Agree Realty

Balance sheet quality is a competitive edge. Agree holds issuer ratings of A- (Fitch), BBB+ (S&P), and Baa1 (Moody’s). Debt is 99% unsecured, 87% fixed-rate, with a 4.0% weighted-average interest rate and 4.9-year weighted-average maturity.

Fixed charge coverage is 4.2x, with approximately $2.3 billion of liquidity including forward equity, revolver/term capacity, and cash. Net debt to recurring EBITDA is 5.1x (3.2x pro forma for unsettled forward equity), providing ample cushion through rate cycles.