Agree Realty is a fully integrated REIT that owns and operates a diversified portfolio of net lease retail properties across all 50 states, primarily leased to national and large regional retailers with strong credit profiles. The company generates revenue through base rent and tenant-paid operating expenses under long-term net lease agreements, while pursuing growth through acquisitions of stabilized properties, build-to-suit development projects, and partnerships with developers on in-process developments. The business model emphasizes omni-channel and e-commerce-resistant retailers, maintains no tenant concentration exceeding 10% of annualized rent, and distributes substantially all taxable income to shareholders as required by REIT regulations.