Page 1

AR AGREE REALTY RETHINK RETAIL NEWS RELEASE Agree Realty Corporation Reports Third Quarter 2021 Results 2021-11-01 BLOOMFIELD HILLS , Mich . , Nov. 1 , 2021 / PRNewswire / -- Agree Realty Corporation ( NYSE : ADC ) ( the " Company " ) today announced results for the quarter ended September 30 , 2021. All per share amounts included herein are on a diluted per common share basis unless otherwise stated . Third Quarter 2021 Financial and Operating Highlights : • Invested approximately $ 342.7 million in 83 retail net lease properties • 30.3 % of annualized base rents acquired were derived from ground leased assets • Net Income per share attributable to common stockholders increased 34.4 % to $ 0.52 • • • . Core Funds from Operations ( " Core FFO " ) per share increased 13.0 % to $ 0.92 Adjusted Funds from Operations ( " AFFO " ) per share increased 11.5 % to $ 0.89 Declared an October monthly dividend of $ 0.227 per share , a 9.8 % year - over - year increase Completed inaugural public offering of 4.250 % Series A Cumulative Redeemable Preferred Stock for net proceeds of approximately $ 170.3 million • Sold 367,464 shares of common stock via the forward component of the Company's at - the - market equity ( " ATM " ) program for anticipated net proceeds of approximately $ 27.0 million Balance sheet positioned for growth at 3.7 times proforma net debt to recurring EBITDA ; 4.4 times excluding unsettled forward equity Appointed Michael Judlowe to the Company's Board of Directors Financial Results Net Income Attributable to Common Stockholders Net Income for the three months ended September 30 , 2021 increased 70.9 % to $ 36.4 million , compared to $ 21.3 million for the comparable period in 2020. Net Income per share for the three months ended September 30 , 2021 increased 34.4 % to $ 0.52 , compared to $ 0.39 per share for the comparable period in 2020 . Net Income for the nine months ended September 30 , 2021 increased 31.1 % to $ 88.8 million , compared to $ 67.8 million for the comparable period in 2020. Net Income per share for the nine months ended September 30 , 2021 increased 1.3 % to $ 1.34 , compared to $ 1.32 per share for the comparable period in 2020 . Core FFO Core FFO for the three months ended September 30 , 2021 increased 44.0 % to $ 64.0 million , compared 1