CEO Joel Agree was paid $10,957,876 in fiscal year 2025, ↑ up 31.2% from fiscal year 2024, the 81st percentile of its disclosed peer group (SEC filing 0000917251-26-000031 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
$10,957,876 ↑ Joel Agree total, FY2025 | 81st CEO pay percentile vs peers | 86:1 CEO-to-median pay ratio | 95.46% Say-on-pay support, latest vote |
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ADC's next annual pay disclosure, estimated March 31, 2027.est. Filing ↗
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Joel Agree | $921,808 | $0 | $6,923,608 | $0 | $3,053,253 | $0 | $59,207 | $10,957,876 |
| President and Chief Executive Officer | ||||||||
| Nicole Witteveen | 443,423 | 0 | 1,051,235 | 0 | 669,000 | 0 | 39,299 | 2,202,957 |
| Chief Operating Officer | ||||||||
| Peter Coughenour | 443,423 | 0 | 1,051,235 | 0 | 655,472 | 0 | 39,299 | 2,189,429 |
| Chief Financial Officer and Secretary | ||||||||
| Craig Erlich | 443,423 | 0 | 1,051,235 | 0 | 420,164 | 0 | 42,799 | 1,957,621 |
| Chief Growth Officer | ||||||||
| Danielle Spehar | 407,661 | 0 | 630,696 | 0 | 351,575 | 0 | 42,799 | 1,432,731 |
| General Counsel | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Joel Agree | $10,957,876 | $8,351,696 | $8,226,103 | ↑ +2,606,180 |
| Nicole Witteveen | 2,202,957 | 1,514,020 | 781,761 | ↑ +688,937 |
| Peter Coughenour | 2,189,429 | 2,046,207 | 1,394,970 | ↑ +143,222 |
| Craig Erlich | 1,957,621 | 1,967,417 | 2,102,264 | ↓ −9,796 |
| Danielle Spehar | 1,432,731 | 1,396,620 | 1,343,381 | ↑ +36,111 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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$10,957,876 Joel Agree total, FY2025
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Data as of September 23, 2026 · Source: 0000917251-26-000031 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).
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Each company listed discloses ADC in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named ADC in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
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| Director | Role | FY2025 total |
|---|---|---|
| Gregory Lehmkuhl | Independent Director | $234,999 |
| Jerome Rossi | Independent Director | $184,999 |
| John Rakolta Jr | Independent Director | $184,999 |
| Karen Dearing | Independent Director | $209,999 |
| Linglong He | Independent Director | $184,999 |
| Merrie Frankel | Independent Director | $204,999 |
| Michael Hollman | Independent Director | $184,999 |
| Michael Judlowe | Independent Director | $184,999 |
| Richard Agree | Chair of the Board | — |
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Craig Erlich | CHIEF GROWTH OFFICER | 2026-05-06 | D | 500 | $0 | $0 | Common | Form 4 ↗ |
| John Rakolta Jr | Director | 2026-05-14 | A | 2,159 | 0 | 0 | Common | Form 4 ↗ |
| Linglong He | Director | 2026-05-14 | A | 2,159 | 0 | 0 | Common | Form 4 ↗ |
| Joey Agree | Director | 2026-05-14 | A | 13,295 | 75 | 1,002,576 | Common | Form 4 ↗ |
| Gregory Lehmkuhl | Director | 2026-05-14 | A | 750 | 75 | 56,318 | Common | Form 4 ↗ |
| Jerome Rossi | Director | 2026-05-14 | A | 2,159 | 0 | 0 | Common | Form 4 ↗ |
| Michael Judlowe | Director | 2026-05-14 | A | 1,328 | 75 | 99,972 | Common | Form 4 ↗ |
| Michael Judlowe | Director | 2026-05-14 | A | 2,159 | 0 | 0 | Common | Form 4 ↗ |
| Michael Hollman | Director | 2026-05-14 | A | 2,159 | 0 | 0 | Common | Form 4 ↗ |
| Linglong He | Director | 2026-05-14 | A | 1,328 | 75 | 99,972 | Common | Form 4 ↗ |
| Merrie Frankel | Director | 2026-05-14 | A | 432 | 0 | 0 | Common | Form 4 ↗ |
| Karen Dearing | Director | 2026-05-14 | A | 2,159 | 0 | 0 | Common | Form 4 ↗ |
| Gregory Lehmkuhl | Director | 2026-05-14 | A | 2,159 | 0 | 0 | Common | Form 4 ↗ |
| Gregory Lehmkuhl | Director | 2026-05-14 | A | 2,159 | 75 | 162,530 | Common | Form 4 ↗ |
| John Rakolta Jr | Director | 2026-05-14 | A | 1,328 | 75 | 99,972 | Common | Form 4 ↗ |
| John Rakolta Jr | Director | 2026-05-15 | A | 20,000 | 75 | 1,491,400 | Common | Form 4 ↗ |
| Richard Agree | Director | 2026-06-04 | A | 5,000 | 71 | 357,050 | Common | Form 4 ↗ |
| Nicole Witteveen | CHIEF OPERATING OFFICER | 2026-08-19 | D | 293 | 74 | 21,796 | Common | Form 4 ↗ |
| John Rakolta Jr | Director | 2026-08-27 | A | 20,000 | 73 | 1,464,600 | Common | Form 4 ↗ |
| John Rakolta Jr | Director | 2026-08-28 | A | 136 | 74 | 9,999 | Common | Form 4 ↗ |
| John Rakolta Jr | Director | 2026-08-31 | A | 10,000 | 72 | 724,200 | Common | Form 4 ↗ |
| Joey Agree | Director | 2026-09-16 | A | 7,360 | 68 | 500,922 | Common | Form 4 ↗ |
| John Rakolta Jr | Director | 2026-09-16 | A | 20,000 | 69 | 1,375,600 | Common | Form 4 ↗ |
| Craig Erlich | CHIEF GROWTH OFFICER | 2026-09-21 | A | 1,000 | 68 | 67,550 | Common | Form 4 ↗ |
Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Craig Erlich | RSU | 2025-02-23 | — | — | 6,179 | — | $450,017 |
| Craig Erlich | PSU | 2025-02-23 | 3,776 | 7,552 | — | 15,104 | 601,218 |
| Nicole Witteveen | PSU | 2025-02-23 | 3,776 | 7,552 | — | 15,104 | 601,218 |
| Peter Coughenour | PSU | 2025-02-23 | 3,776 | 7,552 | — | 15,104 | 601,218 |
| Danielle Spehar | RSU | 2025-02-23 | — | — | 3,707 | — | 269,981 |
| Peter Coughenour | RSU | 2025-02-23 | — | — | 6,179 | — | 450,017 |
| Joel Agree | RSU | 2025-02-23 | — | — | 26,775 | — | 1,950,023 |
| Danielle Spehar | PSU | 2025-02-23 | 2,266 | 4,531 | — | 9,062 | 360,715 |
| Joel Agree | PSU | 2025-02-23 | 31,237 | 62,474 | — | 124,948 | 4,973,585 |
| Nicole Witteveen | RSU | 2025-02-23 | — | — | 6,179 | — | 450,017 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Craig Erlich | $450,017 | $601,218 | $0 | 57.2% |
| Nicole Witteveen | 450,017 | 601,218 | 0 | 57.2% |
| Peter Coughenour | 450,017 | 601,218 | 0 | 57.2% |
| Danielle Spehar | 269,981 | 360,715 | 0 | 57.2% |
| Joel Agree | 1,950,023 | 4,973,585 | 0 | 71.8% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Agree | RSU | 2,781,000 | — | $200,315,449 |
| Peter Coughenour | PSU | 3,003 | — | 216,306 |
| Danielle Spehar | PSU | 4,531 | — | 326,368 |
| Craig Erlich | RSU | 2,047 | — | 147,445 |
| Nicole Witteveen | RSU | 1,631 | — | 117,481 |
| Nicole Witteveen | RSU | 6,179 | — | 445,073 |
| Agree | PSU | 46,948 | — | 3,381,664 |
| Danielle Spehar | RSU | 6,102 | — | 439,527 |
| Nicole Witteveen | RSU | 511 | — | 36,807 |
| Agree | RSU | 11,178 | — | 805,151 |
| Craig Erlich | RSU | 9,772 | — | 703,877 |
| Peter Coughenour | RSU | 446,000 | — | 32,125,353 |
| Agree | RSU | 27,727 | — | 1,997,176 |
| Agree | PSU | 30,026 | — | 2,162,773 |
| Craig Erlich | PSU | 7,552 | — | 543,971 |
| Agree | RSU | 5,423 | — | 390,619 |
| Craig Erlich | PSU | 7,506 | — | 540,657 |
| Peter Coughenour | PSU | 7,552 | — | 543,971 |
| Peter Coughenour | RSU | 576 | — | 41,489 |
| Agree | RSU | 154,500 | — | 11,128,636 |
| Peter Coughenour | RSU | 6,179 | — | 445,073 |
| Nicole Witteveen | PSU | 4,782 | — | 344,447 |
| Agree | PSU | 62,474 | — | 4,500,002 |
| Agree | RSU | 54,721 | — | 3,941,554 |
| Peter Coughenour | PSU | 9,564 | — | 688,895 |
| Danielle Spehar | RSU | 958 | — | 69,005 |
| Craig Erlich | PSU | 9,564 | — | 688,895 |
| Agree | RSU | 8,189 | — | 589,854 |
| Peter Coughenour | RSU | 819 | — | 58,993 |
| Nicole Witteveen | PSU | 7,552 | — | 543,971 |
| Danielle Spehar | PSU | 5,738 | — | 413,308 |
| Craig Erlich | RSU | 5,437 | — | 391,627 |
| Peter Coughenour | RSU | 5,216 | — | 375,708 |
| Nicole Witteveen | RSU | 2,608 | — | 187,854 |
| Nicole Witteveen | RSU | 185 | — | 13,326 |
| Danielle Spehar | PSU | 4,504 | — | 324,423 |
| Craig Erlich | RSU | 174 | — | 12,533 |
| Danielle Spehar | RSU | 3,859 | — | 277,964 |
| Nicole Witteveen | PSU | 1,877 | — | 135,200 |
| Craig Erlich | RSU | 1,436 | — | 103,435 |
| Danielle Spehar | RSU | 1,228 | — | 88,453 |
| Danielle Spehar | RSU | 464 | — | 33,422 |
| Peter Coughenour | RSU | 140 | — | 10,084 |
The compensation program is designed to attract and retain key executives while encouraging high performance and aligning executives’ interests with the interests of stockholders. It consists of base salary, annual cash incentive awards, long-term equity incentive awards, and certain other benefits.
| CEO STI target (% of salary) | 175% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Meridian Compensation Partners, LLC |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-14 | 97,715,282 | 4,650,345 | 147,499 | 95.46% | Passed |
| 2025 | 2025-05-15 | 87,457,530 | 5,376,989 | 120,728 | 94.09% | Passed |
| 2024 | 2024-05-23 | 78,056,339 | 5,701,138 | 140,601 | 93.19% | Passed |
| 2023 | 2023-05-11 | 71,683,743 | 3,568,852 | 77,468 | 95.26% | Passed |
| 2022 | 2022-05-05 | 45,003,946 | 13,495,604 | 165,115 | 76.93% | Passed |
| 2021 | 2021-05-06 | 51,516,600 | 2,295,778 | 121,017 | 95.73% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-05-14 | 95.46%a |
| 2025 | 2025-05-15 | 94.09%b |
| 2024 | 2024-05-23 | 93.19%c |
a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the outcome of this proposal.”.
b. Approved under the standard stated in the filing — “Abstentions and broker non-votes are not treated as votes cast under Maryland law and, therefore, they have no effect on the outcome of this proposal.”.
c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the outcome of this proposal.”.
Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
| Ratio (CEO : median employee) | 86 : 1 |
|---|---|
| CEO total compensation | $10,957,876 |
| Median employee compensation | $127,044 |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Gregory LehmkuhlIndependent · Compensation (Chair) | $120,000 | $114,999 | $0 | $0 | $0 | $234,999 |
| Karen DearingIndependent · Audit (Chair) | 95,000 | 114,999 | 0 | 0 | 0 | 209,999 |
| Merrie FrankelIndependent · Audit · Nominating and Governance (Chair) · Not standing for re-election | 90,000 | 114,999 | 0 | 0 | 0 | 204,999 |
| Michael HollmanIndependent · Audit · Nominating and Governance | 70,000 | 114,999 | 0 | 0 | 0 | 184,999 |
| Michael JudloweIndependent · Compensation · Executive | 70,000 | 114,999 | 0 | 0 | 0 | 184,999 |
| Linglong HeIndependent · Nominating and Governance | 70,000 | 114,999 | 0 | 0 | 0 | 184,999 |
| John Rakolta JrIndependent · Executive | 70,000 | 114,999 | 0 | 0 | 0 | 184,999 |
| Jerome RossiIndependent · Compensation · Nominating and Governance | 70,000 | 114,999 | 0 | 0 | 0 | 184,999 |
| Richard AgreeEmployee director · Board Chair · Executive (Chair) | 0 | 0 | 0 | — | 0 | 0 |
| Joel AgreeEmployee director · Executive | 0 | 0 | 0 | — | 0 | 0 |
| Annual cash retainer | $70,000 |
|---|---|
| Annual equity retainer | $115,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 25,000 / 20,000 / 20,000 |
| Stock ownership guideline | $560,000 |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $655,000 |
| Equity awards (grant-date value) | $919,992 |
| All other compensation | $0 |
| Total cost of the board | $1,574,992 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies Agree Realty Corp. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Agree Realty Corp..
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Realty Income Corporation | 2025 | Sumit Roy | $1,000,000 | $9,149,496 | $0 | $4,981,012 | $16,251,931 |
| 2 | Kimco Realty Corporation | 2025 | Conor Flynn | 1,000,000 | 7,080,401 | 0 | 3,398,400 | 11,581,750 |
| 3 | Regency Centers Corporation | 2025 | Lisa Palmer | 1,050,000 | 7,099,098 | 0 | 2,925,000 | 11,092,432 |
| 4 | Agree Realty Corp. | 2025 | Joel Agree | 921,808 | 6,923,608 | 0 | 3,053,253 | 10,957,876 |
| 5 | EPR Properties | 2025 | Gregory Silvers | 933,400 | 7,266,155 | 0 | 0 | 10,901,683 |
| 6 | W.P. Carey Inc. | 2025 | Jason Fox | 1,000,000 | 7,986,686 | 0 | 1,770,000 | 10,786,686 |
| 7 | Federal Realty Investment Trust | 2025 | Donald Wood | 1,000,000 | 7,554,434 | 0 | 1,350,000 | 9,929,147 |
| 8 | NNN REIT, Inc. | 2025 | Stephen Horn | 975,000 | 6,664,544 | 0 | 2,069,437 | 9,730,926 |
| 9 | Essential Properties Realty Trust, Inc. | 2025 | Peter Mavoides | 800,000 | 6,853,000 | 0 | 1,950,000 | 9,634,000 |
| 10 | Rexford Industrial Realty, Inc. | 2025 | Laura Clark | 700,000 | 7,380,284 | 0 | 1,200,151 | 9,497,183 |
| 11 | EastGroup Properties, Inc. | 2025 | Marshall Loeb | 885,000 | 5,896,738 | 0 | 2,340,029 | 9,437,394 |
| 12 | Phillips Edison & Company, Inc. | 2025 | Jeffrey Edison | 991,864 | 4,931,230 | 0 | 1,960,700 | 8,062,820 |
| 13 | Kite Realty Group Trust | 2025 | John Kite | 1,000,000 | 3,931,061 | 0 | 2,912,500 | 7,882,883 |
| 14 | LXP Industrial Trust | 2025 | T. Wilson Eglin | 840,000 | 4,044,982 | 0 | 1,442,438 | 6,645,384 |
| 15 | Broadstone Net Lease | 2025 | John Moragne | 600,000 | 3,918,506 | 0 | 1,187,770 | 6,065,001 |
| 16 | STAG Industrial, Inc. | 2025 | William Crooker | 800,000 | 3,599,970 | 0 | 1,427,915 | 5,881,152 |
| 17 | Brixmor Property Group Inc. | 2025 | Brian T. Finnegan | 650,000 | 1,777,134 | — | 830,944 | 3,735,474 |
| — | Getty Realty Corp. | — | — | — | — | — | — | not in coverage universe |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Agree Realty Corp. | 329% | PSU 70 · RSU 30 | No | Meridian Compensation Partners, LLC |
| Brixmor Property Group Inc. | not disclosed | PSU 60 · RSU 40 | Yes — Relative Total Stockholder Return (TSR) | Pay Governance |
| Broadstone Net Lease | 198% | not disclosed | Yes — Relative Total Shareholder Return vs rTSR Peer Group | Ferguson Partners Consulting, L.P. |
| EastGroup Properties, Inc. | 137% | not disclosed | Yes — TSR Compared to Nareit Equity Index Constituents | FPC |
| EPR Properties | 276.2% | PSU 70 · RSU 30 | Yes — TSR vs. TSR of Triple-Net Peer Group | Ferguson Partners Consulting L.P. |
| Essential Properties Realty Trust, Inc. | 163% | PRSU 60 · RSU 40 | Yes — Relative TSR | Ferguson Partners Consulting L.P. |
| Federal Realty Investment Trust | 120% | not disclosed | No | Semler Brossy Consulting Group |
| Getty Realty Corp. | not disclosed | not disclosed | not disclosed | not disclosed |
| Kimco Realty Corporation | 189% | PSU 67 · RSU 33 | Yes — Total Stockholder Return (TSR) | Pay Governance LLC |
| Kite Realty Group Trust | not disclosed | PSU 60 · RSU 40 | Yes — relative TSR performance versus shopping center REITs | Ferguson Partners Consulting |
| LXP Industrial Trust | not disclosed | PSU 60 · RSU 40 | Yes — Relative TSR compared to MSCI US REIT Index | Ferguson Partners Consulting, L.P. |
| NNN REIT, Inc. | 212.25% | PSU 70 · RSU 30 | Yes — Three-year relative TSR compared to FTSE Nareit All Equity REITs Index | Pearl Meyer |
| Phillips Edison & Company, Inc. | 140% | PSU 68 · RSU 32 | Yes — Relative TSR | FPC |
| Realty Income Corporation | 199% | PSU 75 · RSU 25 | Yes — TSR ranking relative to MSCI US REIT Index | FPC |
| Regency Centers Corporation | not disclosed | PSU 80 · RSU 20 | Yes — Relative Total Shareholder Return (TSR) | Semler Brossy |
| Rexford Industrial Realty, Inc. | 227% | PSU 60 · RSU 40 | Yes — Relative TSR vs. Dow Jones U.S. Equity REIT Index | FPC |
| STAG Industrial, Inc. | 178% | PSU 65 · LTIP Units 35 | Yes — Relative TSR vs Industry Peer Group | Ferguson Partners Consulting |
| W.P. Carey Inc. | 118.0% | PSU 60 · RSU 40 | Yes — TSR relative to the constituents of the MSCI US REIT Index | Frederic W. Cook & Co., Inc. |
Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Joel Agree | DEF 14A | 2026-04-02 | 0000917251-26-000031 | Section “SUMMARY COMPENSATION TABLE” · page 42. As printed: 10,957,876. Filing ↗machine: t90 · r2 · c21 · span 720296–720306 |
| 2 | Section 01, Nicole Witteveen | DEF 14A | 2026-04-02 | 0000917251-26-000031 | Section “Summary Compensation Table for 2025, 2024 and 2023” · page 42. As printed: 2,202,957. Filing ↗machine: t90 · r8 · c16 · span 734200–734209 |
| 3 | Section 01, Peter Coughenour | DEF 14A | 2026-04-02 | 0000917251-26-000031 | Section “Summary Compensation Table for 2025, 2024 and 2023” · page 42. As printed: 2,189,429. Filing ↗machine: t90 · r5 · c16 · span 727424–727433 |
| 4 | Section 01, Craig Erlich | DEF 14A | 2026-04-02 | 0000917251-26-000031 | Section “Summary Compensation Table for 2025, 2024 and 2023” · page 42. As printed: 1,957,621. Filing ↗machine: t90 · r11 · c16 · span 741457–741466 |
| 5 | Section 01, Danielle Spehar | DEF 14A | 2026-04-02 | 0000917251-26-000031 | Section “Summary Compensation Table for 2025, 2024 and 2023” · page 42. As printed: 1,432,731. Filing ↗machine: t90 · r14 · c16 · span 748034–748043 |
| 6 | Section 03, Craig Erlich RSU | DEF 14A | 1900-01-01 | 0000917251-26-000031 | Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗machine: span 811680–811687 |
| 7 | Section 03, Craig Erlich PSU | DEF 14A | 1900-01-01 | 0000917251-26-000031 | Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗machine: span 815281–815288 |
| 8 | Section 03, Nicole Witteveen PSU | DEF 14A | 1900-01-01 | 0000917251-26-000031 | Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗machine: span 804261–804268 |
| 9 | Section 03, Peter Coughenour PSU | DEF 14A | 1900-01-01 | 0000917251-26-000031 | Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗machine: span 791254–791261 |
| 10 | Section 03, Danielle Spehar RSU | DEF 14A | 1900-01-01 | 0000917251-26-000031 | Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗machine: span 824006–824013 |
| 11 | Section 03, Peter Coughenour RSU | DEF 14A | 1900-01-01 | 0000917251-26-000031 | Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗machine: span 787649–787656 |
| 12 | Section 03, Joel Agree RSU | DEF 14A | 1900-01-01 | 0000917251-26-000031 | Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗machine: span 776597–776606 |
| 13 | Section 03, Danielle Spehar PSU | DEF 14A | 1900-01-01 | 0000917251-26-000031 | Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗machine: span 828284–828291 |
| 14 | Section 03, Joel Agree PSU | DEF 14A | 1900-01-01 | 0000917251-26-000031 | Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗machine: span 780876–780885 |
| 15 | Section 03, Nicole Witteveen RSU | DEF 14A | 1900-01-01 | 0000917251-26-000031 | Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗machine: span 799981–799988 |
| 16 | Section 07, pay ratio | DEF 14A | 2026-04-02 | 0000917251-26-000031 | Section “CEO Pay Ratio”. As printed: 86 : 1. Filing ↗ |
| 17 | Section 08, Gregory Lehmkuhl | DEF 14A | 2026-04-02 | 0000917251-26-000031 | Section “Director Compensation”. As printed: 234,999. Filing ↗machine: span 427253–427503 |
| 18 | Section 08, Karen Dearing | DEF 14A | 2026-04-02 | 0000917251-26-000031 | Section “Director Compensation”. As printed: 209,999. Filing ↗machine: span 419879–420005 |
| 19 | Section 08, Merrie Frankel | DEF 14A | 2026-04-02 | 0000917251-26-000031 | Section “Director Compensation”. As printed: 204,999. Filing ↗machine: span 421195–421445 |
| 20 | Section 08, Michael Hollman | DEF 14A | 2026-04-02 | 0000917251-26-000031 | Section “Director Compensation”. As printed: 184,999. Filing ↗machine: span 424221–424471 |
| 21 | Section 08, Michael Judlowe | DEF 14A | 2026-04-02 | 0000917251-26-000031 | Section “Director Compensation”. As printed: 184,999. Filing ↗machine: span 425786–426086 |
| 22 | Section 08, Linglong He | DEF 14A | 2026-04-02 | 0000917251-26-000031 | Section “Director Compensation”. As printed: 184,999. Filing ↗machine: span 422756–423056 |
| 23 | Section 08, John Rakolta Jr | DEF 14A | 2026-04-02 | 0000917251-26-000031 | Section “Director Compensation”. As printed: 184,999. Filing ↗machine: span 428820–429120 |
| 24 | Section 08, Jerome Rossi | DEF 14A | 2026-04-02 | 0000917251-26-000031 | Section “Director Compensation”. As printed: 184,999. Filing ↗machine: span 430283–430533 |
| 25 | Section 08, Richard Agree | DEF 14A | 2026-04-02 | 0000917251-26-000031 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 26 | Section 08, Joel Agree | DEF 14A | 2026-04-02 | 0000917251-26-000031 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 27 | Section 02, Craig Erlich 2026-05-06 | Form 4 | 2026-05-08 | 0001747962-26-000005 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 28 | Section 02, John Rakolta Jr 2026-05-14 | Form 4 | 2026-05-18 | 0001528153-26-000005 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 29 | Section 02, Linglong He 2026-05-14 | Form 4 | 2026-05-18 | 0002009651-26-000004 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 30 | Section 02, Joey Agree 2026-05-14 | Form 4 | 2026-05-18 | 0001348490-26-000004 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 31 | Section 02, Gregory Lehmkuhl 2026-05-14 | Form 4 | 2026-05-18 | 0001748303-26-000006 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 32 | Section 02, Jerome Rossi 2026-05-14 | Form 4 | 2026-05-18 | 0001388727-26-000002 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 33 | Section 02, Michael Judlowe 2026-05-14 | Form 4 | 2026-05-18 | 0001882560-26-000004 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 34 | Section 02, Michael Judlowe 2026-05-14 | Form 4 | 2026-05-18 | 0001882560-26-000004 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 35 | Section 02, Michael Hollman 2026-05-14 | Form 4 | 2026-05-18 | 0001821990-26-000003 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 36 | Section 02, Linglong He 2026-05-14 | Form 4 | 2026-05-18 | 0002009651-26-000004 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 37 | Section 02, Merrie Frankel 2026-05-14 | Form 4 | 2026-05-18 | 0001683822-26-000002 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 38 | Section 02, Karen Dearing 2026-05-14 | Form 4 | 2026-05-18 | 0001354979-26-000004 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 39 | Section 02, Gregory Lehmkuhl 2026-05-14 | Form 4 | 2026-05-18 | 0001748303-26-000006 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 40 | Section 02, Gregory Lehmkuhl 2026-05-14 | Form 4 | 2026-05-18 | 0001748303-26-000006 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 41 | Section 02, John Rakolta Jr 2026-05-14 | Form 4 | 2026-05-18 | 0001528153-26-000005 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 42 | Section 02, John Rakolta Jr 2026-05-15 | Form 4 | 2026-05-19 | 0001528153-26-000007 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 43 | Section 02, Richard Agree 2026-06-04 | Form 4 | 2026-06-08 | 0001275238-26-000007 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 44 | Section 02, Nicole Witteveen 2026-08-19 | Form 4 | 2026-08-21 | 0001879562-26-000004 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 45 | Section 02, John Rakolta Jr 2026-08-27 | Form 4 | 2026-08-31 | 0001528153-26-000011 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 46 | Section 02, John Rakolta Jr 2026-08-28 | Form 4 | 2026-08-31 | 0001528153-26-000011 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 47 | Section 02, John Rakolta Jr 2026-08-31 | Form 4 | 2026-09-02 | 0001528153-26-000013 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 48 | Section 02, Joey Agree 2026-09-16 | Form 4 | 2026-09-17 | 0001348490-26-000006 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 49 | Section 02, John Rakolta Jr 2026-09-16 | Form 4 | 2026-09-17 | 0001528153-26-000015 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 50 | Section 02, Craig Erlich 2026-09-21 | Form 4 | 2026-09-23 | 0001747962-26-000007 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 51 | Section 06, 2026 vote | Form 8-K | 2026-05-14 | 0000917251-26-000050 | Item 5.07 · say-on-pay result. As reported: 95.46% (votes for as printed: 97,715,282). Filing ↗ |
| 52 | Section 06, 2025 vote | Form 8-K | 2025-05-16 | 0001104659-25-050018 | Item 5.07 · say-on-pay result. As reported: 94.09% (votes for as printed: 87,457,530). Filing ↗ |
| 53 | Section 06, 2024 vote | Form 8-K | 2024-05-23 | 0001104659-24-064707 | Item 5.07 · say-on-pay result. As reported: 93.19% (votes for as printed: 78,056,339). Filing ↗ |
| 54 | Section 01 trend, Δ column (computed) | Computed | — | — | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 55 | Section 03b vehicle mix (computed) | Computed | — | — | RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio |
| 56 | Section 09b board cost (computed) | Computed | — | — | Cash 655,000 + equity 919,992 + all other 0 = 1,574,992, summed across the director compensation table rows.machine: formula: Σ = 1,574,992 |
| 57 | Realty Income Corporation, Section 10b CEO total | DEF 14A | 2026-03-25 | 0000726728-26-000021 | CEO total compensation as printed in Realty Income Corporation's own proxy. As printed: 16,251,931. Filing ↗machine: r3 · c18 · span 1118130–1118140 |
| 58 | Kimco Realty Corporation, Section 10b CEO total | DEF 14A | 2026-04-08 | 0001206774-26-000197 | CEO total compensation as printed in Kimco Realty Corporation's own proxy. As printed: 11,581,750. Filing ↗machine: t133 · r4 · c7 · span 542175–542185 |
| 59 | Regency Centers Corporation, Section 10b CEO total | DEF 14A | 2026-03-25 | 0001193125-26-122880 | CEO total compensation as printed in Regency Centers Corporation's own proxy. As printed: 11,092,432. Filing ↗machine: r7 · c23 · span 803410–803421 |
| 60 | Agree Realty Corp. (subject), Section 10b CEO total | DEF 14A | 2026-04-02 | 0000917251-26-000031 | CEO total compensation as printed in Agree Realty Corp.'s own proxy. As printed: 10,957,876. Filing ↗machine: t90 · r2 · c21 · span 720296–720306 |
| 61 | EPR Properties, Section 10b CEO total | DEF 14A | 2026-03-26 | 0001045450-26-000016 | CEO total compensation as printed in EPR Properties's own proxy. As printed: 10,901,683. Filing ↗machine: r3 · c45 · span 794198–794208 |
| 62 | W.P. Carey Inc., Section 10b CEO total | DEF 14A | 2026-03-27 | 0001025378-26-000063 | CEO total compensation as printed in W.P. Carey Inc.'s own proxy. As printed: 10,786,686. Filing ↗machine: r4 · c21 · span 810394–810404 |
| 63 | Federal Realty Investment Trust, Section 10b CEO total | DEF 14A | 2026-03-27 | 0001193125-26-127642 | CEO total compensation as printed in Federal Realty Investment Trust's own proxy. As printed: 9,929,147. Filing ↗machine: t136 · r3 · c27 · span 657645–657654 |
| 64 | NNN REIT, Inc., Section 10b CEO total | DEF 14A | 2026-03-23 | 0001193125-26-118585 | CEO total compensation as printed in NNN REIT, Inc.'s own proxy. As printed: 9,730,926. Filing ↗machine: t26 · r3 · c14 · span 998777–998786 |
| 65 | Essential Properties Realty Trust, Inc., Section 10b CEO total | DEF 14A | 2026-03-31 | 0001193125-26-134683 | CEO total compensation as printed in Essential Properties Realty Trust, Inc.'s own proxy. As printed: 9,634,000. Filing ↗machine: span 537248–537253 |
| 66 | Rexford Industrial Realty, Inc., Section 10b CEO total | DEF 14A | 2026-04-08 | 0001571283-26-000012 | CEO total compensation as printed in Rexford Industrial Realty, Inc.'s own proxy. As printed: 9,497,183. Filing ↗machine: span 972479–972488 |
| 67 | EastGroup Properties, Inc., Section 10b CEO total | DEF 14A | 2026-04-10 | 0000049600-26-000019 | CEO total compensation as printed in EastGroup Properties, Inc.'s own proxy. As printed: 9,437,394. Filing ↗machine: r2 · c21 · span 1059338–1059347 |
| 68 | Phillips Edison & Company, Inc., Section 10b CEO total | DEF 14A | 2026-03-23 | 0001476204-26-000016 | CEO total compensation as printed in Phillips Edison & Company, Inc.'s own proxy. As printed: 8,062,820. Filing ↗machine: r5 · c18 · span 575792–575801 |
| 69 | Kite Realty Group Trust, Section 10b CEO total | DEF 14A | 2026-04-01 | 0001286043-26-000024 | CEO total compensation as printed in Kite Realty Group Trust's own proxy. As printed: 7,882,883. Filing ↗machine: r2 · c6 · span 1509426–1509435 |
| 70 | LXP Industrial Trust, Section 10b CEO total | DEF 14A | 2026-04-03 | 0000910108-26-000015 | CEO total compensation as printed in LXP Industrial Trust's own proxy. As printed: 6,645,384. Filing ↗machine: t65 · r2 · c15 · span 653567–653576 |
| 71 | Broadstone Net Lease, Section 10b CEO total | DEF 14A | 2026-03-20 | 0001424182-26-000025 | CEO total compensation as printed in Broadstone Net Lease's own proxy. As printed: 6,065,001. Filing ↗machine: span 1494368–1494377 |
| 72 | STAG Industrial, Inc., Section 10b CEO total | DEF 14A | 2026-03-18 | 0001104659-26-031046 | CEO total compensation as printed in STAG Industrial, Inc.'s own proxy. As printed: 5,881,152. Filing ↗machine: span 1074440–1074449 |
| 73 | Brixmor Property Group Inc., Section 10b CEO total | DEF 14A | 2026-03-11 | 0001104659-26-026381 | CEO total compensation as printed in Brixmor Property Group Inc.'s own proxy. As printed: 3,735,474. Filing ↗machine: r4 · c27 · span 957466–957475 |
| 74 | Section 10a, Realty Income Corporation reciprocity | DEF 14A | — | 0000726728-26-000021 | Realty Income Corporation's most recent proxy was read; its disclosed peer group does not include Agree Realty Corp.. Filing ↗ |
| 75 | Section 10a, Broadstone Net Lease reciprocity | DEF 14A | — | 0001424182-26-000025 | Broadstone Net Lease names Agree Realty Corp. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 76 | Section 10a, EPR Properties reciprocity | DEF 14A | — | 0001045450-26-000016 | EPR Properties names Agree Realty Corp. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 77 | Section 10a, Federal Realty Investment Trust reciprocity | DEF 14A | — | 0001193125-25-066328 | Federal Realty Investment Trust's most recent proxy was read; its disclosed peer group does not include Agree Realty Corp.. Filing ↗ |
| 78 | Section 10a, LXP Industrial Trust reciprocity | DEF 14A | — | 0000910108-26-000015 | LXP Industrial Trust's most recent proxy was read; its disclosed peer group does not include Agree Realty Corp.. Filing ↗ |
| 79 | Section 10a, NNN REIT, Inc. reciprocity | DEF 14A | — | 0001193125-26-118585 | NNN REIT, Inc. names Agree Realty Corp. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 80 | Section 10a, Phillips Edison & Company, Inc. reciprocity | DEF 14A | — | 0001476204-26-000016 | Phillips Edison & Company, Inc.'s most recent proxy was read; its disclosed peer group does not include Agree Realty Corp.. Filing ↗ |
| 81 | Section 10a, Essential Properties Realty Trust, Inc. reciprocity | DEF 14A | — | 0001193125-26-134683 | Essential Properties Realty Trust, Inc. names Agree Realty Corp. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 82 | Section 10a, STAG Industrial, Inc. reciprocity | DEF 14A | — | 0001104659-26-031046 | STAG Industrial, Inc. names Agree Realty Corp. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 83 | Section 10a, Brixmor Property Group Inc. reciprocity | DEF 14A | — | 0001104659-26-026381 | Brixmor Property Group Inc.'s most recent proxy was read; its disclosed peer group does not include Agree Realty Corp.. Filing ↗ |
| 84 | Section 10a, EastGroup Properties, Inc. reciprocity | DEF 14A | — | 0000049600-26-000019 | EastGroup Properties, Inc. names Agree Realty Corp. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 85 | Section 10a, Kite Realty Group Trust reciprocity | DEF 14A | — | 0001286043-26-000024 | Kite Realty Group Trust's most recent proxy was read; its disclosed peer group does not include Agree Realty Corp.. Filing ↗ |
| 86 | Section 10a, Regency Centers Corporation reciprocity | DEF 14A | — | 0001193125-26-122880 | Regency Centers Corporation names Agree Realty Corp. in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 87 | Section 10a, Rexford Industrial Realty, Inc. reciprocity | DEF 14A | — | 0001571283-26-000012 | Rexford Industrial Realty, Inc.'s most recent proxy was read; its disclosed peer group does not include Agree Realty Corp.. Filing ↗ |
| 88 | Section 10a, W.P. Carey Inc. reciprocity | DEF 14A | — | 0001025378-26-000063 | W.P. Carey Inc.'s most recent proxy was read; its disclosed peer group does not include Agree Realty Corp.. Filing ↗ |
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