securities

There were no unregistered sales of equity securities during the three months ended December 31, 2022.

Equity Compensation Plans

For information about our equity compensation plan, please see “Item 12 – Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” of this Annual Report on Form 10-K.

Item 6: [Reserved]

​

Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the consolidated financial statements, and related notes thereto, included elsewhere in this Annual Report on Form 10-K and the “Cautionary Note Regarding Forward-Looking Statements” in “Item 1A – Risk Factors” above. Also refer to “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s previously filed Annual Report on Form 10-K for the year ended December 31, 2021 for additional discussion of our financial condition and results of operations, including a comparison of our results of operations for the years ended December 31, 2021 and December 31, 2020.

Overview

The Company is a fully integrated REIT primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants. The Company was founded in 1971 by its current Executive Chairman, Richard Agree, and its common stock was listed on the NYSE in 1994. The Company’s assets are held by, and all of its operations are conducted through, directly or indirectly, the Operating Partnership, of which the Company is the sole general partner and in which the Company held a 99.6% common interest as of December 31, 2022. Refer to Note 1-Organization in the Notes to the Consolidated Financial Statements in this Form 10-K for further information on the ownership structure. Under the agreement of limited partnership of the Operating Partnership, the Company, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership.

As of December 31, 2022, the Company’s portfolio consisted of 1,839 properties located in 48 states and totaling approximately 38.1 million square feet of GLA. The Company’s portfolio was approximately 99.7% leased and had a weighted average remaining lease term of approximately 8.8 years. A significant majority of the Company’s properties are leased to national tenants and approximately 67.8% of our annualized base rent was derived from tenants, or parent entities thereof, with an investment grade credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners. A net lease typically requires the tenant to be responsible for minimum monthly rent and property operating expenses including property taxes, insurance and maintenance.

The Company elected to be taxed as a REIT for federal income tax purposes commencing with the taxable year ended December 31, 1994. We believe that we have been organized and have operated in a manner that has allowed us to qualify as a REIT for federal income tax purposes and we intend to continue operating in such a manner.

Results of Operations

Overall

The Company’s real estate investment portfolio grew from approximately $4.37 billion in net investment amount representing 1,404 properties with 29.1 million square feet of gross leasable space as of December 31, 2021 to

28

Table of Contents

approximately $5.74 billion in net investment amount representing 1,839 properties with 38.1 million square feet of gross leasable space at December 31, 2022. The Company’s real estate investments were made throughout the periods presented and were not all outstanding for the entire period; accordingly, a portion of the increase in rental income between periods is related to recognizing revenue in 2022 on acquisitions that were made during 2021. Similarly, the full rental income impact of acquisitions made during 2022 will not be seen until 2023.

Acquisitions

During the year ended December 31, 2022, the Company acquired 434 retail net lease assets for approximately $1.6 billion, which includes acquisition and closing costs. These properties are located in 43 states and are leased to tenants operating in 27 diverse retail sectors for a weighted average lease term of approximately 10.2 years. The underwritten weighted-average capitalization rate on the acquisitions was 6.2%.1

Dispositions

During the year ended December 31, 2022, the Company sold seven assets for net proceeds of $44.9 million. The weighted-average capitalization rate on the dispositions was 6.5%.1

Development and Partner Capital Solutions

During the year ended December 31, 2022, the Company commenced 28 development or PCS projects. At December 31, 2022 the Company had 24 development or Partner Capital Solutions projects under construction.

Comparison of Year Ended December 31, 2022 to Year Ended December 31, 2021

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended | ​ | Variance
​ |  | December 31, 2022 |  | December 31, 2021 |  | (in dollars) |  | (percentage)
Rental Income | ​ | $ | 429,632 | ​ | $ | 339,067 | ​ | $ | 90,565 | ​ | 27 | %
Real Estate Tax Expense | ​ | $ | 32,079 | ​ | $ | 25,513 | ​ | $ | 6,566 | ​ | 26 | %
Property Operating Expense | ​ | $ | 18,585 | ​ | $ | 13,996 | ​ | $ | 4,589 | ​ | 33 | %
Depreciation and Amortization Expense | ​ | $ | 133,570 | ​ | $ | 95,729 | ​ | $ | 37,841 | ​ | 40 | %

​

The variances in rental income, real estate tax expense, property operating expense and depreciation and amortization expense shown above were due to the acquisition and the ownership of an increased number of properties during the year ended December 31, 2022 compared to the year ended December 31, 2021, as further described under Results of Operations - Overall above.

General and administrative expenses increased $4.6 million, or 18%, to $30.1 million for the year ended December 31, 2022, compared to $25.5 million for the year ended December 31, 2021. The increase was primarily the result of increased employee headcount and increased compensation costs. General and administrative expenses as a percentage of total revenue decreased to 7.0% for the year ended December 31, 2022 compared to 7.5% for the year ended December 31, 2021.

Provision for impairment decreased to $1.0 million for the year ended December 31, 2022, compared to $1.9 million for the year ended December 31, 2021. Provisions for impairment are recorded when events or changes in circumstances indicate that the carrying amount may not be recoverable through operations plus estimated disposition proceeds and are not necessarily comparable period-to-period.

Interest expense increased $13.0 million, or 26%, to $63.4 million for the year ended December 31, 2022, compared to $50.4 million for the year ended December 31, 2021. The increase in interest expense was primarily a result of higher levels of borrowings in 2022 in comparison to 2021, as well as higher interest rates under the Revolving Credit Facility.

1 When used within this discussion, “weighted average capitalization rate” for acquisitions and dispositions is defined by the Company as the sum of contractual fixed annual rents computed on a straight-line basis over the primary lease terms and anticipated annual net tenant recoveries, divided by the purchase and sale prices for occupied properties.

29

Table of Contents

Borrowings increased in order to finance the acquisition and development of additional properties (see Liquidity and Capital Resources – Debt below).

Gain on sale of assets decreased to $5.3 million for the year ended December 31, 2022, compared to $14.9 million for the year ended December 31, 2021. Gains on sales of assets are dependent on the levels of disposition activity and the assets’ basis relative to their sales prices. As a result, such gains are not necessarily comparable period-to-period.

Income tax expense increased $0.5 million, or 19%, to $2.9 million for the year ended December 31, 2022, compared to $2.4 million for the year ended December 31, 2021. The increase in income tax expense was due to the acquisitions and the ownership of an increased number of properties during the year ended December 31, 2022 compared to 2021, partially offset by additional tax expense of approximately $0.5 million recognized during 2021 relating to the true-up of expense upon filing of the 2020 annual tax returns.

In May 2021, the Company used the net proceeds from the offering of the 2028 Senior Unsecured Public Notes and the 2033 Senior Unsecured Public Notes to repay all amounts outstanding under its unsecured term loans and settle the related swap agreements. The Company incurred a charge of $14.6 million upon this repayment and settlement, including swap termination costs of $13.4 million and the write-off of previously unamortized debt issuance costs of $1.2 million.

​

Net income increased $30.1 million, or 25%, to $153.0 million for the year ended December 31, 2022, compared to $122.9 million for the year ended December 31, 2021. The increase was primarily driven by the growth of our portfolio during the year ended December 31, 2022, and the repayment and settlement charge in 2021 discussed above. After allocation of income to non-controlling interest and preferred stockholders, net income attributable to common stockholders increased $24.9 million, or 21% to $145.0 million for the year ended December 31, 2022, compared to $120.1 million for the year ended December 31, 2021. The allocation of income to the preferred stockholders began upon the September 2021 issuance of the Series A Preferred Stock.

Liquidity and Capital Resources

The Company’s principal demands for funds include payment of operating expenses, payment of principal and interest on our outstanding indebtedness, dividends and distributions to its stockholders and holders of the units of the Operating Partnership (the “Operating Partnership Common Units”), and future property acquisitions and development.

The Company expects to meet its short-term liquidity requirements through cash provided from operations and borrowings under its revolving credit facility. As of December 31, 2022, available cash and cash equivalents, including cash held in escrow, was $28.9 million. As of December 31, 2022, the Company had $100.0 million outstanding on its revolving credit facility and $900.0 million was available for future borrowings, subject to its compliance with covenants. The Company anticipates funding its long-term capital needs through cash provided from operations, borrowings under its revolving credit facility, the issuance of debt and common or preferred equity or other instruments convertible into or exchangeable for common or preferred equity.

We continually evaluate alternative financing and believe that we can obtain financing on reasonable terms. However, there can be no assurance that additional financing or capital will be available, or that the terms will be acceptable or advantageous to us. Our ability to access capital on favorable terms as well as to use cash from operations to continue to meet our liquidity needs, is uncertain and cannot be predicted and could be affected by various risks and uncertainties, including, but not limited to, risks detailed in Part I, Item 1A, “Risk Factors.”

Capitalization

As of December 31, 2022, the Company’s total enterprise value was approximately $8.53 billion. Total enterprise value consisted of $6.42 billion of common equity (based on the December 31, 2022 closing price of Company common stock on the NYSE of $70.93 per share and assuming the conversion of Operating Partnership Common Units), $175 million of preferred equity (stated at liquidation value), and $1.96 billion of total debt including (i) $100.0 million of borrowings under its revolving credit facility; (ii) $1.81 billion of senior unsecured notes; (iii) $50.4 million of mortgage notes payable;

30

Table of Contents

less $28.9 million cash, cash equivalents, and cash held in escrow. The Company’s ratio of total debt to total enterprise value was 23.0% at December 31, 2022.

At December 31, 2022, the non-controlling interest in the Operating Partnership consisted of a 0.4% common ownership interest in the Operating Partnership. The Operating Partnership Common Units may, under certain circumstances, be exchanged for shares of Company common stock on a one-for-one basis. The Company, as sole general partner of the Operating Partnership, has the option to settle exchanged Operating Partnership Common Units held by others for cash based on the current trading price of our shares. Assuming the exchange of all Operating Partnership Common Units, there would have been 90,521,043 shares of common stock outstanding at December 31, 2022.

Equity

Shelf Registration

The Company has filed with the SEC an automatic shelf registration statement on Form S-3, registering an unspecified amount of common stock, preferred stock, depositary shares, warrants and guarantees of debt securities of the Operating Partnership, as well as an unspecified amount of debt securities of the Operating Partnership, at an indeterminate aggregate initial offering price. The Company may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.

Common Stock Offerings

In May 2022, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters’ option to purchase 750,000 shares in connection with forward sale agreements. The offering resulted in net proceeds to the Company of approximately $386.7 million, after deducting fees and expenses and making certain other adjustments as provided in the equity distribution agreements.

In October 2022, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters' option to purchase 750,000 shares, in connection with forward sale agreements. Upon settlement, the offering is anticipated to raise net proceeds of approximately $380.7 million after deducting fees and expenses and making certain other adjustments as provided in the equity distribution agreements. During 2022, the Company settled 1,600,000 shares of common stock under the forward sale agreements, realizing net proceeds of $106.2 million.

Preferred Stock Offering

As of December 31, 2022, we had 7,000,000 depositary shares (the “Depositary Shares”) outstanding, each representing 1/1,000th of a share of Series A Preferred Stock.

Dividends on the Series A Preferred Shares are payable monthly in arrears on the first day of each month (or, if not on a business day, on the next succeeding business day). The dividend rate is 4.25% per annum of the $25,000 (equivalent to $25.00 per Depositary Share) liquidation preference. Dividends on the Series A Preferred Shares are in the amount of $0.08854 per Depositary Share, equivalent to $1.0625 per annum.

The Company may not redeem the Series A Preferred Shares before September 2026 except in limited circumstances to preserve its status as a real estate investment trust for federal income tax purposes and except in certain circumstances upon the occurrence of a change of control of the Company. Beginning in September 2026, the Company, at its option, may redeem the Series A Preferred Shares, in whole or from time to time in part, by paying $25.00 per Depositary Share, plus any accrued and unpaid dividends. Upon the occurrence of a change in control of the Company, if the Company does not otherwise redeem the Series A Preferred Shares, the holders have a right to convert their shares into common stock of the Company at the $25.00 per share liquidation value, plus any accrued and unpaid dividends. This conversion value is limited by a share cap if the Company’s stock price falls below a certain threshold.

31

Table of Contents

ATM Programs

The Company enters into ATM programs through which the Company, from time to time, sells shares of common stock and enters into forward sale agreements. The results of ATM programs entered into during 2020 and 2021 are shown in the following table. These ATM programs have been terminated and no future issuances will occur under them.

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Net Proceeds Received
Program Year | ​ | Size ($ million) | ​ | Shares Issued | ​ | ($ million)
2020 | ​ | $400.0 | ​ | 3,334,056 | ​ | $209.5
2021 | ​ | $500.0 | ​ | 5,453,975 | ​ | $379.1

​

In September 2022, the Company entered into a new $750 million ATM program (the “2022 ATM Program”) through which the Company, from time to time, may sell shares of common stock and/or enter into forward sale agreements.

As of December 31, 2022, the Company entered into forward sale agreements to sell an aggregate of 4,350,232 shares of common stock under the 2022 ATM Program, for anticipated net proceeds of $300.9 million. The Company has settled 245,591 shares of these forward sale agreements as of December 31, 2022 for net proceeds of approximately $18.1 million after deducting fees and expenses. The Company is required to settle the remaining outstanding shares of common stock under the 2022 ATM Program by various dates between November and December 2023. After considering the 4,350,232 shares of common stock subject to forward sale agreements issued under the 2022 ATM Program, the Company had approximately $446.6 million of availability remaining under this program as of December 31, 2022.

Debt

The below table summarizes the Company’s outstanding debt as of December 31, 2022 and December 31, 2021 (presented in thousands):

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | All-in | ​ | ​ | ​ | ​ | ​ | Principal Amount Outstanding
Senior Unsecured Revolving Credit Facility |  | Interest Rate |  | ​ | ​ | Maturity |  | December 31, 2022 |  | December 31, 2021
Revolving Credit Facility (1) |  | 5.18 | % | ​ | ​ | January 2026 | ​ | $ | 100,000 | ​ | $ | 160,000
Total Credit Facility | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 100,000 | ​ | $ | 160,000
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Senior Unsecured Notes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2025 Senior Unsecured Notes |  | 4.16 | % | ​ | ​ | May 2025 | ​ | $ | 50,000 | ​ | $ | 50,000
2027 Senior Unsecured Notes |  | 4.26 | % | ​ | ​ | May 2027 | ​ |  | 50,000 | ​ |  | 50,000
2028 Senior Unsecured Public Notes (2) | ​ | 2.11 | % | ​ | ​ | June 2028 | ​ | ​ | 350,000 | ​ | ​ | 350,000
2028 Senior Unsecured Notes |  | 4.42 | % | ​ | ​ | July 2028 | ​ |  | 60,000 | ​ |  | 60,000
2029 Senior Unsecured Notes |  | 4.19 | % | ​ | ​ | September 2029 | ​ |  | 100,000 | ​ |  | 100,000
2030 Senior Unsecured Notes |  | 4.32 | % | ​ | ​ | September 2030 | ​ |  | 125,000 | ​ |  | 125,000
2030 Senior Unsecured Public Notes (2) |  | 3.49 | % | ​ | ​ | October 2030 | ​ |  | 350,000 | ​ |  | 350,000
2031 Senior Unsecured Notes |  | 4.42 | % | ​ | ​ | October 2031 | ​ | ​ | 125,000 | ​ | ​ | 125,000
2032 Senior Unsecured Public Notes (2) | ​ | 3.96 | % | ​ | ​ | October 2032 | ​ | ​ | 300,000 | ​ | ​ | —
2033 Senior Unsecured Public Notes (2) | ​ | 2.13 | % | ​ | ​ | June 2033 | ​ | ​ | 300,000 | ​ | ​ | 300,000
Total Senior Unsecured Notes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,810,000 | ​ | $ | 1,510,000
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage Notes Payable | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CMBS Portfolio Loan |  | 3.60 | % | ​ | ​ | January 2023 | ​ | $ | — | ​ | $ | 23,640
Single Asset Mortgage Loan |  | 5.01 | % | ​ | ​ | September 2023 | ​ |  | 4,622 | ​ |  | 4,622
Portfolio Credit Tenant Lease | ​ | 6.27 | % | ​ | ​ | July 2026 | ​ | ​ | 3,523 | ​ | ​ | 4,373
Four Asset Mortgage Loan |  | 3.63 | % | ​ | ​ | December 2029 | ​ |  | 42,250 | ​ |  | —
Total Mortgage Notes Payable | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 50,395 | ​ | $ | 32,635
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Principal Amount Outstanding | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,960,395 | ​ | $ | 1,702,635

32

Table of Contents

(1) | The annual interest rate of the Revolving Credit Facility (defined below) assumes SOFR as of December 31, 2022 of 4.30%.

(2) | The principal amount outstanding are presented excluding their original issue discounts.

​

Senior Unsecured Revolving Credit Facility

The Company’s Third Amended and Restated Revolving Credit Agreement provides for a $1.0 billion Revolving Credit Facility. The Revolving Credit Facility includes an accordion option that allows the Company to request additional lender commitments up to a total of $1.75 billion. The Revolving Credit Facility will mature in January 2026 with Company options to extend the maturity date to January 2027.

The Revolving Credit Facility's interest rate is based on a pricing grid with a range of 72.5 to 140 basis points over SOFR, determined by the Company's credit ratings and leverage ratio, plus a SOFR adjustment of 10 basis points. The margins for the Revolving Credit Facility are subject to improvement based on the Company's leverage ratio, provided its credit ratings meet a certain threshold. Based on the Company's credit ratings and leverage ratio at the time of closing, pricing on the Revolving Credit Facility was 87.5 basis points over SOFR. In connection with the Company's ongoing environmental, social and governance ("ESG") initiatives, pricing may be reduced if specific ESG ratings are achieved.

The Company and Richard Agree, the Executive Chairman of the Company, are parties to a Reimbursement Agreement dated November 18, 2014 (the “Reimbursement Agreement”). Pursuant to the Reimbursement Agreement, Mr. Agree has agreed to reimburse the Company for any loss incurred under the Revolving Credit Facility in an amount not to exceed $14.0 million to the extent that the value of the Operating Partnership’s assets available to satisfy the Operating Partnership’s obligations under the Revolving Credit Facility is less than $14.0 million.

Senior Unsecured Notes

The 2025 Senior Unsecured Notes, 2027 Senior Unsecured Notes, 2028 Senior Unsecured Notes, 2029 Senior Unsecured Notes, 2030 Senior Unsecured Notes, and 2031 Senior Unsecured Notes (collectively the “Private Placements”) were issued in private placements to individual investors. The Private Placements did not involve a public offering in reliance on the exemption from registration pursuant to Section 4(a)(2) of the Securities Act.

​

The 2030 Senior Unsecured Public Notes, 2028 Senior Unsecured Public Notes, 2033 Senior Unsecured Public Notes and 2032 Senior Unsecured Public Notes, (collectively the “Public Notes”) are fully and unconditionally guaranteed by Agree Realty Corporation and certain wholly owned subsidiaries of the Operating Partnership. The Public Notes are governed by an Indenture, dated August 17, 2020, among the Operating Partnership, the Company and trustee (as supplemented by an officer’s certificate dated at the issuance of each of the Public Notes). The Indenture contains various restrictive covenants, including limitations on the ability of the guarantors and the issuer to incur additional indebtedness and requirements to maintain a pool of unencumbered assets.

​

In August 2022, the Operating Partnership issued the 2032 Senior Unsecured Public Notes in an underwritten public offering of $300 million aggregate principal amount of notes with a stated interest rate of 4.80% due October 2032. The Company terminated related swap agreements of $300 million notional amount that hedged the 2032 Senior Unsecured Public Notes, receiving $28.4 million upon termination. Considering the effect of the terminated swap agreements, the blended all-in rate to the Company for the 2032 Senior Unsecured Public Notes is 3.96%.

​

Mortgage Notes Payable

As of December 31, 2022, the Company had total gross mortgage indebtedness of $50.4 million which was collateralized by related real estate and tenants’ leases with an aggregate net book value of $86.5 million. The weighted average interest rate on the Company’s mortgage notes payable was 3.94% as of December 31, 2022.

The Company has entered into mortgage loans which are secured by multiple properties and contain cross-default and cross-collateralization provisions. Cross-collateralization provisions allow a lender to foreclose on multiple properties in

33

Table of Contents

the event that the Company defaults under the loan. Cross-default provisions allow a lender to foreclose on the related property in the event a default is declared under another loan.

Loan Covenants

Certain loan agreements contain various restrictive covenants, including the following financial covenants: maximum leverage ratio, maximum secured leverage ratios, consolidated net worth requirements, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, a minimum unsecured interest expense ratio, a minimum interest coverage ratio, a minimum unsecured debt yield and a minimum unencumbered interest expense ratio. As of December 31, 2022, the most restrictive covenant was the minimum unencumbered interest expense ratio. The Company was in compliance with all of its material loan covenants and obligations as of December 31, 2022.

Cash Flows

Operating -- Most of the Company’s cash from operations is generated by rental income from its investment portfolio. Net cash provided by operating activities for the year ended December 31, 2022 increased by $115.8 million over 2021, primarily due to the increase in the size of the Company’s real estate investment portfolio, as well as an increase in cash received upon settlement of outstanding interest rate swap agreements.

Investing -- Net cash used in investing activities was $229.4 million higher during the year ended December 31, 2022, compared to 2021. Acquisitions of properties during 2022 were $177.8 million higher than 2021, due to overall increases in the level of acquisition activity. Development costs during the year ended December 31, 2022 were $40.4 million higher than 2021, due to the increased number of development projects ongoing in 2022 as compared to 2021. Proceeds from asset sales decreased by $11.1 million during the year ended December 31, 2022 compared to 2021. Proceeds from asset sales are dependent on levels of disposition activity and the specific assets sold. Proceeds from asset sales are not necessarily comparable period-to-period.

Financing -- Net cash provided by financing activities was $59.9 million higher during the year ended December 31, 2022, compared to 2021.

Net proceeds from the issuance of the Series A Preferred Stock decreased $170.3 million due to the issuance of the Series A Preferred Stock during September 2021 and no such preferred stock issuance in 2022.

Net proceeds from the issuance of common stock increased by $513.0 million during the year ended December 31, 2022 compared to 2021, primarily to fund the increased level of acquisitions and ongoing developments in 2022.

Net cash used related to the Revolving Credit Facility increased $128.0 million due to net repayments under the Revolving Credit Facility of $60 million during the year ended December 31, 2022 compared to net borrowings of $68.0 million during 2021.

Cash used to repay mortgage notes payable increased $23.7 million during 2022 primarily due to the repayment of a mortgage note payable with a principal balance outstanding of $23.6 million during the year ended December 31, 2022.

Net proceeds from the issuance of senior unsecured notes and unsecured term loans decreased by $103.1 million during the year ended December 31, 2022, compared to the same period in 2021. During August 2022, the Company received proceeds of $297.5 million from the issuance of the $300 million 2032 Senior Unsecured Public Notes, issued primarily to reduce amounts outstanding under the Revolving Credit Facility and fund property acquisitions and development activity. During the year ended December 31, 2021, the company received proceeds of $640.6 million from the issuance of the $350 million 2028 Senior Unsecured Notes and the $300 million 2033 Senior Unsecured Public Notes, issued primarily to fund property acquisitions and pay off $240.0 million in unsecured term loans.

Total dividends and distributions paid to its common and preferred stockholders and non-controlling owners increased by $31.9 million during the year ended December 31, 2022, compared to the same period in 2021, due (i) to the issuance of preferred stock in September 2021; (ii) the increase in the number of common shares outstanding; and (iii) the increase in

34

Table of Contents

the annual common dividend rate, partially offset by the change from paying a quarterly dividend to paying a monthly dividend beginning in 2021. The Company distributed $7.4 million to preferred shareholders in 2022 compared to $1.5 million during 2021 as the preferred stock was issued in September 2021. In addition, the number of common shares outstanding increased in 2022 and 2021 due to the issuance of approximately 18.8 million and 11.2 million shares of common stock during 2022 and 2021, respectively. Further, the Company’s declared dividend rate increased 7.7% to $2.805 per common share in 2022, up from $2.604 per common share in 2021. These increases in dividends paid were partially offset due to the change from paying dividends on a quarterly basis to monthly payments in 2021. Dividends paid during the year ended December 31, 2022 included the monthly dividends declared in December 2021 through November 2022 while dividends paid during the year ended December 31, 2021 included the quarterly dividend declared in December 2020 and the monthly dividends declared in January 2021 through November 2021.

Material Cash Requirements

In conducting our business, the Company enters into contractual obligations, including those for debt and operating leases for land. Detail of these obligations as of December 31, 2022, including expected settlement periods, is contained below (presented in thousands):

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | Thereafter |  | Total
Mortgage Notes Payable | ​ | $ | 5,527 | ​ | $ | 963 | ​ | $ | 1,026 | ​ | $ | 629 | ​ | $ | — | ​ | $ | 42,250 | ​ | $ | 50,395
Revolving Credit Facility (1) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 100,000 | ​ |  | — | ​ |  | — | ​ |  | 100,000
Senior Unsecured Notes | ​ |  | — | ​ |  | — | ​ |  | 50,000 | ​ |  | — | ​ |  | 50,000 | ​ |  | 1,710,000 | ​ |  | 1,810,000
Land Lease Obligations | ​ |  | 1,532 | ​ |  | 7,449 | ​ |  | 1,197 | ​ |  | 1,195 | ​ |  | 1,042 | ​ |  | 28,809 | ​ |  | 41,224
Estimated Interest Payments on Outstanding Debt | ​ |  | 66,897 | ​ |  | 66,686 | ​ |  | 65,407 | ​ |  | 59,547 | ​ |  | 58,079 | ​ |  | 175,892 | ​ |  | 492,508
Total | ​ | $ | 73,956 | ​ | $ | 75,098 | ​ | $ | 117,630 | ​ | $ | 161,371 | ​ | $ | 109,121 | ​ | $ | 1,956,951 | ​ | $ | 2,494,127

(1) | The balloon payment balance includes the balance outstanding under the Revolving Credit Facility as of December 31, 2022. The Revolving Credit Facility matures in January 2026, with options to extend the maturity to extend its maturity date by six months up to two times, for a maximum maturity of January 2027.

In addition to items reflected in the table above, the Company has preferred stock with cumulative cash dividends, as described under Equity – Preferred Stock Offering above.

During the year ended December 31, 2022 the Company had 31 development or Partner Capital Solutions projects completed or under construction, for which 24 remain under construction as of December 31, 2022. Anticipated total costs for the 31 projects are approximately $118.5 million. These construction commitments will be funded using cash provided from operations, current capital resources on hand, and/or other sources of funding available to the Company.

​

The Company’s recurring obligations under its tenant leases for maintenance, taxes, and/or insurance will also be funded

through the sources available to the Company described earlier.

​

Dividends

During the fourth quarter of 2022 the Company declared monthly dividends of $0.24 per common share for October, November, and December 2022. The holder of the Operating Partnership Common Units is entitled to an equal distribution per Operating Partnership Common Unit held. The dividends and distributions payable for October and November were paid during the quarter. The December dividends and distributions were paid on January 13, 2023.

​

During the fourth quarter of 2022, the Company declared a monthly dividend on the Series A Preferred Shares for October, November, and December 2022 in the amount of $0.08854 per Depositary Share. The dividends payable for October and November were paid during the quarter. The December dividend was paid on January 3, 2023.

​

35

Table of Contents

Recent Accounting Pronouncements

Refer to “Note 2 – Summary of Significant Accounting Policies” in the consolidated financial statements for a summary and anticipated impact of each accounting pronouncement on the Company’s financial statements.

Critical Accounting Policies and Estimates

The preparation of our financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires the Company’s management to use judgment in the application of accounting policies, including making estimates and assumptions. Management bases estimates on the best information available at the time, its experience and on various other assumptions believed to be reasonable under the circumstances. These estimates affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. If management’s judgment or interpretation of the facts and circumstances relating to various transactions or other matters had been different, it is possible that different accounting principles would have been applied, resulting in different presentations of the consolidated financial statements. From time-to-time, the Company may re-evaluate its estimates and assumptions. In the event estimates or assumptions prove to be different from actual results, adjustments are made in subsequent periods to reflect more current estimates and assumptions about matters that are inherently uncertain. A summary of the Company’s critical accounting policies is included below. This summary should be read in conjunction with the more complete discussion of our accounting policies and procedures included in Note 2 to our consolidated financial statements.

Accounting for Acquisitions of Real Estate

The acquisition of property for investment purposes is typically accounted for as an asset acquisition. The Company allocates the purchase price to land, building, assumed debt, if any, and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. In making estimates of fair values, the Company may use various sources, including data provided by independent third parties, as well as information obtained by the Company as a result of due diligence, including expected future cash flows of the property and various characteristics of the markets where the property is located. Certain estimates, including those around market land values and market rental rates, are inherently subjective. While estimates of market land values and market rental rates are based on available market data, the application of market data to the unique nature of properties acquired may require significant judgment. The use of different assumptions in the allocation of the purchase price of the acquired properties could affect the timing of recognition of the related revenue and expenses.

Impairments

We review our real estate investments for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable through operations plus estimated disposition proceeds. Events or circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, our ability or expectation to re-lease properties that are vacant or become vacant or a change in the anticipated holding period for a property. Identification of such events may involve certain assumptions, estimates, and significant judgment.

Management determines whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the residual value of the real estate, to the carrying cost of the individual asset. Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale.

The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions and/or purchase offers received from third parties. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate.

The expected cash flows of a property are dependent on estimates and other factors subject to change, including (1) changes in the national, regional, and/or local economic climates and/or market conditions, (2) competition from other retail, (3)

36

Table of Contents

increases in operating costs, (4) bankruptcy and/or other changes in a tenant’s condition and (5) expected holding period. These factors could cause our expected future cash flows from a property to change, and, as a result, an impairment could be considered to have occurred. Determination of the fair value of a property for purposes of measuring impairment may involve significant judgment.

Non-GAAP Financial Measures

Funds from Operations (“FFO” or “Nareit FFO”)

FFO is defined by the National Association of Real Estate Investment Trusts, Inc. (“Nareit”) to mean net income computed in accordance with GAAP, excluding gains (or losses) from sales of real estate assets and/or changes in control, plus real estate related depreciation and amortization and any impairment charges on depreciable real estate assets, and after adjustments for unconsolidated partnerships and joint ventures. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company’s operation.

FFO should not be considered an alternative to net income as the primary indicator of the Company’s operating performance, or as an alternative to cash flow as a measure of liquidity. Further, while the Company adheres to the Nareit definition of FFO, its presentation of FFO is not necessarily comparable to similarly titled measures of other REITs due to the fact that all REITs may not use the same definition.

Core Funds from Operations (“Core FFO”)

The Company defines Core FFO as Nareit FFO with the addback of (i) noncash amortization of acquisition purchase price related to above- and below- market lease intangibles and discount on assumed mortgage debt and (ii) certain infrequently occurring items that reduce or increase net income in accordance with GAAP. Management believes that its measure of Core FFO facilitates useful comparison of performance to its peers who predominantly transact in sale-leaseback transactions and are thereby not required by GAAP to allocate purchase price to lease intangibles. Unlike many of its peers, the Company has acquired the substantial majority of its net-leased properties through acquisitions of properties from third parties or in connection with the acquisitions of ground leases from third parties.

Core FFO should not be considered an alternative to net income as the primary indicator of the Company’s operating performance, or as an alternative to cash flow as a measure of liquidity. Further, the Company’s presentation of Core FFO is not necessarily comparable to similarly titled measures of other REITs due to the fact that all REITs may not use the same definition.

Adjusted Funds from Operations (“AFFO”)

AFFO is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO further adjusts FFO and Core FFO for certain non-cash items that reduce or increase net income computed in accordance with GAAP. Management considers AFFO a useful supplemental measure of the Company’s performance, however, AFFO should not be considered an alternative to net income as an indication of its performance, or to cash flow as a measure of liquidity or ability to make distributions. The Company’s computation of AFFO may differ from the methodology for calculating AFFO used by other equity REITs, and therefore may not be comparable to such other REITs.

37

Table of Contents

The following table provides a reconciliation of net income to FFO, Core FFO, and AFFO for the years ended December 31, 2022, 2021, and 2020:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Year Ended
​ |  |  | ​ | December 31, 2022 |  | December 31, 2021 |  | December 31, 2020
Reconciliation from Net Income to Funds from Operations | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | ​ | ​ | $ | 153,035 | ​ | $ | 122,876 | ​ | $ | 91,972
Less Series A preferred stock dividends | ​ | ​ | ​ | ​ | 7,437 | ​ | ​ | 2,148 | ​ | ​ | —
Net income attributable to Operating Partnership common unitholders | ​ | ​ | ​ | ​ | 145,598 | ​ | ​ | 120,728 | ​ | ​ | 91,972
Depreciation of rental real estate assets | ​ | ​ | ​ |  | 88,685 | ​ |  | 66,732 | ​ |  | 48,367
Amortization of lease intangibles - in-place leases and leasing costs | ​ | ​ | ​ |  | 44,107 | ​ |  | 28,379 | ​ |  | 17,882
Provision for impairment | ​ | ​ | ​ |  | 1,015 | ​ |  | 1,919 | ​ |  | 4,137
(Gain) loss on sale or involuntary conversion of assets, net | ​ | ​ | ​ |  | (5,258) | ​ |  | (15,111) | ​ |  | (8,004)
Funds from Operations - Operating Partnership common unitholders | ​ | ​ | ​ | $ | 274,147 | ​ | $ | 202,647 | ​ | $ | 154,354
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loss on extinguishment of debt and settlement of related hedges | ​ | ​ | ​ | ​ | — | ​ | ​ | 14,614 | ​ | ​ | —
Amortization of above (below) market lease intangibles, net and assumed mortgage debt discount, net | ​ | ​ | ​ | ​ | 33,563 | ​ | ​ | 24,284 | ​ | ​ | 15,885
Core Funds from Operations - Operating Partnership common unitholders | ​ | ​ | ​ | $ | 307,710 | ​ | $ | 241,545 | ​ | $ | 170,239
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Straight-line accrued rent | ​ | ​ | ​ |  | (13,176) | ​ |  | (11,857) | ​ |  | (7,818)
Stock based compensation expense | ​ | ​ | ​ |  | 6,464 | ​ |  | 5,467 | ​ |  | 4,995
Amortization of financing costs | ​ | ​ | ​ |  | 3,141 | ​ |  | 1,197 | ​ |  | 826
Non-real estate depreciation | ​ | ​ | ​ |  | 778 | ​ |  | 618 | ​ |  | 509
Adjusted Funds from Operations - Operating Partnership common unitholders | ​ | ​ | ​ | $ | 304,917 | ​ | $ | 236,970 | ​ | $ | 168,751
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Funds from Operations per common share and partnership unit - diluted | ​ | ​ | ​ | $ | 3.45 | ​ | $ | 3.00 | ​ | $ | 2.93
Core Funds from Operations per common share and partnership unit - diluted | ​ | ​ | ​ | $ | 3.87 | ​ | $ | 3.58 | ​ | $ | 3.23
Adjusted Funds from Operations per common share and partnership unit - diluted | ​ | ​ | ​ | $ | 3.83 | ​ | $ | 3.51 | ​ | $ | 3.20
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average shares and Operating Partnership common units outstanding | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic | ​ | ​ | ​ |  | 79,006,952 | ​ |  | 67,149,861 | ​ |  | 52,185,838
Diluted | ​ | ​ | ​ |  | 79,512,005 | ​ |  | 67,486,698 | ​ |  | 52,744,353
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Additional supplemental disclosure | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Scheduled principal repayments | ​ | ​ | ​ | $ | 850 | ​ | $ | 799 | ​ | $ | 907
Capitalized interest | ​ | ​ | ​ | $ | 1,261 | ​ | $ | 249 | ​ | $ | 172
Capitalized building improvements | ​ | ​ | ​ | $ | 7,945 | ​ | $ | 5,821 | ​ | $ | 5,581
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

​

​

​

38

Table of Contents

Item 7A: Quantitative and Qualitative Disclosures about Market Risk

The Company is exposed to interest rate risk primarily through borrowing activities. There is inherent roll-over risk for borrowings as they mature and are renewed at current market rates. The extent of this risk is not quantifiable or predictable because of the variability of future interest rates and our future financing requirements.

The Company’s interest rate risk is monitored using a variety of techniques. The table below presents the principal payments (presented in thousands) and the weighted average interest rates on outstanding debt, by year of expected maturity, to evaluate the expected cash flows and sensitivity to interest rate changes. Average interest rates shown reflect the impact of the swap agreements described later in this section.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | Thereafter |  | Total
Mortgage Notes Payable |  | $ | 5,527 |  | $ | 963 |  | $ | 1,026 |  | $ | 629 |  | $ | — |  | $ | 42,250 | ​ | $ | 50,395
Average Interest Rate |  | ​ | 5.22 | % | ​ | 6.27 | % | ​ | 6.27 | % | ​ | 6.27 | % | ​ | ​ | ​ | ​ | 3.63 | % | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revolving Credit Facility (1) | ​ | $ | — | ​ | $ | — | ​ | $ | — |  | $ | 100,000 | ​ | $ | — | ​ | $ | — | ​ | $ | 100,000
Average Interest Rate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5.14 | % | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Senior Unsecured Notes | ​ | $ | — | ​ | $ | — | ​ | $ | 50,000 | ​ | $ | — | ​ | $ | 50,000 | ​ | $ | 1,710,000 | ​ | $ | 1,810,000
Average Interest Rate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4.16 | % | ​ | ​ | ​ | ​ | 4.26 | % |  | 3.25 | % | ​ | ​

(1) | The balloon payment balance includes the balance outstanding under the Revolving Credit Facility as of December 31, 2022. The Revolving Credit Facility matures in January 2026, with options to extend the maturity date by six months up to two times, for a maximum maturity of January 2027.

The fair value is estimated to be $45.4 million and $1.54 billion for mortgage notes payable and senior unsecured notes, respectively, as of December 31, 2022. The fair value of the Revolving Credit Facility approximates its book value as its variable rate debt.

The table above incorporates those exposures that exist as of December 31, 2022; it does not consider those exposures or positions which could arise after that date. As a result, the Company’s ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the period and interest rates.

The Company seeks to limit the impact of interest rate changes on earnings and cash flows and to lower the overall borrowing costs by closely monitoring our variable rate debt and converting such debt to fixed rates when the Company deems such conversion advantageous. From time to time, the Company may enter into interest rate swap agreements or other interest rate hedging contracts. While these agreements are intended to lessen the impact of rising interest rates, they also expose the Company to the risks that the other parties to the agreements will not perform. The Company could incur significant costs associated with the settlement of the agreements, the agreements will be unenforceable and the underlying transactions will fail to qualify as highly effective cash flow hedges under GAAP guidance.

The Company does not use derivative instruments for trading or other speculative purposes, and the Company did not have any derivative instruments as of December 31, 2022.

Item 8: Financial Statements and Supplementary Data

The financial statements and supplementary data are listed in the Index to the Financial Statements and Financial Statement Schedules appearing on Page F-1 of this Annual Report on Form 10-K and are included in this Annual Report on Form 10-K following page F-1.

Item 9: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

39

Table of Contents

Item 9A: Controls and Procedures

Disclosure Controls and Procedures

As of the end of the period covered by this report, the Company conducted an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on this evaluation, the Company’s principal executive officer and principal financial officer concluded that its disclosure controls and procedures are effective as of the end of the period covered by this report to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Management’s Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a15-(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Our internal control over financial reporting includes those policies and procedures that:

| 1) | Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of our Company;

| 2) | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and

| 3) | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Under the supervision of our principal executive officer and our principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our assessment and those criteria, our management concluded that we maintained effective internal control over financial reporting as of December 31, 2022.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Attestation Report of Independent Registered Public Accounting Firm

The attestation report issued by our independent registered public accounting firm, Grant Thornton LLP, required under this item is contained on page F-2 of this Annual Report on Form 10-K.

Item 9B: Other Information

None.

40

Table of Contents

Item 9C: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

​

41

Table of Contents

PART III

Item 10: Directors, Executive Officers and Corporate Governance

The information required by this item is set forth under the following captions in our proxy statement to be filed with respect to our 2023 Annual Meeting of Stockholders (the “Proxy Statement”), all of which is incorporated by reference: “Proposal I – Election of Directors”; “Board Matters–The Board of Directors”; “Board Matters –Committees of the Board”; “Board Matters –Corporate Governance”; “Executive Officers”; and “Additional Information – Proposals for 2023 Annual Meeting.”

Item 11: Executive Compensation

The information required by this item is set forth under the following captions in our Proxy Statement, all of which is incorporated herein by reference: “Compensation Discussion and Analysis,” “Executive Compensation Tables,” “Board Matters – Director Compensation,” “Board Matters – Compensation Committee Interlocks and Insider Participation” and “Compensation Committee Report.”

Item 12: Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The following table summarizes the equity compensation plan under which our common stock may be issued as of December 31, 2022.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Number of Securities |
​ | ​ | ​ | ​ | ​ | ​ | Remaining Available for | ​
​ | ​ | Number of Securities to | ​ | ​ | ​ | Future Issuance Under | ​
​ | ​ | be Issued Upon | ​ | Weighted Average | ​ | Equity Compensation | ​
​ | ​ | Exercise of Outstanding | ​ | Exercise Price of | ​ | Plans (Excluding | ​
​ | ​ | Options, Warrants and | ​ | Outstanding Options, | ​ | Securities Reflected in | ​
​ | ​ | Rights | ​ | Warrant and Rights | ​ | Column (a)) | ​
Plan Category | ​ | (a) | ​ | (b) | ​ | (c) | ​
Equity Compensation Plans Approved by Security Holders |  | — |  | — |  | 333,048 | (1)​
Equity Compensation Plans Not Approved by Security Holders |  | — |  | — |  | — |
Total |  | — |  | — |  | 333,048 |

(1) | Relates to various stock-based awards available for issuance under the Agree Realty Corporation 2020 Omnibus Incentive Plan, including incentive stock options, non-qualified stock options, stock appreciation rights, deferred stock awards, restricted stock awards, performance shares and units, unrestricted stock awards and dividend equivalent rights.

Additional information required by this item is set forth under the following caption in our Proxy Statement, all of which is incorporated herein by reference: “Security Ownership of Certain Beneficial Owners and Management.”

Item 13: Certain Relationships and Related Transactions, and Director Independence

The information required by this item is set forth under the following captions in our Proxy Statement, all of which is incorporated herein by reference: “Related Person Transactions” and “Board Matters –The Board of Directors.”

Item 14: Principal Accountant Fees and Services

The information required by this item is set forth under the following caption in our Proxy Statement, all of which is incorporated herein by reference: “Audit Committee Matters.”

42

Table of Contents

​

PART IV

ITEM 15: Exhibits and Financial Statement Schedules

​ | ​ | ​
15(a)(1). | ​ | The following documents are filed as a part of this Annual Report on Form 10-K:
​ | ​ | ● Reports of Independent Registered Public Accounting Firm
​ | ​ | ● Consolidated Balance Sheets as of December 31, 2022 and 2021
​ | ​ | ● Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2022, 2021, and 2020
​ | ​ | ● Consolidated Statement of Equity for the Years Ended December 31, 2022, 2021, and 2020
​ | ​ | ● Consolidated Statements of Cash Flow for the Years Ended December 31, 2022, 2021, and 2020
​ | ​ | ● Notes to the Consolidated Financial Statements
​ | ​ | ​
15(a)(2). | ​ | The following is a list of the financial statement schedules required by Item 8:
​ | ​ | Schedule III – Real Estate and Accumulated Depreciation
​ | ​ | ​
15(a)(3). | ​ | Exhibits

​

​

Exhibit No. |  | Description
3.1 |  | Articles of Incorporation of the Company, including all amendments and articles supplementary thereto (incorporated by reference to Exhibit 3.1 to the Company’s Q uarterly Report on Form 10-Q for the quarter ended June 30, 2013).
3.2 |  | Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on May 9, 2013).
3.3 |  | Amendment to the Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on May 6, 2015).
​ | ​ | ​
3.4 | ​ | Amendment to the Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on May 3, 2016).
​ | ​ | ​
3.5 | ​ | Articles Supplementary of the Company, dated February 26, 2019 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on February 28, 2019).
​ | ​ | ​
3.6 | ​ | First Amendment to Amended and Restated Bylaws of Agree Realty Corporation, effective February 26, 2019 (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on February 28, 2019).
​ | ​ | ​
3.7 | ​ | Articles of Amendment of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on April 25, 2019).
​ | ​ | ​
3.8 | ​ | Amendment to Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on May 10, 2021).
​ | ​ | ​
3.9 | ​ | Articles Supplementary of the Company, dated September 13, 2021 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on September 13, 2021).
​ | ​ | ​
4.1 | ​ | Amended and Restated Registration Rights Agreement, dated July 8, 1994 by and among the Company, Richard Agree, Edward Rosenberg and Joel Weiner (incorporated by reference to Exhibit 10.2 to the Company’s Annual Report on Form 10-K for the year ended December 31, 1994).

43

Table of Contents

4.2 |  | Form of certificate representing shares of common stock (incorporated by reference to Exhibit 4.2 to the Company’s Registration Statement on Form S-3 filed on August 24, 2009).
4.3 |  | Form of 4.32% Senior Guaranteed Note, Series 2018-A, due September 26, 2030 (incorporated by reference to Exhibit 4.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018).
4.4 |  | Form of 4.32% Senior Guaranteed Note, Series 2018-B, due September 26, 2030 (incorporated by reference to Exhibit 4.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018).
​ | ​ | ​
4.5 | ​ | D escription of Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, as amended. (incorporated by reference to Exhibit 4.5 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022)
4.6 | ​ | Indenture, dated as of August 17, 2020, among the Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on August 17, 2020).
​ | ​ | ​
4.7 | ​ | Indenture Officer’s Certificate, dated as of August 17, 2020, among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on August 17, 2020).
​ | ​ | ​
4.8 | ​ | Form of Global Note for 2.900% Notes due 2030 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on August 17, 2020).
​ | ​ | ​
4.9 | ​ | Form of Guarantee by and among Agree Limited Partnership, the Guarantors named therein and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on August 17, 2020).
​ | ​ | ​
4.10 | ​ | Indenture Officer’s Certificate, dated as of May 14, 2021, among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 14, 2021).
​ | ​ | ​
4.11 | ​ | Form of Global Note for 2.000% Notes due 2028 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 14, 2021).
​ | ​ | ​
4.12 | ​ | Form of Global Note for 2.600% Notes due 2033 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 14, 2021).
​ | ​ | ​
4.13 | ​ | Form of 2028 Guarantee by and among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 14, 2021).
​ | ​ | ​
4.14 | ​ | Form of 2033 Guarantee by and among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 14, 2021).
​ | ​ | ​
4.15 | ​ | Master Deposit Agreement, by and among Agree Realty Corporation, Computershare Inc. and Computershare Trust Company, N.A., as depositary, and the holders from time to time of the depositary receipts described therein relating to shares of preferred stock of the Company, dated as of September 17, 2022 (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form 8-A filed on September 17, 2021).
​ | ​ | ​

44

Table of Contents

4.16 |  | I ndenture Officer’s Certificate, dated as of August 22, 2022, among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on August 22, 2022).
​ | ​ | ​
4.17 | ​ | Form of Global Note for 4.800% Notes due 2032 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on August 22, 2022).
​ | ​ | ​
4.18 | ​ | Form of 2032 Guarantee by and among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on August 22, 2022).
​ | ​ | ​
10.1 |  | Note Purchase Agreement, dated as of August 3, 2017, among Agree Limited Partnership, the Company and the purchasers named therein (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017).
10.2 |  | Uncommitted Master Note Facility, dated as of August 3, 2017, among Agree Limited Partnership, the Company and Teachers Insurance and Annuity Associate of America (“TIAA”) and each TIAA Affiliate (as defined therein) (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017).
10.3 |  | Uncommitted Master Note Facility, dated as of August 3, 2017, among Agree Limited Partnership, the Company and Teachers Insurance and AIG Asset Management (U.S.), LLC (“AIG”) and each AIG Affiliate (as defined therein) (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017).
10.4+ |  | Amended Employment Agreement, dated July 1, 2014, by and between the Company and Richard Agree (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2014).
10.5+ |  | Amended Employment Agreement, dated July 1, 2014, by and between the Company and Joey Agree (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2014).
10.6*+ |  | Summary of Director Compensation.
10.7+ |  | Agree Realty Corporation 2014 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.10 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014).
10.8+ |  | Form of Restricted Stock Agreement under the Agree Realty Corporation 2014 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2014).
10.9+ |  | Form of Performance Share Award Agreement pursuant to the Agree Realty Corporation 2014 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.17 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017).
10.10+ |  | Agree Realty Corporation 2017 Executive Incentive Plan, dated February 16, 2017 (incorporated by reference to Exhibit 10.14 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016).
10.11 |  | Note Purchase Agreement dated as of May 28, 2015 by and among Agree Limited Partnership, the Company and the purchasers thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 1, 2015).

45

Table of Contents

10.12 |  | Note Purchase Agreement, dated as of July 28, 2016, by and among Agree Limited Partnership, the Company and the purchasers thereto (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016).
​ | ​ | ​
10.13 | ​ | Form of Revolving Note (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on July 23, 2018).
​ | ​ | ​
10.14 | ​ | First Supplement to Uncommitted Master Note Facility, dated as of September 26, 2018, among Agree Limited Partnership, Agree Realty Corporation and Teachers Insurance and Annuity Association of America (“TIAA”) (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018).
​ | ​ | ​
10.15 | ​ | First Supplement to Uncommitted Master Note Facility, dated as of September 26, 2018, among Agree Limited Partnership, Agree Realty Corporation, AIG Asset Management (U.S.), LLC and the institutional investors named therein (incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018).
​ | ​ | ​
10.16 | ​ | Reimbursement Agreement, dated as of November 18, 2014, by and between the Company and Richard Agree (incorporated by reference to Exhibit 10.29 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018).
​ | ​ | ​
10.17+ | ​ | Form of Performance Unit Award Notice (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019).
​ | ​ | ​
10.18 | ​ | Note Purchase Agreement, dated as of June 14, 2019, among Agree Limited Partnership, the Company and the purchasers named therein (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019).
​ | ​ | ​
10.19+ | ​ | Summary of Material Terms of Compensation Arrangement with Danielle M. Spehar (effective December 7, 2019). (incorporated by reference to Exhibit 10.38 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021).
​ | ​ | ​
10.21+ | ​ | Agree Realty Corporation 2020 Omnibus Incentive Plan (incorporated by reference to Appendix A to the Company’s Definitive Proxy Statement on Schedule 14A filed on March 23, 2020).
​ | ​ | ​
10.22+ | ​ | Form of Restricted Stock Agreement under the Agree Realty Corporation 2020 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on July 20, 2020).
​ | ​ | ​
10.23+ | ​ | Form of Performance Unit Agreement under the Agree Realty Corporation 2020 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed on July 20, 2020).
​ | ​ | ​
10.24+ | ​ | Employment Agreement, dated October 9, 2020, by and between Agree Realty Corporation and Joel Agree (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on October 15, 2020).
​ | ​ | ​
10.25+ | ​ | Employment Agreement dated June 18, 2020, between Agree Realty Corporation and Craig Erlich (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on October 19, 2020).
​ | ​ | ​
10.26+ | ​ | Addendum to Employment Agreement dated August 19, 2020, between Agree Realty Corporation and Craig Erlich (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on October 19, 2020).

46

Table of Contents

​ | ​ | ​
10.27 | ​ | Second Amended and Restated Agreement of Limited Partnership of Agree Limited Partnership, dated as of September 17, 2021 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on September 17, 2021).
​ | ​ | ​
10.28 | ​ | Third Amended and Restated Credit Agreement, dated as of December 15, 2021, by and among Agree Realty Corporation, Agree Limited Partnership, PNC Bank, National Association as Administrative Agent, and a syndicate of lenders named therein (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on December 16, 2021).
​ | ​ | ​
10.29* | ​ | First Amendment to Third Amendment and Restated Credit Agreement, dated as of December 15, 2021 by and among Agree Realty Corporation, Agree Limited Partnership, PNC Bank, National Association as Administrative Agent, and a syndicate of lenders named therein.
​ | ​ | ​
10.30+ | ​ | Employment Agreement, dated January 5, 2022, between Agree Realty Corporation and Peter Coughenour (incorporated by reference to Exhibit 10.30 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021).
​ | ​ | ​
10.31+ | ​ | Form of Restricted Stock Notice (Non-Employee Directors) under the Agree Realty Corporation 2020 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.31 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021).
​ | ​ | ​
21* |  | Subsidiaries of Agree Realty Corporation.
​ | ​ | ​
22* | ​ | Subsidiary Guarantors of Agree Realty Corporation.
23.1* |  | Consent of Grant Thornton LLP.
24* |  | Power of Attorney (included on the signature page of this Annual Report on Form 10-K).
31.1* |  | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Joel N. Agree, Chief Executive Officer.
31.2* |  | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Peter Coughenour, Chief Financial Officer.
32.1* |  | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Joel N. Agree, Chief Executive Officer.
32.2* |  | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Peter Coughenour, Chief Financial Officer.
101* |  | The following materials from Agree Realty Corporation’s Annual Report on Form 10-K for the year ended December 31, 2022 formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations and Comprehensive Income, (iii) the Consolidated Statement of Equity, (iv) the Consolidated Statements of Cash Flows, and (v) related notes to these consolidated financial statements, tagged as blocks of text.
​ | ​ | ​
104* | ​ | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).

* Filed herewith.

+ Management contract or compensatory plan or arrangement.

​

15(b) The Exhibits listed in Item 15(a)(3) are hereby filed with this Annual Report on Form 10-K.

47

Table of Contents

15(c) The financial statement schedule listed at Item 15(a)(2) is hereby filed with this Annual Report on Form 10-K.

​

Item 16: Form 10-K Summary

None.

​

​

​

48

Table of Contents

​

​

​ | ​
​ | Page
Reports of Independent Registered Public Accounting Firm (PCAOB ID Number 248) | F-2
​ | ​
Financial Statements | ​
​ | ​
Consolidated Balance Sheets | F-5
Consolidated Statements of Operations and Comprehensive Income | F-7
Consolidated Statement of Equity | F-8
Consolidated Statements of Cash Flows | F-9
​ | ​
Notes to Consolidated Financial Statements | F-10
​ | ​
Schedule III - Real Estate and Accumulated Depreciation | F-39

​

​

​

​

​

F-1

Table of Contents

​

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors and Shareholders

Agree Realty Corporation

Opinion on internal control over financial reporting

We have audited the internal control over financial reporting of Agree Realty Corporation (a Maryland corporation) and subsidiaries (the “Company”) as of December 31, 2022, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in the 2013 Internal Control—Integrated Framework issued by COSO.

​

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Company as of and for the year ended December 31, 2022, and our report dated February 14, 2023 expressed an unqualified opinion on those financial statements.

Basis for opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

​

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and limitations of internal control over financial reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

​

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ GRANT THORNTON LLP

​

Philadelphia, Pennsylvania

February 14, 2023

F-2

Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors and Shareholders

Agree Realty Corporation

Opinion on the financial statements

We have audited the accompanying consolidated balance sheets of Agree Realty Corporation (a Maryland corporation) and subsidiaries (the “Company”) as of December 31, 2022 and 2021, the related consolidated statements of operations and comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2022, and the related notes and financial statement schedules included under Item 15(a) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

​

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2022, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated February 14, 2023 expressed an unqualified opinion.

​

Basis for opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

​

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

​

Critical audit matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

​

Fair value measurements used in the purchase price allocation of real estate acquisitions

​

As described further in Notes 2 and 4 to the consolidated financial statements, the acquisition of property for investment purposes is typically accounted for as an asset acquisition. The Company allocates the purchase price to the assets acquired and liabilities assumed including land, building, assumed debt, if any, and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. During 2022, the Company purchased 434 retail net lease assets for approximately $1.6 billion. We identified the fair value measurements used in the purchase price allocation of real estate acquisitions as a critical audit matter.

​

The principal consideration for our determination that the fair value measurements used in the purchase price allocation of real estate acquisitions are a critical audit matter is that auditing management’s determination of fair value is

F-3

Table of Contents

challenging due to the high degree of auditor judgment necessary in evaluating certain assumptions made by management. Those significant assumptions include market land value and market rent.

​

Our audit procedures related to the fair value measurements used in the purchase price allocation of real estate acquisitions included the following, among others. We obtained an understanding, evaluated the design, and tested the operating effectiveness of relevant controls to allocate the purchase price of real estate acquisitions, including controls over the selection and review of inputs and assumptions used to estimate fair value. For a selection of real estate acquisitions, our real estate valuation professionals evaluated the reasonableness of key inputs and assumptions used to determine fair value by comparing the Company’s market land and market rent values to independently developed ranges using relevant market data derived from industry transaction databases and published industry reports. For a selection of real estate acquisitions and leases, we compared the Company’s market land and market rent values to independently developed ranges for reasonableness and to consider if management bias was present. Our procedures included performing sensitivity analyses over the significant assumptions.

​

/s/ GRANT THORNTON LLP

​

We have served as the Company’s auditor since 2013.

Philadelphia, Pennsylvania

February 14, 2023

​

​

​

F-4

Table of Contents

AGREE REALTY CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per-share data)

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ | ​ | 2022 | ​ | 2021
ASSETS | ​ | ​ | ​ | ​ | ​ | ​
Real Estate Investments | ​ | ​ |  | ​ | ​ | ​
Land | ​ | $ | 1,941,599 | ​ | $ | 1,559,434
Buildings | ​ |  | 4,054,679 | ​ |  | 3,034,391
Less accumulated depreciation | ​ |  | (321,142) | ​ |  | (233,862)
​ | ​ |  | 5,675,136 | ​ |  | 4,359,963
Property under development | ​ |  | 65,932 | ​ |  | 7,148
Net Real Estate Investments | ​ |  | 5,741,068 | ​ |  | 4,367,111
​ | ​ |  |  | ​ | ​ | ​
Real Estate Held for Sale, net | ​ |  | — | ​ |  | 5,676
​ | ​ |  | ​ | ​ | ​ | ​
Cash and Cash Equivalents | ​ |  | 27,763 | ​ |  | 43,252
​ | ​ |  |  | ​ | ​ | ​
Cash Held in Escrows | ​ |  | 1,146 | ​ |  | 1,998
​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts Receivable - Tenants, net | ​ | ​ | 65,841 | ​ |  | 53,442
​ | ​ |  |  | ​ | ​ | ​
Lease Intangibles, net of accumulated amortization of | ​ | ​ | ​ | ​ | ​ | ​
$263,011 and $180,532 at December 31, 2022 and December 31, 2021, respectively | ​ |  | 799,448 | ​ |  | 672,020
​ | ​ |  | ​ | ​ | ​ | ​
Other Assets, net | ​ |  | 77,923 | ​ |  | 83,407
​ | ​ |  |  | ​ | ​ | ​
Total Assets | ​ | $ | 6,713,189 | ​ | $ | 5,226,906

​

See accompanying notes to consolidated financial statements.

​

F-5

Table of Contents

AGREE REALTY CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per-share data)

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ | ​ | 2022 | ​ | 2021
LIABILITIES |  | ​ | ​ | ​ | ​ | ​
Mortgage Notes Payable, net | ​ | $ | 47,971 | ​ | $ | 32,429
​ | ​ | ​ |  | ​ | ​ | ​
Senior Unsecured Notes, net | ​ | ​ | 1,792,047 | ​ |  | 1,495,200
​ | ​ | ​ |  | ​ | ​ | ​
Unsecured Revolving Credit Facility | ​ | ​ | 100,000 | ​ |  | 160,000
​ | ​ | ​ |  | ​ | ​ | ​
Dividends and Distributions Payable | ​ | ​ | 22,345 | ​ |  | 16,881
​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts Payable, Accrued Expenses, and Other Liabilities | ​ | ​ | 83,722 | ​ |  | 70,005
​ | ​ | ​ |  | ​ | ​ | ​
Lease Intangibles, net of accumulated amortization of | ​ | ​ | ​ | ​ | ​ | ​
$35,992 and $29,726 at December 31, 2022 and December 31, 2021, respectively | ​ | ​ | 36,714 | ​ |  | 33,075
​ | ​ | ​ |  | ​ | ​ | ​
Total Liabilities | ​ | ​ | 2,082,799 | ​ |  | 1,807,590
​ | ​ | ​ |  | ​ | ​ | ​
EQUITY | ​ | ​ |  | ​ | ​ | ​
Preferred stock, $.0001 par value per share, 4,000,000 shares authorized, 7,000 shares Series A outstanding, at stated liquidation value of $25,000 per share, at December 31, 2022 and December 31, 2021 | ​ | ​ | 175,000 | ​ |  | 175,000
Common stock, $.0001 par value, 180,000,000 shares authorized, 90,173,424 and 71,285,311 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | ​ | ​ | 9 | ​ | ​ | 7
Additional paid-in-capital | ​ | ​ | 4,658,570 | ​ |  | 3,395,549
Dividends in excess of net income | ​ | ​ | (228,132) | ​ |  | (147,366)
Accumulated other comprehensive income (loss) | ​ | ​ | 23,551 | ​ |  | (5,503)
​ | ​ | ​ |  | ​ | ​ | ​
Total Equity - Agree Realty Corporation | ​ | ​ | 4,628,998 | ​ |  | 3,417,687
Non-controlling interest | ​ | ​ | 1,392 | ​ |  | 1,629
Total Equity | ​ | ​ | 4,630,390 | ​ |  | 3,419,316
​ | ​ | ​ |  | ​ | ​ | ​
Total Liabilities and Equity | ​ | $ | 6,713,189 | ​ | $ | 5,226,906

​

See accompanying notes to consolidated financial statements.

​

F-6

Table of Contents

AGREE REALTY CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except share and per-share data)

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Year Ended
​ |  | ​ | 2022 |  | 2021 |  | 2020
Revenues |  | ​ | ​ |  |  | ​ |  |  | ​ |
Rental income | ​ | ​ | $ | 429,632 | ​ | $ | 339,067 | ​ | $ | 248,309
Other | ​ | ​ |  | 182 | ​ |  | 256 | ​ |  | 259
Total Revenues | ​ | ​ |  | 429,814 | ​ |  | 339,323 | ​ |  | 248,568
​ | ​ | ​ |  |  | ​ |  |  | ​ |  |
Operating Expenses | ​ | ​ |  |  | ​ |  |  | ​ |  |
Real estate taxes | ​ | ​ |  | 32,079 | ​ |  | 25,513 | ​ |  | 21,428
Property operating expenses | ​ | ​ |  | 18,585 | ​ |  | 13,996 | ​ |  | 9,023
Land lease expense | ​ | ​ |  | 1,617 | ​ |  | 1,552 | ​ |  | 1,301
General and administrative | ​ | ​ |  | 30,121 | ​ |  | 25,456 | ​ |  | 20,793
Depreciation and amortization | ​ | ​ |  | 133,570 | ​ |  | 95,729 | ​ |  | 66,758
Provision for impairment | ​ | ​ |  | 1,015 | ​ | ​ | 1,919 | ​ | ​ | 4,137
Total Operating Expenses | ​ | ​ |  | 216,987 | ​ |  | 164,165 | ​ |  | 123,440
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gain (loss) on sale of assets, net | ​ | ​ |  | 5,341 | ​ |  | 14,941 | ​ |  | 8,004
Gain (loss) on involuntary conversion, net | ​ | ​ | ​ | (83) | ​ | ​ | 170 | ​ | ​ | —
Income from Operations | ​ | ​ |  | 218,085 | ​ |  | 190,269 | ​ |  | 133,132
​ | ​ | ​ |  |  | ​ |  |  | ​ |  |
Other (Expense) Income | ​ | ​ |  |  | ​ |  |  | ​ |  |
Interest expense, net | ​ | ​ |  | (63,435) | ​ |  | (50,378) | ​ |  | (40,097)
Income tax (expense) benefit | ​ | ​ | ​ | (2,860) | ​ | ​ | (2,401) | ​ | ​ | (1,086)
Loss on early extinguishment of term loans and settlement of related interest rate swaps | ​ | ​ | ​ | — | ​ | ​ | (14,614) | ​ | ​ | —
Other (expense) income | ​ | ​ |  | 1,245 | ​ |  | — | ​ |  | 23
Net Income | ​ | ​ |  | 153,035 | ​ |  | 122,876 | ​ |  | 91,972
​ | ​ | ​ |  |  | ​ |  |  | ​ |  |
Less net income attributable to non-controlling interest | ​ | ​ |  | 598 | ​ |  | 603 | ​ |  | 591
Net income attributable to Agree Realty Corporation | ​ | ​ | ​ | 152,437 | ​ | ​ | 122,273 | ​ | ​ | 91,381
Less Series A preferred stock dividends | ​ | ​ |  | 7,437 | ​ |  | 2,148 | ​ |  | —
Net Income Attributable to Common Stockholders | ​ | ​ | $ | 145,000 | ​ | $ | 120,125 | ​ | $ | 91,381
​ | ​ | ​ |  |  | ​ |  |  | ​ |  |
Net Income Per Share Attributable to Common Stockholders | ​ | ​ |  |  | ​ |  |  | ​ |  |
Basic | ​ | ​ | $ | 1.84 | ​ | $ | 1.79 | ​ | $ | 1.76
Diluted | ​ | ​ | $ | 1.83 | ​ | $ | 1.78 | ​ | $ | 1.74
​ | ​ | ​ |  |  | ​ |  |  | ​ |  |
Other Comprehensive Income | ​ | ​ |  |  | ​ |  |  | ​ |  |
Net income | ​ | ​ | $ | 153,035 | ​ | $ | 122,876 | ​ | $ | 91,972
Amortization of interest rate swaps | ​ | ​ | ​ | (684) | ​ | ​ | 950 | ​ | ​ | 698
Change in fair value and settlement of interest rate swaps | ​ | ​ |  | 29,881 | ​ |  | 29,980 | ​ |  | (30,694)
Total comprehensive income (loss) | ​ | ​ |  | 182,232 | ​ |  | 153,806 | ​ |  | 61,976
Less comprehensive income (loss) attributable to non-controlling interest | ​ | ​ |  | 741 | ​ |  | 770 | ​ |  | 369
​ | ​ | ​ |  |  | ​ |  |  | ​ |  |
Comprehensive Income (Loss) Attributable to Agree Realty Corporation | ​ | ​ | $ | 181,491 | ​ | $ | 153,036 | ​ | $ | 61,607
​ | ​ | ​ |  |  | ​ |  |  | ​ |  |
Weighted Average Number of Common Shares Outstanding - Basic | ​ | ​ |  | 78,659,333 | ​ |  | 66,802,242 | ​ |  | 51,838,219
​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  |
Weighted Average Number of Common Shares Outstanding - Diluted | ​ | ​ |  | 79,164,386 | ​ |  | 67,139,079 | ​ |  | 52,396,734

​

See accompanying notes to consolidated financial statements.

​

F-7

Table of Contents

AGREE REALTY CORPORATION

CONSOLIDATED STATEMENT OF EQUITY

(In thousands, except share and per-share data)

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Dividends in | ​ | Other | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Preferred Stock | ​ | Common Stock | ​ | Additional | ​ | excess of net | ​ | Comprehensive | ​ | Non-Controlling | ​ | Total
​ |  | Shares |  | Amount |  | Shares |  | Amount |  | Paid-In Capital |  | income |  | Income (Loss) |  | Interest |  | Equity
Balance, December 31, 2019 | ​ | — | ​ | $ | — | ​ | 45,573,623 | ​ | $ | 5 | ​ | $ | 1,752,912 | ​ | $ | (57,094) | ​ | $ | (6,492) | ​ | $ | 2,231 | ​ | $ | 1,691,562
Issuance of common stock, net of issuance costs | ​ | — | ​ | ​ | — | ​ | 14,418,612 | ​ | ​ | 1 | ​ | ​ | 896,117 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 896,118
Repurchase of common shares | ​ | — | ​ | ​ | — | ​ | (20,927) | ​ | ​ | — | ​ | ​ | (1,641) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,641)
Issuance of stock under the 2014 Omnibus Incentive Plan | ​ | — | ​ | ​ | — | ​ | 48,942 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Issuance of stock under the 2020 Omnibus Incentive Plan | ​ | — | ​ | ​ | — | ​ | 4,541 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Forfeiture of restricted stock | ​ | — | ​ | ​ | — | ​ | (3,308) | ​ | ​ | — | ​ | ​ | (9) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (9)
Stock-based compensation | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | 4,711 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,711
Dividends and distributions declared for the period | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (125,630) | ​ | ​ | — | ​ | ​ | (838) | ​ | ​ | (126,468)
Amortization, changes in fair value, and settlement of interest rate swaps | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (29,774) | ​ | ​ | (222) | ​ | ​ | (29,996)
Net income | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 91,381 | ​ | ​ | — | ​ | ​ | 591 | ​ | ​ | 91,972
Balance, December 31, 2020 | ​ | — | ​ | $ | — | ​ | 60,021,483 | ​ | $ | 6 | ​ | $ | 2,652,090 | ​ | $ | (91,343) | ​ | $ | (36,266) | ​ | $ | 1,762 | ​ | $ | 2,526,249
Issuance of Series A preferred stock, net of issuance costs | ​ | 7,000 | ​ | ​ | 175,000 | ​ | — | ​ | ​ | — | ​ | ​ | (4,692) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 170,308
Issuance of common stock, net of issuance costs | ​ | — | ​ | ​ | — | ​ | 11,179,982 | ​ | ​ | 1 | ​ | ​ | 744,846 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 744,847
Repurchase of common shares | ​ | — | ​ | ​ | — | ​ | (28,051) | ​ | ​ | — | ​ | ​ | (1,813) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,813)
Issuance of stock under the 2020 Omnibus Incentive Plan | ​ | — | ​ | ​ | — | ​ | 138,894 | ​ | ​ | — | ​ | ​ | 320 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 320
Forfeiture of restricted stock | ​ | — | ​ | ​ | — | ​ | (26,997) | ​ | ​ | — | ​ | ​ | (560) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (560)
Stock-based compensation | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | 5,358 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,358
Series A preferred dividends declared for the period | ​ | — | ​ | ​ | (2,148) | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (2,148)
Dividends and distributions declared for the period | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (176,148) | ​ | ​ | — | ​ | ​ | (903) | ​ | ​ | (177,051)
Amortization, changes in fair value, and settlement of interest rate swaps | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 30,763 | ​ | ​ | 167 | ​ | ​ | 30,930
Net income | ​ | — | ​ | ​ | 2,148 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 120,125 | ​ | ​ | — | ​ | ​ | 603 | ​ | ​ | 122,876
Balance, December 31, 2021 | ​ | 7,000 | ​ | $ | 175,000 | ​ | 71,285,311 | ​ | $ | 7 | ​ | $ | 3,395,549 | ​ | $ | (147,366) | ​ | $ | (5,503) | ​ | $ | 1,629 | ​ | $ | 3,419,316
Issuance of common stock, net of issuance costs | ​ | — | ​ | ​ | — | ​ | 18,799,566 | ​ | ​ | 2 | ​ | ​ | 1,257,821 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,257,823
Repurchase of common shares | ​ | — | ​ | ​ | — | ​ | (30,366) | ​ | ​ | — | ​ | ​ | (1,912) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,912)
Issuance of stock under the 2020 Omnibus Incentive Plan | ​ | — | ​ | ​ | — | ​ | 129,099 | ​ | ​ | — | ​ | ​ | 648 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 648
Forfeiture of restricted stock | ​ | — | ​ | ​ | — | ​ | (10,186) | ​ | ​ | — | ​ | ​ | (61) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (61)
Stock-based compensation | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | 6,525 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,525
Series A preferred dividends declared for the period | ​ | — | ​ | ​ | (7,437) | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (7,437)
Dividends and distributions declared for the period | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (225,766) | ​ | ​ | — | ​ | ​ | (978) | ​ | ​ | (226,744)
Amortization, changes in fair value, and settlement of interest rate swaps | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 29,054 | ​ | ​ | 143 | ​ | ​ | 29,197
Net income | ​ | — | ​ | ​ | 7,437 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 145,000 | ​ | ​ | — | ​ | ​ | 598 | ​ | ​ | 153,035
Balance, December 31, 2022 | ​ | 7,000 | ​ | $ | 175,000 | ​ | 90,173,424 | ​ | $ | 9 | ​ | $ | 4,658,570 | ​ | $ | (228,132) | ​ | $ | 23,551 | ​ | $ | 1,392 | ​ | $ | 4,630,390
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash dividends declared per depositary share of Series A preferred stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the three months ended March 31, 2022 | ​ | ​ | ​ | $ | 0.266 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the three months ended June 30, 2022 | ​ | ​ | ​ | $ | 0.266 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the three months ended September 30, 2022 | ​ | ​ | ​ | $ | 0.266 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the three months ended December 31, 2022 | ​ | ​ | ​ | $ | 0.266 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash dividends declared per common share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the three months ended March 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 0.681 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the three months ended June 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 0.702 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the three months ended September 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 0.702 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the three months ended December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 0.720 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

​

See accompanying notes to consolidated financial statements.

​

F-8

Table of Contents

AGREE REALTY CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ |  | December 31, 2022 |  | December 31, 2021 |  | December 31, 2020
Cash Flows from Operating Activities |  | ​ |  |  | ​ |  | ​ | ​ |
Net income | ​ | $ | 153,035 | ​ | $ | 122,876 | ​ | $ | 91,972
Adjustments to reconcile net income to net cash provided by operating activities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Depreciation and amortization | ​ |  | 133,570 | ​ |  | 95,729 | ​ |  | 66,758
Amortization from above (below) market lease intangibles, net | ​ | ​ | 33,337 | ​ | ​ | 24,284 | ​ | ​ | 15,885
Amortization from financing costs, credit facility costs and debt discount | ​ |  | 4,065 | ​ |  | 2,360 | ​ |  | 1,444
Stock-based compensation | ​ |  | 6,464 | ​ |  | 4,798 | ​ |  | 4,702
Straight-line accrued rent | ​ | ​ | (13,176) | ​ | ​ | (11,857) | ​ | ​ | (7,818)
Provision for impairment | ​ | ​ | 1,015 | ​ | ​ | 1,919 | ​ | ​ | 4,137
Settlement of interest rate swap | ​ | ​ | 28,414 | ​ | ​ | 16,748 | ​ | ​ | (22,668)
(Gain) loss on sale of assets | ​ |  | (5,341) | ​ |  | (14,941) | ​ |  | (8,004)
Write-off of unamortized financing costs upon debt extinguishment | ​ | ​ | — | ​ | ​ | 1,250 | ​ | ​ | —
(Increase) decrease in accounts receivable | ​ |  | 799 | ​ |  | (4,447) | ​ |  | (4,165)
(Increase) decrease in other assets | ​ |  | 4,891 | ​ |  | (3,231) | ​ |  | (1,503)
Increase (decrease) in accounts payable, accrued expenses, and other liabilities | ​ | ​ | 15,048 | ​ | ​ | 10,827 | ​ | ​ | 2,216
Net Cash Provided by Operating Activities | ​ |  | 362,121 | ​ |  | 246,315 | ​ |  | 142,956
​ | ​ |  |  | ​ |  |  | ​ |  |
Cash Flows from Investing Activities | ​ |  |  | ​ |  |  | ​ |  |
Acquisition of real estate investments and other assets | ​ |  | (1,578,511) | ​ |  | (1,400,685) | ​ |  | (1,326,696)
Development of real estate investments and other assets, net of reimbursements | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
(including capitalized interest of $1,261 in 2022, $249 in 2021, and $109 in 2020) | ​ |  | (81,875) | ​ |  | (41,464) | ​ |  | (19,617)
Payment of leasing costs | ​ |  | (503) | ​ |  | (468) | ​ |  | (1,227)
Net proceeds from sale of assets | ​ |  | 44,914 | ​ |  | 56,002 | ​ |  | 47,698
Net Cash Used in Investing Activities | ​ |  | (1,615,975) | ​ |  | (1,386,615) | ​ |  | (1,299,842)
​ | ​ |  |  | ​ |  |  | ​ |  |
Cash Flows from Financing Activities | ​ |  | ​ | ​ |  |  | ​ |  |
Proceeds from Series A preferred stock offering, net | ​ |  | — | ​ |  | 170,308 | ​ |  | —
Proceeds from common stock offerings, net | ​ | ​ | 1,257,823 | ​ | ​ | 744,847 | ​ | ​ | 896,118
Repurchase of common shares | ​ |  | (1,912) | ​ |  | (1,813) | ​ |  | (1,641)
Unsecured revolving credit facility borrowings | ​ |  | 1,035,000 | ​ |  | 594,000 | ​ |  | 743,000
Unsecured revolving credit facility repayments | ​ |  | (1,095,000) | ​ |  | (526,000) | ​ |  | (740,000)
Payments of mortgage notes payable | ​ |  | (24,490) | ​ |  | (799) | ​ |  | (3,683)
Payments of unsecured term loans | ​ |  | — | ​ |  | (240,000) | ​ |  | —
Proceeds from senior unsecured notes | ​ |  | 297,513 | ​ |  | 640,623 | ​ |  | 349,745
Payment of Series A preferred dividends | ​ | ​ | (7,438) | ​ | ​ | (1,529) | ​ | ​ | —
Payment of common stock dividends | ​ |  | (220,304) | ​ |  | (194,296) | ​ |  | (116,112)
Distributions to non-controlling interest | ​ |  | (971) | ​ |  | (1,042) | ​ |  | (824)
Payments for financing costs | ​ |  | (2,708) | ​ |  | (6,704) | ​ |  | (3,919)
Net Cash Provided by Financing Activities | ​ |  | 1,237,513 | ​ |  | 1,177,595 | ​ |  | 1,122,684
​ | ​ |  |  | ​ |  |  | ​ |  |
Net Increase (Decrease) in Cash and Cash Equivalents and Cash Held in Escrow | ​ |  | (16,341) | ​ |  | 37,295 | ​ |  | (34,202)
Cash and cash equivalents and cash held in escrow, beginning of period | ​ |  | 45,250 | ​ |  | 7,955 | ​ |  | 42,157
Cash and cash equivalents and cash held in escrow, end of period | ​ | $ | 28,909 | ​ | $ | 45,250 | ​ | $ | 7,955
​ | ​ |  |  | ​ |  |  | ​ |  |
Supplemental Disclosure of Cash Flow Information | ​ |  |  | ​ |  |  | ​ |  |
Cash paid for interest (net of amounts capitalized) | ​ | $ | 58,784 | ​ | $ | 56,150 | ​ | $ | 37,710
Cash paid for income tax | ​ | $ | 2,395 | ​ | $ | 1,816 | ​ | $ | 1,150
​ | ​ |  | ​ | ​ |  |  | ​ |  |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ​ |  |  | ​ |  |  | ​ |  |
Lease right of use assets added under new ground leases | ​ | $ | 1,816 | ​ | $ | 6,302 | ​ | $ | 1,064
Mortgage note payable assumed, net of $2,548 mortgage debt discount | ​ | $ | 39,702 | ​ | $ | — | ​ | $ | —
Series A preferred dividends declared and unpaid | ​ | $ | 620 | ​ | $ | 620 | ​ | $ | —
Common stock dividends and limited partners' distributions declared and unpaid | ​ | $ | 21,725 | ​ | $ | 16,261 | ​ | $ | 34,545
Change in accrual of development, construction and other real estate investment costs | ​ | $ | 3,199 | ​ | $ | (5,537) | ​ | $ | 10,465

​

See accompanying notes to consolidated financial statements.

​

F-9

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

Note 1 – Organization

Agree Realty Corporation (the “Company”), a Maryland corporation, is a fully integrated real estate investment trust (“REIT”) primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants. The Company was founded in 1971 by its current Executive Chairman, Richard Agree, and its common stock was listed on the New York Stock Exchange in 1994.

The Company’s assets are held by, and all of our operations are conducted through, directly or indirectly, Agree Limited Partnership (the “Operating Partnership”), of which Agree Realty Corporation is the sole general partner and in which it held a 99.6% common equity interest as of December 31, 2022. There is a one-for-one relationship between the limited partnership interests in the Operating Partnership (“Operating Partnership Common Units”) owned by the Company and shares of Company common stock outstanding. The Company also owns a Series A preferred equity interest in the Operating Partnership. This preferred equity interest corresponds on a one-for-one basis to the Company’s Series A Preferred Stock (see Note 6- Common and Preferred Stock), providing income and distributions to the Company equal to the dividends payable on that stock. Under the agreement of limited partnership of the Operating Partnership, the Company, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership.

The terms “Agree Realty,” the “Company,” “Management,” “we,” “our” or “us” refer to Agree Realty Corporation and all of its consolidated subsidiaries, including the Operating Partnership.

Note 2 – Summary of Significant Accounting Policies

Basis of Accounting Principles of Consolidation

The consolidated financial statements of Agree Realty Corporation include the accounts of the Company, the Operating Partnership and its wholly owned subsidiaries. The Company, as the sole general partner, held 99.6% and 99.5% of the Operating Partnership common equity as of December 31, 2022 and 2021, respectively, as well as the Series A preferred equity interest. All material intercompany accounts and transactions are eliminated, including the Company’s Series A preferred equity interest in the Operating Partnership.

At December 31, 2022 and 2021, the non-controlling interest in the Operating Partnership consisted of a 0.4% and 0.5% ownership interest in the Operating Partnership held by the Company’s founder and chairman, respectively. The Operating Partnership Common Units may, under certain circumstances, be exchanged for shares of common stock. The Company as sole general partner of the Operating Partnership has the option to settle exchanged Operating Partnership Common Units held by others for cash based on the current trading price of its shares. Assuming the exchange of all non-controlling Operating Partnership Units, there would have been 90,521,043 shares of common stock outstanding at December 31, 2022.

Real Estate Investments

The Company records the acquisition of real estate at cost, including acquisition and closing costs. For properties developed by the Company, all direct and indirect costs related to planning, development and construction, including interest, real estate taxes and other miscellaneous costs incurred during the construction period, are capitalized for financial reporting purposes and recorded as property under development until construction has been completed.

Assets Held for Sale

Assets are classified as real estate held for sale based on specific criteria as outlined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 360, Property, Plant & Equipment. Properties classified as real estate held for sale are recorded at the lower of their carrying value or their fair value, less anticipated selling costs. Any properties classified as held for sale are not depreciated. Assets are generally classified as real estate

F-10

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

held for sale once management has actively engaged in marketing the asset and has received a firm purchase commitment that is expected to close within one year.

Acquisitions of Real Estate

The acquisition of property for investment purposes is typically accounted for as an asset acquisition. The Company allocates the purchase price to land, building, assumed debt, if any, and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. Intangible assets and liabilities represent the value of in-place leases and above- or below-market leases. In making estimates of fair values, the Company may use various sources, including data provided by independent third parties, as well as information obtained by the Company as a result of its due diligence, including expected future cash flows of the property and various characteristics of the markets where the property is located.

In allocating the fair value of the identified tangible and intangible assets and liabilities of an acquired property, land is valued based upon comparable market data or independent appraisals. Buildings are valued on an as-if vacant basis based on a cost approach utilizing estimates of cost and the economic age of the building or an income approach utilizing various market data. In-place lease intangibles are valued based on the Company’s estimates of costs related to tenant acquisition and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition. Above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition and the Company’s estimate of current market lease rates for the property. In the case of sale-leaseback transactions, it is typically assumed that the lease is not in-place prior to the close of the transaction.

Depreciation and Amortization

Land, buildings, and improvements are recorded and stated at cost. The Company’s properties are depreciated using the straight-line method over the estimated remaining useful life of the assets, which are generally 40 years for buildings and 10 to 20 years for improvements. Properties classified as held for sale and properties under development or redevelopment are not depreciated. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives.

In-place lease intangible assets and the capitalized above- and below-market lease intangibles are amortized over the non-cancelable term of the lease as well any option periods included in the estimated fair value. In-place lease intangible assets are amortized to amortization expense and above- and below-market lease intangibles are amortized as a net adjustment to rental income. In the event of early lease termination, the remaining net book value of any above- or below-market lease intangible is recognized as an adjustment to rental income.

The following schedule summarizes the Company’s amortization of lease intangibles for the years ended December 31, 2022, 2021, and 2020 (presented in thousands):

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | For the Year Ended December 31,
​ |  |  | ​ | 2022 |  | 2021 |  | 2020
Lease intangibles (in-place) | ​ | ​ | ​ | $ | 43,553 | ​ | $ | 27,827 | ​ | $ | 17,413
Lease intangibles (above-market) | ​ | ​ | ​ |  | 39,603 | ​ |  | 30,596 | ​ |  | 21,523
Lease intangibles (below-market) | ​ | ​ | ​ |  | (6,266) | ​ |  | (6,312) | ​ |  | (5,638)
Total | ​ | ​ | ​ | $ | 76,890 | ​ | $ | 52,111 | ​ | $ | 33,298

​

F-11

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

The following schedule represents estimated future amortization of lease intangibles as of December 31, 2022 (presented in thousands):

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ending December 31, |  | ​ | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | Thereafter |  | Total
Lease intangibles (in-place) | ​ | ​ | $ | 51,612 |  | $ | 48,132 |  | $ | 45,716 |  | $ | 42,671 |  | $ | 38,031 | ​ | $ | 182,239 |  | $ | 408,401
Lease intangibles (above-market) | ​ | ​ |  | 38,703 |  |  | 34,651 |  |  | 32,317 |  |  | 30,588 |  |  | 28,224 | ​ |  | 226,564 |  |  | 391,047
Lease intangibles (below-market) | ​ | ​ |  | (5,591) | ​ |  | (4,920) | ​ |  | (4,485) | ​ |  | (4,131) | ​ |  | (3,677) | ​ |  | (13,910) | ​ |  | (36,714)
Total | ​ | ​ | $ | 84,724 |  | $ | 77,863 |  | $ | 73,548 |  | $ | 69,128 |  | $ | 62,578 | ​ | $ | 394,893 |  | $ | 762,734

​

Impairments

The Company reviews real estate investments and related lease intangibles for possible impairment when certain events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable through operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, our ability or expectation to re-lease properties that are vacant or become vacant or a change in the anticipated holding period for a property.

Management determines whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the residual value of the real estate, to the carrying cost of the individual asset.

Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale.

The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions, and/or purchase offers received from third parties, which are Level 3 inputs. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. Estimating future cash flows is highly subjective and estimates can differ materially from actual results.

Cash and Cash Equivalents and Cash Held in Escrow

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of deposit, checking, and money market accounts. The account balances periodically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage, and as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. Cash held in escrows primarily relates to proposed like-kind exchange transactions pursued under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) and funds restricted through a mortgage agreement. The Company had $27.1 million and $44.0 million in cash and cash equivalents and cash held in escrow as of December 31, 2022 and 2021, respectively, in excess of the FDIC insured limit.

Per the requirements of Accounting Standards Update (“ASU”) 2016-18 (Topic 230, Statement of Cash Flows) the following table provides a reconciliation of cash and cash equivalents and cash held in escrow, both as reported within the consolidated Balance Sheets, to the total of the cash, cash equivalents and cash held in escrow as reported within the Consolidated Statements of Cash Flows (presented in thousands):

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022 |  | December 31, 2021
Cash and cash equivalents | ​ | $ | 27,763 | ​ | $ | 43,252
Cash held in escrow | ​ |  | 1,146 | ​ |  | 1,998
Total of cash and cash equivalents and cash held in escrow | ​ | $ | 28,909 | ​ | $ | 45,250
​ | ​ | ​ | ​ | ​ | ​ | ​

​

F-12

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

Revenue Recognition and Accounts Receivable

The Company leases real estate to its tenants under long-term net leases which are accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Rental increases based upon changes in the consumer price indexes, or other variable factors, are recognized only after changes in such factors have occurred and are then applied according to the lease agreements. Certain leases also provide for additional rent based on tenants’ sales volumes. These rents are recognized when determinable after the tenant exceeds a sales breakpoint.

Recognizing rent escalations on a straight-line method results in rental revenue in the early years of a lease being higher than actual cash received, creating a straight-line rent receivable asset which is included in the Accounts Receivable - Tenants line item in the Consolidated Balance Sheets. The balance of straight-line rent receivables at December 31, 2022 and 2021 was $53.9 million and $40.9 million, respectively. To the extent any of the tenants under these leases become unable to pay their contractual cash rents, the Company may be required to write down the straight-line rent receivable from those tenants, which would reduce rental income.

The Company reviews the collectability of charges under its tenant operating leases on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that collectability with respect to any tenant changes, the Company recognizes an adjustment to rental revenue. The Company’s review of collectability of charges under its operating leases also includes any accrued rental revenues related to the straight-line method of reporting rental revenue.

As of December 31, 2022, the Company had seven leases across five tenants where collection is no longer considered probable. For these tenants, the Company is recording rental income on a cash basis and has written off any outstanding receivables, including straight-line rent receivables. Adjustments to rental revenue related to potentially uncollectible charges under these tenant leases resulted in a reduction to Rental Income and Net Income of $0.4 million for the year-ended December 31, 2022.

In addition to the tenant-specific collectability assessment performed, the Company may also recognize a general allowance, as a reduction to rental revenue, for its operating lease receivables which are not expected to be fully collectible based on the potential for settlement of arrears. There was no general allowance as of December 31, 2022 and $0.8 million was recognized as of December 31, 2021.

The Company’s leases provide for reimbursement from tenants for common area maintenance, insurance, real estate taxes and other operating expenses. A portion of the Company’s operating cost reimbursement revenue is estimated each period and is recognized as rental revenue in the period the recoverable costs are incurred and accrued, and the related revenue is earned. The balance of unbilled operating cost reimbursement receivable at December 31, 2022 and 2021 was $11.1 million and $9.1 million, respectively. Unbilled operating cost reimbursement receivable is reflected in Accounts Receivable - Tenants, net in the Consolidated Balance Sheets.

The Company has adopted the practical expedient in FASB ASC Topic 842, Leases (“ASC 842”) that allows lessors to combine non-lease components with the lease components when the timing and patterns of transfer for the lease and non-lease components are the same and the lease is classified as an operating lease. As a result, all rentals and reimbursements pursuant to tenant leases are reflected as one line, “Rental Income,” in the Consolidated Statement of Operations and Comprehensive Income.

Earnings per Share

Earnings per share of common stock has been computed pursuant to the guidance in the FASB ASC Topic 260, Earnings Per Share. The guidance requires the classification of the Company’s unvested restricted stock, which contain rights to receive non-forfeitable dividends, as participating securities requiring the two-class method of computing net income per

F-13

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

share of common stock. In accordance with the two-class method, earnings per share has been computed by dividing the net income less net income attributable to unvested restricted shares by the weighted average number of shares of common stock outstanding less unvested restricted shares. Diluted earnings per share is computed by dividing net income by the weighted average shares of common stock and potentially dilutive securities in accordance with the treasury stock method.

The following is a reconciliation of the numerator and denominator used in the computation of basic and diluted net earnings per share of common stock for each of the periods presented (presented in thousands, except for share data):

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Year Ended December 31,
​ |  | ​ | ​ | 2022 | ​ |  | 2021 | ​ |  | 2020
Net income attributable to Agree Realty Corporation | ​ | ​ | $ | 152,437 | ​ | $ | 122,273 | ​ | $ | 91,381
Less: Series A preferred stock dividends | ​ | ​ | ​ | (7,437) | ​ | ​ | (2,148) | ​ | ​ | —
Net income attributable to common stockholders | ​ | ​ | ​ | 145,000 | ​ | ​ | 120,125 | ​ | ​ | 91,381
Less: Income attributable to unvested restricted shares | ​ | ​ | ​ | (376) | ​ | ​ | (369) | ​ | ​ | (297)
Net income used in basic and diluted earnings per share | ​ | ​ | $ | 144,624 | ​ | $ | 119,756 | ​ | $ | 91,084
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common shares outstanding | ​ | ​ | ​ | 78,885,063 | ​ |  | 67,004,069 | ​ |  | 52,013,137
Less: Unvested restricted stock | ​ | ​ | ​ | (225,730) | ​ |  | (201,827) | ​ |  | (174,918)
Weighted average number of common shares outstanding used in basic earnings per share | ​ | ​ | ​ | 78,659,333 | ​ |  | 66,802,242 | ​ |  | 51,838,219
​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
Weighted average number of common shares outstanding used in basic earnings per share | ​ | ​ | ​ | 78,659,333 | ​ |  | 66,802,242 | ​ |  | 51,838,219
Effect of dilutive securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Share-based compensation | ​ | ​ | ​ | 129,474 | ​ |  | 118,460 | ​ |  | 95,103
2019 ATM Forward Equity Offerings | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 14,289
2020 ATM Forward Equity Offerings | ​ | ​ | ​ | — | ​ | ​ | 153,200 | ​ | ​ | 19,777
April 2020 Forward Equity Offerings | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 429,346
2021 ATM Forward Equity Offerings | ​ | ​ | ​ | — | ​ | ​ | 50,757 | ​ | ​ | —
December 2021 Forward Offering | ​ | ​ | ​ | 89,963 | ​ | ​ | 14,420 | ​ | ​ | —
2022 ATM Forward Equity Offerings | ​ | ​ | ​ | 63,381 | ​ | ​ | — | ​ | ​ | —
May 2022 Forward Offering | ​ | ​ | ​ | 173,429 | ​ | ​ | — | ​ | ​ | —
September 2022 Forward Equity Offering | ​ | ​ | ​ | 48,806 | ​ | ​ | — | ​ | ​ | —
Weighted average number of common shares outstanding used in diluted earnings per share | ​ | ​ | ​ | 79,164,386 | ​ |  | 67,139,079 | ​ |  | 52,396,734

​

For the year ended December 31, 2022, 62 shares of common stock related to restricted shares granted in 2022 were anti-dilutive and were not included in the computation of diluted earnings per share.

​

For the year ended December 31, 2021, 849 shares of common stock related to the 2021 ATM forward equity offerings, 5,360 shares of common stock related to the 2020 ATM forward equity offerings, and 2,092 restricted shares were anti-dilutive and were not included in the computation of diluted earnings per share.

​

For the year ended December 31, 2020, 27,753 shares of common stock related to the 2020 ATM forward equity offerings, 17,114 shares of common stock related to the 2019 ATM forward equity offerings, 1,547 performance units were anti-dilutive and were not included in the computation of diluted earnings per share.

​

Forward Equity Sales

The Company occasionally sells shares of common stock through forward sale agreements to enable the Company to set the price of such shares upon pricing the offering (subject to certain adjustments) while delaying the issuance of such shares and the receipt of the net proceeds by the Company.

F-14

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

To account for the forward sale agreements, the Company considers the accounting guidance governing financial instruments and derivatives. To date, the Company has concluded that its forward sale agreements are not liabilities as they do not embody obligations to repurchase its shares nor do they embody obligations to issue a variable number of shares for which the monetary value are predominantly fixed, varying with something other than the fair value of the shares, or varying inversely in relation to its shares. The Company then evaluates whether the agreements meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments. The Company has concluded that the agreements are classifiable as equity contracts based on the following assessments: (i) none of the agreements’ exercise contingencies are based on observable markets or indices besides those related to the market for the Company’s own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to its own stock.

The Company also considers the potential dilution resulting from the forward sale agreements on the earnings per share calculations. The Company uses the treasury stock method to determine the dilution resulting from forward sale agreements during the period of time prior to settlement.

Equity Offering Costs

Underwriting commissions and offering costs of equity offerings have been reflected as a reduction of additional paid-in-capital in our Consolidated Balance Sheets.

Income Taxes

The Company has made an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and related regulations. The Company generally will not be subject to federal income taxes on amounts distributed to stockholders, providing it distributes 100% of its REIT taxable income and meets certain other requirements for qualifying as a REIT. For each of the years in the three-year period ended December 31, 2022, the Company believes it has qualified as a REIT. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements. Notwithstanding the Company’s qualification for taxation as a REIT, the Company is subject to certain state taxes on its income and real estate.

Earnings and profits that determine the taxability of distributions to stockholders differ from net income reported for financial reporting purposes due to differences in the estimated useful lives and methods used to compute depreciation and the carrying value (basis) of the investments in properties for tax purposes, among other things.

The Company and its taxable REIT subsidiaries (“TRS”) have made a timely TRS election pursuant to the provisions of the REIT Modernization Act. A TRS is able to engage in activities resulting in income that previously would have been disqualified from being eligible REIT income under the federal income tax regulations. As a result, certain activities of the Company which occur within its TRS entity are subject to federal and state income taxes. All provisions for federal income taxes in the accompanying consolidated financial statements are attributable to the Company’s TRS.

The Company regularly analyzes its various federal and state filing positions and only recognizes the income tax effect in its financial statements when certain criteria regarding uncertain income tax positions have been met. The Company believes that its income tax positions would more likely than not be sustained upon examination by all relevant taxing authorities. Therefore, no provisions for uncertain income tax positions have been recorded in the consolidated financial statements.

Management’s Responsibility to Evaluate Our Ability to Continue as a Going Concern

When preparing financial statements for each annual and interim reporting period, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. In making its evaluation, the Company considers, among other things, any risks and/or uncertainties to its results of

F-15

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

operations, contractual obligations in the form of near-term debt maturities, dividend requirements, or other factors impacting the Company’s liquidity and capital resources. No conditions or events that raised substantial doubt about the ability to continue as a going concern within one year were identified as of the issuance date of the consolidated financial statements contained in this Annual Report on Form 10-K.

Reclassifications

Certain reclassifications of prior period amounts have been made in the consolidated financial statements and footnotes in order to conform to the current presentation.

Segment Reporting

The Company is primarily in the business of acquiring, developing and managing retail real estate. The Company’s chief operating decision maker, which is its Chief Executive Officer, does not distinguish or group operations on a geographic or other basis when assessing the financial performance of our portfolio of properties. Accordingly, the Company has a single reportable segment for disclosure purposes.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of (1) assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and (2) revenues and expenses during the reporting period. Actual results could differ from those estimates.

Fair Values of Financial Instruments

The Company’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance, ASC Topic 820 Fair Value Measurement. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels:

Level 1 – | Valuation is based upon quoted prices in active markets for identical assets or liabilities.
Level 2 – | Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 – | Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.

​

Recent Accounting Pronouncements

In August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). The guidance in ASU 2020-06 simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU 2020-06 also simplify

F-16

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity, by removing certain criteria that must be satisfied in order to classify a contract as equity, which is expected to decrease the number of freestanding instruments and embedded derivatives accounted for as assets or liabilities. Finally, the amendments revise the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. The Company adopted this guidance on January 1, 2022 and the adoption did not impact its financial statements.

​

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)” (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and able to be elected over time as reference rate reform activities occur. The Company applied the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserved the presentation of derivatives consistent with past presentation. The Company terminated all LIBOR-indexed derivatives during the year ended December 31, 2022 and has no derivative outstanding as of December 31, 2022. In addition, the Company entered into an amendment to its Revolving Credit Facility which converted the interest rate from a spread over LIBOR to a spread over Secured Overnight Financing Rate (“SOFR”) subsequent to the termination of the LIBOR-indexed derivatives (see Note 5 – Debt). Going forward, the Company does not expect the guidance will have a material impact on its financial statements.

​

In March 2022, the FASB issued ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820)” (“ASU 2022-03”). ASU 2022-03 clarifies that contractual sale restrictions on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, are not considered in measuring the fair value of equity securities. In addition, the amendment requires the disclosure of: (1) the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, (2) the nature and remaining duration of the restrictions, and (3) any circumstances that could cause a lapse in the restrictions. The amendments in ASU 2022-03 are effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The amendment is applied prospectively and early adoption is permitted. The Company continues to evaluate the potential impact of the guidance.

​

​

Note 3 – Leases

Tenant Leases

The Company is primarily focused on the ownership, acquisition, development and management of retail properties leased to industry leading tenants. As of December 31, 2022, the Company’s portfolio was approximately 99.7% leased and had a weighted average remaining lease term (excluding extension options) of approximately 8.8 years. A significant majority of its properties are leased to national tenants and approximately 67.8% of its annualized base rent was derived from tenants, or parent entities thereof, with an investment grade credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners.

Substantially all of the Company’s tenants are subject to net lease agreements. A net lease typically requires the tenant to be responsible for minimum monthly rent and actual property operating expenses incurred, including property taxes, insurance and maintenance. In addition, the Company’s tenants are typically subject to future rent increases based on fixed amounts or increases in the consumer price index and certain leases provide for additional rent calculated as a percentage of the tenants’ gross sales above a specified level. Certain of the Company’s properties are subject to leases under which it retains responsibility for specific costs and expenses of the property.

The Company’s leases typically provide the tenant one or more multi-year renewal options to extend their leases, subject to generally the same terms and conditions, including rent increases, consistent with the initial lease term.

F-17

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

The Company attempts to maximize the amount it expects to derive from the underlying real estate property following the end of the lease, to the extent it is not extended. The Company maintains a proactive leasing program that, combined with the quality and locations of its properties, has made its properties attractive to tenants. The Company intends to continue to hold its properties for long-term investment and, accordingly, places a strong emphasis on the quality of construction and an on-going program of regular and preventative maintenance. However, the residual value of a real estate property is still subject to various market-specific, asset-specific, and tenant-specific risks and characteristics. As the classification of a lease is dependent on the fair value of its cash flows at lease commencement, the residual value of a property represents a significant assumption in its accounting for tenant leases.

The Company has elected the practical expedient in ASC 842 on not separating non-lease components from associated lease components. The lease and non-lease components combined as a result of this election largely include tenant rentals and maintenance charges, respectively. The Company applies the accounting requirements of ASC 842 to the combined component.

The following table includes information regarding contractual lease payments for the Company’s operating leases for which it is the lessor, for the years ended December 31, 2022, 2021 and 2020 (presented in thousands).

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | For the Year Ended December 31,
​ | ​ | ​ | ​ | 2022 | ​ | 2021 | ​ | 2020 |
Total lease payments | ​ | ​ | ​ | $ | 450,369 | ​ | $ | 352,797 | ​ | $ | 257,390 | ​
Less: Operating cost reimbursements and percentage rents | ​ | ​ | ​ |  | 47,962 | ​ |  | 36,929 | ​ |  | 28,248 | ​
Total non-variable lease payments | ​ | ​ | ​ | $ | 402,407 | ​ | $ | 315,868 | ​ | $ | 229,142 | ​

​

At December 31, 2022, future non-variable lease payments to be received from the Company’s operating leases for the next five years and thereafter are as follows (presented in thousands):

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ending December 31, |  | ​ | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | Thereafter |  | Total
Future non-variable lease payments | ​ | ​ | $ | 468,723 |  | $ | 463,245 |  | $ | 452,755 |  | $ | 433,725 |  | $ | 409,563 | ​ | $ | 2,113,349 |  | $ | 4,341,360

​

Deferred Revenue

As of December 31, 2022 and 2021, there was $18.1 million and $13.5 million, respectively, in deferred revenues resulting from rents paid in advance. Deferred revenues are recognized within Accounts Payable, Accrued Expenses, and Other Liabilities on the Consolidated Balance Sheets as of these dates.

Land Lease Obligations

The Company is the lessee under land lease agreements for certain of its properties. ASC 842 requires a lessee to recognize right of use assets and lease obligation liabilities that arise from leases, whether qualifying as operating or finance. As of December 31, 2022 and 2021, the Company had $60.9 million and $59.7 million respectively, of right of use assets, net, recognized within Other Assets in the Consolidated Balance Sheets, while the corresponding lease obligations, net, of $23.6 million and $24.1 million, respectively, were recognized within Accounts Payable, Accrued Expenses, and Other Liabilities on the Consolidated Balance Sheets as of these dates.

The Company’s land leases do not include any variable lease payments. These leases typically provide multi-year renewal options to extend their term as lessee at the Company’s option. Option periods are included in the calculation of the lease obligation liability only when options are reasonably certain to be exercised. Certain of the Company’s land leases qualify

F-18

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

as finance leases as a result of purchase options that are reasonably certain of being exercised or automatic transfer of title to the Company at the end of the lease term.

Amortization of right of use assets for operating land leases is classified as land lease expense and was $1.6 million, $1.6 million, and $1.3 million for the years ending December 31, 2022, 2021, and 2020, respectively. There was no amortization of right of use assets for finance land leases, as the underlying leased asset (land) has an infinite life. Interest expense on finance land leases was $0.3 million and $0.2 million during the years ended December 31, 2022 and 2021, respectively, while there was no such expense incurred during the years ended December 31, 2020.

In calculating its lease obligations under ground leases, the Company uses discount rates estimated to be equal to what it would have to pay to borrow on a collateralized basis over a similar term, for an amount equal to the lease payments, in a similar economic environment.

The following tables include information on the Company’s land leases for which it is the lessee, for the years ending December 31, 2022, 2021, and 2020 (presented in thousands).

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ |  | December 31, 2022 |  |  | December 31, 2021 |  |  | December 31, 2020 |
Operating leases: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash outflows | ​ | $ | 1,197 | ​ | ​ | $ | 1,112 | ​ | ​ | $ | 1,069 | ​
Weighted-average remaining lease term - operating leases (years) | ​ | ​ | 33.5 | ​ | ​ | ​ | 33.8 | ​ | ​ | ​ | 38.3 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance leases: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash outflows | ​ | $ | 255 | ​ | ​ | $ | 215 | ​ | ​ | $ | — | ​
Financing cash outflows | ​ | $ | 81 | ​ | ​ | $ | 93 | ​ | ​ | $ | — | ​
Weighted-average remaining lease term - finance leases (years) | ​ | ​ | 1.8 | ​ | ​ | ​ | 2.8 | ​ | ​ | ​ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Supplemental Disclosure: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Right-of-use assets obtained in exchange for new lease liabilities, including value assigned to above market lease terms | ​ | $ | 1,816 | ​ | ​ | $ | 6,302 | ​ | ​ | $ | 1,064 | ​
Right-of-use assets net change | ​ | $ | 1,816 | ​ | ​ | $ | 6,302 | ​ | ​ | $ | 1,064 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

​

Maturity Analysis of Lease Liabilities for Operating Leases (presented in thousands)

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ending December 31, |  | ​ | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | Thereafter |  | Total
Lease payments | ​ | ​ | $ | 1,197 |  | $ | 1,197 |  | $ | 1,197 |  | $ | 1,195 |  | $ | 1,042 | ​ | $ | 28,809 |  | $ | 34,637
Imputed interest | ​ | ​ |  | (711) | ​ |  | (690) | ​ |  | (669) | ​ |  | (647) | ​ |  | (627) | ​ |  | (13,864) | ​ |  | (17,208)
Total lease liabilities | ​ | ​ | $ | 486 |  | $ | 507 |  | $ | 528 |  | $ | 548 |  | $ | 415 | ​ | $ | 14,945 |  | $ | 17,429

​

The weighted-average discount rate used in computing operating and finance lease obligations approximated 4% at December 31, 2022 and 2021.

​

Maturity Analysis of Lease Liabilities for Finance Leases (presented in thousands)

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ending December 31, |  | ​ | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | Thereafter |  | Total
Lease payments | ​ | ​ | $ | 336 |  | $ | 6,251 |  | $ | — |  | $ | — | ​ | $ | — | ​ | $ | — |  | $ | 6,587

F-19

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

Imputed interest | ​ | ​ |  | (252) | ​ |  | (207) | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ |  | (459)
Total lease liabilities | ​ | ​ | $ | 84 |  | $ | 6,044 |  | $ | — |  | $ | — |  | $ | — | ​ | $ | — |  | $ | 6,128
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

​

​

​

Note 4 – Real Estate Investments

Real Estate Portfolio

As of December 31, 2022, the Company owned 1,839 properties, with a total gross leasable area (“GLA”) of approximately 38.1 million square feet. Net Real Estate Investments totaled $5.74 billion as of December 31, 2022. As of December 31, 2021, the Company owned 1,404 properties, with a total GLA of approximately 29.1 million square feet. Net Real Estate Investments totaled $4.37 billion as of December 31, 2021.

Acquisitions

During 2022, the Company purchased 434 retail net lease assets for approximately $1.6 billion, which includes acquisition, closing costs and the assumption of a $42.3 million mortgage note. These properties are located in 43 states and had a weighted average lease term of approximately 10.2 years. The aggregate 2022 acquisitions were allocated approximately $387.7 million to land, $1.0 billion to buildings and improvements, $204.9 million to lease intangibles, net and $2.5 million to assumed mortgage debt discount.

During 2021, the Company purchased 290 retail net lease assets for approximately $1.39 billion, which includes acquisition and closing costs. These properties are located in 43 states and had a weighted average lease term of approximately 11.5 years. The aggregate 2021 acquisitions were allocated approximately $476.8 million to land, $654.3 million to buildings and improvements, and $250.7 million to lease intangibles.

The 2022 and 2021 acquisitions were primarily funded as cash purchases and the assumption of a mortgage note payable with a principal balance of $42.3 million. There was no material contingent consideration associated with these acquisitions.

None of the Company’s acquisitions during 2022 or 2021 caused any new or existing tenant to comprise 10% or more of the Company’s total assets or generate 10% or more of its total annualized contractual base rent at December 31, 2022 or 2021.

Developments

During 2022, the Company completed seven development or Partner Capital Solutions projects. During 2021, four such projects were completed. At December 31, 2022, the Company had 24 development or Partner Capital Solutions projects under construction.

Dispositions

During 2022, the Company sold real estate properties for net proceeds of $44.9 million and recorded a net gain of $5.3 million.

During 2021, the Company sold real estate properties for net proceeds of $56.0 million and recorded a net gain of $14.9 million.

During 2020, the Company sold real estate properties for net proceeds of $47.7 million and recorded a net gain of $8.0 million.

F-20

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

Assets Held for Sale

The Company did not classify any operating properties as real estate held for sale at December 31, 2022 and classified one operating property as real estate held for sale as of December 31, 2021, the assets for which are separately presented in the Consolidated Balance Sheets.

Real estate held for sale consisted of the following as of December 31, 2022 and 2021 (presented in thousands):

​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022 |  | December 31, 2021
Land | ​ | $ | — | ​ | $ | 4,485
Building | ​ |  | — | ​ |  | —
Lease intangibles - asset | ​ | ​ | — | ​ | ​ | 1,213
​ | ​ |  | — | ​ |  | 5,698
Accumulated depreciation and amortization, net | ​ |  | — | ​ |  | (22)
Total Real Estate Held for Sale, net | ​ | $ | — | ​ | $ | 5,676

​

Provisions for Impairment

As a result of the Company’s review of real estate investments it recognized real estate impairment charges of $1.0 million, $1.9 million and $4.1 million for the years ended December 31, 2022, 2021, and 2020, respectively. The estimated fair value of the impaired real estate assets at their time of impairment during 2022, 2021, and 2020 was $1.8 million, $1.0 million and $11.9 million, respectively.

Note 5 – Debt

As of December 31, 2022, the Company had total gross indebtedness of $1.96 billion, including (i) $50.4 million of mortgage notes payable; (ii) $1.81 billion of senior unsecured notes; and (iv) $100.0 million of borrowings under the Revolving Credit Facility (defined below).

Mortgage Notes Payable

As of December 31, 2022, the Company had total gross mortgage indebtedness of $50.4 million, which was collateralized by related real estate and tenants’ leases with an aggregate net book value of $86.5 million. The weighted average interest rate on the Company’s mortgage notes payable was 3.94% as of December 31, 2022 and 4.16% as of December 31, 2021.

F-21

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

Mortgages notes payable consisted of the following (presented in thousands):

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022 |  | December 31, 2021
Note payable in monthly installments of interest only at 3.60% per annum, with a balloon payment paid in December 2022 | ​ | $ | — | ​ | $ | 23,640
​ | ​ |  | ​ | ​ |  |
Note payable in monthly installments of interest only at 5.01% per annum, with a balloon payment due September 2023 | ​ |  | 4,622 | ​ |  | 4,622
​ | ​ |  | ​ | ​ |  |
Note payable in monthly installments of $92 including interest at 6.27% per annum, with a final monthly payment due July 2026 | ​ | ​ | 3,523 | ​ | ​ | 4,373
​ | ​ | ​ | ​ | ​ | ​ | ​
Note payable in monthly installments of interest only at 3.63% per annum, with a balloon payment due December 2029 | ​ |  | 42,250 | ​ |  | —
​ | ​ |  |  | ​ |  |
Total principal | ​ |  | 50,395 | ​ |  | 32,635
Unamortized debt issuance costs and assumed debt discount | ​ |  | (2,424) | ​ |  | (206)
Total | ​ | $ | 47,971 | ​ | $ | 32,429

​

In connection with a four-property acquisition during the twelve months ended December 31, 2022, the Company assumed an interest only, mortgage note payable with a principal balance of $42.3 million and stated interest rate of 3.63% maturing December 2029. In connection with the purchase price allocation completed, the mortgage debt was fair valued as of the date of acquisition resulting in a $2.5 million debt discount that will be amortized over the term of the mortgage note payable into Interest Expense in the Consolidated Statements of Operations and Comprehensive Income.

The mortgage loans encumbering the Company’s properties are generally non-recourse, subject to certain exceptions for which we would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan, but generally include fraud or material misrepresentations, misstatements or omissions by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly, and certain environmental liabilities. At December 31, 2022, there were no mortgage loans with partial recourse to the Company.

The Company has entered into mortgage loans that are secured by multiple properties and contain cross-default and cross-collateralization provisions. Cross-collateralization provisions allow a lender to foreclose on multiple properties in the event that we default under the loan. Cross-default provisions allow a lender to foreclose on the related property in the event a default is declared under another loan.

Senior Unsecured Notes

F-22

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

The following table presents the senior unsecured notes principal balances net of unamortized debt issuance costs and original issue discounts for the Company’s private placement and public offerings as of December 31, 2022, and 2021 (presented in thousands):

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | All-in | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Interest Rate | ​ | Maturity | ​ | December 31, 2022 |  | December 31, 2021
2025 Senior Unsecured Notes | 4.16 | % | ​ | May 2025 | ​ | $ | 50,000 | ​ | $ | 50,000
2027 Senior Unsecured Notes | 4.26 | % | ​ | May 2027 | ​ |  | 50,000 | ​ |  | 50,000
2028 Senior Unsecured Public Notes | 2.11 | % | ​ | June 2028 | ​ |  | 350,000 | ​ |  | 350,000
2028 Senior Unsecured Notes | 4.42 | % | ​ | July 2028 | ​ | ​ | 60,000 | ​ | ​ | 60,000
2029 Senior Unsecured Notes | 4.19 | % | ​ | September 2029 | ​ |  | 100,000 | ​ |  | 100,000
2030 Senior Unsecured Notes | 4.32 | % | ​ | September 2030 | ​ |  | 125,000 | ​ |  | 125,000
2030 Senior Unsecured Public Notes | 3.49 | % | ​ | October 2030 | ​ | ​ | 350,000 | ​ | ​ | 350,000
2031 Senior Unsecured Notes | 4.42 | % | ​ | October 2031 | ​ | ​ | 125,000 | ​ | ​ | 125,000
2032 Senior Unsecured Public Notes | 3.96 | % | ​ | October 2032 | ​ | ​ | 300,000 | ​ | ​ | —
2033 Senior Unsecured Public Notes | 2.13 | % | ​ | June 2033 | ​ |  | 300,000 | ​ | ​ | 300,000
Total Principal | ​ | ​ | ​ | ​ | ​ |  | 1,810,000 | ​ |  | 1,510,000
Unamortized debt issuance costs and original issue discount, net | ​ | ​ | ​ | ​ | ​ |  | (17,953) | ​ |  | (14,800)
Total | ​ | ​ | ​ | ​ | ​ | $ | 1,792,047 | ​ | $ | 1,495,200

​

Senior Unsecured Notes – Private Placements

The 2025 Senior Unsecured Notes, 2027 Senior Unsecured Notes, 2028 Senior Unsecured Notes, 2029 Senior Unsecured Notes, 2030 Senior Unsecured Notes, and 2031 Senior Unsecured Notes (collectively the “Private Placements”) were issued in private placements to individual investors. The Private Placements did not involve a public offering in reliance on the exemption from registration pursuant to Section 4(a)(2) of the Securities Act.

The Operating Partnership issued $125 million 2031 Senior Unsecured Notes in October 2019 with a stated interest rate of 4.47%. In March 2019, the Company entered into forward-starting interest rate swap agreements to fix the interest for $100 million of long-term debt until maturity. The Company terminated the swap agreements at the time of pricing the 2031 Senior Unsecured Notes, which resulted in an effective annual fixed rate of 4.41% for $100 million aggregate principal amount of the 2031 Senior Unsecured Notes. Considering the effect of the terminated swap agreements, the blended all-in rate to the Company for the $125 million aggregate principal amount of 2031 Senior Unsecured Notes is 4.42%.

Senior Unsecured Notes – Public Offerings

The 2030 Senior Unsecured Public Notes, 2028 Senior Unsecured Public Notes, 2033 Senior Unsecured Public Notes and 2032 Senior Unsecured Public Notes (collectively the “Public Notes”) are fully and unconditionally guaranteed by Agree Realty Corporation and certain wholly owned subsidiaries of the Operating Partnership. The Public Notes are governed by an indenture, dated August 17, 2020, among the Operating Partnership, the Company and trustee (as supplemented by an officer’s certificate dated at the issuance of each of the Public Notes) (the “Indenture”). The Indenture contains various restrictive covenants, including limitations on the ability of the guarantors and the issuer to incur additional indebtedness and requirements to maintain a pool of unencumbered assets.

In August 2020, the Operating Partnership completed an underwritten public offering of $350 million aggregate principal amount of 2.900% Notes due 2030 (the “2030 Senior Unsecured Public Notes”). The 2030 Senior Unsecured Public Notes are fully and unconditionally guaranteed by Agree Realty Corporation and certain wholly owned subsidiaries of the Operating Partnership. The terms of the 2030 Senior Unsecured Public Notes are governed by the Indenture (as supplemented by an officer’s certificate dated August 17, 2020). The Indenture contains various restrictive covenants,

F-23

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

including limitations on the ability of the guarantors and the issuer to incur additional indebtedness and requirements to maintain a pool of unencumbered assets.

In August 2020, the Operating Partnership issued $350 million aggregate principal amount of notes at a stated rate of 2.90% due October 2030 (the “2030 Senior Unsecured Public Notes”). The Company terminated related swap agreements of $200.0 million that hedged the 2030 Senior Unsecured Public Notes, paying $23.4 million upon termination. Considering the effect of the terminated swap agreements, the blended all-in rate to the Company for the $350 million aggregate principal amount of 2030 Senior Unsecured Public Notes is 3.49%.

In May 2021, the Operating Partnership issued $350 million aggregate principal amount of notes at a stated interest rate of 2.00% due June 2028 (“2028 Senior Unsecured Public Notes”) and $300 million in aggregate principal amount notes at a stated interest rate of 2.60% due June 2033 (the “2033 Senior Unsecured Public Notes”). The Company terminated related swap agreements of $300 million that hedged the 2033 Senior Unsecured Public Notes, receiving $16.7 million upon termination. Considering the effect of the terminated swap agreements, the blended all-in rates to the Company for the $350 million aggregate principal amount of the 2028 Senior Unsecured Public Notes and the $300 million aggregate principal amount of the 2033 Senior Unsecured Public Notes are 2.11% and 2.13%, respectively.

In August 2022, the Operating Partnership issued the 2032 Senior Unsecured Public Notes in an underwritten public offering of $300 million aggregate principal amount of notes with a stated interest rate of 4.80% due October 2032. The Company terminated related swap agreements of $300 million notional amount that hedged the 2032 Senior Unsecured Public Notes, receiving $28.4 million upon termination. Considering the effect of terminated swap agreements, the blended all-in rate to the Company for the 2032 Senior Unsecured Public Notes is 3.96%.

Senior Unsecured Revolving Credit Facility

In December 2021, the Company entered into a Third Amended and Restated Revolving Credit Agreement which provided for a $1.0 billion senior unsecured revolving credit facility (the "Revolving Credit Facility") that bore interest based on a pricing grid with a range of 72.5 to 140 basis points over LIBOR, determined by the Company’s credit ratings and leverage ratio. Based on the Company’s credit ratings and leverage ratio at the time of closing, pricing on the Revolving Credit Facility was 77.5 basis points over LIBOR. The Revolving Credit Facility includes an accordion option that allows the Company to request additional lender commitments up to a total of $1.75 billion. The Revolving Credit Facility will mature in January 2026 with Company options to extend the maturity date to January 2027.

In November 2022, the Company entered into a First Amendment to the Third Amended and Restated Revolving Credit Agreement which converted the interest rate on its $1.0 billion Revolving Credit Facility from a spread over LIBOR to a spread over SOFR plus a SOFR adjustment of 10 basis points.

The margins for the Revolving Credit Facility are subject to improvement based on the Company's leverage ratio, provided its credit ratings meet a certain threshold. Based on the Company's credit ratings and leverage ratio at the time of closing plus the SOFR adjustment of 10 basis points, pricing on the Revolving Credit Facility was 87.5 basis points over SOFR. In connection with the Company's ongoing environmental, social and governance ("ESG") initiatives, pricing may be reduced if specific ESG ratings are achieved.

The Company and Richard Agree, the Executive Chairman of the Company, are parties to a Reimbursement Agreement dated November 18, 2014 (the “Reimbursement Agreement”). Pursuant to the Reimbursement Agreement, Mr. Agree has agreed to reimburse the Company for any loss incurred under the Revolving Credit Facility in an amount not to exceed $14.0 million to the extent that the value of the Operating Partnership’s assets available to satisfy the Operating Partnership’s obligations under the Revolving Credit Facility is less than $14.0 million.

F-24

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

Debt Maturities

The following table presents scheduled principal payments related to the Company’s debt as of December 31, 2022 (presented in thousands):

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Scheduled |  | Balloon |  | ​ | ​
​ | Principal | ​ | Payment | ​ | Total
2023 | $ | 905 | ​ | $ | 4,622 | ​ | $ | 5,527
2024 |  | 963 | ​ |  | — | ​ |  | 963
2025 |  | 1,026 | ​ |  | 50,000 | ​ |  | 51,026
2026 (1) | ​ | 629 | ​ | ​ | 100,000 | ​ | ​ | 100,629
2027 | ​ | — | ​ | ​ | 50,000 | ​ | ​ | 50,000
Thereafter |  | — | ​ |  | 1,752,250 | ​ |  | 1,752,250
Total scheduled principal payments | $ | 3,523 | ​ | $ | 1,956,872 | ​ | $ | 1,960,395

(1) | The Revolving Credit Facility matures in January 2026, with options to extend the maturity to January 2027. The Revolving Credit Facility had a balance of $100.0 million as of December 31, 2022.

​

Loan Covenants

Certain loan agreements contain various restrictive covenants, including the following financial covenants: maximum leverage ratio, maximum secured leverage ratios, consolidated net worth requirements, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, a minimum unsecured interest expense ratio, a minimum interest coverage ratio, a minimum unsecured debt yield and a minimum unencumbered interest expense ratio. As of December 31, 2022, the most restrictive covenant was the minimum unencumbered interest expense ratio. The Company was in compliance with all of its loan covenants and obligations as of December 31, 2022.

Note 6 – Common and Preferred Stock

Shelf Registration

On May 27, 2020, the Company filed an automatic shelf registration statement on Form S-3 with the Securities and Exchange Commission registering an unspecified amount of common stock, preferred stock, depositary shares, warrants and guarantees of debt securities of the Operating Partnership, as well as an unspecified amount of debt securities of the Operating Partnership, at an indeterminate aggregate initial offering price. The Company may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.

F-25

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

Follow-on Common Stock Offerings

In January 2021, the Company completed a follow-on public offering of 3,450,000 shares of common stock, which included the full exercise of the underwriters’ option to purchase an additional 450,000 shares of common stock. The offering resulted in net proceeds to the Company of approximately $221.4 million, after deducting fees and offering expenses payable by the Company.

In June 2021, the Company completed a follow-on public offering of 4,600,000 shares of common stock, which included the full exercise of the underwriters’ option to purchase an additional 600,000 shares of common stock. The offering resulted in net proceeds to the Company of approximately $327.0 million, after deducting fees and offering expenses payable by the Company.

In December 2021, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters' option to purchase 750,000 shares, in connection with forward sale agreements. The offering resulted in net proceeds to the Company of approximately $368.7 million after deducting fees and expenses and making certain other adjustments as provided in the equity distribution agreements.

In May 2022, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters' option to purchase 750,000 shares, in connection with forward sale agreements. The offering resulted in net proceeds to the Company of approximately $386.7 million after deducting fees and expenses and making certain other adjustments as provided in the equity distribution agreements.

In October 2022, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters' option to purchase 750,000 shares, in connection with forward sale agreements. Upon settlement, the offering is anticipated to raise net proceeds of approximately $380.7 million after deducting fees and making certain other adjustments as provided in the equity distribution agreements. As of December 31, 2022, the Company settled 1,600,000 shares of these October 2022 forward sale agreements, realizing net proceeds of $106.2 million. The Company is required to settle the outstanding shares of common stock by September 2023.

Preferred Stock Offering

In September 2021, the Company completed an underwritten public offering of depositary shares (the “Depositary Shares”), each representing 1/1,000th of a share of Series A Preferred Stock, which resulted in net proceeds to the Company of approximately $170.3 million, after deducting the underwriting discounts and commissions and costs payable by the Company. At the closing, the Company issued 7,000 shares of Series A Preferred Stock (the “Series A Preferred Shares”) to the depositary, resulting in the issuance of 7,000,000 Depositary Shares. The Company contributed the net proceeds from the sale of the Depositary Shares to the Operating Partnership in exchange for 7,000 Series A Preferred Units corresponding to the number of shares of Series A Preferred Stock underlying the Depositary Shares.

​

Dividends on the Series A Preferred Shares will be payable monthly in arrears on the first day of each month (or, if not on a business day, on the next succeeding business day). The dividend rate is 4.25% per annum of the $25,000 (equivalent to $25.00 per Depositary Share) liquidation preference. The first pro-rated dividend on the Series A Preferred Shares was paid on October 1, 2021 and was in an amount equivalent to $0.04132 per Depositary Share. Subsequent dividends on the Series A Preferred Shares have been and will be in the amount of $0.08854 per Depositary Share, equivalent to $1.0625 per annum.

​

The Company may not redeem the Series A Preferred Shares before September 2026, except in limited circumstances to preserve its status as a real estate investment trust for federal income tax purposes and except in certain circumstances upon the occurrence of a change of control of the Company. Beginning in September 2026, the Company, at its option, may redeem the Series A Preferred Shares, in whole or from time to time in part, by paying $25.00 per Depositary Share, plus any accrued and unpaid dividends. Upon the occurrence of a change in control of the Company, if the Company does not otherwise redeem the Series A Preferred Shares, the holders have a right to convert their shares into common stock of

F-26

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

the Company at the $25.00 per share liquidation value, plus any accrued and unpaid dividends. This conversion value is limited by a share cap if the Company’s stock price falls below a certain threshold.

​

ATM Programs

The Company enters into ATM programs through which the Company, from time to time, sells shares of common stock and enters into forward sale agreements. The results of ATM programs entered into during 2020 and 2021 are shown in the following table. These ATM programs have been terminated and no future issuances will occur under them.

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Net Proceeds Received
Program Year | ​ | Size ($ million) | ​ | Shares Issued | ​ | ($ million)
2020 | ​ | $400.0 | ​ | 3,334,056 | ​ | $209.5
2021 | ​ | $500.0 | ​ | 5,453,975 | ​ | $379.1

​

In September 2022, the Company entered into a new $750 million ATM program (the “2022 ATM Program”) through which the Company, from time to time, may sell shares of common stock and/or enter into forward sale agreements. As of December 31, 2022, the Company entered into forward sale agreements to sell an aggregate of 4,350,232 shares of common stock under the 2022 ATM Program, for anticipated net proceeds of $300.9 million. The Company has settled 245,591 shares of these forward sale agreements as of December 31, 2022 for net proceeds of approximately $18.1 million, after deducting fees and expense. The Company is required to settle the remaining outstanding shares of common stock under the 2022 ATM Program by various dates between November and December 2023. After considering the 4,350,232 shares of common stock subject to forward sale agreements issued under the 2022 ATM Program, the Company had approximately $446.6 million of availability remaining under this program as of December 31, 2022.

Note 7 – Dividends and Distributions Payable

The Company declared dividends per common share of $2.805, $2.604 and $2.405 per share during the years ended December 31, 2022, 2021, and 2020; the dividends have been reflected for federal income tax purposes as follows:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Year Ended December 31, |  | 2022 |  | 2021 |  | 2020
Ordinary Income | ​ | $ | 2.518 | ​ | $ | 2.398 | ​ | $ | 1.928
Return of Capital | ​ |  | 0.287 | ​ |  | 0.206 | ​ |  | 0.477
Total | ​ | $ | 2.805 | ​ | $ | 2.604 | ​ | $ | 2.405

​

On December 13, 2022, the Company declared a dividend per common share of $0.24 per share for the month ended December 31, 2022. The holders of Operating Partnership Common Units are entitled to an equal distribution per Operating Partnership Unit held. The monthly common dividend for December 2022 has been reflected as a reduction of stockholders’ equity and the distribution has been reflected as a reduction of the limited partners’ non-controlling interest. This dividend was paid on January 13, 2023.

The Company declared dividends of $1.0625 per Depositary Share during the year ended December 31, 2022 and $0.30695 per Depositary Share during the year ended December 31, 2021, covering the periods subsequent to the September 2021 preferred stock issuance date (see Note 6- Common and Preferred Stock). These dividends were reflected entirely as ordinary income for federal income tax purposes.

On December 13, 2022, the Company declared a dividend of $0.08854 per Depositary Share for the month ended December 31, 2022. This monthly preferred dividend has been reflected as a reduction of stockholders’ equity and was paid on January 3, 2023.

F-27

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

Note 8 – Income Taxes

Uncertain Tax Positions

The Company is subject to the provisions of Financial Accounting Standards Board ASC Topic 740-10 (“ASC 740-10”) and has analyzed its various federal and state filing positions. The Company believes that its income tax filing positions and deductions are documented and supported. Additionally, the Company believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to ASC 740-10. The Company’s federal income tax returns are open for examination by taxing authorities for all tax years after December 31, 2018. The Company has elected to record related interest and penalties, if any, as income tax expense on the Consolidated Statements of Operations and Comprehensive Income. We have no material interest or penalties relating to income taxes recognized for years ended December 31, 2022, 2021, and 2020.

Income Tax Expense

During the years ended December 31, 2022, 2021, and 2020, the Company recognized net federal and state income tax expense of approximately $2.9 million, $2.4 million and $1.1 million, respectively. The income tax expense recorded in 2021 includes additional tax expense of approximately $0.5 million relating to the true-up of 2020 expense, recognized upon filing of the annual tax returns.

Note 9 – Derivative Instruments and Hedging Activity

Background

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risk, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and, to a limited extent, the use of derivative instruments. For additional information regarding the leveling of the Company’s derivatives, refer to Note 10 – Fair Value Measurements.

The Company’s objective in using interest rate derivatives is to manage its exposure to interest rate movements and add stability to interest expense. To accomplish this objective, the Company uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the life of the agreement without exchange of the underlying notional amount.

2021 Settlements - Hedging 2021 Debt Issuances

In August 2020, the Company entered into forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $100 million of long-term debt. The Company hedged its exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending February 2022. In May 2021, the Company terminated the swap agreements upon the debt issuance, receiving $8.0 million upon termination. This settlement was included as a component of accumulated OCI, to be recognized as an adjustment to income over the term of the debt.

In December 2020, the Company entered into forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $100 million of long-term debt. The Company hedged its exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending February 2022. In May 2021, the Company terminated the swap agreements upon the debt issuance, receiving $5.6 million upon termination. This settlement was included as a component of accumulated OCI, to be recognized as an adjustment to income over the term of the debt.

F-28

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

In February 2021, the Company entered into forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $100 million of long-term debt. The Company hedged its exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending February 2022. In May 2021, the Company terminated the swap agreements upon the debt issuance, receiving $3.1 million upon termination. This settlement was included as a component of accumulated OCI, to be recognized as an adjustment to income over the term of the debt.

2022 Settlements - Hedging 2022 Debt Issuances

In May and July 2021, the Company entered into forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $300 million of long-term debt. The Company hedged its exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending December 2022. In August 2022, the Company terminated the swap agreements upon the debt issuance, receiving $28.4 million upon termination. This settlement was included as a component of accumulated OCI, to be recognized as an adjustment to income over the term of the debt.

2021 Settlements – Extinguishment of Term Loans

Prior to May 2021, the Company had entered interest rate swap agreements to hedge against future cash flows on variable-rate borrowings. These interest rate swap agreements were settled in May 2021. The Company incurred a charge of $14.6 million upon this repayment and settlement, including swap termination costs of $13.4 million and the write-off of previously unamortized debt issuance costs of $1.2 million. Details of the interest rate swaps and related terminations is as follows:

In July 2014, the Company entered into interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates on $65 million in variable-rate borrowings. Under the terms of the interest rate swap agreements, the Company received from the counterparty interest on the notional amount based on one month LIBOR and paid to the counterparty a fixed rate of 2.09%. These swaps effectively converted $65 million of variable-rate borrowings to fixed-rate borrowings from July 21, 2014 to July 21, 2021. In May 2021, the Company terminated the swap agreements upon the payoff of the related term loan, paying $0.3 million upon termination. This settlement was recognized as an expense during the year ended December 31, 2021.

In June 2016, the Company entered into an interest rate swap agreement to hedge against changes in future cash flows resulting from changes in interest rates on $40 million in variable-rate borrowings. Under the terms of the interest rate swap agreement, the Company received from the counterparty interest on the notional amount based on one month LIBOR and paid to the counterparty a fixed rate of 1.40%. This swap effectively converted $40 million of variable-rate borrowings to fixed-rate borrowings from August 1, 2016 to July 1, 2023. In May 2021, the Company terminated the swap agreements upon the payoff of the related term loan, paying $1.0 million upon termination. This settlement was recognized as an expense during the year ended December 31, 2021.

In December 2018, the Company entered into interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates on $100 million in variable-rate borrowings. Under the terms of the interest rate swap agreements, the Company received from the counterparty interest on the notional amount based on one month LIBOR and paid to the counterparty a fixed rate of 2.66%. These swaps effectively converted $100 million of variable-rate borrowings to fixed-rate borrowings from December 27, 2018 to January 15, 2026. In May 2021, the Company terminated the swap agreements upon the payoff of the related term loan, paying $9.2 million upon termination. This settlement was recognized as an expense during the year ended December 31, 2021.

In October 2019, the Company entered into interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates on $65 million in variable-rate borrowings. Under the terms of the interest rate swap agreements, the Company received from the counterparty interest on the notional amount based on one month LIBOR and paid to the counterparty a fixed rate of 1.4275%. This swap effectively converted $65 million of variable-rate

F-29

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

borrowings to fixed-rate borrowings from July 12, 2021 to January 12, 2024. In May 2021, the Company terminated the swap agreements upon the payoff of the related term loan, paying $1.8 million upon termination. This settlement was recognized as an expense during the year ended December 31, 2021.

Also, in October 2019, the Company entered into an interest rate swap agreement to hedge against changes in future cash flows resulting from changes in interest rates on $35 million in variable-rate borrowings. Under the terms of the interest rate swap agreement, the Company receives from the counterparty interest on the notional amount based on one month LIBOR and pays to the counterparty a fixed rate of 1.4265%. This swap effectively converted $35 million of variable-rate borrowings to fixed-rate borrowings from September 29, 2020 to January 12, 2024. In May 2021, the Company terminated the swap agreements upon the payoff of the related term loan, paying $1.1 million upon termination. This settlement was recognized as an expense during the year ended December 31, 2021.

Recognition

The Company recognizes all derivative instruments as either assets or liabilities at fair value on the balance sheet. The Company recognizes its derivatives within Other Assets, net and Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Balance Sheets.

The Company recognizes all changes in fair value for hedging instruments designated and qualifying for cash flow hedge accounting treatment as a component of Other Comprehensive Income (OCI).

Accumulated OCI relates to (i) the change in fair value of forward-starting interest rate derivatives and (ii) realized gains or losses on settled derivative instruments. The realized gains or losses on settled derivative instruments are recognized as an adjustment to interest expense over the term of the hedged debt transaction. During the next twelve months, the Company estimates that an additional $2.5 million will be reclassified as an increase to interest expense.

During 2021, the Company accelerated the reclassification of amounts in accumulated OCI into expense given that the hedged forecasted transactions were no longer likely to occur. During 2021, the Company accelerated a loss of $13.4 million out of OCI into earnings due to missed forecasted transactions associated with terminated swap agreements in connection with the early payoff of the hedged term loans (see 2021 Settlements – Extinguishment of Term Loans above).

​

The Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (presented in thousands, except number of instruments):

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of Instruments 1 | ​ | Notional 1
​ | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31,
Interest Rate Derivatives |  | 2022 |  | 2021 |  | 2022 |  | 2021
Interest rate swap |  | — |  | 3 | ​ | $ | — | ​ | $ | 300,000

​

(1) Number of Instruments and total Notional disclosed includes all interest rate swap agreements outstanding at the balance sheet date, including forward-starting swaps prior to their effective date.

The table below presents the estimated fair value of the Company’s derivative financial instruments as well as their classification in the Consolidated Balance Sheets (presented in thousands).

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Asset Derivatives
​ | ​ | December 31, 2022 | ​ | December 31, 2021
​ |  | Fair Value |  | Fair Value
Derivatives designated as cash flow hedges: |  | ​ |  |  | ​ |
Other Assets, net | ​ | $ | — | ​ | $ | 1,868

​

F-30

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Liability Derivatives
​ | ​ | December 31, 2022 | ​ | December 31, 2021
​ |  | Fair Value |  | Fair Value
Derivatives designated as cash flow hedges: |  | ​ |  |  | ​ |
Accounts Payable, Accrued Expenses, and Other Liabilities | ​ | $ | — | ​ | $ | 3,335

​

The table below presents the effect of the Company’s derivative financial instruments in the Consolidated Statements of Operations and Other Comprehensive Income for the years ended December 31, 2022, 2021, and 2020 (presented in thousands).

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Location of Income/(Loss) | ​ | Amount of Income/(Loss)
​ | Amount of Income/(Loss) Recognized | ​ | Reclassified from Accumulated | ​ | Reclassified from Accumulated
​ | in OCI on Derivative | ​ | OCI into Income | ​ | OCI into Expense
Year Ended December 31, | 2022 |  | 2021 |  | 2020 |  | ​ | ​ | 2022 |  | 2021 |  | 2020
Interest rate swaps | $ | 29,881 | ​ | $ | 14,958 | ​ | $ | (34,558) | ​ | Interest expense | ​ | $ | (684) | ​ | $ | 15,973 | ​ | $ | 4,562
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Loss on extinguishment of debt and settlement of related hedges | ​ | $ | — | ​ | $ | 13,363 | ​ | $ | —

​

The Company does not use derivative instruments for trading or other speculative purposes and did not have any other derivative instruments or hedging activities as of December 31, 2022.

Credit Risk-Related Contingent Features

The Company has agreements with its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness.

As of December 31, 2022, the Company had no derivatives outstanding.

Although the derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both the Company and its counterparties under certain situations, the Company does not net its derivative fair values or any existing rights or obligations to cash collateral on the Consolidated Balance Sheets.

The table below presents a gross presentation of the effects of offsetting and a net presentation of the Company’s derivatives as of December 31, 2022 and December 31, 2021. The gross amounts of derivative assets or liabilities can be reconciled to the Tabular Disclosure of Fair Values of Derivative Instruments above, which also provides the location that derivative assets and liabilities are presented on the Consolidated Balance Sheets (presented in thousands):

F-31

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

Offsetting of Derivative Assets
As of December 31, 2022

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross Amounts |  | Net Amounts of | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Offset in the | ​ | Assets presented | ​ | Gross Amounts Not Offset in the
​ | ​ | Gross Amounts |  | Statement of | ​ | in the Statement | ​ | Statement of Financial Position
​ | ​ | of Recognized | ​ | Financial | ​ | of Financial |  | Financial |  | Cash Collateral | ​ | ​ | ​
​ |  | Assets |  | Position |  | Position |  | Instruments |  | Received |  | Net Amount
Derivatives | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —

​

Offsetting of Derivative Liabilities
As of December 31, 2022

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Net Amounts of | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | Gross Amounts |  | Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | Offset in the |  | presented in the |  | Gross Amounts Not Offset in the
​ |  | Gross Amounts |  | Statement of |  | Statement of |  | Statement of Financial Position
​ |  | of Recognized |  | Financial |  | Financial |  | Financial |  | Cash Collateral | ​ | ​ | ​
​ |  | Liabilities |  | Position |  | Position |  | Instruments |  | Posted |  | Net Amount
Derivatives | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —

​

Offsetting of Derivative Assets
As of December 31, 2021

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross Amounts | ​ | Net Amounts of | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | Offset in the |  | Assets presented |  | Gross Amounts Not Offset in the
​ |  | Gross Amounts |  | Statement of |  | in the Statement |  | Statement of Financial Position
​ |  | of Recognized |  | Financial |  | of Financial |  | Financial |  | Cash Collateral | ​ | ​ | ​
​ |  | Assets |  | Position |  | Position |  | Instruments |  | Received |  | Net Amount
Derivatives | ​ | $ | 1,868 | ​ | $ | — | ​ | $ | 1,868 | ​ | $ | (1,679) | ​ | $ | — | ​ | $ | 189

​

Offsetting of Derivative Liabilities
As of December 31, 2021

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Net Amounts of | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | Gross Amounts |  | Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | Offset in the |  | presented in the |  | Gross Amounts Not Offset in the
​ |  | Gross Amounts |  | Statement of |  | Statement of |  | Statement of Financial Position
​ |  | of Recognized |  | Financial |  | Financial |  | Financial |  | Cash Collateral | ​ | ​ | ​
​ |  | Liabilities |  | Position |  | Position |  | Instruments |  | Posted |  | Net Amount
Derivatives | ​ | $ | 3,335 | ​ | $ | — | ​ | $ | 3,335 | ​ | $ | (1,679) | ​ | $ | — | ​ | $ | 1,656

​

​

F-32

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

Note 10 – Fair Value Measurements

Assets and Liabilities Measured at Fair Value

The Company accounts for fair values in accordance with ASC 820. ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the standard does not require any new fair value measurements of reported balances.

ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls, is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

Derivative Financial Instruments

The Company uses interest rate swap agreements to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves.

To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2021, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

F-33

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and December 31, 2021 (presented in thousands):

​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Total Fair Value |  | Level 2
December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​
Derivative assets - interest rate swaps | ​ | $ | — | ​ | $ | —
Derivative liabilities - interest rate swaps | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​
Derivative assets - interest rate swaps | ​ | $ | 1,868 | ​ | $ | 1,868
Derivative liabilities - interest rate swaps | ​ | $ | 3,335 | ​ | $ | 3,335

​

Other Financial Instruments

The carrying values of cash and cash equivalents, cash held in escrow, receivables and accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short maturity of these financial instruments.

The Company estimated the fair value of its debt based on its incremental borrowing rates for similar types of borrowing arrangements with the same remaining maturity and on the discounted estimated future cash payments to be made for other debt. The discount rate used to calculate the fair value of debt approximates current lending rates for loans and assumes the debt is outstanding through maturity. Since such amounts are estimates that are based on limited available market information for similar transactions, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument.

The Company determined that the valuation of its Senior Unsecured Notes and Revolving Credit Facility are classified as Level 2 of the fair value hierarchy and its fixed rate mortgages are classified as Level 3 of the fair value hierarchy. The Senior Unsecured Notes had carrying values of $1.79 billion and $1.50 billion as of December 31, 2022 and 2021, respectively, and had fair values of approximately $1.54 billion and $1.57 billion, respectively. The Revolving Credit Facility’s fair value is estimated to be equal to the carrying value of $100.0 million and $160.0 million as of December 31, 2022 and 2021, respectively. The Mortgage Notes Payable had carrying values of $48.0 million and $32.4 million as of December 31, 2022 and 2021, respectively, and had fair values of $45.4 million and $33.9 million as of those dates.

Note 11 – Equity Incentive Plan

In May 2020, the Company’s stockholders approved the Agree Realty Corporation 2020 Omnibus Incentive Plan (the “2020 Plan”), which replaced the Agree Realty Corporation 2014 Omnibus Equity Incentive Plan (the “2014 Plan”). The 2020 Plan provides for the award to employees, directors and consultants of the Company of options, restricted stock, restricted stock units, stock appreciation rights, performance awards (which may take the form of performance units or performance shares) and other awards to acquire up to an aggregate of 700,000 shares of the Company’s common stock. All subsequent awards of equity or equity rights will be granted under the 2020 Plan, and no further awards will be made under the 2014 Plan. As of December 31, 2022, 333,048 shares of common stock were available for issuance under the 2020 Plan.

Restricted Stock - Employees

Restricted shares have been granted to certain employees.

The holder of a restricted share award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. The restricted shares vest over a five-year period based on continued service to the Company.

The Company estimates the fair value of restricted share grants at the date of grant and amortizes those amounts into expense on a straight-line basis or amount vested, if greater, over the appropriate vesting period. During 2022, 2021, and

F-34

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

2020 the Company recognized $3.9 million, $3.5 million and $3.2 million, respectively, of expense relating to restricted share grants.

As of December 31, 2022, there was $9.2 million of unrecognized compensation costs related to the outstanding restricted shares, which is expected to be recognized over a weighted average period of 3.3 years. The Company used 0% for the forfeiture rate for determining the fair value of restricted stock. The intrinsic value of restricted shares redeemed was $1.9 million, $1.8 million and $1.6 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Restricted share activity is summarized as follows:

​ | ​ | ​ | ​ | ​ | ​
​ |  | Shares |  | Weighted Average
​ | ​ | Outstanding | ​ | Grant Date
​ | ​ | (in thousands) | ​ | Fair Value
Unvested restricted stock at December 31, 2019 |  | 194 | ​ | $ | 50.71
​ | ​ | ​ | ​ | ​ | ​
Restricted stock granted |  | 52 | ​ | $ | 78.43
Restricted stock vested |  | (68) | ​ | $ | 45.78
Restricted stock forfeited |  | (3) | ​ | $ | 63.80
​ | ​ | ​ | ​ | ​ | ​
Unvested restricted stock at December 31, 2020 |  | 175 | ​ | $ | 60.53
​ | ​ | ​ | ​ | ​ | ​
Restricted stock granted |  | 87 | ​ | $ | 65.23
Restricted stock vested |  | (64) | ​ | $ | 53.82
Restricted stock forfeited |  | (23) | ​ | $ | 63.88
​ | ​ | ​ | ​ | ​ | ​
Unvested restricted stock at December 31, 2021 |  | 175 | ​ | $ | 64.90
​ | ​ | ​ | ​ | ​ | ​
Restricted stock granted |  | 81 | ​ | $ | 63.10
Restricted stock vested | ​ | (63) | ​ | $ | 60.84
Restricted stock forfeited |  | (10) | ​ | $ | 65.12
​ | ​ | ​ | ​ | ​ | ​
Unvested restricted stock at December 31, 2022 |  | 183 | ​ | $ | 65.46

​

Performance Units and Shares

Performance units were granted to certain executive officers during the years ended December 31, 2022, 2021, and 2020, while performance shares were granted prior to those years. Performance units or shares are subject to a three-year performance period, at the conclusion of which shares awarded are to be determined by the Company’s total shareholder return (“TSR”) compared to the constituents of the MSCI US REIT Index and a defined peer group. 50% of the award is based upon the TSR percentile rank versus the constituents in the MSCI US REIT Index for the three-year performance period; and 50% of the award is based upon TSR percentile rank versus a specified net lease peer group for the three-year performance period. Vesting of the performance units and shares following their issuance will occur ratably over a three-year period, with the initial vesting occurring immediately following the conclusion of the performance period such that all units and shares vest within five years of the original award date.

The grant date fair value of these awards is determined using a Monte Carlo simulation pricing model and compensation expense is amortized on an attribution method over a five-year period. Compensation expense related to performance units or shares is determined at the grant date and is not adjusted throughout the measurement or vesting periods.

F-35

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

The Monte Carlo simulation pricing model for issued grants utilizes the following assumptions: (i) expected term (equal to the remaining performance measurement period at the grant date); (ii) volatility (based on historical volatility); and (iii) risk-free rate (interpolated based on 2-and 3- year rates). The Company used 0% for the forfeiture rate for determining the fair value of performance units and shares.

The following assumptions were used when determining the grant date fair value:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | 2022 | ​ | 2021 | ​ | 2020
Expected term (years) | ​ | ​ | 2.9 | ​ | ​ | 2.9 | ​ | ​ | 2.9 | ​
Volatility | ​ | ​ | 33.5 | % | ​ | 33.9 | % | ​ | 18.4 | %
Risk-free rate | ​ | ​ | 1.8 | % | ​ | 0.2 | % | ​ | 1.3 | %

​

The Company recognized expense related to performance units and shares for which the three-year performance period has not been completed of $1.5 million, $1.2 million and $1.5 million for the years ended December 31, 2022, 2021, and 2020, respectively. As of December 31, 2022, there was $3.3 million of total unrecognized compensation costs related to performance units and shares for which the three-year performance period has not yet been completed, which is expected to be recognized over a weighted average period of 3.1 years.

The Company recognized expense related to performance units and shares for which the three-year performance period was completed of $0.4 million and $0.2 million for the years ending December 31, 2022 and 2021, respectively. As of December 31, 2022, there was $0.2 million of total unrecognized compensation costs related to performance units and shares for which the three-year performance period has been completed, which is expected to be recognized over a weighted average period of 0.9 years.

F-36

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

Performance unit and share activity is summarized as follows:

​ | ​ | ​ | ​ | ​ | ​
​ |  | Target Number |  | Weighted Average
​ | ​ | of Awards | ​ | Grant Date
​ | ​ | (in thousands) | ​ | Fair Value
Performance units and shares at December 31, 2019 - three-year performance period to be completed |  | 61 | ​ | $ | 61.04
​ | ​ | ​ | ​ | ​ | ​
Performance units granted | ​ | 26 | ​ | $ | 90.17
​ | ​ | ​ | ​ | ​ | ​
Performance units and shares at December 31, 2020 - three-year performance period to be completed |  | 87 | ​ | $ | 69.61
​ | ​ | ​ | ​ | ​ | ​
Performance units granted |  | 43 | ​ | $ | 63.42
Performance units and shares at December 31, 2021 - three-year performance period completed |  | (31) | ​ | $ | 55.29
Performance units and shares forfeited |  | (21) | ​ | $ | 68.79
​ | ​ | ​ | ​ | ​ | ​
Performance units and shares at December 31, 2021 - three-year performance period to be completed | ​ | 78 | ​ | $ | 72.13
​ | ​ | ​ | ​ | ​ | ​
Performance units granted | ​ | 34 | ​ | $ | 68.59
Performance units and shares at December 31, 2022- three-year performance period completed | ​ | (27) | ​ | $ | 66.96
​ | ​ | ​ | ​ | ​ | ​
Performance units and shares at December 31, 2022 - three-year performance period to be completed | ​ | 85 | ​ | $ | 72.27
​ |  | ​ | ​ | ​ | ​

​

​

​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Shares |  | Weighted Average
​ | ​ | Outstanding | ​ | Grant Date
​ | ​ | (in thousands) | ​ | Fair Value
Performance shares - three-year performance period completed but not yet vested at December 31, 2020 |  | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​
Shares earned at completion of three-year performance period (1) |  | 47 | ​ | $ | 55.29
Shares vested | ​ | (16) | ​ | $ | 55.29
Shares forfeited |  | (4) | ​ | $ | 55.29
​ | ​ | ​ | ​ | ​ | ​
Performance shares - three-year performance period completed but not yet vested December 31, 2021 | ​ | 27 | ​ | $ | 55.29
​ | ​ | ​ | ​ | ​ | ​
Shares earned at completion of three-year performance period (2) |  | 28 | ​ | $ | 66.96
Shares vested | ​ | (23) | ​ | $ | 59.91
​ | ​ | ​ | ​ | ​ | ​
Performance shares - three-year performance period completed but not yet vested December 31, 2022 | ​ | 32 | ​ | $ | 61.91
​ | ​ | ​ | ​ | ​ | ​
(1)Performance shares granted in 2018 for which the three-year performance period was completed in 2021 paid out at the 150% performance level
(2)Performance shares granted in 2019 for which the three-year performance period was completed in 2022 paid out at the 106% performance level

​

​

F-37

Table of Contents

| 8
Agree Realty Corporation | Notes to Consolidated Financial Statements
| December 31, 2022

​

​

Restricted Stock - Directors

​

During the year ended December 31, 2022, 10,636 restricted shares were granted to independent members of the Company’s board of directors at a weighted average grant date fair value of $62.62 per share.

​

The holder of a restricted share award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. The restricted shares granted to independent members of the board vested over the 2022 calendar year commensurate with the board members’ annual services to the Company.

​

The Company estimates the fair value of board members’ restricted share grants at the date of grant and amortizes those amounts into expense on a straight-line basis over the one-year vesting period. The Company recognized expense relating to restricted share grants to the board members of $0.7 million for the year ended December 31, 2022.

​

The Company used 0% for the forfeiture rate for determining the fair value of this restricted stock.

​

​

​

​

​

Note 12 – Commitments and Contingencies

In the ordinary course of business, we are party to various legal actions which we believe are routine in nature and incidental to the operation of our business. We believe that the outcome of the proceedings will not have a material adverse effect upon our consolidated financial position or results of operations.

Note 13 – Subsequent Events

In connection with the preparation of its financial statements, the Company has evaluated events that occurred subsequent to December 31, 2022 through the date on which these financial statements were issued to determine whether any of these events required adjustment to or disclosure in the financial statements.

​

There were no reportable subsequent events or transactions.

​

​

F-38

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​

​

6

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Real Estate Held for Investment |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  |  |  |
Borman Center, MI | ​ | ​ | — | ​ | ​ | 550,000 | ​ | ​ | 562,404 | ​ | ​ | 1,087,596 | ​ | ​ | 550,000 | ​ | ​ | 1,650,000 | ​ | ​ | 2,200,000 | ​ | ​ | 1,650,000 | ​ | 1977 | ​ | 40 Years
Capital Plaza, KY | ​ | ​ | — | ​ | ​ | 7,379 | ​ | ​ | 2,240,607 | ​ | ​ | 8,812,549 | ​ | ​ | 7,379 | ​ | ​ | 11,053,156 | ​ | ​ | 11,060,535 | ​ | ​ | 1,965,182 | ​ | 1978 | ​ | 40 Years
Grayling Plaza, MI | ​ | ​ | — | ​ | ​ | 200,000 | ​ | ​ | 1,778,657 | ​ | ​ | 143,997 | ​ | ​ | 200,000 | ​ | ​ | 1,922,654 | ​ | ​ | 2,122,654 | ​ | ​ | 1,676,490 | ​ | 1984 | ​ | 40 Years
Omaha Store, NE | ​ | ​ | — | ​ | ​ | 150,000 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 150,000 | ​ | ​ | — | ​ | ​ | 150,000 | ​ | ​ | — | ​ | 1995 | ​ | ​
Wichita Store, KS | ​ | ​ | — | ​ | ​ | 1,039,195 | ​ | ​ | 1,690,644 | ​ | ​ | 451,090 | ​ | ​ | 1,139,677 | ​ | ​ | 2,041,252 | ​ | ​ | 3,180,929 | ​ | ​ | 1,078,952 | ​ | 1995 | ​ | 40 Years
Monroeville, PA | ​ | ​ | — | ​ | ​ | 6,332,158 | ​ | ​ | 2,249,724 | ​ | ​ | (2,067,098) | ​ | ​ | 3,153,890 | ​ | ​ | 3,360,894 | ​ | ​ | 6,514,784 | ​ | ​ | 1,553,995 | ​ | 1996 | ​ | 40 Years
Boynton Beach, FL | ​ | ​ | — | ​ | ​ | 1,534,942 | ​ | ​ | 2,043,122 | ​ | ​ | 3,717,733 | ​ | ​ | 1,534,942 | ​ | ​ | 5,760,855 | ​ | ​ | 7,295,797 | ​ | ​ | 2,466,616 | ​ | 1996 | ​ | 40 Years
Chesterfield Township, MI | ​ | ​ | — | ​ | ​ | 1,350,590 | ​ | ​ | 1,757,830 | ​ | ​ | (46,164) | ​ | ​ | 1,350,590 | ​ | ​ | 1,711,666 | ​ | ​ | 3,062,256 | ​ | ​ | 1,048,977 | ​ | 1998 | ​ | 40 Years
Pontiac, MI | ​ | ​ | — | ​ | ​ | 1,144,190 | ​ | ​ | 1,808,955 | ​ | ​ | (90,189) | ​ | ​ | 1,144,190 | ​ | ​ | 1,718,766 | ​ | ​ | 2,862,956 | ​ | ​ | 1,034,771 | ​ | 1998 | ​ | 40 Years
Mt Pleasant Shopping Ctr, MI | ​ | ​ | — | ​ | ​ | 907,600 | ​ | ​ | 8,081,968 | ​ | ​ | 11,251,877 | ​ | ​ | 1,874,745 | ​ | ​ | 18,366,700 | ​ | ​ | 20,241,445 | ​ | ​ | 5,590,558 | ​ | 1998 | ​ | 40 Years
Rochester, MI | ​ | ​ | — | ​ | ​ | 2,438,740 | ​ | ​ | 2,188,050 | ​ | ​ | 23,358 | ​ | ​ | 2,438,740 | ​ | ​ | 2,211,408 | ​ | ​ | 4,650,148 | ​ | ​ | 1,287,020 | ​ | 1999 | ​ | 40 Years
Ypsilanti, MI | ​ | ​ | — | ​ | ​ | 2,050,000 | ​ | ​ | 2,222,097 | ​ | ​ | (3,494,709) | ​ | ​ | 777,388 | ​ | ​ | — | ​ | ​ | 777,388 | ​ | ​ | — | ​ | 1999 | ​ | ​
Petoskey, MI | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,332,473 | ​ | ​ | 2,020,905 | ​ | ​ | 2,015,626 | ​ | ​ | 2,337,752 | ​ | ​ | 4,353,378 | ​ | ​ | 1,322,416 | ​ | 2000 | ​ | 40 Years
Flint, MI | ​ | ​ | — | ​ | ​ | 1,477,680 | ​ | ​ | 2,241,293 | ​ | ​ | 99,920 | ​ | ​ | 1,477,680 | ​ | ​ | 2,341,213 | ​ | ​ | 3,818,893 | ​ | ​ | 1,230,805 | ​ | 2001 | ​ | 40 Years
New Baltimore, MI | ​ | ​ | — | ​ | ​ | 1,250,000 | ​ | ​ | 2,285,781 | ​ | ​ | 9,231 | ​ | ​ | 1,250,000 | ​ | ​ | 2,295,012 | ​ | ​ | 3,545,012 | ​ | ​ | 1,213,178 | ​ | 2001 | ​ | 40 Years
Flint, MI | ​ | ​ | 1,435,925 | ​ | ​ | 1,729,851 | ​ | ​ | 1,798,091 | ​ | ​ | 660 | ​ | ​ | 1,729,851 | ​ | ​ | 1,798,751 | ​ | ​ | 3,528,602 | ​ | ​ | 931,190 | ​ | 2002 | ​ | 40 Years
Indianapolis, IN | ​ | ​ | — | ​ | ​ | 180,000 | ​ | ​ | 1,117,617 | ​ | ​ | 108,551 | ​ | ​ | 180,000 | ​ | ​ | 1,226,168 | ​ | ​ | 1,406,168 | ​ | ​ | 620,946 | ​ | 2002 | ​ | 40 Years
Flint, MI | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 471,272 | ​ | ​ | (201,809) | ​ | ​ | — | ​ | ​ | 269,463 | ​ | ​ | 269,463 | ​ | ​ | 233,486 | ​ | 2003 | ​ | 40 Years
Canton Twp, MI | ​ | ​ | — | ​ | ​ | 1,550,000 | ​ | ​ | 2,132,096 | ​ | ​ | 23,021 | ​ | ​ | 1,550,000 | ​ | ​ | 2,155,117 | ​ | ​ | 3,705,117 | ​ | ​ | 1,028,118 | ​ | 2003 | ​ | 40 Years
Flint, MI | ​ | ​ | 1,664,211 | ​ | ​ | 1,537,400 | ​ | ​ | 1,961,674 | ​ | ​ | — | ​ | ​ | 1,537,400 | ​ | ​ | 1,961,674 | ​ | ​ | 3,499,074 | ​ | ​ | 923,702 | ​ | 2004 | ​ | 40 Years
Albion, NY | ​ | ​ | — | ​ | ​ | 1,900,000 | ​ | ​ | 3,037,864 | ​ | ​ | — | ​ | ​ | 1,900,000 | ​ | ​ | 3,037,864 | ​ | ​ | 4,937,864 | ​ | ​ | 1,376,537 | ​ | 2004 | ​ | 40 Years
Flint, MI | ​ | ​ | 1,272,314 | ​ | ​ | 1,029,000 | ​ | ​ | 2,165,463 | ​ | ​ | (6,666) | ​ | ​ | 1,029,000 | ​ | ​ | 2,158,797 | ​ | ​ | 3,187,797 | ​ | ​ | 978,161 | ​ | 2004 | ​ | 40 Years
Boynton Beach, FL | ​ | ​ | — | ​ | ​ | 1,569,000 | ​ | ​ | 2,363,524 | ​ | ​ | 3,943,404 | ​ | ​ | 1,569,000 | ​ | ​ | 6,306,928 | ​ | ​ | 7,875,928 | ​ | ​ | 1,647,399 | ​ | 2004 | ​ | 40 Years
Roseville, MI | ​ | ​ | — | ​ | ​ | 1,771,000 | ​ | ​ | 2,327,052 | ​ | ​ | 395 | ​ | ​ | 1,771,000 | ​ | ​ | 2,327,447 | ​ | ​ | 4,098,447 | ​ | ​ | 996,348 | ​ | 2005 | ​ | 40 Years
Mt Pleasant, MI | ​ | ​ | — | ​ | ​ | 1,075,000 | ​ | ​ | 1,432,390 | ​ | ​ | 4,787 | ​ | ​ | 1,075,000 | ​ | ​ | 1,437,177 | ​ | ​ | 2,512,177 | ​ | ​ | 613,779 | ​ | 2005 | ​ | 40 Years
N Cape May, NJ | ​ | ​ | — | ​ | ​ | 1,075,000 | ​ | ​ | 1,430,092 | ​ | ​ | 495 | ​ | ​ | 1,075,000 | ​ | ​ | 1,430,587 | ​ | ​ | 2,505,587 | ​ | ​ | 610,975 | ​ | 2005 | ​ | 40 Years
Summit Twp, MI | ​ | ​ | — | ​ | ​ | 998,460 | ​ | ​ | 1,336,357 | ​ | ​ | 12,686 | ​ | ​ | 998,460 | ​ | ​ | 1,349,043 | ​ | ​ | 2,347,503 | ​ | ​ | 549,549 | ​ | 2006 | ​ | 40 Years
Barnesville, GA | ​ | ​ | — | ​ | ​ | 932,500 | ​ | ​ | 2,091,514 | ​ | ​ | 5,490 | ​ | ​ | 932,500 | ​ | ​ | 2,097,004 | ​ | ​ | 3,029,504 | ​ | ​ | 797,268 | ​ | 2007 | ​ | 40 Years
East Lansing, MI | ​ | ​ | — | ​ | ​ | 240,000 | ​ | ​ | 54,531 | ​ | ​ | (54,531) | ​ | ​ | 240,000 | ​ | ​ | — | ​ | ​ | 240,000 | ​ | ​ | — | ​ | 2007 | ​ | ​
Macomb Township, MI | ​ | ​ | — | ​ | ​ | 424,222 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 424,222 | ​ | ​ | — | ​ | ​ | 424,222 | ​ | ​ | — | ​ | 2008 | ​ | ​
Brighton, MI | ​ | ​ | — | ​ | ​ | 1,365,000 | ​ | ​ | 2,802,036 | ​ | ​ | 5,615 | ​ | ​ | 1,365,000 | ​ | ​ | 2,807,651 | ​ | ​ | 4,172,651 | ​ | ​ | 970,901 | ​ | 2009 | ​ | 40 Years
Southfield, MI | ​ | ​ | 1,483,000 | ​ | ​ | 1,200,000 | ​ | ​ | 125,616 | ​ | ​ | 2,063 | ​ | ​ | 1,200,000 | ​ | ​ | 127,679 | ​ | ​ | 1,327,679 | ​ | ​ | 42,153 | ​ | 2009 | ​ | 40 Years
Atchison, KS | ​ | ​ | — | ​ | ​ | 943,750 | ​ | ​ | 3,021,672 | ​ | ​ | — | ​ | ​ | 823,170 | ​ | ​ | 3,142,252 | ​ | ​ | 3,965,422 | ​ | ​ | 980,445 | ​ | 2010 | ​ | 40 Years
Johnstown, OH | ​ | ​ | — | ​ | ​ | 485,000 | ​ | ​ | 2,799,502 | ​ | ​ | — | ​ | ​ | 485,000 | ​ | ​ | 2,799,502 | ​ | ​ | 3,284,502 | ​ | ​ | 874,846 | ​ | 2010 | ​ | 40 Years
Lake in the Hills, IL | ​ | ​ | — | ​ | ​ | 2,135,000 | ​ | ​ | 3,328,560 | ​ | ​ | — | ​ | ​ | 1,690,000 | ​ | ​ | 3,773,560 | ​ | ​ | 5,463,560 | ​ | ​ | 1,173,677 | ​ | 2010 | ​ | 40 Years
Concord, NC | ​ | ​ | — | ​ | ​ | 7,676,305 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,676,305 | ​ | ​ | — | ​ | ​ | 7,676,305 | ​ | ​ | — | ​ | 2010 | ​ | ​
Antioch, IL | ​ | ​ | — | ​ | ​ | 1,087,884 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,087,884 | ​ | ​ | — | ​ | ​ | 1,087,884 | ​ | ​ | — | ​ | 2010 | ​ | ​
Mansfield, CT | ​ | ​ | — | ​ | ​ | 700,000 | ​ | ​ | 1,902,191 | ​ | ​ | 508 | ​ | ​ | 700,000 | ​ | ​ | 1,902,699 | ​ | ​ | 2,602,699 | ​ | ​ | 576,754 | ​ | 2010 | ​ | 40 Years
Spring Grove, IL | ​ | ​ | 2,313,000 | ​ | ​ | 1,191,199 | ​ | ​ | — | ​ | ​ | 968 | ​ | ​ | 1,192,167 | ​ | ​ | — | ​ | ​ | 1,192,167 | ​ | ​ | — | ​ | 2010 | ​ | ​
Tallahassee, FL | ​ | ​ | 1,628,000 | ​ | ​ | — | ​ | ​ | 1,482,462 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,482,462 | ​ | ​ | 1,482,462 | ​ | ​ | 446,280 | ​ | 2010 | ​ | 40 Years
Wilmington, NC | ​ | ​ | 2,186,000 | ​ | ​ | 1,500,000 | ​ | ​ | 1,348,591 | ​ | ​ | — | ​ | ​ | 1,500,000 | ​ | ​ | 1,348,591 | ​ | ​ | 2,848,591 | ​ | ​ | 398,959 | ​ | 2011 | ​ | 40 Years
Marietta, GA | ​ | ​ | 900,000 | ​ | ​ | 575,000 | ​ | ​ | 696,297 | ​ | ​ | 6,359 | ​ | ​ | 575,000 | ​ | ​ | 702,656 | ​ | ​ | 1,277,656 | ​ | ​ | 201,937 | ​ | 2011 | ​ | 40 Years
Baltimore, MD | ​ | ​ | 2,534,000 | ​ | ​ | 2,610,430 | ​ | ​ | — | ​ | ​ | (3,447) | ​ | ​ | 2,606,983 | ​ | ​ | — | ​ | ​ | 2,606,983 | ​ | ​ | — | ​ | 2011 | ​ | ​
Dallas, TX | ​ | ​ | 1,844,000 | ​ | ​ | 701,320 | ​ | ​ | 778,905 | ​ | ​ | 1,042,730 | ​ | ​ | 701,320 | ​ | ​ | 1,821,635 | ​ | ​ | 2,522,955 | ​ | ​ | 509,062 | ​ | 2011 | ​ | 40 Years
Chandler, AZ | ​ | ​ | — | ​ | ​ | 332,868 | ​ | ​ | 793,898 | ​ | ​ | 360 | ​ | ​ | 332,868 | ​ | ​ | 794,258 | ​ | ​ | 1,127,126 | ​ | ​ | 223,422 | ​ | 2011 | ​ | 40 Years
New Lenox, IL | ​ | ​ | — | ​ | ​ | 1,422,488 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,422,488 | ​ | ​ | — | ​ | ​ | 1,422,488 | ​ | ​ | — | ​ | 2011 | ​ | ​
Roseville, CA | ​ | ​ | 4,752,000 | ​ | ​ | 2,800,000 | ​ | ​ | 3,695,455 | ​ | ​ | (96,364) | ​ | ​ | 2,695,636 | ​ | ​ | 3,703,455 | ​ | ​ | 6,399,091 | ​ | ​ | 1,049,249 | ​ | 2011 | ​ | 40 Years
Fort Walton Beach, FL | ​ | ​ | 1,768,000 | ​ | ​ | 542,200 | ​ | ​ | 1,958,790 | ​ | ​ | 88,778 | ​ | ​ | 542,200 | ​ | ​ | 2,047,568 | ​ | ​ | 2,589,768 | ​ | ​ | 561,074 | ​ | 2011 | ​ | 40 Years
Leawood, KS | ​ | ​ | — | ​ | ​ | 989,622 | ​ | ​ | 3,003,541 | ​ | ​ | 16,197 | ​ | ​ | 989,622 | ​ | ​ | 3,019,738 | ​ | ​ | 4,009,360 | ​ | ​ | 830,425 | ​ | 2011 | ​ | 40 Years
Salt Lake City, UT | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,810,104 | ​ | ​ | (44,416) | ​ | ​ | — | ​ | ​ | 6,765,688 | ​ | ​ | 6,765,688 | ​ | ​ | 1,896,036 | ​ | 2011 | ​ | 40 Years
Macomb Township, MI | ​ | ​ | 1,793,000 | ​ | ​ | 1,605,134 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,605,134 | ​ | ​ | — | ​ | ​ | 1,605,134 | ​ | ​ | — | ​ | 2012 | ​ | ​
Madison, AL | ​ | ​ | 1,552,000 | ​ | ​ | 675,000 | ​ | ​ | 1,317,927 | ​ | ​ | — | ​ | ​ | 675,000 | ​ | ​ | 1,317,927 | ​ | ​ | 1,992,927 | ​ | ​ | 362,429 | ​ | 2012 | ​ | 40 Years
Walker, MI | ​ | ​ | 887,000 | ​ | ​ | 219,200 | ​ | ​ | 1,024,738 | ​ | ​ | — | ​ | ​ | 219,200 | ​ | ​ | 1,024,738 | ​ | ​ | 1,243,938 | ​ | ​ | 275,398 | ​ | 2012 | ​ | 40 Years
Portland, OR | ​ | ​ | — | ​ | ​ | 7,969,403 | ​ | ​ | — | ​ | ​ | 161 | ​ | ​ | 7,969,564 | ​ | ​ | — | ​ | ​ | 7,969,564 | ​ | ​ | — | ​ | 2012 | ​ | ​
Cochran, GA | ​ | ​ | — | ​ | ​ | 365,714 | ​ | ​ | 2,053,726 | ​ | ​ | — | ​ | ​ | 365,714 | ​ | ​ | 2,053,726 | ​ | ​ | 2,419,440 | ​ | ​ | 539,104 | ​ | 2012 | ​ | 40 Years
Baton Rouge, LA | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,188,322 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,188,322 | ​ | ​ | 1,188,322 | ​ | ​ | 314,410 | ​ | 2012 | ​ | 40 Years
Southfield, MI | ​ | ​ | — | ​ | ​ | 1,178,215 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,178,215 | ​ | ​ | — | ​ | ​ | 1,178,215 | ​ | ​ | — | ​ | 2012 | ​ | ​
Clifton Heights, PA | ​ | ​ | — | ​ | ​ | 2,543,941 | ​ | ​ | 3,038,561 | ​ | ​ | (3,105) | ​ | ​ | 2,543,941 | ​ | ​ | 3,035,456 | ​ | ​ | 5,579,397 | ​ | ​ | 793,648 | ​ | 2012 | ​ | 40 Years
Newark, DE | ​ | ​ | — | ​ | ​ | 2,117,547 | ​ | ​ | 4,777,516 | ​ | ​ | (4,881) | ​ | ​ | 2,117,547 | ​ | ​ | 4,772,635 | ​ | ​ | 6,890,182 | ​ | ​ | 1,247,908 | ​ | 2012 | ​ | 40 Years
Vineland, NJ | ​ | ​ | — | ​ | ​ | 4,102,710 | ​ | ​ | 1,501,854 | ​ | ​ | 43,976 | ​ | ​ | 4,125,289 | ​ | ​ | 1,523,251 | ​ | ​ | 5,648,540 | ​ | ​ | 395,015 | ​ | 2012 | ​ | 40 Years
Fort Mill, SC | ​ | ​ | — | ​ | ​ | 750,000 | ​ | ​ | 1,187,380 | ​ | ​ | — | ​ | ​ | 750,000 | ​ | ​ | 1,187,380 | ​ | ​ | 1,937,380 | ​ | ​ | 309,213 | ​ | 2012 | ​ | 40 Years
Spartanburg, SC | ​ | ​ | — | ​ | ​ | 250,000 | ​ | ​ | 765,714 | ​ | ​ | 4,387 | ​ | ​ | 250,000 | ​ | ​ | 770,101 | ​ | ​ | 1,020,101 | ​ | ​ | 201,022 | ​ | 2012 | ​ | 40 Years
Springfield, IL | ​ | ​ | — | ​ | ​ | 302,520 | ​ | ​ | 653,654 | ​ | ​ | 49,741 | ​ | ​ | 302,520 | ​ | ​ | 703,395 | ​ | ​ | 1,005,915 | ​ | ​ | 179,667 | ​ | 2012 | ​ | 40 Years
Jacksonville, NC | ​ | ​ | — | ​ | ​ | 676,930 | ​ | ​ | 1,482,748 | ​ | ​ | — | ​ | ​ | 676,930 | ​ | ​ | 1,482,748 | ​ | ​ | 2,159,678 | ​ | ​ | 373,667 | ​ | 2012 | ​ | 40 Years
Morrow, GA | ​ | ​ | — | ​ | ​ | 525,000 | ​ | ​ | 1,383,489 | ​ | ​ | (99,849) | ​ | ​ | 525,000 | ​ | ​ | 1,283,640 | ​ | ​ | 1,808,640 | ​ | ​ | 329,558 | ​ | 2012 | ​ | 40 Years
Charlotte, NC | ​ | ​ | — | ​ | ​ | 1,822,900 | ​ | ​ | 3,531,275 | ​ | ​ | (570,844) | ​ | ​ | 1,822,900 | ​ | ​ | 2,960,431 | ​ | ​ | 4,783,331 | ​ | ​ | 754,844 | ​ | 2012 | ​ | 40 Years
Lyons, GA | ​ | ​ | — | ​ | ​ | 121,627 | ​ | ​ | 2,155,635 | ​ | ​ | (103,392) | ​ | ​ | 121,627 | ​ | ​ | 2,052,243 | ​ | ​ | 2,173,870 | ​ | ​ | 534,657 | ​ | 2012 | ​ | 40 Years
Fuquay-Varina, NC | ​ | ​ | — | ​ | ​ | 2,042,225 | ​ | ​ | 1,763,768 | ​ | ​ | (255,778) | ​ | ​ | 2,042,225 | ​ | ​ | 1,507,990 | ​ | ​ | 3,550,215 | ​ | ​ | 380,672 | ​ | 2012 | ​ | 40 Years
Minneapolis, MN | ​ | ​ | — | ​ | ​ | 1,088,015 | ​ | ​ | 345,958 | ​ | ​ | 71,142 | ​ | ​ | 826,635 | ​ | ​ | 678,480 | ​ | ​ | 1,505,115 | ​ | ​ | 33,924 | ​ | 2012 | ​ | 40 Years
Lake Zurich, IL | ​ | ​ | — | ​ | ​ | 780,974 | ​ | ​ | 7,909,277 | ​ | ​ | 46,509 | ​ | ​ | 780,974 | ​ | ​ | 7,955,786 | ​ | ​ | 8,736,760 | ​ | ​ | 1,996,574 | ​ | 2012 | ​ | 40 Years
Harlingen, TX | ​ | ​ | — | ​ | ​ | 430,000 | ​ | ​ | 1,614,378 | ​ | ​ | 12,854 | ​ | ​ | 430,000 | ​ | ​ | 1,627,232 | ​ | ​ | 2,057,232 | ​ | ​ | 406,806 | ​ | 2012 | ​ | 40 Years
Pensacola, FL | ​ | ​ | — | ​ | ​ | 650,000 | ​ | ​ | 1,165,415 | ​ | ​ | 23,957 | ​ | ​ | 650,000 | ​ | ​ | 1,189,372 | ​ | ​ | 1,839,372 | ​ | ​ | 295,468 | ​ | 2012 | ​ | 40 Years

​

​

F-39

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Venice, FL | ​ | ​ | — | ​ | ​ | 1,300,196 | ​ | ​ | — | ​ | ​ | 4,892 | ​ | ​ | 1,305,088 | ​ | ​ | — | ​ | ​ | 1,305,088 | ​ | ​ | — | ​ | 2012 | ​ | ​
St. Joseph, MO | ​ | ​ | — | ​ | ​ | 377,620 | ​ | ​ | 7,639,521 | ​ | ​ | — | ​ | ​ | 377,620 | ​ | ​ | 7,639,521 | ​ | ​ | 8,017,141 | ​ | ​ | 1,893,964 | ​ | 2013 | ​ | 40 Years
Statham, GA | ​ | ​ | — | ​ | ​ | 191,919 | ​ | ​ | 3,851,073 | ​ | ​ | — | ​ | ​ | 191,919 | ​ | ​ | 3,851,073 | ​ | ​ | 4,042,992 | ​ | ​ | 954,743 | ​ | 2013 | ​ | 40 Years
North Las Vegas, NV | ​ | ​ | — | ​ | ​ | 214,552 | ​ | ​ | 717,435 | ​ | ​ | 28,999 | ​ | ​ | 214,552 | ​ | ​ | 746,434 | ​ | ​ | 960,986 | ​ | ​ | 183,399 | ​ | 2013 | ​ | 40 Years
Memphis, TN | ​ | ​ | — | ​ | ​ | 322,520 | ​ | ​ | 748,890 | ​ | ​ | — | ​ | ​ | 322,520 | ​ | ​ | 748,890 | ​ | ​ | 1,071,410 | ​ | ​ | 184,106 | ​ | 2013 | ​ | 40 Years
Rancho Cordova, CA | ​ | ​ | — | ​ | ​ | 1,339,612 | ​ | ​ | — | ​ | ​ | (265,000) | ​ | ​ | 1,074,612 | ​ | ​ | — | ​ | ​ | 1,074,612 | ​ | ​ | — | ​ | 2013 | ​ | ​
Kissimmee, FL | ​ | ​ | — | ​ | ​ | 1,453,500 | ​ | ​ | 971,683 | ​ | ​ | 196 | ​ | ​ | 1,453,696 | ​ | ​ | 971,683 | ​ | ​ | 2,425,379 | ​ | ​ | 236,849 | ​ | 2013 | ​ | 40 Years
Pinellas Park, FL | ​ | ​ | — | ​ | ​ | 2,625,000 | ​ | ​ | 874,542 | ​ | ​ | 4,163 | ​ | ​ | 2,625,000 | ​ | ​ | 878,705 | ​ | ​ | 3,503,705 | ​ | ​ | 210,452 | ​ | 2013 | ​ | 40 Years
Manchester, CT | ​ | ​ | — | ​ | ​ | 397,800 | ​ | ​ | 325,705 | ​ | ​ | — | ​ | ​ | 397,800 | ​ | ​ | 325,705 | ​ | ​ | 723,505 | ​ | ​ | 78,713 | ​ | 2013 | ​ | 40 Years
Rapid City, SD | ​ | ​ | — | ​ | ​ | 1,017,800 | ​ | ​ | 2,348,032 | ​ | ​ | 1,379 | ​ | ​ | 1,017,800 | ​ | ​ | 2,349,411 | ​ | ​ | 3,367,211 | ​ | ​ | 565,293 | ​ | 2013 | ​ | 40 Years
Chicago, IL | ​ | ​ | — | ​ | ​ | 272,222 | ​ | ​ | 649,063 | ​ | ​ | 61,309 | ​ | ​ | 272,222 | ​ | ​ | 710,372 | ​ | ​ | 982,594 | ​ | ​ | 161,953 | ​ | 2013 | ​ | 40 Years
Brooklyn, OH | ​ | ​ | — | ​ | ​ | 3,643,700 | ​ | ​ | 15,079,714 | ​ | ​ | 953,195 | ​ | ​ | 3,643,700 | ​ | ​ | 16,032,909 | ​ | ​ | 19,676,609 | ​ | ​ | 3,739,801 | ​ | 2013 | ​ | 40 Years
Madisonville, TX | ​ | ​ | — | ​ | ​ | 96,680 | ​ | ​ | 1,087,642 | ​ | ​ | 18,200 | ​ | ​ | 96,680 | ​ | ​ | 1,105,842 | ​ | ​ | 1,202,522 | ​ | ​ | 262,749 | ​ | 2013 | ​ | 40 Years
Forest, MS | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,298,176 | ​ | ​ | 99,848 | ​ | ​ | — | ​ | ​ | 1,398,024 | ​ | ​ | 1,398,024 | ​ | ​ | 322,502 | ​ | 2013 | ​ | 40 Years
Sun Valley, NV | ​ | ​ | — | ​ | ​ | 308,495 | ​ | ​ | 1,373,336 | ​ | ​ | (51,008) | ​ | ​ | 253,495 | ​ | ​ | 1,377,328 | ​ | ​ | 1,630,823 | ​ | ​ | 321,306 | ​ | 2013 | ​ | 40 Years
Rochester, NY | ​ | ​ | — | ​ | ​ | 2,500,000 | ​ | ​ | 7,398,639 | ​ | ​ | 2,017 | ​ | ​ | 2,500,000 | ​ | ​ | 7,400,656 | ​ | ​ | 9,900,656 | ​ | ​ | 1,719,003 | ​ | 2013 | ​ | 40 Years
Allentown, PA | ​ | ​ | — | ​ | ​ | 2,525,051 | ​ | ​ | 7,896,613 | ​ | ​ | 672,368 | ​ | ​ | 2,525,051 | ​ | ​ | 8,568,981 | ​ | ​ | 11,094,032 | ​ | ​ | 1,967,811 | ​ | 2013 | ​ | 40 Years
Casselberry, FL | ​ | ​ | — | ​ | ​ | 1,804,000 | ​ | ​ | 793,101 | ​ | ​ | (2,906) | ​ | ​ | 1,804,000 | ​ | ​ | 790,195 | ​ | ​ | 2,594,195 | ​ | ​ | 186,455 | ​ | 2013 | ​ | 40 Years
Berwyn, IL | ​ | ​ | — | ​ | ​ | 186,791 | ​ | ​ | 933,959 | ​ | ​ | 62,585 | ​ | ​ | 186,791 | ​ | ​ | 996,544 | ​ | ​ | 1,183,335 | ​ | ​ | 219,952 | ​ | 2013 | ​ | 40 Years
Grand Forks, ND | ​ | ​ | — | ​ | ​ | 1,502,609 | ​ | ​ | 2,301,337 | ​ | ​ | 1,801,028 | ​ | ​ | 1,502,609 | ​ | ​ | 4,102,365 | ​ | ​ | 5,604,974 | ​ | ​ | 932,621 | ​ | 2013 | ​ | 40 Years
Ann Arbor, MI | ​ | ​ | — | ​ | ​ | 3,000,000 | ​ | ​ | 4,595,757 | ​ | ​ | 277,040 | ​ | ​ | 3,000,000 | ​ | ​ | 4,872,797 | ​ | ​ | 7,872,797 | ​ | ​ | 1,105,907 | ​ | 2013 | ​ | 40 Years
Joplin, MO | ​ | ​ | — | ​ | ​ | 1,208,225 | ​ | ​ | 1,160,843 | ​ | ​ | — | ​ | ​ | 1,208,225 | ​ | ​ | 1,160,843 | ​ | ​ | 2,369,068 | ​ | ​ | 266,025 | ​ | 2013 | ​ | 40 Years
Red Bay, AL | ​ | ​ | — | ​ | ​ | 38,981 | ​ | ​ | 2,528,437 | ​ | ​ | 3,856 | ​ | ​ | 38,981 | ​ | ​ | 2,532,293 | ​ | ​ | 2,571,274 | ​ | ​ | 516,996 | ​ | 2014 | ​ | 40 Years
Birmingham, AL | ​ | ​ | — | ​ | ​ | 230,106 | ​ | ​ | 231,313 | ​ | ​ | (297) | ​ | ​ | 230,106 | ​ | ​ | 231,016 | ​ | ​ | 461,122 | ​ | ​ | 46,685 | ​ | 2014 | ​ | 40 Years
Birmingham, AL | ​ | ​ | — | ​ | ​ | 245,234 | ​ | ​ | 251,339 | ​ | ​ | (324) | ​ | ​ | 245,234 | ​ | ​ | 251,015 | ​ | ​ | 496,249 | ​ | ​ | 50,727 | ​ | 2014 | ​ | 40 Years
Birmingham, AL | ​ | ​ | — | ​ | ​ | 98,271 | ​ | ​ | 179,824 | ​ | ​ | — | ​ | ​ | 98,271 | ​ | ​ | 179,824 | ​ | ​ | 278,095 | ​ | ​ | 36,340 | ​ | 2014 | ​ | 40 Years
Birmingham, AL | ​ | ​ | — | ​ | ​ | 235,641 | ​ | ​ | 127,477 | ​ | ​ | (313) | ​ | ​ | 235,641 | ​ | ​ | 127,164 | ​ | ​ | 362,805 | ​ | ​ | 25,699 | ​ | 2014 | ​ | 40 Years
Montgomery, AL | ​ | ​ | — | ​ | ​ | 325,389 | ​ | ​ | 217,850 | ​ | ​ | — | ​ | ​ | 325,389 | ​ | ​ | 217,850 | ​ | ​ | 543,239 | ​ | ​ | 44,024 | ​ | 2014 | ​ | 40 Years
Littleton, CO | ​ | ​ | 4,622,391 | ​ | ​ | 819,000 | ​ | ​ | 8,756,266 | ​ | ​ | (3,879,591) | ​ | ​ | 819,000 | ​ | ​ | 4,876,675 | ​ | ​ | 5,695,675 | ​ | ​ | 1,589,420 | ​ | 2014 | ​ | 40 Years
St Petersburg, FL | ​ | ​ | — | ​ | ​ | 1,225,000 | ​ | ​ | 1,025,247 | ​ | ​ | 6,592 | ​ | ​ | 1,225,000 | ​ | ​ | 1,031,839 | ​ | ​ | 2,256,839 | ​ | ​ | 225,437 | ​ | 2014 | ​ | 40 Years
St Augustine, FL | ​ | ​ | — | ​ | ​ | 200,000 | ​ | ​ | 1,523,230 | ​ | ​ | — | ​ | ​ | 200,000 | ​ | ​ | 1,523,230 | ​ | ​ | 1,723,230 | ​ | ​ | 314,166 | ​ | 2014 | ​ | 40 Years
East Palatka, FL | ​ | ​ | — | ​ | ​ | 730,000 | ​ | ​ | 575,236 | ​ | ​ | 6,911 | ​ | ​ | 730,000 | ​ | ​ | 582,147 | ​ | ​ | 1,312,147 | ​ | ​ | 120,026 | ​ | 2014 | ​ | 40 Years
Pensacola, FL | ​ | ​ | — | ​ | ​ | 136,365 | ​ | ​ | 398,773 | ​ | ​ | — | ​ | ​ | 136,365 | ​ | ​ | 398,773 | ​ | ​ | 535,138 | ​ | ​ | 80,585 | ​ | 2014 | ​ | 40 Years
Fort Oglethorpe, GA | ​ | ​ | — | ​ | ​ | 1,842,240 | ​ | ​ | 2,844,126 | ​ | ​ | 20,442 | ​ | ​ | 1,842,240 | ​ | ​ | 2,864,568 | ​ | ​ | 4,706,808 | ​ | ​ | 639,394 | ​ | 2014 | ​ | 40 Years
New Lenox, IL | ​ | ​ | — | ​ | ​ | 2,010,000 | ​ | ​ | 6,206,252 | ​ | ​ | 107,873 | ​ | ​ | 2,010,000 | ​ | ​ | 6,314,125 | ​ | ​ | 8,324,125 | ​ | ​ | 1,292,365 | ​ | 2014 | ​ | 40 Years
Rockford, IL | ​ | ​ | — | ​ | ​ | 303,395 | ​ | ​ | 2,436,873 | ​ | ​ | (15,000) | ​ | ​ | 303,395 | ​ | ​ | 2,421,873 | ​ | ​ | 2,725,268 | ​ | ​ | 501,011 | ​ | 2014 | ​ | 40 Years
Terre Haute, IN | ​ | ​ | — | ​ | ​ | 103,147 | ​ | ​ | 2,477,263 | ​ | ​ | 32,376 | ​ | ​ | 103,147 | ​ | ​ | 2,509,639 | ​ | ​ | 2,612,786 | ​ | ​ | 500,650 | ​ | 2014 | ​ | 40 Years
Junction City, KS | ​ | ​ | — | ​ | ​ | 78,271 | ​ | ​ | 2,504,294 | ​ | ​ | (30,565) | ​ | ​ | 78,271 | ​ | ​ | 2,473,729 | ​ | ​ | 2,552,000 | ​ | ​ | 500,787 | ​ | 2014 | ​ | 40 Years
Baton Rouge, LA | ​ | ​ | — | ​ | ​ | 226,919 | ​ | ​ | 347,691 | ​ | ​ | — | ​ | ​ | 226,919 | ​ | ​ | 347,691 | ​ | ​ | 574,610 | ​ | ​ | 70,262 | ​ | 2014 | ​ | 40 Years
Lincoln Park, MI | ​ | ​ | — | ​ | ​ | 543,303 | ​ | ​ | 1,408,544 | ​ | ​ | 209,848 | ​ | ​ | 543,303 | ​ | ​ | 1,618,392 | ​ | ​ | 2,161,695 | ​ | ​ | 332,393 | ​ | 2014 | ​ | 40 Years
Novi, MI | ​ | ​ | — | ​ | ​ | 1,803,857 | ​ | ​ | 1,488,505 | ​ | ​ | 22,490 | ​ | ​ | 1,803,857 | ​ | ​ | 1,510,995 | ​ | ​ | 3,314,852 | ​ | ​ | 302,164 | ​ | 2014 | ​ | 40 Years
Bloomfield Hills, MI | ​ | ​ | — | ​ | ​ | 1,340,000 | ​ | ​ | 2,003,406 | ​ | ​ | 391,480 | ​ | ​ | 1,341,900 | ​ | ​ | 2,392,986 | ​ | ​ | 3,734,886 | ​ | ​ | 486,363 | ​ | 2014 | ​ | 40 Years
Jackson, MS | ​ | ​ | — | ​ | ​ | 256,789 | ​ | ​ | 172,184 | ​ | ​ | — | ​ | ​ | 256,789 | ​ | ​ | 172,184 | ​ | ​ | 428,973 | ​ | ​ | 34,796 | ​ | 2014 | ​ | 40 Years
Irvington, NJ | ​ | ​ | — | ​ | ​ | 315,000 | ​ | ​ | 1,313,025 | ​ | ​ | — | ​ | ​ | 315,000 | ​ | ​ | 1,313,025 | ​ | ​ | 1,628,025 | ​ | ​ | 287,223 | ​ | 2014 | ​ | 40 Years
Toledo, OH | ​ | ​ | — | ​ | ​ | 500,000 | ​ | ​ | 1,372,363 | ​ | ​ | (12) | ​ | ​ | 500,000 | ​ | ​ | 1,372,351 | ​ | ​ | 1,872,351 | ​ | ​ | 300,201 | ​ | 2014 | ​ | 40 Years
Toledo, OH | ​ | ​ | — | ​ | ​ | 213,750 | ​ | ​ | 754,675 | ​ | ​ | — | ​ | ​ | 213,750 | ​ | ​ | 754,675 | ​ | ​ | 968,425 | ​ | ​ | 158,796 | ​ | 2014 | ​ | 40 Years
Toledo, OH | ​ | ​ | — | ​ | ​ | 168,750 | ​ | ​ | 785,000 | ​ | ​ | 16,477 | ​ | ​ | 168,750 | ​ | ​ | 801,477 | ​ | ​ | 970,227 | ​ | ​ | 168,473 | ​ | 2014 | ​ | 40 Years
Mansfield, OH | ​ | ​ | — | ​ | ​ | 306,000 | ​ | ​ | 725,600 | ​ | ​ | — | ​ | ​ | 306,000 | ​ | ​ | 725,600 | ​ | ​ | 1,031,600 | ​ | ​ | 152,678 | ​ | 2014 | ​ | 40 Years
Orrville, OH | ​ | ​ | — | ​ | ​ | 344,250 | ​ | ​ | 716,600 | ​ | ​ | — | ​ | ​ | 344,250 | ​ | ​ | 716,600 | ​ | ​ | 1,060,850 | ​ | ​ | 150,784 | ​ | 2014 | ​ | 40 Years
Calcutta, OH | ​ | ​ | — | ​ | ​ | 208,050 | ​ | ​ | 758,750 | ​ | ​ | 1,462 | ​ | ​ | 208,050 | ​ | ​ | 760,212 | ​ | ​ | 968,262 | ​ | ​ | 159,889 | ​ | 2014 | ​ | 40 Years
Columbus, OH | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,136,250 | ​ | ​ | 1,593,792 | ​ | ​ | 1,590,997 | ​ | ​ | 1,139,045 | ​ | ​ | 2,730,042 | ​ | ​ | 237,069 | ​ | 2014 | ​ | 40 Years
Tulsa, OK | ​ | ​ | — | ​ | ​ | 459,148 | ​ | ​ | 640,550 | ​ | ​ | (13,336) | ​ | ​ | 459,148 | ​ | ​ | 627,214 | ​ | ​ | 1,086,362 | ​ | ​ | 139,032 | ​ | 2014 | ​ | 40 Years
Ligonier, PA | ​ | ​ | — | ​ | ​ | 330,000 | ​ | ​ | 5,021,849 | ​ | ​ | (9,500) | ​ | ​ | 330,000 | ​ | ​ | 5,012,349 | ​ | ​ | 5,342,349 | ​ | ​ | 1,055,171 | ​ | 2014 | ​ | 40 Years
Limerick, PA | ​ | ​ | — | ​ | ​ | 369,000 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 369,000 | ​ | ​ | — | ​ | ​ | 369,000 | ​ | ​ | — | ​ | 2014 | ​ | ​
Harrisburg, PA | ​ | ​ | — | ​ | ​ | 124,757 | ​ | ​ | 1,446,773 | ​ | ​ | 11,175 | ​ | ​ | 124,757 | ​ | ​ | 1,457,948 | ​ | ​ | 1,582,705 | ​ | ​ | 291,507 | ​ | 2014 | ​ | 40 Years
Anderson, SC | ​ | ​ | — | ​ | ​ | 781,200 | ​ | ​ | 4,441,535 | ​ | ​ | 261,624 | ​ | ​ | 775,732 | ​ | ​ | 4,708,627 | ​ | ​ | 5,484,359 | ​ | ​ | 1,062,022 | ​ | 2014 | ​ | 40 Years
Easley, SC | ​ | ​ | — | ​ | ​ | 332,275 | ​ | ​ | 268,612 | ​ | ​ | — | ​ | ​ | 332,275 | ​ | ​ | 268,612 | ​ | ​ | 600,887 | ​ | ​ | 54,283 | ​ | 2014 | ​ | 40 Years
Spartanburg, SC | ​ | ​ | — | ​ | ​ | 141,307 | ​ | ​ | 446,706 | ​ | ​ | — | ​ | ​ | 141,307 | ​ | ​ | 446,706 | ​ | ​ | 588,013 | ​ | ​ | 90,272 | ​ | 2014 | ​ | 40 Years
Spartanburg, SC | ​ | ​ | — | ​ | ​ | 94,770 | ​ | ​ | 261,640 | ​ | ​ | — | ​ | ​ | 94,770 | ​ | ​ | 261,640 | ​ | ​ | 356,410 | ​ | ​ | 52,873 | ​ | 2014 | ​ | 40 Years
Columbia, SC | ​ | ​ | — | ​ | ​ | 303,932 | ​ | ​ | 1,221,964 | ​ | ​ | (13,830) | ​ | ​ | 303,932 | ​ | ​ | 1,208,134 | ​ | ​ | 1,512,066 | ​ | ​ | 244,743 | ​ | 2014 | ​ | 40 Years
Alcoa, TN | ​ | ​ | — | ​ | ​ | 329,074 | ​ | ​ | 270,719 | ​ | ​ | — | ​ | ​ | 329,074 | ​ | ​ | 270,719 | ​ | ​ | 599,793 | ​ | ​ | 54,708 | ​ | 2014 | ​ | 40 Years
Knoxville, TN | ​ | ​ | — | ​ | ​ | 214,077 | ​ | ​ | 286,037 | ​ | ​ | — | ​ | ​ | 214,077 | ​ | ​ | 286,037 | ​ | ​ | 500,114 | ​ | ​ | 57,804 | ​ | 2014 | ​ | 40 Years
Red Bank, TN | ​ | ​ | — | ​ | ​ | 229,100 | ​ | ​ | 302,146 | ​ | ​ | — | ​ | ​ | 229,100 | ​ | ​ | 302,146 | ​ | ​ | 531,246 | ​ | ​ | 61,058 | ​ | 2014 | ​ | 40 Years
New Tazewell, TN | ​ | ​ | — | ​ | ​ | 91,006 | ​ | ​ | 328,561 | ​ | ​ | 29,311 | ​ | ​ | 91,006 | ​ | ​ | 357,872 | ​ | ​ | 448,878 | ​ | ​ | 66,913 | ​ | 2014 | ​ | 40 Years
Maryville, TN | ​ | ​ | — | ​ | ​ | 94,682 | ​ | ​ | 1,529,621 | ​ | ​ | 85,861 | ​ | ​ | 94,682 | ​ | ​ | 1,615,482 | ​ | ​ | 1,710,164 | ​ | ​ | 316,031 | ​ | 2014 | ​ | 40 Years
Morristown, TN | ​ | ​ | — | ​ | ​ | 46,404 | ​ | ​ | 801,506 | ​ | ​ | 4,990 | ​ | ​ | 46,404 | ​ | ​ | 806,496 | ​ | ​ | 852,900 | ​ | ​ | 161,291 | ​ | 2014 | ​ | 40 Years
Clinton, TN | ​ | ​ | — | ​ | ​ | 69,625 | ​ | ​ | 1,177,927 | ​ | ​ | 11,564 | ​ | ​ | 69,625 | ​ | ​ | 1,189,491 | ​ | ​ | 1,259,116 | ​ | ​ | 237,887 | ​ | 2014 | ​ | 40 Years
Knoxville, TN | ​ | ​ | — | ​ | ​ | 160,057 | ​ | ​ | 2,265,025 | ​ | ​ | 226,291 | ​ | ​ | 160,057 | ​ | ​ | 2,491,316 | ​ | ​ | 2,651,373 | ​ | ​ | 498,241 | ​ | 2014 | ​ | 40 Years
Sweetwater, TN | ​ | ​ | — | ​ | ​ | 79,100 | ​ | ​ | 1,009,290 | ​ | ​ | 6,740 | ​ | ​ | 79,100 | ​ | ​ | 1,016,030 | ​ | ​ | 1,095,130 | ​ | ​ | 203,194 | ​ | 2014 | ​ | 40 Years
McKinney, TX | ​ | ​ | — | ​ | ​ | 2,671,020 | ​ | ​ | 6,785,815 | ​ | ​ | 100,331 | ​ | ​ | 2,671,020 | ​ | ​ | 6,886,146 | ​ | ​ | 9,557,166 | ​ | ​ | 1,472,027 | ​ | 2014 | ​ | 40 Years
Forest, VA | ​ | ​ | — | ​ | ​ | 282,600 | ​ | ​ | 956,027 | ​ | ​ | — | ​ | ​ | 282,600 | ​ | ​ | 956,027 | ​ | ​ | 1,238,627 | ​ | ​ | 203,154 | ​ | 2014 | ​ | 40 Years
Colonial Heights, VA | ​ | ​ | — | ​ | ​ | 547,692 | ​ | ​ | 1,059,557 | ​ | ​ | (5,963) | ​ | ​ | 547,692 | ​ | ​ | 1,053,594 | ​ | ​ | 1,601,286 | ​ | ​ | 212,917 | ​ | 2014 | ​ | 40 Years
Glen Allen, VA | ​ | ​ | — | ​ | ​ | 590,101 | ​ | ​ | 1,129,495 | ​ | ​ | (19,367) | ​ | ​ | 577,601 | ​ | ​ | 1,122,628 | ​ | ​ | 1,700,229 | ​ | ​ | 226,868 | ​ | 2014 | ​ | 40 Years

​

​

F-40

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Burlington, WA | ​ | ​ | — | ​ | ​ | 610,000 | ​ | ​ | 3,647,279 | ​ | ​ | (4,602) | ​ | ​ | 610,000 | ​ | ​ | 3,642,677 | ​ | ​ | 4,252,677 | ​ | ​ | 737,513 | ​ | 2014 | ​ | 40 Years
Wausau, WI | ​ | ​ | — | ​ | ​ | 909,092 | ​ | ​ | 1,405,899 | ​ | ​ | 86,764 | ​ | ​ | 909,092 | ​ | ​ | 1,492,663 | ​ | ​ | 2,401,755 | ​ | ​ | 313,423 | ​ | 2014 | ​ | 40 Years
Foley AL | ​ | ​ | — | ​ | ​ | 305,332 | ​ | ​ | 506,203 | ​ | ​ | 9,380 | ​ | ​ | 305,332 | ​ | ​ | 515,583 | ​ | ​ | 820,915 | ​ | ​ | 103,223 | ​ | 2015 | ​ | 40 Years
Sulligent, AL | ​ | ​ | — | ​ | ​ | 58,803 | ​ | ​ | 1,085,906 | ​ | ​ | (432,709) | ​ | ​ | 58,803 | ​ | ​ | 653,197 | ​ | ​ | 712,000 | ​ | ​ | 174,845 | ​ | 2015 | ​ | 40 Years
Eutaw, AL | ​ | ​ | — | ​ | ​ | 103,746 | ​ | ​ | 1,212,006 | ​ | ​ | (377,526) | ​ | ​ | 103,746 | ​ | ​ | 834,480 | ​ | ​ | 938,226 | ​ | ​ | 204,741 | ​ | 2015 | ​ | 40 Years
Tallassee, AL | ​ | ​ | — | ​ | ​ | 154,437 | ​ | ​ | 850,448 | ​ | ​ | 61,461 | ​ | ​ | 154,437 | ​ | ​ | 911,909 | ​ | ​ | 1,066,346 | ​ | ​ | 166,912 | ​ | 2015 | ​ | 40 Years
Orange Park, AL | ​ | ​ | — | ​ | ​ | 649,652 | ​ | ​ | 1,775,000 | ​ | ​ | 9,664 | ​ | ​ | 649,652 | ​ | ​ | 1,784,664 | ​ | ​ | 2,434,316 | ​ | ​ | 326,222 | ​ | 2015 | ​ | 40 Years
Pace, FL | ​ | ​ | — | ​ | ​ | 37,860 | ​ | ​ | 524,400 | ​ | ​ | 6,970 | ​ | ​ | 37,860 | ​ | ​ | 531,370 | ​ | ​ | 569,230 | ​ | ​ | 105,081 | ​ | 2015 | ​ | 40 Years
Pensacola, FL | ​ | ​ | — | ​ | ​ | 309,607 | ​ | ​ | 775,084 | ​ | ​ | (25) | ​ | ​ | 309,607 | ​ | ​ | 775,059 | ​ | ​ | 1,084,666 | ​ | ​ | 153,208 | ​ | 2015 | ​ | 40 Years
Freeport, FL | ​ | ​ | — | ​ | ​ | 312,615 | ​ | ​ | 1,277,386 | ​ | ​ | — | ​ | ​ | 312,615 | ​ | ​ | 1,277,386 | ​ | ​ | 1,590,001 | ​ | ​ | 239,510 | ​ | 2015 | ​ | 40 Years
Glenwood, GA | ​ | ​ | — | ​ | ​ | 29,489 | ​ | ​ | 1,027,370 | ​ | ​ | (816,545) | ​ | ​ | 14,395 | ​ | ​ | 225,920 | ​ | ​ | 240,314 | ​ | ​ | 11,463 | ​ | 2015 | ​ | 40 Years
Albany, GA | ​ | ​ | — | ​ | ​ | 47,955 | ​ | ​ | 641,123 | ​ | ​ | — | ​ | ​ | 47,955 | ​ | ​ | 641,123 | ​ | ​ | 689,078 | ​ | ​ | 124,137 | ​ | 2015 | ​ | 40 Years
Belvidere, IL | ​ | ​ | — | ​ | ​ | 184,136 | ​ | ​ | 644,492 | ​ | ​ | — | ​ | ​ | 184,136 | ​ | ​ | 644,492 | ​ | ​ | 828,628 | ​ | ​ | 124,757 | ​ | 2015 | ​ | 40 Years
Peru, IL | ​ | ​ | — | ​ | ​ | 380,254 | ​ | ​ | 2,125,498 | ​ | ​ | — | ​ | ​ | 380,254 | ​ | ​ | 2,125,498 | ​ | ​ | 2,505,752 | ​ | ​ | 385,247 | ​ | 2015 | ​ | 40 Years
Davenport, IA | ​ | ​ | — | ​ | ​ | 776,366 | ​ | ​ | 6,623,542 | ​ | ​ | 84,487 | ​ | ​ | 776,366 | ​ | ​ | 6,708,029 | ​ | ​ | 7,484,395 | ​ | ​ | 1,237,818 | ​ | 2015 | ​ | 40 Years
Buffalo Center, IA | ​ | ​ | — | ​ | ​ | 159,353 | ​ | ​ | 700,460 | ​ | ​ | — | ​ | ​ | 159,353 | ​ | ​ | 700,460 | ​ | ​ | 859,813 | ​ | ​ | 129,877 | ​ | 2015 | ​ | 40 Years
Sheffield, IA | ​ | ​ | — | ​ | ​ | 131,794 | ​ | ​ | 729,543 | ​ | ​ | — | ​ | ​ | 131,794 | ​ | ​ | 729,543 | ​ | ​ | 861,337 | ​ | ​ | 135,269 | ​ | 2015 | ​ | 40 Years
Lenexa, KS | ​ | ​ | — | ​ | ​ | 303,175 | ​ | ​ | 2,186,864 | ​ | ​ | — | ​ | ​ | 303,175 | ​ | ​ | 2,186,864 | ​ | ​ | 2,490,039 | ​ | ​ | 382,701 | ​ | 2015 | ​ | 40 Years
Tompkinsville , KY | ​ | ​ | — | ​ | ​ | 70,252 | ​ | ​ | 1,132,033 | ​ | ​ | (164,520) | ​ | ​ | 70,252 | ​ | ​ | 967,513 | ​ | ​ | 1,037,765 | ​ | ​ | 215,451 | ​ | 2015 | ​ | 40 Years
Hazard, KY | ​ | ​ | — | ​ | ​ | 8,392,841 | ​ | ​ | 13,731,648 | ​ | ​ | (16,857) | ​ | ​ | 8,375,591 | ​ | ​ | 13,732,041 | ​ | ​ | 22,107,632 | ​ | ​ | 2,403,103 | ​ | 2015 | ​ | 40 Years
Portland, MA | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,831,860 | ​ | ​ | 3,172 | ​ | ​ | — | ​ | ​ | 3,835,032 | ​ | ​ | 3,835,032 | ​ | ​ | 719,029 | ​ | 2015 | ​ | 40 Years
Flint, MI | ​ | ​ | — | ​ | ​ | 120,078 | ​ | ​ | 2,561,015 | ​ | ​ | 20,490 | ​ | ​ | 120,078 | ​ | ​ | 2,581,505 | ​ | ​ | 2,701,583 | ​ | ​ | 451,763 | ​ | 2015 | ​ | 40 Years
Hutchinson, MN | ​ | ​ | — | ​ | ​ | 67,914 | ​ | ​ | 720,799 | ​ | ​ | — | ​ | ​ | 67,914 | ​ | ​ | 720,799 | ​ | ​ | 788,713 | ​ | ​ | 133,648 | ​ | 2015 | ​ | 40 Years
Lowry City, MO | ​ | ​ | — | ​ | ​ | 103,202 | ​ | ​ | 614,065 | ​ | ​ | — | ​ | ​ | 103,202 | ​ | ​ | 614,065 | ​ | ​ | 717,267 | ​ | ​ | 115,137 | ​ | 2015 | ​ | 40 Years
Branson, MO | ​ | ​ | — | ​ | ​ | 564,066 | ​ | ​ | 940,585 | ​ | ​ | 175 | ​ | ​ | 564,066 | ​ | ​ | 940,760 | ​ | ​ | 1,504,826 | ​ | ​ | 168,552 | ​ | 2015 | ​ | 40 Years
Branson, MO | ​ | ​ | — | ​ | ​ | 721,135 | ​ | ​ | 717,081 | ​ | ​ | 940 | ​ | ​ | 721,135 | ​ | ​ | 718,021 | ​ | ​ | 1,439,156 | ​ | ​ | 128,638 | ​ | 2015 | ​ | 40 Years
Enfield, NH | ​ | ​ | — | ​ | ​ | 93,628 | ​ | ​ | 1,295,320 | ​ | ​ | 60,029 | ​ | ​ | 93,628 | ​ | ​ | 1,355,349 | ​ | ​ | 1,448,977 | ​ | ​ | 263,639 | ​ | 2015 | ​ | 40 Years
Marietta, OH | ​ | ​ | — | ​ | ​ | 319,157 | ​ | ​ | 1,225,026 | ​ | ​ | — | ​ | ​ | 319,157 | ​ | ​ | 1,225,026 | ​ | ​ | 1,544,183 | ​ | ​ | 237,291 | ​ | 2015 | ​ | 40 Years
Franklin, OH | ​ | ​ | — | ​ | ​ | 264,153 | ​ | ​ | 1,191,777 | ​ | ​ | — | ​ | ​ | 264,153 | ​ | ​ | 1,191,777 | ​ | ​ | 1,455,930 | ​ | ​ | 225,941 | ​ | 2015 | ​ | 40 Years
Elyria, OH | ​ | ​ | — | ​ | ​ | 82,023 | ​ | ​ | 910,404 | ​ | ​ | — | ​ | ​ | 82,023 | ​ | ​ | 910,404 | ​ | ​ | 992,427 | ​ | ​ | 170,701 | ​ | 2015 | ​ | 40 Years
Elyria, OH | ​ | ​ | — | ​ | ​ | 126,641 | ​ | ​ | 695,072 | ​ | ​ | — | ​ | ​ | 126,641 | ​ | ​ | 695,072 | ​ | ​ | 821,713 | ​ | ​ | 130,326 | ​ | 2015 | ​ | 40 Years
Bedford Heights, OH | ​ | ​ | — | ​ | ​ | 226,920 | ​ | ​ | 959,528 | ​ | ​ | 21,901 | ​ | ​ | 226,920 | ​ | ​ | 981,429 | ​ | ​ | 1,208,349 | ​ | ​ | 179,658 | ​ | 2015 | ​ | 40 Years
Newburgh Heights, OH | ​ | ​ | — | ​ | ​ | 224,040 | ​ | ​ | 959,099 | ​ | ​ | — | ​ | ​ | 224,040 | ​ | ​ | 959,099 | ​ | ​ | 1,183,139 | ​ | ​ | 177,833 | ​ | 2015 | ​ | 40 Years
Warrensville Heights, OH | ​ | ​ | — | ​ | ​ | 186,209 | ​ | ​ | 920,496 | ​ | ​ | 4,900 | ​ | ​ | 186,209 | ​ | ​ | 925,396 | ​ | ​ | 1,111,605 | ​ | ​ | 173,656 | ​ | 2015 | ​ | 40 Years
Heath, OH | ​ | ​ | — | ​ | ​ | 325,381 | ​ | ​ | 757,994 | ​ | ​ | 135 | ​ | ​ | 325,381 | ​ | ​ | 758,129 | ​ | ​ | 1,083,510 | ​ | ​ | 135,831 | ​ | 2015 | ​ | 40 Years
Lima, OH | ​ | ​ | — | ​ | ​ | 335,386 | ​ | ​ | 592,154 | ​ | ​ | 2,833 | ​ | ​ | 335,386 | ​ | ​ | 594,987 | ​ | ​ | 930,373 | ​ | ​ | 104,241 | ​ | 2015 | ​ | 40 Years
Elk City, OK | ​ | ​ | — | ​ | ​ | 45,212 | ​ | ​ | 1,242,220 | ​ | ​ | — | ​ | ​ | 45,212 | ​ | ​ | 1,242,220 | ​ | ​ | 1,287,432 | ​ | ​ | 235,504 | ​ | 2015 | ​ | 40 Years
Salem, OR | ​ | ​ | — | ​ | ​ | 1,450,000 | ​ | ​ | 2,951,167 | ​ | ​ | 1,346,640 | ​ | ​ | 1,450,000 | ​ | ​ | 4,297,807 | ​ | ​ | 5,747,807 | ​ | ​ | 752,124 | ​ | 2015 | ​ | 40 Years
Westfield, PA | ​ | ​ | — | ​ | ​ | 47,346 | ​ | ​ | 1,117,723 | ​ | ​ | 10,973 | ​ | ​ | 47,346 | ​ | ​ | 1,128,696 | ​ | ​ | 1,176,042 | ​ | ​ | 222,944 | ​ | 2015 | ​ | 40 Years
Altoona, PA | ​ | ​ | — | ​ | ​ | 555,903 | ​ | ​ | 9,489,791 | ​ | ​ | 1,017 | ​ | ​ | 555,903 | ​ | ​ | 9,490,808 | ​ | ​ | 10,046,711 | ​ | ​ | 1,720,194 | ​ | 2015 | ​ | 40 Years
Grindstone, PA | ​ | ​ | — | ​ | ​ | 288,246 | ​ | ​ | 500,379 | ​ | ​ | 10,151 | ​ | ​ | 288,246 | ​ | ​ | 510,530 | ​ | ​ | 798,776 | ​ | ​ | 89,717 | ​ | 2015 | ​ | 40 Years
Liberty, SC | ​ | ​ | — | ​ | ​ | 27,929 | ​ | ​ | 1,222,856 | ​ | ​ | 90 | ​ | ​ | 27,929 | ​ | ​ | 1,222,946 | ​ | ​ | 1,250,875 | ​ | ​ | 236,858 | ​ | 2015 | ​ | 40 Years
Blacksburg, SC | ​ | ​ | — | ​ | ​ | 27,547 | ​ | ​ | 1,468,101 | ​ | ​ | — | ​ | ​ | 27,547 | ​ | ​ | 1,468,101 | ​ | ​ | 1,495,648 | ​ | ​ | 281,386 | ​ | 2015 | ​ | 40 Years
Easley, SC | ​ | ​ | — | ​ | ​ | 51,325 | ​ | ​ | 1,187,506 | ​ | ​ | — | ​ | ​ | 51,325 | ​ | ​ | 1,187,506 | ​ | ​ | 1,238,831 | ​ | ​ | 225,131 | ​ | 2015 | ​ | 40 Years
Fountain Inn, SC | ​ | ​ | — | ​ | ​ | 107,633 | ​ | ​ | 1,076,633 | ​ | ​ | — | ​ | ​ | 107,633 | ​ | ​ | 1,076,633 | ​ | ​ | 1,184,266 | ​ | ​ | 204,112 | ​ | 2015 | ​ | 40 Years
Walterboro, SC | ​ | ​ | — | ​ | ​ | 21,414 | ​ | ​ | 1,156,820 | ​ | ​ | — | ​ | ​ | 21,414 | ​ | ​ | 1,156,820 | ​ | ​ | 1,178,234 | ​ | ​ | 219,313 | ​ | 2015 | ​ | 40 Years
Jackson, TN | ​ | ​ | — | ​ | ​ | 277,000 | ​ | ​ | 495,103 | ​ | ​ | 80,423 | ​ | ​ | 277,000 | ​ | ​ | 575,526 | ​ | ​ | 852,526 | ​ | ​ | 93,554 | ​ | 2015 | ​ | 40 Years
Brenham, TX | ​ | ​ | — | ​ | ​ | 355,486 | ​ | ​ | 17,280,895 | ​ | ​ | 581 | ​ | ​ | 355,486 | ​ | ​ | 17,281,476 | ​ | ​ | 17,636,962 | ​ | ​ | 3,312,244 | ​ | 2015 | ​ | 40 Years
Corpus Christi, TX | ​ | ​ | — | ​ | ​ | 316,916 | ​ | ​ | 2,140,056 | ​ | ​ | — | ​ | ​ | 316,916 | ​ | ​ | 2,140,056 | ​ | ​ | 2,456,972 | ​ | ​ | 392,344 | ​ | 2015 | ​ | 40 Years
Harlingen, TX | ​ | ​ | — | ​ | ​ | 126,102 | ​ | ​ | 869,779 | ​ | ​ | 12,681 | ​ | ​ | 126,102 | ​ | ​ | 882,460 | ​ | ​ | 1,008,562 | ​ | ​ | 160,094 | ​ | 2015 | ​ | 40 Years
Midland, TX | ​ | ​ | — | ​ | ​ | 194,174 | ​ | ​ | 5,005,720 | ​ | ​ | 2,000 | ​ | ​ | 194,174 | ​ | ​ | 5,007,720 | ​ | ​ | 5,201,894 | ​ | ​ | 907,624 | ​ | 2015 | ​ | 40 Years
Rockwall, TX | ​ | ​ | — | ​ | ​ | 578,225 | ​ | ​ | 1,768,930 | ​ | ​ | 210 | ​ | ​ | 578,225 | ​ | ​ | 1,769,140 | ​ | ​ | 2,347,365 | ​ | ​ | 309,595 | ​ | 2015 | ​ | 40 Years
Princeton, WV | ​ | ​ | — | ​ | ​ | 111,653 | ​ | ​ | 1,029,090 | ​ | ​ | — | ​ | ​ | 111,653 | ​ | ​ | 1,029,090 | ​ | ​ | 1,140,743 | ​ | ​ | 199,324 | ​ | 2015 | ​ | 40 Years
Martinsburg, WV | ​ | ​ | — | ​ | ​ | 620,892 | ​ | ​ | 943,163 | ​ | ​ | — | ​ | ​ | 620,892 | ​ | ​ | 943,163 | ​ | ​ | 1,564,055 | ​ | ​ | 165,054 | ​ | 2015 | ​ | 40 Years
Grand Chute, WI | ​ | ​ | — | ​ | ​ | 2,766,417 | ​ | ​ | 7,084,942 | ​ | ​ | 803,235 | ​ | ​ | 2,766,417 | ​ | ​ | 7,888,177 | ​ | ​ | 10,654,594 | ​ | ​ | 1,408,704 | ​ | 2015 | ​ | 40 Years
New Richmond, WI | ​ | ​ | — | ​ | ​ | 71,969 | ​ | ​ | 648,850 | ​ | ​ | — | ​ | ​ | 71,969 | ​ | ​ | 648,850 | ​ | ​ | 720,819 | ​ | ​ | 121,659 | ​ | 2015 | ​ | 40 Years
Baraboo, WI | ​ | ​ | — | ​ | ​ | 142,563 | ​ | ​ | 653,176 | ​ | ​ | — | ​ | ​ | 142,563 | ​ | ​ | 653,176 | ​ | ​ | 795,739 | ​ | ​ | 121,110 | ​ | 2015 | ​ | 40 Years
Decatur, AL | ​ | ​ | — | ​ | ​ | 337,738 | ​ | ​ | 510,706 | ​ | ​ | — | ​ | ​ | 337,738 | ​ | ​ | 510,706 | ​ | ​ | 848,444 | ​ | ​ | 78,734 | ​ | 2016 | ​ | 40 Years
Greenville, AL | ​ | ​ | — | ​ | ​ | 203,722 | ​ | ​ | 905,780 | ​ | ​ | 9,911 | ​ | ​ | 203,722 | ​ | ​ | 915,691 | ​ | ​ | 1,119,413 | ​ | ​ | 137,311 | ​ | 2016 | ​ | 40 Years
Bullhead City, AZ | ​ | ​ | — | ​ | ​ | 177,500 | ​ | ​ | 1,364,406 | ​ | ​ | — | ​ | ​ | 177,500 | ​ | ​ | 1,364,406 | ​ | ​ | 1,541,906 | ​ | ​ | 230,231 | ​ | 2016 | ​ | 40 Years
Page, AZ | ​ | ​ | — | ​ | ​ | 256,982 | ​ | ​ | 1,299,283 | ​ | ​ | — | ​ | ​ | 256,982 | ​ | ​ | 1,299,283 | ​ | ​ | 1,556,265 | ​ | ​ | 219,254 | ​ | 2016 | ​ | 40 Years
Safford, AZ | ​ | ​ | — | ​ | ​ | 349,269 | ​ | ​ | 1,196,307 | ​ | ​ | 676 | ​ | ​ | 349,269 | ​ | ​ | 1,196,983 | ​ | ​ | 1,546,252 | ​ | ​ | 191,809 | ​ | 2016 | ​ | 40 Years
Tucson, AZ | ​ | ​ | — | ​ | ​ | 3,208,580 | ​ | ​ | 4,410,679 | ​ | ​ | (8,268) | ​ | ​ | 3,208,580 | ​ | ​ | 4,402,411 | ​ | ​ | 7,610,991 | ​ | ​ | 716,580 | ​ | 2016 | ​ | 40 Years
Bentonville, AR | ​ | ​ | — | ​ | ​ | 610,926 | ​ | ​ | 897,562 | ​ | ​ | 170 | ​ | ​ | 610,926 | ​ | ​ | 897,732 | ​ | ​ | 1,508,658 | ​ | ​ | 151,517 | ​ | 2016 | ​ | 40 Years
Sunnyvale, CA | ​ | ​ | — | ​ | ​ | 7,351,903 | ​ | ​ | 4,638,432 | ​ | ​ | 194 | ​ | ​ | 7,351,903 | ​ | ​ | 4,638,626 | ​ | ​ | 11,990,529 | ​ | ​ | 763,295 | ​ | 2016 | ​ | 40 Years
Whittier, CA | ​ | ​ | — | ​ | ​ | 4,237,918 | ​ | ​ | 7,343,869 | ​ | ​ | — | ​ | ​ | 4,237,918 | ​ | ​ | 7,343,869 | ​ | ​ | 11,581,787 | ​ | ​ | 1,208,678 | ​ | 2016 | ​ | 40 Years
Aurora, CO | ​ | ​ | — | ​ | ​ | 847,349 | ​ | ​ | 834,301 | ​ | ​ | 7,770 | ​ | ​ | 847,349 | ​ | ​ | 842,071 | ​ | ​ | 1,689,420 | ​ | ​ | 126,181 | ​ | 2016 | ​ | 40 Years
Aurora, CO | ​ | ​ | — | ​ | ​ | 1,132,676 | ​ | ​ | 5,716,367 | ​ | ​ | 287,321 | ​ | ​ | 1,132,676 | ​ | ​ | 6,003,688 | ​ | ​ | 7,136,364 | ​ | ​ | 889,859 | ​ | 2016 | ​ | 40 Years
Evergreen, CO | ​ | ​ | — | ​ | ​ | 1,998,860 | ​ | ​ | 3,827,245 | ​ | ​ | — | ​ | ​ | 1,998,860 | ​ | ​ | 3,827,245 | ​ | ​ | 5,826,105 | ​ | ​ | 629,901 | ​ | 2016 | ​ | 40 Years
Lakeland, FL | ​ | ​ | — | ​ | ​ | 61,000 | ​ | ​ | 1,227,037 | ​ | ​ | — | ​ | ​ | 61,000 | ​ | ​ | 1,227,037 | ​ | ​ | 1,288,037 | ​ | ​ | 189,168 | ​ | 2016 | ​ | 40 Years
Mt Dora, FL | ​ | ​ | — | ​ | ​ | 1,678,671 | ​ | ​ | 3,691,615 | ​ | ​ | 639,525 | ​ | ​ | 1,678,671 | ​ | ​ | 4,331,140 | ​ | ​ | 6,009,811 | ​ | ​ | 671,486 | ​ | 2016 | ​ | 40 Years
North Miami Beach, FL | ​ | ​ | — | ​ | ​ | 1,622,742 | ​ | ​ | 512,717 | ​ | ​ | 11,240 | ​ | ​ | 1,622,742 | ​ | ​ | 523,957 | ​ | ​ | 2,146,699 | ​ | ​ | 78,516 | ​ | 2016 | ​ | 40 Years
Orlando, FL | ​ | ​ | — | ​ | ​ | 903,411 | ​ | ​ | 1,627,159 | ​ | ​ | (24,843) | ​ | ​ | 903,411 | ​ | ​ | 1,602,316 | ​ | ​ | 2,505,727 | ​ | ​ | 253,619 | ​ | 2016 | ​ | 40 Years

​

​

F-41

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Port Orange, FL | ​ | ​ | — | ​ | ​ | 1,493,863 | ​ | ​ | 3,114,697 | ​ | ​ | 619,495 | ​ | ​ | 1,493,863 | ​ | ​ | 3,734,192 | ​ | ​ | 5,228,055 | ​ | ​ | 543,821 | ​ | 2016 | ​ | 40 Years
Royal Palm Beach, FL | ​ | ​ | — | ​ | ​ | 2,052,463 | ​ | ​ | 956,768 | ​ | ​ | 20,576 | ​ | ​ | 2,052,463 | ​ | ​ | 977,344 | ​ | ​ | 3,029,807 | ​ | ​ | 157,555 | ​ | 2016 | ​ | 40 Years
Sarasota, FL | ​ | ​ | — | ​ | ​ | 1,769,175 | ​ | ​ | 3,587,992 | ​ | ​ | 139,891 | ​ | ​ | 1,769,175 | ​ | ​ | 3,727,883 | ​ | ​ | 5,497,058 | ​ | ​ | 623,165 | ​ | 2016 | ​ | 40 Years
Venice, FL | ​ | ​ | — | ​ | ​ | 281,936 | ​ | ​ | 1,291,748 | ​ | ​ | 676 | ​ | ​ | 281,936 | ​ | ​ | 1,292,424 | ​ | ​ | 1,574,360 | ​ | ​ | 204,466 | ​ | 2016 | ​ | 40 Years
Vero Beach, FL | ​ | ​ | — | ​ | ​ | 4,469,033 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,469,033 | ​ | ​ | — | ​ | ​ | 4,469,033 | ​ | ​ | — | ​ | 2016 | ​ | ​
Dalton, GA | ​ | ​ | — | ​ | ​ | 211,362 | ​ | ​ | 220,927 | ​ | ​ | — | ​ | ​ | 211,362 | ​ | ​ | 220,927 | ​ | ​ | 432,289 | ​ | ​ | 35,882 | ​ | 2016 | ​ | 40 Years
Crystal Lake, IL | ​ | ​ | — | ​ | ​ | 2,446,521 | ​ | ​ | 7,012,819 | ​ | ​ | 523,271 | ​ | ​ | 2,446,521 | ​ | ​ | 7,536,090 | ​ | ​ | 9,982,611 | ​ | ​ | 1,089,398 | ​ | 2016 | ​ | 40 Years
Glenwood, IL | ​ | ​ | — | ​ | ​ | 815,483 | ​ | ​ | 970,108 | ​ | ​ | — | ​ | ​ | 815,483 | ​ | ​ | 970,108 | ​ | ​ | 1,785,591 | ​ | ​ | 149,558 | ​ | 2016 | ​ | 40 Years
Morris, IL | ​ | ​ | — | ​ | ​ | 1,206,749 | ​ | ​ | 2,062,495 | ​ | ​ | — | ​ | ​ | 1,206,749 | ​ | ​ | 2,062,495 | ​ | ​ | 3,269,244 | ​ | ​ | 339,452 | ​ | 2016 | ​ | 40 Years
Bicknell, IN | ​ | ​ | — | ​ | ​ | 215,037 | ​ | ​ | 2,381,471 | ​ | ​ | — | ​ | ​ | 215,037 | ​ | ​ | 2,381,471 | ​ | ​ | 2,596,508 | ​ | ​ | 376,978 | ​ | 2016 | ​ | 40 Years
Fort Wayne, IN | ​ | ​ | — | ​ | ​ | 711,430 | ​ | ​ | 1,258,357 | ​ | ​ | (5,563) | ​ | ​ | 711,430 | ​ | ​ | 1,252,795 | ​ | ​ | 1,964,225 | ​ | ​ | 216,390 | ​ | 2016 | ​ | 40 Years
Indianapolis, IN | ​ | ​ | — | ​ | ​ | 734,434 | ​ | ​ | 970,175 | ​ | ​ | (2,700) | ​ | ​ | 734,434 | ​ | ​ | 967,475 | ​ | ​ | 1,701,909 | ​ | ​ | 163,419 | ​ | 2016 | ​ | 40 Years
Des Moines, IA | ​ | ​ | — | ​ | ​ | 322,797 | ​ | ​ | 1,374,153 | ​ | ​ | — | ​ | ​ | 322,797 | ​ | ​ | 1,374,153 | ​ | ​ | 1,696,950 | ​ | ​ | 226,163 | ​ | 2016 | ​ | 40 Years
Frankfort, KY | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 514,277 | ​ | ​ | — | ​ | ​ | 514,277 | ​ | ​ | — | ​ | ​ | 514,277 | ​ | ​ | — | ​ | 2016 | ​ | ​
DeRidder, LA | ​ | ​ | — | ​ | ​ | 814,891 | ​ | ​ | 2,156,542 | ​ | ​ | 10,536 | ​ | ​ | 814,891 | ​ | ​ | 2,167,078 | ​ | ​ | 2,981,969 | ​ | ​ | 350,784 | ​ | 2016 | ​ | 40 Years
Lake Charles, LA | ​ | ​ | — | ​ | ​ | 1,308,418 | ​ | ​ | 4,235,719 | ​ | ​ | 5,761 | ​ | ​ | 1,308,418 | ​ | ​ | 4,241,480 | ​ | ​ | 5,549,898 | ​ | ​ | 644,940 | ​ | 2016 | ​ | 40 Years
Shreveport, LA | ​ | ​ | — | ​ | ​ | 891,872 | ​ | ​ | 2,058,257 | ​ | ​ | — | ​ | ​ | 891,872 | ​ | ​ | 2,058,257 | ​ | ​ | 2,950,129 | ​ | ​ | 334,476 | ​ | 2016 | ​ | 40 Years
Marshall, MI | ​ | ​ | — | ​ | ​ | 339,813 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 339,813 | ​ | ​ | — | ​ | ​ | 339,813 | ​ | ​ | — | ​ | 2016 | ​ | ​
Mt Pleasant, MI | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 511,282 | ​ | ​ | (254) | ​ | ​ | 511,028 | ​ | ​ | — | ​ | ​ | 511,028 | ​ | ​ | — | ​ | 2016 | ​ | ​
Norton Shores, MI | ​ | ​ | — | ​ | ​ | 495,605 | ​ | ​ | 667,982 | ​ | ​ | 42,874 | ​ | ​ | 495,605 | ​ | ​ | 710,856 | ​ | ​ | 1,206,461 | ​ | ​ | 110,016 | ​ | 2016 | ​ | 40 Years
Stephenson, MI | ​ | ​ | — | ​ | ​ | 223,152 | ​ | ​ | 1,044,947 | ​ | ​ | 270 | ​ | ​ | 223,152 | ​ | ​ | 1,045,217 | ​ | ​ | 1,268,369 | ​ | ​ | 156,780 | ​ | 2016 | ​ | 40 Years
Sterling, MI | ​ | ​ | — | ​ | ​ | 127,844 | ​ | ​ | 905,607 | ​ | ​ | 25,464 | ​ | ​ | 127,844 | ​ | ​ | 931,071 | ​ | ​ | 1,058,915 | ​ | ​ | 143,356 | ​ | 2016 | ​ | 40 Years
Eagle Bend, MN | ​ | ​ | — | ​ | ​ | 96,558 | ​ | ​ | 1,165,437 | ​ | ​ | — | ​ | ​ | 96,558 | ​ | ​ | 1,165,437 | ​ | ​ | 1,261,995 | ​ | ​ | 182,051 | ​ | 2016 | ​ | 40 Years
Brandon, MS | ​ | ​ | — | ​ | ​ | 428,464 | ​ | ​ | 969,346 | ​ | ​ | — | ​ | ​ | 428,464 | ​ | ​ | 969,346 | ​ | ​ | 1,397,810 | ​ | ​ | 161,558 | ​ | 2016 | ​ | 40 Years
Clinton, MS | ​ | ​ | — | ​ | ​ | 370,264 | ​ | ​ | 1,057,143 | ​ | ​ | — | ​ | ​ | 370,264 | ​ | ​ | 1,057,143 | ​ | ​ | 1,427,407 | ​ | ​ | 176,191 | ​ | 2016 | ​ | 40 Years
Columbus, MS | ​ | ​ | — | ​ | ​ | 1,103,458 | ​ | ​ | 2,128,089 | ​ | ​ | (2,105) | ​ | ​ | 1,103,458 | ​ | ​ | 2,125,984 | ​ | ​ | 3,229,442 | ​ | ​ | 365,591 | ​ | 2016 | ​ | 40 Years
Holly Springs, MS | ​ | ​ | — | ​ | ​ | 413,316 | ​ | ​ | 952,574 | ​ | ​ | — | ​ | ​ | 413,316 | ​ | ​ | 952,574 | ​ | ​ | 1,365,890 | ​ | ​ | 154,686 | ​ | 2016 | ​ | 40 Years
Jackson, MS | ​ | ​ | — | ​ | ​ | 242,796 | ​ | ​ | 963,188 | ​ | ​ | — | ​ | ​ | 242,796 | ​ | ​ | 963,188 | ​ | ​ | 1,205,984 | ​ | ​ | 160,531 | ​ | 2016 | ​ | 40 Years
Jackson, MS | ​ | ​ | — | ​ | ​ | 732,944 | ​ | ​ | 2,862,813 | ​ | ​ | 33,902 | ​ | ​ | 732,944 | ​ | ​ | 2,896,715 | ​ | ​ | 3,629,659 | ​ | ​ | 453,382 | ​ | 2016 | ​ | 40 Years
Meridian, MS | ​ | ​ | — | ​ | ​ | 396,329 | ​ | ​ | 1,152,729 | ​ | ​ | — | ​ | ​ | 396,329 | ​ | ​ | 1,152,729 | ​ | ​ | 1,549,058 | ​ | ​ | 192,103 | ​ | 2016 | ​ | 40 Years
Pearl, MS | ​ | ​ | — | ​ | ​ | 299,839 | ​ | ​ | 616,351 | ​ | ​ | 7,355 | ​ | ​ | 299,839 | ​ | ​ | 623,706 | ​ | ​ | 923,545 | ​ | ​ | 93,506 | ​ | 2016 | ​ | 40 Years
Ridgeland, MS | ​ | ​ | — | ​ | ​ | 407,041 | ​ | ​ | 864,498 | ​ | ​ | — | ​ | ​ | 407,041 | ​ | ​ | 864,498 | ​ | ​ | 1,271,539 | ​ | ​ | 144,083 | ​ | 2016 | ​ | 40 Years
Bowling Green, MO | ​ | ​ | — | ​ | ​ | 360,201 | ​ | ​ | 2,809,170 | ​ | ​ | 5,000 | ​ | ​ | 360,201 | ​ | ​ | 2,814,170 | ​ | ​ | 3,174,371 | ​ | ​ | 439,083 | ​ | 2016 | ​ | 40 Years
St Robert, MO | ​ | ​ | — | ​ | ​ | 394,859 | ​ | ​ | 1,305,366 | ​ | ​ | 24,333 | ​ | ​ | 394,859 | ​ | ​ | 1,329,699 | ​ | ​ | 1,724,558 | ​ | ​ | 201,206 | ​ | 2016 | ​ | 40 Years
Beatty, NV | ​ | ​ | — | ​ | ​ | 198,928 | ​ | ​ | 1,265,084 | ​ | ​ | 8,051 | ​ | ​ | 198,928 | ​ | ​ | 1,273,135 | ​ | ​ | 1,472,063 | ​ | ​ | 198,821 | ​ | 2016 | ​ | 40 Years
Alamogordo, NM | ​ | ​ | — | ​ | ​ | 654,965 | ​ | ​ | 2,716,166 | ​ | ​ | 4,436 | ​ | ​ | 654,965 | ​ | ​ | 2,720,602 | ​ | ​ | 3,375,567 | ​ | ​ | 425,605 | ​ | 2016 | ​ | 40 Years
Alamogordo, NM | ​ | ​ | — | ​ | ​ | 524,763 | ​ | ​ | 941,615 | ​ | ​ | 7,522 | ​ | ​ | 524,763 | ​ | ​ | 949,137 | ​ | ​ | 1,473,900 | ​ | ​ | 144,309 | ​ | 2016 | ​ | 40 Years
Alcalde, NM | ​ | ​ | — | ​ | ​ | 435,486 | ​ | ​ | 836,499 | ​ | ​ | — | ​ | ​ | 435,486 | ​ | ​ | 836,499 | ​ | ​ | 1,271,985 | ​ | ​ | 125,475 | ​ | 2016 | ​ | 40 Years
Cimarron, NM | ​ | ​ | — | ​ | ​ | 345,693 | ​ | ​ | 1,236,437 | ​ | ​ | 7,613 | ​ | ​ | 345,693 | ​ | ​ | 1,244,050 | ​ | ​ | 1,589,743 | ​ | ​ | 189,160 | ​ | 2016 | ​ | 40 Years
La Luz, NM | ​ | ​ | — | ​ | ​ | 487,401 | ​ | ​ | 835,455 | ​ | ​ | — | ​ | ​ | 487,401 | ​ | ​ | 835,455 | ​ | ​ | 1,322,856 | ​ | ​ | 127,059 | ​ | 2016 | ​ | 40 Years
Fayetteville, NC | ​ | ​ | — | ​ | ​ | 1,267,529 | ​ | ​ | 2,527,462 | ​ | ​ | 16,897 | ​ | ​ | 1,267,529 | ​ | ​ | 2,544,359 | ​ | ​ | 3,811,888 | ​ | ​ | 386,790 | ​ | 2016 | ​ | 40 Years
Gastonia, NC | ​ | ​ | — | ​ | ​ | 401,119 | ​ | ​ | 979,803 | ​ | ​ | 1,631 | ​ | ​ | 401,119 | ​ | ​ | 981,434 | ​ | ​ | 1,382,553 | ​ | ​ | 149,261 | ​ | 2016 | ​ | 40 Years
Devils Lake, ND | ​ | ​ | — | ​ | ​ | 323,508 | ​ | ​ | 1,133,773 | ​ | ​ | 955 | ​ | ​ | 323,508 | ​ | ​ | 1,134,728 | ​ | ​ | 1,458,236 | ​ | ​ | 179,271 | ​ | 2016 | ​ | 40 Years
Cambridge, OH | ​ | ​ | — | ​ | ​ | 168,717 | ​ | ​ | 1,113,232 | ​ | ​ | — | ​ | ​ | 168,717 | ​ | ​ | 1,113,232 | ​ | ​ | 1,281,949 | ​ | ​ | 190,177 | ​ | 2016 | ​ | 40 Years
Columbus, OH | ​ | ​ | — | ​ | ​ | 1,109,044 | ​ | ​ | 1,291,313 | ​ | ​ | — | ​ | ​ | 1,109,044 | ​ | ​ | 1,291,313 | ​ | ​ | 2,400,357 | ​ | ​ | 209,773 | ​ | 2016 | ​ | 40 Years
Grove City, OH | ​ | ​ | — | ​ | ​ | 334,032 | ​ | ​ | 176,274 | ​ | ​ | — | ​ | ​ | 334,032 | ​ | ​ | 176,274 | ​ | ​ | 510,306 | ​ | ​ | 28,630 | ​ | 2016 | ​ | 40 Years
Lorain, OH | ​ | ​ | — | ​ | ​ | 808,162 | ​ | ​ | 1,390,481 | ​ | ​ | 10,000 | ​ | ​ | 808,162 | ​ | ​ | 1,400,481 | ​ | ​ | 2,208,643 | ​ | ​ | 237,977 | ​ | 2016 | ​ | 40 Years
Reynoldsburg, OH | ​ | ​ | — | ​ | ​ | 843,336 | ​ | ​ | 1,197,966 | ​ | ​ | — | ​ | ​ | 843,336 | ​ | ​ | 1,197,966 | ​ | ​ | 2,041,302 | ​ | ​ | 194,617 | ​ | 2016 | ​ | 40 Years
Springfield, OH | ​ | ​ | — | ​ | ​ | 982,451 | ​ | ​ | 3,957,512 | ​ | ​ | 7,191 | ​ | ​ | 982,451 | ​ | ​ | 3,964,703 | ​ | ​ | 4,947,154 | ​ | ​ | 676,131 | ​ | 2016 | ​ | 40 Years
Ardmore, OK | ​ | ​ | — | ​ | ​ | 571,993 | ​ | ​ | 1,590,151 | ​ | ​ | — | ​ | ​ | 571,993 | ​ | ​ | 1,590,151 | ​ | ​ | 2,162,144 | ​ | ​ | 261,714 | ​ | 2016 | ​ | 40 Years
Dillon, SC | ​ | ​ | — | ​ | ​ | 85,896 | ​ | ​ | 1,697,160 | ​ | ​ | — | ​ | ​ | 85,896 | ​ | ​ | 1,697,160 | ​ | ​ | 1,783,056 | ​ | ​ | 293,467 | ​ | 2016 | ​ | 40 Years
Jasper, TN | ​ | ​ | — | ​ | ​ | 190,582 | ​ | ​ | 966,125 | ​ | ​ | 6,888 | ​ | ​ | 190,582 | ​ | ​ | 973,013 | ​ | ​ | 1,163,595 | ​ | ​ | 145,929 | ​ | 2016 | ​ | 40 Years
Carthage, TX | ​ | ​ | — | ​ | ​ | 597,995 | ​ | ​ | 1,965,290 | ​ | ​ | 27,357 | ​ | ​ | 597,995 | ​ | ​ | 1,992,647 | ​ | ​ | 2,590,642 | ​ | ​ | 319,968 | ​ | 2016 | ​ | 40 Years
Cedar Park, TX | ​ | ​ | — | ​ | ​ | 1,386,802 | ​ | ​ | 4,656,229 | ​ | ​ | 758,023 | ​ | ​ | 1,410,827 | ​ | ​ | 5,390,227 | ​ | ​ | 6,801,054 | ​ | ​ | 915,117 | ​ | 2016 | ​ | 40 Years
Granbury, TX | ​ | ​ | — | ​ | ​ | 944,223 | ​ | ​ | 2,362,540 | ​ | ​ | — | ​ | ​ | 944,223 | ​ | ​ | 2,362,540 | ​ | ​ | 3,306,763 | ​ | ​ | 383,921 | ​ | 2016 | ​ | 40 Years
Hemphill, TX | ​ | ​ | — | ​ | ​ | 250,503 | ​ | ​ | 1,955,918 | ​ | ​ | 11,886 | ​ | ​ | 250,503 | ​ | ​ | 1,967,804 | ​ | ​ | 2,218,307 | ​ | ​ | 307,092 | ​ | 2016 | ​ | 40 Years
Lampasas, TX | ​ | ​ | — | ​ | ​ | 245,312 | ​ | ​ | 1,063,701 | ​ | ​ | 45,197 | ​ | ​ | 245,312 | ​ | ​ | 1,108,898 | ​ | ​ | 1,354,210 | ​ | ​ | 179,803 | ​ | 2016 | ​ | 40 Years
Lubbock, TX | ​ | ​ | — | ​ | ​ | 1,501,556 | ​ | ​ | 2,341,031 | ​ | ​ | — | ​ | ​ | 1,501,556 | ​ | ​ | 2,341,031 | ​ | ​ | 3,842,587 | ​ | ​ | 380,427 | ​ | 2016 | ​ | 40 Years
Odessa, TX | ​ | ​ | — | ​ | ​ | 921,043 | ​ | ​ | 2,434,384 | ​ | ​ | 5,615 | ​ | ​ | 921,043 | ​ | ​ | 2,439,999 | ​ | ​ | 3,361,042 | ​ | ​ | 396,310 | ​ | 2016 | ​ | 40 Years
Port Arthur, TX | ​ | ​ | — | ​ | ​ | 1,889,732 | ​ | ​ | 8,121,417 | ​ | ​ | 439,354 | ​ | ​ | 1,889,732 | ​ | ​ | 8,560,771 | ​ | ​ | 10,450,503 | ​ | ​ | 1,300,967 | ​ | 2016 | ​ | 40 Years
Provo, UT | ​ | ​ | — | ​ | ​ | 1,692,785 | ​ | ​ | 5,874,584 | ​ | ​ | 43,650 | ​ | ​ | 1,692,785 | ​ | ​ | 5,918,234 | ​ | ​ | 7,611,019 | ​ | ​ | 956,869 | ​ | 2016 | ​ | 40 Years
Tappahannock, VA | ​ | ​ | — | ​ | ​ | 1,076,745 | ​ | ​ | 14,904 | ​ | ​ | — | ​ | ​ | 1,076,745 | ​ | ​ | 14,904 | ​ | ​ | 1,091,649 | ​ | ​ | 2,395 | ​ | 2016 | ​ | 40 Years
Manitowoc, WI | ​ | ​ | — | ​ | ​ | 879,237 | ​ | ​ | 4,467,960 | ​ | ​ | 1,313 | ​ | ​ | 879,237 | ​ | ​ | 4,469,273 | ​ | ​ | 5,348,510 | ​ | ​ | 707,303 | ​ | 2016 | ​ | 40 Years
Oak Creek, WI | ​ | ​ | — | ​ | ​ | 487,277 | ​ | ​ | 3,082,180 | ​ | ​ | 382,092 | ​ | ​ | 487,277 | ​ | ​ | 3,464,272 | ​ | ​ | 3,951,549 | ​ | ​ | 564,008 | ​ | 2016 | ​ | 40 Years
Oxford, AL | ​ | ​ | — | ​ | ​ | 148,407 | ​ | ​ | 641,820 | ​ | ​ | — | ​ | ​ | 148,407 | ​ | ​ | 641,820 | ​ | ​ | 790,227 | ​ | ​ | 90,897 | ​ | 2017 | ​ | 40 Years
Oxford, AL | ​ | ​ | — | ​ | ​ | 255,786 | ​ | ​ | 7,273,871 | ​ | ​ | 81,627 | ​ | ​ | 255,786 | ​ | ​ | 7,355,498 | ​ | ​ | 7,611,284 | ​ | ​ | 1,041,452 | ​ | 2017 | ​ | 40 Years
Oxford, AL | ​ | ​ | — | ​ | ​ | 24,875 | ​ | ​ | 600,936 | ​ | ​ | (15,612) | ​ | ​ | 24,875 | ​ | ​ | 585,324 | ​ | ​ | 610,199 | ​ | ​ | 84,129 | ​ | 2017 | ​ | 40 Years
Jonesboro, AR | ​ | ​ | — | ​ | ​ | 3,656,554 | ​ | ​ | 3,219,456 | ​ | ​ | 11,058 | ​ | ​ | 3,656,554 | ​ | ​ | 3,230,514 | ​ | ​ | 6,887,068 | ​ | ​ | 423,001 | ​ | 2017 | ​ | 40 Years
Lowell, AR | ​ | ​ | — | ​ | ​ | 949,519 | ​ | ​ | 1,435,056 | ​ | ​ | 10,229 | ​ | ​ | 949,519 | ​ | ​ | 1,445,285 | ​ | ​ | 2,394,804 | ​ | ​ | 180,597 | ​ | 2017 | ​ | 40 Years
Southington, CT | ​ | ​ | — | ​ | ​ | 1,088,181 | ​ | ​ | 1,287,837 | ​ | ​ | 185,818 | ​ | ​ | 1,088,181 | ​ | ​ | 1,473,655 | ​ | ​ | 2,561,836 | ​ | ​ | 185,998 | ​ | 2017 | ​ | 40 Years
Millsboro, DE | ​ | ​ | — | ​ | ​ | 3,501,109 | ​ | ​ | — | ​ | ​ | (20,531) | ​ | ​ | 3,480,578 | ​ | ​ | — | ​ | ​ | 3,480,578 | ​ | ​ | — | ​ | 2017 | ​ | ​
Jacksonville, FL | ​ | ​ | — | ​ | ​ | 2,298,885 | ​ | ​ | 2,894,565 | ​ | ​ | 29,661 | ​ | ​ | 2,298,885 | ​ | ​ | 2,924,226 | ​ | ​ | 5,223,111 | ​ | ​ | 372,024 | ​ | 2017 | ​ | 40 Years
Orange Park, FL | ​ | ​ | — | ​ | ​ | 214,858 | ​ | ​ | 2,304,095 | ​ | ​ | — | ​ | ​ | 214,858 | ​ | ​ | 2,304,095 | ​ | ​ | 2,518,953 | ​ | ​ | 316,787 | ​ | 2017 | ​ | 40 Years

​

​

F-42

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Port Richey, FL | ​ | ​ | — | ​ | ​ | 1,140,182 | ​ | ​ | 1,649,773 | ​ | ​ | — | ​ | ​ | 1,140,182 | ​ | ​ | 1,649,773 | ​ | ​ | 2,789,955 | ​ | ​ | 226,833 | ​ | 2017 | ​ | 40 Years
Americus, GA | ​ | ​ | — | ​ | ​ | 1,318,463 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,318,463 | ​ | ​ | — | ​ | ​ | 1,318,463 | ​ | ​ | — | ​ | 2017 | ​ | ​
Brunswick, GA | ​ | ​ | — | ​ | ​ | 1,279,688 | ​ | ​ | 2,158,863 | ​ | ​ | 205 | ​ | ​ | 1,279,688 | ​ | ​ | 2,159,068 | ​ | ​ | 3,438,756 | ​ | ​ | 310,208 | ​ | 2017 | ​ | 40 Years
Brunswick, GA | ​ | ​ | — | ​ | ​ | 126,335 | ​ | ​ | 1,626,530 | ​ | ​ | — | ​ | ​ | 126,335 | ​ | ​ | 1,626,530 | ​ | ​ | 1,752,865 | ​ | ​ | 206,705 | ​ | 2017 | ​ | 40 Years
Buford, GA | ​ | ​ | — | ​ | ​ | 341,860 | ​ | ​ | 1,023,813 | ​ | ​ | — | ​ | ​ | 341,860 | ​ | ​ | 1,023,813 | ​ | ​ | 1,365,673 | ​ | ​ | 140,742 | ​ | 2017 | ​ | 40 Years
Carrollton, GA | ​ | ​ | — | ​ | ​ | 597,465 | ​ | ​ | 886,644 | ​ | ​ | — | ​ | ​ | 597,465 | ​ | ​ | 886,644 | ​ | ​ | 1,484,109 | ​ | ​ | 119,982 | ​ | 2017 | ​ | 40 Years
Decatur, GA | ​ | ​ | — | ​ | ​ | 558,859 | ​ | ​ | 1,429,106 | ​ | ​ | — | ​ | ​ | 558,859 | ​ | ​ | 1,429,106 | ​ | ​ | 1,987,965 | ​ | ​ | 181,615 | ​ | 2017 | ​ | 40 Years
Metter, GA | ​ | ​ | — | ​ | ​ | 256,743 | ​ | ​ | 766,818 | ​ | ​ | — | ​ | ​ | 256,743 | ​ | ​ | 766,818 | ​ | ​ | 1,023,561 | ​ | ​ | 103,796 | ​ | 2017 | ​ | 40 Years
Villa Rica, GA | ​ | ​ | — | ​ | ​ | 410,936 | ​ | ​ | 1,311,444 | ​ | ​ | — | ​ | ​ | 410,936 | ​ | ​ | 1,311,444 | ​ | ​ | 1,722,380 | ​ | ​ | 183,029 | ​ | 2017 | ​ | 40 Years
Chicago, IL | ​ | ​ | — | ​ | ​ | 2,899,155 | ​ | ​ | 9,822,986 | ​ | ​ | — | ​ | ​ | 2,899,155 | ​ | ​ | 9,822,986 | ​ | ​ | 12,722,141 | ​ | ​ | 1,411,977 | ​ | 2017 | ​ | 40 Years
Chicago, IL | ​ | ​ | — | ​ | ​ | 2,081,151 | ​ | ​ | 5,197,315 | ​ | ​ | — | ​ | ​ | 2,081,151 | ​ | ​ | 5,197,315 | ​ | ​ | 7,278,466 | ​ | ​ | 746,756 | ​ | 2017 | ​ | 40 Years
Galesburg, IL | ​ | ​ | — | ​ | ​ | 214,280 | ​ | ​ | 979,108 | ​ | ​ | — | ​ | ​ | 214,280 | ​ | ​ | 979,108 | ​ | ​ | 1,193,388 | ​ | ​ | 134,609 | ​ | 2017 | ​ | 40 Years
Mundelein, IL | ​ | ​ | — | ​ | ​ | 1,238,743 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,238,743 | ​ | ​ | — | ​ | ​ | 1,238,743 | ​ | ​ | — | ​ | 2017 | ​ | ​
Mundelein, IL | ​ | ​ | — | ​ | ​ | 1,743,222 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,743,222 | ​ | ​ | — | ​ | ​ | 1,743,222 | ​ | ​ | — | ​ | 2017 | ​ | ​
Mundelein, IL | ​ | ​ | — | ​ | ​ | 1,803,068 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,803,068 | ​ | ​ | — | ​ | ​ | 1,803,068 | ​ | ​ | — | ​ | 2017 | ​ | ​
Springfield, IL | ​ | ​ | — | ​ | ​ | 574,805 | ​ | ​ | 1,554,786 | ​ | ​ | 9,660 | ​ | ​ | 574,805 | ​ | ​ | 1,564,446 | ​ | ​ | 2,139,251 | ​ | ​ | 194,892 | ​ | 2017 | ​ | 40 Years
Woodstock, IL | ​ | ​ | — | ​ | ​ | 683,419 | ​ | ​ | 1,002,207 | ​ | ​ | 284 | ​ | ​ | 683,419 | ​ | ​ | 1,002,491 | ​ | ​ | 1,685,910 | ​ | ​ | 127,398 | ​ | 2017 | ​ | 40 Years
Frankfort, IN | ​ | ​ | — | ​ | ​ | 50,458 | ​ | ​ | 2,008,275 | ​ | ​ | — | ​ | ​ | 50,458 | ​ | ​ | 2,008,275 | ​ | ​ | 2,058,733 | ​ | ​ | 284,506 | ​ | 2017 | ​ | 40 Years
Kokomo, IN | ​ | ​ | — | ​ | ​ | 95,196 | ​ | ​ | 1,484,778 | ​ | ​ | (30,615) | ​ | ​ | 95,196 | ​ | ​ | 1,454,163 | ​ | ​ | 1,549,359 | ​ | ​ | 186,586 | ​ | 2017 | ​ | 40 Years
Nashville, IN | ​ | ​ | — | ​ | ​ | 484,117 | ​ | ​ | 2,458,215 | ​ | ​ | — | ​ | ​ | 484,117 | ​ | ​ | 2,458,215 | ​ | ​ | 2,942,332 | ​ | ​ | 337,766 | ​ | 2017 | ​ | 40 Years
Roeland Park, KS | ​ | ​ | — | ​ | ​ | 7,829,806 | ​ | ​ | — | ​ | ​ | (1,247,898) | ​ | ​ | 6,581,908 | ​ | ​ | — | ​ | ​ | 6,581,908 | ​ | ​ | — | ​ | 2017 | ​ | ​
Georgetown, KY | ​ | ​ | — | ​ | ​ | 1,996,456 | ​ | ​ | 6,315,768 | ​ | ​ | 928 | ​ | ​ | 1,996,456 | ​ | ​ | 6,316,696 | ​ | ​ | 8,313,152 | ​ | ​ | 875,591 | ​ | 2017 | ​ | 40 Years
Hopkinsville, KY | ​ | ​ | — | ​ | ​ | 413,269 | ​ | ​ | 996,619 | ​ | ​ | — | ​ | ​ | 413,269 | ​ | ​ | 996,619 | ​ | ​ | 1,409,888 | ​ | ​ | 137,011 | ​ | 2017 | ​ | 40 Years
Salyersville, KY | ​ | ​ | — | ​ | ​ | 289,663 | ​ | ​ | 906,455 | ​ | ​ | 596 | ​ | ​ | 289,663 | ​ | ​ | 907,051 | ​ | ​ | 1,196,714 | ​ | ​ | 126,523 | ​ | 2017 | ​ | 40 Years
Amite, LA | ​ | ​ | — | ​ | ​ | 601,238 | ​ | ​ | 1,695,242 | ​ | ​ | — | ​ | ​ | 601,238 | ​ | ​ | 1,695,242 | ​ | ​ | 2,296,480 | ​ | ​ | 236,580 | ​ | 2017 | ​ | 40 Years
Bossier City, LA | ​ | ​ | — | ​ | ​ | 797,899 | ​ | ​ | 2,925,864 | ​ | ​ | 146 | ​ | ​ | 797,899 | ​ | ​ | 2,926,010 | ​ | ​ | 3,723,909 | ​ | ​ | 371,844 | ​ | 2017 | ​ | 40 Years
Kenner, LA | ​ | ​ | — | ​ | ​ | 323,188 | ​ | ​ | 859,298 | ​ | ​ | (1,000) | ​ | ​ | 323,188 | ​ | ​ | 858,298 | ​ | ​ | 1,181,486 | ​ | ​ | 112,617 | ​ | 2017 | ​ | 40 Years
Mandeville, LA | ​ | ​ | — | ​ | ​ | 834,891 | ​ | ​ | 1,294,812 | ​ | ​ | 205 | ​ | ​ | 834,891 | ​ | ​ | 1,295,017 | ​ | ​ | 2,129,908 | ​ | ​ | 169,889 | ​ | 2017 | ​ | 40 Years
New Orleans, LA | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,846,313 | ​ | ​ | 121,177 | ​ | ​ | — | ​ | ​ | 6,967,490 | ​ | ​ | 6,967,490 | ​ | ​ | 944,359 | ​ | 2017 | ​ | 40 Years
Baltimore, MD | ​ | ​ | — | ​ | ​ | 782,819 | ​ | ​ | 745,092 | ​ | ​ | 7,968 | ​ | ​ | 782,819 | ​ | ​ | 753,060 | ​ | ​ | 1,535,879 | ​ | ​ | 96,438 | ​ | 2017 | ​ | 40 Years
Grand Rapids, MI | ​ | ​ | — | ​ | ​ | 7,015,035 | ​ | ​ | — | ​ | ​ | 2,635,983 | ​ | ​ | 1,750,000 | ​ | ​ | 7,901,018 | ​ | ​ | 9,651,018 | ​ | ​ | 888,865 | ​ | 2017 | ​ | 40 Years
Bloomington, MN | ​ | ​ | — | ​ | ​ | 1,491,302 | ​ | ​ | — | ​ | ​ | 619 | ​ | ​ | 1,491,921 | ​ | ​ | — | ​ | ​ | 1,491,921 | ​ | ​ | — | ​ | 2017 | ​ | ​
Monticello, MN | ​ | ​ | — | ​ | ​ | 449,025 | ​ | ​ | 979,816 | ​ | ​ | 9,368 | ​ | ​ | 449,025 | ​ | ​ | 989,184 | ​ | ​ | 1,438,209 | ​ | ​ | 145,894 | ​ | 2017 | ​ | 40 Years
Mountain Iron, MN | ​ | ​ | — | ​ | ​ | 177,918 | ​ | ​ | 1,139,849 | ​ | ​ | — | ​ | ​ | 177,918 | ​ | ​ | 1,139,849 | ​ | ​ | 1,317,767 | ​ | ​ | 156,713 | ​ | 2017 | ​ | 40 Years
Gulfport, MS | ​ | ​ | — | ​ | ​ | 671,824 | ​ | ​ | 1,176,505 | ​ | ​ | — | ​ | ​ | 671,824 | ​ | ​ | 1,176,505 | ​ | ​ | 1,848,329 | ​ | ​ | 164,203 | ​ | 2017 | ​ | 40 Years
Jackson, MS | ​ | ​ | — | ​ | ​ | 802,230 | ​ | ​ | 1,434,997 | ​ | ​ | — | ​ | ​ | 802,230 | ​ | ​ | 1,434,997 | ​ | ​ | 2,237,227 | ​ | ​ | 200,279 | ​ | 2017 | ​ | 40 Years
McComb, MS | ​ | ​ | — | ​ | ​ | 67,026 | ​ | ​ | 685,426 | ​ | ​ | — | ​ | ​ | 67,026 | ​ | ​ | 685,426 | ​ | ​ | 752,452 | ​ | ​ | 94,201 | ​ | 2017 | ​ | 40 Years
Kansas City, MO | ​ | ​ | — | ​ | ​ | 1,390,880 | ​ | ​ | 1,588,573 | ​ | ​ | — | ​ | ​ | 1,390,880 | ​ | ​ | 1,588,573 | ​ | ​ | 2,979,453 | ​ | ​ | 240,861 | ​ | 2017 | ​ | 40 Years
Springfield, MO | ​ | ​ | — | ​ | ​ | 616,344 | ​ | ​ | 2,448,360 | ​ | ​ | 13,285 | ​ | ​ | 616,344 | ​ | ​ | 2,461,645 | ​ | ​ | 3,077,989 | ​ | ​ | 307,623 | ​ | 2017 | ​ | 40 Years
St. Charles, MO | ​ | ​ | — | ​ | ​ | 736,242 | ​ | ​ | 2,122,426 | ​ | ​ | 271,734 | ​ | ​ | 736,242 | ​ | ​ | 2,394,160 | ​ | ​ | 3,130,402 | ​ | ​ | 356,446 | ​ | 2017 | ​ | 40 Years
St. Peters, MO | ​ | ​ | — | ​ | ​ | 1,364,670 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,364,670 | ​ | ​ | — | ​ | ​ | 1,364,670 | ​ | ​ | — | ​ | 2017 | ​ | ​
Boulder City, NV | ​ | ​ | — | ​ | ​ | 566,639 | ​ | ​ | 993,399 | ​ | ​ | — | ​ | ​ | 566,639 | ​ | ​ | 993,399 | ​ | ​ | 1,560,038 | ​ | ​ | 136,515 | ​ | 2017 | ​ | 40 Years
Egg Harbor, NJ | ​ | ​ | — | ​ | ​ | 520,510 | ​ | ​ | 1,087,374 | ​ | ​ | — | ​ | ​ | 520,510 | ​ | ​ | 1,087,374 | ​ | ​ | 1,607,884 | ​ | ​ | 156,288 | ​ | 2017 | ​ | 40 Years
Secaucus, NJ | ​ | ​ | — | ​ | ​ | 19,915,781 | ​ | ​ | 17,306,541 | ​ | ​ | 84,153 | ​ | ​ | 19,915,781 | ​ | ​ | 17,390,694 | ​ | ​ | 37,306,475 | ​ | ​ | 2,174,176 | ​ | 2017 | ​ | 40 Years
Sewell, NJ | ​ | ​ | — | ​ | ​ | 1,809,771 | ​ | ​ | 6,892,134 | ​ | ​ | — | ​ | ​ | 1,809,771 | ​ | ​ | 6,892,134 | ​ | ​ | 8,701,905 | ​ | ​ | 947,662 | ​ | 2017 | ​ | 40 Years
Santa Fe, NM | ​ | ​ | — | ​ | ​ | 1,072,340 | ​ | ​ | 4,013,237 | ​ | ​ | 476 | ​ | ​ | 1,072,340 | ​ | ​ | 4,013,713 | ​ | ​ | 5,086,053 | ​ | ​ | 601,981 | ​ | 2017 | ​ | 40 Years
Statesville, NC | ​ | ​ | — | ​ | ​ | 287,467 | ​ | ​ | 867,849 | ​ | ​ | — | ​ | ​ | 287,467 | ​ | ​ | 867,849 | ​ | ​ | 1,155,316 | ​ | ​ | 126,557 | ​ | 2017 | ​ | 40 Years
Jacksonville, NC | ​ | ​ | — | ​ | ​ | 308,321 | ​ | ​ | 875,652 | ​ | ​ | 31,340 | ​ | ​ | 308,321 | ​ | ​ | 906,992 | ​ | ​ | 1,215,313 | ​ | ​ | 128,507 | ​ | 2017 | ​ | 40 Years
Minot, ND | ​ | ​ | — | ​ | ​ | 928,796 | ​ | ​ | 1,619,726 | ​ | ​ | — | ​ | ​ | 928,796 | ​ | ​ | 1,619,726 | ​ | ​ | 2,548,522 | ​ | ​ | 226,029 | ​ | 2017 | ​ | 40 Years
Grandview Heights, OH | ​ | ​ | — | ​ | ​ | 1,276,870 | ​ | ​ | 8,557,690 | ​ | ​ | (20,518) | ​ | ​ | 1,276,870 | ​ | ​ | 8,537,172 | ​ | ​ | 9,814,042 | ​ | ​ | 1,192,987 | ​ | 2017 | ​ | 40 Years
Hilliard, OH | ​ | ​ | — | ​ | ​ | 1,001,228 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,001,228 | ​ | ​ | — | ​ | ​ | 1,001,228 | ​ | ​ | — | ​ | 2017 | ​ | ​
Edmond, OK | ​ | ​ | — | ​ | ​ | 1,063,243 | ​ | ​ | 3,816,155 | ​ | ​ | 9,878 | ​ | ​ | 1,063,243 | ​ | ​ | 3,826,033 | ​ | ​ | 4,889,276 | ​ | ​ | 493,908 | ​ | 2017 | ​ | 40 Years
Oklahoma City, OK | ​ | ​ | — | ​ | ​ | 868,648 | ​ | ​ | 1,820,174 | ​ | ​ | 7,835 | ​ | ​ | 868,648 | ​ | ​ | 1,828,009 | ​ | ​ | 2,696,657 | ​ | ​ | 244,122 | ​ | 2017 | ​ | 40 Years
Erie, PA | ​ | ​ | — | ​ | ​ | 425,267 | ​ | ​ | 1,284,883 | ​ | ​ | — | ​ | ​ | 425,267 | ​ | ​ | 1,284,883 | ​ | ​ | 1,710,150 | ​ | ​ | 171,185 | ​ | 2017 | ​ | 40 Years
Pittsburgh, PA | ​ | ​ | — | ​ | ​ | 692,454 | ​ | ​ | 2,509,358 | ​ | ​ | — | ​ | ​ | 692,454 | ​ | ​ | 2,509,358 | ​ | ​ | 3,201,812 | ​ | ​ | 344,860 | ​ | 2017 | ​ | 40 Years
Sumter, SC | ​ | ​ | — | ​ | ​ | 132,204 | ​ | ​ | 1,095,478 | ​ | ​ | — | ​ | ​ | 132,204 | ​ | ​ | 1,095,478 | ​ | ​ | 1,227,682 | ​ | ​ | 152,885 | ​ | 2017 | ​ | 40 Years
Chattanooga, TN | ​ | ​ | — | ​ | ​ | 2,089,237 | ​ | ​ | 3,595,808 | ​ | ​ | 195 | ​ | ​ | 2,089,237 | ​ | ​ | 3,596,003 | ​ | ​ | 5,685,240 | ​ | ​ | 456,989 | ​ | 2017 | ​ | 40 Years
Etowah, TN | ​ | ​ | — | ​ | ​ | 74,057 | ​ | ​ | 862,436 | ​ | ​ | 78,324 | ​ | ​ | 74,057 | ​ | ​ | 940,760 | ​ | ​ | 1,014,817 | ​ | ​ | 130,721 | ​ | 2017 | ​ | 40 Years
Memphis, TN | ​ | ​ | — | ​ | ​ | 1,661,764 | ​ | ​ | 3,874,356 | ​ | ​ | 15,300 | ​ | ​ | 1,661,764 | ​ | ​ | 3,889,656 | ​ | ​ | 5,551,420 | ​ | ​ | 565,318 | ​ | 2017 | ​ | 40 Years
Alamo, TX | ​ | ​ | — | ​ | ​ | 104,878 | ​ | ​ | 821,355 | ​ | ​ | 13,274 | ​ | ​ | 104,878 | ​ | ​ | 834,629 | ​ | ​ | 939,507 | ​ | ​ | 104,246 | ​ | 2017 | ​ | 40 Years
Andrews, TX | ​ | ​ | — | ​ | ​ | 172,373 | ​ | ​ | 817,252 | ​ | ​ | (292) | ​ | ​ | 172,373 | ​ | ​ | 816,960 | ​ | ​ | 989,333 | ​ | ​ | 117,443 | ​ | 2017 | ​ | 40 Years
Arlington, TX | ​ | ​ | — | ​ | ​ | 497,852 | ​ | ​ | 1,601,007 | ​ | ​ | 1,783 | ​ | ​ | 497,852 | ​ | ​ | 1,602,790 | ​ | ​ | 2,100,642 | ​ | ​ | 223,647 | ​ | 2017 | ​ | 40 Years
Canyon Lake, TX | ​ | ​ | — | ​ | ​ | 382,522 | ​ | ​ | 1,026,179 | ​ | ​ | (281) | ​ | ​ | 382,522 | ​ | ​ | 1,025,898 | ​ | ​ | 1,408,420 | ​ | ​ | 128,239 | ​ | 2017 | ​ | 40 Years
Corpus Christi, TX | ​ | ​ | — | ​ | ​ | 185,375 | ​ | ​ | 1,413,298 | ​ | ​ | — | ​ | ​ | 185,375 | ​ | ​ | 1,413,298 | ​ | ​ | 1,598,673 | ​ | ​ | 197,122 | ​ | 2017 | ​ | 40 Years
Fort Stockton, TX | ​ | ​ | — | ​ | ​ | 185,474 | ​ | ​ | 1,186,339 | ​ | ​ | — | ​ | ​ | 185,474 | ​ | ​ | 1,186,339 | ​ | ​ | 1,371,813 | ​ | ​ | 165,563 | ​ | 2017 | ​ | 40 Years
Fort Worth, TX | ​ | ​ | — | ​ | ​ | 1,016,587 | ​ | ​ | 4,622,507 | ​ | ​ | 257,308 | ​ | ​ | 1,016,587 | ​ | ​ | 4,879,815 | ​ | ​ | 5,896,402 | ​ | ​ | 653,807 | ​ | 2017 | ​ | 40 Years
Lufkin, TX | ​ | ​ | — | ​ | ​ | 1,497,171 | ​ | ​ | 4,948,906 | ​ | ​ | 20,434 | ​ | ​ | 1,497,171 | ​ | ​ | 4,969,340 | ​ | ​ | 6,466,511 | ​ | ​ | 712,576 | ​ | 2017 | ​ | 40 Years
Newport News, VA | ​ | ​ | — | ​ | ​ | 2,458,053 | ​ | ​ | 5,390,475 | ​ | ​ | 758,009 | ​ | ​ | 2,458,053 | ​ | ​ | 6,148,484 | ​ | ​ | 8,606,537 | ​ | ​ | 944,499 | ​ | 2017 | ​ | 40 Years
Appleton, WI | ​ | ​ | — | ​ | ​ | 417,249 | ​ | ​ | 1,525,582 | ​ | ​ | 9,779 | ​ | ​ | 417,249 | ​ | ​ | 1,535,361 | ​ | ​ | 1,952,610 | ​ | ​ | 210,320 | ​ | 2017 | ​ | 40 Years
Onalaska, WI | ​ | ​ | — | ​ | ​ | 821,084 | ​ | ​ | 2,651,772 | ​ | ​ | — | ​ | ​ | 821,084 | ​ | ​ | 2,651,772 | ​ | ​ | 3,472,856 | ​ | ​ | 370,089 | ​ | 2017 | ​ | 40 Years
Athens, AL | ​ | ​ | — | ​ | ​ | 253,858 | ​ | ​ | 1,204,570 | ​ | ​ | — | ​ | ​ | 253,858 | ​ | ​ | 1,204,570 | ​ | ​ | 1,458,428 | ​ | ​ | 120,457 | ​ | 2018 | ​ | 40 Years
Birmingham, AL | ​ | ​ | — | ​ | ​ | 1,635,912 | ​ | ​ | 2,739,834 | ​ | ​ | — | ​ | ​ | 1,635,912 | ​ | ​ | 2,739,834 | ​ | ​ | 4,375,746 | ​ | ​ | 325,329 | ​ | 2018 | ​ | 40 Years
Boaz, AL | ​ | ​ | — | ​ | ​ | 379,197 | ​ | ​ | 898,689 | ​ | ​ | — | ​ | ​ | 379,197 | ​ | ​ | 898,689 | ​ | ​ | 1,277,886 | ​ | ​ | 106,635 | ​ | 2018 | ​ | 40 Years

​

​

F-43

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Roanoke, AL | ​ | ​ | — | ​ | ​ | 110,924 | ​ | ​ | 938,451 | ​ | ​ | — | ​ | ​ | 110,924 | ​ | ​ | 938,451 | ​ | ​ | 1,049,375 | ​ | ​ | 99,786 | ​ | 2018 | ​ | 40 Years
Selma, AL | ​ | ​ | — | ​ | ​ | 206,831 | ​ | ​ | 1,790,939 | ​ | ​ | (24,494) | ​ | ​ | 206,831 | ​ | ​ | 1,766,445 | ​ | ​ | 1,973,276 | ​ | ​ | 177,257 | ​ | 2018 | ​ | 40 Years
Maricopa, AZ | ​ | ​ | — | ​ | ​ | 2,166,955 | ​ | ​ | 9,505,724 | ​ | ​ | 14,600 | ​ | ​ | 2,166,955 | ​ | ​ | 9,520,324 | ​ | ​ | 11,687,279 | ​ | ​ | 971,512 | ​ | 2018 | ​ | 40 Years
Parker, AZ | ​ | ​ | — | ​ | ​ | 322,510 | ​ | ​ | 1,159,624 | ​ | ​ | 1,163 | ​ | ​ | 322,510 | ​ | ​ | 1,160,787 | ​ | ​ | 1,483,297 | ​ | ​ | 132,916 | ​ | 2018 | ​ | 40 Years
St. Michaels, AZ | ​ | ​ | — | ​ | ​ | 127,874 | ​ | ​ | 1,043,962 | ​ | ​ | 12,012 | ​ | ​ | 127,874 | ​ | ​ | 1,055,974 | ​ | ​ | 1,183,848 | ​ | ​ | 111,482 | ​ | 2018 | ​ | 40 Years
Little Rock, AR | ​ | ​ | — | ​ | ​ | 390,921 | ​ | ​ | 856,987 | ​ | ​ | — | ​ | ​ | 390,921 | ​ | ​ | 856,987 | ​ | ​ | 1,247,908 | ​ | ​ | 85,699 | ​ | 2018 | ​ | 40 Years
Grand Junction, CO | ​ | ​ | — | ​ | ​ | 835,792 | ​ | ​ | 1,915,976 | ​ | ​ | — | ​ | ​ | 835,792 | ​ | ​ | 1,915,976 | ​ | ​ | 2,751,768 | ​ | ​ | 191,598 | ​ | 2018 | ​ | 40 Years
Brookfield, CT | ​ | ​ | — | ​ | ​ | 343,489 | ​ | ​ | 835,106 | ​ | ​ | — | ​ | ​ | 343,489 | ​ | ​ | 835,106 | ​ | ​ | 1,178,595 | ​ | ​ | 83,511 | ​ | 2018 | ​ | 40 Years
Manchester, CT | ​ | ​ | — | ​ | ​ | 316,847 | ​ | ​ | 558,659 | ​ | ​ | — | ​ | ​ | 316,847 | ​ | ​ | 558,659 | ​ | ​ | 875,506 | ​ | ​ | 55,866 | ​ | 2018 | ​ | 40 Years
Waterbury, CT | ​ | ​ | — | ​ | ​ | 663,667 | ​ | ​ | 607,457 | ​ | ​ | — | ​ | ​ | 663,667 | ​ | ​ | 607,457 | ​ | ​ | 1,271,124 | ​ | ​ | 60,746 | ​ | 2018 | ​ | 40 Years
Apopka, FL | ​ | ​ | — | ​ | ​ | 587,585 | ​ | ​ | 2,363,721 | ​ | ​ | 73,672 | ​ | ​ | 587,585 | ​ | ​ | 2,437,393 | ​ | ​ | 3,024,978 | ​ | ​ | 243,257 | ​ | 2018 | ​ | 40 Years
Cape Coral, FL | ​ | ​ | — | ​ | ​ | 554,721 | ​ | ​ | 1,009,404 | ​ | ​ | — | ​ | ​ | 554,721 | ​ | ​ | 1,009,404 | ​ | ​ | 1,564,125 | ​ | ​ | 100,940 | ​ | 2018 | ​ | 40 Years
Crystal River, FL | ​ | ​ | — | ​ | ​ | 369,723 | ​ | ​ | 1,015,324 | ​ | ​ | — | ​ | ​ | 369,723 | ​ | ​ | 1,015,324 | ​ | ​ | 1,385,047 | ​ | ​ | 124,790 | ​ | 2018 | ​ | 40 Years
DeFuniak Springs, FL | ​ | ​ | — | ​ | ​ | 226,898 | ​ | ​ | 835,016 | ​ | ​ | (18,770) | ​ | ​ | 200,998 | ​ | ​ | 842,146 | ​ | ​ | 1,043,144 | ​ | ​ | 87,649 | ​ | 2018 | ​ | 40 Years
Eustis, FL | ​ | ​ | — | ​ | ​ | 649,394 | ​ | ​ | 1,580,694 | ​ | ​ | — | ​ | ​ | 649,394 | ​ | ​ | 1,580,694 | ​ | ​ | 2,230,088 | ​ | ​ | 158,069 | ​ | 2018 | ​ | 40 Years
Hollywood, FL | ​ | ​ | — | ​ | ​ | 895,783 | ​ | ​ | 947,204 | ​ | ​ | — | ​ | ​ | 895,783 | ​ | ​ | 947,204 | ​ | ​ | 1,842,987 | ​ | ​ | 94,720 | ​ | 2018 | ​ | 40 Years
Homestead, FL | ​ | ​ | — | ​ | ​ | 650,821 | ​ | ​ | 948,265 | ​ | ​ | — | ​ | ​ | 650,821 | ​ | ​ | 948,265 | ​ | ​ | 1,599,086 | ​ | ​ | 94,826 | ​ | 2018 | ​ | 40 Years
Jacksonville, FL | ​ | ​ | — | ​ | ​ | 827,799 | ​ | ​ | 1,554,516 | ​ | ​ | — | ​ | ​ | 827,799 | ​ | ​ | 1,554,516 | ​ | ​ | 2,382,315 | ​ | ​ | 155,452 | ​ | 2018 | ​ | 40 Years
Marianna, FL | ​ | ​ | — | ​ | ​ | 257,760 | ​ | ​ | 886,801 | ​ | ​ | — | ​ | ​ | 257,760 | ​ | ​ | 886,801 | ​ | ​ | 1,144,561 | ​ | ​ | 88,680 | ​ | 2018 | ​ | 40 Years
Melbourne, FL | ​ | ​ | — | ​ | ​ | 497,607 | ​ | ​ | 1,549,974 | ​ | ​ | — | ​ | ​ | 497,607 | ​ | ​ | 1,549,974 | ​ | ​ | 2,047,581 | ​ | ​ | 154,997 | ​ | 2018 | ​ | 40 Years
Merritt Island, FL | ​ | ​ | — | ​ | ​ | 598,790 | ​ | ​ | 988,114 | ​ | ​ | — | ​ | ​ | 598,790 | ​ | ​ | 988,114 | ​ | ​ | 1,586,904 | ​ | ​ | 104,987 | ​ | 2018 | ​ | 40 Years
St. Petersburg, FL | ​ | ​ | — | ​ | ​ | 958,547 | ​ | ​ | 902,502 | ​ | ​ | — | ​ | ​ | 958,547 | ​ | ​ | 902,502 | ​ | ​ | 1,861,049 | ​ | ​ | 99,595 | ​ | 2018 | ​ | 40 Years
Tampa, FL | ​ | ​ | — | ​ | ​ | 488,002 | ​ | ​ | 1,209,902 | ​ | ​ | — | ​ | ​ | 488,002 | ​ | ​ | 1,209,902 | ​ | ​ | 1,697,904 | ​ | ​ | 133,593 | ​ | 2018 | ​ | 40 Years
Tampa, FL | ​ | ​ | — | ​ | ​ | 703,273 | ​ | ​ | 1,283,951 | ​ | ​ | — | ​ | ​ | 703,273 | ​ | ​ | 1,283,951 | ​ | ​ | 1,987,224 | ​ | ​ | 128,925 | ​ | 2018 | ​ | 40 Years
Titusville, FL | ​ | ​ | — | ​ | ​ | 137,421 | ​ | ​ | 1,017,394 | ​ | ​ | 12,059 | ​ | ​ | 137,421 | ​ | ​ | 1,029,453 | ​ | ​ | 1,166,874 | ​ | ​ | 102,870 | ​ | 2018 | ​ | 40 Years
Winter Haven, FL | ​ | ​ | — | ​ | ​ | 832,247 | ​ | ​ | 1,433,449 | ​ | ​ | — | ​ | ​ | 832,247 | ​ | ​ | 1,433,449 | ​ | ​ | 2,265,696 | ​ | ​ | 143,345 | ​ | 2018 | ​ | 40 Years
Albany, GA | ​ | ​ | — | ​ | ​ | 448,253 | ​ | ​ | 1,462,641 | ​ | ​ | 6,023 | ​ | ​ | 448,253 | ​ | ​ | 1,468,664 | ​ | ​ | 1,916,917 | ​ | ​ | 146,825 | ​ | 2018 | ​ | 40 Years
Austell, GA | ​ | ​ | — | ​ | ​ | 1,162,782 | ​ | ​ | 7,462,351 | ​ | ​ | — | ​ | ​ | 1,162,782 | ​ | ​ | 7,462,351 | ​ | ​ | 8,625,133 | ​ | ​ | 870,608 | ​ | 2018 | ​ | 40 Years
Conyers, GA | ​ | ​ | — | ​ | ​ | 330,549 | ​ | ​ | 941,133 | ​ | ​ | — | ​ | ​ | 330,549 | ​ | ​ | 941,133 | ​ | ​ | 1,271,682 | ​ | ​ | 94,113 | ​ | 2018 | ​ | 40 Years
Covington, GA | ​ | ​ | — | ​ | ​ | 744,321 | ​ | ​ | 1,235,171 | ​ | ​ | (43,000) | ​ | ​ | 744,321 | ​ | ​ | 1,192,171 | ​ | ​ | 1,936,492 | ​ | ​ | 122,865 | ​ | 2018 | ​ | 40 Years
Doraville, GA | ​ | ​ | — | ​ | ​ | 1,991,031 | ​ | ​ | 291,663 | ​ | ​ | 230,740 | ​ | ​ | 1,991,031 | ​ | ​ | 522,403 | ​ | ​ | 2,513,434 | ​ | ​ | 36,228 | ​ | 2018 | ​ | 40 Years
Douglasville, GA | ​ | ​ | — | ​ | ​ | 519,420 | ​ | ​ | 1,492,529 | ​ | ​ | — | ​ | ​ | 519,420 | ​ | ​ | 1,492,529 | ​ | ​ | 2,011,949 | ​ | ​ | 149,253 | ​ | 2018 | ​ | 40 Years
Lilburn, GA | ​ | ​ | — | ​ | ​ | 304,597 | ​ | ​ | 1,206,785 | ​ | ​ | — | ​ | ​ | 304,597 | ​ | ​ | 1,206,785 | ​ | ​ | 1,511,382 | ​ | ​ | 120,679 | ​ | 2018 | ​ | 40 Years
Marietta, GA | ​ | ​ | — | ​ | ​ | 1,257,433 | ​ | ​ | 1,563,755 | ​ | ​ | — | ​ | ​ | 1,257,433 | ​ | ​ | 1,563,755 | ​ | ​ | 2,821,188 | ​ | ​ | 188,889 | ​ | 2018 | ​ | 40 Years
Marietta, GA | ​ | ​ | — | ​ | ​ | 447,582 | ​ | ​ | 832,782 | ​ | ​ | — | ​ | ​ | 447,582 | ​ | ​ | 832,782 | ​ | ​ | 1,280,364 | ​ | ​ | 83,278 | ​ | 2018 | ​ | 40 Years
Pooler, GA | ​ | ​ | — | ​ | ​ | 989,819 | ​ | ​ | 1,220,271 | ​ | ​ | 734 | ​ | ​ | 989,819 | ​ | ​ | 1,221,005 | ​ | ​ | 2,210,824 | ​ | ​ | 137,345 | ​ | 2018 | ​ | 40 Years
Riverdale, GA | ​ | ​ | — | ​ | ​ | 474,072 | ​ | ​ | 879,835 | ​ | ​ | (3,750) | ​ | ​ | 470,322 | ​ | ​ | 879,835 | ​ | ​ | 1,350,157 | ​ | ​ | 87,983 | ​ | 2018 | ​ | 40 Years
Savannah, GA | ​ | ​ | — | ​ | ​ | 944,815 | ​ | ​ | 2,997,426 | ​ | ​ | 14,050 | ​ | ​ | 944,815 | ​ | ​ | 3,011,476 | ​ | ​ | 3,956,291 | ​ | ​ | 301,046 | ​ | 2018 | ​ | 40 Years
Statesboro, GA | ​ | ​ | — | ​ | ​ | 681,381 | ​ | ​ | 1,592,291 | ​ | ​ | 1,786 | ​ | ​ | 681,381 | ​ | ​ | 1,594,077 | ​ | ​ | 2,275,458 | ​ | ​ | 169,348 | ​ | 2018 | ​ | 40 Years
Union City, GA | ​ | ​ | — | ​ | ​ | 97,528 | ​ | ​ | 1,036,165 | ​ | ​ | — | ​ | ​ | 97,528 | ​ | ​ | 1,036,165 | ​ | ​ | 1,133,693 | ​ | ​ | 103,617 | ​ | 2018 | ​ | 40 Years
Nampa, ID | ​ | ​ | — | ​ | ​ | 496,676 | ​ | ​ | 5,163,257 | ​ | ​ | 37,265 | ​ | ​ | 496,676 | ​ | ​ | 5,200,522 | ​ | ​ | 5,697,198 | ​ | ​ | 573,512 | ​ | 2018 | ​ | 40 Years
Aurora, IL | ​ | ​ | — | ​ | ​ | 174,456 | ​ | ​ | 862,599 | ​ | ​ | — | ​ | ​ | 174,456 | ​ | ​ | 862,599 | ​ | ​ | 1,037,055 | ​ | ​ | 86,260 | ​ | 2018 | ​ | 40 Years
Bloomington, IL | ​ | ​ | — | ​ | ​ | 1,408,067 | ​ | ​ | 986,931 | ​ | ​ | 678 | ​ | ​ | 1,408,067 | ​ | ​ | 987,609 | ​ | ​ | 2,395,676 | ​ | ​ | 115,201 | ​ | 2018 | ​ | 40 Years
Carlinville, IL | ​ | ​ | — | ​ | ​ | 208,519 | ​ | ​ | 1,113,537 | ​ | ​ | 1,162 | ​ | ​ | 208,519 | ​ | ​ | 1,114,699 | ​ | ​ | 1,323,218 | ​ | ​ | 127,635 | ​ | 2018 | ​ | 40 Years
Centralia, IL | ​ | ​ | — | ​ | ​ | 277,527 | ​ | ​ | 351,547 | ​ | ​ | — | ​ | ​ | 277,527 | ​ | ​ | 351,547 | ​ | ​ | 629,074 | ​ | ​ | 35,155 | ​ | 2018 | ​ | 40 Years
Chicago, IL | ​ | ​ | — | ​ | ​ | 1,569,578 | ​ | ​ | 632,848 | ​ | ​ | — | ​ | ​ | 1,569,578 | ​ | ​ | 632,848 | ​ | ​ | 2,202,426 | ​ | ​ | 77,759 | ​ | 2018 | ​ | 40 Years
Flora, IL | ​ | ​ | — | ​ | ​ | 232,155 | ​ | ​ | 1,121,688 | ​ | ​ | 4,087 | ​ | ​ | 232,155 | ​ | ​ | 1,125,775 | ​ | ​ | 1,357,930 | ​ | ​ | 114,889 | ​ | 2018 | ​ | 40 Years
Gurnee, IL | ​ | ​ | — | ​ | ​ | 1,341,679 | ​ | ​ | 951,320 | ​ | ​ | — | ​ | ​ | 1,341,679 | ​ | ​ | 951,320 | ​ | ​ | 2,292,999 | ​ | ​ | 112,953 | ​ | 2018 | ​ | 40 Years
Lake Zurich, IL | ​ | ​ | — | ​ | ​ | 290,272 | ​ | ​ | 857,467 | ​ | ​ | 19,450 | ​ | ​ | 290,272 | ​ | ​ | 876,917 | ​ | ​ | 1,167,189 | ​ | ​ | 90,127 | ​ | 2018 | ​ | 40 Years
Macomb, IL | ​ | ​ | — | ​ | ​ | 85,753 | ​ | ​ | 661,375 | ​ | ​ | — | ​ | ​ | 85,753 | ​ | ​ | 661,375 | ​ | ​ | 747,128 | ​ | ​ | 66,137 | ​ | 2018 | ​ | 40 Years
Morris, IL | ​ | ​ | — | ​ | ​ | 331,622 | ​ | ​ | 1,842,994 | ​ | ​ | 3,880 | ​ | ​ | 331,622 | ​ | ​ | 1,846,874 | ​ | ​ | 2,178,496 | ​ | ​ | 196,182 | ​ | 2018 | ​ | 40 Years
Newton, IL | ​ | ​ | — | ​ | ​ | 510,192 | ​ | ​ | 1,069,075 | ​ | ​ | 2,500 | ​ | ​ | 510,192 | ​ | ​ | 1,071,575 | ​ | ​ | 1,581,767 | ​ | ​ | 116,051 | ​ | 2018 | ​ | 40 Years
Northlake, IL | ​ | ​ | — | ​ | ​ | 353,337 | ​ | ​ | 564,677 | ​ | ​ | 4,343 | ​ | ​ | 353,337 | ​ | ​ | 569,020 | ​ | ​ | 922,357 | ​ | ​ | 58,930 | ​ | 2018 | ​ | 40 Years
Rockford, IL | ​ | ​ | — | ​ | ​ | 270,180 | ​ | ​ | 708,041 | ​ | ​ | — | ​ | ​ | 270,180 | ​ | ​ | 708,041 | ​ | ​ | 978,221 | ​ | ​ | 87,022 | ​ | 2018 | ​ | 40 Years
Greenwood, IN | ​ | ​ | — | ​ | ​ | 1,586,786 | ​ | ​ | 1,232,818 | ​ | ​ | 1,162 | ​ | ​ | 1,586,786 | ​ | ​ | 1,233,980 | ​ | ​ | 2,820,766 | ​ | ​ | 141,303 | ​ | 2018 | ​ | 40 Years
Hammond, IN | ​ | ​ | — | ​ | ​ | 230,142 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 230,142 | ​ | ​ | — | ​ | ​ | 230,142 | ​ | ​ | — | ​ | 2018 | ​ | ​
Indianapolis, IN | ​ | ​ | — | ​ | ​ | 132,291 | ​ | ​ | 311,647 | ​ | ​ | — | ​ | ​ | 132,291 | ​ | ​ | 311,647 | ​ | ​ | 443,938 | ​ | ​ | 31,165 | ​ | 2018 | ​ | 40 Years
Mishawaka, IN | ​ | ​ | — | ​ | ​ | 1,263,680 | ​ | ​ | 4,106,900 | ​ | ​ | — | ​ | ​ | 1,263,680 | ​ | ​ | 4,106,900 | ​ | ​ | 5,370,580 | ​ | ​ | 436,358 | ​ | 2018 | ​ | 40 Years
South Bend, IN | ​ | ​ | — | ​ | ​ | 420,571 | ​ | ​ | 2,772,376 | ​ | ​ | — | ​ | ​ | 420,571 | ​ | ​ | 2,772,376 | ​ | ​ | 3,192,947 | ​ | ​ | 340,725 | ​ | 2018 | ​ | 40 Years
Warsaw, IN | ​ | ​ | — | ​ | ​ | 583,174 | ​ | ​ | 1,118,270 | ​ | ​ | 58,246 | ​ | ​ | 583,174 | ​ | ​ | 1,176,516 | ​ | ​ | 1,759,690 | ​ | ​ | 142,289 | ​ | 2018 | ​ | 40 Years
Ackley, IA | ​ | ​ | — | ​ | ​ | 202,968 | ​ | ​ | 896,444 | ​ | ​ | — | ​ | ​ | 202,968 | ​ | ​ | 896,444 | ​ | ​ | 1,099,412 | ​ | ​ | 108,237 | ​ | 2018 | ​ | 40 Years
Ottumwa, IA | ​ | ​ | — | ​ | ​ | 227,562 | ​ | ​ | 5,794,123 | ​ | ​ | — | ​ | ​ | 227,562 | ​ | ​ | 5,794,123 | ​ | ​ | 6,021,685 | ​ | ​ | 712,172 | ​ | 2018 | ​ | 40 Years
Riceville, IA | ​ | ​ | — | ​ | ​ | 154,294 | ​ | ​ | 742,421 | ​ | ​ | — | ​ | ​ | 154,294 | ​ | ​ | 742,421 | ​ | ​ | 896,715 | ​ | ​ | 89,604 | ​ | 2018 | ​ | 40 Years
Riverside, IA | ​ | ​ | — | ​ | ​ | 579,935 | ​ | ​ | 1,594,085 | ​ | ​ | — | ​ | ​ | 579,935 | ​ | ​ | 1,594,085 | ​ | ​ | 2,174,020 | ​ | ​ | 179,335 | ​ | 2018 | ​ | 40 Years
Urbandale, IA | ​ | ​ | — | ​ | ​ | 68,172 | ​ | ​ | 2,938,611 | ​ | ​ | (85,150) | ​ | ​ | 593,022 | ​ | ​ | 2,328,611 | ​ | ​ | 2,921,633 | ​ | ​ | 331,674 | ​ | 2018 | ​ | 40 Years
Overland Park, KS | ​ | ​ | — | ​ | ​ | 1,053,287 | ​ | ​ | 6,141,649 | ​ | ​ | 219 | ​ | ​ | 1,053,287 | ​ | ​ | 6,141,868 | ​ | ​ | 7,195,155 | ​ | ​ | 652,569 | ​ | 2018 | ​ | 40 Years
Ekron, KY | ​ | ​ | — | ​ | ​ | 95,655 | ​ | ​ | 802,880 | ​ | ​ | — | ​ | ​ | 95,655 | ​ | ​ | 802,880 | ​ | ​ | 898,535 | ​ | ​ | 90,324 | ​ | 2018 | ​ | 40 Years
Florence, KY | ​ | ​ | — | ​ | ​ | 601,820 | ​ | ​ | 1,054,572 | ​ | ​ | — | ​ | ​ | 601,820 | ​ | ​ | 1,054,572 | ​ | ​ | 1,656,392 | ​ | ​ | 105,457 | ​ | 2018 | ​ | 40 Years
Chalmette, LA | ​ | ​ | — | ​ | ​ | 290,396 | ​ | ​ | 1,297,684 | ​ | ​ | — | ​ | ​ | 290,396 | ​ | ​ | 1,297,684 | ​ | ​ | 1,588,080 | ​ | ​ | 129,768 | ​ | 2018 | ​ | 40 Years
Donaldsonville, LA | ​ | ​ | — | ​ | ​ | 542,118 | ​ | ​ | 2,418,183 | ​ | ​ | 31,277 | ​ | ​ | 542,118 | ​ | ​ | 2,449,460 | ​ | ​ | 2,991,578 | ​ | ​ | 268,445 | ​ | 2018 | ​ | 40 Years
Franklinton, LA | ​ | ​ | — | ​ | ​ | 193,192 | ​ | ​ | 925,598 | ​ | ​ | — | ​ | ​ | 193,192 | ​ | ​ | 925,598 | ​ | ​ | 1,118,790 | ​ | ​ | 98,345 | ​ | 2018 | ​ | 40 Years
Franklinton, LA | ​ | ​ | — | ​ | ​ | 242,651 | ​ | ​ | 2,462,533 | ​ | ​ | — | ​ | ​ | 242,651 | ​ | ​ | 2,462,533 | ​ | ​ | 2,705,184 | ​ | ​ | 271,905 | ​ | 2018 | ​ | 40 Years
Franklinton, LA | ​ | ​ | — | ​ | ​ | 396,560 | ​ | ​ | 1,122,737 | ​ | ​ | — | ​ | ​ | 396,560 | ​ | ​ | 1,122,737 | ​ | ​ | 1,519,297 | ​ | ​ | 119,291 | ​ | 2018 | ​ | 40 Years

​

​

F-44

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Franklinton, LA | ​ | ​ | — | ​ | ​ | 163,258 | ​ | ​ | 747,944 | ​ | ​ | — | ​ | ​ | 163,258 | ​ | ​ | 747,944 | ​ | ​ | 911,202 | ​ | ​ | 79,469 | ​ | 2018 | ​ | 40 Years
Harvey, LA | ​ | ​ | — | ​ | ​ | 728,822 | ​ | ​ | 1,468,688 | ​ | ​ | — | ​ | ​ | 728,822 | ​ | ​ | 1,468,688 | ​ | ​ | 2,197,510 | ​ | ​ | 174,335 | ​ | 2018 | ​ | 40 Years
Jena, LA | ​ | ​ | — | ​ | ​ | 772,878 | ​ | ​ | 2,392,129 | ​ | ​ | 2,040 | ​ | ​ | 774,918 | ​ | ​ | 2,392,129 | ​ | ​ | 3,167,047 | ​ | ​ | 264,131 | ​ | 2018 | ​ | 40 Years
Jennings, LA | ​ | ​ | — | ​ | ​ | 128,158 | ​ | ​ | 2,329,137 | ​ | ​ | 150,189 | ​ | ​ | 128,158 | ​ | ​ | 2,479,326 | ​ | ​ | 2,607,484 | ​ | ​ | 269,690 | ​ | 2018 | ​ | 40 Years
New Orleans, LA | ​ | ​ | — | ​ | ​ | 293,726 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 293,726 | ​ | ​ | — | ​ | ​ | 293,726 | ​ | ​ | — | ​ | 2018 | ​ | ​
Pine Grove, LA | ​ | ​ | — | ​ | ​ | 238,223 | ​ | ​ | 758,573 | ​ | ​ | — | ​ | ​ | 238,223 | ​ | ​ | 758,573 | ​ | ​ | 996,796 | ​ | ​ | 80,598 | ​ | 2018 | ​ | 40 Years
Rayville, LA | ​ | ​ | — | ​ | ​ | 310,034 | ​ | ​ | 2,365,203 | ​ | ​ | — | ​ | ​ | 310,034 | ​ | ​ | 2,365,203 | ​ | ​ | 2,675,237 | ​ | ​ | 261,158 | ​ | 2018 | ​ | 40 Years
Roseland, LA | ​ | ​ | — | ​ | ​ | 307,331 | ​ | ​ | 872,252 | ​ | ​ | — | ​ | ​ | 307,331 | ​ | ​ | 872,252 | ​ | ​ | 1,179,583 | ​ | ​ | 92,677 | ​ | 2018 | ​ | 40 Years
Talisheek, LA | ​ | ​ | — | ​ | ​ | 150,802 | ​ | ​ | 1,031,214 | ​ | ​ | 41,717 | ​ | ​ | 150,802 | ​ | ​ | 1,072,931 | ​ | ​ | 1,223,733 | ​ | ​ | 113,477 | ​ | 2018 | ​ | 40 Years
Baltimore, MD | ​ | ​ | — | ​ | ​ | 699,157 | ​ | ​ | 651,927 | ​ | ​ | — | ​ | ​ | 699,157 | ​ | ​ | 651,927 | ​ | ​ | 1,351,084 | ​ | ​ | 65,193 | ​ | 2018 | ​ | 40 Years
Salisbury, MD | ​ | ​ | — | ​ | ​ | 305,215 | ​ | ​ | 1,193,870 | ​ | ​ | — | ​ | ​ | 305,215 | ​ | ​ | 1,193,870 | ​ | ​ | 1,499,085 | ​ | ​ | 119,387 | ​ | 2018 | ​ | 40 Years
Springfield, MA | ​ | ​ | — | ​ | ​ | 153,428 | ​ | ​ | 826,741 | ​ | ​ | — | ​ | ​ | 153,428 | ​ | ​ | 826,741 | ​ | ​ | 980,169 | ​ | ​ | 82,674 | ​ | 2018 | ​ | 40 Years
Ann Arbor, MI | ​ | ​ | — | ​ | ​ | 735,859 | ​ | ​ | 2,489,707 | ​ | ​ | — | ​ | ​ | 735,859 | ​ | ​ | 2,489,707 | ​ | ​ | 3,225,566 | ​ | ​ | 305,980 | ​ | 2018 | ​ | 40 Years
Belleville, MI | ​ | ​ | — | ​ | ​ | 598,203 | ​ | ​ | 3,970,176 | ​ | ​ | — | ​ | ​ | 598,203 | ​ | ​ | 3,970,176 | ​ | ​ | 4,568,379 | ​ | ​ | 487,909 | ​ | 2018 | ​ | 40 Years
Grand Blanc, MI | ​ | ​ | — | ​ | ​ | 1,589,886 | ​ | ​ | 3,738,477 | ​ | ​ | — | ​ | ​ | 1,589,886 | ​ | ​ | 3,738,477 | ​ | ​ | 5,328,363 | ​ | ​ | 459,443 | ​ | 2018 | ​ | 40 Years
Jackson, MI | ​ | ​ | — | ​ | ​ | 1,451,971 | ​ | ​ | 2,548,436 | ​ | ​ | — | ​ | ​ | 1,451,971 | ​ | ​ | 2,548,436 | ​ | ​ | 4,000,407 | ​ | ​ | 313,187 | ​ | 2018 | ​ | 40 Years
Kentwood, MI | ​ | ​ | — | ​ | ​ | 939,481 | ​ | ​ | 3,438,259 | ​ | ​ | — | ​ | ​ | 939,481 | ​ | ​ | 3,438,259 | ​ | ​ | 4,377,740 | ​ | ​ | 422,555 | ​ | 2018 | ​ | 40 Years
Lake Orion, MI | ​ | ​ | — | ​ | ​ | 1,172,982 | ​ | ​ | 2,349,762 | ​ | ​ | — | ​ | ​ | 1,172,982 | ​ | ​ | 2,349,762 | ​ | ​ | 3,522,744 | ​ | ​ | 288,773 | ​ | 2018 | ​ | 40 Years
Onaway, MI | ​ | ​ | — | ​ | ​ | 17,557 | ​ | ​ | 935,308 | ​ | ​ | — | ​ | ​ | 17,557 | ​ | ​ | 935,308 | ​ | ​ | 952,865 | ​ | ​ | 107,171 | ​ | 2018 | ​ | 40 Years
Champlin, MN | ​ | ​ | — | ​ | ​ | 307,271 | ​ | ​ | 1,602,196 | ​ | ​ | 18,429 | ​ | ​ | 307,271 | ​ | ​ | 1,620,625 | ​ | ​ | 1,927,896 | ​ | ​ | 161,947 | ​ | 2018 | ​ | 40 Years
North Branch, MN | ​ | ​ | — | ​ | ​ | 533,175 | ​ | ​ | — | ​ | ​ | 205 | ​ | ​ | 533,380 | ​ | ​ | — | ​ | ​ | 533,380 | ​ | ​ | — | ​ | 2018 | ​ | ​
Richfield, MN | ​ | ​ | — | ​ | ​ | 2,141,431 | ​ | ​ | 613,552 | ​ | ​ | — | ​ | ​ | 2,141,431 | ​ | ​ | 613,552 | ​ | ​ | 2,754,983 | ​ | ​ | 61,355 | ​ | 2018 | ​ | 40 Years
Bay St. Louis, MS | ​ | ​ | — | ​ | ​ | 547,498 | ​ | ​ | 2,080,989 | ​ | ​ | — | ​ | ​ | 547,498 | ​ | ​ | 2,080,989 | ​ | ​ | 2,628,487 | ​ | ​ | 229,776 | ​ | 2018 | ​ | 40 Years
Corinth, MS | ​ | ​ | — | ​ | ​ | 504,885 | ​ | ​ | 4,540,022 | ​ | ​ | 129,132 | ​ | ​ | 504,885 | ​ | ​ | 4,669,154 | ​ | ​ | 5,174,039 | ​ | ​ | 570,953 | ​ | 2018 | ​ | 40 Years
Forest, MS | ​ | ​ | — | ​ | ​ | 189,817 | ​ | ​ | 1,340,848 | ​ | ​ | — | ​ | ​ | 189,817 | ​ | ​ | 1,340,848 | ​ | ​ | 1,530,665 | ​ | ​ | 148,052 | ​ | 2018 | ​ | 40 Years
Southaven, MS | ​ | ​ | — | ​ | ​ | 150,931 | ​ | ​ | 826,123 | ​ | ​ | — | ​ | ​ | 150,931 | ​ | ​ | 826,123 | ​ | ​ | 977,054 | ​ | ​ | 82,612 | ​ | 2018 | ​ | 40 Years
Waynesboro, MS | ​ | ​ | — | ​ | ​ | 243,835 | ​ | ​ | 1,205,383 | ​ | ​ | — | ​ | ​ | 243,835 | ​ | ​ | 1,205,383 | ​ | ​ | 1,449,218 | ​ | ​ | 133,094 | ​ | 2018 | ​ | 40 Years
Blue Springs, MO | ​ | ​ | — | ​ | ​ | 431,698 | ​ | ​ | 1,704,870 | ​ | ​ | — | ​ | ​ | 431,698 | ​ | ​ | 1,704,870 | ​ | ​ | 2,136,568 | ​ | ​ | 191,795 | ​ | 2018 | ​ | 40 Years
Florissant, MO | ​ | ​ | — | ​ | ​ | 733,592 | ​ | ​ | 1,961,094 | ​ | ​ | (14,149) | ​ | ​ | 733,592 | ​ | ​ | 1,946,945 | ​ | ​ | 2,680,537 | ​ | ​ | 194,783 | ​ | 2018 | ​ | 40 Years
Joplin, MO | ​ | ​ | — | ​ | ​ | 789,880 | ​ | ​ | 384,638 | ​ | ​ | — | ​ | ​ | 789,880 | ​ | ​ | 384,638 | ​ | ​ | 1,174,518 | ​ | ​ | 47,268 | ​ | 2018 | ​ | 40 Years
Liberty, MO | ​ | ​ | — | ​ | ​ | 308,470 | ​ | ​ | 2,750,231 | ​ | ​ | — | ​ | ​ | 308,470 | ​ | ​ | 2,750,231 | ​ | ​ | 3,058,701 | ​ | ​ | 326,481 | ​ | 2018 | ​ | 40 Years
Neosho, MO | ​ | ​ | — | ​ | ​ | 687,812 | ​ | ​ | 1,115,054 | ​ | ​ | — | ​ | ​ | 687,812 | ​ | ​ | 1,115,054 | ​ | ​ | 1,802,866 | ​ | ​ | 125,444 | ​ | 2018 | ​ | 40 Years
Springfield, MO | ​ | ​ | — | ​ | ​ | 1,311,497 | ​ | ​ | 5,462,972 | ​ | ​ | — | ​ | ​ | 1,311,497 | ​ | ​ | 5,462,972 | ​ | ​ | 6,774,469 | ​ | ​ | 682,845 | ​ | 2018 | ​ | 40 Years
St. Peters, MO | ​ | ​ | — | ​ | ​ | 1,205,257 | ​ | ​ | 1,760,658 | ​ | ​ | — | ​ | ​ | 1,205,257 | ​ | ​ | 1,760,658 | ​ | ​ | 2,965,915 | ​ | ​ | 176,066 | ​ | 2018 | ​ | 40 Years
Webb City, MO | ​ | ​ | — | ​ | ​ | 1,324,146 | ​ | ​ | 1,501,744 | ​ | ​ | — | ​ | ​ | 1,324,146 | ​ | ​ | 1,501,744 | ​ | ​ | 2,825,890 | ​ | ​ | 184,578 | ​ | 2018 | ​ | 40 Years
Nashua, NH | ​ | ​ | — | ​ | ​ | 3,635,953 | ​ | ​ | 2,720,644 | ​ | ​ | 4,240 | ​ | ​ | 3,635,953 | ​ | ​ | 2,724,884 | ​ | ​ | 6,360,837 | ​ | ​ | 335,268 | ​ | 2018 | ​ | 40 Years
Forked River, NJ | ​ | ​ | — | ​ | ​ | 4,227,966 | ​ | ​ | 3,991,690 | ​ | ​ | (81,552) | ​ | ​ | 4,227,966 | ​ | ​ | 3,910,138 | ​ | ​ | 8,138,104 | ​ | ​ | 411,725 | ​ | 2018 | ​ | 40 Years
Forked River, NJ | ​ | ​ | — | ​ | ​ | 3,505,805 | ​ | ​ | (2,766,838) | ​ | ​ | 3,193,972 | ​ | ​ | 3,505,805 | ​ | ​ | 427,134 | ​ | ​ | 3,932,939 | ​ | ​ | 44,462 | ​ | 2018 | ​ | 40 Years
Forked River, NJ | ​ | ​ | — | ​ | ​ | 1,128,858 | ​ | ​ | 1,396,960 | ​ | ​ | — | ​ | ​ | 1,128,858 | ​ | ​ | 1,396,960 | ​ | ​ | 2,525,818 | ​ | ​ | 145,517 | ​ | 2018 | ​ | 40 Years
Forked River, NJ | ​ | ​ | — | ​ | ​ | 1,682,284 | ​ | ​ | 3,527,964 | ​ | ​ | (3,432,691) | ​ | ​ | 1,682,284 | ​ | ​ | 95,273 | ​ | ​ | 1,777,557 | ​ | ​ | 12,466 | ​ | 2018 | ​ | 40 Years
Forked River, NJ | ​ | ​ | — | ​ | ​ | 682,822 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 682,822 | ​ | ​ | — | ​ | ​ | 682,822 | ​ | ​ | — | ​ | 2018 | ​ | ​
Woodland Park, NJ | ​ | ​ | — | ​ | ​ | 7,761,801 | ​ | ​ | 3,958,902 | ​ | ​ | — | ​ | ​ | 7,761,801 | ​ | ​ | 3,958,902 | ​ | ​ | 11,720,703 | ​ | ​ | 437,116 | ​ | 2018 | ​ | 40 Years
Bernalillo, NM | ​ | ​ | — | ​ | ​ | 899,770 | ​ | ​ | 2,037,465 | ​ | ​ | (78,875) | ​ | ​ | 820,895 | ​ | ​ | 2,037,465 | ​ | ​ | 2,858,360 | ​ | ​ | 251,720 | ​ | 2018 | ​ | 40 Years
Farmington, NM | ​ | ​ | — | ​ | ​ | 4,428,998 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,428,998 | ​ | ​ | — | ​ | ​ | 4,428,998 | ​ | ​ | — | ​ | 2018 | ​ | ​
Canandaigua, NY | ​ | ​ | — | ​ | ​ | 154,996 | ​ | ​ | 1,352,174 | ​ | ​ | 156 | ​ | ​ | 154,996 | ​ | ​ | 1,352,330 | ​ | ​ | 1,507,326 | ​ | ​ | 146,470 | ​ | 2018 | ​ | 40 Years
Catskill, NY | ​ | ​ | — | ​ | ​ | 80,524 | ​ | ​ | 1,097,609 | ​ | ​ | 156 | ​ | ​ | 80,524 | ​ | ​ | 1,097,765 | ​ | ​ | 1,178,289 | ​ | ​ | 118,892 | ​ | 2018 | ​ | 40 Years
Clifton Park, NY | ​ | ​ | — | ​ | ​ | 925,613 | ​ | ​ | 1,858,613 | ​ | ​ | 7,421 | ​ | ​ | 925,613 | ​ | ​ | 1,866,034 | ​ | ​ | 2,791,647 | ​ | ​ | 186,557 | ​ | 2018 | ​ | 40 Years
Elmira, NY | ​ | ​ | — | ​ | ​ | 43,388 | ​ | ​ | 947,627 | ​ | ​ | — | ​ | ​ | 43,388 | ​ | ​ | 947,627 | ​ | ​ | 991,015 | ​ | ​ | 94,763 | ​ | 2018 | ​ | 40 Years
Geneseo, NY | ​ | ​ | — | ​ | ​ | 264,795 | ​ | ​ | 1,328,115 | ​ | ​ | 156 | ​ | ​ | 264,795 | ​ | ​ | 1,328,271 | ​ | ​ | 1,593,066 | ​ | ​ | 143,883 | ​ | 2018 | ​ | 40 Years
Greece, NY | ​ | ​ | — | ​ | ​ | 182,916 | ​ | ​ | 1,254,678 | ​ | ​ | 156 | ​ | ​ | 182,916 | ​ | ​ | 1,254,834 | ​ | ​ | 1,437,750 | ​ | ​ | 135,908 | ​ | 2018 | ​ | 40 Years
Hamburg, NY | ​ | ​ | — | ​ | ​ | 520,599 | ​ | ​ | 2,039,602 | ​ | ​ | — | ​ | ​ | 520,599 | ​ | ​ | 2,039,602 | ​ | ​ | 2,560,201 | ​ | ​ | 203,960 | ​ | 2018 | ​ | 40 Years
Latham, NY | ​ | ​ | — | ​ | ​ | 373,318 | ​ | ​ | 764,382 | ​ | ​ | — | ​ | ​ | 373,318 | ​ | ​ | 764,382 | ​ | ​ | 1,137,700 | ​ | ​ | 76,438 | ​ | 2018 | ​ | 40 Years
N. Syracuse, NY | ​ | ​ | — | ​ | ​ | 165,417 | ​ | ​ | 452,510 | ​ | ​ | 10,034 | ​ | ​ | 165,417 | ​ | ​ | 462,544 | ​ | ​ | 627,961 | ​ | ​ | 45,941 | ​ | 2018 | ​ | 40 Years
Niagara Falls, NY | ​ | ​ | — | ​ | ​ | 392,301 | ​ | ​ | 1,022,745 | ​ | ​ | — | ​ | ​ | 392,301 | ​ | ​ | 1,022,745 | ​ | ​ | 1,415,046 | ​ | ​ | 102,274 | ​ | 2018 | ​ | 40 Years
Rochester, NY | ​ | ​ | — | ​ | ​ | 100,136 | ​ | ​ | 895,792 | ​ | ​ | — | ​ | ​ | 100,136 | ​ | ​ | 895,792 | ​ | ​ | 995,928 | ​ | ​ | 97,044 | ​ | 2018 | ​ | 40 Years
Rochester, NY | ​ | ​ | — | ​ | ​ | 575,463 | ​ | ​ | 772,555 | ​ | ​ | — | ​ | ​ | 575,463 | ​ | ​ | 772,555 | ​ | ​ | 1,348,018 | ​ | ​ | 77,256 | ​ | 2018 | ​ | 40 Years
Rochester, NY | ​ | ​ | — | ​ | ​ | 375,721 | ​ | ​ | 881,257 | ​ | ​ | — | ​ | ​ | 375,721 | ​ | ​ | 881,257 | ​ | ​ | 1,256,978 | ​ | ​ | 88,126 | ​ | 2018 | ​ | 40 Years
Schenectady, NY | ​ | ​ | — | ​ | ​ | 74,387 | ​ | ​ | 1,279,967 | ​ | ​ | 8,540 | ​ | ​ | 74,387 | ​ | ​ | 1,288,507 | ​ | ​ | 1,362,894 | ​ | ​ | 139,434 | ​ | 2018 | ​ | 40 Years
Schenectady, NY | ​ | ​ | — | ​ | ​ | 453,006 | ​ | ​ | 726,404 | ​ | ​ | — | ​ | ​ | 453,006 | ​ | ​ | 726,404 | ​ | ​ | 1,179,410 | ​ | ​ | 72,640 | ​ | 2018 | ​ | 40 Years
Syracuse, NY | ​ | ​ | — | ​ | ​ | 339,207 | ​ | ​ | 918,302 | ​ | ​ | — | ​ | ​ | 339,207 | ​ | ​ | 918,302 | ​ | ​ | 1,257,509 | ​ | ​ | 91,830 | ​ | 2018 | ​ | 40 Years
Syracuse, NY | ​ | ​ | — | ​ | ​ | 607,053 | ​ | ​ | 259,331 | ​ | ​ | — | ​ | ​ | 607,053 | ​ | ​ | 259,331 | ​ | ​ | 866,384 | ​ | ​ | 25,933 | ​ | 2018 | ​ | 40 Years
Tonawanda, NY | ​ | ​ | — | ​ | ​ | 94,443 | ​ | ​ | 727,373 | ​ | ​ | 156 | ​ | ​ | 94,443 | ​ | ​ | 727,529 | ​ | ​ | 821,972 | ​ | ​ | 78,783 | ​ | 2018 | ​ | 40 Years
Tonawanda, NY | ​ | ​ | — | ​ | ​ | 131,021 | ​ | ​ | 576,915 | ​ | ​ | — | ​ | ​ | 131,021 | ​ | ​ | 576,915 | ​ | ​ | 707,936 | ​ | ​ | 57,692 | ​ | 2018 | ​ | 40 Years
W. Seneca, NY | ​ | ​ | — | ​ | ​ | 98,194 | ​ | ​ | 737,592 | ​ | ​ | — | ​ | ​ | 98,194 | ​ | ​ | 737,592 | ​ | ​ | 835,786 | ​ | ​ | 73,759 | ​ | 2018 | ​ | 40 Years
Williamsville, NY | ​ | ​ | — | ​ | ​ | 705,842 | ​ | ​ | 488,800 | ​ | ​ | — | ​ | ​ | 705,842 | ​ | ​ | 488,800 | ​ | ​ | 1,194,642 | ​ | ​ | 48,880 | ​ | 2018 | ​ | 40 Years
Charlotte, NC | ​ | ​ | — | ​ | ​ | 287,732 | ​ | ​ | 518,005 | ​ | ​ | — | ​ | ​ | 287,732 | ​ | ​ | 518,005 | ​ | ​ | 805,737 | ​ | ​ | 51,801 | ​ | 2018 | ​ | 40 Years
Concord, NC | ​ | ​ | — | ​ | ​ | 526,102 | ​ | ​ | 1,955,989 | ​ | ​ | 8,699 | ​ | ​ | 526,102 | ​ | ​ | 1,964,688 | ​ | ​ | 2,490,790 | ​ | ​ | 200,489 | ​ | 2018 | ​ | 40 Years
Durham, NC | ​ | ​ | — | ​ | ​ | 1,787,380 | ​ | ​ | 848,986 | ​ | ​ | — | ​ | ​ | 1,787,380 | ​ | ​ | 848,986 | ​ | ​ | 2,636,366 | ​ | ​ | 84,899 | ​ | 2018 | ​ | 40 Years
Fayetteville, NC | ​ | ​ | — | ​ | ​ | 108,898 | ​ | ​ | 1,769,274 | ​ | ​ | — | ​ | ​ | 108,898 | ​ | ​ | 1,769,274 | ​ | ​ | 1,878,172 | ​ | ​ | 176,927 | ​ | 2018 | ​ | 40 Years
Greensboro, NC | ​ | ​ | — | ​ | ​ | 402,957 | ​ | ​ | 1,351,015 | ​ | ​ | — | ​ | ​ | 402,957 | ​ | ​ | 1,351,015 | ​ | ​ | 1,753,972 | ​ | ​ | 135,101 | ​ | 2018 | ​ | 40 Years
Greenville, NC | ​ | ​ | — | ​ | ​ | 541,233 | ​ | ​ | 1,403,441 | ​ | ​ | — | ​ | ​ | 541,233 | ​ | ​ | 1,403,441 | ​ | ​ | 1,944,674 | ​ | ​ | 140,344 | ​ | 2018 | ​ | 40 Years
High Point, NC | ​ | ​ | — | ​ | ​ | 252,336 | ​ | ​ | 1,024,696 | ​ | ​ | — | ​ | ​ | 252,336 | ​ | ​ | 1,024,696 | ​ | ​ | 1,277,032 | ​ | ​ | 102,470 | ​ | 2018 | ​ | 40 Years
Kernersville, NC | ​ | ​ | — | ​ | ​ | 270,581 | ​ | ​ | 966,807 | ​ | ​ | — | ​ | ​ | 270,581 | ​ | ​ | 966,807 | ​ | ​ | 1,237,388 | ​ | ​ | 96,681 | ​ | 2018 | ​ | 40 Years

​

​

F-45

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Pineville, NC | ​ | ​ | — | ​ | ​ | 1,390,592 | ​ | ​ | 6,390,201 | ​ | ​ | — | ​ | ​ | 1,390,592 | ​ | ​ | 6,390,201 | ​ | ​ | 7,780,793 | ​ | ​ | 692,249 | ​ | 2018 | ​ | 40 Years
Rockingham, NC | ​ | ​ | — | ​ | ​ | 245,976 | ​ | ​ | 955,579 | ​ | ​ | — | ​ | ​ | 245,976 | ​ | ​ | 955,579 | ​ | ​ | 1,201,555 | ​ | ​ | 107,503 | ​ | 2018 | ​ | 40 Years
Salisbury, NC | ​ | ​ | — | ​ | ​ | 572,085 | ​ | ​ | 700,288 | ​ | ​ | — | ​ | ​ | 572,085 | ​ | ​ | 700,288 | ​ | ​ | 1,272,373 | ​ | ​ | 70,029 | ​ | 2018 | ​ | 40 Years
Zebulon, NC | ​ | ​ | — | ​ | ​ | 160,107 | ​ | ​ | 1,077 | ​ | ​ | 36 | ​ | ​ | 161,220 | ​ | ​ | — | ​ | ​ | 161,220 | ​ | ​ | — | ​ | 2018 | ​ | ​
Akron, OH | ​ | ​ | — | ​ | ​ | 445,299 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 445,299 | ​ | ​ | — | ​ | ​ | 445,299 | ​ | ​ | — | ​ | 2018 | ​ | ​
Bellevue, OH | ​ | ​ | — | ​ | ​ | 272,308 | ​ | ​ | 1,127,365 | ​ | ​ | 62,975 | ​ | ​ | 272,308 | ​ | ​ | 1,190,340 | ​ | ​ | 1,462,648 | ​ | ​ | 135,519 | ​ | 2018 | ​ | 40 Years
Canton, OH | ​ | ​ | — | ​ | ​ | 981,941 | ​ | ​ | 1,076,113 | ​ | ​ | — | ​ | ​ | 981,941 | ​ | ​ | 1,076,113 | ​ | ​ | 2,058,054 | ​ | ​ | 107,611 | ​ | 2018 | ​ | 40 Years
Columbus, OH | ​ | ​ | — | ​ | ​ | 542,161 | ​ | ​ | 1,088,316 | ​ | ​ | — | ​ | ​ | 542,161 | ​ | ​ | 1,088,316 | ​ | ​ | 1,630,477 | ​ | ​ | 108,832 | ​ | 2018 | ​ | 40 Years
Fairview Park, OH | ​ | ​ | — | ​ | ​ | 338,732 | ​ | ​ | 400,013 | ​ | ​ | — | ​ | ​ | 338,732 | ​ | ​ | 400,013 | ​ | ​ | 738,745 | ​ | ​ | 40,001 | ​ | 2018 | ​ | 40 Years
Franklin, OH | ​ | ​ | — | ​ | ​ | 5,405,718 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,405,718 | ​ | ​ | — | ​ | ​ | 5,405,718 | ​ | ​ | — | ​ | 2018 | ​ | ​
Middletown, OH | ​ | ​ | — | ​ | ​ | 311,389 | ​ | ​ | 1,451,469 | ​ | ​ | 1,163 | ​ | ​ | 311,389 | ​ | ​ | 1,452,632 | ​ | ​ | 1,764,021 | ​ | ​ | 166,340 | ​ | 2018 | ​ | 40 Years
Niles, OH | ​ | ​ | — | ​ | ​ | 334,783 | ​ | ​ | 798,136 | ​ | ​ | — | ​ | ​ | 334,783 | ​ | ​ | 798,136 | ​ | ​ | 1,132,919 | ​ | ​ | 79,814 | ​ | 2018 | ​ | 40 Years
North Olmsted, OH | ​ | ​ | — | ​ | ​ | 544,903 | ​ | ​ | 810,840 | ​ | ​ | 34,500 | ​ | ​ | 544,903 | ​ | ​ | 845,340 | ​ | ​ | 1,390,243 | ​ | ​ | 99,124 | ​ | 2018 | ​ | 40 Years
Warren, OH | ​ | ​ | — | ​ | ​ | 208,710 | ​ | ​ | 601,092 | ​ | ​ | — | ​ | ​ | 208,710 | ​ | ​ | 601,092 | ​ | ​ | 809,802 | ​ | ​ | 60,109 | ​ | 2018 | ​ | 40 Years
Warrensville Heights, OH | ​ | ​ | — | ​ | ​ | 735,534 | ​ | ​ | — | ​ | ​ | 627 | ​ | ​ | 736,161 | ​ | ​ | — | ​ | ​ | 736,161 | ​ | ​ | — | ​ | 2018 | ​ | ​
Youngstown, OH | ​ | ​ | — | ​ | ​ | 323,983 | ​ | ​ | 989,430 | ​ | ​ | — | ​ | ​ | 323,983 | ​ | ​ | 989,430 | ​ | ​ | 1,313,413 | ​ | ​ | 98,943 | ​ | 2018 | ​ | 40 Years
Broken Arrow, OK | ​ | ​ | — | ​ | ​ | 919,176 | ​ | ​ | 1,276,754 | ​ | ​ | 1,778 | ​ | ​ | 919,176 | ​ | ​ | 1,278,532 | ​ | ​ | 2,197,708 | ​ | ​ | 143,790 | ​ | 2018 | ​ | 40 Years
Chickasha, OK | ​ | ​ | — | ​ | ​ | 230,000 | ​ | ​ | 2,881,525 | ​ | ​ | — | ​ | ​ | 230,000 | ​ | ​ | 2,881,525 | ​ | ​ | 3,111,525 | ​ | ​ | 312,165 | ​ | 2018 | ​ | 40 Years
Coweta, OK | ​ | ​ | — | ​ | ​ | 282,468 | ​ | ​ | 803,762 | ​ | ​ | — | ​ | ​ | 282,468 | ​ | ​ | 803,762 | ​ | ​ | 1,086,230 | ​ | ​ | 90,423 | ​ | 2018 | ​ | 40 Years
Midwest City, OK | ​ | ​ | — | ​ | ​ | 755,192 | ​ | ​ | 5,687,280 | ​ | ​ | 5,851 | ​ | ​ | 755,192 | ​ | ​ | 5,693,131 | ​ | ​ | 6,448,323 | ​ | ​ | 604,938 | ​ | 2018 | ​ | 40 Years
Oklahoma City, OK | ​ | ​ | — | ​ | ​ | 1,104,085 | ​ | ​ | 1,874,359 | ​ | ​ | 26,803 | ​ | ​ | 1,104,085 | ​ | ​ | 1,901,162 | ​ | ​ | 3,005,247 | ​ | ​ | 192,265 | ​ | 2018 | ​ | 40 Years
Shawnee, OK | ​ | ​ | — | ​ | ​ | 409,190 | ​ | ​ | 957,557 | ​ | ​ | — | ​ | ​ | 409,190 | ​ | ​ | 957,557 | ​ | ​ | 1,366,747 | ​ | ​ | 95,756 | ​ | 2018 | ​ | 40 Years
Wright City, OK | ​ | ​ | — | ​ | ​ | 38,302 | ​ | ​ | 1,010,645 | ​ | ​ | (1,300) | ​ | ​ | 38,302 | ​ | ​ | 1,009,345 | ​ | ​ | 1,047,647 | ​ | ​ | 107,078 | ​ | 2018 | ​ | 40 Years
Hillsboro, OR | ​ | ​ | — | ​ | ​ | 4,632,369 | ​ | ​ | 7,656,179 | ​ | ​ | — | ​ | ​ | 4,632,369 | ​ | ​ | 7,656,179 | ​ | ​ | 12,288,548 | ​ | ​ | 893,221 | ​ | 2018 | ​ | 40 Years
Carlisle, PA | ​ | ​ | — | ​ | ​ | 340,349 | ​ | ​ | 643,498 | ​ | ​ | — | ​ | ​ | 340,349 | ​ | ​ | 643,498 | ​ | ​ | 983,847 | ​ | ​ | 64,350 | ​ | 2018 | ​ | 40 Years
Erie, PA | ​ | ​ | — | ​ | ​ | 58,279 | ​ | ​ | 833,933 | ​ | ​ | — | ​ | ​ | 58,279 | ​ | ​ | 833,933 | ​ | ​ | 892,212 | ​ | ​ | 83,393 | ​ | 2018 | ​ | 40 Years
Johnstown, PA | ​ | ​ | — | ​ | ​ | 1,030,667 | ​ | ​ | — | ​ | ​ | 8,829 | ​ | ​ | 1,039,496 | ​ | ​ | — | ​ | ​ | 1,039,496 | ​ | ​ | — | ​ | 2018 | ​ | ​
King of Prussia, PA | ​ | ​ | — | ​ | ​ | 5,097,320 | ​ | ​ | — | ​ | ​ | 1,202 | ​ | ​ | 5,098,522 | ​ | ​ | — | ​ | ​ | 5,098,522 | ​ | ​ | — | ​ | 2018 | ​ | ​
Philadelphia, PA | ​ | ​ | — | ​ | ​ | 155,212 | ​ | ​ | 218,083 | ​ | ​ | — | ​ | ​ | 155,212 | ​ | ​ | 218,083 | ​ | ​ | 373,295 | ​ | ​ | 21,808 | ​ | 2018 | ​ | 40 Years
Philadelphia, PA | ​ | ​ | — | ​ | ​ | 127,690 | ​ | ​ | 122,516 | ​ | ​ | — | ​ | ​ | 127,690 | ​ | ​ | 122,516 | ​ | ​ | 250,206 | ​ | ​ | 12,252 | ​ | 2018 | ​ | 40 Years
Pittsburgh, PA | ​ | ​ | — | ​ | ​ | 927,083 | ​ | ​ | 5,126,243 | ​ | ​ | 25,347 | ​ | ​ | 927,083 | ​ | ​ | 5,151,590 | ​ | ​ | 6,078,673 | ​ | ​ | 534,292 | ​ | 2018 | ​ | 40 Years
Pittsburgh, PA | ​ | ​ | — | ​ | ​ | 1,397,965 | ​ | ​ | — | ​ | ​ | 1,810 | ​ | ​ | 1,399,775 | ​ | ​ | — | ​ | ​ | 1,399,775 | ​ | ​ | — | ​ | 2018 | ​ | ​
Upper Darby, PA | ​ | ​ | — | ​ | ​ | 861,339 | ​ | ​ | 85,966 | ​ | ​ | 37,671 | ​ | ​ | 861,339 | ​ | ​ | 123,637 | ​ | ​ | 984,976 | ​ | ​ | 15,278 | ​ | 2018 | ​ | 40 Years
Wysox, PA | ​ | ​ | — | ​ | ​ | 1,668,272 | ​ | ​ | 1,699,343 | ​ | ​ | 24,395 | ​ | ​ | 1,668,272 | ​ | ​ | 1,723,738 | ​ | ​ | 3,392,010 | ​ | ​ | 182,995 | ​ | 2018 | ​ | 40 Years
Richmond, RI | ​ | ​ | — | ​ | ​ | 1,293,932 | ​ | ​ | 7,477,281 | ​ | ​ | 689,597 | ​ | ​ | 1,293,932 | ​ | ​ | 8,166,878 | ​ | ​ | 9,460,810 | ​ | ​ | 986,991 | ​ | 2018 | ​ | 40 Years
Warwick, RI | ​ | ​ | — | ​ | ​ | 687,454 | ​ | ​ | 2,108,256 | ​ | ​ | — | ​ | ​ | 687,454 | ​ | ​ | 2,108,256 | ​ | ​ | 2,795,710 | ​ | ​ | 210,826 | ​ | 2018 | ​ | 40 Years
Greenville, SC | ​ | ​ | — | ​ | ​ | 628,081 | ​ | ​ | 1,451,481 | ​ | ​ | — | ​ | ​ | 628,081 | ​ | ​ | 1,451,481 | ​ | ​ | 2,079,562 | ​ | ​ | 145,148 | ​ | 2018 | ​ | 40 Years
Lake City, SC | ​ | ​ | — | ​ | ​ | 57,911 | ​ | ​ | 932,874 | ​ | ​ | 869 | ​ | ​ | 57,911 | ​ | ​ | 933,743 | ​ | ​ | 991,654 | ​ | ​ | 95,312 | ​ | 2018 | ​ | 40 Years
Manning, SC | ​ | ​ | — | ​ | ​ | 245,546 | ​ | ​ | 989,236 | ​ | ​ | 146 | ​ | ​ | 245,546 | ​ | ​ | 989,382 | ​ | ​ | 1,234,928 | ​ | ​ | 107,164 | ​ | 2018 | ​ | 40 Years
Mt. Pleasant, SC | ​ | ​ | — | ​ | ​ | 555,387 | ​ | ​ | 1,042,804 | ​ | ​ | — | ​ | ​ | 555,387 | ​ | ​ | 1,042,804 | ​ | ​ | 1,598,191 | ​ | ​ | 104,280 | ​ | 2018 | ​ | 40 Years
Myrtle Beach, SC | ​ | ​ | — | ​ | ​ | 254,334 | ​ | ​ | 149,107 | ​ | ​ | — | ​ | ​ | 254,334 | ​ | ​ | 149,107 | ​ | ​ | 403,441 | ​ | ​ | 14,911 | ​ | 2018 | ​ | 40 Years
Spartanburg, SC | ​ | ​ | — | ​ | ​ | 709,338 | ​ | ​ | 1,618,382 | ​ | ​ | — | ​ | ​ | 709,338 | ​ | ​ | 1,618,382 | ​ | ​ | 2,327,720 | ​ | ​ | 161,838 | ​ | 2018 | ​ | 40 Years
Sumter, SC | ​ | ​ | — | ​ | ​ | 521,299 | ​ | ​ | 809,466 | ​ | ​ | — | ​ | ​ | 521,299 | ​ | ​ | 809,466 | ​ | ​ | 1,330,765 | ​ | ​ | 80,947 | ​ | 2018 | ​ | 40 Years
Walterboro, SC | ​ | ​ | — | ​ | ​ | 207,130 | ​ | ​ | 827,775 | ​ | ​ | — | ​ | ​ | 207,130 | ​ | ​ | 827,775 | ​ | ​ | 1,034,905 | ​ | ​ | 93,122 | ​ | 2018 | ​ | 40 Years
Chattanooga, TN | ​ | ​ | — | ​ | ​ | 1,179,566 | ​ | ​ | 1,236,591 | ​ | ​ | — | ​ | ​ | 1,179,566 | ​ | ​ | 1,236,591 | ​ | ​ | 2,416,157 | ​ | ​ | 123,659 | ​ | 2018 | ​ | 40 Years
Johnson City, TN | ​ | ​ | — | ​ | ​ | 181,117 | ​ | ​ | 1,232,151 | ​ | ​ | — | ​ | ​ | 181,117 | ​ | ​ | 1,232,151 | ​ | ​ | 1,413,268 | ​ | ​ | 123,215 | ​ | 2018 | ​ | 40 Years
Beaumont, TX | ​ | ​ | — | ​ | ​ | 936,389 | ​ | ​ | 2,725,502 | ​ | ​ | 21,662 | ​ | ​ | 936,389 | ​ | ​ | 2,747,164 | ​ | ​ | 3,683,553 | ​ | ​ | 274,581 | ​ | 2018 | ​ | 40 Years
Donna, TX | ​ | ​ | — | ​ | ​ | 962,302 | ​ | ​ | 1,620,925 | ​ | ​ | — | ​ | ​ | 962,302 | ​ | ​ | 1,620,925 | ​ | ​ | 2,583,227 | ​ | ​ | 175,566 | ​ | 2018 | ​ | 40 Years
Fairfield, TX | ​ | ​ | — | ​ | ​ | 125,098 | ​ | ​ | 970,816 | ​ | ​ | — | ​ | ​ | 125,098 | ​ | ​ | 970,816 | ​ | ​ | 1,095,914 | ​ | ​ | 101,127 | ​ | 2018 | ​ | 40 Years
Groves, TX | ​ | ​ | — | ​ | ​ | 596,586 | ​ | ​ | 2,250,794 | ​ | ​ | — | ​ | ​ | 596,586 | ​ | ​ | 2,250,794 | ​ | ​ | 2,847,380 | ​ | ​ | 225,079 | ​ | 2018 | ​ | 40 Years
Humble, TX | ​ | ​ | — | ​ | ​ | 173,885 | ​ | ​ | 867,347 | ​ | ​ | — | ​ | ​ | 173,885 | ​ | ​ | 867,347 | ​ | ​ | 1,041,232 | ​ | ​ | 86,735 | ​ | 2018 | ​ | 40 Years
Jacksboro, TX | ​ | ​ | — | ​ | ​ | 119,147 | ​ | ​ | 1,036,482 | ​ | ​ | — | ​ | ​ | 119,147 | ​ | ​ | 1,036,482 | ​ | ​ | 1,155,629 | ​ | ​ | 107,967 | ​ | 2018 | ​ | 40 Years
Kemah, TX | ​ | ​ | — | ​ | ​ | 2,324,774 | ​ | ​ | 2,835,597 | ​ | ​ | (44,661) | ​ | ​ | 2,324,774 | ​ | ​ | 2,790,936 | ​ | ​ | 5,115,710 | ​ | ​ | 297,908 | ​ | 2018 | ​ | 40 Years
Lamesa, TX | ​ | ​ | — | ​ | ​ | 66,019 | ​ | ​ | 1,493,146 | ​ | ​ | — | ​ | ​ | 66,019 | ​ | ​ | 1,493,146 | ​ | ​ | 1,559,165 | ​ | ​ | 174,194 | ​ | 2018 | ​ | 40 Years
Live Oak, TX | ​ | ​ | — | ​ | ​ | 371,174 | ​ | ​ | 1,880,746 | ​ | ​ | — | ​ | ​ | 371,174 | ​ | ​ | 1,880,746 | ​ | ​ | 2,251,920 | ​ | ​ | 211,582 | ​ | 2018 | ​ | 40 Years
Lufkin, TX | ​ | ​ | — | ​ | ​ | 382,643 | ​ | ​ | 1,054,911 | ​ | ​ | — | ​ | ​ | 382,643 | ​ | ​ | 1,054,911 | ​ | ​ | 1,437,554 | ​ | ​ | 105,491 | ​ | 2018 | ​ | 40 Years
Plano, TX | ​ | ​ | — | ​ | ​ | 452,721 | ​ | ​ | 822,683 | ​ | ​ | — | ​ | ​ | 452,721 | ​ | ​ | 822,683 | ​ | ​ | 1,275,404 | ​ | ​ | 82,268 | ​ | 2018 | ​ | 40 Years
Port Arthur, TX | ​ | ​ | — | ​ | ​ | 512,094 | ​ | ​ | 721,936 | ​ | ​ | — | ​ | ​ | 512,094 | ​ | ​ | 721,936 | ​ | ​ | 1,234,030 | ​ | ​ | 72,194 | ​ | 2018 | ​ | 40 Years
Porter, TX | ​ | ​ | — | ​ | ​ | 524,532 | ​ | ​ | 1,683,767 | ​ | ​ | 566 | ​ | ​ | 524,532 | ​ | ​ | 1,684,333 | ​ | ​ | 2,208,865 | ​ | ​ | 178,953 | ​ | 2018 | ​ | 40 Years
Tomball, TX | ​ | ​ | — | ​ | ​ | 1,336,029 | ​ | ​ | 1,849,554 | ​ | ​ | — | ​ | ​ | 1,336,029 | ​ | ​ | 1,849,554 | ​ | ​ | 3,185,583 | ​ | ​ | 208,071 | ​ | 2018 | ​ | 40 Years
Universal City, TX | ​ | ​ | — | ​ | ​ | 380,788 | ​ | ​ | 1,496,318 | ​ | ​ | — | ​ | ​ | 380,788 | ​ | ​ | 1,496,318 | ​ | ​ | 1,877,106 | ​ | ​ | 149,632 | ​ | 2018 | ​ | 40 Years
Waxahachie, TX | ​ | ​ | — | ​ | ​ | 388,138 | ​ | ​ | 792,125 | ​ | ​ | — | ​ | ​ | 388,138 | ​ | ​ | 792,125 | ​ | ​ | 1,180,263 | ​ | ​ | 79,212 | ​ | 2018 | ​ | 40 Years
Willis, TX | ​ | ​ | — | ​ | ​ | 406,466 | ​ | ​ | 925,047 | ​ | ​ | 7,287 | ​ | ​ | 406,466 | ​ | ​ | 932,334 | ​ | ​ | 1,338,800 | ​ | ​ | 98,966 | ​ | 2018 | ​ | 40 Years
Logan, UT | ​ | ​ | — | ​ | ​ | 914,515 | ​ | ​ | 2,774,985 | ​ | ​ | — | ​ | ​ | 914,515 | ​ | ​ | 2,774,985 | ​ | ​ | 3,689,500 | ​ | ​ | 300,623 | ​ | 2018 | ​ | 40 Years
Christiansburg, VA | ​ | ​ | — | ​ | ​ | 520,538 | ​ | ​ | 661,780 | ​ | ​ | — | ​ | ​ | 520,538 | ​ | ​ | 661,780 | ​ | ​ | 1,182,318 | ​ | ​ | 66,178 | ​ | 2018 | ​ | 40 Years
Fredericksburg, VA | ​ | ​ | — | ​ | ​ | 452,911 | ​ | ​ | 1,076,589 | ​ | ​ | — | ​ | ​ | 452,911 | ​ | ​ | 1,076,589 | ​ | ​ | 1,529,500 | ​ | ​ | 107,659 | ​ | 2018 | ​ | 40 Years
Glen Allen, VA | ​ | ​ | — | ​ | ​ | 1,112,948 | ​ | ​ | 837,542 | ​ | ​ | 11,280 | ​ | ​ | 1,112,948 | ​ | ​ | 848,822 | ​ | ​ | 1,961,770 | ​ | ​ | 99,644 | ​ | 2018 | ​ | 40 Years
Hampton, VA | ​ | ​ | — | ​ | ​ | 353,242 | ​ | ​ | 514,898 | ​ | ​ | — | ​ | ​ | 353,242 | ​ | ​ | 514,898 | ​ | ​ | 868,140 | ​ | ​ | 51,490 | ​ | 2018 | ​ | 40 Years
Louisa, VA | ​ | ​ | — | ​ | ​ | 538,246 | ​ | ​ | 2,179,541 | ​ | ​ | — | ​ | ​ | 538,246 | ​ | ​ | 2,179,541 | ​ | ​ | 2,717,787 | ​ | ​ | 233,458 | ​ | 2018 | ​ | 40 Years
Manassas, VA | ​ | ​ | — | ​ | ​ | 1,454,278 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,454,278 | ​ | ​ | — | ​ | ​ | 1,454,278 | ​ | ​ | — | ​ | 2018 | ​ | ​
Virginia Beach, VA | ​ | ​ | — | ​ | ​ | 2,142,002 | ​ | ​ | 1,154,585 | ​ | ​ | — | ​ | ​ | 2,142,002 | ​ | ​ | 1,154,585 | ​ | ​ | 3,296,587 | ​ | ​ | 115,459 | ​ | 2018 | ​ | 40 Years
Virginia Beach, VA | ​ | ​ | — | ​ | ​ | 271,176 | ​ | ​ | 3,308,434 | ​ | ​ | — | ​ | ​ | 271,176 | ​ | ​ | 3,308,434 | ​ | ​ | 3,579,610 | ​ | ​ | 330,843 | ​ | 2018 | ​ | 40 Years
Everett, WA | ​ | ​ | — | ​ | ​ | 414,899 | ​ | ​ | 811,710 | ​ | ​ | — | ​ | ​ | 414,899 | ​ | ​ | 811,710 | ​ | ​ | 1,226,609 | ​ | ​ | 81,171 | ​ | 2018 | ​ | 40 Years

​

​

F-46

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Bluefield, WV | ​ | ​ | — | ​ | ​ | 287,740 | ​ | ​ | 947,287 | ​ | ​ | 12,404 | ​ | ​ | 287,740 | ​ | ​ | 959,691 | ​ | ​ | 1,247,431 | ​ | ​ | 116,980 | ​ | 2018 | ​ | 40 Years
Green Bay, WI | ​ | ​ | — | ​ | ​ | 817,143 | ​ | ​ | 1,383,440 | ​ | ​ | — | ​ | ​ | 817,143 | ​ | ​ | 1,383,440 | ​ | ​ | 2,200,583 | ​ | ​ | 138,344 | ​ | 2018 | ​ | 40 Years
La Crosse, WI | ​ | ​ | — | ​ | ​ | 175,551 | ​ | ​ | 1,145,438 | ​ | ​ | — | ​ | ​ | 175,551 | ​ | ​ | 1,145,438 | ​ | ​ | 1,320,989 | ​ | ​ | 114,544 | ​ | 2018 | ​ | 40 Years
Madison, WI | ​ | ​ | — | ​ | ​ | 2,475,815 | ​ | ​ | 4,249,537 | ​ | ​ | (30,000) | ​ | ​ | 2,475,815 | ​ | ​ | 4,219,537 | ​ | ​ | 6,695,352 | ​ | ​ | 444,513 | ​ | 2018 | ​ | 40 Years
Mt. Pleasant, WI | ​ | ​ | — | ​ | ​ | 208,806 | ​ | ​ | 1,173,275 | ​ | ​ | (600) | ​ | ​ | 208,206 | ​ | ​ | 1,173,275 | ​ | ​ | 1,381,481 | ​ | ​ | 117,327 | ​ | 2018 | ​ | 40 Years
Schofield, WI | ​ | ​ | — | ​ | ​ | 533,503 | ​ | ​ | 1,071,930 | ​ | ​ | — | ​ | ​ | 533,503 | ​ | ​ | 1,071,930 | ​ | ​ | 1,605,433 | ​ | ​ | 107,193 | ​ | 2018 | ​ | 40 Years
Sheboygan, WI | ​ | ​ | — | ​ | ​ | 331,692 | ​ | ​ | 929,092 | ​ | ​ | — | ​ | ​ | 331,692 | ​ | ​ | 929,092 | ​ | ​ | 1,260,784 | ​ | ​ | 92,909 | ​ | 2018 | ​ | 40 Years
Athens, AL | ​ | ​ | — | ​ | ​ | 338,789 | ​ | ​ | 1,119,459 | ​ | ​ | (2,717) | ​ | ​ | 338,789 | ​ | ​ | 1,116,742 | ​ | ​ | 1,455,531 | ​ | ​ | 95,468 | ​ | 2019 | ​ | 40 Years
Attalla, AL | ​ | ​ | — | ​ | ​ | 289,473 | ​ | ​ | 928,717 | ​ | ​ | — | ​ | ​ | 289,473 | ​ | ​ | 928,717 | ​ | ​ | 1,218,190 | ​ | ​ | 79,328 | ​ | 2019 | ​ | 40 Years
Birmingham, AL | ​ | ​ | — | ​ | ​ | 1,400,530 | ​ | ​ | 859,880 | ​ | ​ | 9,278 | ​ | ​ | 1,400,530 | ​ | ​ | 869,158 | ​ | ​ | 2,269,688 | ​ | ​ | 68,394 | ​ | 2019 | ​ | 40 Years
Blountsville, AL | ​ | ​ | — | ​ | ​ | 262,412 | ​ | ​ | 816,070 | ​ | ​ | 19,389 | ​ | ​ | 262,412 | ​ | ​ | 835,459 | ​ | ​ | 1,097,871 | ​ | ​ | 69,726 | ​ | 2019 | ​ | 40 Years
Coffeeville, AL | ​ | ​ | — | ​ | ​ | 129,263 | ​ | ​ | 864,122 | ​ | ​ | — | ​ | ​ | 129,263 | ​ | ​ | 864,122 | ​ | ​ | 993,385 | ​ | ​ | 73,810 | ​ | 2019 | ​ | 40 Years
Phenix, AL | ​ | ​ | — | ​ | ​ | 292,234 | ​ | ​ | 1,280,705 | ​ | ​ | — | ​ | ​ | 292,234 | ​ | ​ | 1,280,705 | ​ | ​ | 1,572,939 | ​ | ​ | 122,734 | ​ | 2019 | ​ | 40 Years
Silas, AL | ​ | ​ | — | ​ | ​ | 383,742 | ​ | ​ | 1,351,195 | ​ | ​ | — | ​ | ​ | 383,742 | ​ | ​ | 1,351,195 | ​ | ​ | 1,734,937 | ​ | ​ | 115,405 | ​ | 2019 | ​ | 40 Years
Tuba City, AZ | ​ | ​ | — | ​ | ​ | 138,006 | ​ | ​ | 1,253,376 | ​ | ​ | 531 | ​ | ​ | 138,006 | ​ | ​ | 1,253,907 | ​ | ​ | 1,391,913 | ​ | ​ | 101,789 | ​ | 2019 | ​ | 40 Years
Searcy, AR | ​ | ​ | — | ​ | ​ | 851,561 | ​ | ​ | 5,582,069 | ​ | ​ | 71,485 | ​ | ​ | 851,561 | ​ | ​ | 5,653,554 | ​ | ​ | 6,505,115 | ​ | ​ | 541,585 | ​ | 2019 | ​ | 40 Years
Sheridan, AR | ​ | ​ | — | ​ | ​ | 124,667 | ​ | ​ | 1,070,754 | ​ | ​ | — | ​ | ​ | 124,667 | ​ | ​ | 1,070,754 | ​ | ​ | 1,195,421 | ​ | ​ | 91,327 | ​ | 2019 | ​ | 40 Years
Trumann, AR | ​ | ​ | — | ​ | ​ | 170,957 | ​ | ​ | 1,064,039 | ​ | ​ | — | ​ | ​ | 170,957 | ​ | ​ | 1,064,039 | ​ | ​ | 1,234,996 | ​ | ​ | 90,753 | ​ | 2019 | ​ | 40 Years
Visalia, CA | ​ | ​ | — | ​ | ​ | 2,552,353 | ​ | ​ | 6,994,518 | ​ | ​ | 284 | ​ | ​ | 2,552,353 | ​ | ​ | 6,994,802 | ​ | ​ | 9,547,155 | ​ | ​ | 626,609 | ​ | 2019 | ​ | 40 Years
Lakewood, CO | ​ | ​ | — | ​ | ​ | 3,021,260 | ​ | ​ | 6,125,185 | ​ | ​ | 57,272 | ​ | ​ | 3,021,260 | ​ | ​ | 6,182,457 | ​ | ​ | 9,203,717 | ​ | ​ | 461,196 | ​ | 2019 | ​ | 40 Years
Rifle, CO | ​ | ​ | — | ​ | ​ | 4,427,019 | ​ | ​ | 1,599,591 | ​ | ​ | — | ​ | ​ | 4,427,019 | ​ | ​ | 1,599,591 | ​ | ​ | 6,026,610 | ​ | ​ | 143,188 | ​ | 2019 | ​ | 40 Years
Danbury, CT | ​ | ​ | — | ​ | ​ | 1,095,933 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,095,933 | ​ | ​ | — | ​ | ​ | 1,095,933 | ​ | ​ | — | ​ | 2019 | ​ | ​
Greenwich, CT | ​ | ​ | — | ​ | ​ | 16,350,193 | ​ | ​ | 3,076,568 | ​ | ​ | 6,540 | ​ | ​ | 16,350,193 | ​ | ​ | 3,083,108 | ​ | ​ | 19,433,301 | ​ | ​ | 278,851 | ​ | 2019 | ​ | 40 Years
Orange, CT | ​ | ​ | — | ​ | ​ | 6,881,022 | ​ | ​ | 10,519,218 | ​ | ​ | 38,848 | ​ | ​ | 6,881,022 | ​ | ​ | 10,558,066 | ​ | ​ | 17,439,088 | ​ | ​ | 855,853 | ​ | 2019 | ​ | 40 Years
Torrington, CT | ​ | ​ | — | ​ | ​ | 195,171 | ​ | ​ | 1,541,214 | ​ | ​ | 26,976 | ​ | ​ | 195,171 | ​ | ​ | 1,568,190 | ​ | ​ | 1,763,361 | ​ | ​ | 120,026 | ​ | 2019 | ​ | 40 Years
Bear, DE | ​ | ​ | — | ​ | ​ | 743,604 | ​ | ​ | — | ​ | ​ | 657 | ​ | ​ | 744,261 | ​ | ​ | — | ​ | ​ | 744,261 | ​ | ​ | — | ​ | 2019 | ​ | ​
Wilmington, DE | ​ | ​ | — | ​ | ​ | 2,501,623 | ​ | ​ | 2,784,576 | ​ | ​ | — | ​ | ​ | 2,501,623 | ​ | ​ | 2,784,576 | ​ | ​ | 5,286,199 | ​ | ​ | 260,889 | ​ | 2019 | ​ | 40 Years
Apopka, FL | ​ | ​ | — | ​ | ​ | 646,629 | ​ | ​ | 1,215,458 | ​ | ​ | 10,730 | ​ | ​ | 646,629 | ​ | ​ | 1,226,188 | ​ | ​ | 1,872,817 | ​ | ​ | 122,619 | ​ | 2019 | ​ | 40 Years
Clearwater, FL | ​ | ​ | — | ​ | ​ | 497,216 | ​ | ​ | 1,027,192 | ​ | ​ | — | ​ | ​ | 497,216 | ​ | ​ | 1,027,192 | ​ | ​ | 1,524,408 | ​ | ​ | 96,132 | ​ | 2019 | ​ | 40 Years
Cocoa, FL | ​ | ​ | — | ​ | ​ | 2,174,730 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,174,730 | ​ | ​ | — | ​ | ​ | 2,174,730 | ​ | ​ | — | ​ | 2019 | ​ | ​
Lake Placid, FL | ​ | ​ | — | ​ | ​ | 255,339 | ​ | ​ | 1,059,913 | ​ | ​ | — | ​ | ​ | 255,339 | ​ | ​ | 1,059,913 | ​ | ​ | 1,315,252 | ​ | ​ | 83,910 | ​ | 2019 | ​ | 40 Years
Merritt Island, FL | ​ | ​ | — | ​ | ​ | 746,846 | ​ | ​ | 1,805,756 | ​ | ​ | — | ​ | ​ | 746,846 | ​ | ​ | 1,805,756 | ​ | ​ | 2,552,602 | ​ | ​ | 150,480 | ​ | 2019 | ​ | 40 Years
Orlando, FL | ​ | ​ | — | ​ | ​ | 751,265 | ​ | ​ | 2,089,523 | ​ | ​ | — | ​ | ​ | 751,265 | ​ | ​ | 2,089,523 | ​ | ​ | 2,840,788 | ​ | ​ | 194,478 | ​ | 2019 | ​ | 40 Years
Poinciana, FL | ​ | ​ | — | ​ | ​ | 608,450 | ​ | ​ | 1,073,714 | ​ | ​ | — | ​ | ​ | 608,450 | ​ | ​ | 1,073,714 | ​ | ​ | 1,682,164 | ​ | ​ | 85,002 | ​ | 2019 | ​ | 40 Years
Sanford, FL | ​ | ​ | — | ​ | ​ | 2,791,684 | ​ | ​ | 4,763,063 | ​ | ​ | 20,323 | ​ | ​ | 2,791,684 | ​ | ​ | 4,783,386 | ​ | ​ | 7,575,070 | ​ | ​ | 398,185 | ​ | 2019 | ​ | 40 Years
Tavares, FL | ​ | ​ | — | ​ | ​ | 736,113 | ​ | ​ | 1,849,694 | ​ | ​ | — | ​ | ​ | 736,113 | ​ | ​ | 1,849,694 | ​ | ​ | 2,585,807 | ​ | ​ | 173,414 | ​ | 2019 | ​ | 40 Years
Wauchula, FL | ​ | ​ | — | ​ | ​ | 333,236 | ​ | ​ | 1,156,806 | ​ | ​ | — | ​ | ​ | 333,236 | ​ | ​ | 1,156,806 | ​ | ​ | 1,490,042 | ​ | ​ | 115,681 | ​ | 2019 | ​ | 40 Years
West Palm Beach, FL | ​ | ​ | — | ​ | ​ | 2,484,935 | ​ | ​ | 2,344,077 | ​ | ​ | — | ​ | ​ | 2,484,935 | ​ | ​ | 2,344,077 | ​ | ​ | 4,829,012 | ​ | ​ | 195,268 | ​ | 2019 | ​ | 40 Years
Brunswick, GA | ​ | ​ | — | ​ | ​ | 186,767 | ​ | ​ | 1,615,510 | ​ | ​ | 1,900 | ​ | ​ | 186,767 | ​ | ​ | 1,617,410 | ​ | ​ | 1,804,177 | ​ | ​ | 151,293 | ​ | 2019 | ​ | 40 Years
Columbus, GA | ​ | ​ | — | ​ | ​ | 336,125 | ​ | ​ | 2,497,365 | ​ | ​ | 32,240 | ​ | ​ | 336,125 | ​ | ​ | 2,529,605 | ​ | ​ | 2,865,730 | ​ | ​ | 199,925 | ​ | 2019 | ​ | 40 Years
Conyers, GA | ​ | ​ | — | ​ | ​ | 714,666 | ​ | ​ | 2,137,506 | ​ | ​ | — | ​ | ​ | 714,666 | ​ | ​ | 2,137,506 | ​ | ​ | 2,852,172 | ​ | ​ | 186,917 | ​ | 2019 | ​ | 40 Years
Dacula, GA | ​ | ​ | — | ​ | ​ | 1,280,484 | ​ | ​ | 1,716,312 | ​ | ​ | — | ​ | ​ | 1,280,484 | ​ | ​ | 1,716,312 | ​ | ​ | 2,996,796 | ​ | ​ | 164,420 | ​ | 2019 | ​ | 40 Years
Marietta, GA | ​ | ​ | — | ​ | ​ | 390,416 | ​ | ​ | 1,441,936 | ​ | ​ | — | ​ | ​ | 390,416 | ​ | ​ | 1,441,936 | ​ | ​ | 1,832,352 | ​ | ​ | 135,004 | ​ | 2019 | ​ | 40 Years
Tucker, GA | ​ | ​ | — | ​ | ​ | 374,268 | ​ | ​ | 1,652,522 | ​ | ​ | — | ​ | ​ | 374,268 | ​ | ​ | 1,652,522 | ​ | ​ | 2,026,790 | ​ | ​ | 158,307 | ​ | 2019 | ​ | 40 Years
Chubbuck, ID | ​ | ​ | — | ​ | ​ | 1,067,983 | ​ | ​ | 5,880,828 | ​ | ​ | — | ​ | ​ | 1,067,983 | ​ | ​ | 5,880,828 | ​ | ​ | 6,948,811 | ​ | ​ | 575,829 | ​ | 2019 | ​ | 40 Years
Chubbuck, ID | ​ | ​ | — | ​ | ​ | 185,310 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 185,310 | ​ | ​ | — | ​ | ​ | 185,310 | ​ | ​ | — | ​ | 2019 | ​ | ​
Chubbuck, ID | ​ | ​ | — | ​ | ​ | 873,334 | ​ | ​ | 1,653,886 | ​ | ​ | — | ​ | ​ | 873,334 | ​ | ​ | 1,653,886 | ​ | ​ | 2,527,220 | ​ | ​ | 161,943 | ​ | 2019 | ​ | 40 Years
Edwardsville, IL | ​ | ​ | — | ​ | ​ | 449,741 | ​ | ​ | 1,202,041 | ​ | ​ | — | ​ | ​ | 449,741 | ​ | ​ | 1,202,041 | ​ | ​ | 1,651,782 | ​ | ​ | 112,563 | ​ | 2019 | ​ | 40 Years
Elk Grove Village, IL | ​ | ​ | — | ​ | ​ | 394,567 | ​ | ​ | 1,395,659 | ​ | ​ | 22,896 | ​ | ​ | 394,567 | ​ | ​ | 1,418,555 | ​ | ​ | 1,813,122 | ​ | ​ | 117,730 | ​ | 2019 | ​ | 40 Years
Evergreen Park, IL | ​ | ​ | — | ​ | ​ | 5,687,045 | ​ | ​ | 18,880,969 | ​ | ​ | — | ​ | ​ | 5,687,045 | ​ | ​ | 18,880,969 | ​ | ​ | 24,568,014 | ​ | ​ | 1,573,143 | ​ | 2019 | ​ | 40 Years
Freeport, IL | ​ | ​ | — | ​ | ​ | 92,295 | ​ | ​ | 1,537,120 | ​ | ​ | — | ​ | ​ | 92,295 | ​ | ​ | 1,537,120 | ​ | ​ | 1,629,415 | ​ | ​ | 124,824 | ​ | 2019 | ​ | 40 Years
Geneva, IL | ​ | ​ | — | ​ | ​ | 644,434 | ​ | ​ | 1,213,859 | ​ | ​ | — | ​ | ​ | 644,434 | ​ | ​ | 1,213,859 | ​ | ​ | 1,858,293 | ​ | ​ | 111,270 | ​ | 2019 | ​ | 40 Years
Greenville, IL | ​ | ​ | — | ​ | ​ | 135,642 | ​ | ​ | 1,026,006 | ​ | ​ | — | ​ | ​ | 135,642 | ​ | ​ | 1,026,006 | ​ | ​ | 1,161,648 | ​ | ​ | 79,088 | ​ | 2019 | ​ | 40 Years
Murphysboro, IL | ​ | ​ | — | ​ | ​ | 176,281 | ​ | ​ | 988,808 | ​ | ​ | — | ​ | ​ | 176,281 | ​ | ​ | 988,808 | ​ | ​ | 1,165,089 | ​ | ​ | 86,378 | ​ | 2019 | ​ | 40 Years
Rockford, IL | ​ | ​ | — | ​ | ​ | 814,666 | ​ | ​ | 1,719,410 | ​ | ​ | — | ​ | ​ | 814,666 | ​ | ​ | 1,719,410 | ​ | ​ | 2,534,076 | ​ | ​ | 139,635 | ​ | 2019 | ​ | 40 Years
Round Lake, IL | ​ | ​ | — | ​ | ​ | 325,722 | ​ | ​ | 2,669,132 | ​ | ​ | 5,756 | ​ | ​ | 325,722 | ​ | ​ | 2,674,888 | ​ | ​ | 3,000,610 | ​ | ​ | 202,281 | ​ | 2019 | ​ | 40 Years
Fishers, IN | ​ | ​ | — | ​ | ​ | 429,857 | ​ | ​ | 621,742 | ​ | ​ | — | ​ | ​ | 429,857 | ​ | ​ | 621,742 | ​ | ​ | 1,051,599 | ​ | ​ | 59,563 | ​ | 2019 | ​ | 40 Years
Gas City, IN | ​ | ​ | — | ​ | ​ | 504,378 | ​ | ​ | 1,341,890 | ​ | ​ | — | ​ | ​ | 504,378 | ​ | ​ | 1,341,890 | ​ | ​ | 1,846,268 | ​ | ​ | 131,393 | ​ | 2019 | ​ | 40 Years
Hammond, IN | ​ | ​ | — | ​ | ​ | 149,230 | ​ | ​ | 1,002,706 | ​ | ​ | — | ​ | ​ | 149,230 | ​ | ​ | 1,002,706 | ​ | ​ | 1,151,936 | ​ | ​ | 85,648 | ​ | 2019 | ​ | 40 Years
Kokomo, IN | ​ | ​ | — | ​ | ​ | 716,631 | ​ | ​ | 1,143,537 | ​ | ​ | — | ​ | ​ | 716,631 | ​ | ​ | 1,143,537 | ​ | ​ | 1,860,168 | ​ | ​ | 107,099 | ​ | 2019 | ​ | 40 Years
Marion, IN | ​ | ​ | — | ​ | ​ | 140,507 | ​ | ​ | 898,097 | ​ | ​ | 27,530 | ​ | ​ | 140,507 | ​ | ​ | 925,627 | ​ | ​ | 1,066,134 | ​ | ​ | 69,242 | ​ | 2019 | ​ | 40 Years
Westfield, IN | ​ | ​ | — | ​ | ​ | 594,597 | ​ | ​ | 1,260,563 | ​ | ​ | 26,425 | ​ | ​ | 594,597 | ​ | ​ | 1,286,988 | ​ | ​ | 1,881,585 | ​ | ​ | 121,465 | ​ | 2019 | ​ | 40 Years
Waterloo, IA | ​ | ​ | — | ​ | ​ | 369,497 | ​ | ​ | 1,265,450 | ​ | ​ | — | ​ | ​ | 369,497 | ​ | ​ | 1,265,450 | ​ | ​ | 1,634,947 | ​ | ​ | 105,382 | ​ | 2019 | ​ | 40 Years
Concordia, KS | ​ | ​ | — | ​ | ​ | 150,440 | ​ | ​ | 1,144,639 | ​ | ​ | 26,864 | ​ | ​ | 150,440 | ​ | ​ | 1,171,503 | ​ | ​ | 1,321,943 | ​ | ​ | 87,616 | ​ | 2019 | ​ | 40 Years
Parsons, KS | ​ | ​ | — | ​ | ​ | 203,953 | ​ | ​ | 1,073,554 | ​ | ​ | — | ​ | ​ | 203,953 | ​ | ​ | 1,073,554 | ​ | ​ | 1,277,507 | ​ | ​ | 102,762 | ​ | 2019 | ​ | 40 Years
Pratt, KS | ​ | ​ | — | ​ | ​ | 245,375 | ​ | ​ | 1,293,871 | ​ | ​ | — | ​ | ​ | 245,375 | ​ | ​ | 1,293,871 | ​ | ​ | 1,539,246 | ​ | ​ | 107,823 | ​ | 2019 | ​ | 40 Years
Wellington, KS | ​ | ​ | — | ​ | ​ | 95,197 | ​ | ​ | 1,090,333 | ​ | ​ | — | ​ | ​ | 95,197 | ​ | ​ | 1,090,333 | ​ | ​ | 1,185,530 | ​ | ​ | 88,523 | ​ | 2019 | ​ | 40 Years
Wichita, KS | ​ | ​ | — | ​ | ​ | 1,257,608 | ​ | ​ | 5,700,299 | ​ | ​ | 355 | ​ | ​ | 1,257,608 | ​ | ​ | 5,700,654 | ​ | ​ | 6,958,262 | ​ | ​ | 522,417 | ​ | 2019 | ​ | 40 Years
Crestwood, KY | ​ | ​ | — | ​ | ​ | 670,021 | ​ | ​ | 1,096,031 | ​ | ​ | 9,668 | ​ | ​ | 670,021 | ​ | ​ | 1,105,699 | ​ | ​ | 1,775,720 | ​ | ​ | 82,867 | ​ | 2019 | ​ | 40 Years
Georgetown, KY | ​ | ​ | — | ​ | ​ | 257,839 | ​ | ​ | 3,025,734 | ​ | ​ | 266,479 | ​ | ​ | 257,839 | ​ | ​ | 3,292,213 | ​ | ​ | 3,550,052 | ​ | ​ | 261,951 | ​ | 2019 | ​ | 40 Years
Grayson, KY | ​ | ​ | — | ​ | ​ | 241,857 | ​ | ​ | 1,155,603 | ​ | ​ | — | ​ | ​ | 241,857 | ​ | ​ | 1,155,603 | ​ | ​ | 1,397,460 | ​ | ​ | 96,300 | ​ | 2019 | ​ | 40 Years
Henderson, KY | ​ | ​ | — | ​ | ​ | 146,676 | ​ | ​ | 958,794 | ​ | ​ | — | ​ | ​ | 146,676 | ​ | ​ | 958,794 | ​ | ​ | 1,105,470 | ​ | ​ | 73,907 | ​ | 2019 | ​ | 40 Years
Leitchfield, KY | ​ | ​ | — | ​ | ​ | 303,830 | ​ | ​ | 1,062,711 | ​ | ​ | — | ​ | ​ | 303,830 | ​ | ​ | 1,062,711 | ​ | ​ | 1,366,541 | ​ | ​ | 79,703 | ​ | 2019 | ​ | 40 Years

​

​

F-47

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Kentwood, LA | ​ | ​ | — | ​ | ​ | 327,392 | ​ | ​ | 638,214 | ​ | ​ | 20,612 | ​ | ​ | 327,392 | ​ | ​ | 658,826 | ​ | ​ | 986,218 | ​ | ​ | 64,553 | ​ | 2019 | ​ | 40 Years
Lake Charles, LA | ​ | ​ | — | ​ | ​ | 565,778 | ​ | ​ | 890,034 | ​ | ​ | (110,745) | ​ | ​ | 750,569 | ​ | ​ | 594,498 | ​ | ​ | 1,345,067 | ​ | ​ | 28,822 | ​ | 2019 | ​ | 40 Years
Bowie, MD | ​ | ​ | — | ​ | ​ | 2,840,009 | ​ | ​ | 4,474,364 | ​ | ​ | — | ​ | ​ | 2,840,009 | ​ | ​ | 4,474,364 | ​ | ​ | 7,314,373 | ​ | ​ | 391,396 | ​ | 2019 | ​ | 40 Years
Eldersburg, MD | ​ | ​ | — | ​ | ​ | 563,227 | ​ | ​ | 1,855,987 | ​ | ​ | 520 | ​ | ​ | 563,227 | ​ | ​ | 1,856,507 | ​ | ​ | 2,419,734 | ​ | ​ | 150,738 | ​ | 2019 | ​ | 40 Years
Brockton, MA | ​ | ​ | — | ​ | ​ | 3,254,807 | ​ | ​ | 8,504,236 | ​ | ​ | 105,278 | ​ | ​ | 3,254,807 | ​ | ​ | 8,609,514 | ​ | ​ | 11,864,321 | ​ | ​ | 643,068 | ​ | 2019 | ​ | 40 Years
Ipswich, MA | ​ | ​ | — | ​ | ​ | 467,109 | ​ | ​ | 967,282 | ​ | ​ | — | ​ | ​ | 467,109 | ​ | ​ | 967,282 | ​ | ​ | 1,434,391 | ​ | ​ | 84,542 | ​ | 2019 | ​ | 40 Years
Ipswich, MA | ​ | ​ | — | ​ | ​ | 2,606,990 | ​ | ​ | 3,414,474 | ​ | ​ | — | ​ | ​ | 2,606,990 | ​ | ​ | 3,414,474 | ​ | ​ | 6,021,464 | ​ | ​ | 298,755 | ​ | 2019 | ​ | 40 Years
Adrian, MI | ​ | ​ | — | ​ | ​ | 459,814 | ​ | ​ | 1,562,895 | ​ | ​ | 38,710 | ​ | ​ | 459,814 | ​ | ​ | 1,601,605 | ​ | ​ | 2,061,419 | ​ | ​ | 145,846 | ​ | 2019 | ​ | 40 Years
Allegan, MI | ​ | ​ | — | ​ | ​ | 184,466 | ​ | ​ | 1,239,762 | ​ | ​ | — | ​ | ​ | 184,466 | ​ | ​ | 1,239,762 | ​ | ​ | 1,424,228 | ​ | ​ | 108,479 | ​ | 2019 | ​ | 40 Years
Bloomfield Hills, MI | ​ | ​ | — | ​ | ​ | 1,160,912 | ​ | ​ | 4,181,635 | ​ | ​ | 1,543,046 | ​ | ​ | 1,160,912 | ​ | ​ | 5,724,681 | ​ | ​ | 6,885,593 | ​ | ​ | 440,221 | ​ | 2019 | ​ | 40 Years
Caro, MI | ​ | ​ | — | ​ | ​ | 183,318 | ​ | ​ | 1,328,630 | ​ | ​ | — | ​ | ​ | 183,318 | ​ | ​ | 1,328,630 | ​ | ​ | 1,511,948 | ​ | ​ | 107,905 | ​ | 2019 | ​ | 40 Years
Clare, MI | ​ | ​ | — | ​ | ​ | 153,379 | ​ | ​ | 1,412,383 | ​ | ​ | 11,127 | ​ | ​ | 153,379 | ​ | ​ | 1,423,510 | ​ | ​ | 1,576,889 | ​ | ​ | 109,629 | ​ | 2019 | ​ | 40 Years
Cooks, MI | ​ | ​ | — | ​ | ​ | 304,340 | ​ | ​ | 1,109,838 | ​ | ​ | 9,630 | ​ | ​ | 304,340 | ​ | ​ | 1,119,468 | ​ | ​ | 1,423,808 | ​ | ​ | 83,900 | ​ | 2019 | ​ | 40 Years
Crystal Falls, MI | ​ | ​ | — | ​ | ​ | 62,462 | ​ | ​ | 757,276 | ​ | ​ | — | ​ | ​ | 62,462 | ​ | ​ | 757,276 | ​ | ​ | 819,738 | ​ | ​ | 64,684 | ​ | 2019 | ​ | 40 Years
Harrison, MI | ​ | ​ | — | ​ | ​ | 59,984 | ​ | ​ | 900,901 | ​ | ​ | (25,895) | ​ | ​ | 59,984 | ​ | ​ | 875,006 | ​ | ​ | 934,990 | ​ | ​ | 65,794 | ​ | 2019 | ​ | 40 Years
Jackson, MI | ​ | ​ | — | ​ | ​ | 524,446 | ​ | ​ | 1,265,119 | ​ | ​ | — | ​ | ​ | 524,446 | ​ | ​ | 1,265,119 | ​ | ​ | 1,789,565 | ​ | ​ | 100,155 | ​ | 2019 | ​ | 40 Years
Monroe, MI | ​ | ​ | — | ​ | ​ | 501,688 | ​ | ​ | 2,651,440 | ​ | ​ | — | ​ | ​ | 501,688 | ​ | ​ | 2,651,440 | ​ | ​ | 3,153,128 | ​ | ​ | 248,374 | ​ | 2019 | ​ | 40 Years
Plymouth, MI | ​ | ​ | — | ​ | ​ | 580,459 | ​ | ​ | 1,043,474 | ​ | ​ | 47,200 | ​ | ​ | 580,459 | ​ | ​ | 1,090,674 | ​ | ​ | 1,671,133 | ​ | ​ | 101,759 | ​ | 2019 | ​ | 40 Years
Spalding, MI | ​ | ​ | — | ​ | ​ | 86,973 | ​ | ​ | 842,434 | ​ | ​ | — | ​ | ​ | 86,973 | ​ | ​ | 842,434 | ​ | ​ | 929,407 | ​ | ​ | 71,958 | ​ | 2019 | ​ | 40 Years
Walker, MI | ​ | ​ | — | ​ | ​ | 4,821,073 | ​ | ​ | 15,814,475 | ​ | ​ | 17,091 | ​ | ​ | 4,821,073 | ​ | ​ | 15,831,566 | ​ | ​ | 20,652,639 | ​ | ​ | 1,253,142 | ​ | 2019 | ​ | 40 Years
Lakeville, MN | ​ | ​ | — | ​ | ​ | 1,774,051 | ​ | ​ | 6,386,118 | ​ | ​ | 114,634 | ​ | ​ | 1,774,051 | ​ | ​ | 6,500,752 | ​ | ​ | 8,274,803 | ​ | ​ | 570,831 | ​ | 2019 | ​ | 40 Years
Longville, MN | ​ | ​ | — | ​ | ​ | 30,748 | ​ | ​ | 836,277 | ​ | ​ | — | ​ | ​ | 30,748 | ​ | ​ | 836,277 | ​ | ​ | 867,025 | ​ | ​ | 71,432 | ​ | 2019 | ​ | 40 Years
Waite Park, MN | ​ | ​ | — | ​ | ​ | 142,863 | ​ | ​ | 1,064,736 | ​ | ​ | — | ​ | ​ | 142,863 | ​ | ​ | 1,064,736 | ​ | ​ | 1,207,599 | ​ | ​ | 99,532 | ​ | 2019 | ​ | 40 Years
Bolton, MS | ​ | ​ | — | ​ | ​ | 172,890 | ​ | ​ | 831,005 | ​ | ​ | — | ​ | ​ | 172,890 | ​ | ​ | 831,005 | ​ | ​ | 1,003,895 | ​ | ​ | 70,982 | ​ | 2019 | ​ | 40 Years
Bruce, MS | ​ | ​ | — | ​ | ​ | 189,929 | ​ | ​ | 896,080 | ​ | ​ | — | ​ | ​ | 189,929 | ​ | ​ | 896,080 | ​ | ​ | 1,086,009 | ​ | ​ | 83,947 | ​ | 2019 | ​ | 40 Years
Columbus, MS | ​ | ​ | — | ​ | ​ | 123,385 | ​ | ​ | 898,226 | ​ | ​ | — | ​ | ​ | 123,385 | ​ | ​ | 898,226 | ​ | ​ | 1,021,611 | ​ | ​ | 84,149 | ​ | 2019 | ​ | 40 Years
Flowood, MS | ​ | ​ | — | ​ | ​ | 638,891 | ​ | ​ | 1,308,566 | ​ | ​ | — | ​ | ​ | 638,891 | ​ | ​ | 1,308,566 | ​ | ​ | 1,947,457 | ​ | ​ | 106,264 | ​ | 2019 | ​ | 40 Years
Houston, MS | ​ | ​ | — | ​ | ​ | 170,449 | ​ | ​ | 913,763 | ​ | ​ | — | ​ | ​ | 170,449 | ​ | ​ | 913,763 | ​ | ​ | 1,084,212 | ​ | ​ | 85,605 | ​ | 2019 | ​ | 40 Years
Jackson, MS | ​ | ​ | — | ​ | ​ | 393,954 | ​ | ​ | 1,169,374 | ​ | ​ | — | ​ | ​ | 393,954 | ​ | ​ | 1,169,374 | ​ | ​ | 1,563,328 | ​ | ​ | 94,959 | ​ | 2019 | ​ | 40 Years
Michigan City, MS | ​ | ​ | — | ​ | ​ | 336,323 | ​ | ​ | 963,447 | ​ | ​ | — | ​ | ​ | 336,323 | ​ | ​ | 963,447 | ​ | ​ | 1,299,770 | ​ | ​ | 90,263 | ​ | 2019 | ​ | 40 Years
Pontotoc, MS | ​ | ​ | — | ​ | ​ | 174,112 | ​ | ​ | 924,043 | ​ | ​ | — | ​ | ​ | 174,112 | ​ | ​ | 924,043 | ​ | ​ | 1,098,155 | ​ | ​ | 82,779 | ​ | 2019 | ​ | 40 Years
Tutwiler, MS | ​ | ​ | — | ​ | ​ | 152,108 | ​ | ​ | 844,300 | ​ | ​ | — | ​ | ​ | 152,108 | ​ | ​ | 844,300 | ​ | ​ | 996,408 | ​ | ​ | 72,117 | ​ | 2019 | ​ | 40 Years
Fair Play, MO | ​ | ​ | — | ​ | ​ | 56,563 | ​ | ​ | 642,856 | ​ | ​ | — | ​ | ​ | 56,563 | ​ | ​ | 642,856 | ​ | ​ | 699,419 | ​ | ​ | 54,911 | ​ | 2019 | ​ | 40 Years
Florissant, MO | ​ | ​ | — | ​ | ​ | 1,394,072 | ​ | ​ | 2,210,514 | ​ | ​ | — | ​ | ​ | 1,394,072 | ​ | ​ | 2,210,514 | ​ | ​ | 3,604,586 | ​ | ​ | 207,173 | ​ | 2019 | ​ | 40 Years
Florissant, MO | ​ | ​ | — | ​ | ​ | 1,647,163 | ​ | ​ | 2,256,716 | ​ | ​ | — | ​ | ​ | 1,647,163 | ​ | ​ | 2,256,716 | ​ | ​ | 3,903,879 | ​ | ​ | 206,866 | ​ | 2019 | ​ | 40 Years
Grovespring, MO | ​ | ​ | — | ​ | ​ | 207,974 | ​ | ​ | 823,419 | ​ | ​ | — | ​ | ​ | 207,974 | ​ | ​ | 823,419 | ​ | ​ | 1,031,393 | ​ | ​ | 70,334 | ​ | 2019 | ​ | 40 Years
Hermitage, MO | ​ | ​ | — | ​ | ​ | 98,531 | ​ | ​ | 833,177 | ​ | ​ | 2,600 | ​ | ​ | 98,531 | ​ | ​ | 835,777 | ​ | ​ | 934,308 | ​ | ​ | 71,346 | ​ | 2019 | ​ | 40 Years
Madison, MO | ​ | ​ | — | ​ | ​ | 199,972 | ​ | ​ | 844,901 | ​ | ​ | — | ​ | ​ | 199,972 | ​ | ​ | 844,901 | ​ | ​ | 1,044,873 | ​ | ​ | 72,169 | ​ | 2019 | ​ | 40 Years
Oak Grove, MO | ​ | ​ | — | ​ | ​ | 275,293 | ​ | ​ | 1,000,150 | ​ | ​ | — | ​ | ​ | 275,293 | ​ | ​ | 1,000,150 | ​ | ​ | 1,275,443 | ​ | ​ | 87,513 | ​ | 2019 | ​ | 40 Years
Salem, MO | ​ | ​ | — | ​ | ​ | 153,713 | ​ | ​ | 1,085,494 | ​ | ​ | — | ​ | ​ | 153,713 | ​ | ​ | 1,085,494 | ​ | ​ | 1,239,207 | ​ | ​ | 88,130 | ​ | 2019 | ​ | 40 Years
South Fork, MO | ​ | ​ | — | ​ | ​ | 345,053 | ​ | ​ | 1,087,384 | ​ | ​ | — | ​ | ​ | 345,053 | ​ | ​ | 1,087,384 | ​ | ​ | 1,432,437 | ​ | ​ | 92,881 | ​ | 2019 | ​ | 40 Years
St. Louis, MO | ​ | ​ | — | ​ | ​ | 743,673 | ​ | ​ | 3,387,981 | ​ | ​ | — | ​ | ​ | 743,673 | ​ | ​ | 3,387,981 | ​ | ​ | 4,131,654 | ​ | ​ | 261,157 | ​ | 2019 | ​ | 40 Years
Manchester, HN | ​ | ​ | — | ​ | ​ | 1,486,550 | ​ | ​ | 2,419,269 | ​ | ​ | 12,678 | ​ | ​ | 1,486,550 | ​ | ​ | 2,431,947 | ​ | ​ | 3,918,497 | ​ | ​ | 192,793 | ​ | 2019 | ​ | 40 Years
Nashua, NH | ​ | ​ | — | ​ | ​ | 808,886 | ​ | ​ | 2,020,221 | ​ | ​ | 278 | ​ | ​ | 808,886 | ​ | ​ | 2,020,499 | ​ | ​ | 2,829,385 | ​ | ​ | 159,953 | ​ | 2019 | ​ | 40 Years
Lanoka Harbor, NJ | ​ | ​ | — | ​ | ​ | 1,355,335 | ​ | ​ | 1,052,415 | ​ | ​ | — | ​ | ​ | 1,355,335 | ​ | ​ | 1,052,415 | ​ | ​ | 2,407,750 | ​ | ​ | 85,382 | ​ | 2019 | ​ | 40 Years
Paramus, NJ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,224,221 | ​ | ​ | 599,410 | ​ | ​ | — | ​ | ​ | 6,823,631 | ​ | ​ | 6,823,631 | ​ | ​ | 634,377 | ​ | 2019 | ​ | 40 Years
San Ysidro, NM | ​ | ​ | — | ​ | ​ | 316,770 | ​ | ​ | 956,983 | ​ | ​ | — | ​ | ​ | 316,770 | ​ | ​ | 956,983 | ​ | ​ | 1,273,753 | ​ | ​ | 81,742 | ​ | 2019 | ​ | 40 Years
Hinsdale, NY | ​ | ​ | — | ​ | ​ | 353,602 | ​ | ​ | 905,350 | ​ | ​ | — | ​ | ​ | 353,602 | ​ | ​ | 905,350 | ​ | ​ | 1,258,952 | ​ | ​ | 77,332 | ​ | 2019 | ​ | 40 Years
Liverpool, NY | ​ | ​ | — | ​ | ​ | 1,697,114 | ​ | ​ | 3,355,641 | ​ | ​ | 24,323 | ​ | ​ | 1,697,114 | ​ | ​ | 3,379,964 | ​ | ​ | 5,077,078 | ​ | ​ | 253,345 | ​ | 2019 | ​ | 40 Years
Malone, NY | ​ | ​ | — | ​ | ​ | 413,667 | ​ | ​ | 1,035,771 | ​ | ​ | — | ​ | ​ | 413,667 | ​ | ​ | 1,035,771 | ​ | ​ | 1,449,438 | ​ | ​ | 96,926 | ​ | 2019 | ​ | 40 Years
Vestal, NY | ​ | ​ | — | ​ | ​ | 3,540,906 | ​ | ​ | 5,610,529 | ​ | ​ | 147,000 | ​ | ​ | 3,540,906 | ​ | ​ | 5,757,529 | ​ | ​ | 9,298,435 | ​ | ​ | 467,787 | ​ | 2019 | ​ | 40 Years
Columbus, NC | ​ | ​ | — | ​ | ​ | 423,026 | ​ | ​ | 1,070,992 | ​ | ​ | — | ​ | ​ | 423,026 | ​ | ​ | 1,070,992 | ​ | ​ | 1,494,018 | ​ | ​ | 86,945 | ​ | 2019 | ​ | 40 Years
Fayetteville, NC | ​ | ​ | — | ​ | ​ | 505,574 | ​ | ​ | 1,544,177 | ​ | ​ | — | ​ | ​ | 505,574 | ​ | ​ | 1,544,177 | ​ | ​ | 2,049,751 | ​ | ​ | 122,247 | ​ | 2019 | ​ | 40 Years
Hope Mills, NC | ​ | ​ | — | ​ | ​ | 1,522,142 | ​ | ​ | 7,906,676 | ​ | ​ | — | ​ | ​ | 1,522,142 | ​ | ​ | 7,906,676 | ​ | ​ | 9,428,818 | ​ | ​ | 658,765 | ​ | 2019 | ​ | 40 Years
Stallings, NC | ​ | ​ | — | ​ | ​ | 1,481,940 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,481,940 | ​ | ​ | — | ​ | ​ | 1,481,940 | ​ | ​ | — | ​ | 2019 | ​ | ​
Sylva, NC | ​ | ​ | — | ​ | ​ | 450,055 | ​ | ​ | 1,351,631 | ​ | ​ | 19,487 | ​ | ​ | 450,055 | ​ | ​ | 1,371,118 | ​ | ​ | 1,821,173 | ​ | ​ | 102,712 | ​ | 2019 | ​ | 40 Years
Edgeley, ND | ​ | ​ | — | ​ | ​ | 193,509 | ​ | ​ | 944,881 | ​ | ​ | — | ​ | ​ | 193,509 | ​ | ​ | 944,881 | ​ | ​ | 1,138,390 | ​ | ​ | 82,677 | ​ | 2019 | ​ | 40 Years
Grand Forks, ND | ​ | ​ | — | ​ | ​ | 1,187,389 | ​ | ​ | 2,052,184 | ​ | ​ | — | ​ | ​ | 1,187,389 | ​ | ​ | 2,052,184 | ​ | ​ | 3,239,573 | ​ | ​ | 175,272 | ​ | 2019 | ​ | 40 Years
Williston, ND | ​ | ​ | — | ​ | ​ | 515,210 | ​ | ​ | 1,584,865 | ​ | ​ | — | ​ | ​ | 515,210 | ​ | ​ | 1,584,865 | ​ | ​ | 2,100,075 | ​ | ​ | 135,374 | ​ | 2019 | ​ | 40 Years
Batavia, OH | ​ | ​ | — | ​ | ​ | 601,071 | ​ | ​ | 1,125,756 | ​ | ​ | (7,363) | ​ | ​ | 595,681 | ​ | ​ | 1,123,783 | ​ | ​ | 1,719,464 | ​ | ​ | 100,952 | ​ | 2019 | ​ | 40 Years
Bellevue, OH | ​ | ​ | — | ​ | ​ | 186,215 | ​ | ​ | 1,343,783 | ​ | ​ | 8,491 | ​ | ​ | 186,215 | ​ | ​ | 1,352,274 | ​ | ​ | 1,538,489 | ​ | ​ | 101,368 | ​ | 2019 | ​ | 40 Years
Columbus, OH | ​ | ​ | — | ​ | ​ | 357,767 | ​ | ​ | 1,423,046 | ​ | ​ | — | ​ | ​ | 357,767 | ​ | ​ | 1,423,046 | ​ | ​ | 1,780,813 | ​ | ​ | 133,233 | ​ | 2019 | ​ | 40 Years
Conneaut, OH | ​ | ​ | — | ​ | ​ | 200,915 | ​ | ​ | 1,363,715 | ​ | ​ | 7,983 | ​ | ​ | 200,915 | ​ | ​ | 1,371,698 | ​ | ​ | 1,572,613 | ​ | ​ | 108,510 | ​ | 2019 | ​ | 40 Years
Hamilton, OH | ​ | ​ | — | ​ | ​ | 335,677 | ​ | ​ | 1,066,581 | ​ | ​ | — | ​ | ​ | 335,677 | ​ | ​ | 1,066,581 | ​ | ​ | 1,402,258 | ​ | ​ | 97,626 | ​ | 2019 | ​ | 40 Years
Heath, OH | ​ | ​ | — | ​ | ​ | 657,358 | ​ | ​ | 3,259,449 | ​ | ​ | 313,281 | ​ | ​ | 657,358 | ​ | ​ | 3,572,730 | ​ | ​ | 4,230,088 | ​ | ​ | 300,372 | ​ | 2019 | ​ | 40 Years
Kenton, OH | ​ | ​ | — | ​ | ​ | 191,968 | ​ | ​ | 1,290,534 | ​ | ​ | 7,723 | ​ | ​ | 191,968 | ​ | ​ | 1,298,257 | ​ | ​ | 1,490,225 | ​ | ​ | 100,010 | ​ | 2019 | ​ | 40 Years
Maumee, OH | ​ | ​ | — | ​ | ​ | 1,498,739 | ​ | ​ | 815,222 | ​ | ​ | 295 | ​ | ​ | 1,498,739 | ​ | ​ | 815,517 | ​ | ​ | 2,314,256 | ​ | ​ | 79,909 | ​ | 2019 | ​ | 40 Years
Oxford, OH | ​ | ​ | — | ​ | ​ | 912,241 | ​ | ​ | 2,566,991 | ​ | ​ | 25,001 | ​ | ​ | 912,241 | ​ | ​ | 2,591,992 | ​ | ​ | 3,504,233 | ​ | ​ | 246,162 | ​ | 2019 | ​ | 40 Years
West Chester, OH | ​ | ​ | — | ​ | ​ | 796,035 | ​ | ​ | 814,730 | ​ | ​ | 660 | ​ | ​ | 796,035 | ​ | ​ | 815,390 | ​ | ​ | 1,611,425 | ​ | ​ | 79,821 | ​ | 2019 | ​ | 40 Years
West Chester, OH | ​ | ​ | — | ​ | ​ | 395,924 | ​ | ​ | 1,173,848 | ​ | ​ | — | ​ | ​ | 395,924 | ​ | ​ | 1,173,848 | ​ | ​ | 1,569,772 | ​ | ​ | 112,377 | ​ | 2019 | ​ | 40 Years
Ada, OK | ​ | ​ | — | ​ | ​ | 336,304 | ​ | ​ | 1,234,870 | ​ | ​ | — | ​ | ​ | 336,304 | ​ | ​ | 1,234,870 | ​ | ​ | 1,571,174 | ​ | ​ | 97,761 | ​ | 2019 | ​ | 40 Years
Bartlesville, OK | ​ | ​ | — | ​ | ​ | 451,582 | ​ | ​ | 1,249,112 | ​ | ​ | — | ​ | ​ | 451,582 | ​ | ​ | 1,249,112 | ​ | ​ | 1,700,694 | ​ | ​ | 109,125 | ​ | 2019 | ​ | 40 Years
Bokoshe, OK | ​ | ​ | — | ​ | ​ | 47,725 | ​ | ​ | 797,175 | ​ | ​ | — | ​ | ​ | 47,725 | ​ | ​ | 797,175 | ​ | ​ | 844,900 | ​ | ​ | 69,462 | ​ | 2019 | ​ | 40 Years

​

​

F-48

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Lawton, OK | ​ | ​ | — | ​ | ​ | 230,834 | ​ | ​ | 612,256 | ​ | ​ | — | ​ | ​ | 230,834 | ​ | ​ | 612,256 | ​ | ​ | 843,090 | ​ | ​ | 53,401 | ​ | 2019 | ​ | 40 Years
Whitefield, OK | ​ | ​ | — | ​ | ​ | 144,932 | ​ | ​ | 863,327 | ​ | ​ | — | ​ | ​ | 144,932 | ​ | ​ | 863,327 | ​ | ​ | 1,008,259 | ​ | ​ | 75,541 | ​ | 2019 | ​ | 40 Years
Cranberry Township, PA | ​ | ​ | — | ​ | ​ | 2,066,679 | ​ | ​ | 2,049,310 | ​ | ​ | — | ​ | ​ | 2,066,679 | ​ | ​ | 2,049,310 | ​ | ​ | 4,115,989 | ​ | ​ | 196,332 | ​ | 2019 | ​ | 40 Years
Ebensburg, PA | ​ | ​ | — | ​ | ​ | 551,162 | ​ | ​ | 2,023,064 | ​ | ​ | 5,689 | ​ | ​ | 551,162 | ​ | ​ | 2,028,753 | ​ | ​ | 2,579,915 | ​ | ​ | 189,686 | ​ | 2019 | ​ | 40 Years
Flourtown, PA | ​ | ​ | — | ​ | ​ | 1,342,409 | ​ | ​ | 2,229,147 | ​ | ​ | — | ​ | ​ | 1,342,409 | ​ | ​ | 2,229,147 | ​ | ​ | 3,571,556 | ​ | ​ | 218,255 | ​ | 2019 | ​ | 40 Years
Monaca, PA | ​ | ​ | — | ​ | ​ | 449,116 | ​ | ​ | 842,901 | ​ | ​ | — | ​ | ​ | 449,116 | ​ | ​ | 842,901 | ​ | ​ | 1,292,017 | ​ | ​ | 80,718 | ​ | 2019 | ​ | 40 Years
Natrona Heights, PA | ​ | ​ | — | ​ | ​ | 1,412,247 | ​ | ​ | 1,719,447 | ​ | ​ | — | ​ | ​ | 1,412,247 | ​ | ​ | 1,719,447 | ​ | ​ | 3,131,694 | ​ | ​ | 168,363 | ​ | 2019 | ​ | 40 Years
North Huntingdon, PA | ​ | ​ | — | ​ | ​ | 428,166 | ​ | ​ | 1,508,044 | ​ | ​ | — | ​ | ​ | 428,166 | ​ | ​ | 1,508,044 | ​ | ​ | 1,936,210 | ​ | ​ | 144,461 | ​ | 2019 | ​ | 40 Years
Oakdale, PA | ​ | ​ | — | ​ | ​ | 708,623 | ​ | ​ | 987,577 | ​ | ​ | 68,352 | ​ | ​ | 708,623 | ​ | ​ | 1,055,929 | ​ | ​ | 1,764,552 | ​ | ​ | 81,972 | ​ | 2019 | ​ | 40 Years
Philadelphia, PA | ​ | ​ | — | ​ | ​ | 1,891,985 | ​ | ​ | 20,799,223 | ​ | ​ | 211,964 | ​ | ​ | 1,891,985 | ​ | ​ | 21,011,187 | ​ | ​ | 22,903,172 | ​ | ​ | 1,934,638 | ​ | 2019 | ​ | 40 Years
Pittsburgh, PA | ​ | ​ | — | ​ | ​ | 1,251,674 | ​ | ​ | 3,842,592 | ​ | ​ | — | ​ | ​ | 1,251,674 | ​ | ​ | 3,842,592 | ​ | ​ | 5,094,266 | ​ | ​ | 312,111 | ​ | 2019 | ​ | 40 Years
Robinson Township, PA | ​ | ​ | — | ​ | ​ | 1,630,648 | ​ | ​ | 2,703,381 | ​ | ​ | — | ​ | ​ | 1,630,648 | ​ | ​ | 2,703,381 | ​ | ​ | 4,334,029 | ​ | ​ | 236,461 | ​ | 2019 | ​ | 40 Years
Titusville, PA | ​ | ​ | — | ​ | ​ | 877,651 | ​ | ​ | 2,568,060 | ​ | ​ | — | ​ | ​ | 877,651 | ​ | ​ | 2,568,060 | ​ | ​ | 3,445,711 | ​ | ​ | 229,998 | ​ | 2019 | ​ | 40 Years
West View, PA | ​ | ​ | — | ​ | ​ | 120,349 | ​ | ​ | 1,347,706 | ​ | ​ | — | ​ | ​ | 120,349 | ​ | ​ | 1,347,706 | ​ | ​ | 1,468,055 | ​ | ​ | 112,224 | ​ | 2019 | ​ | 40 Years
York, PA | ​ | ​ | — | ​ | ​ | 3,331,496 | ​ | ​ | 6,690,968 | ​ | ​ | 9,190 | ​ | ​ | 3,331,496 | ​ | ​ | 6,700,158 | ​ | ​ | 10,031,654 | ​ | ​ | 599,329 | ​ | 2019 | ​ | 40 Years
Columbia, SC | ​ | ​ | — | ​ | ​ | 2,783,934 | ​ | ​ | 13,228,453 | ​ | ​ | — | ​ | ​ | 2,783,934 | ​ | ​ | 13,228,453 | ​ | ​ | 16,012,387 | ​ | ​ | 1,267,600 | ​ | 2019 | ​ | 40 Years
Hampton, SC | ​ | ​ | — | ​ | ​ | 215,462 | ​ | ​ | 1,050,367 | ​ | ​ | — | ​ | ​ | 215,462 | ​ | ​ | 1,050,367 | ​ | ​ | 1,265,829 | ​ | ​ | 105,037 | ​ | 2019 | ​ | 40 Years
Myrtle Beach, SC | ​ | ​ | — | ​ | ​ | 1,371,226 | ​ | ​ | 2,752,440 | ​ | ​ | 503,611 | ​ | ​ | 1,371,226 | ​ | ​ | 3,256,051 | ​ | ​ | 4,627,277 | ​ | ​ | 302,738 | ​ | 2019 | ​ | 40 Years
Orangeburg, SC | ​ | ​ | — | ​ | ​ | 316,428 | ​ | ​ | 1,116,664 | ​ | ​ | — | ​ | ​ | 316,428 | ​ | ​ | 1,116,664 | ​ | ​ | 1,433,092 | ​ | ​ | 99,956 | ​ | 2019 | ​ | 40 Years
Kadoka, SD | ​ | ​ | — | ​ | ​ | 134,528 | ​ | ​ | 926,523 | ​ | ​ | — | ​ | ​ | 134,528 | ​ | ​ | 926,523 | ​ | ​ | 1,061,051 | ​ | ​ | 81,071 | ​ | 2019 | ​ | 40 Years
Thorn Hill, TN | ​ | ​ | — | ​ | ​ | 115,367 | ​ | ​ | 974,925 | ​ | ​ | — | ​ | ​ | 115,367 | ​ | ​ | 974,925 | ​ | ​ | 1,090,292 | ​ | ​ | 91,304 | ​ | 2019 | ​ | 40 Years
Woodbury, TN | ​ | ​ | — | ​ | ​ | 154,043 | ​ | ​ | 1,092,958 | ​ | ​ | — | ​ | ​ | 154,043 | ​ | ​ | 1,092,958 | ​ | ​ | 1,247,001 | ​ | ​ | 102,465 | ​ | 2019 | ​ | 40 Years
Burleson, TX | ​ | ​ | — | ​ | ​ | 1,396,753 | ​ | ​ | 3,312,794 | ​ | ​ | 13,864 | ​ | ​ | 1,396,753 | ​ | ​ | 3,326,658 | ​ | ​ | 4,723,411 | ​ | ​ | 249,413 | ​ | 2019 | ​ | 40 Years
Carrizo Springs, TX | ​ | ​ | — | ​ | ​ | 337,070 | ​ | ​ | 812,963 | ​ | ​ | 5,087 | ​ | ​ | 337,070 | ​ | ​ | 818,050 | ​ | ​ | 1,155,120 | ​ | ​ | 71,459 | ​ | 2019 | ​ | 40 Years
Garland, TX | ​ | ​ | — | ​ | ​ | 773,385 | ​ | ​ | 2,587,011 | ​ | ​ | — | ​ | ​ | 773,385 | ​ | ​ | 2,587,011 | ​ | ​ | 3,360,396 | ​ | ​ | 237,143 | ​ | 2019 | ​ | 40 Years
Kenedy, TX | ​ | ​ | — | ​ | ​ | 325,159 | ​ | ​ | 954,774 | ​ | ​ | 11,255 | ​ | ​ | 325,159 | ​ | ​ | 966,029 | ​ | ​ | 1,291,188 | ​ | ​ | 72,382 | ​ | 2019 | ​ | 40 Years
Laredo, TX | ​ | ​ | — | ​ | ​ | 1,117,403 | ​ | ​ | 2,152,573 | ​ | ​ | 48,118 | ​ | ​ | 1,117,403 | ​ | ​ | 2,200,691 | ​ | ​ | 3,318,094 | ​ | ​ | 194,343 | ​ | 2019 | ​ | 40 Years
Lewisville, TX | ​ | ​ | — | ​ | ​ | 2,347,993 | ​ | ​ | 5,271,935 | ​ | ​ | 4,154 | ​ | ​ | 2,347,993 | ​ | ​ | 5,276,089 | ​ | ​ | 7,624,082 | ​ | ​ | 516,216 | ​ | 2019 | ​ | 40 Years
Lubbock, TX | ​ | ​ | — | ​ | ​ | 1,420,820 | ​ | ​ | 1,858,395 | ​ | ​ | — | ​ | ​ | 1,420,820 | ​ | ​ | 1,858,395 | ​ | ​ | 3,279,215 | ​ | ​ | 181,968 | ​ | 2019 | ​ | 40 Years
Wichita Falls, TX | ​ | ​ | — | ​ | ​ | 585,664 | ​ | ​ | 1,952,988 | ​ | ​ | — | ​ | ​ | 585,664 | ​ | ​ | 1,952,988 | ​ | ​ | 2,538,652 | ​ | ​ | 170,886 | ​ | 2019 | ​ | 40 Years
Wylie, TX | ​ | ​ | — | ​ | ​ | 686,154 | ​ | ​ | 1,623,684 | ​ | ​ | — | ​ | ​ | 686,154 | ​ | ​ | 1,623,684 | ​ | ​ | 2,309,838 | ​ | ​ | 155,543 | ​ | 2019 | ​ | 40 Years
Draper, UT | ​ | ​ | — | ​ | ​ | 1,344,025 | ​ | ​ | 3,321,208 | ​ | ​ | 23,553 | ​ | ​ | 1,344,025 | ​ | ​ | 3,344,761 | ​ | ​ | 4,688,786 | ​ | ​ | 250,710 | ​ | 2019 | ​ | 40 Years
Bristol, VA | ​ | ​ | — | ​ | ​ | 996,915 | ​ | ​ | 1,374,467 | ​ | ​ | — | ​ | ​ | 996,915 | ​ | ​ | 1,374,467 | ​ | ​ | 2,371,382 | ​ | ​ | 114,539 | ​ | 2019 | ​ | 40 Years
Gloucester, VA | ​ | ​ | — | ​ | ​ | 458,785 | ​ | ​ | 1,994,093 | ​ | ​ | — | ​ | ​ | 458,785 | ​ | ​ | 1,994,093 | ​ | ​ | 2,452,878 | ​ | ​ | 166,130 | ​ | 2019 | ​ | 40 Years
Hampton, VA | ​ | ​ | — | ​ | ​ | 3,549,928 | ​ | ​ | 6,096,218 | ​ | ​ | 107 | ​ | ​ | 3,549,928 | ​ | ​ | 6,096,325 | ​ | ​ | 9,646,253 | ​ | ​ | 495,077 | ​ | 2019 | ​ | 40 Years
Hampton, VA | ​ | ​ | — | ​ | ​ | 429,613 | ​ | ​ | 1,081,015 | ​ | ​ | — | ​ | ​ | 429,613 | ​ | ​ | 1,081,015 | ​ | ​ | 1,510,628 | ​ | ​ | 90,085 | ​ | 2019 | ​ | 40 Years
Hampton, VA | ​ | ​ | — | ​ | ​ | 744,520 | ​ | ​ | 1,249,355 | ​ | ​ | — | ​ | ​ | 744,520 | ​ | ​ | 1,249,355 | ​ | ​ | 1,993,875 | ​ | ​ | 104,113 | ​ | 2019 | ​ | 40 Years
Hampton, VA | ​ | ​ | — | ​ | ​ | 561,596 | ​ | ​ | 1,545,002 | ​ | ​ | — | ​ | ​ | 561,596 | ​ | ​ | 1,545,002 | ​ | ​ | 2,106,598 | ​ | ​ | 128,750 | ​ | 2019 | ​ | 40 Years
Newport News, VA | ​ | ​ | — | ​ | ​ | 12,618,320 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12,618,320 | ​ | ​ | — | ​ | ​ | 12,618,320 | ​ | ​ | — | ​ | 2019 | ​ | ​
Newport News, VA | ​ | ​ | — | ​ | ​ | 855,793 | ​ | ​ | 1,754,228 | ​ | ​ | — | ​ | ​ | 855,793 | ​ | ​ | 1,754,228 | ​ | ​ | 2,610,021 | ​ | ​ | 146,186 | ​ | 2019 | ​ | 40 Years
Poquoson, VA | ​ | ​ | — | ​ | ​ | 330,867 | ​ | ​ | 848,105 | ​ | ​ | 2,156 | ​ | ​ | 330,867 | ​ | ​ | 850,261 | ​ | ​ | 1,181,128 | ​ | ​ | 70,824 | ​ | 2019 | ​ | 40 Years
South Boston, VA | ​ | ​ | — | ​ | ​ | 490,590 | ​ | ​ | 2,637,385 | ​ | ​ | 15,414 | ​ | ​ | 490,590 | ​ | ​ | 2,652,799 | ​ | ​ | 3,143,389 | ​ | ​ | 209,853 | ​ | 2019 | ​ | 40 Years
Surry, VA | ​ | ​ | — | ​ | ​ | 685,233 | ​ | ​ | 994,788 | ​ | ​ | — | ​ | ​ | 685,233 | ​ | ​ | 994,788 | ​ | ​ | 1,680,021 | ​ | ​ | 82,899 | ​ | 2019 | ​ | 40 Years
Williamsburg, VA | ​ | ​ | — | ​ | ​ | 1,574,769 | ​ | ​ | 2,001,920 | ​ | ​ | (9,200) | ​ | ​ | 1,565,569 | ​ | ​ | 2,001,920 | ​ | ​ | 3,567,489 | ​ | ​ | 166,827 | ​ | 2019 | ​ | 40 Years
Williamsburg, VA | ​ | ​ | — | ​ | ​ | 675,861 | ​ | ​ | 1,098,464 | ​ | ​ | — | ​ | ​ | 675,861 | ​ | ​ | 1,098,464 | ​ | ​ | 1,774,325 | ​ | ​ | 91,539 | ​ | 2019 | ​ | 40 Years
Wytheville, VA | ​ | ​ | — | ​ | ​ | 206,660 | ​ | ​ | 1,248,178 | ​ | ​ | — | ​ | ​ | 206,660 | ​ | ​ | 1,248,178 | ​ | ​ | 1,454,838 | ​ | ​ | 93,613 | ​ | 2019 | ​ | 40 Years
Ephrata, WA | ​ | ​ | — | ​ | ​ | 368,492 | ​ | ​ | 4,821,470 | ​ | ​ | 18,383 | ​ | ​ | 368,492 | ​ | ​ | 4,839,853 | ​ | ​ | 5,208,345 | ​ | ​ | 372,861 | ​ | 2019 | ​ | 40 Years
Charleston, WV | ​ | ​ | — | ​ | ​ | 561,767 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 561,767 | ​ | ​ | — | ​ | ​ | 561,767 | ​ | ​ | — | ​ | 2019 | ​ | ​
Ripley, WV | ​ | ​ | — | ​ | ​ | 1,042,204 | ​ | ​ | — | ​ | ​ | 20,422 | ​ | ​ | 1,062,626 | ​ | ​ | — | ​ | ​ | 1,062,626 | ​ | ​ | — | ​ | 2019 | ​ | ​
Black River Falls, WI | ​ | ​ | — | ​ | ​ | 278,472 | ​ | ​ | 1,141,572 | ​ | ​ | 9,519 | ​ | ​ | 278,472 | ​ | ​ | 1,151,091 | ​ | ​ | 1,429,563 | ​ | ​ | 88,650 | ​ | 2019 | ​ | 40 Years
Lake Geneva, WI | ​ | ​ | — | ​ | ​ | 7,078,726 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,078,726 | ​ | ​ | — | ​ | ​ | 7,078,726 | ​ | ​ | — | ​ | 2019 | ​ | ​
Menomonee Falls, WI | ​ | ​ | — | ​ | ​ | 3,518,493 | ​ | ​ | 12,020,248 | ​ | ​ | 12,918 | ​ | ​ | 3,518,493 | ​ | ​ | 12,033,166 | ​ | ​ | 15,551,659 | ​ | ​ | 1,077,182 | ​ | 2019 | ​ | 40 Years
Sun Prairie, WI | ​ | ​ | — | ​ | ​ | 2,864,563 | ​ | ​ | 7,215,614 | ​ | ​ | — | ​ | ​ | 2,864,563 | ​ | ​ | 7,215,614 | ​ | ​ | 10,080,177 | ​ | ​ | 586,070 | ​ | 2019 | ​ | 40 Years
West Milwaukee, WI | ​ | ​ | — | ​ | ​ | 783,260 | ​ | ​ | 3,055,907 | ​ | ​ | 16,402 | ​ | ​ | 783,260 | ​ | ​ | 3,072,309 | ​ | ​ | 3,855,569 | ​ | ​ | 236,539 | ​ | 2019 | ​ | 40 Years
Adger, AL | ​ | ​ | — | ​ | ​ | 189,119 | ​ | ​ | 1,222,891 | ​ | ​ | — | ​ | ​ | 189,119 | ​ | ​ | 1,222,891 | ​ | ​ | 1,412,010 | ​ | ​ | 78,978 | ​ | 2020 | ​ | 40 Years
Dothan, AL | ​ | ​ | — | ​ | ​ | 792,626 | ​ | ​ | 3,017,431 | ​ | ​ | (31,788) | ​ | ​ | 778,553 | ​ | ​ | 2,999,716 | ​ | ​ | 3,778,269 | ​ | ​ | 145,297 | ​ | 2020 | ​ | 40 Years
Enterprise, AL | ​ | ​ | — | ​ | ​ | 728,934 | ​ | ​ | 2,504,283 | ​ | ​ | 15,377 | ​ | ​ | 728,934 | ​ | ​ | 2,519,660 | ​ | ​ | 3,248,594 | ​ | ​ | 183,629 | ​ | 2020 | ​ | 40 Years
Lanett, AL | ​ | ​ | — | ​ | ​ | 597,615 | ​ | ​ | 2,264,102 | ​ | ​ | 128 | ​ | ​ | 597,615 | ​ | ​ | 2,264,230 | ​ | ​ | 2,861,845 | ​ | ​ | 132,056 | ​ | 2020 | ​ | 40 Years
Saraland, AL | ​ | ​ | — | ​ | ​ | 838,216 | ​ | ​ | 2,709,602 | ​ | ​ | 1,275 | ​ | ​ | 838,216 | ​ | ​ | 2,710,877 | ​ | ​ | 3,549,093 | ​ | ​ | 197,401 | ​ | 2020 | ​ | 40 Years
Sylacauga, AL | ​ | ​ | — | ​ | ​ | 2,181,806 | ​ | ​ | 9,940,930 | ​ | ​ | 4,330 | ​ | ​ | 2,181,806 | ​ | ​ | 9,945,260 | ​ | ​ | 12,127,066 | ​ | ​ | 642,057 | ​ | 2020 | ​ | 40 Years
Theodore, AL | ​ | ​ | — | ​ | ​ | 743,751 | ​ | ​ | 2,667,802 | ​ | ​ | — | ​ | ​ | 743,751 | ​ | ​ | 2,667,802 | ​ | ​ | 3,411,553 | ​ | ​ | 188,881 | ​ | 2020 | ​ | 40 Years
Altheimer, AR | ​ | ​ | — | ​ | ​ | 202,235 | ​ | ​ | 1,151,471 | ​ | ​ | — | ​ | ​ | 202,235 | ​ | ​ | 1,151,471 | ​ | ​ | 1,353,706 | ​ | ​ | 76,376 | ​ | 2020 | ​ | 40 Years
Benton, AR | ​ | ​ | — | ​ | ​ | 561,085 | ​ | ​ | 2,141,511 | ​ | ​ | 249,809 | ​ | ​ | 561,085 | ​ | ​ | 2,391,320 | ​ | ​ | 2,952,405 | ​ | ​ | 126,922 | ​ | 2020 | ​ | 40 Years
Benton, AR | ​ | ​ | — | ​ | ​ | 2,271,157 | ​ | ​ | 1,324,716 | ​ | ​ | 39,069 | ​ | ​ | 2,271,157 | ​ | ​ | 1,363,785 | ​ | ​ | 3,634,942 | ​ | ​ | 66,974 | ​ | 2020 | ​ | 40 Years
Bismarck, AR | ​ | ​ | — | ​ | ​ | 129,139 | ​ | ​ | 876,127 | ​ | ​ | — | ​ | ​ | 129,139 | ​ | ​ | 876,127 | ​ | ​ | 1,005,266 | ​ | ​ | 52,813 | ​ | 2020 | ​ | 40 Years
Centerton, AR | ​ | ​ | — | ​ | ​ | 502,391 | ​ | ​ | 2,152,058 | ​ | ​ | 249,808 | ​ | ​ | 502,391 | ​ | ​ | 2,401,866 | ​ | ​ | 2,904,257 | ​ | ​ | 131,977 | ​ | 2020 | ​ | 40 Years
Elaine, AR | ​ | ​ | — | ​ | ​ | 51,248 | ​ | ​ | 802,757 | ​ | ​ | — | ​ | ​ | 51,248 | ​ | ​ | 802,757 | ​ | ​ | 854,005 | ​ | ​ | 53,218 | ​ | 2020 | ​ | 40 Years
Jonesboro, AR | ​ | ​ | — | ​ | ​ | 477,565 | ​ | ​ | 942,703 | ​ | ​ | — | ​ | ​ | 477,565 | ​ | ​ | 942,703 | ​ | ​ | 1,420,268 | ​ | ​ | 52,973 | ​ | 2020 | ​ | 40 Years
Little Rock, AR | ​ | ​ | — | ​ | ​ | 136,550 | ​ | ​ | 638,605 | ​ | ​ | — | ​ | ​ | 136,550 | ​ | ​ | 638,605 | ​ | ​ | 775,155 | ​ | ​ | 42,516 | ​ | 2020 | ​ | 40 Years
Mayflower, AR | ​ | ​ | — | ​ | ​ | 708,465 | ​ | ​ | 448,741 | ​ | ​ | 80,635 | ​ | ​ | 708,465 | ​ | ​ | 529,376 | ​ | ​ | 1,237,841 | ​ | ​ | 26,051 | ​ | 2020 | ​ | 40 Years
Mena, AR | ​ | ​ | — | ​ | ​ | 1,459,039 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,459,039 | ​ | ​ | — | ​ | ​ | 1,459,039 | ​ | ​ | — | ​ | 2020 | ​ | ​
Pine Bluff, AR | ​ | ​ | — | ​ | ​ | 195,689 | ​ | ​ | 1,102,338 | ​ | ​ | 3,250 | ​ | ​ | 195,689 | ​ | ​ | 1,105,588 | ​ | ​ | 1,301,277 | ​ | ​ | 75,899 | ​ | 2020 | ​ | 40 Years
Pine Bluff, AR | ​ | ​ | — | ​ | ​ | 279,293 | ​ | ​ | 1,290,094 | ​ | ​ | 7,236 | ​ | ​ | 279,293 | ​ | ​ | 1,297,330 | ​ | ​ | 1,576,623 | ​ | ​ | 85,720 | ​ | 2020 | ​ | 40 Years

​

​

F-49

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Searcy, AR | ​ | ​ | — | ​ | ​ | 548,495 | ​ | ​ | 5,834,876 | ​ | ​ | — | ​ | ​ | 548,495 | ​ | ​ | 5,834,876 | ​ | ​ | 6,383,371 | ​ | ​ | 352,272 | ​ | 2020 | ​ | 40 Years
Sparkman, AR | ​ | ​ | — | ​ | ​ | 80,956 | ​ | ​ | 720,376 | ​ | ​ | — | ​ | ​ | 80,956 | ​ | ​ | 720,376 | ​ | ​ | 801,332 | ​ | ​ | 41,962 | ​ | 2020 | ​ | 40 Years
West Helena, AR | ​ | ​ | — | ​ | ​ | 93,907 | ​ | ​ | 885,680 | ​ | ​ | 21,923 | ​ | ​ | 93,907 | ​ | ​ | 907,603 | ​ | ​ | 1,001,510 | ​ | ​ | 59,068 | ​ | 2020 | ​ | 40 Years
Coolidge, AZ | ​ | ​ | — | ​ | ​ | 252,228 | ​ | ​ | 1,164,641 | ​ | ​ | 11,720 | ​ | ​ | 252,228 | ​ | ​ | 1,176,361 | ​ | ​ | 1,428,589 | ​ | ​ | 73,070 | ​ | 2020 | ​ | 40 Years
Maricopa, AZ | ​ | ​ | — | ​ | ​ | 761,177 | ​ | ​ | 1,600,925 | ​ | ​ | 11,257 | ​ | ​ | 761,177 | ​ | ​ | 1,612,182 | ​ | ​ | 2,373,359 | ​ | ​ | 83,864 | ​ | 2020 | ​ | 40 Years
Phoenix, AZ | ​ | ​ | — | ​ | ​ | 11,641,459 | ​ | ​ | 7,261,072 | ​ | ​ | — | ​ | ​ | 11,641,459 | ​ | ​ | 7,261,072 | ​ | ​ | 18,902,531 | ​ | ​ | 438,555 | ​ | 2020 | ​ | 40 Years
Tucson, AZ | ​ | ​ | — | ​ | ​ | 3,267,761 | ​ | ​ | 6,624,814 | ​ | ​ | 383,141 | ​ | ​ | 3,267,761 | ​ | ​ | 7,007,955 | ​ | ​ | 10,275,716 | ​ | ​ | 349,238 | ​ | 2020 | ​ | 40 Years
Yuma, AZ | ​ | ​ | — | ​ | ​ | 840,427 | ​ | ​ | 5,489,179 | ​ | ​ | 577 | ​ | ​ | 840,427 | ​ | ​ | 5,489,756 | ​ | ​ | 6,330,183 | ​ | ​ | 342,960 | ​ | 2020 | ​ | 40 Years
Yuma, AZ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,052,648 | ​ | ​ | 29,919 | ​ | ​ | — | ​ | ​ | 5,082,567 | ​ | ​ | 5,082,567 | ​ | ​ | 253,941 | ​ | 2020 | ​ | 40 Years
Antioch, CA | ​ | ​ | — | ​ | ​ | 3,369,667 | ​ | ​ | 6,952,571 | ​ | ​ | — | ​ | ​ | 3,369,667 | ​ | ​ | 6,952,571 | ​ | ​ | 10,322,238 | ​ | ​ | 405,468 | ​ | 2020 | ​ | 40 Years
Calexico, CA | ​ | ​ | — | ​ | ​ | 937,091 | ​ | ​ | 22,274 | ​ | ​ | — | ​ | ​ | 959,365 | ​ | ​ | — | ​ | ​ | 959,365 | ​ | ​ | — | ​ | 2020 | ​ | ​
Hawthorne, CA | ​ | ​ | — | ​ | ​ | 7,297,568 | ​ | ​ | 5,841,964 | ​ | ​ | 1,750 | ​ | ​ | 7,297,568 | ​ | ​ | 5,843,714 | ​ | ​ | 13,141,282 | ​ | ​ | 328,544 | ​ | 2020 | ​ | 40 Years
Napa, CA | ​ | ​ | — | ​ | ​ | 5,287,831 | ​ | ​ | 13,608,836 | ​ | ​ | 650 | ​ | ​ | 5,287,831 | ​ | ​ | 13,609,486 | ​ | ​ | 18,897,317 | ​ | ​ | 850,391 | ​ | 2020 | ​ | 40 Years
Palmdale, CA | ​ | ​ | — | ​ | ​ | 2,159,541 | ​ | ​ | 6,648,091 | ​ | ​ | 486 | ​ | ​ | 2,159,541 | ​ | ​ | 6,648,577 | ​ | ​ | 8,808,118 | ​ | ​ | 456,916 | ​ | 2020 | ​ | 40 Years
Quincy, CA | ​ | ​ | — | ​ | ​ | 315,559 | ​ | ​ | 1,597,973 | ​ | ​ | — | ​ | ​ | 315,559 | ​ | ​ | 1,597,973 | ​ | ​ | 1,913,532 | ​ | ​ | 109,611 | ​ | 2020 | ​ | 40 Years
Quincy, CA | ​ | ​ | — | ​ | ​ | 605,988 | ​ | ​ | 4,898,500 | ​ | ​ | — | ​ | ​ | 605,988 | ​ | ​ | 4,898,500 | ​ | ​ | 5,504,488 | ​ | ​ | 316,289 | ​ | 2020 | ​ | 40 Years
Rancho Cordova, CA | ​ | ​ | — | ​ | ​ | 10,668,451 | ​ | ​ | — | ​ | ​ | 27,033 | ​ | ​ | 10,695,484 | ​ | ​ | — | ​ | ​ | 10,695,484 | ​ | ​ | — | ​ | 2020 | ​ | ​
San Francisco, CA | ​ | ​ | — | ​ | ​ | 7,234,677 | ​ | ​ | 748,185 | ​ | ​ | 19,918 | ​ | ​ | 7,234,677 | ​ | ​ | 768,103 | ​ | ​ | 8,002,780 | ​ | ​ | 39,820 | ​ | 2020 | ​ | 40 Years
Signal Hill, CA | ​ | ​ | — | ​ | ​ | 8,490,622 | ​ | ​ | 6,714,882 | ​ | ​ | — | ​ | ​ | 8,490,622 | ​ | ​ | 6,714,882 | ​ | ​ | 15,205,504 | ​ | ​ | 489,627 | ​ | 2020 | ​ | 40 Years
Stockton, CA | ​ | ​ | — | ​ | ​ | 961,910 | ​ | ​ | 3,310,275 | ​ | ​ | 16,203 | ​ | ​ | 961,910 | ​ | ​ | 3,326,478 | ​ | ​ | 4,288,388 | ​ | ​ | 166,220 | ​ | 2020 | ​ | 40 Years
Broomfield, CO | ​ | ​ | — | ​ | ​ | 708,881 | ​ | ​ | 965,675 | ​ | ​ | 7,993 | ​ | ​ | 708,881 | ​ | ​ | 973,668 | ​ | ​ | 1,682,549 | ​ | ​ | 48,633 | ​ | 2020 | ​ | 40 Years
Cortez, CO | ​ | ​ | — | ​ | ​ | 177,422 | ​ | ​ | 1,594,274 | ​ | ​ | 9,852 | ​ | ​ | 177,422 | ​ | ​ | 1,604,126 | ​ | ​ | 1,781,548 | ​ | ​ | 80,145 | ​ | 2020 | ​ | 40 Years
La Junta, CO | ​ | ​ | — | ​ | ​ | 187,988 | ​ | ​ | 823,735 | ​ | ​ | — | ​ | ​ | 187,988 | ​ | ​ | 823,735 | ​ | ​ | 1,011,723 | ​ | ​ | 56,382 | ​ | 2020 | ​ | 40 Years
Pueblo, CO | ​ | ​ | — | ​ | ​ | 235,805 | ​ | ​ | 1,568,540 | ​ | ​ | — | ​ | ​ | 235,805 | ​ | ​ | 1,568,540 | ​ | ​ | 1,804,345 | ​ | ​ | 98,034 | ​ | 2020 | ​ | 40 Years
Newington, CT | ​ | ​ | — | ​ | ​ | 403,932 | ​ | ​ | 1,915,897 | ​ | ​ | 51,469 | ​ | ​ | 403,932 | ​ | ​ | 1,967,366 | ​ | ​ | 2,371,298 | ​ | ​ | 135,980 | ​ | 2020 | ​ | 40 Years
Old Saybrook, CT | ​ | ​ | — | ​ | ​ | 443,801 | ​ | ​ | 3,497,920 | ​ | ​ | 74 | ​ | ​ | 443,801 | ​ | ​ | 3,497,994 | ​ | ​ | 3,941,795 | ​ | ​ | 196,613 | ​ | 2020 | ​ | 40 Years
Stafford Springs, CT | ​ | ​ | — | ​ | ​ | 1,230,939 | ​ | ​ | 7,075,776 | ​ | ​ | — | ​ | ​ | 1,230,939 | ​ | ​ | 7,075,776 | ​ | ​ | 8,306,715 | ​ | ​ | 398,012 | ​ | 2020 | ​ | 40 Years
Davenport, FL | ​ | ​ | — | ​ | ​ | 721,966 | ​ | ​ | 1,435,651 | ​ | ​ | — | ​ | ​ | 721,966 | ​ | ​ | 1,435,651 | ​ | ​ | 2,157,617 | ​ | ​ | 107,674 | ​ | 2020 | ​ | 40 Years
Deerfield Beach, FL | ​ | ​ | — | ​ | ​ | 1,963,542 | ​ | ​ | 514,491 | ​ | ​ | — | ​ | ​ | 1,963,542 | ​ | ​ | 514,491 | ​ | ​ | 2,478,033 | ​ | ​ | 30,982 | ​ | 2020 | ​ | 40 Years
Labelle, FL | ​ | ​ | — | ​ | ​ | 489,345 | ​ | ​ | 2,754,977 | ​ | ​ | — | ​ | ​ | 489,345 | ​ | ​ | 2,754,977 | ​ | ​ | 3,244,322 | ​ | ​ | 166,346 | ​ | 2020 | ​ | 40 Years
Lake Placid, FL | ​ | ​ | — | ​ | ​ | 2,060,445 | ​ | ​ | — | ​ | ​ | 15,405 | ​ | ​ | 2,075,850 | ​ | ​ | — | ​ | ​ | 2,075,850 | ​ | ​ | — | ​ | 2020 | ​ | ​
Leesburg, FL | ​ | ​ | — | ​ | ​ | 708,698 | ​ | ​ | 541,993 | ​ | ​ | 7,993 | ​ | ​ | 708,698 | ​ | ​ | 549,986 | ​ | ​ | 1,258,684 | ​ | ​ | 27,449 | ​ | 2020 | ​ | 40 Years
Madison, FL | ​ | ​ | — | ​ | ​ | 171,150 | ​ | ​ | 619,660 | ​ | ​ | 6,567 | ​ | ​ | 171,150 | ​ | ​ | 626,227 | ​ | ​ | 797,377 | ​ | ​ | 41,562 | ​ | 2020 | ​ | 40 Years
Orlando, FL | ​ | ​ | — | ​ | ​ | 4,558,262 | ​ | ​ | 7,261,682 | ​ | ​ | — | ​ | ​ | 4,558,262 | ​ | ​ | 7,261,682 | ​ | ​ | 11,819,944 | ​ | ​ | 483,982 | ​ | 2020 | ​ | 40 Years
Panama City, FL | ​ | ​ | — | ​ | ​ | 830,080 | ​ | ​ | 856,243 | ​ | ​ | — | ​ | ​ | 830,080 | ​ | ​ | 856,243 | ​ | ​ | 1,686,323 | ​ | ​ | 64,211 | ​ | 2020 | ​ | 40 Years
Pensacola, FL | ​ | ​ | — | ​ | ​ | 379,154 | ​ | ​ | 969,254 | ​ | ​ | 7,993 | ​ | ​ | 379,154 | ​ | ​ | 977,247 | ​ | ​ | 1,356,401 | ​ | ​ | 48,812 | ​ | 2020 | ​ | 40 Years
Port St. Lucie, FL | ​ | ​ | — | ​ | ​ | 670,030 | ​ | ​ | 1,664,571 | ​ | ​ | — | ​ | ​ | 670,030 | ​ | ​ | 1,664,571 | ​ | ​ | 2,334,601 | ​ | ​ | 117,782 | ​ | 2020 | ​ | 40 Years
Punta Gorda, FL | ​ | ​ | — | ​ | ​ | 615,829 | ​ | ​ | 1,921,751 | ​ | ​ | — | ​ | ​ | 615,829 | ​ | ​ | 1,921,751 | ​ | ​ | 2,537,580 | ​ | ​ | 140,128 | ​ | 2020 | ​ | 40 Years
Sebring, FL | ​ | ​ | — | ​ | ​ | 1,986,013 | ​ | ​ | — | ​ | ​ | 15,406 | ​ | ​ | 2,001,419 | ​ | ​ | — | ​ | ​ | 2,001,419 | ​ | ​ | — | ​ | 2020 | ​ | ​
Venice, FL | ​ | ​ | — | ​ | ​ | 1,301,719 | ​ | ​ | 1,233,030 | ​ | ​ | — | ​ | ​ | 1,301,719 | ​ | ​ | 1,233,030 | ​ | ​ | 2,534,749 | ​ | ​ | 92,477 | ​ | 2020 | ​ | 40 Years
Vero Beach, FL | ​ | ​ | — | ​ | ​ | 1,241,406 | ​ | ​ | 1,356,081 | ​ | ​ | 20 | ​ | ​ | 1,241,406 | ​ | ​ | 1,356,101 | ​ | ​ | 2,597,507 | ​ | ​ | 98,882 | ​ | 2020 | ​ | 40 Years
Albany, GA | ​ | ​ | — | ​ | ​ | 311,920 | ​ | ​ | 1,278,107 | ​ | ​ | — | ​ | ​ | 311,920 | ​ | ​ | 1,278,107 | ​ | ​ | 1,590,027 | ​ | ​ | 85,143 | ​ | 2020 | ​ | 40 Years
Albany, GA | ​ | ​ | — | ​ | ​ | 248,888 | ​ | ​ | 1,445,530 | ​ | ​ | — | ​ | ​ | 248,888 | ​ | ​ | 1,445,530 | ​ | ​ | 1,694,418 | ​ | ​ | 96,310 | ​ | 2020 | ​ | 40 Years
Albany, GA | ​ | ​ | — | ​ | ​ | 898,015 | ​ | ​ | 5,713,749 | ​ | ​ | — | ​ | ​ | 898,015 | ​ | ​ | 5,713,749 | ​ | ​ | 6,611,764 | ​ | ​ | 354,178 | ​ | 2020 | ​ | 40 Years
Americus, GA | ​ | ​ | — | ​ | ​ | 238,633 | ​ | ​ | 968,812 | ​ | ​ | — | ​ | ​ | 238,633 | ​ | ​ | 968,812 | ​ | ​ | 1,207,445 | ​ | ​ | 64,581 | ​ | 2020 | ​ | 40 Years
Cairo, GA | ​ | ​ | — | ​ | ​ | 237,315 | ​ | ​ | 1,040,643 | ​ | ​ | — | ​ | ​ | 237,315 | ​ | ​ | 1,040,643 | ​ | ​ | 1,277,958 | ​ | ​ | 78,048 | ​ | 2020 | ​ | 40 Years
Dallas, GA | ​ | ​ | — | ​ | ​ | 235,642 | ​ | ​ | 1,134,202 | ​ | ​ | 14,690 | ​ | ​ | 235,642 | ​ | ​ | 1,148,892 | ​ | ​ | 1,384,534 | ​ | ​ | 57,395 | ​ | 2020 | ​ | 40 Years
Doraville, GA | ​ | ​ | — | ​ | ​ | 533,512 | ​ | ​ | 1,709,449 | ​ | ​ | — | ​ | ​ | 533,512 | ​ | ​ | 1,709,449 | ​ | ​ | 2,242,961 | ​ | ​ | 92,595 | ​ | 2020 | ​ | 40 Years
Flowery Branch, GA | ​ | ​ | — | ​ | ​ | 1,253,091 | ​ | ​ | — | ​ | ​ | (2,000) | ​ | ​ | 1,251,091 | ​ | ​ | — | ​ | ​ | 1,251,091 | ​ | ​ | — | ​ | 2020 | ​ | ​
Jesup, GA | ​ | ​ | — | ​ | ​ | 155,604 | ​ | ​ | 864,415 | ​ | ​ | — | ​ | ​ | 155,604 | ​ | ​ | 864,415 | ​ | ​ | 1,020,019 | ​ | ​ | 57,549 | ​ | 2020 | ​ | 40 Years
Lawrenceville, GA | ​ | ​ | — | ​ | ​ | 852,136 | ​ | ​ | 1,633,580 | ​ | ​ | — | ​ | ​ | 852,136 | ​ | ​ | 1,633,580 | ​ | ​ | 2,485,716 | ​ | ​ | 119,115 | ​ | 2020 | ​ | 40 Years
Lithia Springs, GA | ​ | ​ | — | ​ | ​ | 3,789,145 | ​ | ​ | 7,881,640 | ​ | ​ | — | ​ | ​ | 3,789,145 | ​ | ​ | 7,881,640 | ​ | ​ | 11,670,785 | ​ | ​ | 492,498 | ​ | 2020 | ​ | 40 Years
Moultrie, GA | ​ | ​ | — | ​ | ​ | 150,752 | ​ | ​ | 868,415 | ​ | ​ | — | ​ | ​ | 150,752 | ​ | ​ | 868,415 | ​ | ​ | 1,019,167 | ​ | ​ | 57,815 | ​ | 2020 | ​ | 40 Years
Quitman, GA | ​ | ​ | — | ​ | ​ | 407,661 | ​ | ​ | 1,125,845 | ​ | ​ | — | ​ | ​ | 407,661 | ​ | ​ | 1,125,845 | ​ | ​ | 1,533,506 | ​ | ​ | 84,438 | ​ | 2020 | ​ | 40 Years
Savannah, GA | ​ | ​ | — | ​ | ​ | 749,834 | ​ | ​ | 1,802,814 | ​ | ​ | 277 | ​ | ​ | 749,834 | ​ | ​ | 1,803,091 | ​ | ​ | 2,552,925 | ​ | ​ | 108,840 | ​ | 2020 | ​ | 40 Years
Savannah, GA | ​ | ​ | — | ​ | ​ | 3,502,278 | ​ | ​ | 4,132,018 | ​ | ​ | 429,779 | ​ | ​ | 3,502,278 | ​ | ​ | 4,561,797 | ​ | ​ | 8,064,075 | ​ | ​ | 262,267 | ​ | 2020 | ​ | 40 Years
George, IA | ​ | ​ | — | ​ | ​ | 283,785 | ​ | ​ | 942,785 | ​ | ​ | — | ​ | ​ | 283,785 | ​ | ​ | 942,785 | ​ | ​ | 1,226,570 | ​ | ​ | 70,708 | ​ | 2020 | ​ | 40 Years
Graettinger, IA | ​ | ​ | — | ​ | ​ | 154,261 | ​ | ​ | 933,746 | ​ | ​ | — | ​ | ​ | 154,261 | ​ | ​ | 933,746 | ​ | ​ | 1,088,007 | ​ | ​ | 70,030 | ​ | 2020 | ​ | 40 Years
Alexis, IL | ​ | ​ | — | ​ | ​ | 425,656 | ​ | ​ | 1,237,404 | ​ | ​ | — | ​ | ​ | 425,656 | ​ | ​ | 1,237,404 | ​ | ​ | 1,663,060 | ​ | ​ | 90,226 | ​ | 2020 | ​ | 40 Years
Chicago, IL | ​ | ​ | — | ​ | ​ | 2,780,722 | ​ | ​ | 2,305,569 | ​ | ​ | — | ​ | ​ | 2,780,722 | ​ | ​ | 2,305,569 | ​ | ​ | 5,086,291 | ​ | ​ | 129,562 | ​ | 2020 | ​ | 40 Years
Chicago, IL | ​ | ​ | — | ​ | ​ | 424,932 | ​ | ​ | 4,223,123 | ​ | ​ | — | ​ | ​ | 424,932 | ​ | ​ | 4,223,123 | ​ | ​ | 4,648,055 | ​ | ​ | 237,429 | ​ | 2020 | ​ | 40 Years
Chicago, IL | ​ | ​ | — | ​ | ​ | 596,808 | ​ | ​ | 1,415,648 | ​ | ​ | — | ​ | ​ | 596,808 | ​ | ​ | 1,415,648 | ​ | ​ | 2,012,456 | ​ | ​ | 79,510 | ​ | 2020 | ​ | 40 Years
Chicago, IL | ​ | ​ | — | ​ | ​ | 932,560 | ​ | ​ | 2,553,809 | ​ | ​ | 7,273 | ​ | ​ | 932,560 | ​ | ​ | 2,561,082 | ​ | ​ | 3,493,642 | ​ | ​ | 128,001 | ​ | 2020 | ​ | 40 Years
East Alton, IL | ​ | ​ | — | ​ | ​ | 113,457 | ​ | ​ | 1,422,573 | ​ | ​ | — | ​ | ​ | 113,457 | ​ | ​ | 1,422,573 | ​ | ​ | 1,536,030 | ​ | ​ | 88,813 | ​ | 2020 | ​ | 40 Years
Fairfield, IL | ​ | ​ | — | ​ | ​ | 198,833 | ​ | ​ | 1,180,242 | ​ | ​ | 6,975 | ​ | ​ | 198,833 | ​ | ​ | 1,187,217 | ​ | ​ | 1,386,050 | ​ | ​ | 61,747 | ​ | 2020 | ​ | 40 Years
Grayslake, IL | ​ | ​ | — | ​ | ​ | 478,307 | ​ | ​ | 1,131,061 | ​ | ​ | — | ​ | ​ | 478,307 | ​ | ​ | 1,131,061 | ​ | ​ | 1,609,368 | ​ | ​ | 72,922 | ​ | 2020 | ​ | 40 Years
Homewood, IL | ​ | ​ | — | ​ | ​ | 1,224,131 | ​ | ​ | 10,005,811 | ​ | ​ | 24,941 | ​ | ​ | 1,224,131 | ​ | ​ | 10,030,752 | ​ | ​ | 11,254,883 | ​ | ​ | 667,458 | ​ | 2020 | ​ | 40 Years
Kankakee, IL | ​ | ​ | — | ​ | ​ | 107,139 | ​ | ​ | 1,185,653 | ​ | ​ | — | ​ | ​ | 107,139 | ​ | ​ | 1,185,653 | ​ | ​ | 1,292,792 | ​ | ​ | 64,142 | ​ | 2020 | ​ | 40 Years
Manteno, IL | ​ | ​ | — | ​ | ​ | 71,681 | ​ | ​ | 1,213,963 | ​ | ​ | 37,938 | ​ | ​ | 71,681 | ​ | ​ | 1,251,901 | ​ | ​ | 1,323,582 | ​ | ​ | 62,356 | ​ | 2020 | ​ | 40 Years
Oswego, IL | ​ | ​ | — | ​ | ​ | 373,727 | ​ | ​ | 2,715,101 | ​ | ​ | 16,092 | ​ | ​ | 373,727 | ​ | ​ | 2,731,193 | ​ | ​ | 3,104,920 | ​ | ​ | 136,458 | ​ | 2020 | ​ | 40 Years
Rockton, IL | ​ | ​ | — | ​ | ​ | 367,154 | ​ | ​ | 1,526,399 | ​ | ​ | — | ​ | ​ | 367,154 | ​ | ​ | 1,526,399 | ​ | ​ | 1,893,553 | ​ | ​ | 76,320 | ​ | 2020 | ​ | 40 Years
Elkhart, IN | ​ | ​ | — | ​ | ​ | 173,631 | ​ | ​ | 972,629 | ​ | ​ | 7,992 | ​ | ​ | 173,631 | ​ | ​ | 980,621 | ​ | ​ | 1,154,252 | ​ | ​ | 48,981 | ​ | 2020 | ​ | 40 Years
Franklin, IN | ​ | ​ | — | ​ | ​ | 979,332 | ​ | ​ | 1,548,523 | ​ | ​ | 26,567 | ​ | ​ | 979,332 | ​ | ​ | 1,575,090 | ​ | ​ | 2,554,422 | ​ | ​ | 78,395 | ​ | 2020 | ​ | 40 Years

​

​

F-50

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Indianapolis, IN | ​ | ​ | — | ​ | ​ | 251,149 | ​ | ​ | 1,550,984 | ​ | ​ | — | ​ | ​ | 251,149 | ​ | ​ | 1,550,984 | ​ | ​ | 1,802,133 | ​ | ​ | 80,763 | ​ | 2020 | ​ | 40 Years
Noblesville, IN | ​ | ​ | — | ​ | ​ | 259,582 | ​ | ​ | 1,611,431 | ​ | ​ | — | ​ | ​ | 259,582 | ​ | ​ | 1,611,431 | ​ | ​ | 1,871,013 | ​ | ​ | 117,500 | ​ | 2020 | ​ | 40 Years
Peru, IN | ​ | ​ | — | ​ | ​ | 202,110 | ​ | ​ | 1,501,247 | ​ | ​ | — | ​ | ​ | 202,110 | ​ | ​ | 1,501,247 | ​ | ​ | 1,703,357 | ​ | ​ | 93,828 | ​ | 2020 | ​ | 40 Years
Rockville, IN | ​ | ​ | — | ​ | ​ | 436,457 | ​ | ​ | 1,601,972 | ​ | ​ | (75,085) | ​ | ​ | 436,457 | ​ | ​ | 1,526,887 | ​ | ​ | 1,963,344 | ​ | ​ | 76,789 | ​ | 2020 | ​ | 40 Years
Derby, KS | ​ | ​ | — | ​ | ​ | 440,419 | ​ | ​ | 2,367,428 | ​ | ​ | — | ​ | ​ | 440,419 | ​ | ​ | 2,367,428 | ​ | ​ | 2,807,847 | ​ | ​ | 137,963 | ​ | 2020 | ​ | 40 Years
Independence, KS | ​ | ​ | — | ​ | ​ | 200,329 | ​ | ​ | 1,426,975 | ​ | ​ | (75,085) | ​ | ​ | 200,329 | ​ | ​ | 1,351,890 | ​ | ​ | 1,552,219 | ​ | ​ | 68,039 | ​ | 2020 | ​ | 40 Years
Shwanee, KS | ​ | ​ | — | ​ | ​ | 2,594,271 | ​ | ​ | 2,766,524 | ​ | ​ | — | ​ | ​ | 2,594,271 | ​ | ​ | 2,766,524 | ​ | ​ | 5,360,795 | ​ | ​ | 172,810 | ​ | 2020 | ​ | 40 Years
Wichita, KS | ​ | ​ | — | ​ | ​ | 834,377 | ​ | ​ | 2,338,612 | ​ | ​ | — | ​ | ​ | 834,377 | ​ | ​ | 2,338,612 | ​ | ​ | 3,172,989 | ​ | ​ | 146,065 | ​ | 2020 | ​ | 40 Years
Wichita, KS | ​ | ​ | — | ​ | ​ | 2,031,526 | ​ | ​ | 1,974,595 | ​ | ​ | — | ​ | ​ | 2,031,526 | ​ | ​ | 1,974,595 | ​ | ​ | 4,006,121 | ​ | ​ | 123,314 | ​ | 2020 | ​ | 40 Years
Wichita, KS | ​ | ​ | — | ​ | ​ | 1,194,939 | ​ | ​ | 2,062,020 | ​ | ​ | — | ​ | ​ | 1,194,939 | ​ | ​ | 2,062,020 | ​ | ​ | 3,256,959 | ​ | ​ | 128,778 | ​ | 2020 | ​ | 40 Years
Wichita, KS | ​ | ​ | — | ​ | ​ | 2,171,260 | ​ | ​ | 2,235,093 | ​ | ​ | — | ​ | ​ | 2,171,260 | ​ | ​ | 2,235,093 | ​ | ​ | 4,406,353 | ​ | ​ | 139,693 | ​ | 2020 | ​ | 40 Years
Louisa, KY | ​ | ​ | — | ​ | ​ | 242,391 | ​ | ​ | 1,177,975 | ​ | ​ | 6,975 | ​ | ​ | 242,391 | ​ | ​ | 1,184,950 | ​ | ​ | 1,427,341 | ​ | ​ | 64,112 | ​ | 2020 | ​ | 40 Years
Louisville, KY | ​ | ​ | — | ​ | ​ | 2,185,678 | ​ | ​ | 3,081,512 | ​ | ​ | 11,400 | ​ | ​ | 2,185,678 | ​ | ​ | 3,092,912 | ​ | ​ | 5,278,590 | ​ | ​ | 231,332 | ​ | 2020 | ​ | 40 Years
Louisville, KY | ​ | ​ | — | ​ | ​ | 208,346 | ​ | ​ | 621,820 | ​ | ​ | — | ​ | ​ | 208,346 | ​ | ​ | 621,820 | ​ | ​ | 830,166 | ​ | ​ | 37,509 | ​ | 2020 | ​ | 40 Years
Amite City, LA | ​ | ​ | — | ​ | ​ | 264,208 | ​ | ​ | 930,655 | ​ | ​ | 7,080 | ​ | ​ | 264,208 | ​ | ​ | 937,735 | ​ | ​ | 1,201,943 | ​ | ​ | 54,462 | ​ | 2020 | ​ | 40 Years
Baton Rouge, LA | ​ | ​ | — | ​ | ​ | 377,270 | ​ | ​ | 1,225,020 | ​ | ​ | — | ​ | ​ | 377,270 | ​ | ​ | 1,225,020 | ​ | ​ | 1,602,290 | ​ | ​ | 89,148 | ​ | 2020 | ​ | 40 Years
Denham Springs, LA | ​ | ​ | — | ​ | ​ | 398,006 | ​ | ​ | 1,484,613 | ​ | ​ | — | ​ | ​ | 398,006 | ​ | ​ | 1,484,613 | ​ | ​ | 1,882,619 | ​ | ​ | 86,578 | ​ | 2020 | ​ | 40 Years
Dequincy, LA | ​ | ​ | — | ​ | ​ | 288,426 | ​ | ​ | 969,725 | ​ | ​ | — | ​ | ​ | 288,426 | ​ | ​ | 969,725 | ​ | ​ | 1,258,151 | ​ | ​ | 58,588 | ​ | 2020 | ​ | 40 Years
Gibson, LA | ​ | ​ | — | ​ | ​ | 414,855 | ​ | ​ | 1,252,765 | ​ | ​ | 4,509 | ​ | ​ | 414,855 | ​ | ​ | 1,257,274 | ​ | ​ | 1,672,129 | ​ | ​ | 80,985 | ​ | 2020 | ​ | 40 Years
Gonzales, LA | ​ | ​ | — | ​ | ​ | 688,032 | ​ | ​ | 2,457,035 | ​ | ​ | 249,808 | ​ | ​ | 688,032 | ​ | ​ | 2,706,843 | ​ | ​ | 3,394,875 | ​ | ​ | 143,948 | ​ | 2020 | ​ | 40 Years
Hammond, LA | ​ | ​ | — | ​ | ​ | 367,215 | ​ | ​ | 2,243,382 | ​ | ​ | 249,809 | ​ | ​ | 367,215 | ​ | ​ | 2,493,191 | ​ | ​ | 2,860,406 | ​ | ​ | 123,093 | ​ | 2020 | ​ | 40 Years
Laplace, LA | ​ | ​ | — | ​ | ​ | 1,971,887 | ​ | ​ | 8,537,415 | ​ | ​ | — | ​ | ​ | 1,971,887 | ​ | ​ | 8,537,415 | ​ | ​ | 10,509,302 | ​ | ​ | 569,024 | ​ | 2020 | ​ | 40 Years
Springhill, LA | ​ | ​ | — | ​ | ​ | 438,507 | ​ | ​ | 2,335,035 | ​ | ​ | 14,125 | ​ | ​ | 438,507 | ​ | ​ | 2,349,160 | ​ | ​ | 2,787,667 | ​ | ​ | 117,715 | ​ | 2020 | ​ | 40 Years
Dorchester, MA | ​ | ​ | — | ​ | ​ | 4,815,990 | ​ | ​ | 923,841 | ​ | ​ | 13,041 | ​ | ​ | 4,815,990 | ​ | ​ | 936,882 | ​ | ​ | 5,752,872 | ​ | ​ | 48,664 | ​ | 2020 | ​ | 40 Years
East Wareham, MA | ​ | ​ | — | ​ | ​ | 590,052 | ​ | ​ | 1,525,359 | ​ | ​ | 8,780 | ​ | ​ | 590,052 | ​ | ​ | 1,534,139 | ​ | ​ | 2,124,191 | ​ | ​ | 79,744 | ​ | 2020 | ​ | 40 Years
Pittsfield, MA | ​ | ​ | — | ​ | ​ | 4,127,428 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,127,428 | ​ | ​ | — | ​ | ​ | 4,127,428 | ​ | ​ | — | ​ | 2020 | ​ | ​
Pittsfield, MA | ​ | ​ | — | ​ | ​ | 5,087,945 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,087,945 | ​ | ​ | — | ​ | ​ | 5,087,945 | ​ | ​ | — | ​ | 2020 | ​ | ​
Taunton, MA | ​ | ​ | — | ​ | ​ | 1,005,673 | ​ | ​ | 8,352,646 | ​ | ​ | — | ​ | ​ | 1,005,673 | ​ | ​ | 8,352,646 | ​ | ​ | 9,358,319 | ​ | ​ | 626,448 | ​ | 2020 | ​ | 40 Years
Aberdeen, MD | ​ | ​ | — | ​ | ​ | 758,616 | ​ | ​ | 1,712,723 | ​ | ​ | — | ​ | ​ | 758,616 | ​ | ​ | 1,712,723 | ​ | ​ | 2,471,339 | ​ | ​ | 128,454 | ​ | 2020 | ​ | 40 Years
Baltimore, MD | ​ | ​ | — | ​ | ​ | 3,031,879 | ​ | ​ | — | ​ | ​ | 36,709 | ​ | ​ | 3,068,588 | ​ | ​ | — | ​ | ​ | 3,068,588 | ​ | ​ | — | ​ | 2020 | ​ | ​
Cockeysville, MD | ​ | ​ | — | ​ | ​ | 2,209,572 | ​ | ​ | — | ​ | ​ | 20,283 | ​ | ​ | 2,229,855 | ​ | ​ | — | ​ | ​ | 2,229,855 | ​ | ​ | — | ​ | 2020 | ​ | ​
Hagerstown, MD | ​ | ​ | — | ​ | ​ | 1,009,779 | ​ | ​ | 1,285,162 | ​ | ​ | — | ​ | ​ | 1,009,779 | ​ | ​ | 1,285,162 | ​ | ​ | 2,294,941 | ​ | ​ | 93,710 | ​ | 2020 | ​ | 40 Years
Owings Mills, MD | ​ | ​ | — | ​ | ​ | 2,154,954 | ​ | ​ | 3,017,368 | ​ | ​ | 25,391 | ​ | ​ | 2,154,954 | ​ | ​ | 3,042,759 | ​ | ​ | 5,197,713 | ​ | ​ | 170,444 | ​ | 2020 | ​ | 40 Years
Augusta, ME | ​ | ​ | — | ​ | ​ | 1,627,817 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,627,817 | ​ | ​ | — | ​ | ​ | 1,627,817 | ​ | ​ | — | ​ | 2020 | ​ | ​
Benton Harbor, MI | ​ | ​ | — | ​ | ​ | 385,355 | ​ | ​ | 1,090,802 | ​ | ​ | 7,992 | ​ | ​ | 385,355 | ​ | ​ | 1,098,794 | ​ | ​ | 1,484,149 | ​ | ​ | 54,890 | ​ | 2020 | ​ | 40 Years
Cedar Springs, MI | ​ | ​ | — | ​ | ​ | 346,310 | ​ | ​ | 1,907,232 | ​ | ​ | — | ​ | ​ | 346,310 | ​ | ​ | 1,907,232 | ​ | ​ | 2,253,542 | ​ | ​ | 95,362 | ​ | 2020 | ​ | 40 Years
Grayling, MI | ​ | ​ | — | ​ | ​ | 277,355 | ​ | ​ | 521,492 | ​ | ​ | 925 | ​ | ​ | 277,355 | ​ | ​ | 522,417 | ​ | ​ | 799,772 | ​ | ​ | 32,487 | ​ | 2020 | ​ | 40 Years
Hart, MI | ​ | ​ | — | ​ | ​ | 1,336,141 | ​ | ​ | 1,294,095 | ​ | ​ | — | ​ | ​ | 1,336,141 | ​ | ​ | 1,294,095 | ​ | ​ | 2,630,236 | ​ | ​ | 88,709 | ​ | 2020 | ​ | 40 Years
Holland, MI | ​ | ​ | — | ​ | ​ | 108,733 | ​ | ​ | 1,773,459 | ​ | ​ | — | ​ | ​ | 108,733 | ​ | ​ | 1,773,459 | ​ | ​ | 1,882,192 | ​ | ​ | 133,009 | ​ | 2020 | ​ | 40 Years
Howell, MI | ​ | ​ | — | ​ | ​ | 601,610 | ​ | ​ | 1,491,797 | ​ | ​ | 300 | ​ | ​ | 601,610 | ​ | ​ | 1,492,097 | ​ | ​ | 2,093,707 | ​ | ​ | 96,203 | ​ | 2020 | ​ | 40 Years
Jonesville, MI | ​ | ​ | — | ​ | ​ | 1,171,853 | ​ | ​ | 8,871,307 | ​ | ​ | — | ​ | ​ | 1,171,853 | ​ | ​ | 8,871,307 | ​ | ​ | 10,043,160 | ​ | ​ | 591,287 | ​ | 2020 | ​ | 40 Years
Monroe, MI | ​ | ​ | — | ​ | ​ | 1,315,043 | ​ | ​ | 9,131,436 | ​ | ​ | 1,000 | ​ | ​ | 1,315,043 | ​ | ​ | 9,132,436 | ​ | ​ | 10,447,479 | ​ | ​ | 513,419 | ​ | 2020 | ​ | 40 Years
Omer, MI | ​ | ​ | — | ​ | ​ | 165,126 | ​ | ​ | 828,778 | ​ | ​ | — | ​ | ​ | 165,126 | ​ | ​ | 828,778 | ​ | ​ | 993,904 | ​ | ​ | 60,431 | ​ | 2020 | ​ | 40 Years
Owosso, MI | ​ | ​ | — | ​ | ​ | 299,521 | ​ | ​ | 2,240,764 | ​ | ​ | — | ​ | ​ | 299,521 | ​ | ​ | 2,240,764 | ​ | ​ | 2,540,285 | ​ | ​ | 168,057 | ​ | 2020 | ​ | 40 Years
Taylor, MI | ​ | ​ | — | ​ | ​ | 338,092 | ​ | ​ | 1,017,043 | ​ | ​ | — | ​ | ​ | 338,092 | ​ | ​ | 1,017,043 | ​ | ​ | 1,355,135 | ​ | ​ | 57,042 | ​ | 2020 | ​ | 40 Years
Traverse City, MI | ​ | ​ | — | ​ | ​ | 337,556 | ​ | ​ | 3,980,018 | ​ | ​ | (48,115) | ​ | ​ | 337,556 | ​ | ​ | 3,931,903 | ​ | ​ | 4,269,459 | ​ | ​ | 212,978 | ​ | 2020 | ​ | 40 Years
Apple Valley, MN | ​ | ​ | — | ​ | ​ | 814,086 | ​ | ​ | 2,665,167 | ​ | ​ | — | ​ | ​ | 814,086 | ​ | ​ | 2,665,167 | ​ | ​ | 3,479,253 | ​ | ​ | 144,293 | ​ | 2020 | ​ | 40 Years
Blaine, MN | ​ | ​ | — | ​ | ​ | 497,750 | ​ | ​ | 2,998,249 | ​ | ​ | 7,993 | ​ | ​ | 497,750 | ​ | ​ | 3,006,242 | ​ | ​ | 3,503,992 | ​ | ​ | 150,262 | ​ | 2020 | ​ | 40 Years
Chanhassen, MN | ​ | ​ | — | ​ | ​ | 1,664,359 | ​ | ​ | 11,222 | ​ | ​ | — | ​ | ​ | 1,675,581 | ​ | ​ | — | ​ | ​ | 1,675,581 | ​ | ​ | — | ​ | 2020 | ​ | ​
Glyndon, MN | ​ | ​ | — | ​ | ​ | 131,845 | ​ | ​ | 853,575 | ​ | ​ | — | ​ | ​ | 131,845 | ​ | ​ | 853,575 | ​ | ​ | 985,420 | ​ | ​ | 64,017 | ​ | 2020 | ​ | 40 Years
Hill City, MN | ​ | ​ | — | ​ | ​ | 66,391 | ​ | ​ | 996,428 | ​ | ​ | — | ​ | ​ | 66,391 | ​ | ​ | 996,428 | ​ | ​ | 1,062,819 | ​ | ​ | 74,731 | ​ | 2020 | ​ | 40 Years
Holdingford, MN | ​ | ​ | — | ​ | ​ | 276,722 | ​ | ​ | 1,078,003 | ​ | ​ | — | ​ | ​ | 276,722 | ​ | ​ | 1,078,003 | ​ | ​ | 1,354,725 | ​ | ​ | 80,849 | ​ | 2020 | ​ | 40 Years
Ottertail, MN | ​ | ​ | — | ​ | ​ | 209,929 | ​ | ​ | 897,043 | ​ | ​ | (1,000) | ​ | ​ | 208,929 | ​ | ​ | 897,043 | ​ | ​ | 1,105,972 | ​ | ​ | 67,277 | ​ | 2020 | ​ | 40 Years
Arnold, MO | ​ | ​ | — | ​ | ​ | 846,894 | ​ | ​ | 2,392,044 | ​ | ​ | 7,993 | ​ | ​ | 846,894 | ​ | ​ | 2,400,037 | ​ | ​ | 3,246,931 | ​ | ​ | 119,952 | ​ | 2020 | ​ | 40 Years
Leeton, MO | ​ | ​ | — | ​ | ​ | 192,069 | ​ | ​ | 1,109,261 | ​ | ​ | — | ​ | ​ | 192,069 | ​ | ​ | 1,109,261 | ​ | ​ | 1,301,330 | ​ | ​ | 71,640 | ​ | 2020 | ​ | 40 Years
Liberty, MO | ​ | ​ | — | ​ | ​ | 367,591 | ​ | ​ | 4,348,251 | ​ | ​ | — | ​ | ​ | 367,591 | ​ | ​ | 4,348,251 | ​ | ​ | 4,715,842 | ​ | ​ | 262,455 | ​ | 2020 | ​ | 40 Years
Northmoor, MO | ​ | ​ | — | ​ | ​ | 551,491 | ​ | ​ | 1,723,994 | ​ | ​ | — | ​ | ​ | 551,491 | ​ | ​ | 1,723,994 | ​ | ​ | 2,275,485 | ​ | ​ | 104,068 | ​ | 2020 | ​ | 40 Years
Platte City, MO | ​ | ​ | — | ​ | ​ | 766,613 | ​ | ​ | 2,501,154 | ​ | ​ | 21,647 | ​ | ​ | 766,613 | ​ | ​ | 2,522,801 | ​ | ​ | 3,289,414 | ​ | ​ | 125,866 | ​ | 2020 | ​ | 40 Years
Richmond Heights, MO | ​ | ​ | — | ​ | ​ | 3,305,260 | ​ | ​ | 2,531,065 | ​ | ​ | — | ​ | ​ | 3,305,260 | ​ | ​ | 2,531,065 | ​ | ​ | 5,836,325 | ​ | ​ | 158,192 | ​ | 2020 | ​ | 40 Years
Sheldon, MO | ​ | ​ | — | ​ | ​ | 168,799 | ​ | ​ | 1,017,992 | ​ | ​ | — | ​ | ​ | 168,799 | ​ | ​ | 1,017,992 | ​ | ​ | 1,186,791 | ​ | ​ | 65,745 | ​ | 2020 | ​ | 40 Years
Thayer, MO | ​ | ​ | — | ​ | ​ | 685,788 | ​ | ​ | 1,968,043 | ​ | ​ | 29,506 | ​ | ​ | 685,788 | ​ | ​ | 1,997,549 | ​ | ​ | 2,683,337 | ​ | ​ | 131,660 | ​ | 2020 | ​ | 40 Years
Union, MO | ​ | ​ | — | ​ | ​ | 270,233 | ​ | ​ | 1,041,690 | ​ | ​ | — | ​ | ​ | 270,233 | ​ | ​ | 1,041,690 | ​ | ​ | 1,311,923 | ​ | ​ | 62,872 | ​ | 2020 | ​ | 40 Years
Brandon, MS | ​ | ​ | — | ​ | ​ | 526,657 | ​ | ​ | 1,575,241 | ​ | ​ | — | ​ | ​ | 526,657 | ​ | ​ | 1,575,241 | ​ | ​ | 2,101,898 | ​ | ​ | 88,493 | ​ | 2020 | ​ | 40 Years
Flowood, MS | ​ | ​ | — | ​ | ​ | 1,625,494 | ​ | ​ | 6,417,821 | ​ | ​ | 7,430 | ​ | ​ | 1,625,494 | ​ | ​ | 6,425,251 | ​ | ​ | 8,050,745 | ​ | ​ | 410,091 | ​ | 2020 | ​ | 40 Years
Flowood, MS | ​ | ​ | — | ​ | ​ | 759,912 | ​ | ​ | 2,383,348 | ​ | ​ | — | ​ | ​ | 759,912 | ​ | ​ | 2,383,348 | ​ | ​ | 3,143,260 | ​ | ​ | 133,975 | ​ | 2020 | ​ | 40 Years
Gore Springs, MS | ​ | ​ | — | ​ | ​ | 188,141 | ​ | ​ | 951,645 | ​ | ​ | 48,115 | ​ | ​ | 188,141 | ​ | ​ | 999,760 | ​ | ​ | 1,187,901 | ​ | ​ | 65,463 | ​ | 2020 | ​ | 40 Years
Greenwood, MS | ​ | ​ | — | ​ | ​ | 150,855 | ​ | ​ | 903,459 | ​ | ​ | — | ​ | ​ | 150,855 | ​ | ​ | 903,459 | ​ | ​ | 1,054,314 | ​ | ​ | 59,842 | ​ | 2020 | ​ | 40 Years
Greenwood, MS | ​ | ​ | — | ​ | ​ | 137,312 | ​ | ​ | 1,154,001 | ​ | ​ | — | ​ | ​ | 137,312 | ​ | ​ | 1,154,001 | ​ | ​ | 1,291,313 | ​ | ​ | 71,962 | ​ | 2020 | ​ | 40 Years
Grenada, MS | ​ | ​ | — | ​ | ​ | 187,855 | ​ | ​ | 947,888 | ​ | ​ | — | ​ | ​ | 187,855 | ​ | ​ | 947,888 | ​ | ​ | 1,135,743 | ​ | ​ | 62,804 | ​ | 2020 | ​ | 40 Years
Gulfport, MS | ​ | ​ | — | ​ | ​ | 597,617 | ​ | ​ | 2,692,177 | ​ | ​ | 1,275 | ​ | ​ | 597,617 | ​ | ​ | 2,693,452 | ​ | ​ | 3,291,069 | ​ | ​ | 196,100 | ​ | 2020 | ​ | 40 Years
Madison, MS | ​ | ​ | — | ​ | ​ | 1,437,048 | ​ | ​ | 6,194,546 | ​ | ​ | — | ​ | ​ | 1,437,048 | ​ | ​ | 6,194,546 | ​ | ​ | 7,631,594 | ​ | ​ | 348,376 | ​ | 2020 | ​ | 40 Years
Oxford, MS | ​ | ​ | — | ​ | ​ | 547,606 | ​ | ​ | 993,807 | ​ | ​ | 7,992 | ​ | ​ | 547,606 | ​ | ​ | 1,001,799 | ​ | ​ | 1,549,405 | ​ | ​ | 50,040 | ​ | 2020 | ​ | 40 Years
Southaven, MS | ​ | ​ | — | ​ | ​ | 259,300 | ​ | ​ | 864,055 | ​ | ​ | 21,464 | ​ | ​ | 259,300 | ​ | ​ | 885,519 | ​ | ​ | 1,144,819 | ​ | ​ | 51,145 | ​ | 2020 | ​ | 40 Years

​

​

​

F-51

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Wiggins, MS | ​ | ​ | — | ​ | ​ | 639,466 | ​ | ​ | 2,563,263 | ​ | ​ | 128 | ​ | ​ | 639,466 | ​ | ​ | 2,563,391 | ​ | ​ | 3,202,857 | ​ | ​ | 149,507 | ​ | 2020 | ​ | 40 Years
Asheville, NC | ​ | ​ | — | ​ | ​ | 5,132,913 | ​ | ​ | — | ​ | ​ | 17,171 | ​ | ​ | 5,150,084 | ​ | ​ | — | ​ | ​ | 5,150,084 | ​ | ​ | — | ​ | 2020 | ​ | ​
Atlantic Beach, NC | ​ | ​ | — | ​ | ​ | 261,338 | ​ | ​ | 1,156,375 | ​ | ​ | — | ​ | ​ | 261,338 | ​ | ​ | 1,156,375 | ​ | ​ | 1,417,713 | ​ | ​ | 67,362 | ​ | 2020 | ​ | 40 Years
Beaufort, NC | ​ | ​ | — | ​ | ​ | 375,437 | ​ | ​ | 1,417,587 | ​ | ​ | — | ​ | ​ | 375,437 | ​ | ​ | 1,417,587 | ​ | ​ | 1,793,024 | ​ | ​ | 82,600 | ​ | 2020 | ​ | 40 Years
Boone, NC | ​ | ​ | — | ​ | ​ | 4,795,569 | ​ | ​ | 9,543,185 | ​ | ​ | 31,453 | ​ | ​ | 4,795,569 | ​ | ​ | 9,574,638 | ​ | ​ | 14,370,207 | ​ | ​ | 696,140 | ​ | 2020 | ​ | 40 Years
Buxton, NC | ​ | ​ | — | ​ | ​ | 209,947 | ​ | ​ | 1,186,030 | ​ | ​ | — | ​ | ​ | 209,947 | ​ | ​ | 1,186,030 | ​ | ​ | 1,395,977 | ​ | ​ | 69,092 | ​ | 2020 | ​ | 40 Years
Cary, NC | ​ | ​ | — | ​ | ​ | 253,081 | ​ | ​ | 1,018,159 | ​ | ​ | — | ​ | ​ | 253,081 | ​ | ​ | 1,018,159 | ​ | ​ | 1,271,240 | ​ | ​ | 60,005 | ​ | 2020 | ​ | 40 Years
Chapel Hill, NC | ​ | ​ | — | ​ | ​ | 22,437,345 | ​ | ​ | — | ​ | ​ | (788,369) | ​ | ​ | 21,648,976 | ​ | ​ | — | ​ | ​ | 21,648,976 | ​ | ​ | — | ​ | 2020 | ​ | ​
Charlotte, NC | ​ | ​ | — | ​ | ​ | 978,304 | ​ | ​ | 1,328,283 | ​ | ​ | — | ​ | ​ | 978,304 | ​ | ​ | 1,328,283 | ​ | ​ | 2,306,587 | ​ | ​ | 91,206 | ​ | 2020 | ​ | 40 Years
Concord, NC | ​ | ​ | — | ​ | ​ | 952,393 | ​ | ​ | 1,398,319 | ​ | ​ | — | ​ | ​ | 952,393 | ​ | ​ | 1,398,319 | ​ | ​ | 2,350,712 | ​ | ​ | 99,048 | ​ | 2020 | ​ | 40 Years
Dallas, NC | ​ | ​ | — | ​ | ​ | 309,847 | ​ | ​ | 1,008,936 | ​ | ​ | — | ​ | ​ | 309,847 | ​ | ​ | 1,008,936 | ​ | ​ | 1,318,783 | ​ | ​ | 62,973 | ​ | 2020 | ​ | 40 Years
Durham, NC | ​ | ​ | — | ​ | ​ | 229,232 | ​ | ​ | 1,169,836 | ​ | ​ | — | ​ | ​ | 229,232 | ​ | ​ | 1,169,836 | ​ | ​ | 1,399,068 | ​ | ​ | 68,148 | ​ | 2020 | ​ | 40 Years
Elkin, NC | ​ | ​ | — | ​ | ​ | 292,234 | ​ | ​ | 1,884,674 | ​ | ​ | 10,255 | ​ | ​ | 292,234 | ​ | ​ | 1,894,929 | ​ | ​ | 2,187,163 | ​ | ​ | 94,682 | ​ | 2020 | ​ | 40 Years
Elm City, NC | ​ | ​ | — | ​ | ​ | 447,081 | ​ | ​ | 1,401,379 | ​ | ​ | — | ​ | ​ | 447,081 | ​ | ​ | 1,401,379 | ​ | ​ | 1,848,460 | ​ | ​ | 81,654 | ​ | 2020 | ​ | 40 Years
Emerald Isle, NC | ​ | ​ | — | ​ | ​ | 316,187 | ​ | ​ | 1,125,842 | ​ | ​ | — | ​ | ​ | 316,187 | ​ | ​ | 1,125,842 | ​ | ​ | 1,442,029 | ​ | ​ | 65,581 | ​ | 2020 | ​ | 40 Years
Fuquay-Varina, NC | ​ | ​ | — | ​ | ​ | 4,398,922 | ​ | ​ | 10,142,102 | ​ | ​ | 30,452 | ​ | ​ | 4,398,922 | ​ | ​ | 10,172,554 | ​ | ​ | 14,571,476 | ​ | ​ | 739,909 | ​ | 2020 | ​ | 40 Years
Garner, NC | ​ | ​ | — | ​ | ​ | 216,566 | ​ | ​ | 1,170,660 | ​ | ​ | — | ​ | ​ | 216,566 | ​ | ​ | 1,170,660 | ​ | ​ | 1,387,226 | ​ | ​ | 68,196 | ​ | 2020 | ​ | 40 Years
Goldsboro, NC | ​ | ​ | — | ​ | ​ | 246,160 | ​ | ​ | 1,227,984 | ​ | ​ | — | ​ | ​ | 246,160 | ​ | ​ | 1,227,984 | ​ | ​ | 1,474,144 | ​ | ​ | 71,540 | ​ | 2020 | ​ | 40 Years
Goldsboro, NC | ​ | ​ | — | ​ | ​ | 243,355 | ​ | ​ | 1,135,304 | ​ | ​ | — | ​ | ​ | 243,355 | ​ | ​ | 1,135,304 | ​ | ​ | 1,378,659 | ​ | ​ | 66,133 | ​ | 2020 | ​ | 40 Years
Greensboro, NC | ​ | ​ | — | ​ | ​ | 272,962 | ​ | ​ | 1,126,017 | ​ | ​ | — | ​ | ​ | 272,962 | ​ | ​ | 1,126,017 | ​ | ​ | 1,398,979 | ​ | ​ | 65,592 | ​ | 2020 | ​ | 40 Years
Greenville, NC | ​ | ​ | — | ​ | ​ | 161,533 | ​ | ​ | 1,095,964 | ​ | ​ | — | ​ | ​ | 161,533 | ​ | ​ | 1,095,964 | ​ | ​ | 1,257,497 | ​ | ​ | 63,839 | ​ | 2020 | ​ | 40 Years
Harkers Island, NC | ​ | ​ | — | ​ | ​ | 964,627 | ​ | ​ | 2,109,360 | ​ | ​ | — | ​ | ​ | 964,627 | ​ | ​ | 2,109,360 | ​ | ​ | 3,073,987 | ​ | ​ | 123,046 | ​ | 2020 | ​ | 40 Years
Jacksonville, NC | ​ | ​ | — | ​ | ​ | 405,135 | ​ | ​ | 1,122,908 | ​ | ​ | 21,707 | ​ | ​ | 405,135 | ​ | ​ | 1,144,615 | ​ | ​ | 1,549,750 | ​ | ​ | 65,526 | ​ | 2020 | ​ | 40 Years
Jacksonville, NC | ​ | ​ | — | ​ | ​ | 3,213,710 | ​ | ​ | 10,021,579 | ​ | ​ | — | ​ | ​ | 3,213,710 | ​ | ​ | 10,021,579 | ​ | ​ | 13,235,289 | ​ | ​ | 563,567 | ​ | 2020 | ​ | 40 Years
Jacksonville, NC | ​ | ​ | — | ​ | ​ | 295,296 | ​ | ​ | 1,426,015 | ​ | ​ | 22,196 | ​ | ​ | 295,296 | ​ | ​ | 1,448,211 | ​ | ​ | 1,743,507 | ​ | ​ | 71,956 | ​ | 2020 | ​ | 40 Years
Kinston, NC | ​ | ​ | — | ​ | ​ | 358,915 | ​ | ​ | 1,016,305 | ​ | ​ | — | ​ | ​ | 358,915 | ​ | ​ | 1,016,305 | ​ | ​ | 1,375,220 | ​ | ​ | 59,284 | ​ | 2020 | ​ | 40 Years
Knotts Island, NC | ​ | ​ | — | ​ | ​ | 129,285 | ​ | ​ | 1,232,265 | ​ | ​ | — | ​ | ​ | 129,285 | ​ | ​ | 1,232,265 | ​ | ​ | 1,361,550 | ​ | ​ | 71,882 | ​ | 2020 | ​ | 40 Years
Morehead City, NC | ​ | ​ | — | ​ | ​ | 201,436 | ​ | ​ | 934,453 | ​ | ​ | — | ​ | ​ | 201,436 | ​ | ​ | 934,453 | ​ | ​ | 1,135,889 | ​ | ​ | 54,510 | ​ | 2020 | ​ | 40 Years
Randleman, NC | ​ | ​ | — | ​ | ​ | 1,368,987 | ​ | ​ | 8,954,905 | ​ | ​ | 30,452 | ​ | ​ | 1,368,987 | ​ | ​ | 8,985,357 | ​ | ​ | 10,354,344 | ​ | ​ | 653,342 | ​ | 2020 | ​ | 40 Years
Randleman, NC | ​ | ​ | — | ​ | ​ | 1,834,106 | ​ | ​ | — | ​ | ​ | 19,174 | ​ | ​ | 1,853,280 | ​ | ​ | — | ​ | ​ | 1,853,280 | ​ | ​ | — | ​ | 2020 | ​ | ​
Rocky Mount, NC | ​ | ​ | — | ​ | ​ | 305,766 | ​ | ​ | 1,114,117 | ​ | ​ | — | ​ | ​ | 305,766 | ​ | ​ | 1,114,117 | ​ | ​ | 1,419,883 | ​ | ​ | 64,990 | ​ | 2020 | ​ | 40 Years
Rocky Mount, NC | ​ | ​ | — | ​ | ​ | 206,675 | ​ | ​ | 960,873 | ​ | ​ | — | ​ | ​ | 206,675 | ​ | ​ | 960,873 | ​ | ​ | 1,167,548 | ​ | ​ | 56,051 | ​ | 2020 | ​ | 40 Years
Salisbury, NC | ​ | ​ | — | ​ | ​ | 990,303 | ​ | ​ | 1,019,025 | ​ | ​ | 7,993 | ​ | ​ | 990,303 | ​ | ​ | 1,027,018 | ​ | ​ | 2,017,321 | ​ | ​ | 51,301 | ​ | 2020 | ​ | 40 Years
Salter Path, NC | ​ | ​ | — | ​ | ​ | 245,172 | ​ | ​ | 1,012,413 | ​ | ​ | — | ​ | ​ | 245,172 | ​ | ​ | 1,012,413 | ​ | ​ | 1,257,585 | ​ | ​ | 59,057 | ​ | 2020 | ​ | 40 Years
Smithfield, NC | ​ | ​ | — | ​ | ​ | 270,560 | ​ | ​ | 1,201,146 | ​ | ​ | — | ​ | ​ | 270,560 | ​ | ​ | 1,201,146 | ​ | ​ | 1,471,706 | ​ | ​ | 70,067 | ​ | 2020 | ​ | 40 Years
Sylva, NC | ​ | ​ | — | ​ | ​ | 1,776,968 | ​ | ​ | 12,026,284 | ​ | ​ | 6,069 | ​ | ​ | 1,776,968 | ​ | ​ | 12,032,353 | ​ | ​ | 13,809,321 | ​ | ​ | 827,000 | ​ | 2020 | ​ | 40 Years
Waves, NC | ​ | ​ | — | ​ | ​ | 320,928 | ​ | ​ | 1,092,703 | ​ | ​ | — | ​ | ​ | 320,928 | ​ | ​ | 1,092,703 | ​ | ​ | 1,413,631 | ​ | ​ | 63,741 | ​ | 2020 | ​ | 40 Years
Waxhaw, NC | ​ | ​ | — | ​ | ​ | 679,943 | ​ | ​ | 2,377,641 | ​ | ​ | 430 | ​ | ​ | 679,943 | ​ | ​ | 2,378,071 | ​ | ​ | 3,058,014 | ​ | ​ | 128,723 | ​ | 2020 | ​ | 40 Years
Winston Salem, NC | ​ | ​ | — | ​ | ​ | 232,299 | ​ | ​ | 1,069,191 | ​ | ​ | 663 | ​ | ​ | 232,962 | ​ | ​ | 1,069,191 | ​ | ​ | 1,302,153 | ​ | ​ | 62,369 | ​ | 2020 | ​ | 40 Years
Winston-Salem, NC | ​ | ​ | — | ​ | ​ | 282,142 | ​ | ​ | 1,316,279 | ​ | ​ | 12,095 | ​ | ​ | 282,142 | ​ | ​ | 1,328,374 | ​ | ​ | 1,610,516 | ​ | ​ | 66,343 | ​ | 2020 | ​ | 40 Years
Winterville, NC | ​ | ​ | — | ​ | ​ | 312,123 | ​ | ​ | 1,271,222 | ​ | ​ | — | ​ | ​ | 312,123 | ​ | ​ | 1,271,222 | ​ | ​ | 1,583,345 | ​ | ​ | 74,155 | ​ | 2020 | ​ | 40 Years
Stanley, ND | ​ | ​ | — | ​ | ​ | 346,030 | ​ | ​ | 3,299,205 | ​ | ​ | 11,400 | ​ | ​ | 346,030 | ​ | ​ | 3,310,605 | ​ | ​ | 3,656,635 | ​ | ​ | 227,051 | ​ | 2020 | ​ | 40 Years
Lebanon, NH | ​ | ​ | — | ​ | ​ | 694,609 | ​ | ​ | 3,892,685 | ​ | ​ | 61,494 | ​ | ​ | 694,609 | ​ | ​ | 3,954,179 | ​ | ​ | 4,648,788 | ​ | ​ | 261,449 | ​ | 2020 | ​ | 40 Years
Budd Lake, NJ | ​ | ​ | — | ​ | ​ | 2,771,964 | ​ | ​ | — | ​ | ​ | 20,750 | ​ | ​ | 2,792,714 | ​ | ​ | — | ​ | ​ | 2,792,714 | ​ | ​ | — | ​ | 2020 | ​ | ​
Fairfield, NJ | ​ | ​ | — | ​ | ​ | 2,358,323 | ​ | ​ | — | ​ | ​ | 24,454 | ​ | ​ | 2,382,777 | ​ | ​ | — | ​ | ​ | 2,382,777 | ​ | ​ | — | ​ | 2020 | ​ | ​
Paterson, NJ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | 2020 | ​ | ​
Clovis, NM | ​ | ​ | — | ​ | ​ | 74,256 | ​ | ​ | 943,641 | ​ | ​ | 11,851 | ​ | ​ | 74,256 | ​ | ​ | 955,492 | ​ | ​ | 1,029,748 | ​ | ​ | 49,646 | ​ | 2020 | ​ | 40 Years
Albany, NY | ​ | ​ | — | ​ | ​ | 539,308 | ​ | ​ | 1,123,766 | ​ | ​ | — | ​ | ​ | 539,308 | ​ | ​ | 1,123,766 | ​ | ​ | 1,663,074 | ​ | ​ | 65,444 | ​ | 2020 | ​ | 40 Years
Bemus Point, NY | ​ | ​ | — | ​ | ​ | 49,293 | ​ | ​ | 980,218 | ​ | ​ | (53,367) | ​ | ​ | 49,293 | ​ | ​ | 926,851 | ​ | ​ | 976,144 | ​ | ​ | 59,551 | ​ | 2020 | ​ | 40 Years
Candor, NY | ​ | ​ | — | ​ | ​ | 271,132 | ​ | ​ | 1,012,522 | ​ | ​ | (53,367) | ​ | ​ | 271,132 | ​ | ​ | 959,155 | ​ | ​ | 1,230,287 | ​ | ​ | 61,603 | ​ | 2020 | ​ | 40 Years
Conklin, NY | ​ | ​ | — | ​ | ​ | 247,429 | ​ | ​ | 939,529 | ​ | ​ | (53,367) | ​ | ​ | 247,429 | ​ | ​ | 886,162 | ​ | ​ | 1,133,591 | ​ | ​ | 57,041 | ​ | 2020 | ​ | 40 Years
Greene, NY | ​ | ​ | — | ​ | ​ | 449,997 | ​ | ​ | 1,173,666 | ​ | ​ | — | ​ | ​ | 449,997 | ​ | ​ | 1,173,666 | ​ | ​ | 1,623,663 | ​ | ​ | 73,342 | ​ | 2020 | ​ | 40 Years
Hamburg, NY | ​ | ​ | — | ​ | ​ | 526,596 | ​ | ​ | 561,841 | ​ | ​ | 4,891 | ​ | ​ | 526,596 | ​ | ​ | 566,732 | ​ | ​ | 1,093,328 | ​ | ​ | 28,306 | ​ | 2020 | ​ | 40 Years
Masonville, NY | ​ | ​ | — | ​ | ​ | 222,228 | ​ | ​ | 1,059,364 | ​ | ​ | — | ​ | ​ | 222,228 | ​ | ​ | 1,059,364 | ​ | ​ | 1,281,592 | ​ | ​ | 66,199 | ​ | 2020 | ​ | 40 Years
Medford, NY | ​ | ​ | — | ​ | ​ | 1,211,908 | ​ | ​ | 3,751,279 | ​ | ​ | 74 | ​ | ​ | 1,211,908 | ​ | ​ | 3,751,353 | ​ | ​ | 4,963,261 | ​ | ​ | 210,865 | ​ | 2020 | ​ | 40 Years
Mount Upton, NY | ​ | ​ | — | ​ | ​ | 152,379 | ​ | ​ | 918,162 | ​ | ​ | — | ​ | ​ | 152,379 | ​ | ​ | 918,162 | ​ | ​ | 1,070,541 | ​ | ​ | 57,385 | ​ | 2020 | ​ | 40 Years
Olean, NY | ​ | ​ | — | ​ | ​ | 1,224,360 | ​ | ​ | 12,197,768 | ​ | ​ | 181,275 | ​ | ​ | 1,224,360 | ​ | ​ | 12,379,043 | ​ | ​ | 13,603,403 | ​ | ​ | 850,392 | ​ | 2020 | ​ | 40 Years
Pompey, NY | ​ | ​ | — | ​ | ​ | 774,544 | ​ | ​ | 1,437,312 | ​ | ​ | — | ​ | ​ | 774,544 | ​ | ​ | 1,437,312 | ​ | ​ | 2,211,856 | ​ | ​ | 89,832 | ​ | 2020 | ​ | 40 Years
Ripley, NY | ​ | ​ | — | ​ | ​ | 110,279 | ​ | ​ | 756,748 | ​ | ​ | — | ​ | ​ | 110,279 | ​ | ​ | 756,748 | ​ | ​ | 867,027 | ​ | ​ | 47,297 | ​ | 2020 | ​ | 40 Years
Rochester, NY | ​ | ​ | — | ​ | ​ | 2,391,104 | ​ | ​ | 13,146,442 | ​ | ​ | 560 | ​ | ​ | 2,391,104 | ​ | ​ | 13,147,002 | ​ | ​ | 15,538,106 | ​ | ​ | 739,296 | ​ | 2020 | ​ | 40 Years
Syracuse, NY | ​ | ​ | — | ​ | ​ | 1,432,858 | ​ | ​ | 6,115,247 | ​ | ​ | — | ​ | ​ | 1,432,858 | ​ | ​ | 6,115,247 | ​ | ​ | 7,548,105 | ​ | ​ | 420,209 | ​ | 2020 | ​ | 40 Years
Wainscott, NY | ​ | ​ | — | ​ | ​ | 4,544,060 | ​ | ​ | 4,084,794 | ​ | ​ | — | ​ | ​ | 4,544,060 | ​ | ​ | 4,084,794 | ​ | ​ | 8,628,854 | ​ | ​ | 280,696 | ​ | 2020 | ​ | 40 Years
Watertown, NY | ​ | ​ | — | ​ | ​ | 523,013 | ​ | ​ | 1,323,771 | ​ | ​ | 17,365 | ​ | ​ | 523,013 | ​ | ​ | 1,341,136 | ​ | ​ | 1,864,149 | ​ | ​ | 74,746 | ​ | 2020 | ​ | 40 Years
Boardman, OH | ​ | ​ | — | ​ | ​ | 483,754 | ​ | ​ | 1,817,047 | ​ | ​ | — | ​ | ​ | 483,754 | ​ | ​ | 1,817,047 | ​ | ​ | 2,300,801 | ​ | ​ | 109,720 | ​ | 2020 | ​ | 40 Years
Carrollton, OH | ​ | ​ | — | ​ | ​ | 251,046 | ​ | ​ | 1,593,367 | ​ | ​ | — | ​ | ​ | 251,046 | ​ | ​ | 1,593,367 | ​ | ​ | 1,844,413 | ​ | ​ | 109,299 | ​ | 2020 | ​ | 40 Years
Chillicothe, OH | ​ | ​ | — | ​ | ​ | 760,959 | ​ | ​ | 10,507,546 | ​ | ​ | — | ​ | ​ | 760,959 | ​ | ​ | 10,507,546 | ​ | ​ | 11,268,505 | ​ | ​ | 722,222 | ​ | 2020 | ​ | 40 Years
Cincinnati, OH | ​ | ​ | — | ​ | ​ | 381,550 | ​ | ​ | 1,651,643 | ​ | ​ | — | ​ | ​ | 381,550 | ​ | ​ | 1,651,643 | ​ | ​ | 2,033,193 | ​ | ​ | 99,727 | ​ | 2020 | ​ | 40 Years
Columbus, OH | ​ | ​ | — | ​ | ​ | 1,689,259 | ​ | ​ | 6,937,214 | ​ | ​ | — | ​ | ​ | 1,689,259 | ​ | ​ | 6,937,214 | ​ | ​ | 8,626,473 | ​ | ​ | 463,243 | ​ | 2020 | ​ | 40 Years
Defiance, OH | ​ | ​ | — | ​ | ​ | 127,517 | ​ | ​ | 1,407,734 | ​ | ​ | (75,085) | ​ | ​ | 127,517 | ​ | ​ | 1,332,649 | ​ | ​ | 1,460,166 | ​ | ​ | 67,077 | ​ | 2020 | ​ | 40 Years
Dunkirk, OH | ​ | ​ | — | ​ | ​ | 230,958 | ​ | ​ | 1,069,772 | ​ | ​ | 4,508 | ​ | ​ | 230,958 | ​ | ​ | 1,074,280 | ​ | ​ | 1,305,238 | ​ | ​ | 69,213 | ​ | 2020 | ​ | 40 Years
Hudson, OH | ​ | ​ | — | ​ | ​ | 548,279 | ​ | ​ | 763,934 | ​ | ​ | 4,891 | ​ | ​ | 548,279 | ​ | ​ | 768,825 | ​ | ​ | 1,317,104 | ​ | ​ | 38,411 | ​ | 2020 | ​ | 40 Years
Mason, OH | ​ | ​ | — | ​ | ​ | 4,470,714 | ​ | ​ | 11,479,943 | ​ | ​ | 7,630 | ​ | ​ | 4,470,714 | ​ | ​ | 11,487,573 | ​ | ​ | 15,958,287 | ​ | ​ | 669,829 | ​ | 2020 | ​ | 40 Years
Massillon, OH | ​ | ​ | — | ​ | ​ | 118,153 | ​ | ​ | 1,177,205 | ​ | ​ | 7,992 | ​ | ​ | 118,153 | ​ | ​ | 1,185,197 | ​ | ​ | 1,303,350 | ​ | ​ | 59,210 | ​ | 2020 | ​ | 40 Years

​

​

F-52

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Mayfield Heights, OH | ​ | ​ | — | ​ | ​ | 696,965 | ​ | ​ | 987,268 | ​ | ​ | 4,891 | ​ | ​ | 696,965 | ​ | ​ | 992,159 | ​ | ​ | 1,689,124 | ​ | ​ | 49,577 | ​ | 2020 | ​ | 40 Years
Oregon, OH | ​ | ​ | — | ​ | ​ | 4,915,676 | ​ | ​ | 11,980,299 | ​ | ​ | — | ​ | ​ | 4,915,676 | ​ | ​ | 11,980,299 | ​ | ​ | 16,895,975 | ​ | ​ | 648,791 | ​ | 2020 | ​ | 40 Years
Parma, OH | ​ | ​ | — | ​ | ​ | 1,292,437 | ​ | ​ | 9,410 | ​ | ​ | (1) | ​ | ​ | 1,301,846 | ​ | ​ | — | ​ | ​ | 1,301,846 | ​ | ​ | — | ​ | 2020 | ​ | ​
Toledo, OH | ​ | ​ | — | ​ | ​ | 8,645,091 | ​ | ​ | 30,638 | ​ | ​ | — | ​ | ​ | 8,675,729 | ​ | ​ | — | ​ | ​ | 8,675,729 | ​ | ​ | — | ​ | 2020 | ​ | ​
Toledo, OH | ​ | ​ | — | ​ | ​ | 4,950,900 | ​ | ​ | 8,979,618 | ​ | ​ | — | ​ | ​ | 4,950,900 | ​ | ​ | 8,979,618 | ​ | ​ | 13,930,518 | ​ | ​ | 486,333 | ​ | 2020 | ​ | 40 Years
Westerville, OH | ​ | ​ | — | ​ | ​ | 946,988 | ​ | ​ | 1,786,197 | ​ | ​ | 4,891 | ​ | ​ | 946,988 | ​ | ​ | 1,791,088 | ​ | ​ | 2,738,076 | ​ | ​ | 89,524 | ​ | 2020 | ​ | 40 Years
Westerville, OH | ​ | ​ | — | ​ | ​ | 690,653 | ​ | ​ | 1,402,190 | ​ | ​ | 832,471 | ​ | ​ | 690,653 | ​ | ​ | 2,234,661 | ​ | ​ | 2,925,314 | ​ | ​ | 105,068 | ​ | 2020 | ​ | 40 Years
Checotah, OK | ​ | ​ | — | ​ | ​ | 151,906 | ​ | ​ | 862,730 | ​ | ​ | 11,275 | ​ | ​ | 151,906 | ​ | ​ | 874,005 | ​ | ​ | 1,025,911 | ​ | ​ | 59,849 | ​ | 2020 | ​ | 40 Years
Elk City, OK | ​ | ​ | — | ​ | ​ | 507,204 | ​ | ​ | 3,969,937 | ​ | ​ | — | ​ | ​ | 507,204 | ​ | ​ | 3,969,937 | ​ | ​ | 4,477,141 | ​ | ​ | 247,989 | ​ | 2020 | ​ | 40 Years
Moore, OK | ​ | ​ | — | ​ | ​ | 1,649,938 | ​ | ​ | 1,480,239 | ​ | ​ | 7,993 | ​ | ​ | 1,649,938 | ​ | ​ | 1,488,232 | ​ | ​ | 3,138,170 | ​ | ​ | 74,362 | ​ | 2020 | ​ | 40 Years
Oklahoma City, OK | ​ | ​ | — | ​ | ​ | 356,795 | ​ | ​ | 1,349,469 | ​ | ​ | — | ​ | ​ | 356,795 | ​ | ​ | 1,349,469 | ​ | ​ | 1,706,264 | ​ | ​ | 81,471 | ​ | 2020 | ​ | 40 Years
Eugene, OR | ​ | ​ | — | ​ | ​ | 4,253,602 | ​ | ​ | 7,543,456 | ​ | ​ | — | ​ | ​ | 4,253,602 | ​ | ​ | 7,543,456 | ​ | ​ | 11,797,058 | ​ | ​ | 424,225 | ​ | 2020 | ​ | 40 Years
Seaside, OR | ​ | ​ | — | ​ | ​ | 376,612 | ​ | ​ | 5,093,532 | ​ | ​ | 2,615 | ​ | ​ | 376,612 | ​ | ​ | 5,096,147 | ​ | ​ | 5,472,759 | ​ | ​ | 318,302 | ​ | 2020 | ​ | 40 Years
Bristol, PA | ​ | ​ | — | ​ | ​ | 1,201,361 | ​ | ​ | 9,382 | ​ | ​ | — | ​ | ​ | 1,210,743 | ​ | ​ | — | ​ | ​ | 1,210,743 | ​ | ​ | — | ​ | 2020 | ​ | ​
Lawrence Township, PA | ​ | ​ | — | ​ | ​ | 225,955 | ​ | ​ | 1,552,979 | ​ | ​ | 16,800 | ​ | ​ | 225,955 | ​ | ​ | 1,569,779 | ​ | ​ | 1,795,734 | ​ | ​ | 101,417 | ​ | 2020 | ​ | 40 Years
Nescopeck, PA | ​ | ​ | — | ​ | ​ | 428,452 | ​ | ​ | 1,362,404 | ​ | ​ | — | ​ | ​ | 428,452 | ​ | ​ | 1,362,404 | ​ | ​ | 1,790,856 | ​ | ​ | 82,312 | ​ | 2020 | ​ | 40 Years
New Milford, PA | ​ | ​ | — | ​ | ​ | 206,824 | ​ | ​ | 1,139,407 | ​ | ​ | 4,509 | ​ | ​ | 206,824 | ​ | ​ | 1,143,916 | ​ | ​ | 1,350,740 | ​ | ​ | 73,710 | ​ | 2020 | ​ | 40 Years
Orangeville, PA | ​ | ​ | — | ​ | ​ | 201,441 | ​ | ​ | 1,065,583 | ​ | ​ | — | ​ | ​ | 201,441 | ​ | ​ | 1,065,583 | ​ | ​ | 1,267,024 | ​ | ​ | 59,939 | ​ | 2020 | ​ | 40 Years
Port Trevorton, PA | ​ | ​ | — | ​ | ​ | 143,540 | ​ | ​ | 955,027 | ​ | ​ | 4,508 | ​ | ​ | 143,540 | ​ | ​ | 959,535 | ​ | ​ | 1,103,075 | ​ | ​ | 61,802 | ​ | 2020 | ​ | 40 Years
Tobyhanna, PA | ​ | ​ | — | ​ | ​ | 181,003 | ​ | ​ | 1,066,380 | ​ | ​ | 4,509 | ​ | ​ | 181,003 | ​ | ​ | 1,070,889 | ​ | ​ | 1,251,892 | ​ | ​ | 68,994 | ​ | 2020 | ​ | 40 Years
Wellsboro, PA | ​ | ​ | — | ​ | ​ | 165,062 | ​ | ​ | 1,091,790 | ​ | ​ | — | ​ | ​ | 165,062 | ​ | ​ | 1,091,790 | ​ | ​ | 1,256,852 | ​ | ​ | 54,589 | ​ | 2020 | ​ | 40 Years
Whitehall, PA | ​ | ​ | — | ​ | ​ | 1,139,318 | ​ | ​ | 2,964,839 | ​ | ​ | 526,241 | ​ | ​ | 1,139,318 | ​ | ​ | 3,491,080 | ​ | ​ | 4,630,398 | ​ | ​ | 265,327 | ​ | 2020 | ​ | 40 Years
Chapin, SC | ​ | ​ | — | ​ | ​ | 237,432 | ​ | ​ | 1,540,336 | ​ | ​ | — | ​ | ​ | 237,432 | ​ | ​ | 1,540,336 | ​ | ​ | 1,777,768 | ​ | ​ | 92,932 | ​ | 2020 | ​ | 40 Years
Clemson, SC | ​ | ​ | — | ​ | ​ | 501,288 | ​ | ​ | 1,898,545 | ​ | ​ | 6,845 | ​ | ​ | 501,288 | ​ | ​ | 1,905,390 | ​ | ​ | 2,406,678 | ​ | ​ | 126,763 | ​ | 2020 | ​ | 40 Years
Columbia, SC | ​ | ​ | — | ​ | ​ | 1,233,052 | ​ | ​ | 5,532,637 | ​ | ​ | — | ​ | ​ | 1,233,052 | ​ | ​ | 5,532,637 | ​ | ​ | 6,765,689 | ​ | ​ | 380,129 | ​ | 2020 | ​ | 40 Years
Columbia, SC | ​ | ​ | — | ​ | ​ | 354,953 | ​ | ​ | 1,670,857 | ​ | ​ | — | ​ | ​ | 354,953 | ​ | ​ | 1,670,857 | ​ | ​ | 2,025,810 | ​ | ​ | 93,913 | ​ | 2020 | ​ | 40 Years
Greer, SC | ​ | ​ | — | ​ | ​ | 426,062 | ​ | ​ | 1,800,058 | ​ | ​ | 29,426 | ​ | ​ | 426,062 | ​ | ​ | 1,829,484 | ​ | ​ | 2,255,546 | ​ | ​ | 131,708 | ​ | 2020 | ​ | 40 Years
Irmo, SC | ​ | ​ | — | ​ | ​ | 274,327 | ​ | ​ | 729,177 | ​ | ​ | — | ​ | ​ | 274,327 | ​ | ​ | 729,177 | ​ | ​ | 1,003,504 | ​ | ​ | 41,016 | ​ | 2020 | ​ | 40 Years
Myrtle Beach, SC | ​ | ​ | — | ​ | ​ | 858,941 | ​ | ​ | 1,377,893 | ​ | ​ | — | ​ | ​ | 858,941 | ​ | ​ | 1,377,893 | ​ | ​ | 2,236,834 | ​ | ​ | 100,471 | ​ | 2020 | ​ | 40 Years
Myrtle Beach, SC | ​ | ​ | — | ​ | ​ | 389,784 | ​ | ​ | 915,150 | ​ | ​ | 7,993 | ​ | ​ | 389,784 | ​ | ​ | 923,143 | ​ | ​ | 1,312,927 | ​ | ​ | 46,107 | ​ | 2020 | ​ | 40 Years
Pageland, SC | ​ | ​ | — | ​ | ​ | 305,018 | ​ | ​ | 2,185,114 | ​ | ​ | 24,897 | ​ | ​ | 305,018 | ​ | ​ | 2,210,011 | ​ | ​ | 2,515,029 | ​ | ​ | 114,748 | ​ | 2020 | ​ | 40 Years
Vermillion, SD | ​ | ​ | — | ​ | ​ | 182,981 | ​ | ​ | 1,352,667 | ​ | ​ | 186,311 | ​ | ​ | 182,981 | ​ | ​ | 1,538,978 | ​ | ​ | 1,721,959 | ​ | ​ | 99,998 | ​ | 2020 | ​ | 40 Years
Yankton, SD | ​ | ​ | — | ​ | ​ | 197,328 | ​ | ​ | 985,756 | ​ | ​ | 7,993 | ​ | ​ | 197,328 | ​ | ​ | 993,749 | ​ | ​ | 1,191,077 | ​ | ​ | 49,637 | ​ | 2020 | ​ | 40 Years
Cleveland, TN | ​ | ​ | — | ​ | ​ | 1,060,966 | ​ | ​ | 1,508,917 | ​ | ​ | — | ​ | ​ | 1,060,966 | ​ | ​ | 1,508,917 | ​ | ​ | 2,569,883 | ​ | ​ | 110,025 | ​ | 2020 | ​ | 40 Years
Henderson, TN | ​ | ​ | — | ​ | ​ | 109,252 | ​ | ​ | 705,187 | ​ | ​ | — | ​ | ​ | 109,252 | ​ | ​ | 705,187 | ​ | ​ | 814,439 | ​ | ​ | 39,613 | ​ | 2020 | ​ | 40 Years
Kimball, TN | ​ | ​ | — | ​ | ​ | 1,509,366 | ​ | ​ | 11,782,512 | ​ | ​ | — | ​ | ​ | 1,509,366 | ​ | ​ | 11,782,512 | ​ | ​ | 13,291,878 | ​ | ​ | 736,194 | ​ | 2020 | ​ | 40 Years
Knoxville, TN | ​ | ​ | — | ​ | ​ | 4,110,394 | ​ | ​ | 12,554,772 | ​ | ​ | 865 | ​ | ​ | 4,110,394 | ​ | ​ | 12,555,637 | ​ | ​ | 16,666,031 | ​ | ​ | 784,548 | ​ | 2020 | ​ | 40 Years
Knoxville, TN | ​ | ​ | — | ​ | ​ | 210,544 | ​ | ​ | 1,396,261 | ​ | ​ | — | ​ | ​ | 210,544 | ​ | ​ | 1,396,261 | ​ | ​ | 1,606,805 | ​ | ​ | 78,421 | ​ | 2020 | ​ | 40 Years
Lakeland, TN | ​ | ​ | — | ​ | ​ | 237,682 | ​ | ​ | 795,446 | ​ | ​ | — | ​ | ​ | 237,682 | ​ | ​ | 795,446 | ​ | ​ | 1,033,128 | ​ | ​ | 44,690 | ​ | 2020 | ​ | 40 Years
Nashville, TN | ​ | ​ | — | ​ | ​ | 556,406 | ​ | ​ | 980,902 | ​ | ​ | — | ​ | ​ | 556,406 | ​ | ​ | 980,902 | ​ | ​ | 1,537,308 | ​ | ​ | 69,389 | ​ | 2020 | ​ | 40 Years
Nashville, TN | ​ | ​ | — | ​ | ​ | 355,577 | ​ | ​ | 1,331,745 | ​ | ​ | — | ​ | ​ | 355,577 | ​ | ​ | 1,331,745 | ​ | ​ | 1,687,322 | ​ | ​ | 80,400 | ​ | 2020 | ​ | 40 Years
Seymour, TN | ​ | ​ | — | ​ | ​ | 187,929 | ​ | ​ | 1,302,250 | ​ | ​ | — | ​ | ​ | 187,929 | ​ | ​ | 1,302,250 | ​ | ​ | 1,490,179 | ​ | ​ | 78,598 | ​ | 2020 | ​ | 40 Years
Tullahoma, TN | ​ | ​ | — | ​ | ​ | 1,206,870 | ​ | ​ | 9,840,853 | ​ | ​ | 12,758 | ​ | ​ | 1,206,870 | ​ | ​ | 9,853,611 | ​ | ​ | 11,060,481 | ​ | ​ | 513,087 | ​ | 2020 | ​ | 40 Years
Belton, TX | ​ | ​ | — | ​ | ​ | 587,479 | ​ | ​ | 2,228,889 | ​ | ​ | — | ​ | ​ | 587,479 | ​ | ​ | 2,228,889 | ​ | ​ | 2,816,368 | ​ | ​ | 120,658 | ​ | 2020 | ​ | 40 Years
Comanche, TX | ​ | ​ | — | ​ | ​ | 93,935 | ​ | ​ | 1,213,190 | ​ | ​ | — | ​ | ​ | 93,935 | ​ | ​ | 1,213,190 | ​ | ​ | 1,307,125 | ​ | ​ | 90,989 | ​ | 2020 | ​ | 40 Years
Conroe, TX | ​ | ​ | — | ​ | ​ | 1,227,703 | ​ | ​ | — | ​ | ​ | 4,880 | ​ | ​ | 1,232,583 | ​ | ​ | — | ​ | ​ | 1,232,583 | ​ | ​ | — | ​ | 2020 | ​ | ​
Converse, TX | ​ | ​ | — | ​ | ​ | 1,425,000 | ​ | ​ | 471,349 | ​ | ​ | — | ​ | ​ | 1,425,000 | ​ | ​ | 471,349 | ​ | ​ | 1,896,349 | ​ | ​ | 28,307 | ​ | 2020 | ​ | 40 Years
Converse, TX | ​ | ​ | — | ​ | ​ | 200,802 | ​ | ​ | 1,642,854 | ​ | ​ | 8,674 | ​ | ​ | 200,802 | ​ | ​ | 1,651,528 | ​ | ​ | 1,852,330 | ​ | ​ | 85,796 | ​ | 2020 | ​ | 40 Years
Cuero, TX | ​ | ​ | — | ​ | ​ | 361,553 | ​ | ​ | 2,937,261 | ​ | ​ | — | ​ | ​ | 361,553 | ​ | ​ | 2,937,261 | ​ | ​ | 3,298,814 | ​ | ​ | 165,165 | ​ | 2020 | ​ | 40 Years
Dayton, TX | ​ | ​ | — | ​ | ​ | 167,367 | ​ | ​ | 1,222,272 | ​ | ​ | 11,342 | ​ | ​ | 167,367 | ​ | ​ | 1,233,614 | ​ | ​ | 1,400,981 | ​ | ​ | 61,517 | ​ | 2020 | ​ | 40 Years
Devine, TX | ​ | ​ | — | ​ | ​ | 307,379 | ​ | ​ | 1,194,057 | ​ | ​ | — | ​ | ​ | 307,379 | ​ | ​ | 1,194,057 | ​ | ​ | 1,501,436 | ​ | ​ | 67,166 | ​ | 2020 | ​ | 40 Years
El Paso, TX | ​ | ​ | — | ​ | ​ | 5,085,368 | ​ | ​ | 9,188,052 | ​ | ​ | 33,706 | ​ | ​ | 5,085,368 | ​ | ​ | 9,221,758 | ​ | ​ | 14,307,126 | ​ | ​ | 613,241 | ​ | 2020 | ​ | 40 Years
Euless, TX | ​ | ​ | — | ​ | ​ | 802,881 | ​ | ​ | 1,599,698 | ​ | ​ | — | ​ | ​ | 802,881 | ​ | ​ | 1,599,698 | ​ | ​ | 2,402,579 | ​ | ​ | 99,981 | ​ | 2020 | ​ | 40 Years
Gonzales, TX | ​ | ​ | — | ​ | ​ | 382,828 | ​ | ​ | 2,667,952 | ​ | ​ | — | ​ | ​ | 382,828 | ​ | ​ | 2,667,952 | ​ | ​ | 3,050,780 | ​ | ​ | 150,012 | ​ | 2020 | ​ | 40 Years
Harker Heights, TX | ​ | ​ | — | ​ | ​ | 659,665 | ​ | ​ | 863,417 | ​ | ​ | — | ​ | ​ | 659,665 | ​ | ​ | 863,417 | ​ | ​ | 1,523,082 | ​ | ​ | 48,567 | ​ | 2020 | ​ | 40 Years
Harker Heights, TX | ​ | ​ | — | ​ | ​ | 1,564,673 | ​ | ​ | 806,551 | ​ | ​ | 12,204 | ​ | ​ | 1,564,673 | ​ | ​ | 818,755 | ​ | ​ | 2,383,428 | ​ | ​ | 41,028 | ​ | 2020 | ​ | 40 Years
Harlingen, TX | ​ | ​ | — | ​ | ​ | 231,002 | ​ | ​ | 2,423,937 | ​ | ​ | 197,852 | ​ | ​ | 231,002 | ​ | ​ | 2,621,789 | ​ | ​ | 2,852,791 | ​ | ​ | 144,596 | ​ | 2020 | ​ | 40 Years
Houston, TX | ​ | ​ | — | ​ | ​ | 5,229,809 | ​ | ​ | 6,223,821 | ​ | ​ | 22,179 | ​ | ​ | 5,229,809 | ​ | ​ | 6,246,000 | ​ | ​ | 11,475,809 | ​ | ​ | 372,151 | ​ | 2020 | ​ | 40 Years
Houston, TX | ​ | ​ | — | ​ | ​ | 812,409 | ​ | ​ | 2,365,951 | ​ | ​ | — | ​ | ​ | 812,409 | ​ | ​ | 2,365,951 | ​ | ​ | 3,178,360 | ​ | ​ | 133,021 | ​ | 2020 | ​ | 40 Years
Houston, TX | ​ | ​ | — | ​ | ​ | 835,464 | ​ | ​ | 5,596 | ​ | ​ | 17,094 | ​ | ​ | 858,154 | ​ | ​ | — | ​ | ​ | 858,154 | ​ | ​ | — | ​ | 2020 | ​ | ​
Humble, TX | ​ | ​ | — | ​ | ​ | 595,712 | ​ | ​ | 2,044,118 | ​ | ​ | (83,862) | ​ | ​ | 511,850 | ​ | ​ | 2,044,118 | ​ | ​ | 2,555,968 | ​ | ​ | 131,916 | ​ | 2020 | ​ | 40 Years
La Feria, TX | ​ | ​ | — | ​ | ​ | 44,473 | ​ | ​ | 1,170,246 | ​ | ​ | 6,975 | ​ | ​ | 44,473 | ​ | ​ | 1,177,221 | ​ | ​ | 1,221,694 | ​ | ​ | 63,693 | ​ | 2020 | ​ | 40 Years
Lake Jackson, TX | ​ | ​ | — | ​ | ​ | 898,275 | ​ | ​ | 1,791,093 | ​ | ​ | 7,992 | ​ | ​ | 898,275 | ​ | ​ | 1,799,085 | ​ | ​ | 2,697,360 | ​ | ​ | 89,904 | ​ | 2020 | ​ | 40 Years
Lewisville, TX | ​ | ​ | — | ​ | ​ | 1,033,074 | ​ | ​ | 1,746,113 | ​ | ​ | — | ​ | ​ | 1,033,074 | ​ | ​ | 1,746,113 | ​ | ​ | 2,779,187 | ​ | ​ | 109,132 | ​ | 2020 | ​ | 40 Years
Lubbock, TX | ​ | ​ | — | ​ | ​ | 332,773 | ​ | ​ | 933,072 | ​ | ​ | 4,891 | ​ | ​ | 332,773 | ​ | ​ | 937,963 | ​ | ​ | 1,270,736 | ​ | ​ | 46,868 | ​ | 2020 | ​ | 40 Years
Lubbock, TX | ​ | ​ | — | ​ | ​ | 1,884,836 | ​ | ​ | 5,897,417 | ​ | ​ | 38,387 | ​ | ​ | 1,884,836 | ​ | ​ | 5,935,804 | ​ | ​ | 7,820,640 | ​ | ​ | 296,503 | ​ | 2020 | ​ | 40 Years
Mansfield, TX | ​ | ​ | — | ​ | ​ | 1,116,200 | ​ | ​ | 1,554,255 | ​ | ​ | 7,992 | ​ | ​ | 1,116,200 | ​ | ​ | 1,562,247 | ​ | ​ | 2,678,447 | ​ | ​ | 78,062 | ​ | 2020 | ​ | 40 Years
Mckinney, TX | ​ | ​ | — | ​ | ​ | 2,304,155 | ​ | ​ | 1,862,729 | ​ | ​ | 7,993 | ​ | ​ | 2,304,155 | ​ | ​ | 1,870,722 | ​ | ​ | 4,174,877 | ​ | ​ | 93,486 | ​ | 2020 | ​ | 40 Years
Rhome, TX | ​ | ​ | — | ​ | ​ | 477,504 | ​ | ​ | 2,267,040 | ​ | ​ | 21,819 | ​ | ​ | 477,504 | ​ | ​ | 2,288,859 | ​ | ​ | 2,766,363 | ​ | ​ | 114,282 | ​ | 2020 | ​ | 40 Years
Saginaw, TX | ​ | ​ | — | ​ | ​ | 318,799 | ​ | ​ | 734,538 | ​ | ​ | 1,020 | ​ | ​ | 318,799 | ​ | ​ | 735,558 | ​ | ​ | 1,054,357 | ​ | ​ | 41,265 | ​ | 2020 | ​ | 40 Years
San Antonio, TX | ​ | ​ | — | ​ | ​ | 947,884 | ​ | ​ | 884,952 | ​ | ​ | 7,993 | ​ | ​ | 947,884 | ​ | ​ | 892,945 | ​ | ​ | 1,840,829 | ​ | ​ | 44,597 | ​ | 2020 | ​ | 40 Years
Terrell, TX | ​ | ​ | — | ​ | ​ | 1,065,186 | ​ | ​ | 3,244,273 | ​ | ​ | — | ​ | ​ | 1,065,186 | ​ | ​ | 3,244,273 | ​ | ​ | 4,309,459 | ​ | ​ | 243,320 | ​ | 2020 | ​ | 40 Years
Tomball, TX | ​ | ​ | — | ​ | ​ | 789,415 | ​ | ​ | 1,258,695 | ​ | ​ | 7,992 | ​ | ​ | 789,415 | ​ | ​ | 1,266,687 | ​ | ​ | 2,056,102 | ​ | ​ | 63,284 | ​ | 2020 | ​ | 40 Years

​

​

F-53

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Weslaco, TX | ​ | ​ | — | ​ | ​ | 921,078 | ​ | ​ | 2,179,132 | ​ | ​ | (36,040) | ​ | ​ | 921,078 | ​ | ​ | 2,143,092 | ​ | ​ | 3,064,170 | ​ | ​ | 109,174 | ​ | 2020 | ​ | 40 Years
Wylie, TX | ​ | ​ | — | ​ | ​ | 1,386,391 | ​ | ​ | 1,793,944 | ​ | ​ | 7,993 | ​ | ​ | 1,386,391 | ​ | ​ | 1,801,937 | ​ | ​ | 3,188,328 | ​ | ​ | 90,047 | ​ | 2020 | ​ | 40 Years
Chester, VA | ​ | ​ | — | ​ | ​ | 389,357 | ​ | ​ | — | ​ | ​ | 37,083 | ​ | ​ | 426,440 | ​ | ​ | — | ​ | ​ | 426,440 | ​ | ​ | — | ​ | 2020 | ​ | ​
Galax, VA | ​ | ​ | — | ​ | ​ | 160,074 | ​ | ​ | 1,185,312 | ​ | ​ | 32,976 | ​ | ​ | 160,074 | ​ | ​ | 1,218,288 | ​ | ​ | 1,378,362 | ​ | ​ | 62,509 | ​ | 2020 | ​ | 40 Years
Henrico, VA | ​ | ​ | — | ​ | ​ | 439,174 | ​ | ​ | 1,681,279 | ​ | ​ | 36,356 | ​ | ​ | 439,174 | ​ | ​ | 1,717,635 | ​ | ​ | 2,156,809 | ​ | ​ | 87,048 | ​ | 2020 | ​ | 40 Years
Lynchburg, VA | ​ | ​ | — | ​ | ​ | 241,396 | ​ | ​ | 890,833 | ​ | ​ | 12,096 | ​ | ​ | 241,396 | ​ | ​ | 902,929 | ​ | ​ | 1,144,325 | ​ | ​ | 45,071 | ​ | 2020 | ​ | 40 Years
Burlington, WI | ​ | ​ | — | ​ | ​ | 1,121,515 | ​ | ​ | 3,220,272 | ​ | ​ | 7,993 | ​ | ​ | 1,121,515 | ​ | ​ | 3,228,265 | ​ | ​ | 4,349,780 | ​ | ​ | 161,363 | ​ | 2020 | ​ | 40 Years
Germantown, WI | ​ | ​ | — | ​ | ​ | 617,945 | ​ | ​ | 1,199,846 | ​ | ​ | 7,993 | ​ | ​ | 617,945 | ​ | ​ | 1,207,839 | ​ | ​ | 1,825,784 | ​ | ​ | 60,342 | ​ | 2020 | ​ | 40 Years
Minocqua, WI | ​ | ​ | — | ​ | ​ | 226,898 | ​ | ​ | 2,866,258 | ​ | ​ | 680 | ​ | ​ | 226,898 | ​ | ​ | 2,866,938 | ​ | ​ | 3,093,836 | ​ | ​ | 155,155 | ​ | 2020 | ​ | 40 Years
Mt. Pleasant, WI | ​ | ​ | — | ​ | ​ | 1,705,035 | ​ | ​ | 14,386,315 | ​ | ​ | — | ​ | ​ | 1,705,035 | ​ | ​ | 14,386,315 | ​ | ​ | 16,091,350 | ​ | ​ | 809,084 | ​ | 2020 | ​ | 40 Years
Portage, WI | ​ | ​ | — | ​ | ​ | 800,764 | ​ | ​ | 3,052,566 | ​ | ​ | 17,060 | ​ | ​ | 800,764 | ​ | ​ | 3,069,626 | ​ | ​ | 3,870,390 | ​ | ​ | 178,342 | ​ | 2020 | ​ | 40 Years
Vienna, WV | ​ | ​ | — | ​ | ​ | 141,299 | ​ | ​ | 1,283,342 | ​ | ​ | — | ​ | ​ | 141,299 | ​ | ​ | 1,283,342 | ​ | ​ | 1,424,641 | ​ | ​ | 96,251 | ​ | 2020 | ​ | 40 Years
Cheyenne, WY | ​ | ​ | — | ​ | ​ | 884,988 | ​ | ​ | 2,104,537 | ​ | ​ | 210,758 | ​ | ​ | 884,988 | ​ | ​ | 2,315,295 | ​ | ​ | 3,200,283 | ​ | ​ | 111,070 | ​ | 2020 | ​ | 40 Years
Gadsden, AL | ​ | ​ | — | ​ | ​ | 1,516,549 | ​ | ​ | — | ​ | ​ | 18,095 | ​ | ​ | 1,534,644 | ​ | ​ | — | ​ | ​ | 1,534,644 | ​ | ​ | — | ​ | 2021 | ​ | ​
Jasper, AL | ​ | ​ | — | ​ | ​ | 733,824 | ​ | ​ | 5,508,628 | ​ | ​ | — | ​ | ​ | 733,824 | ​ | ​ | 5,508,628 | ​ | ​ | 6,242,452 | ​ | ​ | 172,075 | ​ | 2021 | ​ | 40 Years
Pelham, AL | ​ | ​ | — | ​ | ​ | 919,330 | ​ | ​ | 2,327,831 | ​ | ​ | — | ​ | ​ | 919,330 | ​ | ​ | 2,327,831 | ​ | ​ | 3,247,161 | ​ | ​ | 111,542 | ​ | 2021 | ​ | 40 Years
Theodore, AL | ​ | ​ | — | ​ | ​ | 121,550 | ​ | ​ | 1,211,283 | ​ | ​ | 14,505 | ​ | ​ | 121,550 | ​ | ​ | 1,225,788 | ​ | ​ | 1,347,338 | ​ | ​ | 30,554 | ​ | 2021 | ​ | 40 Years
Bentonville, AR | ​ | ​ | — | ​ | ​ | 2,278,930 | ​ | ​ | 1,199,562 | ​ | ​ | — | ​ | ​ | 2,278,930 | ​ | ​ | 1,199,562 | ​ | ​ | 3,478,492 | ​ | ​ | 52,466 | ​ | 2021 | ​ | 40 Years
Jonesboro, AR | ​ | ​ | — | ​ | ​ | 345,738 | ​ | ​ | 1,279,134 | ​ | ​ | 9,749 | ​ | ​ | 345,738 | ​ | ​ | 1,288,883 | ​ | ​ | 1,634,621 | ​ | ​ | 32,161 | ​ | 2021 | ​ | 40 Years
Little Rock, AR | ​ | ​ | — | ​ | ​ | 2,050,887 | ​ | ​ | 1,527,796 | ​ | ​ | — | ​ | ​ | 2,050,887 | ​ | ​ | 1,527,796 | ​ | ​ | 3,578,683 | ​ | ​ | 57,153 | ​ | 2021 | ​ | 40 Years
Springdale, AR | ​ | ​ | — | ​ | ​ | 1,331,671 | ​ | ​ | 1,696,714 | ​ | ​ | — | ​ | ​ | 1,331,671 | ​ | ​ | 1,696,714 | ​ | ​ | 3,028,385 | ​ | ​ | 56,541 | ​ | 2021 | ​ | 40 Years
Avondale, AZ | ​ | ​ | — | ​ | ​ | 399,574 | ​ | ​ | 2,237,087 | ​ | ​ | 12,740 | ​ | ​ | 399,574 | ​ | ​ | 2,249,827 | ​ | ​ | 2,649,401 | ​ | ​ | 56,166 | ​ | 2021 | ​ | 40 Years
Winslow, AZ | ​ | ​ | — | ​ | ​ | 375,135 | ​ | ​ | 999,436 | ​ | ​ | — | ​ | ​ | 375,135 | ​ | ​ | 999,436 | ​ | ​ | 1,374,571 | ​ | ​ | 37,381 | ​ | 2021 | ​ | 40 Years
Colton, CA | ​ | ​ | — | ​ | ​ | 2,917,244 | ​ | ​ | 6,274,140 | ​ | ​ | 215 | ​ | ​ | 2,917,244 | ​ | ​ | 6,274,355 | ​ | ​ | 9,191,599 | ​ | ​ | 300,604 | ​ | 2021 | ​ | 40 Years
Colton, CA | ​ | ​ | — | ​ | ​ | 904,398 | ​ | ​ | — | ​ | ​ | 215 | ​ | ​ | 904,613 | ​ | ​ | — | ​ | ​ | 904,613 | ​ | ​ | — | ​ | 2021 | ​ | ​
Elk Grove, CA | ​ | ​ | — | ​ | ​ | 1,692,244 | ​ | ​ | 3,387,901 | ​ | ​ | — | ​ | ​ | 1,692,244 | ​ | ​ | 3,387,901 | ​ | ​ | 5,080,145 | ​ | ​ | 162,337 | ​ | 2021 | ​ | 40 Years
Pleasant Hill, CA | ​ | ​ | — | ​ | ​ | 17,618,136 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 17,618,136 | ​ | ​ | — | ​ | ​ | 17,618,136 | ​ | ​ | — | ​ | 2021 | ​ | ​
Sacramento, CA | ​ | ​ | — | ​ | ​ | 2,962,751 | ​ | ​ | 14,367,331 | ​ | ​ | 4,194 | ​ | ​ | 2,962,751 | ​ | ​ | 14,371,525 | ​ | ​ | 17,334,276 | ​ | ​ | 389,083 | ​ | 2021 | ​ | 40 Years
Van Nuys, CA | ​ | ​ | — | ​ | ​ | 10,821,454 | ​ | ​ | 6,196,785 | ​ | ​ | 118,897 | ​ | ​ | 10,821,454 | ​ | ​ | 6,315,682 | ​ | ​ | 17,137,136 | ​ | ​ | 159,795 | ​ | 2021 | ​ | 40 Years
Silverthorne, CO | ​ | ​ | — | ​ | ​ | 4,368,862 | ​ | ​ | 6,781,801 | ​ | ​ | 43,386 | ​ | ​ | 4,368,862 | ​ | ​ | 6,825,187 | ​ | ​ | 11,194,049 | ​ | ​ | 170,440 | ​ | 2021 | ​ | 40 Years
Colchester, CT | ​ | ​ | — | ​ | ​ | 503,706 | ​ | ​ | 5,280,982 | ​ | ​ | — | ​ | ​ | 503,706 | ​ | ​ | 5,280,982 | ​ | ​ | 5,784,688 | ​ | ​ | 220,041 | ​ | 2021 | ​ | 40 Years
Orange, CT | ​ | ​ | — | ​ | ​ | 2,155,182 | ​ | ​ | 2,723,325 | ​ | ​ | 3,000 | ​ | ​ | 2,155,182 | ​ | ​ | 2,726,325 | ​ | ​ | 4,881,507 | ​ | ​ | 97,759 | ​ | 2021 | ​ | 40 Years
Stratford, CT | ​ | ​ | — | ​ | ​ | 993,610 | ​ | ​ | 6,285,488 | ​ | ​ | — | ​ | ​ | 993,610 | ​ | ​ | 6,285,488 | ​ | ​ | 7,279,098 | ​ | ​ | 196,371 | ​ | 2021 | ​ | 40 Years
Wallingford, CT | ​ | ​ | — | ​ | ​ | 4,598,776 | ​ | ​ | 19,587,021 | ​ | ​ | 2,205 | ​ | ​ | 4,598,776 | ​ | ​ | 19,589,226 | ​ | ​ | 24,188,002 | ​ | ​ | 693,604 | ​ | 2021 | ​ | 40 Years
Wallingford, CT | ​ | ​ | — | ​ | ​ | 13,491,385 | ​ | ​ | 4,628,672 | ​ | ​ | 1,939 | ​ | ​ | 13,491,385 | ​ | ​ | 4,630,611 | ​ | ​ | 18,121,996 | ​ | ​ | 127,156 | ​ | 2021 | ​ | 40 Years
Bridgeville, DE | ​ | ​ | — | ​ | ​ | 2,496,605 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,496,605 | ​ | ​ | — | ​ | ​ | 2,496,605 | ​ | ​ | — | ​ | 2021 | ​ | ​
Daytona Beach, FL | ​ | ​ | — | ​ | ​ | 3,248,529 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,248,529 | ​ | ​ | — | ​ | ​ | 3,248,529 | ​ | ​ | — | ​ | 2021 | ​ | ​
Daytona Beach, FL | ​ | ​ | — | ​ | ​ | 2,949,873 | ​ | ​ | 7,123,762 | ​ | ​ | 1,835 | ​ | ​ | 2,949,873 | ​ | ​ | 7,125,597 | ​ | ​ | 10,075,470 | ​ | ​ | 207,662 | ​ | 2021 | ​ | 40 Years
Fort Walton Beach, FL | ​ | ​ | — | ​ | ​ | 691,891 | ​ | ​ | 1,034,268 | ​ | ​ | 3,926 | ​ | ​ | 691,891 | ​ | ​ | 1,038,194 | ​ | ​ | 1,730,085 | ​ | ​ | 48,744 | ​ | 2021 | ​ | 40 Years
Hialeah, FL | ​ | ​ | — | ​ | ​ | 4,971,380 | ​ | ​ | — | ​ | ​ | 5,191 | ​ | ​ | 4,976,571 | ​ | ​ | — | ​ | ​ | 4,976,571 | ​ | ​ | — | ​ | 2021 | ​ | ​
Hollywood, FL | ​ | ​ | — | ​ | ​ | 804,622 | ​ | ​ | 3,907,841 | ​ | ​ | 285 | ​ | ​ | 804,622 | ​ | ​ | 3,908,126 | ​ | ​ | 4,712,748 | ​ | ​ | 150,534 | ​ | 2021 | ​ | 40 Years
Homestead, FL | ​ | ​ | — | ​ | ​ | 545,581 | ​ | ​ | 1,461,745 | ​ | ​ | — | ​ | ​ | 545,581 | ​ | ​ | 1,461,745 | ​ | ​ | 2,007,326 | ​ | ​ | 72,873 | ​ | 2021 | ​ | 40 Years
Jacksonville, FL | ​ | ​ | — | ​ | ​ | 1,072,558 | ​ | ​ | 756,285 | ​ | ​ | — | ​ | ​ | 1,072,558 | ​ | ​ | 756,285 | ​ | ​ | 1,828,843 | ​ | ​ | 32,965 | ​ | 2021 | ​ | 40 Years
Merritt Island, FL | ​ | ​ | — | ​ | ​ | 422,211 | ​ | ​ | 2,372,216 | ​ | ​ | — | ​ | ​ | 422,211 | ​ | ​ | 2,372,216 | ​ | ​ | 2,794,427 | ​ | ​ | 74,072 | ​ | 2021 | ​ | 40 Years
Naples, FL | ​ | ​ | — | ​ | ​ | 1,453,431 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,453,431 | ​ | ​ | — | ​ | ​ | 1,453,431 | ​ | ​ | — | ​ | 2021 | ​ | ​
Naples, FL | ​ | ​ | — | ​ | ​ | 1,190,857 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,190,857 | ​ | ​ | — | ​ | ​ | 1,190,857 | ​ | ​ | — | ​ | 2021 | ​ | ​
Naples, FL | ​ | ​ | — | ​ | ​ | 8,035,701 | ​ | ​ | 10,505,521 | ​ | ​ | 25,022 | ​ | ​ | 8,035,701 | ​ | ​ | 10,530,543 | ​ | ​ | 18,566,244 | ​ | ​ | 328,289 | ​ | 2021 | ​ | 40 Years
Orlando, FL | ​ | ​ | — | ​ | ​ | 1,039,722 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,039,722 | ​ | ​ | — | ​ | ​ | 1,039,722 | ​ | ​ | — | ​ | 2021 | ​ | ​
Pembroke Pines, FL | ​ | ​ | — | ​ | ​ | 2,285,774 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,285,774 | ​ | ​ | — | ​ | ​ | 2,285,774 | ​ | ​ | — | ​ | 2021 | ​ | ​
Sarasota, FL | ​ | ​ | — | ​ | ​ | 1,178,923 | ​ | ​ | 922,936 | ​ | ​ | — | ​ | ​ | 1,178,923 | ​ | ​ | 922,936 | ​ | ​ | 2,101,859 | ​ | ​ | 30,749 | ​ | 2021 | ​ | 40 Years
Tampa, FL | ​ | ​ | — | ​ | ​ | 439,430 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 439,430 | ​ | ​ | — | ​ | ​ | 439,430 | ​ | ​ | — | ​ | 2021 | ​ | ​
Vero Beach, FL | ​ | ​ | — | ​ | ​ | 1,046,780 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,046,780 | ​ | ​ | — | ​ | ​ | 1,046,780 | ​ | ​ | — | ​ | 2021 | ​ | ​
Yulee, FL | ​ | ​ | — | ​ | ​ | 2,262,371 | ​ | ​ | 7,246,236 | ​ | ​ | — | ​ | ​ | 2,262,371 | ​ | ​ | 7,246,236 | ​ | ​ | 9,508,607 | ​ | ​ | 271,161 | ​ | 2021 | ​ | 40 Years
Athens, GA | ​ | ​ | — | ​ | ​ | 68,943 | ​ | ​ | 6,048,020 | ​ | ​ | 28,018 | ​ | ​ | 68,943 | ​ | ​ | 6,076,038 | ​ | ​ | 6,144,981 | ​ | ​ | 239,912 | ​ | 2021 | ​ | 40 Years
Buford, GA | ​ | ​ | — | ​ | ​ | 933,105 | ​ | ​ | 1,460,129 | ​ | ​ | 136 | ​ | ​ | 933,105 | ​ | ​ | 1,460,265 | ​ | ​ | 2,393,370 | ​ | ​ | 54,136 | ​ | 2021 | ​ | 40 Years
Conyers, GA | ​ | ​ | — | ​ | ​ | 347,441 | ​ | ​ | 2,622,249 | ​ | ​ | 12,604 | ​ | ​ | 347,441 | ​ | ​ | 2,634,853 | ​ | ​ | 2,982,294 | ​ | ​ | 65,793 | ​ | 2021 | ​ | 40 Years
Dublin, GA | ​ | ​ | — | ​ | ​ | 217,337 | ​ | ​ | 605,199 | ​ | ​ | — | ​ | ​ | 217,337 | ​ | ​ | 605,199 | ​ | ​ | 822,536 | ​ | ​ | 18,912 | ​ | 2021 | ​ | 40 Years
Gray, GA | ​ | ​ | — | ​ | ​ | 148,268 | ​ | ​ | 1,074,924 | ​ | ​ | — | ​ | ​ | 148,268 | ​ | ​ | 1,074,924 | ​ | ​ | 1,223,192 | ​ | ​ | 44,761 | ​ | 2021 | ​ | 40 Years
Jefferson, GA | ​ | ​ | — | ​ | ​ | 527,074 | ​ | ​ | 931,010 | ​ | ​ | 1,835 | ​ | ​ | 527,074 | ​ | ​ | 932,845 | ​ | ​ | 1,459,919 | ​ | ​ | 27,093 | ​ | 2021 | ​ | 40 Years
Jonesboro, GA | ​ | ​ | — | ​ | ​ | 344,270 | ​ | ​ | 1,576,064 | ​ | ​ | 11,550 | ​ | ​ | 344,270 | ​ | ​ | 1,587,614 | ​ | ​ | 1,931,884 | ​ | ​ | 42,850 | ​ | 2021 | ​ | 40 Years
Kingsland, GA | ​ | ​ | — | ​ | ​ | 185,047 | ​ | ​ | 2,599,400 | ​ | ​ | — | ​ | ​ | 185,047 | ​ | ​ | 2,599,400 | ​ | ​ | 2,784,447 | ​ | ​ | 86,573 | ​ | 2021 | ​ | 40 Years
Marietta, GA | ​ | ​ | — | ​ | ​ | 1,177,865 | ​ | ​ | 1,833,593 | ​ | ​ | — | ​ | ​ | 1,177,865 | ​ | ​ | 1,833,593 | ​ | ​ | 3,011,458 | ​ | ​ | 87,860 | ​ | 2021 | ​ | 40 Years
Rome, GA | ​ | ​ | — | ​ | ​ | 1,380,532 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,380,532 | ​ | ​ | — | ​ | ​ | 1,380,532 | ​ | ​ | — | ​ | 2021 | ​ | ​
Stockbridge, GA | ​ | ​ | — | ​ | ​ | 278,080 | ​ | ​ | 1,479,158 | ​ | ​ | 2,500 | ​ | ​ | 278,080 | ​ | ​ | 1,481,658 | ​ | ​ | 1,759,738 | ​ | ​ | 37,026 | ​ | 2021 | ​ | 40 Years
Thomson, GA | ​ | ​ | — | ​ | ​ | 257,455 | ​ | ​ | 1,291,280 | ​ | ​ | 14,424 | ​ | ​ | 257,455 | ​ | ​ | 1,305,704 | ​ | ​ | 1,563,159 | ​ | ​ | 32,552 | ​ | 2021 | ​ | 40 Years
Centerville, IA | ​ | ​ | — | ​ | ​ | 182,203 | ​ | ​ | 2,115,086 | ​ | ​ | — | ​ | ​ | 182,203 | ​ | ​ | 2,115,086 | ​ | ​ | 2,297,289 | ​ | ​ | 83,549 | ​ | 2021 | ​ | 40 Years
Des Moines, IA | ​ | ​ | — | ​ | ​ | 902,749 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 902,749 | ​ | ​ | — | ​ | ​ | 902,749 | ​ | ​ | — | ​ | 2021 | ​ | ​
Mason City, IA | ​ | ​ | — | ​ | ​ | 869,564 | ​ | ​ | 3,270,795 | ​ | ​ | 62,238 | ​ | ​ | 869,564 | ​ | ​ | 3,333,033 | ​ | ​ | 4,202,597 | ​ | ​ | 133,873 | ​ | 2021 | ​ | 40 Years
Nampa, ID | ​ | ​ | — | ​ | ​ | 229,425 | ​ | ​ | 1,558,507 | ​ | ​ | — | ​ | ​ | 229,425 | ​ | ​ | 1,558,507 | ​ | ​ | 1,787,932 | ​ | ​ | 55,177 | ​ | 2021 | ​ | 40 Years
Bloomingdale, IL | ​ | ​ | — | ​ | ​ | 5,377,240 | ​ | ​ | 9,661,090 | ​ | ​ | — | ​ | ​ | 5,377,240 | ​ | ​ | 9,661,090 | ​ | ​ | 15,038,330 | ​ | ​ | 422,429 | ​ | 2021 | ​ | 40 Years
Bloomington, IL | ​ | ​ | — | ​ | ​ | 239,089 | ​ | ​ | 1,826,238 | ​ | ​ | — | ​ | ​ | 239,089 | ​ | ​ | 1,826,238 | ​ | ​ | 2,065,327 | ​ | ​ | 64,659 | ​ | 2021 | ​ | 40 Years
Bourbonnais, IL | ​ | ​ | — | ​ | ​ | 1,593,823 | ​ | ​ | 1,525,782 | ​ | ​ | 1,835 | ​ | ​ | 1,593,823 | ​ | ​ | 1,527,617 | ​ | ​ | 3,121,440 | ​ | ​ | 41,322 | ​ | 2021 | ​ | 40 Years
Carbondale, IL | ​ | ​ | — | ​ | ​ | 496,342 | ​ | ​ | 1,025,021 | ​ | ​ | 8,125 | ​ | ​ | 496,342 | ​ | ​ | 1,033,146 | ​ | ​ | 1,529,488 | ​ | ​ | 34,309 | ​ | 2021 | ​ | 40 Years

​

​

F-54

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Champaign, IL | ​ | ​ | — | ​ | ​ | 3,112,523 | ​ | ​ | 4,504,390 | ​ | ​ | — | ​ | ​ | 3,112,523 | ​ | ​ | 4,504,390 | ​ | ​ | 7,616,913 | ​ | ​ | 140,510 | ​ | 2021 | ​ | 40 Years
Charleston, IL | ​ | ​ | — | ​ | ​ | 2,650,341 | ​ | ​ | — | ​ | ​ | 25,533 | ​ | ​ | 2,675,874 | ​ | ​ | — | ​ | ​ | 2,675,874 | ​ | ​ | — | ​ | 2021 | ​ | ​
Chicago, IL | ​ | ​ | — | ​ | ​ | 698,854 | ​ | ​ | 1,412,178 | ​ | ​ | — | ​ | ​ | 698,854 | ​ | ​ | 1,412,178 | ​ | ​ | 2,111,032 | ​ | ​ | 67,528 | ​ | 2021 | ​ | 40 Years
Coal City, IL | ​ | ​ | — | ​ | ​ | 453,744 | ​ | ​ | 1,080,622 | ​ | ​ | — | ​ | ​ | 453,744 | ​ | ​ | 1,080,622 | ​ | ​ | 1,534,366 | ​ | ​ | 47,104 | ​ | 2021 | ​ | 40 Years
East Dundee, IL | ​ | ​ | — | ​ | ​ | 1,567,806 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,567,806 | ​ | ​ | — | ​ | ​ | 1,567,806 | ​ | ​ | — | ​ | 2021 | ​ | ​
East Peoria, IL | ​ | ​ | — | ​ | ​ | 2,404,155 | ​ | ​ | — | ​ | ​ | 25,533 | ​ | ​ | 2,429,688 | ​ | ​ | — | ​ | ​ | 2,429,688 | ​ | ​ | — | ​ | 2021 | ​ | ​
Hampshire, IL | ​ | ​ | — | ​ | ​ | 3,866,229 | ​ | ​ | — | ​ | ​ | 1,835 | ​ | ​ | 3,868,064 | ​ | ​ | — | ​ | ​ | 3,868,064 | ​ | ​ | — | ​ | 2021 | ​ | ​
Huntley, IL | ​ | ​ | — | ​ | ​ | 2,089,500 | ​ | ​ | — | ​ | ​ | 1,835 | ​ | ​ | 2,091,335 | ​ | ​ | — | ​ | ​ | 2,091,335 | ​ | ​ | — | ​ | 2021 | ​ | ​
Joliet, IL | ​ | ​ | — | ​ | ​ | 536,897 | ​ | ​ | 3,011,274 | ​ | ​ | — | ​ | ​ | 536,897 | ​ | ​ | 3,011,274 | ​ | ​ | 3,548,171 | ​ | ​ | 137,647 | ​ | 2021 | ​ | 40 Years
Lakemoor, IL | ​ | ​ | — | ​ | ​ | 987,967 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 987,967 | ​ | ​ | — | ​ | ​ | 987,967 | ​ | ​ | — | ​ | 2021 | ​ | ​
Lombard, IL | ​ | ​ | — | ​ | ​ | 5,480,904 | ​ | ​ | — | ​ | ​ | 1,835 | ​ | ​ | 5,482,739 | ​ | ​ | — | ​ | ​ | 5,482,739 | ​ | ​ | — | ​ | 2021 | ​ | ​
Mount Prospect, IL | ​ | ​ | — | ​ | ​ | 885,540 | ​ | ​ | — | ​ | ​ | 934 | ​ | ​ | 886,474 | ​ | ​ | — | ​ | ​ | 886,474 | ​ | ​ | — | ​ | 2021 | ​ | ​
Naperville, IL | ​ | ​ | — | ​ | ​ | 3,973,788 | ​ | ​ | 12,799,047 | ​ | ​ | — | ​ | ​ | 3,973,788 | ​ | ​ | 12,799,047 | ​ | ​ | 16,772,835 | ​ | ​ | 399,593 | ​ | 2021 | ​ | 40 Years
Rockford, IL | ​ | ​ | — | ​ | ​ | 563,262 | ​ | ​ | 1,471,698 | ​ | ​ | — | ​ | ​ | 563,262 | ​ | ​ | 1,471,698 | ​ | ​ | 2,034,960 | ​ | ​ | 64,154 | ​ | 2021 | ​ | 40 Years
Romeoville, IL | ​ | ​ | — | ​ | ​ | 4,835,683 | ​ | ​ | — | ​ | ​ | 48,712 | ​ | ​ | 4,884,395 | ​ | ​ | — | ​ | ​ | 4,884,395 | ​ | ​ | — | ​ | 2021 | ​ | ​
Schiller Park, IL | ​ | ​ | — | ​ | ​ | 2,585,445 | ​ | ​ | — | ​ | ​ | 21,801 | ​ | ​ | 2,607,246 | ​ | ​ | — | ​ | ​ | 2,607,246 | ​ | ​ | — | ​ | 2021 | ​ | ​
Sheffield, IL | ​ | ​ | — | ​ | ​ | 217,455 | ​ | ​ | 998,824 | ​ | ​ | 2,249 | ​ | ​ | 217,455 | ​ | ​ | 1,001,073 | ​ | ​ | 1,218,528 | ​ | ​ | 27,066 | ​ | 2021 | ​ | 40 Years
South Chicago Heights, IL | ​ | ​ | — | ​ | ​ | 205,849 | ​ | ​ | 1,452,724 | ​ | ​ | — | ​ | ​ | 205,849 | ​ | ​ | 1,452,724 | ​ | ​ | 1,658,573 | ​ | ​ | 51,431 | ​ | 2021 | ​ | 40 Years
South Elgin, IL | ​ | ​ | — | ​ | ​ | 648,899 | ​ | ​ | 3,916,025 | ​ | ​ | 2,359 | ​ | ​ | 648,899 | ​ | ​ | 3,918,384 | ​ | ​ | 4,567,283 | ​ | ​ | 106,022 | ​ | 2021 | ​ | 40 Years
South Elgin, IL | ​ | ​ | — | ​ | ​ | 985,408 | ​ | ​ | 2,746,744 | ​ | ​ | 500,000 | ​ | ​ | 985,408 | ​ | ​ | 3,246,744 | ​ | ​ | 4,232,152 | ​ | ​ | 87,623 | ​ | 2021 | ​ | 40 Years
Streator, IL | ​ | ​ | — | ​ | ​ | 203,924 | ​ | ​ | 1,040,180 | ​ | ​ | 2,249 | ​ | ​ | 203,924 | ​ | ​ | 1,042,429 | ​ | ​ | 1,246,353 | ​ | ​ | 28,186 | ​ | 2021 | ​ | 40 Years
Westchester, IL | ​ | ​ | — | ​ | ​ | 296,452 | ​ | ​ | 1,252,538 | ​ | ​ | — | ​ | ​ | 296,452 | ​ | ​ | 1,252,538 | ​ | ​ | 1,548,990 | ​ | ​ | 41,751 | ​ | 2021 | ​ | 40 Years
Westmont, IL | ​ | ​ | — | ​ | ​ | 2,284,013 | ​ | ​ | 8,912,960 | ​ | ​ | — | ​ | ​ | 2,284,013 | ​ | ​ | 8,912,960 | ​ | ​ | 11,196,973 | ​ | ​ | 408,150 | ​ | 2021 | ​ | 40 Years
Bedford, IN | ​ | ​ | — | ​ | ​ | 239,065 | ​ | ​ | 956,272 | ​ | ​ | 2,249 | ​ | ​ | 239,065 | ​ | ​ | 958,521 | ​ | ​ | 1,197,586 | ​ | ​ | 25,914 | ​ | 2021 | ​ | 40 Years
Brownsburg, IN | ​ | ​ | — | ​ | ​ | 329,868 | ​ | ​ | 3,033,286 | ​ | ​ | — | ​ | ​ | 329,868 | ​ | ​ | 3,033,286 | ​ | ​ | 3,363,154 | ​ | ​ | 145,345 | ​ | 2021 | ​ | 40 Years
Fort Wayne, IN | ​ | ​ | — | ​ | ​ | 329,123 | ​ | ​ | 1,521,763 | ​ | ​ | 10,771 | ​ | ​ | 329,123 | ​ | ​ | 1,532,534 | ​ | ​ | 1,861,657 | ​ | ​ | 41,390 | ​ | 2021 | ​ | 40 Years
Granger, IN | ​ | ​ | — | ​ | ​ | 406,211 | ​ | ​ | 1,459,388 | ​ | ​ | — | ​ | ​ | 406,211 | ​ | ​ | 1,459,388 | ​ | ​ | 1,865,599 | ​ | ​ | 60,808 | ​ | 2021 | ​ | 40 Years
Indianapolis, IN | ​ | ​ | — | ​ | ​ | 362,907 | ​ | ​ | 2,710,927 | ​ | ​ | — | ​ | ​ | 362,907 | ​ | ​ | 2,710,927 | ​ | ​ | 3,073,834 | ​ | ​ | 95,992 | ​ | 2021 | ​ | 40 Years
Atchison, KS | ​ | ​ | — | ​ | ​ | 298,258 | ​ | ​ | 1,193,243 | ​ | ​ | 12,753 | ​ | ​ | 298,258 | ​ | ​ | 1,205,996 | ​ | ​ | 1,504,254 | ​ | ​ | 32,522 | ​ | 2021 | ​ | 40 Years
Kiowa, KS | ​ | ​ | — | ​ | ​ | 20,642 | ​ | ​ | 1,469,150 | ​ | ​ | 31,316 | ​ | ​ | 20,642 | ​ | ​ | 1,500,466 | ​ | ​ | 1,521,108 | ​ | ​ | 43,382 | ​ | 2021 | ​ | 40 Years
Liberal, KS | ​ | ​ | — | ​ | ​ | 418,695 | ​ | ​ | 6,919,579 | ​ | ​ | — | ​ | ​ | 418,695 | ​ | ​ | 6,919,579 | ​ | ​ | 7,338,274 | ​ | ​ | 245,048 | ​ | 2021 | ​ | 40 Years
Manhattan, KS | ​ | ​ | — | ​ | ​ | 1,419,099 | ​ | ​ | — | ​ | ​ | 1,835 | ​ | ​ | 1,420,934 | ​ | ​ | — | ​ | ​ | 1,420,934 | ​ | ​ | — | ​ | 2021 | ​ | ​
Merriam, KS | ​ | ​ | — | ​ | ​ | 1,688,893 | ​ | ​ | 6,844,926 | ​ | ​ | — | ​ | ​ | 1,688,893 | ​ | ​ | 6,844,926 | ​ | ​ | 8,533,819 | ​ | ​ | 299,318 | ​ | 2021 | ​ | 40 Years
Louisville, KY | ​ | ​ | — | ​ | ​ | 1,716,439 | ​ | ​ | 10,797,925 | ​ | ​ | 25,114 | ​ | ​ | 1,716,439 | ​ | ​ | 10,823,039 | ​ | ​ | 12,539,478 | ​ | ​ | 270,419 | ​ | 2021 | ​ | 40 Years
Bossier City, LA | ​ | ​ | — | ​ | ​ | 695,883 | ​ | ​ | 1,918,101 | ​ | ​ | 339 | ​ | ​ | 695,883 | ​ | ​ | 1,918,440 | ​ | ​ | 2,614,323 | ​ | ​ | 87,632 | ​ | 2021 | ​ | 40 Years
Chalmette, LA | ​ | ​ | — | ​ | ​ | 1,041,287 | ​ | ​ | 1,521,346 | ​ | ​ | — | ​ | ​ | 1,041,287 | ​ | ​ | 1,521,346 | ​ | ​ | 2,562,633 | ​ | ​ | 47,426 | ​ | 2021 | ​ | 40 Years
Clinton, LA | ​ | ​ | — | ​ | ​ | 164,982 | ​ | ​ | 1,057,099 | ​ | ​ | — | ​ | ​ | 164,982 | ​ | ​ | 1,057,099 | ​ | ​ | 1,222,081 | ​ | ​ | 50,653 | ​ | 2021 | ​ | 40 Years
Independence, LA | ​ | ​ | — | ​ | ​ | 273,598 | ​ | ​ | 1,022,901 | ​ | ​ | 19,305 | ​ | ​ | 273,598 | ​ | ​ | 1,042,206 | ​ | ​ | 1,315,804 | ​ | ​ | 25,935 | ​ | 2021 | ​ | 40 Years
Lake Charles, LA | ​ | ​ | — | ​ | ​ | 976,288 | ​ | ​ | 2,744,759 | ​ | ​ | — | ​ | ​ | 976,288 | ​ | ​ | 2,744,759 | ​ | ​ | 3,721,047 | ​ | ​ | 125,636 | ​ | 2021 | ​ | 40 Years
Pineville, LA | ​ | ​ | — | ​ | ​ | 136,853 | ​ | ​ | 1,307,116 | ​ | ​ | — | ​ | ​ | 136,853 | ​ | ​ | 1,307,116 | ​ | ​ | 1,443,969 | ​ | ​ | 63,001 | ​ | 2021 | ​ | 40 Years
Walker, LA | ​ | ​ | — | ​ | ​ | 90,393 | ​ | ​ | 1,383,507 | ​ | ​ | — | ​ | ​ | 90,393 | ​ | ​ | 1,383,507 | ​ | ​ | 1,473,900 | ​ | ​ | 51,801 | ​ | 2021 | ​ | 40 Years
Abington, MA | ​ | ​ | — | ​ | ​ | 8,465,529 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8,465,529 | ​ | ​ | — | ​ | ​ | 8,465,529 | ​ | ​ | — | ​ | 2021 | ​ | ​
Fall River, MA | ​ | ​ | — | ​ | ​ | 721,506 | ​ | ​ | 5,380,883 | ​ | ​ | — | ​ | ​ | 721,506 | ​ | ​ | 5,380,883 | ​ | ​ | 6,102,389 | ​ | ​ | 223,957 | ​ | 2021 | ​ | 40 Years
Pittsfield, MA | ​ | ​ | — | ​ | ​ | 1,514,648 | ​ | ​ | 16,947,554 | ​ | ​ | — | ​ | ​ | 1,514,648 | ​ | ​ | 16,947,554 | ​ | ​ | 18,462,202 | ​ | ​ | 564,902 | ​ | 2021 | ​ | 40 Years
Springfield, MA | ​ | ​ | — | ​ | ​ | 4,451,982 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,451,982 | ​ | ​ | — | ​ | ​ | 4,451,982 | ​ | ​ | — | ​ | 2021 | ​ | ​
Baltimore, MD | ​ | ​ | — | ​ | ​ | 1,393,361 | ​ | ​ | 2,819,672 | ​ | ​ | 12,398 | ​ | ​ | 1,393,361 | ​ | ​ | 2,832,070 | ​ | ​ | 4,225,431 | ​ | ​ | 76,589 | ​ | 2021 | ​ | 40 Years
Baltimore (Gwynn Oak), MD | ​ | ​ | — | ​ | ​ | 1,225,061 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,225,061 | ​ | ​ | — | ​ | ​ | 1,225,061 | ​ | ​ | — | ​ | 2021 | ​ | ​
Bel Air, MD | ​ | ​ | — | ​ | ​ | 499,309 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 499,309 | ​ | ​ | — | ​ | ​ | 499,309 | ​ | ​ | — | ​ | 2021 | ​ | ​
Dundalk, MD | ​ | ​ | — | ​ | ​ | 746,235 | ​ | ​ | 1,564,948 | ​ | ​ | — | ​ | ​ | 746,235 | ​ | ​ | 1,564,948 | ​ | ​ | 2,311,183 | ​ | ​ | 78,033 | ​ | 2021 | ​ | 40 Years
Battle Creek, MI | ​ | ​ | — | ​ | ​ | 101,794 | ​ | ​ | 1,083,512 | ​ | ​ | — | ​ | ​ | 101,794 | ​ | ​ | 1,083,512 | ​ | ​ | 1,185,306 | ​ | ​ | 40,403 | ​ | 2021 | ​ | 40 Years
Battle Creek, MI | ​ | ​ | — | ​ | ​ | 271,928 | ​ | ​ | 1,143,856 | ​ | ​ | 1,835 | ​ | ​ | 271,928 | ​ | ​ | 1,145,691 | ​ | ​ | 1,417,619 | ​ | ​ | 30,993 | ​ | 2021 | ​ | 40 Years
Grand Rapids, MI | ​ | ​ | — | ​ | ​ | 925,205 | ​ | ​ | 5,848,684 | ​ | ​ | 28,274 | ​ | ​ | 925,205 | ​ | ​ | 5,876,958 | ​ | ​ | 6,802,163 | ​ | ​ | 233,201 | ​ | 2021 | ​ | 40 Years
Lansing, MI | ​ | ​ | — | ​ | ​ | 7,204,001 | ​ | ​ | — | ​ | ​ | 409 | ​ | ​ | 7,204,410 | ​ | ​ | — | ​ | ​ | 7,204,410 | ​ | ​ | — | ​ | 2021 | ​ | ​
Lansing, MI | ​ | ​ | — | ​ | ​ | 4,285,184 | ​ | ​ | — | ​ | ​ | 822 | ​ | ​ | 4,286,006 | ​ | ​ | — | ​ | ​ | 4,286,006 | ​ | ​ | — | ​ | 2021 | ​ | ​
Okemos, MI | ​ | ​ | — | ​ | ​ | 4,607,749 | ​ | ​ | 5,825,877 | ​ | ​ | — | ​ | ​ | 4,607,749 | ​ | ​ | 5,825,877 | ​ | ​ | 10,433,626 | ​ | ​ | 230,474 | ​ | 2021 | ​ | 40 Years
Saginaw, MI | ​ | ​ | — | ​ | ​ | 285,004 | ​ | ​ | 896,731 | ​ | ​ | 8,898 | ​ | ​ | 285,004 | ​ | ​ | 905,629 | ​ | ​ | 1,190,633 | ​ | ​ | 22,585 | ​ | 2021 | ​ | 40 Years
Saginaw, MI | ​ | ​ | — | ​ | ​ | 1,859,019 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,859,019 | ​ | ​ | — | ​ | ​ | 1,859,019 | ​ | ​ | — | ​ | 2021 | ​ | ​
Saginaw, MI | ​ | ​ | — | ​ | ​ | 855,000 | ​ | ​ | 1,267,920 | ​ | ​ | 351,559 | ​ | ​ | 855,000 | ​ | ​ | 1,619,479 | ​ | ​ | 2,474,479 | ​ | ​ | 35,768 | ​ | 2021 | ​ | 40 Years
Sterling Heights, MI | ​ | ​ | — | ​ | ​ | 484,463 | ​ | ​ | 2,991,098 | ​ | ​ | 99,795 | ​ | ​ | 484,463 | ​ | ​ | 3,090,893 | ​ | ​ | 3,575,356 | ​ | ​ | 127,570 | ​ | 2021 | ​ | 40 Years
Taylor, MI | ​ | ​ | — | ​ | ​ | 403,176 | ​ | ​ | 1,862,968 | ​ | ​ | — | ​ | ​ | 403,176 | ​ | ​ | 1,862,968 | ​ | ​ | 2,266,144 | ​ | ​ | 69,765 | ​ | 2021 | ​ | 40 Years
Brooklyn Park, MN | ​ | ​ | — | ​ | ​ | 2,386,951 | ​ | ​ | 2,002,599 | ​ | ​ | — | ​ | ​ | 2,386,951 | ​ | ​ | 2,002,599 | ​ | ​ | 4,389,550 | ​ | ​ | 91,786 | ​ | 2021 | ​ | 40 Years
Burnsville, MN | ​ | ​ | — | ​ | ​ | 588,062 | ​ | ​ | 1,977,978 | ​ | ​ | 19,419 | ​ | ​ | 588,062 | ​ | ​ | 1,997,397 | ​ | ​ | 2,585,459 | ​ | ​ | 49,814 | ​ | 2021 | ​ | 40 Years
Fridley, MN | ​ | ​ | — | ​ | ​ | 4,775,640 | ​ | ​ | — | ​ | ​ | 12,102 | ​ | ​ | 4,787,742 | ​ | ​ | — | ​ | ​ | 4,787,742 | ​ | ​ | — | ​ | 2021 | ​ | ​
Lakeville, MN | ​ | ​ | — | ​ | ​ | 1,566,580 | ​ | ​ | 2,730,817 | ​ | ​ | — | ​ | ​ | 1,566,580 | ​ | ​ | 2,730,817 | ​ | ​ | 4,297,397 | ​ | ​ | 125,081 | ​ | 2021 | ​ | 40 Years
Oakdale, MN | ​ | ​ | — | ​ | ​ | 4,800,338 | ​ | ​ | 12,814,387 | ​ | ​ | — | ​ | ​ | 4,800,338 | ​ | ​ | 12,814,387 | ​ | ​ | 17,614,725 | ​ | ​ | 560,378 | ​ | 2021 | ​ | 40 Years
Savage, MN | ​ | ​ | — | ​ | ​ | 1,470,298 | ​ | ​ | 1,283,392 | ​ | ​ | — | ​ | ​ | 1,470,298 | ​ | ​ | 1,283,392 | ​ | ​ | 2,753,690 | ​ | ​ | 58,741 | ​ | 2021 | ​ | 40 Years
California, MO | ​ | ​ | — | ​ | ​ | 62,996 | ​ | ​ | 1,479,867 | ​ | ​ | — | ​ | ​ | 62,996 | ​ | ​ | 1,479,867 | ​ | ​ | 1,542,863 | ​ | ​ | 61,593 | ​ | 2021 | ​ | 40 Years
Marshfield, MO | ​ | ​ | — | ​ | ​ | 795,252 | ​ | ​ | 4,724,969 | ​ | ​ | — | ​ | ​ | 795,252 | ​ | ​ | 4,724,969 | ​ | ​ | 5,520,221 | ​ | ​ | 196,658 | ​ | 2021 | ​ | 40 Years
Pevely, MO | ​ | ​ | — | ​ | ​ | 724,554 | ​ | ​ | 1,130,540 | ​ | ​ | — | ​ | ​ | 724,554 | ​ | ​ | 1,130,540 | ​ | ​ | 1,855,094 | ​ | ​ | 51,768 | ​ | 2021 | ​ | 40 Years
Sugar Creek, MO | ​ | ​ | — | ​ | ​ | 488,219 | ​ | ​ | 1,038,408 | ​ | ​ | — | ​ | ​ | 488,219 | ​ | ​ | 1,038,408 | ​ | ​ | 1,526,627 | ​ | ​ | 43,198 | ​ | 2021 | ​ | 40 Years
Byhalia, MS | ​ | ​ | — | ​ | ​ | 150,179 | ​ | ​ | 1,417,039 | ​ | ​ | 4,402 | ​ | ​ | 150,179 | ​ | ​ | 1,421,441 | ​ | ​ | 1,571,620 | ​ | ​ | 38,420 | ​ | 2021 | ​ | 40 Years
Byram, MS | ​ | ​ | — | ​ | ​ | 5,279,846 | ​ | ​ | 10,832,879 | ​ | ​ | — | ​ | ​ | 5,279,846 | ​ | ​ | 10,832,879 | ​ | ​ | 16,112,725 | ​ | ​ | 428,668 | ​ | 2021 | ​ | 40 Years
Vicksburg, MS | ​ | ​ | — | ​ | ​ | 705,202 | ​ | ​ | 825,075 | ​ | ​ | — | ​ | ​ | 705,202 | ​ | ​ | 825,075 | ​ | ​ | 1,530,277 | ​ | ​ | 25,688 | ​ | 2021 | ​ | 40 Years

​

​

F-55

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Sidney, MT | ​ | ​ | — | ​ | ​ | 190,517 | ​ | ​ | 3,935,720 | ​ | ​ | — | ​ | ​ | 190,517 | ​ | ​ | 3,935,720 | ​ | ​ | 4,126,237 | ​ | ​ | 122,922 | ​ | 2021 | ​ | 40 Years
Cary, NC | ​ | ​ | — | ​ | ​ | 1,972,755 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,972,755 | ​ | ​ | — | ​ | ​ | 1,972,755 | ​ | ​ | — | ​ | 2021 | ​ | ​
Cary, NC | ​ | ​ | — | ​ | ​ | 810,927 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 810,927 | ​ | ​ | — | ​ | ​ | 810,927 | ​ | ​ | — | ​ | 2021 | ​ | ​
Charlotte, NC | ​ | ​ | — | ​ | ​ | 1,344,585 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,344,585 | ​ | ​ | — | ​ | ​ | 1,344,585 | ​ | ​ | — | ​ | 2021 | ​ | ​
Denver, NC | ​ | ​ | — | ​ | ​ | 199,637 | ​ | ​ | 1,323,072 | ​ | ​ | — | ​ | ​ | 199,637 | ​ | ​ | 1,323,072 | ​ | ​ | 1,522,709 | ​ | ​ | 52,348 | ​ | 2021 | ​ | 40 Years
Denver, NC | ​ | ​ | — | ​ | ​ | 188,155 | ​ | ​ | 702,254 | ​ | ​ | — | ​ | ​ | 188,155 | ​ | ​ | 702,254 | ​ | ​ | 890,409 | ​ | ​ | 27,774 | ​ | 2021 | ​ | 40 Years
Garner, NC | ​ | ​ | — | ​ | ​ | 545,483 | ​ | ​ | 2,714,833 | ​ | ​ | — | ​ | ​ | 545,483 | ​ | ​ | 2,714,833 | ​ | ​ | 3,260,316 | ​ | ​ | 130,086 | ​ | 2021 | ​ | 40 Years
Gastonia, NC | ​ | ​ | — | ​ | ​ | 261,641 | ​ | ​ | 1,033,980 | ​ | ​ | 73,894 | ​ | ​ | 261,641 | ​ | ​ | 1,107,874 | ​ | ​ | 1,369,515 | ​ | ​ | 54,162 | ​ | 2021 | ​ | 40 Years
Hickory, NC | ​ | ​ | — | ​ | ​ | 417,127 | ​ | ​ | 1,548,699 | ​ | ​ | 1,835 | ​ | ​ | 417,127 | ​ | ​ | 1,550,534 | ​ | ​ | 1,967,661 | ​ | ​ | 45,154 | ​ | 2021 | ​ | 40 Years
High Point, NC | ​ | ​ | — | ​ | ​ | 367,561 | ​ | ​ | 1,427,032 | ​ | ​ | 75,554 | ​ | ​ | 367,561 | ​ | ​ | 1,502,586 | ​ | ​ | 1,870,147 | ​ | ​ | 73,870 | ​ | 2021 | ​ | 40 Years
Holly Springs, NC | ​ | ​ | — | ​ | ​ | 1,298,760 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,298,760 | ​ | ​ | — | ​ | ​ | 1,298,760 | ​ | ​ | — | ​ | 2021 | ​ | ​
Holly Springs, NC | ​ | ​ | — | ​ | ​ | 996,275 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 996,275 | ​ | ​ | — | ​ | ​ | 996,275 | ​ | ​ | — | ​ | 2021 | ​ | ​
Holly Springs, NC | ​ | ​ | — | ​ | ​ | 1,200,518 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,200,518 | ​ | ​ | — | ​ | ​ | 1,200,518 | ​ | ​ | — | ​ | 2021 | ​ | ​
Holly Springs, NC | ​ | ​ | — | ​ | ​ | 1,024,340 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,024,340 | ​ | ​ | — | ​ | ​ | 1,024,340 | ​ | ​ | — | ​ | 2021 | ​ | ​
Holly Springs, NC | ​ | ​ | — | ​ | ​ | 1,405,020 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,405,020 | ​ | ​ | — | ​ | ​ | 1,405,020 | ​ | ​ | — | ​ | 2021 | ​ | ​
Holly Springs, NC | ​ | ​ | — | ​ | ​ | 1,611,871 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,611,871 | ​ | ​ | — | ​ | ​ | 1,611,871 | ​ | ​ | — | ​ | 2021 | ​ | ​
Mt. Airy, NC | ​ | ​ | — | ​ | ​ | 188,167 | ​ | ​ | 1,318,013 | ​ | ​ | 112,926 | ​ | ​ | 188,167 | ​ | ​ | 1,430,939 | ​ | ​ | 1,619,106 | ​ | ​ | 41,231 | ​ | 2021 | ​ | 40 Years
Statesville, NC | ​ | ​ | — | ​ | ​ | 1,073,746 | ​ | ​ | 6,186,151 | ​ | ​ | 6,965 | ​ | ​ | 1,073,746 | ​ | ​ | 6,193,116 | ​ | ​ | 7,266,862 | ​ | ​ | 309,438 | ​ | 2021 | ​ | 40 Years
Statesville, NC | ​ | ​ | — | ​ | ​ | 742,521 | ​ | ​ | 1,547,361 | ​ | ​ | — | ​ | ​ | 742,521 | ​ | ​ | 1,547,361 | ​ | ​ | 2,289,882 | ​ | ​ | 48,355 | ​ | 2021 | ​ | 40 Years
Wilmington, NC | ​ | ​ | — | ​ | ​ | 1,387,879 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,387,879 | ​ | ​ | — | ​ | ​ | 1,387,879 | ​ | ​ | — | ​ | 2021 | ​ | ​
Bottineau, ND | ​ | ​ | — | ​ | ​ | 680,781 | ​ | ​ | 2,851,784 | ​ | ​ | 22,313 | ​ | ​ | 680,781 | ​ | ​ | 2,874,097 | ​ | ​ | 3,554,878 | ​ | ​ | 77,647 | ​ | 2021 | ​ | 40 Years
Blair, NE | ​ | ​ | — | ​ | ​ | 65,927 | ​ | ​ | 1,171,950 | ​ | ​ | — | ​ | ​ | 65,927 | ​ | ​ | 1,171,950 | ​ | ​ | 1,237,877 | ​ | ​ | 38,963 | ​ | 2021 | ​ | 40 Years
Crete, NE | ​ | ​ | — | ​ | ​ | 283,765 | ​ | ​ | 4,583,875 | ​ | ​ | 1,835 | ​ | ​ | 283,765 | ​ | ​ | 4,585,710 | ​ | ​ | 4,869,475 | ​ | ​ | 133,635 | ​ | 2021 | ​ | 40 Years
Valentine, NE | ​ | ​ | — | ​ | ​ | 30,526 | ​ | ​ | 1,276,252 | ​ | ​ | 2,500 | ​ | ​ | 30,526 | ​ | ​ | 1,278,752 | ​ | ​ | 1,309,278 | ​ | ​ | 34,581 | ​ | 2021 | ​ | 40 Years
Wayne, NE | ​ | ​ | — | ​ | ​ | 24,660 | ​ | ​ | 1,211,103 | ​ | ​ | — | ​ | ​ | 24,660 | ​ | ​ | 1,211,103 | ​ | ​ | 1,235,763 | ​ | ​ | 40,268 | ​ | 2021 | ​ | 40 Years
Hooksett, NH | ​ | ​ | — | ​ | ​ | 2,474,821 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,474,821 | ​ | ​ | — | ​ | ​ | 2,474,821 | ​ | ​ | — | ​ | 2021 | ​ | ​
Hooksett, NH | ​ | ​ | — | ​ | ​ | 3,660,471 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,660,471 | ​ | ​ | — | ​ | ​ | 3,660,471 | ​ | ​ | — | ​ | 2021 | ​ | ​
Bellmawr, NJ | ​ | ​ | — | ​ | ​ | 3,517,630 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,517,630 | ​ | ​ | — | ​ | ​ | 3,517,630 | ​ | ​ | — | ​ | 2021 | ​ | ​
East Hanover, NJ | ​ | ​ | — | ​ | ​ | 2,424,060 | ​ | ​ | — | ​ | ​ | 153 | ​ | ​ | 2,424,213 | ​ | ​ | — | ​ | ​ | 2,424,213 | ​ | ​ | — | ​ | 2021 | ​ | ​
East Hanover, NJ | ​ | ​ | — | ​ | ​ | 6,185,969 | ​ | ​ | 6,748,014 | ​ | ​ | 153 | ​ | ​ | 6,185,969 | ​ | ​ | 6,748,167 | ​ | ​ | 12,934,136 | ​ | ​ | 312,374 | ​ | 2021 | ​ | 40 Years
Eatontown, NJ | ​ | ​ | — | ​ | ​ | 4,073,886 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,073,886 | ​ | ​ | — | ​ | ​ | 4,073,886 | ​ | ​ | — | ​ | 2021 | ​ | ​
Elizabeth, NJ | ​ | ​ | — | ​ | ​ | 1,389,441 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,389,441 | ​ | ​ | — | ​ | ​ | 1,389,441 | ​ | ​ | — | ​ | 2021 | ​ | ​
Hammonton, NJ | ​ | ​ | — | ​ | ​ | 4,231,954 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,231,954 | ​ | ​ | — | ​ | ​ | 4,231,954 | ​ | ​ | — | ​ | 2021 | ​ | ​
Lawrenceville, NJ | ​ | ​ | — | ​ | ​ | 19,909 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 19,909 | ​ | ​ | — | ​ | ​ | 19,909 | ​ | ​ | — | ​ | 2021 | ​ | ​
Lawrenceville, NJ | ​ | ​ | — | ​ | ​ | 12,118 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12,118 | ​ | ​ | — | ​ | ​ | 12,118 | ​ | ​ | — | ​ | 2021 | ​ | ​
Lawrenceville, NJ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,111,855 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,111,855 | ​ | ​ | 1,111,855 | ​ | ​ | 50,766 | ​ | 2021 | ​ | 40 Years
Lawrenceville, NJ | ​ | ​ | — | ​ | ​ | 19,909 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 19,909 | ​ | ​ | — | ​ | ​ | 19,909 | ​ | ​ | — | ​ | 2021 | ​ | ​
Lawrenceville, NJ | ​ | ​ | — | ​ | ​ | 19,909 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 19,909 | ​ | ​ | — | ​ | ​ | 19,909 | ​ | ​ | — | ​ | 2021 | ​ | ​
North Plainfield, NJ | ​ | ​ | — | ​ | ​ | 1,189,310 | ​ | ​ | 1,655,062 | ​ | ​ | — | ​ | ​ | 1,189,310 | ​ | ​ | 1,655,062 | ​ | ​ | 2,844,372 | ​ | ​ | 72,321 | ​ | 2021 | ​ | 40 Years
Parsippany, NJ | ​ | ​ | — | ​ | ​ | 4,683,017 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,683,017 | ​ | ​ | — | ​ | ​ | 4,683,017 | ​ | ​ | — | ​ | 2021 | ​ | ​
Parsippany, NJ | ​ | ​ | — | ​ | ​ | 896,104 | ​ | ​ | 1,977,903 | ​ | ​ | — | ​ | ​ | 896,104 | ​ | ​ | 1,977,903 | ​ | ​ | 2,874,007 | ​ | ​ | 74,171 | ​ | 2021 | ​ | 40 Years
Parsippany, NJ | ​ | ​ | — | ​ | ​ | 20,901,499 | ​ | ​ | — | ​ | ​ | (76,427) | ​ | ​ | 20,813,396 | ​ | ​ | 11,676 | ​ | ​ | 20,825,072 | ​ | ​ | 389 | ​ | 2021 | ​ | 40 Years
Pennsauken, NJ | ​ | ​ | — | ​ | ​ | 3,731,685 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,731,685 | ​ | ​ | — | ​ | ​ | 3,731,685 | ​ | ​ | — | ​ | 2021 | ​ | ​
Randolph, NJ | ​ | ​ | — | ​ | ​ | 3,550,608 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,550,608 | ​ | ​ | — | ​ | ​ | 3,550,608 | ​ | ​ | — | ​ | 2021 | ​ | ​
Upper Deerfield, NJ | ​ | ​ | — | ​ | ​ | 194,607 | ​ | ​ | 1,729,659 | ​ | ​ | 12,085 | ​ | ​ | 194,607 | ​ | ​ | 1,741,744 | ​ | ​ | 1,936,351 | ​ | ​ | 57,864 | ​ | 2021 | ​ | 40 Years
Whippany, NJ | ​ | ​ | — | ​ | ​ | 3,557,958 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,557,958 | ​ | ​ | — | ​ | ​ | 3,557,958 | ​ | ​ | — | ​ | 2021 | ​ | ​
Woodbine, NJ | ​ | ​ | — | ​ | ​ | 354,591 | ​ | ​ | 1,545,735 | ​ | ​ | — | ​ | ​ | 354,591 | ​ | ​ | 1,545,735 | ​ | ​ | 1,900,326 | ​ | ​ | 77,072 | ​ | 2021 | ​ | 40 Years
Woodbridge, NJ | ​ | ​ | — | ​ | ​ | 737,212 | ​ | ​ | 2,644,765 | ​ | ​ | — | ​ | ​ | 737,212 | ​ | ​ | 2,644,765 | ​ | ​ | 3,381,977 | ​ | ​ | 116,157 | ​ | 2021 | ​ | 40 Years
Albuquerque, NM | ​ | ​ | — | ​ | ​ | 2,812,052 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,812,052 | ​ | ​ | — | ​ | ​ | 2,812,052 | ​ | ​ | — | ​ | 2021 | ​ | ​
Albuquerque, NM | ​ | ​ | — | ​ | ​ | 433,221 | ​ | ​ | 1,163,623 | ​ | ​ | — | ​ | ​ | 433,221 | ​ | ​ | 1,163,623 | ​ | ​ | 1,596,844 | ​ | ​ | 43,500 | ​ | 2021 | ​ | 40 Years
Albuquerque, NM | ​ | ​ | — | ​ | ​ | 698,506 | ​ | ​ | 3,183,377 | ​ | ​ | 22,723 | ​ | ​ | 698,506 | ​ | ​ | 3,206,100 | ​ | ​ | 3,904,606 | ​ | ​ | 86,641 | ​ | 2021 | ​ | 40 Years
Espanola, NM | ​ | ​ | — | ​ | ​ | 5,630,895 | ​ | ​ | — | ​ | ​ | 1,835 | ​ | ​ | 5,632,730 | ​ | ​ | — | ​ | ​ | 5,632,730 | ​ | ​ | — | ​ | 2021 | ​ | ​
Kingston, NY | ​ | ​ | — | ​ | ​ | 515,184 | ​ | ​ | 3,795,511 | ​ | ​ | 73,085 | ​ | ​ | 515,184 | ​ | ​ | 3,868,596 | ​ | ​ | 4,383,780 | ​ | ​ | 121,909 | ​ | 2021 | ​ | 40 Years
New Rochelle, NY | ​ | ​ | — | ​ | ​ | 14,519,339 | ​ | ​ | 21,244,741 | ​ | ​ | — | ​ | ​ | 14,519,339 | ​ | ​ | 21,244,741 | ​ | ​ | 35,764,080 | ​ | ​ | 842,929 | ​ | 2021 | ​ | 40 Years
Niagara Falls, NY | ​ | ​ | — | ​ | ​ | 353,653 | ​ | ​ | 6,062,345 | ​ | ​ | — | ​ | ​ | 353,653 | ​ | ​ | 6,062,345 | ​ | ​ | 6,415,998 | ​ | ​ | 265,041 | ​ | 2021 | ​ | 40 Years
North Babylon, NY | ​ | ​ | — | ​ | ​ | 2,090,724 | ​ | ​ | — | ​ | ​ | 14,920 | ​ | ​ | 2,105,644 | ​ | ​ | — | ​ | ​ | 2,105,644 | ​ | ​ | — | ​ | 2021 | ​ | ​
Plattsburgh, NY | ​ | ​ | — | ​ | ​ | 161,089 | ​ | ​ | 2,240,530 | ​ | ​ | 9,797 | ​ | ​ | 161,089 | ​ | ​ | 2,250,327 | ​ | ​ | 2,411,416 | ​ | ​ | 70,200 | ​ | 2021 | ​ | 40 Years
Rochester, NY | ​ | ​ | — | ​ | ​ | 1,097,316 | ​ | ​ | 7,362,973 | ​ | ​ | — | ​ | ​ | 1,097,316 | ​ | ​ | 7,362,973 | ​ | ​ | 8,460,289 | ​ | ​ | 321,773 | ​ | 2021 | ​ | 40 Years
Scarsdale, NY | ​ | ​ | — | ​ | ​ | 886,492 | ​ | ​ | 1,108,577 | ​ | ​ | — | ​ | ​ | 886,492 | ​ | ​ | 1,108,577 | ​ | ​ | 1,995,069 | ​ | ​ | 34,562 | ​ | 2021 | ​ | 40 Years
Wappingers Falls, NY | ​ | ​ | — | ​ | ​ | 595,962 | ​ | ​ | 3,792,944 | ​ | ​ | — | ​ | ​ | 595,962 | ​ | ​ | 3,792,944 | ​ | ​ | 4,388,906 | ​ | ​ | 158,039 | ​ | 2021 | ​ | 40 Years
Bedford, OH | ​ | ​ | — | ​ | ​ | 222,469 | ​ | ​ | 1,643,801 | ​ | ​ | — | ​ | ​ | 222,469 | ​ | ​ | 1,643,801 | ​ | ​ | 1,866,270 | ​ | ​ | 54,614 | ​ | 2021 | ​ | 40 Years
Canton, OH | ​ | ​ | — | ​ | ​ | 289,416 | ​ | ​ | 1,625,007 | ​ | ​ | 4,402 | ​ | ​ | 289,416 | ​ | ​ | 1,629,409 | ​ | ​ | 1,918,825 | ​ | ​ | 44,053 | ​ | 2021 | ​ | 40 Years
Chesapeake, OH | ​ | ​ | — | ​ | ​ | 314,084 | ​ | ​ | 2,102,730 | ​ | ​ | 96,500 | ​ | ​ | 314,084 | ​ | ​ | 2,199,230 | ​ | ​ | 2,513,314 | ​ | ​ | 103,870 | ​ | 2021 | ​ | 40 Years
Columbus, OH | ​ | ​ | — | ​ | ​ | 1,009,008 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,009,008 | ​ | ​ | — | ​ | ​ | 1,009,008 | ​ | ​ | — | ​ | 2021 | ​ | ​
Dayton, OH | ​ | ​ | — | ​ | ​ | 168,736 | ​ | ​ | 1,738,910 | ​ | ​ | — | ​ | ​ | 168,736 | ​ | ​ | 1,738,910 | ​ | ​ | 1,907,646 | ​ | ​ | 54,225 | ​ | 2021 | ​ | 40 Years
Fairview Park, OH | ​ | ​ | — | ​ | ​ | 1,445,514 | ​ | ​ | 5,043,700 | ​ | ​ | 144,115 | ​ | ​ | 1,445,514 | ​ | ​ | 5,187,815 | ​ | ​ | 6,633,329 | ​ | ​ | 137,292 | ​ | 2021 | ​ | 40 Years
Gallipolis, OH | ​ | ​ | — | ​ | ​ | 818,390 | ​ | ​ | 2,159,967 | ​ | ​ | — | ​ | ​ | 818,390 | ​ | ​ | 2,159,967 | ​ | ​ | 2,978,357 | ​ | ​ | 103,396 | ​ | 2021 | ​ | 40 Years
Geneva, OH | ​ | ​ | — | ​ | ​ | 193,381 | ​ | ​ | 1,317,460 | ​ | ​ | — | ​ | ​ | 193,381 | ​ | ​ | 1,317,460 | ​ | ​ | 1,510,841 | ​ | ​ | 43,789 | ​ | 2021 | ​ | 40 Years
Groveport, OH | ​ | ​ | — | ​ | ​ | 386,687 | ​ | ​ | 1,166,510 | ​ | ​ | 668 | ​ | ​ | 386,687 | ​ | ​ | 1,167,178 | ​ | ​ | 1,553,865 | ​ | ​ | 48,473 | ​ | 2021 | ​ | 40 Years
Hilliard, OH | ​ | ​ | — | ​ | ​ | 1,030,560 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,030,560 | ​ | ​ | — | ​ | ​ | 1,030,560 | ​ | ​ | — | ​ | 2021 | ​ | ​
Hilliard, OH | ​ | ​ | — | ​ | ​ | 1,152,478 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,152,478 | ​ | ​ | — | ​ | ​ | 1,152,478 | ​ | ​ | — | ​ | 2021 | ​ | ​
Hilliard, OH | ​ | ​ | — | ​ | ​ | 1,041,080 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,041,080 | ​ | ​ | — | ​ | ​ | 1,041,080 | ​ | ​ | — | ​ | 2021 | ​ | ​
Hilliard, OH | ​ | ​ | — | ​ | ​ | 707,910 | ​ | ​ | — | ​ | ​ | (68) | ​ | ​ | 707,842 | ​ | ​ | — | ​ | ​ | 707,842 | ​ | ​ | — | ​ | 2021 | ​ | ​

​

​

​

F-56

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Hilliard, OH | ​ | ​ | — | ​ | ​ | 1,428,428 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,428,428 | ​ | ​ | — | ​ | ​ | 1,428,428 | ​ | ​ | — | ​ | 2021 | ​ | ​
Mentor, OH | ​ | ​ | — | ​ | ​ | 484,808 | ​ | ​ | 2,222,441 | ​ | ​ | 10,947 | ​ | ​ | 484,808 | ​ | ​ | 2,233,388 | ​ | ​ | 2,718,196 | ​ | ​ | 55,766 | ​ | 2021 | ​ | 40 Years
Milford Center, OH | ​ | ​ | — | ​ | ​ | 193,215 | ​ | ​ | 924,186 | ​ | ​ | 12,484 | ​ | ​ | 193,215 | ​ | ​ | 936,670 | ​ | ​ | 1,129,885 | ​ | ​ | 23,339 | ​ | 2021 | ​ | 40 Years
New Lexington, OH | ​ | ​ | — | ​ | ​ | 670,811 | ​ | ​ | 2,171,553 | ​ | ​ | — | ​ | ​ | 670,811 | ​ | ​ | 2,171,553 | ​ | ​ | 2,842,364 | ​ | ​ | 103,951 | ​ | 2021 | ​ | 40 Years
Octa, OH | ​ | ​ | — | ​ | ​ | 3,303,590 | ​ | ​ | — | ​ | ​ | 1,835 | ​ | ​ | 3,305,425 | ​ | ​ | — | ​ | ​ | 3,305,425 | ​ | ​ | — | ​ | 2021 | ​ | ​
Pataskala, OH | ​ | ​ | — | ​ | ​ | 626,985 | ​ | ​ | 1,071,479 | ​ | ​ | — | ​ | ​ | 626,985 | ​ | ​ | 1,071,479 | ​ | ​ | 1,698,464 | ​ | ​ | 35,624 | ​ | 2021 | ​ | 40 Years
Reynoldsburg, OH | ​ | ​ | — | ​ | ​ | 1,986,486 | ​ | ​ | — | ​ | ​ | (38,413) | ​ | ​ | 1,948,074 | ​ | ​ | — | ​ | ​ | 1,948,074 | ​ | ​ | — | ​ | 2021 | ​ | ​
Rocky River, OH | ​ | ​ | — | ​ | ​ | 4,045,087 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,045,087 | ​ | ​ | — | ​ | ​ | 4,045,087 | ​ | ​ | — | ​ | 2021 | ​ | ​
Rocky River, OH | ​ | ​ | — | ​ | ​ | 2,151,951 | ​ | ​ | — | ​ | ​ | 20,215 | ​ | ​ | 2,172,166 | ​ | ​ | — | ​ | ​ | 2,172,166 | ​ | ​ | — | ​ | 2021 | ​ | ​
Rocky River, OH | ​ | ​ | — | ​ | ​ | 1,372,577 | ​ | ​ | — | ​ | ​ | 20,215 | ​ | ​ | 1,392,792 | ​ | ​ | — | ​ | ​ | 1,392,792 | ​ | ​ | — | ​ | 2021 | ​ | ​
Sidney, OH | ​ | ​ | — | ​ | ​ | 45,594 | ​ | ​ | 1,562,442 | ​ | ​ | — | ​ | ​ | 45,594 | ​ | ​ | 1,562,442 | ​ | ​ | 1,608,036 | ​ | ​ | 51,990 | ​ | 2021 | ​ | 40 Years
Streetsboro, OH | ​ | ​ | — | ​ | ​ | 199,026 | ​ | ​ | 975,438 | ​ | ​ | 10,947 | ​ | ​ | 199,026 | ​ | ​ | 986,385 | ​ | ​ | 1,185,411 | ​ | ​ | 24,591 | ​ | 2021 | ​ | 40 Years
Toledo, OH | ​ | ​ | — | ​ | ​ | 4,839,262 | ​ | ​ | 6,842,158 | ​ | ​ | — | ​ | ​ | 4,839,262 | ​ | ​ | 6,842,158 | ​ | ​ | 11,681,420 | ​ | ​ | 270,702 | ​ | 2021 | ​ | 40 Years
Urbana, OH | ​ | ​ | — | ​ | ​ | 4,690,277 | ​ | ​ | 6,963,348 | ​ | ​ | — | ​ | ​ | 4,690,277 | ​ | ​ | 6,963,348 | ​ | ​ | 11,653,625 | ​ | ​ | 275,499 | ​ | 2021 | ​ | 40 Years
Winchester, OH | ​ | ​ | — | ​ | ​ | 259,544 | ​ | ​ | 1,236,805 | ​ | ​ | 4,402 | ​ | ​ | 259,544 | ​ | ​ | 1,241,207 | ​ | ​ | 1,500,751 | ​ | ​ | 33,539 | ​ | 2021 | ​ | 40 Years
Atoka, OK | ​ | ​ | — | ​ | ​ | 335,303 | ​ | ​ | 3,504,781 | ​ | ​ | — | ​ | ​ | 335,303 | ​ | ​ | 3,504,781 | ​ | ​ | 3,840,084 | ​ | ​ | 109,455 | ​ | 2021 | ​ | 40 Years
Stillwater, OK | ​ | ​ | — | ​ | ​ | 501,114 | ​ | ​ | 3,252,177 | ​ | ​ | — | ​ | ​ | 501,114 | ​ | ​ | 3,252,177 | ​ | ​ | 3,753,291 | ​ | ​ | 101,546 | ​ | 2021 | ​ | 40 Years
Tillamook, OR | ​ | ​ | — | ​ | ​ | 1,491,707 | ​ | ​ | 5,261,299 | ​ | ​ | — | ​ | ​ | 1,491,707 | ​ | ​ | 5,261,299 | ​ | ​ | 6,753,006 | ​ | ​ | 197,229 | ​ | 2021 | ​ | 40 Years
Cranberry, PA | ​ | ​ | — | ​ | ​ | 1,677,064 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,677,064 | ​ | ​ | — | ​ | ​ | 1,677,064 | ​ | ​ | — | ​ | 2021 | ​ | ​
Dunmore, PA | ​ | ​ | — | ​ | ​ | 2,386,896 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,386,896 | ​ | ​ | — | ​ | ​ | 2,386,896 | ​ | ​ | — | ​ | 2021 | ​ | ​
Erie, PA | ​ | ​ | — | ​ | ​ | 1,545,236 | ​ | ​ | 20,023,873 | ​ | ​ | 8,439 | ​ | ​ | 1,545,236 | ​ | ​ | 20,032,312 | ​ | ​ | 21,577,548 | ​ | ​ | 583,925 | ​ | 2021 | ​ | 40 Years
Greenville, PA | ​ | ​ | — | ​ | ​ | 1,117,096 | ​ | ​ | 10,381,185 | ​ | ​ | 25,171 | ​ | ​ | 1,117,096 | ​ | ​ | 10,406,356 | ​ | ​ | 11,523,452 | ​ | ​ | 260,002 | ​ | 2021 | ​ | 40 Years
Harrisburg, PA | ​ | ​ | — | ​ | ​ | 1,276,788 | ​ | ​ | — | ​ | ​ | 48,225 | ​ | ​ | 1,325,013 | ​ | ​ | — | ​ | ​ | 1,325,013 | ​ | ​ | — | ​ | 2021 | ​ | ​
Philadelphia, PA | ​ | ​ | — | ​ | ​ | 547,237 | ​ | ​ | 1,503,662 | ​ | ​ | — | ​ | ​ | 547,237 | ​ | ​ | 1,503,662 | ​ | ​ | 2,050,899 | ​ | ​ | 65,707 | ​ | 2021 | ​ | 40 Years
Quakertown, PA | ​ | ​ | — | ​ | ​ | 1,763,324 | ​ | ​ | — | ​ | ​ | 30,834 | ​ | ​ | 1,794,158 | ​ | ​ | — | ​ | ​ | 1,794,158 | ​ | ​ | — | ​ | 2021 | ​ | ​
West Mifflin, PA | ​ | ​ | — | ​ | ​ | 1,275,400 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,275,400 | ​ | ​ | — | ​ | ​ | 1,275,400 | ​ | ​ | — | ​ | 2021 | ​ | ​
Anderson, SC | ​ | ​ | — | ​ | ​ | 1,327,346 | ​ | ​ | 5,564,166 | ​ | ​ | 331,190 | ​ | ​ | 1,327,346 | ​ | ​ | 5,895,356 | ​ | ​ | 7,222,702 | ​ | ​ | 184,047 | ​ | 2021 | ​ | 40 Years
Bluffton, SC | ​ | ​ | — | ​ | ​ | 473,900 | ​ | ​ | 3,740,291 | ​ | ​ | — | ​ | ​ | 473,900 | ​ | ​ | 3,740,291 | ​ | ​ | 4,214,191 | ​ | ​ | 116,774 | ​ | 2021 | ​ | 40 Years
Columbia, SC | ​ | ​ | — | ​ | ​ | 307,888 | ​ | ​ | 2,411,359 | ​ | ​ | — | ​ | ​ | 307,888 | ​ | ​ | 2,411,359 | ​ | ​ | 2,719,247 | ​ | ​ | 75,284 | ​ | 2021 | ​ | 40 Years
Fort Mill, SC | ​ | ​ | — | ​ | ​ | 1,675,276 | ​ | ​ | 5,987,483 | ​ | ​ | 29,822 | ​ | ​ | 1,675,276 | ​ | ​ | 6,017,305 | ​ | ​ | 7,692,581 | ​ | ​ | 175,194 | ​ | 2021 | ​ | 40 Years
Lancaster, SC | ​ | ​ | — | ​ | ​ | 187,595 | ​ | ​ | 991,659 | ​ | ​ | 52,830 | ​ | ​ | 187,595 | ​ | ​ | 1,044,489 | ​ | ​ | 1,232,084 | ​ | ​ | 32,684 | ​ | 2021 | ​ | 40 Years
Olanta, SC | ​ | ​ | — | ​ | ​ | 81,182 | ​ | ​ | 820,443 | ​ | ​ | — | ​ | ​ | 81,182 | ​ | ​ | 820,443 | ​ | ​ | 901,625 | ​ | ​ | 25,572 | ​ | 2021 | ​ | 40 Years
Sumter, SC | ​ | ​ | — | ​ | ​ | 305,903 | ​ | ​ | 571,538 | ​ | ​ | 59,759 | ​ | ​ | 305,903 | ​ | ​ | 631,297 | ​ | ​ | 937,200 | ​ | ​ | 20,607 | ​ | 2021 | ​ | 40 Years
Pierre, SD | ​ | ​ | — | ​ | ​ | 181,579 | ​ | ​ | 2,071,921 | ​ | ​ | — | ​ | ​ | 181,579 | ​ | ​ | 2,071,921 | ​ | ​ | 2,253,500 | ​ | ​ | 77,616 | ​ | 2021 | ​ | 40 Years
Watertown, SD | ​ | ​ | — | ​ | ​ | 561,618 | ​ | ​ | 1,596,716 | ​ | ​ | 8,458 | ​ | ​ | 561,618 | ​ | ​ | 1,605,174 | ​ | ​ | 2,166,792 | ​ | ​ | 40,076 | ​ | 2021 | ​ | 40 Years
Antioch, TN | ​ | ​ | — | ​ | ​ | 935,614 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 935,614 | ​ | ​ | — | ​ | ​ | 935,614 | ​ | ​ | — | ​ | 2021 | ​ | ​
Clarksville, TN | ​ | ​ | — | ​ | ​ | 238,147 | ​ | ​ | 1,331,623 | ​ | ​ | — | ​ | ​ | 238,147 | ​ | ​ | 1,331,623 | ​ | ​ | 1,569,770 | ​ | ​ | 63,807 | ​ | 2021 | ​ | 40 Years
Crossville, TN | ​ | ​ | — | ​ | ​ | 691,538 | ​ | ​ | 2,633,769 | ​ | ​ | 145,758 | ​ | ​ | 691,538 | ​ | ​ | 2,779,527 | ​ | ​ | 3,471,065 | ​ | ​ | 66,598 | ​ | 2021 | ​ | 40 Years
Hendersonville, TN | ​ | ​ | — | ​ | ​ | 1,724,979 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,724,979 | ​ | ​ | — | ​ | ​ | 1,724,979 | ​ | ​ | — | ​ | 2021 | ​ | ​
Hermitage, TN | ​ | ​ | — | ​ | ​ | 722,734 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 722,734 | ​ | ​ | — | ​ | ​ | 722,734 | ​ | ​ | — | ​ | 2021 | ​ | ​
Jackson, TN | ​ | ​ | — | ​ | ​ | 1,730,483 | ​ | ​ | 3,100,154 | ​ | ​ | 2,500 | ​ | ​ | 1,730,483 | ​ | ​ | 3,102,654 | ​ | ​ | 4,833,137 | ​ | ​ | 96,739 | ​ | 2021 | ​ | 40 Years
Knoxville, TN | ​ | ​ | — | ​ | ​ | 1,762,166 | ​ | ​ | 3,753,566 | ​ | ​ | — | ​ | ​ | 1,762,166 | ​ | ​ | 3,753,566 | ​ | ​ | 5,515,732 | ​ | ​ | 140,736 | ​ | 2021 | ​ | 40 Years
Lakesite, TN | ​ | ​ | — | ​ | ​ | 834,052 | ​ | ​ | 999,412 | ​ | ​ | — | ​ | ​ | 834,052 | ​ | ​ | 999,412 | ​ | ​ | 1,833,464 | ​ | ​ | 43,651 | ​ | 2021 | ​ | 40 Years
Madison, TN | ​ | ​ | — | ​ | ​ | 797,234 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 797,234 | ​ | ​ | — | ​ | ​ | 797,234 | ​ | ​ | — | ​ | 2021 | ​ | ​
Murfreesboro, TN | ​ | ​ | — | ​ | ​ | 1,191,176 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,191,176 | ​ | ​ | — | ​ | ​ | 1,191,176 | ​ | ​ | — | ​ | 2021 | ​ | ​
Nashville, TN | ​ | ​ | — | ​ | ​ | 669,035 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 669,035 | ​ | ​ | — | ​ | ​ | 669,035 | ​ | ​ | — | ​ | 2021 | ​ | ​
Smyrna, TN | ​ | ​ | — | ​ | ​ | 2,059,771 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,059,771 | ​ | ​ | — | ​ | ​ | 2,059,771 | ​ | ​ | — | ​ | 2021 | ​ | ​
Amarillo, TX | ​ | ​ | — | ​ | ​ | 1,479,874 | ​ | ​ | 3,920,015 | ​ | ​ | 30,414 | ​ | ​ | 1,479,874 | ​ | ​ | 3,950,429 | ​ | ​ | 5,430,303 | ​ | ​ | 114,674 | ​ | 2021 | ​ | 40 Years
Baytown, TX | ​ | ​ | — | ​ | ​ | 5,245,019 | ​ | ​ | 13,452,319 | ​ | ​ | — | ​ | ​ | 5,245,019 | ​ | ​ | 13,452,319 | ​ | ​ | 18,697,338 | ​ | ​ | 532,354 | ​ | 2021 | ​ | 40 Years
Burleson, TX | ​ | ​ | — | ​ | ​ | 1,899,691 | ​ | ​ | 1,955,961 | ​ | ​ | — | ​ | ​ | 1,899,691 | ​ | ​ | 1,955,961 | ​ | ​ | 3,855,652 | ​ | ​ | 81,471 | ​ | 2021 | ​ | 40 Years
Cypress, TX | ​ | ​ | — | ​ | ​ | 621,351 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 621,351 | ​ | ​ | — | ​ | ​ | 621,351 | ​ | ​ | — | ​ | 2021 | ​ | ​
El Paso, TX | ​ | ​ | — | ​ | ​ | 1,290,305 | ​ | ​ | 4,701,339 | ​ | ​ | — | ​ | ​ | 1,290,305 | ​ | ​ | 4,701,339 | ​ | ​ | 5,991,644 | ​ | ​ | 215,292 | ​ | 2021 | ​ | 40 Years
El Paso, TX | ​ | ​ | — | ​ | ​ | 4,640,263 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,640,263 | ​ | ​ | — | ​ | ​ | 4,640,263 | ​ | ​ | — | ​ | 2021 | ​ | ​
Kerrville, TX | ​ | ​ | — | ​ | ​ | 629,024 | ​ | ​ | 2,862,560 | ​ | ​ | — | ​ | ​ | 629,024 | ​ | ​ | 2,862,560 | ​ | ​ | 3,491,584 | ​ | ​ | 107,346 | ​ | 2021 | ​ | 40 Years
Midland, TX | ​ | ​ | — | ​ | ​ | 3,506,179 | ​ | ​ | 1,938,388 | ​ | ​ | — | ​ | ​ | 3,506,179 | ​ | ​ | 1,938,388 | ​ | ​ | 5,444,567 | ​ | ​ | 72,666 | ​ | 2021 | ​ | 40 Years
Monahans, TX | ​ | ​ | — | ​ | ​ | 783,242 | ​ | ​ | 2,930,495 | ​ | ​ | 2,500 | ​ | ​ | 783,242 | ​ | ​ | 2,932,995 | ​ | ​ | 3,716,237 | ​ | ​ | 73,309 | ​ | 2021 | ​ | 40 Years
Odessa, TX | ​ | ​ | — | ​ | ​ | 2,378,043 | ​ | ​ | 1,905,793 | ​ | ​ | — | ​ | ​ | 2,378,043 | ​ | ​ | 1,905,793 | ​ | ​ | 4,283,836 | ​ | ​ | 71,443 | ​ | 2021 | ​ | 40 Years
Odessa, TX | ​ | ​ | — | ​ | ​ | 2,256,629 | ​ | ​ | 1,689,906 | ​ | ​ | — | ​ | ​ | 2,256,629 | ​ | ​ | 1,689,906 | ​ | ​ | 3,946,535 | ​ | ​ | 63,347 | ​ | 2021 | ​ | 40 Years
Odessa, TX | ​ | ​ | — | ​ | ​ | 2,365,571 | ​ | ​ | 1,566,637 | ​ | ​ | — | ​ | ​ | 2,365,571 | ​ | ​ | 1,566,637 | ​ | ​ | 3,932,208 | ​ | ​ | 58,725 | ​ | 2021 | ​ | 40 Years
Richmond, TX | ​ | ​ | — | ​ | ​ | 478,530 | ​ | ​ | 2,624,852 | ​ | ​ | — | ​ | ​ | 478,530 | ​ | ​ | 2,624,852 | ​ | ​ | 3,103,382 | ​ | ​ | 92,944 | ​ | 2021 | ​ | 40 Years
Shenandoah, TX | ​ | ​ | — | ​ | ​ | 2,293,709 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,293,709 | ​ | ​ | — | ​ | ​ | 2,293,709 | ​ | ​ | — | ​ | 2021 | ​ | ​
Spring, TX | ​ | ​ | — | ​ | ​ | 1,886,748 | ​ | ​ | 1,930,279 | ​ | ​ | — | ​ | ​ | 1,886,748 | ​ | ​ | 1,930,279 | ​ | ​ | 3,817,027 | ​ | ​ | 64,343 | ​ | 2021 | ​ | 40 Years
Texarkana, TX | ​ | ​ | — | ​ | ​ | 1,312,692 | ​ | ​ | 2,124,343 | ​ | ​ | 142 | ​ | ​ | 1,312,692 | ​ | ​ | 2,124,485 | ​ | ​ | 3,437,177 | ​ | ​ | 92,172 | ​ | 2021 | ​ | 40 Years
White Oak, TX | ​ | ​ | — | ​ | ​ | 120,160 | ​ | ​ | 1,224,831 | ​ | ​ | 468 | ​ | ​ | 120,160 | ​ | ​ | 1,225,299 | ​ | ​ | 1,345,459 | ​ | ​ | 45,689 | ​ | 2021 | ​ | 40 Years
Orem, UT | ​ | ​ | — | ​ | ​ | 764,062 | ​ | ​ | 2,054,014 | ​ | ​ | — | ​ | ​ | 764,062 | ​ | ​ | 2,054,014 | ​ | ​ | 2,818,076 | ​ | ​ | 98,422 | ​ | 2021 | ​ | 40 Years
Charlottesville, VA | ​ | ​ | — | ​ | ​ | 1,364,219 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,364,219 | ​ | ​ | — | ​ | ​ | 1,364,219 | ​ | ​ | — | ​ | 2021 | ​ | ​
Chester, VA | ​ | ​ | — | ​ | ​ | 646,751 | ​ | ​ | 4,938,519 | ​ | ​ | — | ​ | ​ | 646,751 | ​ | ​ | 4,938,519 | ​ | ​ | 5,585,270 | ​ | ​ | 215,978 | ​ | 2021 | ​ | 40 Years
Lynchburg, VA | ​ | ​ | — | ​ | ​ | 2,102,839 | ​ | ​ | 6,892,262 | ​ | ​ | — | ​ | ​ | 2,102,839 | ​ | ​ | 6,892,262 | ​ | ​ | 8,995,101 | ​ | ​ | 300,938 | ​ | 2021 | ​ | 40 Years
Manassas, VA | ​ | ​ | — | ​ | ​ | 3,659,187 | ​ | ​ | 3,746,418 | ​ | ​ | — | ​ | ​ | 3,659,187 | ​ | ​ | 3,746,418 | ​ | ​ | 7,405,605 | ​ | ​ | 156,101 | ​ | 2021 | ​ | 40 Years
Newport News, VA | ​ | ​ | — | ​ | ​ | 287,461 | ​ | ​ | 2,086,888 | ​ | ​ | 11,461 | ​ | ​ | 287,461 | ​ | ​ | 2,098,349 | ​ | ​ | 2,385,810 | ​ | ​ | 52,387 | ​ | 2021 | ​ | 40 Years
Wytheville, VA | ​ | ​ | — | ​ | ​ | 450,045 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 450,045 | ​ | ​ | — | ​ | ​ | 450,045 | ​ | ​ | — | ​ | 2021 | ​ | ​
Lakewood, WA | ​ | ​ | — | ​ | ​ | 788,705 | ​ | ​ | 2,937,767 | ​ | ​ | — | ​ | ​ | 788,705 | ​ | ​ | 2,937,767 | ​ | ​ | 3,726,472 | ​ | ​ | 110,245 | ​ | 2021 | ​ | 40 Years
Port Angeles, WA | ​ | ​ | — | ​ | ​ | 476,652 | ​ | ​ | 5,940,135 | ​ | ​ | — | ​ | ​ | 476,652 | ​ | ​ | 5,940,135 | ​ | ​ | 6,416,787 | ​ | ​ | 215,624 | ​ | 2021 | ​ | 40 Years

​

​

F-57

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Puyallup, WA | ​ | ​ | — | ​ | ​ | 1,626,445 | ​ | ​ | 2,757,598 | ​ | ​ | — | ​ | ​ | 1,626,445 | ​ | ​ | 2,757,598 | ​ | ​ | 4,384,043 | ​ | ​ | 103,285 | ​ | 2021 | ​ | 40 Years
Roy, WA | ​ | ​ | — | ​ | ​ | 327,278 | ​ | ​ | 1,862,388 | ​ | ​ | — | ​ | ​ | 327,278 | ​ | ​ | 1,862,388 | ​ | ​ | 2,189,666 | ​ | ​ | 69,789 | ​ | 2021 | ​ | 40 Years
Antigo, WI | ​ | ​ | — | ​ | ​ | 150,406 | ​ | ​ | 907,287 | ​ | ​ | 1,835 | ​ | ​ | 150,406 | ​ | ​ | 909,122 | ​ | ​ | 1,059,528 | ​ | ​ | 26,396 | ​ | 2021 | ​ | 40 Years
Brown Deer, WI | ​ | ​ | — | ​ | ​ | 413,053 | ​ | ​ | 2,893,299 | ​ | ​ | 25,989 | ​ | ​ | 413,053 | ​ | ​ | 2,919,288 | ​ | ​ | 3,332,341 | ​ | ​ | 72,820 | ​ | 2021 | ​ | 40 Years
Eau Claire, WI | ​ | ​ | — | ​ | ​ | 2,897,122 | ​ | ​ | 6,600,361 | ​ | ​ | — | ​ | ​ | 2,897,122 | ​ | ​ | 6,600,361 | ​ | ​ | 9,497,483 | ​ | ​ | 288,804 | ​ | 2021 | ​ | 40 Years
Milwaukee, WI | ​ | ​ | — | ​ | ​ | 63,728 | ​ | ​ | 1,834,352 | ​ | ​ | — | ​ | ​ | 63,728 | ​ | ​ | 1,834,352 | ​ | ​ | 1,898,080 | ​ | ​ | 64,909 | ​ | 2021 | ​ | 40 Years
Sheboygan, WI | ​ | ​ | — | ​ | ​ | 373,040 | ​ | ​ | 3,470,250 | ​ | ​ | 8,476 | ​ | ​ | 373,040 | ​ | ​ | 3,478,726 | ​ | ​ | 3,851,766 | ​ | ​ | 101,310 | ​ | 2021 | ​ | 40 Years
Athens, WV | ​ | ​ | — | ​ | ​ | 416,517 | ​ | ​ | 1,472,494 | ​ | ​ | — | ​ | ​ | 416,517 | ​ | ​ | 1,472,494 | ​ | ​ | 1,889,011 | ​ | ​ | 70,455 | ​ | 2021 | ​ | 40 Years
Beckley, WV | ​ | ​ | — | ​ | ​ | 663,138 | ​ | ​ | 2,263,526 | ​ | ​ | — | ​ | ​ | 663,138 | ​ | ​ | 2,263,526 | ​ | ​ | 2,926,664 | ​ | ​ | 109,676 | ​ | 2021 | ​ | 40 Years
Buckhannon, WV | ​ | ​ | — | ​ | ​ | 469,129 | ​ | ​ | 1,853,528 | ​ | ​ | 151,900 | ​ | ​ | 469,129 | ​ | ​ | 2,005,428 | ​ | ​ | 2,474,557 | ​ | ​ | 93,776 | ​ | 2021 | ​ | 40 Years
Elkins, WV | ​ | ​ | — | ​ | ​ | 397,225 | ​ | ​ | 1,832,516 | ​ | ​ | — | ​ | ​ | 397,225 | ​ | ​ | 1,832,516 | ​ | ​ | 2,229,741 | ​ | ​ | 87,706 | ​ | 2021 | ​ | 40 Years
Huntington, WV | ​ | ​ | — | ​ | ​ | 447,207 | ​ | ​ | 1,851,268 | ​ | ​ | — | ​ | ​ | 447,207 | ​ | ​ | 1,851,268 | ​ | ​ | 2,298,475 | ​ | ​ | 89,641 | ​ | 2021 | ​ | 40 Years
Huntington, WV | ​ | ​ | — | ​ | ​ | 572,162 | ​ | ​ | 1,386,007 | ​ | ​ | — | ​ | ​ | 572,162 | ​ | ​ | 1,386,007 | ​ | ​ | 1,958,169 | ​ | ​ | 67,140 | ​ | 2021 | ​ | 40 Years
Princeton, WV | ​ | ​ | — | ​ | ​ | 778,229 | ​ | ​ | 2,357,830 | ​ | ​ | — | ​ | ​ | 778,229 | ​ | ​ | 2,357,830 | ​ | ​ | 3,136,059 | ​ | ​ | 112,877 | ​ | 2021 | ​ | 40 Years
Princeton, WV | ​ | ​ | — | ​ | ​ | 233,205 | ​ | ​ | 1,245,497 | ​ | ​ | — | ​ | ​ | 233,205 | ​ | ​ | 1,245,497 | ​ | ​ | 1,478,702 | ​ | ​ | 44,091 | ​ | 2021 | ​ | 40 Years
Bessemer, AL | ​ | ​ | — | ​ | ​ | 319,436 | ​ | ​ | 1,007,258 | ​ | ​ | — | ​ | ​ | 319,436 | ​ | ​ | 1,007,258 | ​ | ​ | 1,326,694 | ​ | ​ | 18,886 | ​ | 2022 | ​ | 40 Years
Blountsville, AL | ​ | ​ | — | ​ | ​ | 231,165 | ​ | ​ | 1,316,448 | ​ | ​ | — | ​ | ​ | 231,165 | ​ | ​ | 1,316,448 | ​ | ​ | 1,547,613 | ​ | ​ | 5,124 | ​ | 2022 | ​ | 40 Years
Clayton, AL | ​ | ​ | — | ​ | ​ | 305,323 | ​ | ​ | 1,199,107 | ​ | ​ | — | ​ | ​ | 305,323 | ​ | ​ | 1,199,107 | ​ | ​ | 1,504,430 | ​ | ​ | 4,692 | ​ | 2022 | ​ | 40 Years
Foley, AL | ​ | ​ | — | ​ | ​ | 876,745 | ​ | ​ | 1,662,760 | ​ | ​ | — | ​ | ​ | 876,745 | ​ | ​ | 1,662,760 | ​ | ​ | 2,539,505 | ​ | ​ | 14,326 | ​ | 2022 | ​ | 40 Years
Grant, AL | ​ | ​ | — | ​ | ​ | 77,433 | ​ | ​ | 1,188,768 | ​ | ​ | — | ​ | ​ | 77,433 | ​ | ​ | 1,188,768 | ​ | ​ | 1,266,201 | ​ | ​ | 4,801 | ​ | 2022 | ​ | 40 Years
Hoover, AL | ​ | ​ | — | ​ | ​ | 1,548,554 | ​ | ​ | 1,351,397 | ​ | ​ | — | ​ | ​ | 1,548,554 | ​ | ​ | 1,351,397 | ​ | ​ | 2,899,951 | ​ | ​ | 1,550 | ​ | 2022 | ​ | 40 Years
Madison, AL | ​ | ​ | — | ​ | ​ | 1,317,052 | ​ | ​ | 1,381,193 | ​ | ​ | — | ​ | ​ | 1,317,052 | ​ | ​ | 1,381,193 | ​ | ​ | 2,698,245 | ​ | ​ | 4,711 | ​ | 2022 | ​ | 40 Years
Mobile, AL | ​ | ​ | — | ​ | ​ | 81,304 | ​ | ​ | 1,526,990 | ​ | ​ | — | ​ | ​ | 81,304 | ​ | ​ | 1,526,990 | ​ | ​ | 1,608,294 | ​ | ​ | 20,952 | ​ | 2022 | ​ | 40 Years
Talladega, AL | ​ | ​ | — | ​ | ​ | 903,998 | ​ | ​ | 2,044,842 | ​ | ​ | — | ​ | ​ | 903,998 | ​ | ​ | 2,044,842 | ​ | ​ | 2,948,840 | ​ | ​ | 2,294 | ​ | 2022 | ​ | 40 Years
Springdale, AR | ​ | ​ | — | ​ | ​ | 568,164 | ​ | ​ | 3,133,875 | ​ | ​ | — | ​ | ​ | 568,164 | ​ | ​ | 3,133,875 | ​ | ​ | 3,702,039 | ​ | ​ | 58,760 | ​ | 2022 | ​ | 40 Years
Coal Hill, AR | ​ | ​ | — | ​ | ​ | 134,620 | ​ | ​ | 1,378,371 | ​ | ​ | — | ​ | ​ | 134,620 | ​ | ​ | 1,378,371 | ​ | ​ | 1,512,990 | ​ | ​ | 15,643 | ​ | 2022 | ​ | 40 Years
Conway, AR | ​ | ​ | — | ​ | ​ | 357,768 | ​ | ​ | 2,955,854 | ​ | ​ | — | ​ | ​ | 357,768 | ​ | ​ | 2,955,854 | ​ | ​ | 3,313,621 | ​ | ​ | 24,101 | ​ | 2022 | ​ | 40 Years
Fort Smith, AR | ​ | ​ | — | ​ | ​ | 50,300 | ​ | ​ | 2,378,776 | ​ | ​ | — | ​ | ​ | 50,300 | ​ | ​ | 2,378,776 | ​ | ​ | 2,429,076 | ​ | ​ | 29,652 | ​ | 2022 | ​ | 40 Years
Lincoln, AR | ​ | ​ | — | ​ | ​ | 318,811 | ​ | ​ | 1,269,472 | ​ | ​ | — | ​ | ​ | 318,811 | ​ | ​ | 1,269,472 | ​ | ​ | 1,588,283 | ​ | ​ | 1,639 | ​ | 2022 | ​ | 40 Years
Little Rock, AR | ​ | ​ | — | ​ | ​ | 369,985 | ​ | ​ | 4,260,606 | ​ | ​ | — | ​ | ​ | 369,985 | ​ | ​ | 4,260,606 | ​ | ​ | 4,630,591 | ​ | ​ | 53,175 | ​ | 2022 | ​ | 40 Years
Pine Bluff, AR | ​ | ​ | — | ​ | ​ | 216,373 | ​ | ​ | 391,093 | ​ | ​ | — | ​ | ​ | 216,373 | ​ | ​ | 391,093 | ​ | ​ | 607,465 | ​ | ​ | 4,889 | ​ | 2022 | ​ | 40 Years
Russellville, AR | ​ | ​ | — | ​ | ​ | 176,925 | ​ | ​ | 481,057 | ​ | ​ | — | ​ | ​ | 176,925 | ​ | ​ | 481,057 | ​ | ​ | 657,981 | ​ | ​ | 5,930 | ​ | 2022 | ​ | 40 Years
Springdale, AR | ​ | ​ | — | ​ | ​ | 1,333,032 | ​ | ​ | 2,929,959 | ​ | ​ | — | ​ | ​ | 1,333,032 | ​ | ​ | 2,929,959 | ​ | ​ | 4,262,990 | ​ | ​ | 36,542 | ​ | 2022 | ​ | 40 Years
Glendale, AZ | ​ | ​ | — | ​ | ​ | 3,552,730 | ​ | ​ | 3,229,514 | ​ | ​ | — | ​ | ​ | 3,552,730 | ​ | ​ | 3,229,514 | ​ | ​ | 6,782,244 | ​ | ​ | 12,180 | ​ | 2022 | ​ | 40 Years
Phoenix, AZ | ​ | ​ | — | ​ | ​ | 1,393,147 | ​ | ​ | 3,822,282 | ​ | ​ | — | ​ | ​ | 1,393,147 | ​ | ​ | 3,822,282 | ​ | ​ | 5,215,428 | ​ | ​ | 47,696 | ​ | 2022 | ​ | 40 Years
Tolleson, AZ | ​ | ​ | — | ​ | ​ | 2,091,545 | ​ | ​ | 4,359,819 | ​ | ​ | — | ​ | ​ | 2,091,545 | ​ | ​ | 4,359,819 | ​ | ​ | 6,451,364 | ​ | ​ | 15,199 | ​ | 2022 | ​ | 40 Years
Bakersfield, CA | ​ | ​ | — | ​ | ​ | 1,205,283 | ​ | ​ | 3,010,596 | ​ | ​ | — | ​ | ​ | 1,205,283 | ​ | ​ | 3,010,596 | ​ | ​ | 4,215,880 | ​ | ​ | 3,892 | ​ | 2022 | ​ | 40 Years
La Cañada, CA | ​ | ​ | — | ​ | ​ | 1,921,417 | ​ | ​ | 457,495 | ​ | ​ | — | ​ | ​ | 1,921,417 | ​ | ​ | 457,495 | ​ | ​ | 2,378,912 | ​ | ​ | 5,636 | ​ | 2022 | ​ | 40 Years
Ontario, CA | ​ | ​ | — | ​ | ​ | 3,173,695 | ​ | ​ | 2,567,059 | ​ | ​ | — | ​ | ​ | 3,173,695 | ​ | ​ | 2,567,059 | ​ | ​ | 5,740,754 | ​ | ​ | 32,005 | ​ | 2022 | ​ | 40 Years
Riverside, CA | ​ | ​ | — | ​ | ​ | 3,081,078 | ​ | ​ | 14,365,552 | ​ | ​ | — | ​ | ​ | 3,081,078 | ​ | ​ | 14,365,552 | ​ | ​ | 17,446,630 | ​ | ​ | 163,283 | ​ | 2022 | ​ | 40 Years
Stockton, CA | ​ | ​ | — | ​ | ​ | 1,275,187 | ​ | ​ | 945,420 | ​ | ​ | — | ​ | ​ | 1,275,187 | ​ | ​ | 945,420 | ​ | ​ | 2,220,607 | ​ | ​ | 18,593 | ​ | 2022 | ​ | 40 Years
Turlock, CA | ​ | ​ | — | ​ | ​ | 487,463 | ​ | ​ | 2,212,222 | ​ | ​ | — | ​ | ​ | 487,463 | ​ | ​ | 2,212,222 | ​ | ​ | 2,699,685 | ​ | ​ | 7,893 | ​ | 2022 | ​ | 40 Years
Turlock, CA | ​ | ​ | — | ​ | ​ | 1,200,474 | ​ | ​ | 4,510,849 | ​ | ​ | — | ​ | ​ | 1,200,474 | ​ | ​ | 4,510,849 | ​ | ​ | 5,711,323 | ​ | ​ | 15,271 | ​ | 2022 | ​ | 40 Years
Turlock, CA | ​ | ​ | — | ​ | ​ | 1,086,480 | ​ | ​ | 5,124,804 | ​ | ​ | — | ​ | ​ | 1,086,480 | ​ | ​ | 5,124,804 | ​ | ​ | 6,211,284 | ​ | ​ | 21,504 | ​ | 2022 | ​ | 40 Years
Vallejo, CA | ​ | ​ | — | ​ | ​ | 2,769,671 | ​ | ​ | 2,513,905 | ​ | ​ | — | ​ | ​ | 2,769,671 | ​ | ​ | 2,513,905 | ​ | ​ | 5,283,576 | ​ | ​ | 37,412 | ​ | 2022 | ​ | 40 Years
Windsor Hill, CA | ​ | ​ | — | ​ | ​ | 3,332,206 | ​ | ​ | 2,100,596 | ​ | ​ | — | ​ | ​ | 3,332,206 | ​ | ​ | 2,100,596 | ​ | ​ | 5,432,803 | ​ | ​ | 23,072 | ​ | 2022 | ​ | 40 Years
Middletown, CT | ​ | ​ | — | ​ | ​ | 2,143,995 | ​ | ​ | 2,943,499 | ​ | ​ | — | ​ | ​ | 2,143,995 | ​ | ​ | 2,943,499 | ​ | ​ | 5,087,494 | ​ | ​ | 67,143 | ​ | 2022 | ​ | 40 Years
Waterbury, CT | ​ | ​ | — | ​ | ​ | 972,505 | ​ | ​ | 2,058,031 | ​ | ​ | — | ​ | ​ | 972,505 | ​ | ​ | 2,058,031 | ​ | ​ | 3,030,536 | ​ | ​ | 21,776 | ​ | 2022 | ​ | 40 Years
West Hartford, CT | ​ | ​ | — | ​ | ​ | 852,020 | ​ | ​ | 5,066,206 | ​ | ​ | — | ​ | ​ | 852,020 | ​ | ​ | 5,066,206 | ​ | ​ | 5,918,226 | ​ | ​ | 79,724 | ​ | 2022 | ​ | 40 Years
West Hartford, CT | ​ | ​ | — | ​ | ​ | 4,044,465 | ​ | ​ | 14,245,446 | ​ | ​ | — | ​ | ​ | 4,044,465 | ​ | ​ | 14,245,446 | ​ | ​ | 18,289,911 | ​ | ​ | 220,161 | ​ | 2022 | ​ | 40 Years
Wethersfield, CT | ​ | ​ | — | ​ | ​ | 553,394 | ​ | ​ | 1,132,300 | ​ | ​ | — | ​ | ​ | 553,394 | ​ | ​ | 1,132,300 | ​ | ​ | 1,685,694 | ​ | ​ | 14,154 | ​ | 2022 | ​ | 40 Years
Wethersfield, CT | ​ | ​ | — | ​ | ​ | 933,446 | ​ | ​ | 1,502,866 | ​ | ​ | — | ​ | ​ | 933,446 | ​ | ​ | 1,502,866 | ​ | ​ | 2,436,312 | ​ | ​ | 18,620 | ​ | 2022 | ​ | 40 Years
Millsboro, DE | ​ | ​ | — | ​ | ​ | 6,857,716 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,857,716 | ​ | ​ | — | ​ | ​ | 6,857,716 | ​ | ​ | — | ​ | 2022 | ​ | ​
Ocala, FL | ​ | ​ | — | ​ | ​ | 204,589 | ​ | ​ | 1,703,533 | ​ | ​ | — | ​ | ​ | 204,589 | ​ | ​ | 1,703,533 | ​ | ​ | 1,908,123 | ​ | ​ | 31,941 | ​ | 2022 | ​ | 40 Years
Palm Coast, FL | ​ | ​ | — | ​ | ​ | 479,504 | ​ | ​ | 984,850 | ​ | ​ | — | ​ | ​ | 479,504 | ​ | ​ | 984,850 | ​ | ​ | 1,464,354 | ​ | ​ | 22,497 | ​ | 2022 | ​ | 40 Years
Panama City, FL | ​ | ​ | — | ​ | ​ | 1,998,986 | ​ | ​ | 1,409,662 | ​ | ​ | — | ​ | ​ | 1,998,986 | ​ | ​ | 1,409,662 | ​ | ​ | 3,408,648 | ​ | ​ | 26,431 | ​ | 2022 | ​ | 40 Years
Sanford, FL | ​ | ​ | — | ​ | ​ | 3,590,819 | ​ | ​ | 2,515,568 | ​ | ​ | — | ​ | ​ | 3,590,819 | ​ | ​ | 2,515,568 | ​ | ​ | 6,106,387 | ​ | ​ | 47,167 | ​ | 2022 | ​ | 40 Years
Trenton, FL | ​ | ​ | — | ​ | ​ | 430,460 | ​ | ​ | 2,288,147 | ​ | ​ | — | ​ | ​ | 430,460 | ​ | ​ | 2,288,147 | ​ | ​ | 2,718,607 | ​ | ​ | 42,903 | ​ | 2022 | ​ | 40 Years
Chiefland, FL | ​ | ​ | — | ​ | ​ | 489,309 | ​ | ​ | 1,306,132 | ​ | ​ | — | ​ | ​ | 489,309 | ​ | ​ | 1,306,132 | ​ | ​ | 1,795,442 | ​ | ​ | 14,845 | ​ | 2022 | ​ | 40 Years
Coral Gables, FL | ​ | ​ | — | ​ | ​ | 3,127,647 | ​ | ​ | 272,255 | ​ | ​ | — | ​ | ​ | 3,127,647 | ​ | ​ | 272,255 | ​ | ​ | 3,399,902 | ​ | ​ | 3,320 | ​ | 2022 | ​ | 40 Years
Crestview, FL | ​ | ​ | — | ​ | ​ | 961,109 | ​ | ​ | 1,044,147 | ​ | ​ | — | ​ | ​ | 961,109 | ​ | ​ | 1,044,147 | ​ | ​ | 2,005,256 | ​ | ​ | 8,639 | ​ | 2022 | ​ | 40 Years
Destin, FL | ​ | ​ | — | ​ | ​ | 1,830,319 | ​ | ​ | 780,173 | ​ | ​ | — | ​ | ​ | 1,830,319 | ​ | ​ | 780,173 | ​ | ​ | 2,610,492 | ​ | ​ | 2,664 | ​ | 2022 | ​ | 40 Years
Gainesville, FL | ​ | ​ | — | ​ | ​ | 1,173,553 | ​ | ​ | 517,450 | ​ | ​ | — | ​ | ​ | 1,173,553 | ​ | ​ | 517,450 | ​ | ​ | 1,691,003 | ​ | ​ | 6,385 | ​ | 2022 | ​ | 40 Years
Gainesville, FL | ​ | ​ | — | ​ | ​ | 2,544,415 | ​ | ​ | 5,881,080 | ​ | ​ | — | ​ | ​ | 2,544,415 | ​ | ​ | 5,881,080 | ​ | ​ | 8,425,496 | ​ | ​ | 7,443 | ​ | 2022 | ​ | 40 Years
Hollywood, FL | ​ | ​ | — | ​ | ​ | 927,500 | ​ | ​ | 1,351,709 | ​ | ​ | — | ​ | ​ | 927,500 | ​ | ​ | 1,351,709 | ​ | ​ | 2,279,210 | ​ | ​ | 16,813 | ​ | 2022 | ​ | 40 Years
Homestead, FL | ​ | ​ | — | ​ | ​ | 1,021,155 | ​ | ​ | 735,752 | ​ | ​ | — | ​ | ​ | 1,021,155 | ​ | ​ | 735,752 | ​ | ​ | 1,756,908 | ​ | ​ | 9,114 | ​ | 2022 | ​ | 40 Years
Jacksonville Beach, FL | ​ | ​ | — | ​ | ​ | 1,130,336 | ​ | ​ | 991,755 | ​ | ​ | — | ​ | ​ | 1,130,336 | ​ | ​ | 991,755 | ​ | ​ | 2,122,091 | ​ | ​ | 12,314 | ​ | 2022 | ​ | 40 Years
Jacksonville, FL | ​ | ​ | — | ​ | ​ | 1,057,416 | ​ | ​ | 1,007,440 | ​ | ​ | — | ​ | ​ | 1,057,416 | ​ | ​ | 1,007,440 | ​ | ​ | 2,064,855 | ​ | ​ | 12,593 | ​ | 2022 | ​ | 40 Years
Jacksonville, FL | ​ | ​ | — | ​ | ​ | 1,185,978 | ​ | ​ | 1,025,426 | ​ | ​ | — | ​ | ​ | 1,185,978 | ​ | ​ | 1,025,426 | ​ | ​ | 2,211,404 | ​ | ​ | 12,818 | ​ | 2022 | ​ | 40 Years
Jacksonville, FL | ​ | ​ | — | ​ | ​ | 235,155 | ​ | ​ | 3,784,135 | ​ | ​ | — | ​ | ​ | 235,155 | ​ | ​ | 3,784,135 | ​ | ​ | 4,019,291 | ​ | ​ | 47,302 | ​ | 2022 | ​ | 40 Years
Jacksonville, FL | ​ | ​ | — | ​ | ​ | 216,803 | ​ | ​ | 1,400,601 | ​ | ​ | — | ​ | ​ | 216,803 | ​ | ​ | 1,400,601 | ​ | ​ | 1,617,404 | ​ | ​ | 17,200 | ​ | 2022 | ​ | 40 Years
Jacksonville, FL | ​ | ​ | — | ​ | ​ | 415,780 | ​ | ​ | 1,668,994 | ​ | ​ | — | ​ | ​ | 415,780 | ​ | ​ | 1,668,994 | ​ | ​ | 2,084,775 | ​ | ​ | 13,609 | ​ | 2022 | ​ | 40 Years
Lake Butler, FL | ​ | ​ | — | ​ | ​ | 503,163 | ​ | ​ | 1,360,333 | ​ | ​ | — | ​ | ​ | 503,163 | ​ | ​ | 1,360,333 | ​ | ​ | 1,863,495 | ​ | ​ | 14,261 | ​ | 2022 | ​ | 40 Years

​

​

​

F-58

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Marco Island, FL | ​ | ​ | — | ​ | ​ | 1,350,573 | ​ | ​ | 504,251 | ​ | ​ | — | ​ | ​ | 1,350,573 | ​ | ​ | 504,251 | ​ | ​ | 1,854,824 | ​ | ​ | 715 | ​ | 2022 | ​ | 40 Years
Melbourne, FL | ​ | ​ | — | ​ | ​ | 653,912 | ​ | ​ | 961,132 | ​ | ​ | — | ​ | ​ | 653,912 | ​ | ​ | 961,132 | ​ | ​ | 1,615,044 | ​ | ​ | 7,815 | ​ | 2022 | ​ | 40 Years
Miami, FL | ​ | ​ | — | ​ | ​ | 2,700,553 | ​ | ​ | 1,142,400 | ​ | ​ | — | ​ | ​ | 2,700,553 | ​ | ​ | 1,142,400 | ​ | ​ | 3,842,953 | ​ | ​ | 14,197 | ​ | 2022 | ​ | 40 Years
North Palm Beach, FL | ​ | ​ | — | ​ | ​ | 662,025 | ​ | ​ | 950,514 | ​ | ​ | — | ​ | ​ | 662,025 | ​ | ​ | 950,514 | ​ | ​ | 1,612,539 | ​ | ​ | 11,799 | ​ | 2022 | ​ | 40 Years
Pensacola, FL | ​ | ​ | — | ​ | ​ | 536,059 | ​ | ​ | 1,628,848 | ​ | ​ | — | ​ | ​ | 536,059 | ​ | ​ | 1,628,848 | ​ | ​ | 2,164,907 | ​ | ​ | 6,001 | ​ | 2022 | ​ | 40 Years
Tallahassee, FL | ​ | ​ | — | ​ | ​ | 336,533 | ​ | ​ | 2,677,778 | ​ | ​ | — | ​ | ​ | 336,533 | ​ | ​ | 2,677,778 | ​ | ​ | 3,014,311 | ​ | ​ | 2,789 | ​ | 2022 | ​ | 40 Years
Vero Beach, FL | ​ | ​ | — | ​ | ​ | 1,037,380 | ​ | ​ | 1,397,227 | ​ | ​ | — | ​ | ​ | 1,037,380 | ​ | ​ | 1,397,227 | ​ | ​ | 2,434,607 | ​ | ​ | 17,382 | ​ | 2022 | ​ | 40 Years
West Palm Beach, FL | ​ | ​ | — | ​ | ​ | 2,925,553 | ​ | ​ | 264,350 | ​ | ​ | — | ​ | ​ | 2,925,553 | ​ | ​ | 264,350 | ​ | ​ | 3,189,902 | ​ | ​ | 3,221 | ​ | 2022 | ​ | 40 Years
Winter Springs, FL | ​ | ​ | — | ​ | ​ | 1,606,141 | ​ | ​ | 873,427 | ​ | ​ | — | ​ | ​ | 1,606,141 | ​ | ​ | 873,427 | ​ | ​ | 2,479,568 | ​ | ​ | 10,835 | ​ | 2022 | ​ | 40 Years
New Port Richey, FL | ​ | ​ | — | ​ | ​ | 791,096 | ​ | ​ | 2,857,431 | ​ | ​ | — | ​ | ​ | 791,096 | ​ | ​ | 2,857,431 | ​ | ​ | 3,648,526 | ​ | ​ | 20,824 | ​ | 2022 | ​ | 40 Years
Calhoun, GA | ​ | ​ | — | ​ | ​ | 370,237 | ​ | ​ | 1,896,447 | ​ | ​ | — | ​ | ​ | 370,237 | ​ | ​ | 1,896,447 | ​ | ​ | 2,266,684 | ​ | ​ | 43,370 | ​ | 2022 | ​ | 40 Years
Chula, GA | ​ | ​ | — | ​ | ​ | 316,673 | ​ | ​ | 949,483 | ​ | ​ | — | ​ | ​ | 316,673 | ​ | ​ | 949,483 | ​ | ​ | 1,266,156 | ​ | ​ | 21,668 | ​ | 2022 | ​ | 40 Years
Perry, GA | ​ | ​ | — | ​ | ​ | 567,281 | ​ | ​ | 11,880,078 | ​ | ​ | — | ​ | ​ | 567,281 | ​ | ​ | 11,880,078 | ​ | ​ | 12,447,359 | ​ | ​ | 222,463 | ​ | 2022 | ​ | 40 Years
Surrency, GA | ​ | ​ | — | ​ | ​ | 399,599 | ​ | ​ | 853,287 | ​ | ​ | — | ​ | ​ | 399,599 | ​ | ​ | 853,287 | ​ | ​ | 1,252,886 | ​ | ​ | 19,476 | ​ | 2022 | ​ | 40 Years
Swainsboro, GA | ​ | ​ | — | ​ | ​ | 113,339 | ​ | ​ | 2,874,987 | ​ | ​ | — | ​ | ​ | 113,339 | ​ | ​ | 2,874,987 | ​ | ​ | 2,988,327 | ​ | ​ | 53,906 | ​ | 2022 | ​ | 40 Years
Augusta, GA | ​ | ​ | — | ​ | ​ | 72,851 | ​ | ​ | 1,604,212 | ​ | ​ | — | ​ | ​ | 72,851 | ​ | ​ | 1,604,212 | ​ | ​ | 1,677,062 | ​ | ​ | 19,970 | ​ | 2022 | ​ | 40 Years
Augusta, GA | ​ | ​ | — | ​ | ​ | 199,100 | ​ | ​ | 1,794,406 | ​ | ​ | — | ​ | ​ | 199,100 | ​ | ​ | 1,794,406 | ​ | ​ | 1,993,507 | ​ | ​ | 14,653 | ​ | 2022 | ​ | 40 Years
Bremen, GA | ​ | ​ | — | ​ | ​ | 203,102 | ​ | ​ | 5,264,118 | ​ | ​ | — | ​ | ​ | 203,102 | ​ | ​ | 5,264,118 | ​ | ​ | 5,467,220 | ​ | ​ | 41,141 | ​ | 2022 | ​ | 40 Years
Canton, GA | ​ | ​ | — | ​ | ​ | 3,078,088 | ​ | ​ | 6,862,199 | ​ | ​ | — | ​ | ​ | 3,078,088 | ​ | ​ | 6,862,199 | ​ | ​ | 9,940,288 | ​ | ​ | 64,139 | ​ | 2022 | ​ | 40 Years
Dawsonville, GA | ​ | ​ | — | ​ | ​ | 264,759 | ​ | ​ | 1,005,563 | ​ | ​ | — | ​ | ​ | 264,759 | ​ | ​ | 1,005,563 | ​ | ​ | 1,270,322 | ​ | ​ | 3,584 | ​ | 2022 | ​ | 40 Years
Edison, GA | ​ | ​ | — | ​ | ​ | 397,493 | ​ | ​ | 1,253,203 | ​ | ​ | — | ​ | ​ | 397,493 | ​ | ​ | 1,253,203 | ​ | ​ | 1,650,697 | ​ | ​ | 1,614 | ​ | 2022 | ​ | 40 Years
Hephzibah, GA | ​ | ​ | — | ​ | ​ | 109,510 | ​ | ​ | 1,460,599 | ​ | ​ | — | ​ | ​ | 109,510 | ​ | ​ | 1,460,599 | ​ | ​ | 1,570,109 | ​ | ​ | 12,899 | ​ | 2022 | ​ | 40 Years
Newman, GA | ​ | ​ | — | ​ | ​ | 1,619,186 | ​ | ​ | 5,272,513 | ​ | ​ | — | ​ | ​ | 1,619,186 | ​ | ​ | 5,272,513 | ​ | ​ | 6,891,699 | ​ | ​ | 43,030 | ​ | 2022 | ​ | 40 Years
Pooler, GA | ​ | ​ | — | ​ | ​ | 736,451 | ​ | ​ | 2,777,892 | ​ | ​ | — | ​ | ​ | 736,451 | ​ | ​ | 2,777,892 | ​ | ​ | 3,514,344 | ​ | ​ | 39,397 | ​ | 2022 | ​ | 40 Years
Statesboro, GA | ​ | ​ | — | ​ | ​ | 723,713 | ​ | ​ | 1,146,114 | ​ | ​ | — | ​ | ​ | 723,713 | ​ | ​ | 1,146,114 | ​ | ​ | 1,869,827 | ​ | ​ | 9,470 | ​ | 2022 | ​ | 40 Years
Bettendorf, IA | ​ | ​ | — | ​ | ​ | 1,314,298 | ​ | ​ | 3,229,705 | ​ | ​ | — | ​ | ​ | 1,314,298 | ​ | ​ | 3,229,705 | ​ | ​ | 4,544,003 | ​ | ​ | 4,310 | ​ | 2022 | ​ | 40 Years
Bettendorf, IA | ​ | ​ | — | ​ | ​ | 280,575 | ​ | ​ | 1,114,056 | ​ | ​ | — | ​ | ​ | 280,575 | ​ | ​ | 1,114,056 | ​ | ​ | 1,394,631 | ​ | ​ | 1,238 | ​ | 2022 | ​ | 40 Years
Bettendorf, IA | ​ | ​ | — | ​ | ​ | 248,576 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 248,576 | ​ | ​ | — | ​ | ​ | 248,576 | ​ | ​ | — | ​ | 2022 | ​ | ​
Corning, IA | ​ | ​ | — | ​ | ​ | 30,145 | ​ | ​ | 1,365,946 | ​ | ​ | — | ​ | ​ | 30,145 | ​ | ​ | 1,365,946 | ​ | ​ | 1,396,091 | ​ | ​ | 11,243 | ​ | 2022 | ​ | 40 Years
Fredericksburg, IA | ​ | ​ | — | ​ | ​ | 30,004 | ​ | ​ | 1,280,340 | ​ | ​ | — | ​ | ​ | 30,004 | ​ | ​ | 1,280,340 | ​ | ​ | 1,310,343 | ​ | ​ | 10,446 | ​ | 2022 | ​ | 40 Years
Weiser, ID | ​ | ​ | — | ​ | ​ | 76,942 | ​ | ​ | 1,488,028 | ​ | ​ | — | ​ | ​ | 76,942 | ​ | ​ | 1,488,028 | ​ | ​ | 1,564,969 | ​ | ​ | 5,186 | ​ | 2022 | ​ | 40 Years
Hainesville, IL | ​ | ​ | — | ​ | ​ | 3,130,195 | ​ | ​ | 1,216,373 | ​ | ​ | — | ​ | ​ | 3,130,195 | ​ | ​ | 1,216,373 | ​ | ​ | 4,346,569 | ​ | ​ | 30,258 | ​ | 2022 | ​ | 40 Years
O'Fallon, IL | ​ | ​ | — | ​ | ​ | 893,771 | ​ | ​ | 2,322,875 | ​ | ​ | — | ​ | ​ | 893,771 | ​ | ​ | 2,322,875 | ​ | ​ | 3,216,645 | ​ | ​ | 53,112 | ​ | 2022 | ​ | 40 Years
Plainfield, IL | ​ | ​ | — | ​ | ​ | 634,629 | ​ | ​ | 959,057 | ​ | ​ | — | ​ | ​ | 634,629 | ​ | ​ | 959,057 | ​ | ​ | 1,593,685 | ​ | ​ | 17,930 | ​ | 2022 | ​ | 40 Years
Bellwood, IL | ​ | ​ | — | ​ | ​ | 1,441,254 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,441,254 | ​ | ​ | — | ​ | ​ | 1,441,254 | ​ | ​ | — | ​ | 2022 | ​ | ​
Calumet City, IL | ​ | ​ | — | ​ | ​ | 434,232 | ​ | ​ | 939,480 | ​ | ​ | — | ​ | ​ | 434,232 | ​ | ​ | 939,480 | ​ | ​ | 1,373,712 | ​ | ​ | 1,103 | ​ | 2022 | ​ | 40 Years
Chicago, IL | ​ | ​ | — | ​ | ​ | 673,631 | ​ | ​ | 950,418 | ​ | ​ | — | ​ | ​ | 673,631 | ​ | ​ | 950,418 | ​ | ​ | 1,624,049 | ​ | ​ | 7,212 | ​ | 2022 | ​ | 40 Years
Cicero, IL | ​ | ​ | — | ​ | ​ | 371,928 | ​ | ​ | 1,410,440 | ​ | ​ | — | ​ | ​ | 371,928 | ​ | ​ | 1,410,440 | ​ | ​ | 1,782,369 | ​ | ​ | 11,199 | ​ | 2022 | ​ | 40 Years
Elgin, IL | ​ | ​ | — | ​ | ​ | 860,328 | ​ | ​ | 1,964,892 | ​ | ​ | — | ​ | ​ | 860,328 | ​ | ​ | 1,964,892 | ​ | ​ | 2,825,220 | ​ | ​ | 10,663 | ​ | 2022 | ​ | 40 Years
Franklin Park, IL | ​ | ​ | — | ​ | ​ | 444,444 | ​ | ​ | 1,411,881 | ​ | ​ | — | ​ | ​ | 444,444 | ​ | ​ | 1,411,881 | ​ | ​ | 1,856,325 | ​ | ​ | 5,020 | ​ | 2022 | ​ | 40 Years
Hoffman Estates, IL | ​ | ​ | — | ​ | ​ | 529,309 | ​ | ​ | 3,946,239 | ​ | ​ | — | ​ | ​ | 529,309 | ​ | ​ | 3,946,239 | ​ | ​ | 4,475,548 | ​ | ​ | 5,330 | ​ | 2022 | ​ | 40 Years
Lansing, IL | ​ | ​ | — | ​ | ​ | 200,857 | ​ | ​ | 2,082,566 | ​ | ​ | — | ​ | ​ | 200,857 | ​ | ​ | 2,082,566 | ​ | ​ | 2,283,423 | ​ | ​ | 16,097 | ​ | 2022 | ​ | 40 Years
Lynwood, IL | ​ | ​ | — | ​ | ​ | 97,956 | ​ | ​ | 1,148,587 | ​ | ​ | — | ​ | ​ | 97,956 | ​ | ​ | 1,148,587 | ​ | ​ | 1,246,542 | ​ | ​ | 1,357 | ​ | 2022 | ​ | 40 Years
Markham, IL | ​ | ​ | — | ​ | ​ | 2,638,402 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,638,402 | ​ | ​ | — | ​ | ​ | 2,638,402 | ​ | ​ | — | ​ | 2022 | ​ | ​
Naperville, IL | ​ | ​ | — | ​ | ​ | 3,749,690 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,749,690 | ​ | ​ | — | ​ | ​ | 3,749,690 | ​ | ​ | — | ​ | 2022 | ​ | ​
Pecatonica, IL | ​ | ​ | — | ​ | ​ | 187,658 | ​ | ​ | 1,302,630 | ​ | ​ | — | ​ | ​ | 187,658 | ​ | ​ | 1,302,630 | ​ | ​ | 1,490,288 | ​ | ​ | 1,542 | ​ | 2022 | ​ | 40 Years
Romeoville, IL | ​ | ​ | — | ​ | ​ | 3,564,144 | ​ | ​ | 3,088,724 | ​ | ​ | — | ​ | ​ | 3,564,144 | ​ | ​ | 3,088,724 | ​ | ​ | 6,652,868 | ​ | ​ | 23,304 | ​ | 2022 | ​ | 40 Years
Round Lake Beach, IL | ​ | ​ | — | ​ | ​ | 625,866 | ​ | ​ | 2,657,522 | ​ | ​ | — | ​ | ​ | 625,866 | ​ | ​ | 2,657,522 | ​ | ​ | 3,283,389 | ​ | ​ | 3,621 | ​ | 2022 | ​ | 40 Years
Roxana, IL | ​ | ​ | — | ​ | ​ | 391,797 | ​ | ​ | 1,575,658 | ​ | ​ | — | ​ | ​ | 391,797 | ​ | ​ | 1,575,658 | ​ | ​ | 1,967,455 | ​ | ​ | 2,049 | ​ | 2022 | ​ | 40 Years
South Elgin, IL | ​ | ​ | — | ​ | ​ | 618,840 | ​ | ​ | 2,908,118 | ​ | ​ | — | ​ | ​ | 618,840 | ​ | ​ | 2,908,118 | ​ | ​ | 3,526,957 | ​ | ​ | 3,250 | ​ | 2022 | ​ | 40 Years
Tinley Park, IL | ​ | ​ | — | ​ | ​ | 408,954 | ​ | ​ | 1,262,396 | ​ | ​ | — | ​ | ​ | 408,954 | ​ | ​ | 1,262,396 | ​ | ​ | 1,671,350 | ​ | ​ | 18,627 | ​ | 2022 | ​ | 40 Years
Waukegan, IL | ​ | ​ | — | ​ | ​ | 883,882 | ​ | ​ | 1,323,127 | ​ | ​ | — | ​ | ​ | 883,882 | ​ | ​ | 1,323,127 | ​ | ​ | 2,207,009 | ​ | ​ | 1,464 | ​ | 2022 | ​ | 40 Years
Greenfield, IN | ​ | ​ | — | ​ | ​ | 366,213 | ​ | ​ | 651,652 | ​ | ​ | — | ​ | ​ | 366,213 | ​ | ​ | 651,652 | ​ | ​ | 1,017,865 | ​ | ​ | 12,085 | ​ | 2022 | ​ | 40 Years
Winchester, IN | ​ | ​ | — | ​ | ​ | 91,925 | ​ | ​ | 2,351,576 | ​ | ​ | — | ​ | ​ | 91,925 | ​ | ​ | 2,351,576 | ​ | ​ | 2,443,500 | ​ | ​ | 53,540 | ​ | 2022 | ​ | 40 Years
Attica, IN | ​ | ​ | — | ​ | ​ | 475,447 | ​ | ​ | 1,730,232 | ​ | ​ | — | ​ | ​ | 475,447 | ​ | ​ | 1,730,232 | ​ | ​ | 2,205,680 | ​ | ​ | 1,956 | ​ | 2022 | ​ | 40 Years
Boswell, IN | ​ | ​ | — | ​ | ​ | 78,218 | ​ | ​ | 1,268,380 | ​ | ​ | — | ​ | ​ | 78,218 | ​ | ​ | 1,268,380 | ​ | ​ | 1,346,598 | ​ | ​ | 10,391 | ​ | 2022 | ​ | 40 Years
DeMotte, IN | ​ | ​ | — | ​ | ​ | 421,240 | ​ | ​ | 1,318,829 | ​ | ​ | — | ​ | ​ | 421,240 | ​ | ​ | 1,318,829 | ​ | ​ | 1,740,069 | ​ | ​ | 15,156 | ​ | 2022 | ​ | 40 Years
Evansville, IN | ​ | ​ | — | ​ | ​ | 140,334 | ​ | ​ | 810,428 | ​ | ​ | — | ​ | ​ | 140,334 | ​ | ​ | 810,428 | ​ | ​ | 950,762 | ​ | ​ | 16,877 | ​ | 2022 | ​ | 40 Years
Indianapolis, IN | ​ | ​ | — | ​ | ​ | 432,264 | ​ | ​ | 3,657,559 | ​ | ​ | — | ​ | ​ | 432,264 | ​ | ​ | 3,657,559 | ​ | ​ | 4,089,823 | ​ | ​ | 3,810 | ​ | 2022 | ​ | 40 Years
Kentland, IN | ​ | ​ | — | ​ | ​ | 60,638 | ​ | ​ | 1,336,242 | ​ | ​ | — | ​ | ​ | 60,638 | ​ | ​ | 1,336,242 | ​ | ​ | 1,396,881 | ​ | ​ | 4,736 | ​ | 2022 | ​ | 40 Years
Merrillville, IN | ​ | ​ | — | ​ | ​ | 202,967 | ​ | ​ | 1,406,373 | ​ | ​ | — | ​ | ​ | 202,967 | ​ | ​ | 1,406,373 | ​ | ​ | 1,609,340 | ​ | ​ | 7,940 | ​ | 2022 | ​ | 40 Years
Switz City, IN | ​ | ​ | — | ​ | ​ | 78,568 | ​ | ​ | 1,355,225 | ​ | ​ | — | ​ | ​ | 78,568 | ​ | ​ | 1,355,225 | ​ | ​ | 1,433,793 | ​ | ​ | 11,096 | ​ | 2022 | ​ | 40 Years
Lansing, KS | ​ | ​ | — | ​ | ​ | 626,782 | ​ | ​ | 2,546,877 | ​ | ​ | — | ​ | ​ | 626,782 | ​ | ​ | 2,546,877 | ​ | ​ | 3,173,659 | ​ | ​ | 52,985 | ​ | 2022 | ​ | 40 Years
Goddard, KS | ​ | ​ | — | ​ | ​ | 590,138 | ​ | ​ | 3,000,737 | ​ | ​ | — | ​ | ​ | 590,138 | ​ | ​ | 3,000,737 | ​ | ​ | 3,590,874 | ​ | ​ | 11,443 | ​ | 2022 | ​ | 40 Years
Kansas City, KS | ​ | ​ | — | ​ | ​ | 175,008 | ​ | ​ | 624,234 | ​ | ​ | — | ​ | ​ | 175,008 | ​ | ​ | 624,234 | ​ | ​ | 799,243 | ​ | ​ | 7,720 | ​ | 2022 | ​ | 40 Years
Lawrence, KS | ​ | ​ | — | ​ | ​ | 1,205,052 | ​ | ​ | 1,279,300 | ​ | ​ | — | ​ | ​ | 1,205,052 | ​ | ​ | 1,279,300 | ​ | ​ | 2,484,353 | ​ | ​ | 13,684 | ​ | 2022 | ​ | 40 Years
Topeka, KS | ​ | ​ | — | ​ | ​ | 1,434,423 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,434,423 | ​ | ​ | — | ​ | ​ | 1,434,423 | ​ | ​ | — | ​ | 2022 | ​ | ​
Wichita, KS | ​ | ​ | — | ​ | ​ | 419,468 | ​ | ​ | 1,034,134 | ​ | ​ | — | ​ | ​ | 419,468 | ​ | ​ | 1,034,134 | ​ | ​ | 1,453,601 | ​ | ​ | 3,510 | ​ | 2022 | ​ | 40 Years
Edmonton, KY | ​ | ​ | — | ​ | ​ | 298,674 | ​ | ​ | 2,629,815 | ​ | ​ | — | ​ | ​ | 298,674 | ​ | ​ | 2,629,815 | ​ | ​ | 2,928,489 | ​ | ​ | 49,254 | ​ | 2022 | ​ | 40 Years
Brandenburg, KY | ​ | ​ | — | ​ | ​ | 729,975 | ​ | ​ | 1,751,191 | ​ | ​ | — | ​ | ​ | 729,975 | ​ | ​ | 1,751,191 | ​ | ​ | 2,481,167 | ​ | ​ | 20,651 | ​ | 2022 | ​ | 40 Years
Coldiron, KY | ​ | ​ | — | ​ | ​ | 318,829 | ​ | ​ | 1,298,446 | ​ | ​ | — | ​ | ​ | 318,829 | ​ | ​ | 1,298,446 | ​ | ​ | 1,617,275 | ​ | ​ | 1,673 | ​ | 2022 | ​ | 40 Years
Louisville, KY | ​ | ​ | — | ​ | ​ | 356,816 | ​ | ​ | 1,154,276 | ​ | ​ | — | ​ | ​ | 356,816 | ​ | ​ | 1,154,276 | ​ | ​ | 1,511,092 | ​ | ​ | 1,289 | ​ | 2022 | ​ | 40 Years
Morganfield, KY | ​ | ​ | — | ​ | ​ | 85,769 | ​ | ​ | 1,298,550 | ​ | ​ | — | ​ | ​ | 85,769 | ​ | ​ | 1,298,550 | ​ | ​ | 1,384,319 | ​ | ​ | 11,729 | ​ | 2022 | ​ | 40 Years

​

​

​

F-59

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Baton Rouge, LA | ​ | ​ | — | ​ | ​ | 1,198,858 | ​ | ​ | 3,163,251 | ​ | ​ | — | ​ | ​ | 1,198,858 | ​ | ​ | 3,163,251 | ​ | ​ | 4,362,110 | ​ | ​ | 65,813 | ​ | 2022 | ​ | 40 Years
Donaldsonville, LA | ​ | ​ | — | ​ | ​ | 1,007,428 | ​ | ​ | 2,228,224 | ​ | ​ | — | ​ | ​ | 1,007,428 | ​ | ​ | 2,228,224 | ​ | ​ | 3,235,652 | ​ | ​ | 41,779 | ​ | 2022 | ​ | 40 Years
Gretna, LA | ​ | ​ | — | ​ | ​ | 636,981 | ​ | ​ | 3,081,276 | ​ | ​ | — | ​ | ​ | 636,981 | ​ | ​ | 3,081,276 | ​ | ​ | 3,718,257 | ​ | ​ | 57,874 | ​ | 2022 | ​ | 40 Years
Plain Dealing, LA | ​ | ​ | — | ​ | ​ | 120,709 | ​ | ​ | 1,234,522 | ​ | ​ | — | ​ | ​ | 120,709 | ​ | ​ | 1,234,522 | ​ | ​ | 1,355,231 | ​ | ​ | 22,769 | ​ | 2022 | ​ | 40 Years
Bogalusa, LA | ​ | ​ | — | ​ | ​ | 2,009,203 | ​ | ​ | 2,772,165 | ​ | ​ | — | ​ | ​ | 2,009,203 | ​ | ​ | 2,772,165 | ​ | ​ | 4,781,368 | ​ | ​ | 51,978 | ​ | 2022 | ​ | 40 Years
Campti, LA | ​ | ​ | — | ​ | ​ | 146,784 | ​ | ​ | 1,068,283 | ​ | ​ | — | ​ | ​ | 146,784 | ​ | ​ | 1,068,283 | ​ | ​ | 1,215,067 | ​ | ​ | 12,947 | ​ | 2022 | ​ | 40 Years
Center Point, LA | ​ | ​ | — | ​ | ​ | 9,988 | ​ | ​ | 991,058 | ​ | ​ | — | ​ | ​ | 9,988 | ​ | ​ | 991,058 | ​ | ​ | 1,001,046 | ​ | ​ | 12,192 | ​ | 2022 | ​ | 40 Years
Denham Springs, LA | ​ | ​ | — | ​ | ​ | 261,591 | ​ | ​ | 1,084,538 | ​ | ​ | — | ​ | ​ | 261,591 | ​ | ​ | 1,084,538 | ​ | ​ | 1,346,129 | ​ | ​ | 1,321 | ​ | 2022 | ​ | 40 Years
Erwinville, LA | ​ | ​ | — | ​ | ​ | 146,236 | ​ | ​ | 575,669 | ​ | ​ | — | ​ | ​ | 146,236 | ​ | ​ | 575,669 | ​ | ​ | 721,905 | ​ | ​ | 6,428 | ​ | 2022 | ​ | 40 Years
Lafayette/Scott, LA | ​ | ​ | — | ​ | ​ | 350,159 | ​ | ​ | 1,102,175 | ​ | ​ | — | ​ | ​ | 350,159 | ​ | ​ | 1,102,175 | ​ | ​ | 1,452,334 | ​ | ​ | 3,997 | ​ | 2022 | ​ | 40 Years
Livingston, LA | ​ | ​ | — | ​ | ​ | 362,592 | ​ | ​ | 952,241 | ​ | ​ | — | ​ | ​ | 362,592 | ​ | ​ | 952,241 | ​ | ​ | 1,314,834 | ​ | ​ | 1,158 | ​ | 2022 | ​ | 40 Years
Minden, LA | ​ | ​ | — | ​ | ​ | 126,902 | ​ | ​ | 969,983 | ​ | ​ | — | ​ | ​ | 126,902 | ​ | ​ | 969,983 | ​ | ​ | 1,096,885 | ​ | ​ | 15,676 | ​ | 2022 | ​ | 40 Years
Montegut, LA | ​ | ​ | — | ​ | ​ | 479,549 | ​ | ​ | 913,248 | ​ | ​ | — | ​ | ​ | 479,549 | ​ | ​ | 913,248 | ​ | ​ | 1,392,797 | ​ | ​ | 1,119 | ​ | 2022 | ​ | 40 Years
Morganza, LA | ​ | ​ | — | ​ | ​ | 213,888 | ​ | ​ | 1,108,087 | ​ | ​ | — | ​ | ​ | 213,888 | ​ | ​ | 1,108,087 | ​ | ​ | 1,321,975 | ​ | ​ | 1,337 | ​ | 2022 | ​ | 40 Years
New Iberia, LA | ​ | ​ | — | ​ | ​ | 314,985 | ​ | ​ | 1,072,523 | ​ | ​ | — | ​ | ​ | 314,985 | ​ | ​ | 1,072,523 | ​ | ​ | 1,387,508 | ​ | ​ | 1,315 | ​ | 2022 | ​ | 40 Years
St. Martinville, LA | ​ | ​ | — | ​ | ​ | 415,223 | ​ | ​ | 1,056,403 | ​ | ​ | — | ​ | ​ | 415,223 | ​ | ​ | 1,056,403 | ​ | ​ | 1,471,626 | ​ | ​ | 3,818 | ​ | 2022 | ​ | 40 Years
Danvers, MA | ​ | ​ | — | ​ | ​ | 6,043,876 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,043,876 | ​ | ​ | — | ​ | ​ | 6,043,876 | ​ | ​ | — | ​ | 2022 | ​ | ​
Leominster, MA | ​ | ​ | — | ​ | ​ | 1,975,829 | ​ | ​ | 5,144,054 | ​ | ​ | — | ​ | ​ | 1,975,829 | ​ | ​ | 5,144,054 | ​ | ​ | 7,119,883 | ​ | ​ | 70,115 | ​ | 2022 | ​ | 40 Years
Saugus, MA | ​ | ​ | — | ​ | ​ | 3,927,594 | ​ | ​ | 1,374,841 | ​ | ​ | — | ​ | ​ | 3,927,594 | ​ | ​ | 1,374,841 | ​ | ​ | 5,302,435 | ​ | ​ | 1,968 | ​ | 2022 | ​ | 40 Years
Worcester, MA | ​ | ​ | — | ​ | ​ | 7,944,877 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,944,877 | ​ | ​ | — | ​ | ​ | 7,944,877 | ​ | ​ | — | ​ | 2022 | ​ | ​
Boonsboro, MD | ​ | ​ | — | ​ | ​ | 689,063 | ​ | ​ | 1,248,800 | ​ | ​ | — | ​ | ​ | 689,063 | ​ | ​ | 1,248,800 | ​ | ​ | 1,937,862 | ​ | ​ | 23,415 | ​ | 2022 | ​ | 40 Years
Cumberland, MD | ​ | ​ | — | ​ | ​ | 485,641 | ​ | ​ | 1,377,264 | ​ | ​ | — | ​ | ​ | 485,641 | ​ | ​ | 1,377,264 | ​ | ​ | 1,862,904 | ​ | ​ | 25,824 | ​ | 2022 | ​ | 40 Years
Germantown, MD | ​ | ​ | — | ​ | ​ | 4,341,903 | ​ | ​ | 1,717,868 | ​ | ​ | — | ​ | ​ | 4,341,903 | ​ | ​ | 1,717,868 | ​ | ​ | 6,059,770 | ​ | ​ | 39,277 | ​ | 2022 | ​ | 40 Years
Hagerstown, MD | ​ | ​ | — | ​ | ​ | 599,602 | ​ | ​ | 1,224,097 | ​ | ​ | — | ​ | ​ | 599,602 | ​ | ​ | 1,224,097 | ​ | ​ | 1,823,699 | ​ | ​ | 22,915 | ​ | 2022 | ​ | 40 Years
Joppa, MD | ​ | ​ | — | ​ | ​ | 1,911,100 | ​ | ​ | 2,626,946 | ​ | ​ | — | ​ | ​ | 1,911,100 | ​ | ​ | 2,626,946 | ​ | ​ | 4,538,047 | ​ | ​ | 61,595 | ​ | 2022 | ​ | 40 Years
Lonaconing, MD | ​ | ​ | — | ​ | ​ | 440,782 | ​ | ​ | 1,388,381 | ​ | ​ | — | ​ | ​ | 440,782 | ​ | ​ | 1,388,381 | ​ | ​ | 1,829,163 | ​ | ​ | 26,032 | ​ | 2022 | ​ | 40 Years
Rockville, MD | ​ | ​ | — | ​ | ​ | 4,685,563 | ​ | ​ | 1,554,020 | ​ | ​ | — | ​ | ​ | 4,685,563 | ​ | ​ | 1,554,020 | ​ | ​ | 6,239,583 | ​ | ​ | 35,522 | ​ | 2022 | ​ | 40 Years
Westover, MD | ​ | ​ | — | ​ | ​ | 167,135 | ​ | ​ | 1,304,045 | ​ | ​ | — | ​ | ​ | 167,135 | ​ | ​ | 1,304,045 | ​ | ​ | 1,471,181 | ​ | ​ | 29,794 | ​ | 2022 | ​ | 40 Years
Glen Burnie, MD | ​ | ​ | — | ​ | ​ | 1,090,535 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,090,535 | ​ | ​ | — | ​ | ​ | 1,090,535 | ​ | ​ | — | ​ | 2022 | ​ | ​
Glen Burnie, MD | ​ | ​ | — | ​ | ​ | 1,709,572 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,709,572 | ​ | ​ | — | ​ | ​ | 1,709,572 | ​ | ​ | — | ​ | 2022 | ​ | ​
Timonium, MD | ​ | ​ | — | ​ | ​ | 5,253,016 | ​ | ​ | 9,838,428 | ​ | ​ | — | ​ | ​ | 5,253,016 | ​ | ​ | 9,838,428 | ​ | ​ | 15,091,443 | ​ | ​ | 188,548 | ​ | 2022 | ​ | 40 Years
Van Buren, ME | ​ | ​ | — | ​ | ​ | 82,988 | ​ | ​ | 1,175,321 | ​ | ​ | — | ​ | ​ | 82,988 | ​ | ​ | 1,175,321 | ​ | ​ | 1,258,310 | ​ | ​ | 29,241 | ​ | 2022 | ​ | 40 Years
DeWitt, MI | ​ | ​ | — | ​ | ​ | 440,264 | ​ | ​ | 1,732,240 | ​ | ​ | — | ​ | ​ | 440,264 | ​ | ​ | 1,732,240 | ​ | ​ | 2,172,504 | ​ | ​ | 32,284 | ​ | 2022 | ​ | 40 Years
Whitmore Lake, MI | ​ | ​ | — | ​ | ​ | 2,197,350 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,197,350 | ​ | ​ | — | ​ | ​ | 2,197,350 | ​ | ​ | — | ​ | 2022 | ​ | ​
Lenox, MI | ​ | ​ | — | ​ | ​ | 107,860 | ​ | ​ | 1,244,579 | ​ | ​ | — | ​ | ​ | 107,860 | ​ | ​ | 1,244,579 | ​ | ​ | 1,352,439 | ​ | ​ | 25,886 | ​ | 2022 | ​ | 40 Years
St. Helen, MI | ​ | ​ | — | ​ | ​ | 70,353 | ​ | ​ | 1,396,479 | ​ | ​ | — | ​ | ​ | 70,353 | ​ | ​ | 1,396,479 | ​ | ​ | 1,466,831 | ​ | ​ | 29,093 | ​ | 2022 | ​ | 40 Years
Boyne City, MI | ​ | ​ | — | ​ | ​ | 486,215 | ​ | ​ | 3,184,228 | ​ | ​ | — | ​ | ​ | 486,215 | ​ | ​ | 3,184,228 | ​ | ​ | 3,670,443 | ​ | ​ | 25,659 | ​ | 2022 | ​ | 40 Years
Brimley, MI | ​ | ​ | — | ​ | ​ | 62,229 | ​ | ​ | 820,252 | ​ | ​ | — | ​ | ​ | 62,229 | ​ | ​ | 820,252 | ​ | ​ | 882,481 | ​ | ​ | 12,216 | ​ | 2022 | ​ | 40 Years
Clawson, MI | ​ | ​ | — | ​ | ​ | 860,422 | ​ | ​ | 1,382,251 | ​ | ​ | — | ​ | ​ | 860,422 | ​ | ​ | 1,382,251 | ​ | ​ | 2,242,673 | ​ | ​ | 10,766 | ​ | 2022 | ​ | 40 Years
Davisburg, MI | ​ | ​ | — | ​ | ​ | 120,838 | ​ | ​ | 1,515,277 | ​ | ​ | — | ​ | ​ | 120,838 | ​ | ​ | 1,515,277 | ​ | ​ | 1,636,115 | ​ | ​ | 12,103 | ​ | 2022 | ​ | 40 Years
East China, MI | ​ | ​ | — | ​ | ​ | 59,309 | ​ | ​ | 1,577,989 | ​ | ​ | — | ​ | ​ | 59,309 | ​ | ​ | 1,577,989 | ​ | ​ | 1,637,298 | ​ | ​ | 12,784 | ​ | 2022 | ​ | 40 Years
Grandville, MI | ​ | ​ | — | ​ | ​ | 706,193 | ​ | ​ | 7,506,131 | ​ | ​ | — | ​ | ​ | 706,193 | ​ | ​ | 7,506,131 | ​ | ​ | 8,212,324 | ​ | ​ | 9,417 | ​ | 2022 | ​ | 40 Years
Grandville, MI | ​ | ​ | — | ​ | ​ | 3,938,089 | ​ | ​ | 4,173,417 | ​ | ​ | — | ​ | ​ | 3,938,089 | ​ | ​ | 4,173,417 | ​ | ​ | 8,111,505 | ​ | ​ | 4,347 | ​ | 2022 | ​ | 40 Years
Grayling, MI | ​ | ​ | — | ​ | ​ | 101,381 | ​ | ​ | 1,355,174 | ​ | ​ | — | ​ | ​ | 101,381 | ​ | ​ | 1,355,174 | ​ | ​ | 1,456,555 | ​ | ​ | 11,212 | ​ | 2022 | ​ | 40 Years
Kingsford Heights, MI | ​ | ​ | — | ​ | ​ | 201,983 | ​ | ​ | 1,408,945 | ​ | ​ | — | ​ | ​ | 201,983 | ​ | ​ | 1,408,945 | ​ | ​ | 1,610,928 | ​ | ​ | 11,529 | ​ | 2022 | ​ | 40 Years
Lake Orion, MI | ​ | ​ | — | ​ | ​ | 508,462 | ​ | ​ | 1,373,650 | ​ | ​ | — | ​ | ​ | 508,462 | ​ | ​ | 1,373,650 | ​ | ​ | 1,882,112 | ​ | ​ | 5,240 | ​ | 2022 | ​ | 40 Years
Lansing, MI | ​ | ​ | — | ​ | ​ | 908,568 | ​ | ​ | 793,444 | ​ | ​ | — | ​ | ​ | 908,568 | ​ | ​ | 793,444 | ​ | ​ | 1,702,012 | ​ | ​ | 15,645 | ​ | 2022 | ​ | 40 Years
Lincoln Park, MI | ​ | ​ | — | ​ | ​ | 335,839 | ​ | ​ | 1,255,710 | ​ | ​ | — | ​ | ​ | 335,839 | ​ | ​ | 1,255,710 | ​ | ​ | 1,591,549 | ​ | ​ | 1,388 | ​ | 2022 | ​ | 40 Years
Marquette, MI | ​ | ​ | — | ​ | ​ | 209,677 | ​ | ​ | 2,188,590 | ​ | ​ | — | ​ | ​ | 209,677 | ​ | ​ | 2,188,590 | ​ | ​ | 2,398,267 | ​ | ​ | 7,348 | ​ | 2022 | ​ | 40 Years
Midland, MI | ​ | ​ | — | ​ | ​ | 71,784 | ​ | ​ | 1,569,727 | ​ | ​ | — | ​ | ​ | 71,784 | ​ | ​ | 1,569,727 | ​ | ​ | 1,641,511 | ​ | ​ | 12,751 | ​ | 2022 | ​ | 40 Years
Montrose, MI | ​ | ​ | — | ​ | ​ | 97,689 | ​ | ​ | 1,934,430 | ​ | ​ | — | ​ | ​ | 97,689 | ​ | ​ | 1,934,430 | ​ | ​ | 2,032,119 | ​ | ​ | 2,524 | ​ | 2022 | ​ | 40 Years
Novi, MI | ​ | ​ | — | ​ | ​ | 2,090,447 | ​ | ​ | 18,266,009 | ​ | ​ | — | ​ | ​ | 2,090,447 | ​ | ​ | 18,266,009 | ​ | ​ | 20,356,456 | ​ | ​ | 230,735 | ​ | 2022 | ​ | 40 Years
Otter Lake, MI | ​ | ​ | — | ​ | ​ | 154,390 | ​ | ​ | 1,405,532 | ​ | ​ | — | ​ | ​ | 154,390 | ​ | ​ | 1,405,532 | ​ | ​ | 1,559,922 | ​ | ​ | 11,615 | ​ | 2022 | ​ | 40 Years
Sault Ste Marie, MI | ​ | ​ | — | ​ | ​ | 239,906 | ​ | ​ | 1,007,077 | ​ | ​ | — | ​ | ​ | 239,906 | ​ | ​ | 1,007,077 | ​ | ​ | 1,246,983 | ​ | ​ | 15,194 | ​ | 2022 | ​ | 40 Years
Sebewaing, MI | ​ | ​ | — | ​ | ​ | 60,259 | ​ | ​ | 1,452,542 | ​ | ​ | — | ​ | ​ | 60,259 | ​ | ​ | 1,452,542 | ​ | ​ | 1,512,801 | ​ | ​ | 29,315 | ​ | 2022 | ​ | 40 Years
Walker, MI | ​ | ​ | — | ​ | ​ | 2,527,449 | ​ | ​ | 3,983,896 | ​ | ​ | — | ​ | ​ | 2,527,449 | ​ | ​ | 3,983,896 | ​ | ​ | 6,511,345 | ​ | ​ | 4,150 | ​ | 2022 | ​ | 40 Years
Weidman, MI | ​ | ​ | — | ​ | ​ | 67,968 | ​ | ​ | 1,400,386 | ​ | ​ | — | ​ | ​ | 67,968 | ​ | ​ | 1,400,386 | ​ | ​ | 1,468,353 | ​ | ​ | 1,779 | ​ | 2022 | ​ | 40 Years
Wyoming, MI | ​ | ​ | — | ​ | ​ | 3,194,618 | ​ | ​ | 4,816,878 | ​ | ​ | — | ​ | ​ | 3,194,618 | ​ | ​ | 4,816,878 | ​ | ​ | 8,011,495 | ​ | ​ | 5,018 | ​ | 2022 | ​ | 40 Years
Eagan, MN | ​ | ​ | — | ​ | ​ | 1,297,596 | ​ | ​ | 2,033,325 | ​ | ​ | — | ​ | ​ | 1,297,596 | ​ | ​ | 2,033,325 | ​ | ​ | 3,330,921 | ​ | ​ | 38,065 | ​ | 2022 | ​ | 40 Years
Maple Grove, MN | ​ | ​ | — | ​ | ​ | 760,163 | ​ | ​ | 9,863,462 | ​ | ​ | — | ​ | ​ | 760,163 | ​ | ​ | 9,863,462 | ​ | ​ | 10,623,624 | ​ | ​ | 11,587 | ​ | 2022 | ​ | 40 Years
Mora, MN | ​ | ​ | — | ​ | ​ | 19,524 | ​ | ​ | 1,272,308 | ​ | ​ | — | ​ | ​ | 19,524 | ​ | ​ | 1,272,308 | ​ | ​ | 1,291,832 | ​ | ​ | 10,359 | ​ | 2022 | ​ | 40 Years
Winona, MN | ​ | ​ | — | ​ | ​ | 1,562,225 | ​ | ​ | 6,867,512 | ​ | ​ | — | ​ | ​ | 1,562,225 | ​ | ​ | 6,867,512 | ​ | ​ | 8,429,737 | ​ | ​ | 85,761 | ​ | 2022 | ​ | 40 Years
Farmington, MO | ​ | ​ | — | ​ | ​ | 314,078 | ​ | ​ | 2,423,544 | ​ | ​ | — | ​ | ​ | 314,078 | ​ | ​ | 2,423,544 | ​ | ​ | 2,737,622 | ​ | ​ | 50,389 | ​ | 2022 | ​ | 40 Years
Excelsior Springs, MO | ​ | ​ | — | ​ | ​ | 78,699 | ​ | ​ | 1,265,762 | ​ | ​ | — | ​ | ​ | 78,699 | ​ | ​ | 1,265,762 | ​ | ​ | 1,344,461 | ​ | ​ | 4,501 | ​ | 2022 | ​ | 40 Years
Freeburg, MO | ​ | ​ | — | ​ | ​ | 72,490 | ​ | ​ | 1,213,203 | ​ | ​ | — | ​ | ​ | 72,490 | ​ | ​ | 1,213,203 | ​ | ​ | 1,285,694 | ​ | ​ | 10,167 | ​ | 2022 | ​ | 40 Years
Helena, MO | ​ | ​ | — | ​ | ​ | 67,324 | ​ | ​ | 1,237,062 | ​ | ​ | — | ​ | ​ | 67,324 | ​ | ​ | 1,237,062 | ​ | ​ | 1,304,386 | ​ | ​ | 4,386 | ​ | 2022 | ​ | 40 Years
Jefferson City, MO | ​ | ​ | — | ​ | ​ | 1,195,039 | ​ | ​ | 3,759,032 | ​ | ​ | — | ​ | ​ | 1,195,039 | ​ | ​ | 3,759,032 | ​ | ​ | 4,954,071 | ​ | ​ | 5,592 | ​ | 2022 | ​ | 40 Years
Joplin, MO | ​ | ​ | — | ​ | ​ | 441,710 | ​ | ​ | 2,041,893 | ​ | ​ | — | ​ | ​ | 441,710 | ​ | ​ | 2,041,893 | ​ | ​ | 2,483,603 | ​ | ​ | 25,441 | ​ | 2022 | ​ | 40 Years
Joplin, MO | ​ | ​ | — | ​ | ​ | 108,268 | ​ | ​ | 1,980,280 | ​ | ​ | — | ​ | ​ | 108,268 | ​ | ​ | 1,980,280 | ​ | ​ | 2,088,548 | ​ | ​ | 6,723 | ​ | 2022 | ​ | 40 Years
Lake Lafayette, MO | ​ | ​ | — | ​ | ​ | 106,627 | ​ | ​ | 1,178,416 | ​ | ​ | — | ​ | ​ | 106,627 | ​ | ​ | 1,178,416 | ​ | ​ | 1,285,043 | ​ | ​ | 4,215 | ​ | 2022 | ​ | 40 Years
Lincoln, MO | ​ | ​ | — | ​ | ​ | 138,746 | ​ | ​ | 1,413,644 | ​ | ​ | — | ​ | ​ | 138,746 | ​ | ​ | 1,413,644 | ​ | ​ | 1,552,391 | ​ | ​ | 16,569 | ​ | 2022 | ​ | 40 Years
Springfield, MO | ​ | ​ | — | ​ | ​ | 1,001,257 | ​ | ​ | 5,420,536 | ​ | ​ | — | ​ | ​ | 1,001,257 | ​ | ​ | 5,420,536 | ​ | ​ | 6,421,792 | ​ | ​ | 67,674 | ​ | 2022 | ​ | 40 Years
Clarksdale, MS | ​ | ​ | — | ​ | ​ | 111,726 | ​ | ​ | 1,299,141 | ​ | ​ | — | ​ | ​ | 111,726 | ​ | ​ | 1,299,141 | ​ | ​ | 1,410,866 | ​ | ​ | 29,681 | ​ | 2022 | ​ | 40 Years

​

​

F-60

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
De Kalb, MS | ​ | ​ | — | ​ | ​ | 111,394 | ​ | ​ | 981,026 | ​ | ​ | — | ​ | ​ | 111,394 | ​ | ​ | 981,026 | ​ | ​ | 1,092,421 | ​ | ​ | 18,117 | ​ | 2022 | ​ | 40 Years
Tupelo, MS | ​ | ​ | — | ​ | ​ | 443,321 | ​ | ​ | 3,834,665 | ​ | ​ | — | ​ | ​ | 443,321 | ​ | ​ | 3,834,665 | ​ | ​ | 4,277,986 | ​ | ​ | 71,900 | ​ | 2022 | ​ | 40 Years
Ashland, MS | ​ | ​ | — | ​ | ​ | 38,697 | ​ | ​ | 1,427,252 | ​ | ​ | — | ​ | ​ | 38,697 | ​ | ​ | 1,427,252 | ​ | ​ | 1,465,949 | ​ | ​ | 28,662 | ​ | 2022 | ​ | 40 Years
Baldwyn, MS | ​ | ​ | — | ​ | ​ | 29,404 | ​ | ​ | 908,970 | ​ | ​ | — | ​ | ​ | 29,404 | ​ | ​ | 908,970 | ​ | ​ | 938,373 | ​ | ​ | 19,656 | ​ | 2022 | ​ | 40 Years
Belzoni, MS | ​ | ​ | — | ​ | ​ | 67,668 | ​ | ​ | 1,137,472 | ​ | ​ | — | ​ | ​ | 67,668 | ​ | ​ | 1,137,472 | ​ | ​ | 1,205,140 | ​ | ​ | 26,061 | ​ | 2022 | ​ | 40 Years
Cleveland, MS | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,635,242 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,635,242 | ​ | ​ | 5,635,242 | ​ | ​ | 41,090 | ​ | 2022 | ​ | 40 Years
Dora, MS | ​ | ​ | — | ​ | ​ | 77,349 | ​ | ​ | 1,277,800 | ​ | ​ | — | ​ | ​ | 77,349 | ​ | ​ | 1,277,800 | ​ | ​ | 1,355,149 | ​ | ​ | 4,534 | ​ | 2022 | ​ | 40 Years
Edinburg - Carthage, MS | ​ | ​ | — | ​ | ​ | 114,642 | ​ | ​ | 1,291,451 | ​ | ​ | — | ​ | ​ | 114,642 | ​ | ​ | 1,291,451 | ​ | ​ | 1,406,094 | ​ | ​ | 11,855 | ​ | 2022 | ​ | 40 Years
Ellisville, MS | ​ | ​ | — | ​ | ​ | 313,192 | ​ | ​ | 1,053,746 | ​ | ​ | — | ​ | ​ | 313,192 | ​ | ​ | 1,053,746 | ​ | ​ | 1,366,938 | ​ | ​ | 1,278 | ​ | 2022 | ​ | 40 Years
Greenville, MS | ​ | ​ | — | ​ | ​ | 193,378 | ​ | ​ | 1,282,104 | ​ | ​ | — | ​ | ​ | 193,378 | ​ | ​ | 1,282,104 | ​ | ​ | 1,475,482 | ​ | ​ | 1,552 | ​ | 2022 | ​ | 40 Years
Richland, MS | ​ | ​ | — | ​ | ​ | 851,944 | ​ | ​ | 8,905,221 | ​ | ​ | — | ​ | ​ | 851,944 | ​ | ​ | 8,905,221 | ​ | ​ | 9,757,165 | ​ | ​ | 64,928 | ​ | 2022 | ​ | 40 Years
Sardis, MS | ​ | ​ | — | ​ | ​ | 362,033 | ​ | ​ | 816,187 | ​ | ​ | — | ​ | ​ | 362,033 | ​ | ​ | 816,187 | ​ | ​ | 1,178,220 | ​ | ​ | 10,584 | ​ | 2022 | ​ | 40 Years
Silver Creek, MS | ​ | ​ | — | ​ | ​ | 307,453 | ​ | ​ | 1,045,870 | ​ | ​ | — | ​ | ​ | 307,453 | ​ | ​ | 1,045,870 | ​ | ​ | 1,353,323 | ​ | ​ | 1,271 | ​ | 2022 | ​ | 40 Years
Southaven, MS | ​ | ​ | — | ​ | ​ | 212,377 | ​ | ​ | 1,962,757 | ​ | ​ | — | ​ | ​ | 212,377 | ​ | ​ | 1,962,757 | ​ | ​ | 2,175,134 | ​ | ​ | 7,012 | ​ | 2022 | ​ | 40 Years
Aulander, NC | ​ | ​ | — | ​ | ​ | 195,098 | ​ | ​ | 984,103 | ​ | ​ | — | ​ | ​ | 195,098 | ​ | ​ | 984,103 | ​ | ​ | 1,179,201 | ​ | ​ | 22,462 | ​ | 2022 | ​ | 40 Years
Fayetteville, NC | ​ | ​ | — | ​ | ​ | 1,605,366 | ​ | ​ | 2,566,208 | ​ | ​ | — | ​ | ​ | 1,605,366 | ​ | ​ | 2,566,208 | ​ | ​ | 4,171,574 | ​ | ​ | 62,750 | ​ | 2022 | ​ | 40 Years
Garner, NC | ​ | ​ | — | ​ | ​ | 2,718,172 | ​ | ​ | 2,763,915 | ​ | ​ | — | ​ | ​ | 2,718,172 | ​ | ​ | 2,763,915 | ​ | ​ | 5,482,087 | ​ | ​ | 63,249 | ​ | 2022 | ​ | 40 Years
Garner, NC | ​ | ​ | — | ​ | ​ | 874,423 | ​ | ​ | 1,550,116 | ​ | ​ | — | ​ | ​ | 874,423 | ​ | ​ | 1,550,116 | ​ | ​ | 2,424,540 | ​ | ​ | 29,969 | ​ | 2022 | ​ | 40 Years
Greenville, NC | ​ | ​ | — | ​ | ​ | 243,002 | ​ | ​ | 2,160,494 | ​ | ​ | — | ​ | ​ | 243,002 | ​ | ​ | 2,160,494 | ​ | ​ | 2,403,496 | ​ | ​ | 49,421 | ​ | 2022 | ​ | 40 Years
Kings Mountain, NC | ​ | ​ | — | ​ | ​ | 509,102 | ​ | ​ | 2,258,512 | ​ | ​ | — | ​ | ​ | 509,102 | ​ | ​ | 2,258,512 | ​ | ​ | 2,767,614 | ​ | ​ | 51,259 | ​ | 2022 | ​ | 40 Years
Roxboro, NC | ​ | ​ | — | ​ | ​ | 256,768 | ​ | ​ | 1,218,469 | ​ | ​ | — | ​ | ​ | 256,768 | ​ | ​ | 1,218,469 | ​ | ​ | 1,475,236 | ​ | ​ | 27,833 | ​ | 2022 | ​ | 40 Years
Southern Pines, NC | ​ | ​ | — | ​ | ​ | 805,577 | ​ | ​ | 1,231,351 | ​ | ​ | — | ​ | ​ | 805,577 | ​ | ​ | 1,231,351 | ​ | ​ | 2,036,927 | ​ | ​ | 23,088 | ​ | 2022 | ​ | 40 Years
Angier, NC | ​ | ​ | — | ​ | ​ | 672,850 | ​ | ​ | 1,349,207 | ​ | ​ | — | ​ | ​ | 672,850 | ​ | ​ | 1,349,207 | ​ | ​ | 2,022,057 | ​ | ​ | 10,705 | ​ | 2022 | ​ | 40 Years
Asheboro, NC | ​ | ​ | — | ​ | ​ | 1,562,706 | ​ | ​ | 17,355,572 | ​ | ​ | — | ​ | ​ | 1,562,706 | ​ | ​ | 17,355,572 | ​ | ​ | 18,918,279 | ​ | ​ | 307,672 | ​ | 2022 | ​ | 40 Years
Castalia, NC | ​ | ​ | — | ​ | ​ | 139,549 | ​ | ​ | 1,366,925 | ​ | ​ | — | ​ | ​ | 139,549 | ​ | ​ | 1,366,925 | ​ | ​ | 1,506,473 | ​ | ​ | 5,300 | ​ | 2022 | ​ | 40 Years
Concord, NC | ​ | ​ | — | ​ | ​ | 1,289,337 | ​ | ​ | 15,972,978 | ​ | ​ | — | ​ | ​ | 1,289,337 | ​ | ​ | 15,972,978 | ​ | ​ | 17,262,315 | ​ | ​ | 285,954 | ​ | 2022 | ​ | 40 Years
Flat Rock, NC | ​ | ​ | — | ​ | ​ | 150,439 | ​ | ​ | 846,253 | ​ | ​ | — | ​ | ​ | 150,439 | ​ | ​ | 846,253 | ​ | ​ | 996,692 | ​ | ​ | 6,816 | ​ | 2022 | ​ | 40 Years
North Wilkesboro, NC | ​ | ​ | — | ​ | ​ | 148,134 | ​ | ​ | 1,013,906 | ​ | ​ | — | ​ | ​ | 148,134 | ​ | ​ | 1,013,906 | ​ | ​ | 1,162,040 | ​ | ​ | 1,389 | ​ | 2022 | ​ | 40 Years
Salisbury, NC | ​ | ​ | — | ​ | ​ | 571,426 | ​ | ​ | 3,687,049 | ​ | ​ | — | ​ | ​ | 571,426 | ​ | ​ | 3,687,049 | ​ | ​ | 4,258,475 | ​ | ​ | 46,005 | ​ | 2022 | ​ | 40 Years
Statesville, NC | ​ | ​ | — | ​ | ​ | 1,159,344 | ​ | ​ | 2,580,515 | ​ | ​ | — | ​ | ​ | 1,159,344 | ​ | ​ | 2,580,515 | ​ | ​ | 3,739,860 | ​ | ​ | 22,324 | ​ | 2022 | ​ | 40 Years
Tabor City, NC | ​ | ​ | — | ​ | ​ | 20,939 | ​ | ​ | 1,495,256 | ​ | ​ | — | ​ | ​ | 20,939 | ​ | ​ | 1,495,256 | ​ | ​ | 1,516,195 | ​ | ​ | 1,896 | ​ | 2022 | ​ | 40 Years
Wilkesboro, NC | ​ | ​ | — | ​ | ​ | 509,859 | ​ | ​ | 2,478,770 | ​ | ​ | — | ​ | ​ | 509,859 | ​ | ​ | 2,478,770 | ​ | ​ | 2,988,628 | ​ | ​ | 57,685 | ​ | 2022 | ​ | 40 Years
Windsor, NC | ​ | ​ | — | ​ | ​ | 175,633 | ​ | ​ | 1,346,774 | ​ | ​ | — | ​ | ​ | 175,633 | ​ | ​ | 1,346,774 | ​ | ​ | 1,522,406 | ​ | ​ | 12,003 | ​ | 2022 | ​ | 40 Years
Winton - Salem, NC | ​ | ​ | — | ​ | ​ | 1,772,410 | ​ | ​ | 6,666,783 | ​ | ​ | — | ​ | ​ | 1,772,410 | ​ | ​ | 6,666,783 | ​ | ​ | 8,439,193 | ​ | ​ | 114,162 | ​ | 2022 | ​ | 40 Years
West Fargo, ND | ​ | ​ | — | ​ | ​ | 722,425 | ​ | ​ | 776,925 | ​ | ​ | — | ​ | ​ | 722,425 | ​ | ​ | 776,925 | ​ | ​ | 1,499,349 | ​ | ​ | 14,496 | ​ | 2022 | ​ | 40 Years
Lincoln, NE | ​ | ​ | — | ​ | ​ | 2,350,709 | ​ | ​ | 11,189,814 | ​ | ​ | — | ​ | ​ | 2,350,709 | ​ | ​ | 11,189,814 | ​ | ​ | 13,540,523 | ​ | ​ | 209,809 | ​ | 2022 | ​ | 40 Years
Chappell, NE | ​ | ​ | — | ​ | ​ | 228,961 | ​ | ​ | 1,027,400 | ​ | ​ | — | ​ | ​ | 228,961 | ​ | ​ | 1,027,400 | ​ | ​ | 1,256,361 | ​ | ​ | 1,242 | ​ | 2022 | ​ | 40 Years
Juniata, NE | ​ | ​ | — | ​ | ​ | 90,602 | ​ | ​ | 1,127,483 | ​ | ​ | — | ​ | ​ | 90,602 | ​ | ​ | 1,127,483 | ​ | ​ | 1,218,085 | ​ | ​ | 1,370 | ​ | 2022 | ​ | 40 Years
Pleasantville, NJ | ​ | ​ | — | ​ | ​ | 872,737 | ​ | ​ | 4,130,042 | ​ | ​ | — | ​ | ​ | 872,737 | ​ | ​ | 4,130,042 | ​ | ​ | 5,002,780 | ​ | ​ | 77,338 | ​ | 2022 | ​ | 40 Years
Wrightstown, NJ | ​ | ​ | — | ​ | ​ | 5,051,058 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,051,058 | ​ | ​ | — | ​ | ​ | 5,051,058 | ​ | ​ | — | ​ | 2022 | ​ | ​
Deptford, NJ | ​ | ​ | — | ​ | ​ | 4,637,926 | ​ | ​ | 10,426,984 | ​ | ​ | — | ​ | ​ | 4,637,926 | ​ | ​ | 10,426,984 | ​ | ​ | 15,064,910 | ​ | ​ | 185,042 | ​ | 2022 | ​ | 40 Years
Galloway, NJ | ​ | ​ | — | ​ | ​ | 258,312 | ​ | ​ | 1,774,767 | ​ | ​ | — | ​ | ​ | 258,312 | ​ | ​ | 1,774,767 | ​ | ​ | 2,033,079 | ​ | ​ | 2,049 | ​ | 2022 | ​ | 40 Years
Mullica Hill, NJ | ​ | ​ | — | ​ | ​ | 648,435 | ​ | ​ | 1,265,179 | ​ | ​ | — | ​ | ​ | 648,435 | ​ | ​ | 1,265,179 | ​ | ​ | 1,913,614 | ​ | ​ | 1,474 | ​ | 2022 | ​ | 40 Years
Newfield, NJ | ​ | ​ | — | ​ | ​ | 278,914 | ​ | ​ | 1,624,710 | ​ | ​ | — | ​ | ​ | 278,914 | ​ | ​ | 1,624,710 | ​ | ​ | 1,903,624 | ​ | ​ | 1,862 | ​ | 2022 | ​ | 40 Years
Toms River, NJ | ​ | ​ | — | ​ | ​ | 1,785,123 | ​ | ​ | 835,695 | ​ | ​ | — | ​ | ​ | 1,785,123 | ​ | ​ | 835,695 | ​ | ​ | 2,620,818 | ​ | ​ | 937 | ​ | 2022 | ​ | 40 Years
Vineland, NJ | ​ | ​ | — | ​ | ​ | 833,473 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 833,473 | ​ | ​ | — | ​ | ​ | 833,473 | ​ | ​ | — | ​ | 2022 | ​ | ​
Wayne, NJ | ​ | ​ | — | ​ | ​ | 3,162,613 | ​ | ​ | 3,288,907 | ​ | ​ | — | ​ | ​ | 3,162,613 | ​ | ​ | 3,288,907 | ​ | ​ | 6,451,520 | ​ | ​ | 58,048 | ​ | 2022 | ​ | 40 Years
Turnersville, NJ | ​ | ​ | — | ​ | ​ | 1,795,330 | ​ | ​ | 2,978,086 | ​ | ​ | — | ​ | ​ | 1,795,330 | ​ | ​ | 2,978,086 | ​ | ​ | 4,773,416 | ​ | ​ | 15,965 | ​ | 2022 | ​ | 40 Years
Santa Fe, NM | ​ | ​ | — | ​ | ​ | 835,775 | ​ | ​ | 1,151,399 | ​ | ​ | — | ​ | ​ | 835,775 | ​ | ​ | 1,151,399 | ​ | ​ | 1,987,174 | ​ | ​ | 23,940 | ​ | 2022 | ​ | 40 Years
Las Cruces, NM | ​ | ​ | — | ​ | ​ | 598,909 | ​ | ​ | 4,180,398 | ​ | ​ | — | ​ | ​ | 598,909 | ​ | ​ | 4,180,398 | ​ | ​ | 4,779,307 | ​ | ​ | 62,301 | ​ | 2022 | ​ | 40 Years
Tse Bonito, NM | ​ | ​ | — | ​ | ​ | 126,882 | ​ | ​ | 1,633,674 | ​ | ​ | — | ​ | ​ | 126,882 | ​ | ​ | 1,633,674 | ​ | ​ | 1,760,555 | ​ | ​ | 9,087 | ​ | 2022 | ​ | 40 Years
South Corning, NY | ​ | ​ | — | ​ | ​ | 120,453 | ​ | ​ | 1,623,218 | ​ | ​ | — | ​ | ​ | 120,453 | ​ | ​ | 1,623,218 | ​ | ​ | 1,743,670 | ​ | ​ | 34,311 | ​ | 2022 | ​ | 40 Years
Schenectady, NY | ​ | ​ | — | ​ | ​ | 393,418 | ​ | ​ | 2,018,314 | ​ | ​ | — | ​ | ​ | 393,418 | ​ | ​ | 2,018,314 | ​ | ​ | 2,411,732 | ​ | ​ | 37,553 | ​ | 2022 | ​ | 40 Years
Bergen, NY | ​ | ​ | — | ​ | ​ | 92,953 | ​ | ​ | 916,917 | ​ | ​ | — | ​ | ​ | 92,953 | ​ | ​ | 916,917 | ​ | ​ | 1,009,871 | ​ | ​ | 19,383 | ​ | 2022 | ​ | 40 Years
Buffalo, NY | ​ | ​ | — | ​ | ​ | 927,338 | ​ | ​ | 403,208 | ​ | ​ | — | ​ | ​ | 927,338 | ​ | ​ | 403,208 | ​ | ​ | 1,330,545 | ​ | ​ | 4,957 | ​ | 2022 | ​ | 40 Years
Canandaigua, NY | ​ | ​ | — | ​ | ​ | 91,579 | ​ | ​ | 1,470,852 | ​ | ​ | — | ​ | ​ | 91,579 | ​ | ​ | 1,470,852 | ​ | ​ | 1,562,431 | ​ | ​ | 30,137 | ​ | 2022 | ​ | 40 Years
Canastota, NY | ​ | ​ | — | ​ | ​ | 108,348 | ​ | ​ | 1,371,590 | ​ | ​ | — | ​ | ​ | 108,348 | ​ | ​ | 1,371,590 | ​ | ​ | 1,479,938 | ​ | ​ | 1,615 | ​ | 2022 | ​ | 40 Years
Elmira, NY | ​ | ​ | — | ​ | ​ | 41,281 | ​ | ​ | 915,575 | ​ | ​ | — | ​ | ​ | 41,281 | ​ | ​ | 915,575 | ​ | ​ | 956,856 | ​ | ​ | 11,362 | ​ | 2022 | ​ | 40 Years
Frankfort, NY | ​ | ​ | — | ​ | ​ | 317,533 | ​ | ​ | 1,167,754 | ​ | ​ | — | ​ | ​ | 317,533 | ​ | ​ | 1,167,754 | ​ | ​ | 1,485,287 | ​ | ​ | 1,397 | ​ | 2022 | ​ | 40 Years
Friendship, NY | ​ | ​ | — | ​ | ​ | 97,367 | ​ | ​ | 1,295,401 | ​ | ​ | — | ​ | ​ | 97,367 | ​ | ​ | 1,295,401 | ​ | ​ | 1,392,768 | ​ | ​ | 5,009 | ​ | 2022 | ​ | 40 Years
Hastings, NY | ​ | ​ | — | ​ | ​ | 68,941 | ​ | ​ | 1,285,557 | ​ | ​ | — | ​ | ​ | 68,941 | ​ | ​ | 1,285,557 | ​ | ​ | 1,354,498 | ​ | ​ | 1,531 | ​ | 2022 | ​ | 40 Years
Liverpool, NY | ​ | ​ | — | ​ | ​ | 527,708 | ​ | ​ | 1,268,846 | ​ | ​ | — | ​ | ​ | 527,708 | ​ | ​ | 1,268,846 | ​ | ​ | 1,796,554 | ​ | ​ | 15,387 | ​ | 2022 | ​ | 40 Years
Medford, NY | ​ | ​ | — | ​ | ​ | 695,815 | ​ | ​ | 2,164,666 | ​ | ​ | — | ​ | ​ | 695,815 | ​ | ​ | 2,164,666 | ​ | ​ | 2,860,481 | ​ | ​ | 35,343 | ​ | 2022 | ​ | 40 Years
Newport, NY | ​ | ​ | — | ​ | ​ | 108,474 | ​ | ​ | 1,359,693 | ​ | ​ | — | ​ | ​ | 108,474 | ​ | ​ | 1,359,693 | ​ | ​ | 1,468,167 | ​ | ​ | 1,603 | ​ | 2022 | ​ | 40 Years
North Rose, NY | ​ | ​ | — | ​ | ​ | 86,206 | ​ | ​ | 1,320,796 | ​ | ​ | — | ​ | ​ | 86,206 | ​ | ​ | 1,320,796 | ​ | ​ | 1,407,002 | ​ | ​ | 4,593 | ​ | 2022 | ​ | 40 Years
Red Creek, NY | ​ | ​ | — | ​ | ​ | 39,875 | ​ | ​ | 1,347,504 | ​ | ​ | — | ​ | ​ | 39,875 | ​ | ​ | 1,347,504 | ​ | ​ | 1,387,380 | ​ | ​ | 1,596 | ​ | 2022 | ​ | 40 Years
Riverhead, NY | ​ | ​ | — | ​ | ​ | 538,226 | ​ | ​ | 1,569,184 | ​ | ​ | — | ​ | ​ | 538,226 | ​ | ​ | 1,569,184 | ​ | ​ | 2,107,410 | ​ | ​ | 25,255 | ​ | 2022 | ​ | 40 Years
Rochester, NY | ​ | ​ | — | ​ | ​ | 455,606 | ​ | ​ | 1,080,523 | ​ | ​ | — | ​ | ​ | 455,606 | ​ | ​ | 1,080,523 | ​ | ​ | 1,536,129 | ​ | ​ | 25,134 | ​ | 2022 | ​ | 40 Years
Rochester, NY | ​ | ​ | — | ​ | ​ | 182,135 | ​ | ​ | 1,927,563 | ​ | ​ | — | ​ | ​ | 182,135 | ​ | ​ | 1,927,563 | ​ | ​ | 2,109,699 | ​ | ​ | 43,378 | ​ | 2022 | ​ | 40 Years
Sennett, NY | ​ | ​ | — | ​ | ​ | 2,400,380 | ​ | ​ | 6,427,546 | ​ | ​ | — | ​ | ​ | 2,400,380 | ​ | ​ | 6,427,546 | ​ | ​ | 8,827,927 | ​ | ​ | 7,727 | ​ | 2022 | ​ | 40 Years
Star Lake, NY | ​ | ​ | — | ​ | ​ | 195,082 | ​ | ​ | 1,238,915 | ​ | ​ | — | ​ | ​ | 195,082 | ​ | ​ | 1,238,915 | ​ | ​ | 1,433,997 | ​ | ​ | 1,481 | ​ | 2022 | ​ | 40 Years
West Henrietta, NY | ​ | ​ | — | ​ | ​ | 436,838 | ​ | ​ | 1,631,322 | ​ | ​ | — | ​ | ​ | 436,838 | ​ | ​ | 1,631,322 | ​ | ​ | 2,068,160 | ​ | ​ | 36,983 | ​ | 2022 | ​ | 40 Years
West Seneca, NY | ​ | ​ | — | ​ | ​ | 614,219 | ​ | ​ | 17,967,840 | ​ | ​ | — | ​ | ​ | 614,219 | ​ | ​ | 17,967,840 | ​ | ​ | 18,582,059 | ​ | ​ | 307,511 | ​ | 2022 | ​ | 40 Years

​

​

F-61

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Yonkers, NY | ​ | ​ | — | ​ | ​ | 3,911,416 | ​ | ​ | 4,262,152 | ​ | ​ | — | ​ | ​ | 3,911,416 | ​ | ​ | 4,262,152 | ​ | ​ | 8,173,567 | ​ | ​ | 33,139 | ​ | 2022 | ​ | 40 Years
Holland, OH | ​ | ​ | — | ​ | ​ | 86,884 | ​ | ​ | 4,996,831 | ​ | ​ | — | ​ | ​ | 86,884 | ​ | ​ | 4,996,831 | ​ | ​ | 5,083,715 | ​ | ​ | 93,561 | ​ | 2022 | ​ | 40 Years
McArthur, OH | ​ | ​ | — | ​ | ​ | 210,094 | ​ | ​ | 1,836,031 | ​ | ​ | — | ​ | ​ | 210,094 | ​ | ​ | 1,836,031 | ​ | ​ | 2,046,125 | ​ | ​ | 34,425 | ​ | 2022 | ​ | 40 Years
Strongsville, OH | ​ | ​ | — | ​ | ​ | 412,105 | ​ | ​ | 6,461,470 | ​ | ​ | — | ​ | ​ | 412,105 | ​ | ​ | 6,461,470 | ​ | ​ | 6,873,575 | ​ | ​ | 147,762 | ​ | 2022 | ​ | 40 Years
Zanesville, OH | ​ | ​ | — | ​ | ​ | 336,258 | ​ | ​ | 1,136,178 | ​ | ​ | — | ​ | ​ | 336,258 | ​ | ​ | 1,136,178 | ​ | ​ | 1,472,436 | ​ | ​ | 21,262 | ​ | 2022 | ​ | 40 Years
Apple Creek, OH | ​ | ​ | — | ​ | ​ | 335,713 | ​ | ​ | 1,081,077 | ​ | ​ | — | ​ | ​ | 335,713 | ​ | ​ | 1,081,077 | ​ | ​ | 1,416,790 | ​ | ​ | 1,306 | ​ | 2022 | ​ | 40 Years
Austinburg, OH | ​ | ​ | — | ​ | ​ | 105,423 | ​ | ​ | 1,141,236 | ​ | ​ | — | ​ | ​ | 105,423 | ​ | ​ | 1,141,236 | ​ | ​ | 1,246,659 | ​ | ​ | 10,261 | ​ | 2022 | ​ | 40 Years
Bellefontaine, OH | ​ | ​ | — | ​ | ​ | 1,348,236 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,348,236 | ​ | ​ | — | ​ | ​ | 1,348,236 | ​ | ​ | — | ​ | 2022 | ​ | ​
Cincinnati, OH | ​ | ​ | — | ​ | ​ | 1,070,525 | ​ | ​ | 270,651 | ​ | ​ | — | ​ | ​ | 1,070,525 | ​ | ​ | 270,651 | ​ | ​ | 1,341,177 | ​ | ​ | 3,300 | ​ | 2022 | ​ | 40 Years
Columbus, OH | ​ | ​ | — | ​ | ​ | 2,559,388 | ​ | ​ | 8,602,145 | ​ | ​ | — | ​ | ​ | 2,559,388 | ​ | ​ | 8,602,145 | ​ | ​ | 11,161,533 | ​ | ​ | 10,876 | ​ | 2022 | ​ | 40 Years
Columbus, OH | ​ | ​ | — | ​ | ​ | 1,176,215 | ​ | ​ | 2,934,082 | ​ | ​ | — | ​ | ​ | 1,176,215 | ​ | ​ | 2,934,082 | ​ | ​ | 4,110,297 | ​ | ​ | 3,056 | ​ | 2022 | ​ | 40 Years
Conneaut, OH | ​ | ​ | — | ​ | ​ | 69,163 | ​ | ​ | 1,516,980 | ​ | ​ | — | ​ | ​ | 69,163 | ​ | ​ | 1,516,980 | ​ | ​ | 1,586,143 | ​ | ​ | 12,394 | ​ | 2022 | ​ | 40 Years
Dayton, OH | ​ | ​ | — | ​ | ​ | 431,934 | ​ | ​ | 1,507,682 | ​ | ​ | — | ​ | ​ | 431,934 | ​ | ​ | 1,507,682 | ​ | ​ | 1,939,616 | ​ | ​ | 1,716 | ​ | 2022 | ​ | 40 Years
Grovepoint, OH | ​ | ​ | — | ​ | ​ | 3,851,484 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,851,484 | ​ | ​ | — | ​ | ​ | 3,851,484 | ​ | ​ | — | ​ | 2022 | ​ | ​
Heppner, OH | ​ | ​ | — | ​ | ​ | 135,937 | ​ | ​ | 1,433,459 | ​ | ​ | — | ​ | ​ | 135,937 | ​ | ​ | 1,433,459 | ​ | ​ | 1,569,395 | ​ | ​ | 11,579 | ​ | 2022 | ​ | 40 Years
Louisville, OH | ​ | ​ | — | ​ | ​ | 208,868 | ​ | ​ | 1,182,011 | ​ | ​ | — | ​ | ​ | 208,868 | ​ | ​ | 1,182,011 | ​ | ​ | 1,390,879 | ​ | ​ | 1,410 | ​ | 2022 | ​ | 40 Years
New Philadelphia, OH | ​ | ​ | — | ​ | ​ | 176,310 | ​ | ​ | 1,170,154 | ​ | ​ | — | ​ | ​ | 176,310 | ​ | ​ | 1,170,154 | ​ | ​ | 1,346,464 | ​ | ​ | 4,226 | ​ | 2022 | ​ | 40 Years
North Olmsted, OH | ​ | ​ | — | ​ | ​ | 1,791,441 | ​ | ​ | 2,654,170 | ​ | ​ | — | ​ | ​ | 1,791,441 | ​ | ​ | 2,654,170 | ​ | ​ | 4,445,611 | ​ | ​ | 8,691 | ​ | 2022 | ​ | 40 Years
Otway, OH | ​ | ​ | — | ​ | ​ | 351,675 | ​ | ​ | 1,147,001 | ​ | ​ | — | ​ | ​ | 351,675 | ​ | ​ | 1,147,001 | ​ | ​ | 1,498,677 | ​ | ​ | 9,340 | ​ | 2022 | ​ | 40 Years
Port Washington, OH | ​ | ​ | — | ​ | ​ | 419,686 | ​ | ​ | 879,455 | ​ | ​ | — | ​ | ​ | 419,686 | ​ | ​ | 879,455 | ​ | ​ | 1,299,140 | ​ | ​ | 3,190 | ​ | 2022 | ​ | 40 Years
Republic, OH | ​ | ​ | — | ​ | ​ | 141,246 | ​ | ​ | 1,497,976 | ​ | ​ | — | ​ | ​ | 141,246 | ​ | ​ | 1,497,976 | ​ | ​ | 1,639,223 | ​ | ​ | 12,025 | ​ | 2022 | ​ | 40 Years
Rock Creek, OH | ​ | ​ | — | ​ | ​ | 126,770 | ​ | ​ | 1,505,669 | ​ | ​ | — | ​ | ​ | 126,770 | ​ | ​ | 1,505,669 | ​ | ​ | 1,632,439 | ​ | ​ | 12,238 | ​ | 2022 | ​ | 40 Years
Shelby, OH | ​ | ​ | — | ​ | ​ | 92,254 | ​ | ​ | 1,101,734 | ​ | ​ | — | ​ | ​ | 92,254 | ​ | ​ | 1,101,734 | ​ | ​ | 1,193,988 | ​ | ​ | 16,922 | ​ | 2022 | ​ | 40 Years
Sinking Spring, OH | ​ | ​ | — | ​ | ​ | 49,881 | ​ | ​ | 1,278,876 | ​ | ​ | — | ​ | ​ | 49,881 | ​ | ​ | 1,278,876 | ​ | ​ | 1,328,757 | ​ | ​ | 4,992 | ​ | 2022 | ​ | 40 Years
Springfield, OH | ​ | ​ | — | ​ | ​ | 216,253 | ​ | ​ | 1,352,319 | ​ | ​ | — | ​ | ​ | 216,253 | ​ | ​ | 1,352,319 | ​ | ​ | 1,568,572 | ​ | ​ | 2,260 | ​ | 2022 | ​ | 40 Years
Thornville, OH | ​ | ​ | — | ​ | ​ | 110,395 | ​ | ​ | 1,314,956 | ​ | ​ | — | ​ | ​ | 110,395 | ​ | ​ | 1,314,956 | ​ | ​ | 1,425,351 | ​ | ​ | 22,169 | ​ | 2022 | ​ | 40 Years
Tiffin, OH | ​ | ​ | — | ​ | ​ | 119,687 | ​ | ​ | 1,501,037 | ​ | ​ | — | ​ | ​ | 119,687 | ​ | ​ | 1,501,037 | ​ | ​ | 1,620,725 | ​ | ​ | 30,597 | ​ | 2022 | ​ | 40 Years
Toledo, OH | ​ | ​ | — | ​ | ​ | 119,897 | ​ | ​ | 1,403,558 | ​ | ​ | — | ​ | ​ | 119,897 | ​ | ​ | 1,403,558 | ​ | ​ | 1,523,455 | ​ | ​ | 4,781 | ​ | 2022 | ​ | 40 Years
Valley City, OH | ​ | ​ | — | ​ | ​ | 128,015 | ​ | ​ | 1,486,157 | ​ | ​ | — | ​ | ​ | 128,015 | ​ | ​ | 1,486,157 | ​ | ​ | 1,614,172 | ​ | ​ | 12,171 | ​ | 2022 | ​ | 40 Years
Zanesville, OH | ​ | ​ | — | ​ | ​ | 234,595 | ​ | ​ | 1,177,014 | ​ | ​ | — | ​ | ​ | 234,595 | ​ | ​ | 1,177,014 | ​ | ​ | 1,411,609 | ​ | ​ | 1,409 | ​ | 2022 | ​ | 40 Years
Lawton, OK | ​ | ​ | — | ​ | ​ | 1,828,658 | ​ | ​ | 2,152,285 | ​ | ​ | — | ​ | ​ | 1,828,658 | ​ | ​ | 2,152,285 | ​ | ​ | 3,980,943 | ​ | ​ | 49,323 | ​ | 2022 | ​ | 40 Years
Moore, OK | ​ | ​ | — | ​ | ​ | 901,884 | ​ | ​ | 7,979,738 | ​ | ​ | — | ​ | ​ | 901,884 | ​ | ​ | 7,979,738 | ​ | ​ | 8,881,622 | ​ | ​ | 149,462 | ​ | 2022 | ​ | 40 Years
Chickasha, OK | ​ | ​ | — | ​ | ​ | 98,335 | ​ | ​ | 1,291,170 | ​ | ​ | — | ​ | ​ | 98,335 | ​ | ​ | 1,291,170 | ​ | ​ | 1,389,506 | ​ | ​ | 14,321 | ​ | 2022 | ​ | 40 Years
Langley, OK | ​ | ​ | — | ​ | ​ | 30,156 | ​ | ​ | 1,646,990 | ​ | ​ | — | ​ | ​ | 30,156 | ​ | ​ | 1,646,990 | ​ | ​ | 1,677,146 | ​ | ​ | 31,974 | ​ | 2022 | ​ | 40 Years
Maud, OK | ​ | ​ | — | ​ | ​ | 202,967 | ​ | ​ | 1,281,551 | ​ | ​ | — | ​ | ​ | 202,967 | ​ | ​ | 1,281,551 | ​ | ​ | 1,484,519 | ​ | ​ | 1,678 | ​ | 2022 | ​ | 40 Years
Pauls Valley, OK | ​ | ​ | — | ​ | ​ | 245,017 | ​ | ​ | 1,360,881 | ​ | ​ | — | ​ | ​ | 245,017 | ​ | ​ | 1,360,881 | ​ | ​ | 1,605,898 | ​ | ​ | 5,232 | ​ | 2022 | ​ | 40 Years
Talihina, OK | ​ | ​ | — | ​ | ​ | 70,366 | ​ | ​ | 1,610,311 | ​ | ​ | — | ​ | ​ | 70,366 | ​ | ​ | 1,610,311 | ​ | ​ | 1,680,678 | ​ | ​ | 32,445 | ​ | 2022 | ​ | 40 Years
Tulsa, OK | ​ | ​ | — | ​ | ​ | 1,402,904 | ​ | ​ | 2,835,532 | ​ | ​ | — | ​ | ​ | 1,402,904 | ​ | ​ | 2,835,532 | ​ | ​ | 4,238,435 | ​ | ​ | 22,474 | ​ | 2022 | ​ | 40 Years
Wagoner, OK | ​ | ​ | — | ​ | ​ | 332,347 | ​ | ​ | 1,912,388 | ​ | ​ | — | ​ | ​ | 332,347 | ​ | ​ | 1,912,388 | ​ | ​ | 2,244,735 | ​ | ​ | 43,639 | ​ | 2022 | ​ | 40 Years
Warner, OK | ​ | ​ | — | ​ | ​ | 243,393 | ​ | ​ | 1,248,350 | ​ | ​ | — | ​ | ​ | 243,393 | ​ | ​ | 1,248,350 | ​ | ​ | 1,491,742 | ​ | ​ | 4,911 | ​ | 2022 | ​ | 40 Years
Pilot Rock, OR | ​ | ​ | — | ​ | ​ | 158,987 | ​ | ​ | 1,405,393 | ​ | ​ | — | ​ | ​ | 158,987 | ​ | ​ | 1,405,393 | ​ | ​ | 1,564,380 | ​ | ​ | 11,551 | ​ | 2022 | ​ | 40 Years
Salem, OR | ​ | ​ | — | ​ | ​ | 522,007 | ​ | ​ | 1,371,132 | ​ | ​ | — | ​ | ​ | 522,007 | ​ | ​ | 1,371,132 | ​ | ​ | 1,893,139 | ​ | ​ | 20,263 | ​ | 2022 | ​ | 40 Years
Breezewood, PA | ​ | ​ | — | ​ | ​ | 193,091 | ​ | ​ | 1,408,906 | ​ | ​ | — | ​ | ​ | 193,091 | ​ | ​ | 1,408,906 | ​ | ​ | 1,601,997 | ​ | ​ | 32,197 | ​ | 2022 | ​ | 40 Years
Dover, PA | ​ | ​ | — | ​ | ​ | 2,754,584 | ​ | ​ | 2,385,674 | ​ | ​ | — | ​ | ​ | 2,754,584 | ​ | ​ | 2,385,674 | ​ | ​ | 5,140,258 | ​ | ​ | 44,524 | ​ | 2022 | ​ | 40 Years
Latrobe, PA | ​ | ​ | — | ​ | ​ | 255,918 | ​ | ​ | 2,193,454 | ​ | ​ | — | ​ | ​ | 255,918 | ​ | ​ | 2,193,454 | ​ | ​ | 2,449,372 | ​ | ​ | 50,171 | ​ | 2022 | ​ | 40 Years
McConnellsburg, PA | ​ | ​ | — | ​ | ​ | 581,054 | ​ | ​ | 2,956,295 | ​ | ​ | — | ​ | ​ | 581,054 | ​ | ​ | 2,956,295 | ​ | ​ | 3,537,350 | ​ | ​ | 67,658 | ​ | 2022 | ​ | 40 Years
Natrona Heights, PA | ​ | ​ | — | ​ | ​ | 550,226 | ​ | ​ | 3,327,228 | ​ | ​ | — | ​ | ​ | 550,226 | ​ | ​ | 3,327,228 | ​ | ​ | 3,877,455 | ​ | ​ | 62,360 | ​ | 2022 | ​ | 40 Years
Pine Grove, PA | ​ | ​ | — | ​ | ​ | 1,079,176 | ​ | ​ | 3,194,973 | ​ | ​ | — | ​ | ​ | 1,079,176 | ​ | ​ | 3,194,973 | ​ | ​ | 4,274,148 | ​ | ​ | 73,128 | ​ | 2022 | ​ | 40 Years
Red Lion, PA | ​ | ​ | — | ​ | ​ | 1,018,707 | ​ | ​ | 3,289,563 | ​ | ​ | — | ​ | ​ | 1,018,707 | ​ | ​ | 3,289,563 | ​ | ​ | 4,308,270 | ​ | ​ | 75,295 | ​ | 2022 | ​ | 40 Years
Allentown, PA | ​ | ​ | — | ​ | ​ | 1,365,945 | ​ | ​ | 3,258,839 | ​ | ​ | — | ​ | ​ | 1,365,945 | ​ | ​ | 3,258,839 | ​ | ​ | 4,624,784 | ​ | ​ | 3,395 | ​ | 2022 | ​ | 40 Years
Bath, PA | ​ | ​ | — | ​ | ​ | 1,719,426 | ​ | ​ | 663,133 | ​ | ​ | — | ​ | ​ | 1,719,426 | ​ | ​ | 663,133 | ​ | ​ | 2,382,559 | ​ | ​ | 10,754 | ​ | 2022 | ​ | 40 Years
Bethel Park, PA | ​ | ​ | — | ​ | ​ | 681,235 | ​ | ​ | 8,979,837 | ​ | ​ | — | ​ | ​ | 681,235 | ​ | ​ | 8,979,837 | ​ | ​ | 9,661,072 | ​ | ​ | 140,806 | ​ | 2022 | ​ | 40 Years
Easton, PA | ​ | ​ | — | ​ | ​ | 540,714 | ​ | ​ | 2,112,447 | ​ | ​ | — | ​ | ​ | 540,714 | ​ | ​ | 2,112,447 | ​ | ​ | 2,653,162 | ​ | ​ | 29,557 | ​ | 2022 | ​ | 40 Years
Brookville, PA | ​ | ​ | — | ​ | ​ | 311,983 | ​ | ​ | 1,431,919 | ​ | ​ | — | ​ | ​ | 311,983 | ​ | ​ | 1,431,919 | ​ | ​ | 1,743,902 | ​ | ​ | 22,639 | ​ | 2022 | ​ | 40 Years
Burnham, PA | ​ | ​ | — | ​ | ​ | 694,983 | ​ | ​ | 2,879,011 | ​ | ​ | — | ​ | ​ | 694,983 | ​ | ​ | 2,879,011 | ​ | ​ | 3,573,995 | ​ | ​ | 3,190 | ​ | 2022 | ​ | 40 Years
Chambersburg, PA | ​ | ​ | — | ​ | ​ | 99,647 | ​ | ​ | 1,405,127 | ​ | ​ | — | ​ | ​ | 99,647 | ​ | ​ | 1,405,127 | ​ | ​ | 1,504,774 | ​ | ​ | 1,652 | ​ | 2022 | ​ | 40 Years
Cranberry, PA | ​ | ​ | — | ​ | ​ | 348,328 | ​ | ​ | 12,833,619 | ​ | ​ | — | ​ | ​ | 348,328 | ​ | ​ | 12,833,619 | ​ | ​ | 13,181,947 | ​ | ​ | 231,514 | ​ | 2022 | ​ | 40 Years
Fogelsville, PA | ​ | ​ | — | ​ | ​ | 1,611,621 | ​ | ​ | 2,617,623 | ​ | ​ | — | ​ | ​ | 1,611,621 | ​ | ​ | 2,617,623 | ​ | ​ | 4,229,244 | ​ | ​ | 37,200 | ​ | 2022 | ​ | 40 Years
Glassport, PA | ​ | ​ | — | ​ | ​ | 130,234 | ​ | ​ | 2,810,530 | ​ | ​ | — | ​ | ​ | 130,234 | ​ | ​ | 2,810,530 | ​ | ​ | 2,940,763 | ​ | ​ | 31,569 | ​ | 2022 | ​ | 40 Years
Lancaster, PA | ​ | ​ | — | ​ | ​ | 1,541,745 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,541,745 | ​ | ​ | — | ​ | ​ | 1,541,745 | ​ | ​ | — | ​ | 2022 | ​ | ​
Lancaster, PA | ​ | ​ | — | ​ | ​ | 5,553,054 | ​ | ​ | 2,222,786 | ​ | ​ | — | ​ | ​ | 5,553,054 | ​ | ​ | 2,222,786 | ​ | ​ | 7,775,840 | ​ | ​ | 16,676 | ​ | 2022 | ​ | 40 Years
Meadville, PA | ​ | ​ | — | ​ | ​ | 867,819 | ​ | ​ | 2,147,667 | ​ | ​ | — | ​ | ​ | 867,819 | ​ | ​ | 2,147,667 | ​ | ​ | 3,015,486 | ​ | ​ | 17,243 | ​ | 2022 | ​ | 40 Years
Pen Argyl, PA | ​ | ​ | — | ​ | ​ | 504,828 | ​ | ​ | 705,552 | ​ | ​ | — | ​ | ​ | 504,828 | ​ | ​ | 705,552 | ​ | ​ | 1,210,381 | ​ | ​ | 9,830 | ​ | 2022 | ​ | 40 Years
Pittsburgh, PA | ​ | ​ | — | ​ | ​ | 567,111 | ​ | ​ | 1,534,029 | ​ | ​ | — | ​ | ​ | 567,111 | ​ | ​ | 1,534,029 | ​ | ​ | 2,101,140 | ​ | ​ | 1,768 | ​ | 2022 | ​ | 40 Years
Pittsburgh, PA | ​ | ​ | — | ​ | ​ | 885,493 | ​ | ​ | 478,181 | ​ | ​ | — | ​ | ​ | 885,493 | ​ | ​ | 478,181 | ​ | ​ | 1,363,673 | ​ | ​ | 658 | ​ | 2022 | ​ | 40 Years
Pittsburgh, PA | ​ | ​ | — | ​ | ​ | 145,180 | ​ | ​ | 1,858,387 | ​ | ​ | — | ​ | ​ | 145,180 | ​ | ​ | 1,858,387 | ​ | ​ | 2,003,567 | ​ | ​ | 25,267 | ​ | 2022 | ​ | 40 Years
Wyomissing, PA | ​ | ​ | — | ​ | ​ | 2,302,182 | ​ | ​ | 6,811,158 | ​ | ​ | — | ​ | ​ | 2,302,182 | ​ | ​ | 6,811,158 | ​ | ​ | 9,113,340 | ​ | ​ | 122,655 | ​ | 2022 | ​ | 40 Years
Cheraw, SC | ​ | ​ | — | ​ | ​ | 82,917 | ​ | ​ | 1,425,081 | ​ | ​ | — | ​ | ​ | 82,917 | ​ | ​ | 1,425,081 | ​ | ​ | 1,507,998 | ​ | ​ | 32,567 | ​ | 2022 | ​ | 40 Years
Conway, SC | ​ | ​ | — | ​ | ​ | 487,563 | ​ | ​ | 1,301,332 | ​ | ​ | — | ​ | ​ | 487,563 | ​ | ​ | 1,301,332 | ​ | ​ | 1,788,895 | ​ | ​ | 24,400 | ​ | 2022 | ​ | 40 Years
Greer, SC | ​ | ​ | — | ​ | ​ | 461,522 | ​ | ​ | 3,143,208 | ​ | ​ | — | ​ | ​ | 461,522 | ​ | ​ | 3,143,208 | ​ | ​ | 3,604,730 | ​ | ​ | 65,484 | ​ | 2022 | ​ | 40 Years
Hardeeville, SC | ​ | ​ | — | ​ | ​ | 338,184 | ​ | ​ | 993,814 | ​ | ​ | — | ​ | ​ | 338,184 | ​ | ​ | 993,814 | ​ | ​ | 1,331,998 | ​ | ​ | 18,634 | ​ | 2022 | ​ | 40 Years
York, SC | ​ | ​ | — | ​ | ​ | 779,888 | ​ | ​ | 11,701,659 | ​ | ​ | — | ​ | ​ | 779,888 | ​ | ​ | 11,701,659 | ​ | ​ | 12,481,547 | ​ | ​ | 219,403 | ​ | 2022 | ​ | 40 Years
Blackville, SC | ​ | ​ | — | ​ | ​ | 88,814 | ​ | ​ | 1,342,142 | ​ | ​ | — | ​ | ​ | 88,814 | ​ | ​ | 1,342,142 | ​ | ​ | 1,430,956 | ​ | ​ | 15,396 | ​ | 2022 | ​ | 40 Years

​

​

F-62

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F |  | COLUMN G |  | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Bowman, SC | ​ | ​ | — | ​ | ​ | 150,034 | ​ | ​ | 1,324,966 | ​ | ​ | — | ​ | ​ | 150,034 | ​ | ​ | 1,324,966 | ​ | ​ | 1,475,000 | ​ | ​ | 15,312 | ​ | 2022 | ​ | 40 Years
Green Sea, SC | ​ | ​ | — | ​ | ​ | 30,158 | ​ | ​ | 1,540,522 | ​ | ​ | — | ​ | ​ | 30,158 | ​ | ​ | 1,540,522 | ​ | ​ | 1,570,680 | ​ | ​ | 1,935 | ​ | 2022 | ​ | 40 Years
Greenville, SC | ​ | ​ | — | ​ | ​ | 1,472,814 | ​ | ​ | 8,002,345 | ​ | ​ | — | ​ | ​ | 1,472,814 | ​ | ​ | 8,002,345 | ​ | ​ | 9,475,159 | ​ | ​ | 125,552 | ​ | 2022 | ​ | 40 Years
Johnston, SC | ​ | ​ | — | ​ | ​ | 207,425 | ​ | ​ | 1,305,786 | ​ | ​ | — | ​ | ​ | 207,425 | ​ | ​ | 1,305,786 | ​ | ​ | 1,513,211 | ​ | ​ | 11,724 | ​ | 2022 | ​ | 40 Years
Lake View, SC | ​ | ​ | — | ​ | ​ | 19,682 | ​ | ​ | 1,486,376 | ​ | ​ | — | ​ | ​ | 19,682 | ​ | ​ | 1,486,376 | ​ | ​ | 1,506,058 | ​ | ​ | 1,864 | ​ | 2022 | ​ | 40 Years
Lancaster, SC | ​ | ​ | — | ​ | ​ | 239,276 | ​ | ​ | 1,688,550 | ​ | ​ | — | ​ | ​ | 239,276 | ​ | ​ | 1,688,550 | ​ | ​ | 1,927,826 | ​ | ​ | 10,499 | ​ | 2022 | ​ | 40 Years
Spartanburg, SC | ​ | ​ | — | ​ | ​ | 1,153,766 | ​ | ​ | 10,959,443 | ​ | ​ | — | ​ | ​ | 1,153,766 | ​ | ​ | 10,959,443 | ​ | ​ | 12,113,209 | ​ | ​ | 89,003 | ​ | 2022 | ​ | 40 Years
Spartanburg, SC | ​ | ​ | — | ​ | ​ | 227,760 | ​ | ​ | 1,695,984 | ​ | ​ | — | ​ | ​ | 227,760 | ​ | ​ | 1,695,984 | ​ | ​ | 1,923,745 | ​ | ​ | 2,039 | ​ | 2022 | ​ | 40 Years
Reliance, SD | ​ | ​ | — | ​ | ​ | 240,024 | ​ | ​ | 1,130,606 | ​ | ​ | — | ​ | ​ | 240,024 | ​ | ​ | 1,130,606 | ​ | ​ | 1,370,630 | ​ | ​ | 25,763 | ​ | 2022 | ​ | 40 Years
Hendersonville, TN | ​ | ​ | — | ​ | ​ | 383,715 | ​ | ​ | 2,561,679 | ​ | ​ | — | ​ | ​ | 383,715 | ​ | ​ | 2,561,679 | ​ | ​ | 2,945,393 | ​ | ​ | 53,159 | ​ | 2022 | ​ | 40 Years
Red Boiling Springs, TN | ​ | ​ | — | ​ | ​ | 156,751 | ​ | ​ | 1,010,884 | ​ | ​ | — | ​ | ​ | 156,751 | ​ | ​ | 1,010,884 | ​ | ​ | 1,167,635 | ​ | ​ | 23,075 | ​ | 2022 | ​ | 40 Years
Smyrna, TN | ​ | ​ | — | ​ | ​ | 1,354,350 | ​ | ​ | 1,329,642 | ​ | ​ | — | ​ | ​ | 1,354,350 | ​ | ​ | 1,329,642 | ​ | ​ | 2,683,992 | ​ | ​ | 30,380 | ​ | 2022 | ​ | 40 Years
Waverly, TN | ​ | ​ | — | ​ | ​ | 150,519 | ​ | ​ | 2,865,694 | ​ | ​ | — | ​ | ​ | 150,519 | ​ | ​ | 2,865,694 | ​ | ​ | 3,016,213 | ​ | ​ | 53,732 | ​ | 2022 | ​ | 40 Years
Camden, TN | ​ | ​ | — | ​ | ​ | 100,415 | ​ | ​ | 920,173 | ​ | ​ | — | ​ | ​ | 100,415 | ​ | ​ | 920,173 | ​ | ​ | 1,020,589 | ​ | ​ | 21,210 | ​ | 2022 | ​ | 40 Years
Morrison, TN | ​ | ​ | — | ​ | ​ | 62,277 | ​ | ​ | 1,354,709 | ​ | ​ | — | ​ | ​ | 62,277 | ​ | ​ | 1,354,709 | ​ | ​ | 1,416,986 | ​ | ​ | 5,290 | ​ | 2022 | ​ | 40 Years
Abilene, TX | ​ | ​ | — | ​ | ​ | 2,776,008 | ​ | ​ | 1,460,146 | ​ | ​ | — | ​ | ​ | 2,776,008 | ​ | ​ | 1,460,146 | ​ | ​ | 4,236,154 | ​ | ​ | 36,323 | ​ | 2022 | ​ | 40 Years
El Paso, TX | ​ | ​ | — | ​ | ​ | 1,233,238 | ​ | ​ | 2,142,229 | ​ | ​ | — | ​ | ​ | 1,233,238 | ​ | ​ | 2,142,229 | ​ | ​ | 3,375,466 | ​ | ​ | 48,489 | ​ | 2022 | ​ | 40 Years
Fort Worth, TX | ​ | ​ | — | ​ | ​ | 1,974,780 | ​ | ​ | 3,140,537 | ​ | ​ | — | ​ | ​ | 1,974,780 | ​ | ​ | 3,140,537 | ​ | ​ | 5,115,317 | ​ | ​ | 72,593 | ​ | 2022 | ​ | 40 Years
Fort Worth, TX | ​ | ​ | — | ​ | ​ | 1,537,608 | ​ | ​ | 3,897,778 | ​ | ​ | — | ​ | ​ | 1,537,608 | ​ | ​ | 3,897,778 | ​ | ​ | 5,435,386 | ​ | ​ | 73,018 | ​ | 2022 | ​ | 40 Years
Hallettsville, TX | ​ | ​ | — | ​ | ​ | 1,698,504 | ​ | ​ | 2,489,154 | ​ | ​ | — | ​ | ​ | 1,698,504 | ​ | ​ | 2,489,154 | ​ | ​ | 4,187,658 | ​ | ​ | 56,953 | ​ | 2022 | ​ | 40 Years
Midland, TX | ​ | ​ | — | ​ | ​ | 775,334 | ​ | ​ | 1,537,915 | ​ | ​ | — | ​ | ​ | 775,334 | ​ | ​ | 1,537,915 | ​ | ​ | 2,313,249 | ​ | ​ | 35,153 | ​ | 2022 | ​ | 40 Years
Atascocita, TX | ​ | ​ | — | ​ | ​ | 265,212 | ​ | ​ | 3,238,853 | ​ | ​ | — | ​ | ​ | 265,212 | ​ | ​ | 3,238,853 | ​ | ​ | 3,504,064 | ​ | ​ | 11,528 | ​ | 2022 | ​ | 40 Years
Baytown, TX | ​ | ​ | — | ​ | ​ | 852,215 | ​ | ​ | 4,184,162 | ​ | ​ | — | ​ | ​ | 852,215 | ​ | ​ | 4,184,162 | ​ | ​ | 5,036,377 | ​ | ​ | 51,096 | ​ | 2022 | ​ | 40 Years
Beaumont, TX | ​ | ​ | — | ​ | ​ | 252,810 | ​ | ​ | 1,793,672 | ​ | ​ | — | ​ | ​ | 252,810 | ​ | ​ | 1,793,672 | ​ | ​ | 2,046,482 | ​ | ​ | 22,338 | ​ | 2022 | ​ | 40 Years
Beaumont, TX | ​ | ​ | — | ​ | ​ | 866,155 | ​ | ​ | 3,558,993 | ​ | ​ | — | ​ | ​ | 866,155 | ​ | ​ | 3,558,993 | ​ | ​ | 4,425,148 | ​ | ​ | 4,006 | ​ | 2022 | ​ | 40 Years
Brenham, TX | ​ | ​ | — | ​ | ​ | 1,436,571 | ​ | ​ | 16,209,074 | ​ | ​ | — | ​ | ​ | 1,436,571 | ​ | ​ | 16,209,074 | ​ | ​ | 17,645,645 | ​ | ​ | 145,121 | ​ | 2022 | ​ | 40 Years
Brownsville, TX | ​ | ​ | — | ​ | ​ | 474,602 | ​ | ​ | 686,668 | ​ | ​ | — | ​ | ​ | 474,602 | ​ | ​ | 686,668 | ​ | ​ | 1,161,270 | ​ | ​ | 777 | ​ | 2022 | ​ | 40 Years
Daisetta, TX | ​ | ​ | — | ​ | ​ | 264,096 | ​ | ​ | 1,251,335 | ​ | ​ | — | ​ | ​ | 264,096 | ​ | ​ | 1,251,335 | ​ | ​ | 1,515,431 | ​ | ​ | 1,642 | ​ | 2022 | ​ | 40 Years
Dallas, TX | ​ | ​ | — | ​ | ​ | 2,702,569 | ​ | ​ | 2,780,002 | ​ | ​ | — | ​ | ​ | 2,702,569 | ​ | ​ | 2,780,002 | ​ | ​ | 5,482,570 | ​ | ​ | 34,667 | ​ | 2022 | ​ | 40 Years
Dallas, TX | ​ | ​ | — | ​ | ​ | 1,603,859 | ​ | ​ | 7,908,697 | ​ | ​ | — | ​ | ​ | 1,603,859 | ​ | ​ | 7,908,697 | ​ | ​ | 9,512,557 | ​ | ​ | 67,632 | ​ | 2022 | ​ | 40 Years
Ennis, TX | ​ | ​ | — | ​ | ​ | 117,760 | ​ | ​ | 1,294,827 | ​ | ​ | — | ​ | ​ | 117,760 | ​ | ​ | 1,294,827 | ​ | ​ | 1,412,586 | ​ | ​ | 10,684 | ​ | 2022 | ​ | 40 Years
Hempstead, TX | ​ | ​ | — | ​ | ​ | 517,067 | ​ | ​ | 1,138,654 | ​ | ​ | — | ​ | ​ | 517,067 | ​ | ​ | 1,138,654 | ​ | ​ | 1,655,721 | ​ | ​ | 1,372 | ​ | 2022 | ​ | 40 Years
Killeen, TX | ​ | ​ | — | ​ | ​ | 1,057,720 | ​ | ​ | 3,009,308 | ​ | ​ | — | ​ | ​ | 1,057,720 | ​ | ​ | 3,009,308 | ​ | ​ | 4,067,028 | ​ | ​ | 40,875 | ​ | 2022 | ​ | 40 Years
League City, TX | ​ | ​ | — | ​ | ​ | 233,323 | ​ | ​ | 1,056,145 | ​ | ​ | — | ​ | ​ | 233,323 | ​ | ​ | 1,056,145 | ​ | ​ | 1,289,469 | ​ | ​ | 13,119 | ​ | 2022 | ​ | 40 Years
Livingston, TX | ​ | ​ | — | ​ | ​ | 291,190 | ​ | ​ | 1,955,276 | ​ | ​ | — | ​ | ​ | 291,190 | ​ | ​ | 1,955,276 | ​ | ​ | 2,246,466 | ​ | ​ | 58,610 | ​ | 2022 | ​ | 40 Years
Sachse, TX | ​ | ​ | — | ​ | ​ | 1,486,211 | ​ | ​ | 3,133,939 | ​ | ​ | — | ​ | ​ | 1,486,211 | ​ | ​ | 3,133,939 | ​ | ​ | 4,620,150 | ​ | ​ | 24,348 | ​ | 2022 | ​ | 40 Years
San Antonio, TX | ​ | ​ | — | ​ | ​ | 1,844,251 | ​ | ​ | 1,600,804 | ​ | ​ | — | ​ | ​ | 1,844,251 | ​ | ​ | 1,600,804 | ​ | ​ | 3,445,055 | ​ | ​ | 19,844 | ​ | 2022 | ​ | 40 Years
San Antonio, TX | ​ | ​ | — | ​ | ​ | 456,278 | ​ | ​ | 4,092,103 | ​ | ​ | — | ​ | ​ | 456,278 | ​ | ​ | 4,092,103 | ​ | ​ | 4,548,381 | ​ | ​ | 51,151 | ​ | 2022 | ​ | 40 Years
San Antonio, TX | ​ | ​ | — | ​ | ​ | 8,225,612 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8,225,612 | ​ | ​ | — | ​ | ​ | 8,225,612 | ​ | ​ | — | ​ | 2022 | ​ | ​
Whitehouse, TX | ​ | ​ | — | ​ | ​ | 249,151 | ​ | ​ | 2,378,143 | ​ | ​ | — | ​ | ​ | 249,151 | ​ | ​ | 2,378,143 | ​ | ​ | 2,627,294 | ​ | ​ | 16,289 | ​ | 2022 | ​ | 40 Years
West Jordan, UT | ​ | ​ | — | ​ | ​ | 4,852,556 | ​ | ​ | 5,290,602 | ​ | ​ | — | ​ | ​ | 4,852,556 | ​ | ​ | 5,290,602 | ​ | ​ | 10,143,158 | ​ | ​ | 38,572 | ​ | 2022 | ​ | 40 Years
Abington, VA | ​ | ​ | — | ​ | ​ | 120,721 | ​ | ​ | 1,269,056 | ​ | ​ | — | ​ | ​ | 120,721 | ​ | ​ | 1,269,056 | ​ | ​ | 1,389,777 | ​ | ​ | 28,992 | ​ | 2022 | ​ | 40 Years
Danville, VA | ​ | ​ | — | ​ | ​ | 1,487,674 | ​ | ​ | 2,911,596 | ​ | ​ | — | ​ | ​ | 1,487,674 | ​ | ​ | 2,911,596 | ​ | ​ | 4,399,270 | ​ | ​ | 54,592 | ​ | 2022 | ​ | 40 Years
Dinwiddie, VA | ​ | ​ | — | ​ | ​ | 285,046 | ​ | ​ | 3,478,289 | ​ | ​ | — | ​ | ​ | 285,046 | ​ | ​ | 3,478,289 | ​ | ​ | 3,763,334 | ​ | ​ | 65,218 | ​ | 2022 | ​ | 40 Years
Farnham, VA | ​ | ​ | — | ​ | ​ | 117,517 | ​ | ​ | 1,356,942 | ​ | ​ | — | ​ | ​ | 117,517 | ​ | ​ | 1,356,942 | ​ | ​ | 1,474,459 | ​ | ​ | 31,006 | ​ | 2022 | ​ | 40 Years
Fredericksburg, VA | ​ | ​ | — | ​ | ​ | 619,961 | ​ | ​ | 1,100,715 | ​ | ​ | — | ​ | ​ | 619,961 | ​ | ​ | 1,100,715 | ​ | ​ | 1,720,676 | ​ | ​ | 20,518 | ​ | 2022 | ​ | 40 Years
Fredericksburg, VA | ​ | ​ | — | ​ | ​ | 703,119 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 703,119 | ​ | ​ | — | ​ | ​ | 703,119 | ​ | ​ | — | ​ | 2022 | ​ | ​
Pulaski, VA | ​ | ​ | — | ​ | ​ | 100,420 | ​ | ​ | 1,518,702 | ​ | ​ | — | ​ | ​ | 100,420 | ​ | ​ | 1,518,702 | ​ | ​ | 1,619,122 | ​ | ​ | 34,698 | ​ | 2022 | ​ | 40 Years
Stuart, VA | ​ | ​ | — | ​ | ​ | 797,955 | ​ | ​ | 2,698,524 | ​ | ​ | — | ​ | ​ | 797,955 | ​ | ​ | 2,698,524 | ​ | ​ | 3,496,479 | ​ | ​ | 61,751 | ​ | 2022 | ​ | 40 Years
Suffolk, VA | ​ | ​ | — | ​ | ​ | 265,887 | ​ | ​ | 3,462,367 | ​ | ​ | — | ​ | ​ | 265,887 | ​ | ​ | 3,462,367 | ​ | ​ | 3,728,254 | ​ | ​ | 64,919 | ​ | 2022 | ​ | 40 Years
Warrenton, VA | ​ | ​ | — | ​ | ​ | 3,395,581 | ​ | ​ | 2,914,723 | ​ | ​ | — | ​ | ​ | 3,395,581 | ​ | ​ | 2,914,723 | ​ | ​ | 6,310,304 | ​ | ​ | 54,651 | ​ | 2022 | ​ | 40 Years
Amissville, VA | ​ | ​ | — | ​ | ​ | 3,431,638 | ​ | ​ | 593,963 | ​ | ​ | — | ​ | ​ | 3,431,638 | ​ | ​ | 593,963 | ​ | ​ | 4,025,601 | ​ | ​ | 647 | ​ | 2022 | ​ | 40 Years
Blackstone, VA | ​ | ​ | — | ​ | ​ | 89,165 | ​ | ​ | 960,237 | ​ | ​ | — | ​ | ​ | 89,165 | ​ | ​ | 960,237 | ​ | ​ | 1,049,401 | ​ | ​ | 7,447 | ​ | 2022 | ​ | 40 Years
Clintwood, VA | ​ | ​ | — | ​ | ​ | 113,165 | ​ | ​ | 1,129,975 | ​ | ​ | — | ​ | ​ | 113,165 | ​ | ​ | 1,129,975 | ​ | ​ | 1,243,141 | ​ | ​ | 10,471 | ​ | 2022 | ​ | 40 Years
Drakes Branch, VA | ​ | ​ | — | ​ | ​ | 289,986 | ​ | ​ | 857,204 | ​ | ​ | — | ​ | ​ | 289,986 | ​ | ​ | 857,204 | ​ | ​ | 1,147,190 | ​ | ​ | 13,106 | ​ | 2022 | ​ | 40 Years
Elkton, VA | ​ | ​ | — | ​ | ​ | 77,727 | ​ | ​ | 918,853 | ​ | ​ | — | ​ | ​ | 77,727 | ​ | ​ | 918,853 | ​ | ​ | 996,580 | ​ | ​ | 7,147 | ​ | 2022 | ​ | 40 Years
Front Royal, VA | ​ | ​ | — | ​ | ​ | 521,787 | ​ | ​ | 955,502 | ​ | ​ | — | ​ | ​ | 521,787 | ​ | ​ | 955,502 | ​ | ​ | 1,477,289 | ​ | ​ | 7,415 | ​ | 2022 | ​ | 40 Years
Harrisonburg, VA | ​ | ​ | — | ​ | ​ | 268,145 | ​ | ​ | 901,845 | ​ | ​ | — | ​ | ​ | 268,145 | ​ | ​ | 901,845 | ​ | ​ | 1,169,990 | ​ | ​ | 7,004 | ​ | 2022 | ​ | 40 Years
Portsmouth, VA | ​ | ​ | — | ​ | ​ | 245,186 | ​ | ​ | 945,199 | ​ | ​ | — | ​ | ​ | 245,186 | ​ | ​ | 945,199 | ​ | ​ | 1,190,385 | ​ | ​ | 18,528 | ​ | 2022 | ​ | 40 Years
Richlands, VA | ​ | ​ | — | ​ | ​ | 168,804 | ​ | ​ | 1,139,417 | ​ | ​ | — | ​ | ​ | 168,804 | ​ | ​ | 1,139,417 | ​ | ​ | 1,308,220 | ​ | ​ | 16,741 | ​ | 2022 | ​ | 40 Years
Roanoke, VA | ​ | ​ | — | ​ | ​ | 1,674,947 | ​ | ​ | 3,365,215 | ​ | ​ | — | ​ | ​ | 1,674,947 | ​ | ​ | 3,365,215 | ​ | ​ | 5,040,162 | ​ | ​ | 3,505 | ​ | 2022 | ​ | 40 Years
Timberville, VA | ​ | ​ | — | ​ | ​ | 246,509 | ​ | ​ | 1,088,525 | ​ | ​ | — | ​ | ​ | 246,509 | ​ | ​ | 1,088,525 | ​ | ​ | 1,335,034 | ​ | ​ | 8,480 | ​ | 2022 | ​ | 40 Years
Bradford, VT | ​ | ​ | — | ​ | ​ | 428,378 | ​ | ​ | 3,997,371 | ​ | ​ | — | ​ | ​ | 428,378 | ​ | ​ | 3,997,371 | ​ | ​ | 4,425,749 | ​ | ​ | 30,458 | ​ | 2022 | ​ | 40 Years
Manchester, VT | ​ | ​ | — | ​ | ​ | 455,477 | ​ | ​ | 2,064,534 | ​ | ​ | — | ​ | ​ | 455,477 | ​ | ​ | 2,064,534 | ​ | ​ | 2,520,010 | ​ | ​ | 35,655 | ​ | 2022 | ​ | 40 Years
Longview, WA | ​ | ​ | — | ​ | ​ | 782,602 | ​ | ​ | 2,480,990 | ​ | ​ | — | ​ | ​ | 782,602 | ​ | ​ | 2,480,990 | ​ | ​ | 3,263,592 | ​ | ​ | 51,653 | ​ | 2022 | ​ | 40 Years
Springdale, WA | ​ | ​ | — | ​ | ​ | 147,170 | ​ | ​ | 1,641,471 | ​ | ​ | — | ​ | ​ | 147,170 | ​ | ​ | 1,641,471 | ​ | ​ | 1,788,641 | ​ | ​ | 5,681 | ​ | 2022 | ​ | 40 Years
Yakima, WA | ​ | ​ | — | ​ | ​ | 883,736 | ​ | ​ | 2,466,259 | ​ | ​ | — | ​ | ​ | 883,736 | ​ | ​ | 2,466,259 | ​ | ​ | 3,349,995 | ​ | ​ | 22,903 | ​ | 2022 | ​ | 40 Years
Janesville, WI | ​ | ​ | — | ​ | ​ | 796,925 | ​ | ​ | 1,191,970 | ​ | ​ | — | ​ | ​ | 796,925 | ​ | ​ | 1,191,970 | ​ | ​ | 1,988,894 | ​ | ​ | 10,135 | ​ | 2022 | ​ | 40 Years
Appleton, WI | ​ | ​ | — | ​ | ​ | 340,803 | ​ | ​ | 1,904,812 | ​ | ​ | — | ​ | ​ | 340,803 | ​ | ​ | 1,904,812 | ​ | ​ | 2,245,615 | ​ | ​ | 35,634 | ​ | 2022 | ​ | 40 Years
Cumberland, WI | ​ | ​ | — | ​ | ​ | 270,296 | ​ | ​ | 1,144,054 | ​ | ​ | — | ​ | ​ | 270,296 | ​ | ​ | 1,144,054 | ​ | ​ | 1,414,350 | ​ | ​ | 26,201 | ​ | 2022 | ​ | 40 Years
Winter, WI | ​ | ​ | — | ​ | ​ | 170,499 | ​ | ​ | 1,270,767 | ​ | ​ | — | ​ | ​ | 170,499 | ​ | ​ | 1,270,767 | ​ | ​ | 1,441,266 | ​ | ​ | 29,000 | ​ | 2022 | ​ | 40 Years
Kimberly, WI | ​ | ​ | — | ​ | ​ | 1,312,245 | ​ | ​ | 2,811,473 | ​ | ​ | — | ​ | ​ | 1,312,245 | ​ | ​ | 2,811,473 | ​ | ​ | 4,123,718 | ​ | ​ | 4,853 | ​ | 2022 | ​ | 40 Years
Menomonee Falls, WI | ​ | ​ | — | ​ | ​ | 976,214 | ​ | ​ | 4,312,547 | ​ | ​ | — | ​ | ​ | 976,214 | ​ | ​ | 4,312,547 | ​ | ​ | 5,288,761 | ​ | ​ | 59,512 | ​ | 2022 | ​ | 40 Years

​

​

F-63

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
COLUMN A |  | COLUMN B | ​ | COLUMN C | ​ | COLUMN D | ​ | COLUMN E | ​ | COLUMN F | ​ | COLUMN G | ​ | COLUMN H
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Life on
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Which
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Depreciation in
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Latest
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Costs | ​ | Gross Amount at Which Carried at | ​ | ​ | ​ | ​ | ​ | ​ | Income
​ | ​ | ​ | ​ | ​ | Initial Cost | ​ | Capitalized | ​ | ​ | ​ | ​ | Close of Period | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | Statement is
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Building and | ​ | Subsequent to | ​ | ​ | ​ | ​ | Building and | ​ | ​ |  | ​ | Accumulated | ​ | Date of | ​ | Computed
Description |  | Encumbrance |  | Land |  | Improvements |  | Acquisition |  | Land |  | Improvements |  | Total |  | Depreciation |  | Acquisition |  | (in years)
Menomonee Falls, WI | ​ | ​ | — | ​ | ​ | 988,153 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 988,153 | ​ | ​ | — | ​ | ​ | 988,153 | ​ | ​ | — | ​ | 2022 | ​ | ​
New Lisbon, WI | ​ | ​ | — | ​ | ​ | 76,725 | ​ | ​ | 1,227,288 | ​ | ​ | — | ​ | ​ | 76,725 | ​ | ​ | 1,227,288 | ​ | ​ | 1,304,013 | ​ | ​ | 1,459 | ​ | 2022 | ​ | 40 Years
Plover, WI | ​ | ​ | — | ​ | ​ | 67,127 | ​ | ​ | 1,770,000 | ​ | ​ | — | ​ | ​ | 67,127 | ​ | ​ | 1,770,000 | ​ | ​ | 1,837,127 | ​ | ​ | 1,966 | ​ | 2022 | ​ | 40 Years
West Bend, WI | ​ | ​ | — | ​ | ​ | 286,709 | ​ | ​ | 1,696,761 | ​ | ​ | — | ​ | ​ | 286,709 | ​ | ​ | 1,696,761 | ​ | ​ | 1,983,470 | ​ | ​ | 32,448 | ​ | 2022 | ​ | 40 Years
Whitewater, WI | ​ | ​ | — | ​ | ​ | 822,920 | ​ | ​ | 3,021,878 | ​ | ​ | — | ​ | ​ | 822,920 | ​ | ​ | 3,021,878 | ​ | ​ | 3,844,798 | ​ | ​ | 4,126 | ​ | 2022 | ​ | 40 Years
Charleston, WV | ​ | ​ | — | ​ | ​ | 144,019 | ​ | ​ | 858,224 | ​ | ​ | — | ​ | ​ | 144,019 | ​ | ​ | 858,224 | ​ | ​ | 1,002,243 | ​ | ​ | 20,781 | ​ | 2022 | ​ | 40 Years
Morgantown, WV | ​ | ​ | — | ​ | ​ | 563,100 | ​ | ​ | 1,952,862 | ​ | ​ | — | ​ | ​ | 563,100 | ​ | ​ | 1,952,862 | ​ | ​ | 2,515,962 | ​ | ​ | 40,450 | ​ | 2022 | ​ | 40 Years
Ranson, WV | ​ | ​ | — | ​ | ​ | 800,605 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 800,605 | ​ | ​ | — | ​ | ​ | 800,605 | ​ | ​ | — | ​ | 2022 | ​ | ​
Westover, WV | ​ | ​ | — | ​ | ​ | 2,902,457 | ​ | ​ | 3,819,875 | ​ | ​ | — | ​ | ​ | 2,902,457 | ​ | ​ | 3,819,875 | ​ | ​ | 6,722,332 | ​ | ​ | 71,623 | ​ | 2022 | ​ | 40 Years
Williamstown, WV | ​ | ​ | — | ​ | ​ | 328,040 | ​ | ​ | 1,293,550 | ​ | ​ | — | ​ | ​ | 328,040 | ​ | ​ | 1,293,550 | ​ | ​ | 1,621,590 | ​ | ​ | 24,199 | ​ | 2022 | ​ | 40 Years
Barboursville, WV | ​ | ​ | — | ​ | ​ | 703,425 | ​ | ​ | 3,654,262 | ​ | ​ | — | ​ | ​ | 703,425 | ​ | ​ | 3,654,262 | ​ | ​ | 4,357,686 | ​ | ​ | 14,592 | ​ | 2022 | ​ | 40 Years
Morgantown, WV | ​ | ​ | — | ​ | ​ | 2,162,116 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,162,116 | ​ | ​ | — | ​ | ​ | 2,162,116 | ​ | ​ | — | ​ | 2022 | ​ | ​
Morgantown, WV | ​ | ​ | — | ​ | ​ | 816,836 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 816,836 | ​ | ​ | — | ​ | ​ | 816,836 | ​ | ​ | — | ​ | 2022 | ​ | ​
Morgantown, WV | ​ | ​ | — | ​ | ​ | 862,215 | ​ | ​ | 1,187,338 | ​ | ​ | — | ​ | ​ | 862,215 | ​ | ​ | 1,187,338 | ​ | ​ | 2,049,554 | ​ | ​ | 19,124 | ​ | 2022 | ​ | 40 Years
Weirton, WV | ​ | ​ | — | ​ | ​ | 295,795 | ​ | ​ | 1,389,355 | ​ | ​ | — | ​ | ​ | 295,795 | ​ | ​ | 1,389,355 | ​ | ​ | 1,685,151 | ​ | ​ | 1,580 | ​ | 2022 | ​ | 40 Years
Casper, WY | ​ | ​ | — | ​ | ​ | 860,483 | ​ | ​ | 986,978 | ​ | ​ | — | ​ | ​ | 860,483 | ​ | ​ | 986,978 | ​ | ​ | 1,847,461 | ​ | ​ | 12,235 | ​ | 2022 | ​ | 40 Years
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ |  | ​
Subtotal |  | ​ | 32,634,841 |  | ​ | 1,947,876,798 |  | ​ | 3,997,748,899 |  | ​ | 50,651,732 |  | ​ | 1,941,598,755 |  | ​ | 4,054,678,677 |  | ​ | 5,996,277,429 |  | ​ | 321,141,833 |  |  |  |
Property Under Development |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  |  |  |
Various |  | ​ | — |  | ​ | — |  | ​ | 65,931,938 |  | ​ | — |  | ​ | — |  | ​ | 65,931,938 |  | ​ | 65,931,938 |  | ​ | — |  | ​ |  | ​
Sub Total |  | ​ | — |  | ​ | — |  | ​ | 65,931,938 |  | ​ | — |  | ​ | — |  | ​ | 65,931,938 |  | ​ | 65,931,938 |  | ​ | — |  |  |  |
Total | ​ | $ | 32,634,841 | ​ | $ | 1,947,876,798 | ​ | $ | 4,063,680,837 | ​ | $ | 50,651,732 | ​ | $ | 1,941,598,755 | ​ | $ | 4,120,610,615 | ​ | $ | 6,062,209,367 | ​ | $ | 321,141,833 |  |  |  |

​

1. Reconciliation of Real Estate Properties

The following table reconciles the Real Estate Properties from January 1, 2020 to December 31, 2022.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
Balance at January 1 | ​ | $ | 4,605,458,035 | ​ | $ | 3,478,088,144 | ​ | $ | 2,350,924,064
Construction and acquisition cost | ​ |  | 1,499,979,100 | ​ |  | 1,172,183,773 | ​ |  | 1,175,354,194
Impairment charge | ​ |  | (1,165,524) | ​ |  | (2,905,125) | ​ |  | (4,136,998)
Disposition of real estate | ​ |  | (42,062,244) | ​ |  | (41,908,757) | ​ |  | (44,053,116)
Balance at December 31 | ​ | $ | 6,062,209,367 | ​ | $ | 4,605,458,035 | ​ | $ | 3,478,088,144

​

F-64

Table of Contents

Agree Realty Corporation | ​
Schedule III – Real Estate and Accumulated Depreciation | December 31, 2022

​

2. Reconciliation of Accumulated Depreciation

The following table reconciles the Real Estate Properties from January 1, 2020 to December 31, 2022.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
Balance at January 1 | ​ | $ | 233,861,792 | ​ | $ | 172,698,378 | ​ | $ | 128,581,697
Current year depreciation expense | ​ |  | 88,892,382 | ​ |  | 67,019,106 | ​ |  | 49,119,345
Impairment charge | ​ | ​ | (150,523) | ​ | ​ | (986,221) | ​ | ​ | —
Disposition of real estate | ​ |  | (1,461,818) | ​ |  | (4,869,471) | ​ |  | (5,002,664)
Balance at December 31 | ​ | $ | 321,141,833 | ​ | $ | 233,861,792 | ​ | $ | 172,698,378

​

3. Tax Basis of Building and Improvements

The aggregate cost of Building and Improvements for federal income tax purposes is approximately $72,745,000 more than the cost basis used for financial statement purposes.

​

​

​

F-65

Table of Contents

​

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AGREE REALTY CORPORATION

1 |  |  |
By: | /s/ Joel N. Agree |  | Date: February 14, 2023
| Joel N. Agree |  |
| President and Chief Executive Officer |  |

​

KNOW ALL PERSONS BY THESE PRESENTS, that we, the undersigned officers and directors of Agree Realty Corporation, hereby severally constitute Richard Agree, Joel N. Agree and Peter Coughenour, and each of them singly, our true and lawful attorneys with full power to them, and each of them singly, to sign for us and in our names in the capacities indicated below, the Annual Report on Form 10-K filed herewith and any and all amendments to said Annual Report on Form 10-K, and generally to do all such things in our names and in our capacities as officers and directors to enable Agree Realty Corporation to comply with the provisions of the Securities Exchange Act of 1934, as amended and all requirements of the Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by our said attorneys, or any of them, to said Annual Report on Form 10-K and any and all amendments thereto.

PURSUANT to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: | /s/ Richard Agree |  | Date: February 14, 2023
| Richard Agree |  |
| Executive Chairman of the Board of Directors |  |
​ | ​ | ​ | ​
By: | /s/ Joel N. Agree |  | Date: February 14, 2023
| Joel N. Agree |  |
| President, Chief Executive Officer and Director |  |
| (Principal Executive Officer) |  |
By: | /s/ Peter Coughenour |  | Date: February 14, 2023
| Peter Coughenour |  |
| Chief Financial Officer and Secretary |  |
| (Principal Financial Officer) |  |
​ | ​ | ​ | ​
By: | /s/ Stephen Breslin | ​ | Date: February 14, 2023
​ | Stephen Breslin | ​ | ​
​ | Chief Accounting Officer | ​ | ​
​ | (Principal Accounting Officer) | ​ | ​
​ | ​ | ​ | ​
By: | /s/ Karen Dearing | ​ | Date: February 14, 2023
​ | Karen Dearing | ​ | ​
​ | Director | ​ | ​
​ | ​ | ​ | ​
By: | /s/ Merrie S. Frankel |  | Date: February 14, 2023
| Merrie S. Frankel |  |
| Director |  |
By: | /s/ Mike Hollman |  | Date: February 14, 2023
| Mike Hollman |  |
| Director |  |
​ | ​ | ​ | ​
By: | /s/ Michael Judlowe |  | Date: February 14, 2023
​ | Michael Judlowe | ​ | ​
​ | Director | ​ | ​

​

Table of Contents

​

​ | ​ | ​ | ​
By: | /s/ Greg Lehmkuhl |  | Date: February 14, 2023
| Greg Lehmkuhl |  |
| Director |  |
​ | ​ | ​ | ​
By: | /s/ John Rakolta |  | Date: February 14, 2023
| John Rakolta |  |
| Director |  |
By: | /s/ Jerome Rossi |  | Date: February 14, 2023
| Jerome Rossi |  |
| Director |  |

​

​

​

​

​

​