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Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2024

USD ($)

$ / shares

Dec. 31, 2023

USD ($)

$ / shares

Dec. 31, 2022

USD ($)

$ / shares

Dec. 31, 2021

USD ($)

$ / shares

Dec. 31, 2020

USD ($)

$ / shares

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table


					Average				Value of Initial Fixed $100						AFFO
					Summary		Average		Investment Based On:						(per diluted
	Summary				Compensation		Compensation				Peer Group				common
	Compensation		Compensation		Table Total		Actually Paid		Total		Total				share and
	Table Total		Actually Paid		for Non-PEO		to Non-PEO		Shareholder		Shareholder		Net Income		partnership
Year	for PEO⁽¹⁾		to PEO⁽²⁾		NEOs⁽³⁾		NEOs⁽⁴⁾		Return⁽⁵⁾		Return⁽⁶⁾		(thousands)⁽⁷⁾		unit)⁽⁸⁾
(a)	(b)		(c)		(d)		(e)		(f)		(g)		(h)		(i)
2024	$	8,351,696	$	13,525,810	$	1,731,066	$	2,358,517	$	123.48	$	123.47	$	189,832	$	4.14
2023	$	8,226,103	$	5,888,290	$	1,405,594	$	1,234,150	$	105.37	$	113.54	$	170,547	$	3.95
2022	$	7,656,072	$	9,778,145	$	1,048,261	$	1,110,318	$	113.42	$	99.82	$	153,035	$	3.83
2021	$	7,341,625	$	8,465,147	$	825,199	$	508,644	$	109.60	$	132.23	$	122,876	$	3.51
2020	$	7,517,366	$	7,975,373	$	761,782	$	764,191	$	98.51	$	92.43	$	91,972	$	3.20

(1)	The dollar amounts reported in column (b) are the amounts of total compensation reported for Mr. Agree (our Chief Executive Officer) for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to “Executive Compensation Tables — Summary Compensation Table.”

(2)

The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to Mr. Agree, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Agree during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Agree’s total compensation for each year to determine the compensation actually paid:


	Reported
	Summary		Reported
	Compensation		Value of				Compensation
	Table Total		Equity		Equity Award		Actually Paid
Year	for PEO		Awards^(a)		Adjustments^(b)		to PEO
2024	$	8,351,696	$	(4,577,312)	$	9,751,426	$	13,525,810
2023	$	8,226,103	$	(4,212,330)	$	1,874,517	$	5,888,290
2022	$	7,656,072	$	(3,666,730)	$	5,788,803	$	9,778,145
2021	$	7,341,625	$	(3,469,080)	$	4,592,602	$	8,465,147
2020	$	7,517,366	$	(3,731,809)	$	4,189,816	$	7,975,373

(a)

The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” column in the Summary Compensation Table for the applicable year.

(b)

The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows:


	Year End Fair						Value of
	Value of						Dividends or
	Equity				Year over		other Earnings
	Awards				Year Change		Paid on Stock
	Granted		Year over		in Fair Value		or Option
	During the		Year Change		of Equity		Awards not
	Year That are		in Fair Value		Awards		Otherwise
	Outstanding		of Outstanding		Granted in		Reflected in		Total
	and Unvested		and Unvested		Prior Years		Fair Value or		Equity
	as of the End		Equity		that Vested in		Total		Award
Year	of the Year		Awards		the Year		Compensation		Adjustments
2024	$	6,944,885	$	2,630,519	$	(302,551)	$	478,573	$	9,751,426
2023	$	3,152,283	$	(1,999,494)	$	140,175	$	581,553	$	1,874,517
2022	$	4,562,604	$	1,182,878	$	(468,543)	$	511,864	$	5,788,803
2021	$	3,963,450	$	124,045	$	(96,376)	$	601,483	$	4,592,602
2020	$	3,257,260	$	375,176	$	360,480	$	196,900	$	4,189,816

(3)

The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s NEOs as a group (excluding Mr. Agree) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs (excluding Mr. Agree) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2024, 2023, and 2022 Peter Coughenour, Craig Erlich, Danielle Spehar, and Nicole Witteveen; (ii) for 2021, Peter Coughenour, Craig Erlich, Simon Leopold, Danielle Spehar, Clayton Thelen and Nicole Witteveen; and (iii) for 2020, Clayton Thelen, Laith Hermiz, Craig Erlich and Danielle Spehar.

(4)

The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the NEOs as a group (excluding Mr. Agree), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding Mr. Agree) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the NEOs as a group (excluding Mr. Agree) for each year to determine the compensation actually paid, using the same methodology described above in Note 2:


	Average
	Reported
	Summary		Average				Average
	Compensation		Reported				Compensation
	Table Total		Value of		Average		Actually Paid
	for Non-PEO		Equity		Equity Award		to Non-PEO
Year	NEOs		Awards		Adjustments^(a)		NEOs
2024	$	1,731,066	$	(787,227)	$	1,414,678	$	2,358,517
2023	$	1,405,594	$	(592,368)	$	420,924	$	1,234,150
2022	$	1,048,261	$	(256,408)	$	318,465	$	1,110,318
2021	$	825,199	$	(343,954)	$	27,399	$	508,644
2020	$	761,782	$	(278,270)	$	280,679	$	764,191

(a)

The amounts deducted or added in calculating the total average equity award adjustments are as follows:


	Average								Average
	Year End				Average		Average		Value of
	Fair Value		Average		Year over		Fair Value		Dividends or
	of Equity		Year over		Year		at the End		other
	Awards		Year		Change in		of the Prior		Earnings Paid
	Granted		Change in		Fair Value		Year of		on Stock or
	During the		Fair Value		of Equity		Equity		Option
	Year That		of		Awards		Awards		Awards not
	are		Outstanding		Granted in		that Failed		Otherwise
	Outstanding		and		Prior		to Meet		Reflected in		Average
	and Unvested as		Unvested		Years that		Vesting		Fair Value or		Total Equity
	of the End		Equity		Vested in		Conditions		Total		Award
Year	of the Year		Awards		the Year		in the Year		Compensation		Adjustments
2024	$	1,175,542	$	209,822	$	(8,778)	$	—	$	38,092	$	1,414,678
2023	$	487,138	$	(86,237)	$	(1,612)	$	—	$	21,635	$	420,924
2022	$	312,359	$	(589)	$	(8,771)	$	—	$	15,466	$	318,465
2021	$	108,261	$	6,572	$	(1,852)	$	(95,249)	$	9,667	$	27,399
2020	$	250,810	$	11,216	$	7,286	$	—	$	11,367	$	280,679

(5)

Cumulative TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period.

(6)	Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the following published industry index: MSCI US REIT (RMZ) Index.

(7)	The dollar amounts reported represent the amount of net income reflected in the Company’s audited consolidated financial statements for the applicable year.

(8)

The Company defines Adjusted Funds From Operations (“AFFO”) as net income computed in accordance with GAAP, excluding certain non-cash and infrequently occurring items, specifically, (i) depreciation of real-estate and non-real estate assets; (ii) amortization of acquisition related lease intangibles and leasing costs; (iii) provision for impairment; (iv) gains (or losses) from sales of real estate assets and/or changes in control; (v) loss on extinguishment of debt and settlement of related hedges; (vi) straight-line accrued rent; (vii) stock-based compensation expense; (viii) amortization of financing fees and original issue discounts; and (ix) certain other items that reduce or increase net income in accordance with GAAP. While the Company uses numerous financial and non-financial performance measures for the purpose of evaluating performance for the Company’s compensation programs, the Company has determined AFFO (per diluted common share and partnership unit) is the financial performance measure that, in the Company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the company to link compensation actually paid to the company’s NEOs, for the most recently completed fiscal year, to Company performance.

Company Selected Measure Name

Adjusted Funds From Operations (“AFFO”)

Named Executive Officers, Footnote

(1)	The dollar amounts reported in column (b) are the amounts of total compensation reported for Mr. Agree (our Chief Executive Officer) for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to “Executive Compensation Tables — Summary Compensation Table.”

(3)

Peer Group Issuers, Footnote

(6)	Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the following published industry index: MSCI US REIT (RMZ) Index.

PEO Total Compensation Amount

$ 8,351,696

$ 8,226,103

$ 7,656,072

$ 7,341,625

$ 7,517,366

PEO Actually Paid Compensation Amount

$ 13,525,810

5,888,290

9,778,145

8,465,147

7,975,373

Adjustment To PEO Compensation, Footnote

(2)


	Reported
	Summary		Reported
	Compensation		Value of				Compensation
	Table Total		Equity		Equity Award		Actually Paid
Year	for PEO		Awards^(a)		Adjustments^(b)		to PEO
2024	$	8,351,696	$	(4,577,312)	$	9,751,426	$	13,525,810
2023	$	8,226,103	$	(4,212,330)	$	1,874,517	$	5,888,290
2022	$	7,656,072	$	(3,666,730)	$	5,788,803	$	9,778,145
2021	$	7,341,625	$	(3,469,080)	$	4,592,602	$	8,465,147
2020	$	7,517,366	$	(3,731,809)	$	4,189,816	$	7,975,373

(a)

The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” column in the Summary Compensation Table for the applicable year.

(b)


	Year End Fair						Value of
	Value of						Dividends or
	Equity				Year over		other Earnings
	Awards				Year Change		Paid on Stock
	Granted		Year over		in Fair Value		or Option
	During the		Year Change		of Equity		Awards not
	Year That are		in Fair Value		Awards		Otherwise
	Outstanding		of Outstanding		Granted in		Reflected in		Total
	and Unvested		and Unvested		Prior Years		Fair Value or		Equity
	as of the End		Equity		that Vested in		Total		Award
Year	of the Year		Awards		the Year		Compensation		Adjustments
2024	$	6,944,885	$	2,630,519	$	(302,551)	$	478,573	$	9,751,426
2023	$	3,152,283	$	(1,999,494)	$	140,175	$	581,553	$	1,874,517
2022	$	4,562,604	$	1,182,878	$	(468,543)	$	511,864	$	5,788,803
2021	$	3,963,450	$	124,045	$	(96,376)	$	601,483	$	4,592,602
2020	$	3,257,260	$	375,176	$	360,480	$	196,900	$	4,189,816

Non-PEO NEO Average Total Compensation Amount

$ 1,731,066

1,405,594

1,048,261

825,199

761,782

Non-PEO NEO Average Compensation Actually Paid Amount

$ 2,358,517

1,234,150

1,110,318

508,644

764,191

Adjustment to Non-PEO NEO Compensation Footnote

(4)


	Average
	Reported
	Summary		Average				Average
	Compensation		Reported				Compensation
	Table Total		Value of		Average		Actually Paid
	for Non-PEO		Equity		Equity Award		to Non-PEO
Year	NEOs		Awards		Adjustments^(a)		NEOs
2024	$	1,731,066	$	(787,227)	$	1,414,678	$	2,358,517
2023	$	1,405,594	$	(592,368)	$	420,924	$	1,234,150
2022	$	1,048,261	$	(256,408)	$	318,465	$	1,110,318
2021	$	825,199	$	(343,954)	$	27,399	$	508,644
2020	$	761,782	$	(278,270)	$	280,679	$	764,191

(a)

The amounts deducted or added in calculating the total average equity award adjustments are as follows:


	Average								Average
	Year End				Average		Average		Value of
	Fair Value		Average		Year over		Fair Value		Dividends or
	of Equity		Year over		Year		at the End		other
	Awards		Year		Change in		of the Prior		Earnings Paid
	Granted		Change in		Fair Value		Year of		on Stock or
	During the		Fair Value		of Equity		Equity		Option
	Year That		of		Awards		Awards		Awards not
	are		Outstanding		Granted in		that Failed		Otherwise
	Outstanding		and		Prior		to Meet		Reflected in		Average
	and Unvested as		Unvested		Years that		Vesting		Fair Value or		Total Equity
	of the End		Equity		Vested in		Conditions		Total		Award
Year	of the Year		Awards		the Year		in the Year		Compensation		Adjustments
2024	$	1,175,542	$	209,822	$	(8,778)	$	—	$	38,092	$	1,414,678
2023	$	487,138	$	(86,237)	$	(1,612)	$	—	$	21,635	$	420,924
2022	$	312,359	$	(589)	$	(8,771)	$	—	$	15,466	$	318,465
2021	$	108,261	$	6,572	$	(1,852)	$	(95,249)	$	9,667	$	27,399
2020	$	250,810	$	11,216	$	7,286	$	—	$	11,367	$	280,679

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Company Selected Measure

Tabular List, Table

Financial Performance Measures

As described in greater detail in “Compensation Discussion and Analysis,” the Company’s executive compensation program reflects a variable pay-for-performance philosophy. The metrics that the Company uses for both our long-term and short-term incentive awards are selected based on the objective of incentivizing our NEOs to increase the value of our enterprise for our stockholders. The most important financial performance measures used by the Company to link executive compensation actually paid to the Company’s NEOs, for the most recently completed fiscal year, to the Company’s performance are as follows:

●

AFFO per share

●

Relative Total Shareholder Return

●

Net Debt to Annualized Recurring EBITDA

Total Shareholder Return Amount

$ 123.48

105.37

113.42

109.6

98.51

Peer Group Total Shareholder Return Amount

123.47

113.54

99.82

132.23

92.43

Net Income (Loss)

$ 189,832,000

$ 170,547,000

$ 153,035,000

$ 122,876,000

$ 91,972,000

Company Selected Measure Amount | $ / shares

4.14

3.95

3.83

3.51

3.2

PEO Name

Mr. Agree

Equity Awards Adjustments, Footnote

The amounts deducted or added in calculating the equity award adjustments are as follows:


	Year End Fair						Value of
	Value of						Dividends or
	Equity				Year over		other Earnings
	Awards				Year Change		Paid on Stock
	Granted		Year over		in Fair Value		or Option
	During the		Year Change		of Equity		Awards not
	Year That are		in Fair Value		Awards		Otherwise
	Outstanding		of Outstanding		Granted in		Reflected in		Total
	and Unvested		and Unvested		Prior Years		Fair Value or		Equity
	as of the End		Equity		that Vested in		Total		Award
Year	of the Year		Awards		the Year		Compensation		Adjustments
2024	$	6,944,885	$	2,630,519	$	(302,551)	$	478,573	$	9,751,426
2023	$	3,152,283	$	(1,999,494)	$	140,175	$	581,553	$	1,874,517
2022	$	4,562,604	$	1,182,878	$	(468,543)	$	511,864	$	5,788,803
2021	$	3,963,450	$	124,045	$	(96,376)	$	601,483	$	4,592,602
2020	$	3,257,260	$	375,176	$	360,480	$	196,900	$	4,189,816

(a)

The amounts deducted or added in calculating the total average equity award adjustments are as follows:


	Average								Average
	Year End				Average		Average		Value of
	Fair Value		Average		Year over		Fair Value		Dividends or
	of Equity		Year over		Year		at the End		other
	Awards		Year		Change in		of the Prior		Earnings Paid
	Granted		Change in		Fair Value		Year of		on Stock or
	During the		Fair Value		of Equity		Equity		Option
	Year That		of		Awards		Awards		Awards not
	are		Outstanding		Granted in		that Failed		Otherwise
	Outstanding		and		Prior		to Meet		Reflected in		Average
	and Unvested as		Unvested		Years that		Vesting		Fair Value or		Total Equity
	of the End		Equity		Vested in		Conditions		Total		Award
Year	of the Year		Awards		the Year		in the Year		Compensation		Adjustments
2024	$	1,175,542	$	209,822	$	(8,778)	$	—	$	38,092	$	1,414,678
2023	$	487,138	$	(86,237)	$	(1,612)	$	—	$	21,635	$	420,924
2022	$	312,359	$	(589)	$	(8,771)	$	—	$	15,466	$	318,465
2021	$	108,261	$	6,572	$	(1,852)	$	(95,249)	$	9,667	$	27,399
2020	$	250,810	$	11,216	$	7,286	$	—	$	11,367	$	280,679