{"id":517678,"date":"2021-07-26T16:09:17","date_gmt":"2021-07-26T20:09:17","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/agree-realty-corporation-reports-second-quarter-2021-results\/"},"modified":"2021-07-26T16:09:17","modified_gmt":"2021-07-26T20:09:17","slug":"agree-realty-corporation-reports-second-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/agree-realty-corporation-reports-second-quarter-2021-results\/","title":{"rendered":"Agree Realty Corporation Reports Second Quarter 2021 Results"},"content":{"rendered":"<div class=\"xn-newslines\">\n<h2 class=\"xn-hedline\">RAISES 2021 ACQUISITION GUIDANCE TO $1.2 BILLION TO $1.4 BILLION; GROUND LEASE EXPOSURE INCREASED TO A RECORD 12.7%<\/h2>\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">BLOOMFIELD HILLS, Mich.<\/span>, <span class=\"xn-chron\">July 26, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0Agree Realty Corporation (NYSE: ADC) (the &#8220;Company&#8221;) today announced results for the quarter ended <span class=\"xn-chron\">June 30, 2021<\/span>. \u00a0All per share amounts included herein are on a diluted per common share basis unless otherwise stated. <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/454296\/Agree_Realty_Corporation_Logo.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/454296\/Agree_Realty_Corporation_Logo.jpg\" title=\"(PRNewsfoto\/Agree Realty Corporation)\" alt=\"(PRNewsfoto\/Agree Realty Corporation)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>\n        <b>Second Quarter 2021 Financial and Operating Highlights:<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Invested approximately <span class=\"xn-money\">$366 million<\/span> in 59 retail net lease properties <\/li>\n<li>Approximately 30.5% of annualized base rents acquired were derived from ground leased assets <\/li>\n<li>Net Income attributable to the Company decreased 11.5% to <span class=\"xn-money\">$22.3 million<\/span>; 27.3% decrease per share to <span class=\"xn-money\">$0.34<\/span><\/li>\n<li>Core Funds from Operations (&#8220;Core FFO&#8221;) increased 43.4% to <span class=\"xn-money\">$58.6 million<\/span>; 17.3% increase per share to <span class=\"xn-money\">$0.89<\/span><\/li>\n<li>Adjusted Funds from Operations (&#8220;AFFO&#8221;) increased 41.6% to <span class=\"xn-money\">$57.6 million<\/span>; 15.9% increase per share to <span class=\"xn-money\">$0.88<\/span><\/li>\n<li>Declared a July monthly dividend of <span class=\"xn-money\">$0.217<\/span> per share, an 8.5% year-over-year increase <\/li>\n<li>Completed dual-tranche public bond offering comprised of <span class=\"xn-money\">$350 million<\/span> of 2.00% senior unsecured notes due 2028 and <span class=\"xn-money\">$300 million<\/span> of 2.60% senior unsecured notes due 2033 <\/li>\n<li>Completed a follow-on public offering of 4,600,000 shares of common stock, including the underwriters&#8217; option to purchase additional shares, raising net proceeds of approximately <span class=\"xn-money\">$327 million<\/span><\/li>\n<li>Sold 1,178,197 shares of common stock via the forward component of the Company&#8217;s at-the-market equity (&#8220;ATM&#8221;) program for anticipated net proceeds of approximately <span class=\"xn-money\">$81 million<\/span><\/li>\n<li>Balance sheet positioned for growth at 3.6 times proforma net debt to recurring EBITDA; 4.5 times excluding unsettled forward equity<\/li>\n<\/ul>\n<p>\n        <b>First Half 2021 Financial and Operating Highlights:<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Invested a record of approximately <span class=\"xn-money\">$756 million<\/span> in 146 retail net lease properties <\/li>\n<li>Completed four development or Partner Capital Solutions (&#8220;PCS&#8221;) projects <\/li>\n<li>Net Income attributable to the Company increased 12.8% to <span class=\"xn-money\">$52.5 million<\/span>; 12.7% decrease per share to <span class=\"xn-money\">$0.82<\/span><\/li>\n<li>Core FFO increased 42.7% to <span class=\"xn-money\">$111.9 million<\/span>; 10.3% increase per share to <span class=\"xn-money\">$1.74<\/span><\/li>\n<li>AFFO increased 41.4% to <span class=\"xn-money\">$110.1 million<\/span>; 9.2% increase per share to <span class=\"xn-money\">$1.71<\/span><\/li>\n<li>Settled 742,860 shares of the Company&#8217;s ATM forward equity for net proceeds of approximately <span class=\"xn-money\">$47 million<\/span><\/li>\n<li>Declared dividends of <span class=\"xn-money\">$1.272<\/span> per share, a 7.3% year-over-year increase<\/li>\n<\/ul>\n<p>\n        <b>Financial Results <\/b>\n      <\/p>\n<p>\n        <i><br \/>\n          <u>Net Income<\/u><br \/>\n        <\/i>\n      <\/p>\n<p>Net Income attributable to the Company for the three months ended <span class=\"xn-chron\">June 30, 2021<\/span> decreased 11.5% to <span class=\"xn-money\">$22.3 million<\/span>, compared to <span class=\"xn-money\">$25.3 million<\/span> for the comparable period in 2020. On a per share basis, net income attributable to the Company for the three months ended <span class=\"xn-chron\">June 30, 2021<\/span> decreased 27.3% to <span class=\"xn-money\">$0.34<\/span>, compared to <span class=\"xn-money\">$0.47<\/span> per share for the comparable period in 2020. <\/p>\n<p>Net Income attributable to the Company for the six months ended <span class=\"xn-chron\">June 30, 2021<\/span> increased 12.8% to <span class=\"xn-money\">$52.5 million<\/span>, compared to <span class=\"xn-money\">$46.5 million<\/span> for the comparable period in 2020.\u00a0 On a per share basis, net income attributable to the Company for the six months ended <span class=\"xn-chron\">June 30, 2021<\/span> decreased 12.7% to <span class=\"xn-money\">$0.82<\/span>, compared to <span class=\"xn-money\">$0.93<\/span> per share for the comparable period in 2020.<\/p>\n<p>\n        <i><br \/>\n          <u>Core Funds from Operations<\/u><br \/>\n        <\/i>\n      <\/p>\n<p>Core FFO for the three months ended <span class=\"xn-chron\">June 30, 2021<\/span> increased 43.4% to <span class=\"xn-money\">$58.6 million<\/span>, compared to Core FFO of <span class=\"xn-money\">$40.9 million<\/span> for the comparable period in 2020. Core FFO per share for the three months ended <span class=\"xn-chron\">June 30, 2021<\/span> increased 17.3% to <span class=\"xn-money\">$0.89<\/span>, compared to Core FFO per share of <span class=\"xn-money\">$0.76<\/span> for the comparable period in 2020. <\/p>\n<p>Core FFO for the six months ended <span class=\"xn-chron\">June 30, 2021<\/span> increased 42.7% to <span class=\"xn-money\">$111.9 million<\/span>, compared to Core FFO of <span class=\"xn-money\">$78.4 million<\/span> for the comparable period in 2020.\u00a0 Core FFO per share for the six months ended <span class=\"xn-chron\">June 30, 2021<\/span> increased 10.3% to <span class=\"xn-money\">$1.74<\/span>, compared to Core FFO per share of <span class=\"xn-money\">$1.58<\/span> for the comparable period in 2020.<\/p>\n<p>\n        <i><br \/>\n          <u>Adjusted Funds from Operations<\/u><br \/>\n        <\/i>\n      <\/p>\n<p>AFFO for the three months ended <span class=\"xn-chron\">June 30, 2021<\/span> increased 41.6% to <span class=\"xn-money\">$57.6 million<\/span>, compared to AFFO of <span class=\"xn-money\">$40.7 million<\/span> for the comparable period in 2020.\u00a0 AFFO per share for the three months ended <span class=\"xn-chron\">June 30, 2021<\/span> increased 15.9% to <span class=\"xn-money\">$0.88<\/span>, compared to AFFO per share of <span class=\"xn-money\">$0.76<\/span> for the comparable period in 2020.<\/p>\n<p>AFFO for the six months ended <span class=\"xn-chron\">June 30, 2021<\/span> increased 41.4% to <span class=\"xn-money\">$110.1 million<\/span>, compared to AFFO of <span class=\"xn-money\">$77.9 million<\/span> for the comparable period in 2020.\u00a0 AFFO per share for the six months ended <span class=\"xn-chron\">June 30, 2021<\/span> increased 9.2% to <span class=\"xn-money\">$1.71<\/span>, compared to AFFO per share of <span class=\"xn-money\">$1.57<\/span> for the comparable period in 2020.<\/p>\n<p>\n        <i><br \/>\n          <u>Dividend<\/u><br \/>\n        <\/i>\n      <\/p>\n<p>In the second quarter, the Company declared monthly cash dividends of <span class=\"xn-money\">$0.217<\/span> per common share for each of April, May and <span class=\"xn-chron\">June 2021<\/span>. The monthly dividends reflected an annualized dividend amount of <span class=\"xn-money\">$2.604<\/span> per common share, representing an 8.5% increase over the annualized dividend amount of <span class=\"xn-money\">$2.400<\/span> per common share from the second quarter of 2020. The dividends represent payout ratios of approximately 73% of Core FFO per share and 74% of AFFO per share, respectively.<\/p>\n<p>For the six months ended <span class=\"xn-chron\">June 30, 2021<\/span>, the Company declared monthly dividends totaling <span class=\"xn-money\">$1.272<\/span> per common share, a 7.3% increase over the dividends of <span class=\"xn-money\">$1.185<\/span> per common share declared for the comparable period in 2020. The dividends represent payout ratios of approximately 73% of Core FFO per share and 74% of AFFO per share, respectively.<\/p>\n<p>Subsequent to quarter end, the Company declared a monthly cash dividend of <span class=\"xn-money\">$0.217<\/span> per common share for <span class=\"xn-chron\">July 2021<\/span>. The monthly dividend reflects an annualized dividend amount of <span class=\"xn-money\">$2.604<\/span> per common share, representing an 8.5% increase over the annualized dividend amount of <span class=\"xn-money\">$2.400<\/span> per common share from the third quarter of 2020. The dividend is payable <span class=\"xn-chron\">August 13, 2021<\/span> to stockholders of record at the close of business on <span class=\"xn-chron\">July 30, 2021<\/span>.<\/p>\n<p>\n        <b>CEO Comments<\/b>\n      <\/p>\n<p>&#8220;We are extremely pleased with our performance during the first half of the year as we achieved record investment volume of more than <span class=\"xn-money\">$750 million<\/span>,&#8221; said Joey Agree, President and Chief Executive Officer. &#8220;Our activities served to further strengthen our best-in-class retail portfolio, as our ground lease exposure increased to a record of nearly 13% of annualized base rents. During the quarter we completed several strategic capital markets transactions, raising more than <span class=\"xn-money\">$1 billion<\/span> to bolster our fortress balance sheet and position our Company for anticipated growth.&#8221; <\/p>\n<p>\n        <b>Portfolio Update<\/b>\n      <\/p>\n<p>As of <span class=\"xn-chron\">June 30, 2021<\/span>, the Company&#8217;s portfolio consisted of 1,262 properties located in 46 states and contained approximately 26.1 million square feet of gross leasable area.<\/p>\n<p>The portfolio was approximately 99.5% leased, had a weighted-average remaining lease term of approximately 9.7 years, and generated 67.7% of annualized base rents from investment grade retail tenants.<\/p>\n<p>\n        <i><br \/>\n          <u>Ground Lease Portfolio<\/u><br \/>\n        <\/i>\n      <\/p>\n<p>During the quarter, the Company acquired 14 ground leases for an aggregate purchase price of approximately <span class=\"xn-money\">$113.1 million<\/span>, representing 30.5% of annualized base rents acquired. <\/p>\n<p>As of <span class=\"xn-chron\">June 30, 2021<\/span>, the Company&#8217;s ground lease portfolio consisted of 134 leases located in 28 states and totaled approximately 4.0 million square feet of gross leasable area. Properties ground leased to tenants increased to 12.7% of annualized base rents.<\/p>\n<p>At quarter end, the ground lease portfolio was fully occupied, had a weighted-average remaining lease term of approximately 12.5 years, and generated 89.5% of annualized base rents from investment grade retail tenants. <\/p>\n<p>\n        <i><br \/>\n          <u>Acquisitions<\/u><br \/>\n        <\/i>\n      <\/p>\n<p>Total acquisition volume for the second quarter was approximately <span class=\"xn-money\">$345.5 million<\/span> and included 54 properties net leased to leading retailers operating in sectors including off-price retail, home improvement, auto parts, general merchandise, dollar stores, convenience stores, grocery and tire and auto service.\u00a0 The properties are located in 25 states and leased to tenants operating in 18 sectors. <\/p>\n<p>The properties were acquired at a weighted-average capitalization rate of 6.2% and had a weighted-average remaining lease term of approximately 11.8 years. Approximately 77.3% of annualized base rents acquired were generated from investment grade retail tenants.<\/p>\n<p>For the six months ended <span class=\"xn-chron\">June 30, 2021<\/span>, total acquisition volume was approximately <span class=\"xn-money\">$732.3 million<\/span>.\u00a0 The 140 acquired properties are located in 35 states and leased to tenants who operate in 24 retail sectors.\u00a0 The properties were acquired at a weighted-average capitalization rate of 6.2% and had a weighted-average remaining lease term of approximately 12.4 years. Approximately 74.6% of annualized base rents were generated from investment grade retail tenants or parent entities thereof.<\/p>\n<p>The Company&#8217;s outlook for acquisition volume for the full-year 2021 is being increased to a range of <span class=\"xn-money\">$1.2 billion<\/span> to <span class=\"xn-money\">$1.4 billion<\/span> of high-quality retail net lease properties, from a previous range of <span class=\"xn-money\">$1.1 billion<\/span> to <span class=\"xn-money\">$1.3 billion<\/span>.<\/p>\n<p>\n        <i><br \/>\n          <u>Dispositions<\/u><br \/>\n        <\/i>\n      <\/p>\n<p>During the three months ended <span class=\"xn-chron\">June 30, 2021<\/span>, the Company sold seven properties for gross proceeds of approximately <span class=\"xn-money\">$27.8 million<\/span>. The weighted-average capitalization rate of the dispositions was 6.7%. During the six months ended <span class=\"xn-chron\">June 30, 2021<\/span>, the Company divested 10 properties for total gross proceeds of <span class=\"xn-money\">$36.5 million<\/span>. The weighted-average capitalization rate of the dispositions was 6.7%. <\/p>\n<p>The Company is increasing the lower end of its total disposition guidance range for 2021 from <span class=\"xn-money\">$25 million<\/span> to <span class=\"xn-money\">$50 million<\/span> and is maintaining the upper end of the range at <span class=\"xn-money\">$75 million<\/span>. <\/p>\n<p>\n        <i><br \/>\n          <u>Development and Partner Capital Solutions \u00a0<\/u><br \/>\n        <\/i>\n      <\/p>\n<p>In the second quarter, the Company completed three development and PCS projects with total costs of approximately <span class=\"xn-money\">$27.1 million<\/span>. The projects consist of a Grocery Outlet in <span class=\"xn-location\">Port Angeles, Washington<\/span>, a Gerber Collision in <span class=\"xn-location\">Buford, Georgia<\/span>, and a Floor &amp; D\u00e9cor in <span class=\"xn-location\">Naples, Florida<\/span>. <\/p>\n<p>During the quarter, the Company commenced its second development project with Gerber Collision in <span class=\"xn-location\">Pooler, Georgia<\/span>, which is expected to be completed in the first quarter of 2022. Construction continued during the second quarter on the Company&#8217;s first development project with 7-Eleven in <span class=\"xn-location\">Saginaw, Michigan<\/span>, which is expected to be completed in the first quarter of 2022. <\/p>\n<p>For the six months ended <span class=\"xn-chron\">June 30, 2021<\/span>, the Company had six development or PCS projects completed or under construction. Anticipated total costs are approximately <span class=\"xn-money\">$36.4 million<\/span> and include the following projects:<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnbcc\">\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml6\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Tenant<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Location<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Lease <br \/>Structure <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Lease <br \/>Term<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Actual or <br \/>Anticipated Rent <br \/>Commencement <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Status <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prnsbt1 prnsbr1 prnvab prnsbb1 prntar prnpl6 prnsbl1 prnpr6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml6\">\n                <span class=\"prnews_span\">Burlington<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Texarkana, TX<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Build-to-Suit<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11 years<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Q1 2021<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Complete<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml6\">\n                <span class=\"prnews_span\">Grocery Outlet<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Port Angeles, WA<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Build-to-Suit<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15 years<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Q2 2021<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Complete<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml6\">\n                <span class=\"prnews_span\">Gerber Collision<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Buford, GA<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Build-to-Suit<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15 years<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Q2 2021<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Complete<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml6\">\n                <span class=\"prnews_span\">Floor &amp; D\u00e9cor<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Naples, FL <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Build-to-Suit<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15 years<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Q2 2021<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Complete<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml6\">\n                <span class=\"prnews_span\">7-Eleven<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Saginaw, MI<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Build-to-Suit<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15 years<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Q1 2022<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Under Construction<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml6\">\n                <span class=\"prnews_span\">Gerber Collision<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Pooler, GA<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Build-to-Suit<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15 years<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Q1 2022<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Under Construction<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <i><br \/>\n          <u>Leasing Activity and Expirations<\/u><br \/>\n        <\/i>\n      <\/p>\n<p>During the second quarter, the Company executed new leases, extensions or options on approximately 209,000 square feet of gross leasable area throughout the existing portfolio. Notable new leases, extensions or options included a 15-year net lease with Gardner White at the Company&#8217;s only former Loves Furniture store in <span class=\"xn-location\">Canton, Michigan<\/span>. The approximately 70,000 square foot space was delivered to Gardner White in June and rent commenced in <span class=\"xn-chron\">July 2021<\/span>.<\/p>\n<p>For the six months ended <span class=\"xn-chron\">June 30, 2021<\/span>, the Company executed new leases, extensions or options on approximately 275,000 square feet of gross leasable area throughout the existing portfolio.<\/p>\n<p>As of <span class=\"xn-chron\">June 30, 2021<\/span>, the Company&#8217;s three remaining 2021 lease maturities represented 0.2% of annualized base rents. The following table presents contractual lease expirations within the Company&#8217;s portfolio as of <span class=\"xn-chron\">June 30, 2021<\/span>, assuming no tenants exercise renewal options:<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnbcc\">\n<tr>\n<td nowrap=\"nowrap\" class=\"prnsbt1 prnsbr1 prnvab prnsbbs prntal prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Year<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Leases <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Annualized <br \/>Base Rent<sup>(1)<\/sup><\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Percent of <br \/>Annualized <br \/>Base Rent <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Gross <\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Leasable Area<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Percent of Gross <br \/>Leasable Area <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2021<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">571<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.2%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">28<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2022<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,601<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.1%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">343<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2023<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,656<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.6%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">988<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2024<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,681<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.1%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,606<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2025<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">65<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16,355<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.9%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,554<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2026<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">96<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,017<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.7%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,957<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2027<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">85<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,202<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.1%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,716<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2028<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">90<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,926<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.9%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,061<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2029<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">120<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35,548<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10.7%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,077<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2030<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">205<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">40,348<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12.1%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,986<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Thereafter<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">590<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">152,283<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">45.6%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,662<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">37.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0\u00a0\u00a0\u00a0\u00a0Total Portfolio<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,358<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$333,188<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>100.0%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>25,978<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>100.0%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table id=\"convertedTable83be\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td class=\"prngen14\">\n              \n            <\/td>\n<td class=\"prngen14\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>The contractual lease expirations presented above exclude the effect of replacement tenant leases that had been executed as of June 30, 2021 but that had not yet commenced. Annualized Base Rent and gross leasable area (square feet) are in thousands; any differences are the result of rounding.<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(1)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>Annualized Base Rent represents the annualized amount of contractual minimum rent required by tenant lease agreements as of June 30, 2021, computed on a straight-line basis. Annualized Base Rent is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles (&#8220;GAAP&#8221;). The Company believes annualized contractual minimum rent is useful to management, investors, and other interested parties in analyzing concentrations and leasing activity.<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <i><br \/>\n          <u>Top Tenants<\/u><br \/>\n        <\/i>\n      <\/p>\n<p>The following table presents annualized base rents for all tenants that represent 1.5% or greater of the Company&#8217;s total annualized base rent as of <span class=\"xn-chron\">June 30, 2021<\/span>: <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Tenant<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Annualized<\/b><br \/>\n                  <br \/>\n                  <b>Base Rent<sup>(1)<\/sup><\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Percent of <\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Annualized Base Rent <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Walmart<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$22,610<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Tractor Supply<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,174<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Dollar General<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,693<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Best Buy<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,771<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">TJX Companies<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,259<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">O&#8217;Reilly Auto Parts<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,235<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Kroger<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,798<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Hobby Lobby<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,180<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Sherwin-Williams<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,178<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Wawa<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,127<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">CVS<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,702<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Lowe&#8217;s<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,451<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">TBC Corporation<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,949<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Burlington<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,263<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Dollar Tree<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,012<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Home Depot<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,841<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">AutoZone<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,644<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Sunbelt Rentals<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,568<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Walgreens<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,420<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">CarMax<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,148<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">LA Fitness<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,091<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Other<sup>(2)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">137,074<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Portfolio<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$333,188<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>100.0%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table id=\"convertedTabled66e\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>Annualized Base Rent is in thousands; any differences are the result of rounding<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(1)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>Refer to footnote 1 on page 5 for the Company&#8217;s definition of Annualized Base Rent<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(2)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>Includes tenants generating less than 1.5% of Annualized Base Rent<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <i><br \/>\n          <u>Retail Sectors<\/u><br \/>\n        <\/i>\n      <\/p>\n<p>The following table presents annualized base rents for all of the Company&#8217;s retail sectors as of <span class=\"xn-chron\">June 30, 2021<\/span>: <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Sector<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Annualized <br \/><span class=\"prnews_span\">Base Rent<sup>(1)<\/sup><\/span><\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Percent of <br \/>Annualized <\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Base Rent <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Grocery <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$35,997<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Home Improvement<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">31,700<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Tire and Auto Service<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">26,607<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Convenience Stores<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">24,352<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">General Merchandise<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,801<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Auto Parts<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,812<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Off-Price Retail<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,734<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Dollar Stores<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,496<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Pharmacy<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,942<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Farm and Rural Supply<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,687<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Consumer Electronics<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,551<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Crafts and Novelties<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,383<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Health and Fitness<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,984<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Dealerships<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,475<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Restaurants &#8211; Quick Service<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,443<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Discount Stores<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,936<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Equipment Rental<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,894<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Health Services<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,791<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Home Furnishings<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,370<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Warehouse Clubs<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,988<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Specialty Retail<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,753<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Restaurants &#8211; Casual Dining<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,865<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Theaters<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,854<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Sporting Goods<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,243<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Financial Services<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,110<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Pet Supplies<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,597<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Entertainment Retail<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,333<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Apparel<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,260<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Shoes<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,169<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Beauty and Cosmetics<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,097<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Office Supplies<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">860<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Miscellaneous<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">104<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Portfolio<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$333,188<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>100.0%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table id=\"convertedTable0ac9\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>Annualized Base Rent is in thousands; any differences are the result of rounding<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(1)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>Refer to footnote 1 on page 5 for the Company&#8217;s definition of Annualized Base Rent<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <i><br \/>\n          <u>Geographic Diversification<\/u><br \/>\n        <\/i>\n      <\/p>\n<p>The following table presents annualized base rents for all states that represent 2.5% or greater of the Company&#8217;s total annualized base rent as of <span class=\"xn-chron\">June 30, 2021<\/span>: <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>State<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Annualized <br \/><\/b><br \/>\n                  <b>Base Rent<sup>(1)<\/sup><\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Percent of <\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Annualized Base Rent <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Texas<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$24,222<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Florida<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,818<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Michigan<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,784<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Ohio<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,980<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">North Carolina<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,820<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">New Jersey<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,548<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Illinois<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16,888<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">California<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,553<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">New York<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,502<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Pennsylvania<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,715<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Georgia<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,575<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Virginia<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,564<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Wisconsin<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,840<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Missouri<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,921<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Other<sup>(2)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">115,458<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Portfolio<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$333,188<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>100.0%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table id=\"convertedTable3a10\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>Annualized Base Rent is in thousands; any differences are the result of rounding.<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(1)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>Refer to footnote 1 on page 5 for the Company&#8217;s definition of Annualized Base Rent.\u00a0 <\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(2)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>Includes states generating less than 2.5% of Annualized Base Rent.<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Capital Markets and Balance Sheet<\/b>\n      <\/p>\n<p>\n        <i><br \/>\n          <u>Capital Markets<\/u><br \/>\n        <\/i>\n      <\/p>\n<p>In <span class=\"xn-chron\">May 2021<\/span>, the Company completed a <span class=\"xn-money\">$650 million<\/span> dual-tranche public bond offering comprised of <span class=\"xn-money\">$350 million<\/span> of 2.00% senior unsecured notes due 2028 (the &#8220;2028 Notes&#8221;) and <span class=\"xn-money\">$300 million<\/span> of 2.60% senior unsecured notes due 2033 (the &#8220;2033 Notes&#8221;). In connection with the offering, the Company terminated related swap agreements of <span class=\"xn-money\">$300 million<\/span> that hedged the 2033 Notes, receiving <span class=\"xn-money\">$16.7 million<\/span> upon termination. Considering the effect of the terminated swap agreements, the blended all-in rates to the Company for the 2028 Notes and 2033 Notes are 2.11% and 2.13%, respectively.<\/p>\n<p>The Company used a portion of the net proceeds from the offering to repay all <span class=\"xn-money\">$240 million<\/span> of its unsecured term loans, including accrued and unpaid interest, and settle certain swap agreements, including termination costs.\u00a0 The offering, in combination with the prepayment of all the Company&#8217;s unsecured term loans, extended the Company&#8217;s weighted-average debt maturity to approximately 9 years and reduced its effective weighted-average interest rate to approximately 3.2%, excluding the Company&#8217;s unsecured revolving credit facility. <\/p>\n<p>In <span class=\"xn-chron\">June 2021<\/span>, the Company completed a follow-on public offering of 4,600,000 shares of common stock, including the full exercise of the underwriters&#8217; option to purchase additional shares. Upon closing, the Company received total net proceeds of approximately <span class=\"xn-money\">$327.0 million<\/span>, after deducting fees and estimated offering expenses.<\/p>\n<p>During the second quarter of 2021, the Company entered into forward sale agreements in connection with its ATM program to sell an aggregate of 1,178,197 shares of common stock for anticipated net proceeds of approximately <span class=\"xn-money\">$81 million<\/span>. On <span class=\"xn-chron\">May 6, 2021<\/span>, the Company settled 164,450 shares under forward sale agreements entered into through its ATM program and received net proceeds of approximately <span class=\"xn-money\">$9.9 million<\/span>. <\/p>\n<p>At quarter end, the Company had 3,937,788 shares remaining to be settled under existing forward sale agreements, which are anticipated to raise net proceeds of approximately <span class=\"xn-money\">$258.7 million<\/span> after deducting fees and expenses and making certain other adjustments as provided in the equity distribution agreements.<\/p>\n<p>The following table presents the Company&#8217;s outstanding forward equity offerings as of <span class=\"xn-chron\">June 30, 2021<\/span>:<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnbcc\">\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Forward Equity<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Offerings<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Shares <br \/>Sold <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen19\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Shares <br \/>Settled <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen19\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Shares <br \/>Remaining <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen19\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Net <br \/>Proceeds <br \/>Received <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen19\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Anticipated <br \/>Net <br \/>Proceeds <br \/>Remaining <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Q3 2020 ATM <br \/>Forward Offerings<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">885,912<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">885,912<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$56,345,089<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Q4 2020 ATM <br \/>Forward Offerings<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,501,210<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,501,210<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$96,360,932<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Q1 2021 ATM <br \/>Forward Offerings<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">372,469<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">372,469<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$24,970,379<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Q2 2021 ATM <br \/>Forward Offerings<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,178,197<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,178,197<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$81,072,912<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Forward <br \/>Equity Offerings<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3,937,788<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3,937,788<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$258,749,312<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <i><br \/>\n          <u>Balance Sheet<\/u><br \/>\n        <\/i>\n      <\/p>\n<p>As of <span class=\"xn-chron\">June 30, 2021<\/span>, the Company&#8217;s net debt to recurring EBITDA was 4.5 times. The Company&#8217;s proforma net debt to recurring EBITDA was 3.6 times when deducting the <span class=\"xn-money\">$258.7 million<\/span> of anticipated net proceeds from the outstanding forward equity offerings from the Company&#8217;s net debt of <span class=\"xn-money\">$1.4 billion<\/span> as of <span class=\"xn-chron\">June 30, 2021<\/span>. The Company&#8217;s fixed charge coverage ratio was 5.0 times as of the end of the second quarter. <\/p>\n<p>The Company&#8217;s total debt to enterprise value was 24.7% as of <span class=\"xn-chron\">June 30<\/span>, 2021.\u00a0 Enterprise value is calculated as the sum of net debt and the market value of the Company&#8217;s outstanding shares of common stock, assuming conversion of Agree Limited Partnership (the &#8220;Operating Partnership&#8221;) units into common stock. <\/p>\n<p>For the three and six months ended <span class=\"xn-chron\">June 30, 2021<\/span>, the Company&#8217;s fully diluted weighted-average shares outstanding were 65.2 million and 64.1 million, respectively. The basic weighted-average shares outstanding for the three and six months ended <span class=\"xn-chron\">June 30, 2021<\/span> were 64.8 million and 63.8 million, respectively.<\/p>\n<p>For the three and six months ended <span class=\"xn-chron\">June 30, 2021<\/span>, the Company&#8217;s fully diluted weighted-average shares and units outstanding were 65.5 million and 64.4 million, respectively. The basic weighted-average shares and units outstanding for the three and six months ended <span class=\"xn-chron\">June 30, 2021<\/span> were 65.2 million and 64.2 million, respectively.<\/p>\n<p>The Company&#8217;s assets are held by, and its operations are conducted through, the Operating Partnership, of which the Company is the sole general partner.\u00a0 As of <span class=\"xn-chron\">June 30, 2021<\/span>, there were 347,619 Operating Partnership units outstanding and the Company held a 99.5% interest in the Operating Partnership.<\/p>\n<p>\n        <b>Conference Call\/Webcast<\/b>\n      <\/p>\n<p>The Company will host its quarterly analyst and investor conference call on <span class=\"xn-chron\">Tuesday, July 27, 2021<\/span> at <span class=\"xn-chron\">9:00 AM ET<\/span>.\u00a0 To participate in the conference call, please dial (866) 363-3979 approximately ten minutes before the call begins.\u00a0 <\/p>\n<p>Additionally, a webcast of the conference call will be available through the Company&#8217;s website.\u00a0 To access the webcast, visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3239278-1&amp;h=4056299868&amp;u=http%3A%2F%2Fwww.agreerealty.com%2F&amp;a=www.agreerealty.com\" rel=\"nofollow noopener\">www.agreerealty.com<\/a> ten minutes prior to the start time of the conference call and go to the Investors section of the website.\u00a0 A replay of the conference call webcast will be archived and available online through the Investors section of <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3239278-1&amp;h=4056299868&amp;u=http%3A%2F%2Fwww.agreerealty.com%2F&amp;a=www.agreerealty.com\" rel=\"nofollow noopener\">www.agreerealty.com<\/a>. <\/p>\n<p>\n        <b>About Agree Realty Corporation<\/b>\n      <\/p>\n<p>Agree Realty Corporation is a publicly traded real estate investment trust that is <b>RE<\/b><b>THINKING<\/b><b>\u00a0RETAIL <\/b>through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants.\u00a0 As of <span class=\"xn-chron\">June 30, 2021<\/span>, the Company owned and operated a portfolio of 1,262 properties, located in 46 states and containing approximately 26.1 million square feet of gross leasable area.\u00a0 The Company&#8217;s common stock is listed on the New York Stock Exchange under the symbol &#8220;ADC&#8221;.\u00a0 For additional information on the Company and <b>RE<\/b><b>THINKING<\/b><b>\u00a0RETAIL<\/b>, please visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3239278-1&amp;h=4056299868&amp;u=http%3A%2F%2Fwww.agreerealty.com%2F&amp;a=www.agreerealty.com\" rel=\"nofollow noopener\">www.agreerealty.com<\/a>.\u00a0\u00a0\u00a0 <\/p>\n<p>\n        <b>Forward-Looking Statements<\/b>\n      <\/p>\n<p>\n        <i>This press release contains forward-looking statements<\/i><br \/>\n        <i>, including statements about projected financial and operating results, <\/i><br \/>\n        <i>within the meaning of <\/i><br \/>\n        <i>Section 27A of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) and Section 21E of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions.<\/i><br \/>\n        <i>\u00a0 Forward-looking statements are generally identifiable by use of forward-looking terminology such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;potential,&#8221; &#8220;intend,&#8221; &#8220;expect,&#8221; &#8220;seek,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;approximately,&#8221; &#8220;believe,&#8221; &#8220;could,&#8221; &#8220;project,&#8221; &#8220;predict,&#8221; &#8220;forecast,&#8221; &#8220;continue,&#8221; &#8220;assume,&#8221; &#8220;plan,&#8221; &#8220;outlook&#8221; or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information.\u00a0 Although these forward-looking statements are based on good faith beliefs, reasonable assumptions and the Company&#8217;s best judgment reflecting current information, you should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company&#8217;s control and which could materially affect the Company&#8217;s results of operations, financial condition, cash flows, performance or future achievements or events. Currently, one of the most significant factors, however, is the potential adverse effect of the current pandemic of the novel coronavirus, or COVID-19, on the financial condition, results of operations, cash flows and performance of the Company and its tenants, the real estate market and the global economy and financial markets. The extent to which COVID-19 impacts the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact and the direct and indirect economic effects of the pandemic and containment measures, among others. Moreover, investors are cautioned to interpret many of the risks identified in the risk factors discussed in the Company&#8217;s Annual Report on Form 10-K and subsequent quarterly reports filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;), as well as the risks set forth below, as being heightened as a result of the ongoing and numerous adverse impacts of COVID-19. Additional important factors, among others, that may cause the Company&#8217;s actual results to vary include the general deterioration in national economic conditions, weakening of real estate markets, decreases in the availability of credit, increases in interest rates, adverse changes in the retail industry, the Company&#8217;s continuing ability to qualify as a REIT and other factors discussed in the Company&#8217;s reports filed with the SEC. The forward-looking statements included in this press release are made as of the date hereof.\u00a0\u00a0 Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, changes in the Company&#8217;s expectations or assumptions or otherwise. <\/i>\n      <\/p>\n<p>\n        <i>For further information about the Company&#8217;s business and financial results, please refer to the &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; and &#8220;Risk Factors&#8221; sections of the Company&#8217;s SEC filings, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company&#8217;s website at <\/i><br \/>\n        <a target=\"_blank\" href=\"\/\/agreefs1.agreerealty.local\/Data\/Corporate\/Press%20Releases\/2020\/Q3%202020\/Earnings%20Release\/www.agreerealty.com.%20%20%20%20\" rel=\"nofollow noopener\">www.agreerealty.com<i>.<\/i><\/a>\n      <\/p>\n<p>\n        <i>The Company defines the &#8220;weighted-average capitalization rate&#8221; for acquisitions and dispositions as the sum of contractual fixed annual rents computed on a straight-line basis over the primary lease terms and anticipated annual net tenant recoveries, divided by the purchase and sale prices.<\/i>\n      <\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnbcc\">\n<tr>\n<td colspan=\"4\" nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Agree Realty Corporation<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Consolidated Balance Sheet<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>($ in thousands, except share and per-share data)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(Unaudited)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>June 30, 2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>December 31, 2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Assets:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Real Estate Investments:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Land\u00a0\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01,354,486<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01,094,550<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Buildings<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,693,704<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,371,553<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accumulated depreciation<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(200,395)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(172,577)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Property under development\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,199<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,653<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net real estate investments<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,853,994<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prnsbts prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,304,179<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Real estate held for sale, net<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,245<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,199<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Cash and cash equivalents<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">177,046<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,137<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Cash held in escrows<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,335<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,818<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts receivable &#8211; tenants<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">46,882<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">37,808<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Lease intangibles, net of accumulated amortization of $150,435 and $125,995<br \/>at June 30, 2021 and December 31, 2020, respectively<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">601,545<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">473,592<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other assets, net<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">72,476<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61,450<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen27\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Assets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a04,764,523<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a03,886,183<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Liabilities:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Mortgage notes payable, net<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 32,782<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 33,122<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Unsecured term loans, net<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">237,849<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Senior unsecured notes, net<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,494,399<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">855,328<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Unsecured revolving credit facility<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">92,000<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Dividends and distributions payable<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,029<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,545<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts payable, accrued expenses and other liabilities<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">68,196<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">71,390<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Lease intangibles, net of accumulated amortization of $26,771 and $24,651 at <br \/>June 30, 2021 and December 31, 2020, respectively<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,966<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35,700<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Liabilities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01,644,372<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01,359,934<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Equity:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Common stock, $.0001 par value, 180,000,000 and 90,000,000 shares<br \/>authorized, 68,910,373 and 60,021,483 shares issued and outstanding at June <br \/>30, 2021 and December 31, 2020, respectively<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a07<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a06<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Preferred stock, $.0001 par value per share, 4,000,000 shares authorized<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Additional paid-in capital<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,248,264<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,652,090<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Dividends in excess of net income<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(121,619)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(91,343)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accumulated other comprehensive income (loss)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(8,257)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(36,266)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total Equity &#8211; Agree Realty Corporation<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a03,118,395<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a02,524,487<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Non-controlling interest<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,756<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,762<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Equity<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a03,120,151<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a02,526,249<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen27\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Liabilities and Equity<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a04,764,523<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a03,886,183<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnbcc\">\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Agree Realty Corporation<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Consolidated Statements of Operations and Comprehensive Income<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>($ in thousands, except share and per share-data)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(Unaudited)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Three months ended <br \/>June 30,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Six months ended <br \/>June 30,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Rental Income<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a082,494<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a057,476<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0160,253<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0113,259<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">52<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">59<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">121<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">85<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a082,546<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a057,535<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0160,374<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0113,344<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Operating Expenses<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Real estate taxes<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a06,158<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a04,840<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a011,855<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a09,542<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Property operating expenses<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,214<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,860<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,755<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,195<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Land lease expense<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">389<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">325<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">736<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">652<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">General and administrative<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,241<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,587<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,118<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,244<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Depreciation and amortization<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23,188<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,607<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">44,676<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29,740<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Provision for impairment<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,128<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,128<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Operating Expenses<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a039,190<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a028,347<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a077,140<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a054,501<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Income from Operations<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a043,356<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a029,188<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a083,234<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a058,843<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Other (Expense) Income<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Interest expense, net<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0(12,549)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0(8,479)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0(24,202)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0(18,149)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gain (loss) on sale of assets, net<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,767<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,952<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,712<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,597<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income tax (expense) benefit<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(485)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(260)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,494)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(520)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gain (loss) on early extinguishment of term loans and settlement of related interest rate swaps<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(14,614)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(14,614)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other (expense) income<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(14)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">103<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net Income<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a022,461<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a025,424<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a052,739<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a046,794<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Less Net Income Attributable to Non-Controlling Interest<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">114<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">166<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">280<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">308<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net Income Attributable to Agree Realty Corporation<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a022,347<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a025,258<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a052,459<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a046,486<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net Income Per Share Attributable to Agree Realty Corporation<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Basic<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.34<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.47<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.82<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.94<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Diluted<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.34<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.47<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.82<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.93<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Other Comprehensive Income<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net Income<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a022,461<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a025,424<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a052,739<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a046,794<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Realized gain (loss) on settlement of interest rate swaps<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">287<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(17)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">787<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(33)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other comprehensive income (loss) &#8211; change in fair value and settlement of interest rate swaps<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,230<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,244)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,376<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(35,269)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total Comprehensive Income (Loss)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">24,978<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23,163<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">80,902<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,492<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Comprehensive Income Attributable to Non-Controlling Interest<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(128)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(151)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(294)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(42)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Comprehensive Income Attributable to Agree Realty Corporation<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a024,850<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a023,012<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a080,608<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a011,450<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Weighted Average Number of Common Shares Outstanding &#8211; Basic<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">64,835,984<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">52,726,230<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">63,838,070<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">49,082,616<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Weighted Average Number of Common Shares Outstanding &#8211; Diluted<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">65,185,604<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">53,266,740<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">64,079,697<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">49,423,546<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnbcc\">\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Agree Realty Corporation<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Reconciliation of Net Income to FFO, Core FFO and Adjusted FFO<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>($ in thousands, except share and per-share data)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(Unaudited)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Three months ended <br \/>June 30,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Six months ended <br \/>June 30,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net Income<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a022,461<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a025,424<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a052,739<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a046,794<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Depreciation of rental real estate assets<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16,127<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,316<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">31,419<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,719<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amortization of lease intangibles &#8211; in-place leases and leasing costs<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,905<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,170<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,955<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,791<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Provision for impairment<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,128<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,128<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(Gain) loss on sale or involuntary conversion of assets, net<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(6,753)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4,952)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(9,815)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(6,597)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Funds from Operations<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a038,740<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a037,086<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a087,298<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a070,835<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Loss on extinguishment of debt and settlement of related hedges<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,614<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,614<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amortization of above (below) market lease intangibles, net<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,260<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,779<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,015<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,588<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Core Funds from Operations<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a058,614<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a040,865<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0111,927<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a078,423<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Straight-line accrued rent<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,967)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,681)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(5,564)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,319)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Stock based compensation expense<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,617<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,224<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,981<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,238<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amortization of financing costs<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">221<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">168<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">489<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">336<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Non-real estate depreciation<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">156<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">121<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">302<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">230<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted Funds from Operations<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a057,641<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a040,697<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0110,135<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a077,908<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Funds from Operations Per Share &#8211; Basic<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.59<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.70<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a01.36<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a01.43<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Funds from Operations Per Share &#8211; Diluted<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.59<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.69<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a01.35<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a01.42<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Core Funds from Operations Per Share &#8211; Basic<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.90<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.77<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a01.74<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a01.59<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Core Funds from Operations Per Share &#8211; Diluted<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.89<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.76<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a01.74<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a01.58<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted Funds from Operations Per Share &#8211; Basic<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.88<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.77<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a01.72<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a01.58<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted Funds from Operations Per Share &#8211; Diluted<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.88<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.76<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a01.71<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a01.57<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Weighted Average Number of Common Shares and Operating Partnership Units Outstanding &#8211; Basic<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">65,183,603<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">53,073,849<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">64,185,689<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">49,430,235<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Weighted Average Number of Common Shares and Operating Partnership Units Outstanding &#8211; Diluted<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">65,533,223<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">53,614,359<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">64,427,316<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">49,771,165<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Additional supplemental disclosure<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Scheduled principal repayments<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 198<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 233<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 393<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 463<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Capitalized interest<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">88<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">163<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">55<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Capitalized building improvements<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,280<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,361<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,454<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,276<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>Non-GAAP Financial Measures <\/p>\n<p><\/u>Funds from Operations (&#8220;FFO&#8221; or &#8220;Nareit FFO&#8221;)<\/b><br \/>\n                  <br \/>FFO is defined by the National Association of Real Estate Investment Trusts, Inc. (&#8220;Nareit&#8221;) to mean net income computed in accordance with GAAP, excluding gains (or losses) from sales of real estate assets and\/or changes in control, plus real estate related depreciation and amortization and any impairment charges on depreciable real estate assets, and after adjustments for unconsolidated partnerships and joint ventures. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company&#8217;s operations. FFO should not be considered an alternative to net income as the primary indicator of the Company&#8217;s operating performance, or as an alternative to cash flow as a measure of liquidity. Further, while the Company adheres to the Nareit definition of FFO, its presentation of FFO is not necessarily comparable to similarly titled measures of other REITs due to the fact that all REITs may not use the same definition.<\/p>\n<p><b>Core Funds from Operations (&#8220;Core FFO&#8221;)<br \/><\/b>The Company defines Core FFO as Nareit FFO with the addback of noncash amortization of above- and below- market lease intangibles and certain infrequently recurring items that reduce or increase net income in accordance with GAAP. Under Nareit&#8217;s definition of FFO, lease intangibles created upon acquisition of a net lease must be amortized over the remaining term of the lease. The Company believes that by recognizing amortization charges for above- and below-market lease intangibles, the utility of FFO as a financial performance measure can be diminished.\u00a0 Management believes that its measure of Core FFO facilitates useful comparison of performance to its peers who predominantly transact in sale-leaseback transactions and are thereby not required by GAAP to allocate purchase price to lease intangibles.\u00a0 Unlike many of its peers, the Company has acquired the substantial majority of its net leased properties through acquisitions of properties from third parties or in connection with the acquisitions of ground leases from third parties. Core FFO should not be considered an alternative to net income as the primary indicator of the Company&#8217;s operating performance, or as an alternative to cash flow as a measure of liquidity. Further, the Company&#8217;s presentation of Core FFO is not necessarily comparable to similarly titled measures of other REITs due to the fact that all REITs may not use the same definition.<\/p>\n<p><b>Adjusted Funds from Operations (&#8220;AFFO&#8221;)<\/b><br \/>AFFO is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO further adjusts FFO and Core FFO for certain non-cash items that reduce or increase net income computed in accordance with GAAP. Management considers AFFO a useful supplemental measure of the Company&#8217;s performance, however, AFFO should not be considered an alternative to net income as an indication of its performance, or to cash flow as a measure of liquidity or ability to make distributions. The Company&#8217;s computation of AFFO may differ from the methodology for calculating AFFO used by other equity REITs, and therefore may not be comparable to such other REITs.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnbcc\">\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Agree Realty Corporation<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Reconciliation of Net Debt to Recurring EBITDA<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>($ in thousands, except share and per-share data)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(Unaudited)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Three months ended <br \/>June 30,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net Income<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 22,461<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Interest expense, net<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,549<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income tax expense<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">485<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Depreciation of rental real estate assets<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16,127<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amortization of lease intangibles &#8211; in-place leases and leasing costs<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,905<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Non-real estate depreciation<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">156<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Provision for impairment<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(Gain) loss on sale or involuntary conversion of assets, net<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(6,753)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">EBITDA<i>re<\/i><\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 51,930<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Run-Rate Impact of Investment, Disposition and Leasing Activity<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3,939<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amortization of above (below) market lease intangibles, net<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,260<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Loss on extinguishment of debt and settlement of related hedges<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,614<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Recurring EBITDA<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 75,743<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Annualized Recurring EBITDA<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 302,972<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total Debt<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01,543,040<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Cash, cash equivalents and cash held in escrows<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(188,381)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net Debt<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01,354,659<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net Debt to Recurring EBITDA<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prnsbts prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4.5x<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net Debt<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01,354,659<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Anticipated Net Proceeds from ATM Forward Offerings\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(258,749)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Proforma Net Debt<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01,095,909<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Proforma Net Debt to Recurring EBITDA<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3.6x<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <u><br \/>\n                    <b>Non-GAAP Financial Measures<\/b><br \/>\n                  <\/u><\/p>\n<p>                  <b>EBITDA<\/b><br \/>\n                  <b><br \/>\n                    <i>re<\/i><br \/>\n                  <\/b><br \/>\n                  <br \/>EBITDA<i>re <\/i>is defined by Nareit to mean net income computed in accordance with GAAP, plus interest expense, income tax expense, depreciation and amortization, any gains (or losses) from sales of real estate assets and\/or changes in control, any impairment charges on depreciable real estate assets, and after adjustments for unconsolidated partnerships and joint ventures. The Company considers the non-GAAP measure of EBITDA<i>re <\/i>to be a key supplemental measure of the Company&#8217;s performance and should be considered along with, but not as an alternative to, net income or loss as a measure of the Company&#8217;s operating performance. The Company considers EBITDA<i>re <\/i>a key supplemental measure of the Company&#8217;s operating performance because it provides an additional supplemental measure of the Company&#8217;s performance and operating cash flow that is widely known by industry analysts, lenders and investors. The Company&#8217;s calculation of EBITDA<i>re <\/i>may not be comparable to EBITDA<i>re <\/i>reported by other REITs that interpret the Nareit definition differently than the Company. <\/p>\n<p><b>Recurring EBITDA<\/b><br \/>The Company defines Recurring EBITDA as EBITDA<i>re <\/i>with the addback of noncash amortization of above- and below- market lease intangibles, and after adjustments for the run-rate impact of the Company&#8217;s investment and disposition activity for the period presented, as well as adjustments for non-recurring benefits or expenses. The Company considers the non-GAAP measure of Recurring EBITDA to be a key supplemental measure of the Company&#8217;s performance and should be considered along with, but not as an alternative to, net income or loss as a measure of the Company&#8217;s operating performance. The Company considers Recurring EBITDA a key supplemental measure of the Company&#8217;s operating performance because it represents the Company&#8217;s earnings run rate for the period presented and because it is widely followed by industry analysts, lenders and investors.\u00a0 Our Recurring EBITDA may not be comparable to Recurring EBITDA reported by other companies that have a different interpretation of the definition of Recurring EBITDA. Our ratio of net debt to Recurring EBITDA is used by management as a measure of leverage and may be useful to investors in understanding the Company&#8217;s ability to service its debt, as well as assess the borrowing capacity of the Company.\u00a0 Our ratio of net debt to Recurring EBITDA is calculated by taking annualized Recurring EBITDA and dividing it by our net debt per the consolidated balance sheet.\u00a0 <\/p>\n<p><b>Net Debt<\/b><br \/>The Company defines Net Debt as total debt less cash, cash equivalents and cash held in escrows. The Company considers the non-GAAP measure of Net Debt to be a key supplemental measure of the Company&#8217;s overall liquidity, capital structure and leverage. The Company considers Net Debt a key supplemental measure because it provides industry analysts, lenders and investors useful information in understanding our financial condition. The Company&#8217;s calculation of Net Debt may not be comparable to Net Debt reported by other REITs that interpret the definition differently than the Company.\u00a0 The Company presents Net Debt on both an actual and proforma basis, assuming the net proceeds of the ATM Forward Offerings (see below) are used to pay down debt. The Company believes the proforma measure may be useful to investors in understanding the potential effect of the ATM Forward Offerings on the Company&#8217;s capital structure, its future borrowing capacity, and its ability to service its debt.<\/p>\n<p><b>ATM Forward Offerings<br \/><\/b>The Company has 3,937,788 shares remaining to be settled under the ATM Forward Offerings. Upon settlement, the offerings are anticipated to raise net proceeds of approximately $258.7 million based on the applicable forward sale prices as of June 30, 2021. The applicable forward sale price varies depending on the offering. The Company is contractually obligated to settle the ATM Forward Offerings by certain dates between July 2021 and June 2022.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnbcc\">\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Agree Realty Corporation<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Rental Income<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>($ in thousands, except share and per share-data)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(Unaudited)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Three months ended <br \/>June 30,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Six months ended <br \/>June 30,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Rental Income Source<b><sup>(1)<\/sup><\/b><\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Minimum rents<sup>(2)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a076,200<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a053,452<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0147,432<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0104,514<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Percentage rents<sup>(2)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">491<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">249<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating cost reimbursement<sup>(2)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,581<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,105<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16,781<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,765<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Straight-line rental adjustments<sup>(3)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,967<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,682<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,564<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,319<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amortization of (above) below market lease intangibles<sup>(4)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(5,260)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,779)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(10,015)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(7,588)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Rental Income<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a082,494<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a057,476<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0160,253<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0113,259<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1) \u00a0 The Company adopted Financial Accounting Standards Board Accounting Standards Codification (&#8220;FASB ASC&#8221;) 842 &#8220;Leases&#8221; using the modified retrospective approach as of January 1, 2019.\u00a0 The Company adopted the practical expedient in FASB ASC 842 that alleviates the requirement to separately present lease and non-lease components of lease contracts. As a result, all income earned pursuant to tenant leases is reflected as one line, &#8220;Rental Income,&#8221; in the consolidated statement of operations.\u00a0 The purpose of this table is to provide additional supplementary detail of Rental Income.<\/p>\n<p>(2) \u00a0 Represents contractual rentals and\/or reimbursements as required by tenant lease agreements, recognized on an accrual basis of accounting.\u00a0 The Company believes that the presentation of contractual lease income is not, and is not intended to be, a presentation in accordance with GAAP. The Company believes this information is frequently used by management, investors, analysts and other interested parties to evaluate the Company&#8217;s performance. <\/p>\n<p>(3) \u00a0 Represents adjustments to recognize minimum rents on a straight-line basis, consistent with the requirements of FASB ASC 842.<\/p>\n<p>(4) \u00a0 In allocating the fair value of an acquired property, above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition and the Company&#8217;s estimate of current market lease rates for the property.\u00a0 Effective in 2019, the Company began classifying amortization of above- and below-market lease intangibles as a net reduction of rental income. <br \/><\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=DE54594&amp;sd=2021-07-26\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/agree-realty-corporation-reports-second-quarter-2021-results-301341419.html\">https:\/\/www.prnewswire.com\/news-releases\/agree-realty-corporation-reports-second-quarter-2021-results-301341419.html<\/a><\/p>\n<p>SOURCE  Agree Realty Corporation<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=DE54594&amp;Transmission_Id=202107261605PR_NEWS_USPR_____DE54594&amp;DateId=20210726\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>RAISES 2021 ACQUISITION GUIDANCE TO $1.2 BILLION TO $1.4 BILLION; GROUND LEASE EXPOSURE INCREASED TO A RECORD 12.7% PR Newswire BLOOMFIELD HILLS, Mich., July 26, 2021 \/PRNewswire\/ &#8212;\u00a0Agree Realty Corporation (NYSE: ADC) (the &#8220;Company&#8221;) today announced results for the quarter ended June 30, 2021. \u00a0All per share amounts included herein are on a diluted per common share basis unless otherwise stated. Second Quarter 2021 Financial and Operating Highlights: Invested approximately $366 million in 59 retail net lease properties Approximately 30.5% of annualized base rents acquired were derived from ground leased assets Net Income attributable to the Company decreased 11.5% to $22.3 million; 27.3% decrease per share to $0.34 Core Funds from Operations (&#8220;Core FFO&#8221;) increased 43.4% to $58.6 million; 17.3% &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/agree-realty-corporation-reports-second-quarter-2021-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Agree Realty Corporation Reports Second Quarter 2021 Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-517678","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Agree Realty Corporation Reports Second Quarter 2021 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/agree-realty-corporation-reports-second-quarter-2021-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Agree Realty Corporation Reports Second Quarter 2021 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"RAISES 2021 ACQUISITION GUIDANCE TO $1.2 BILLION TO $1.4 BILLION; GROUND LEASE EXPOSURE INCREASED TO A RECORD 12.7% PR Newswire BLOOMFIELD HILLS, Mich., July 26, 2021 \/PRNewswire\/ &#8212;\u00a0Agree Realty Corporation (NYSE: ADC) (the &#8220;Company&#8221;) today announced results for the quarter ended June 30, 2021. \u00a0All per share amounts included herein are on a diluted per common share basis unless otherwise stated. Second Quarter 2021 Financial and Operating Highlights: Invested approximately $366 million in 59 retail net lease properties Approximately 30.5% of annualized base rents acquired were derived from ground leased assets Net Income attributable to the Company decreased 11.5% to $22.3 million; 27.3% decrease per share to $0.34 Core Funds from Operations (&#8220;Core FFO&#8221;) increased 43.4% to $58.6 million; 17.3% &hellip; Continue reading &quot;Agree Realty Corporation Reports Second Quarter 2021 Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/agree-realty-corporation-reports-second-quarter-2021-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-26T20:09:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/454296\/Agree_Realty_Corporation_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"28 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/agree-realty-corporation-reports-second-quarter-2021-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/agree-realty-corporation-reports-second-quarter-2021-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Agree Realty Corporation Reports Second Quarter 2021 Results\",\"datePublished\":\"2021-07-26T20:09:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/agree-realty-corporation-reports-second-quarter-2021-results\\\/\"},\"wordCount\":5544,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/agree-realty-corporation-reports-second-quarter-2021-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/454296\\\/Agree_Realty_Corporation_Logo.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/agree-realty-corporation-reports-second-quarter-2021-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/agree-realty-corporation-reports-second-quarter-2021-results\\\/\",\"name\":\"Agree Realty Corporation Reports Second Quarter 2021 Results - Market Newsdesk\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/agree-realty-corporation-reports-second-quarter-2021-results\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/agree-realty-corporation-reports-second-quarter-2021-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/454296\\\/Agree_Realty_Corporation_Logo.jpg\",\"datePublished\":\"2021-07-26T20:09:17+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/agree-realty-corporation-reports-second-quarter-2021-results\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/agree-realty-corporation-reports-second-quarter-2021-results\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/agree-realty-corporation-reports-second-quarter-2021-results\\\/#primaryimage\",\"url\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/454296\\\/Agree_Realty_Corporation_Logo.jpg\",\"contentUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/454296\\\/Agree_Realty_Corporation_Logo.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/agree-realty-corporation-reports-second-quarter-2021-results\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Agree Realty Corporation Reports Second Quarter 2021 Results\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#website\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/\",\"name\":\"Market Newsdesk\",\"description\":\"Latest Business News in Real Time\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\",\"name\":\"Newsdesk\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g\",\"caption\":\"Newsdesk\"},\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/author\\\/newsdesk\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Agree Realty Corporation Reports Second Quarter 2021 Results - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/agree-realty-corporation-reports-second-quarter-2021-results\/","og_locale":"en_US","og_type":"article","og_title":"Agree Realty Corporation Reports Second Quarter 2021 Results - Market Newsdesk","og_description":"RAISES 2021 ACQUISITION GUIDANCE TO $1.2 BILLION TO $1.4 BILLION; GROUND LEASE EXPOSURE INCREASED TO A RECORD 12.7% PR Newswire BLOOMFIELD HILLS, Mich., July 26, 2021 \/PRNewswire\/ &#8212;\u00a0Agree Realty Corporation (NYSE: ADC) (the &#8220;Company&#8221;) today announced results for the quarter ended June 30, 2021. \u00a0All per share amounts included herein are on a diluted per common share basis unless otherwise stated. Second Quarter 2021 Financial and Operating Highlights: Invested approximately $366 million in 59 retail net lease properties Approximately 30.5% of annualized base rents acquired were derived from ground leased assets Net Income attributable to the Company decreased 11.5% to $22.3 million; 27.3% decrease per share to $0.34 Core Funds from Operations (&#8220;Core FFO&#8221;) increased 43.4% to $58.6 million; 17.3% &hellip; Continue reading \"Agree Realty Corporation Reports Second Quarter 2021 Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/agree-realty-corporation-reports-second-quarter-2021-results\/","og_site_name":"Market Newsdesk","article_published_time":"2021-07-26T20:09:17+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/454296\/Agree_Realty_Corporation_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"28 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/agree-realty-corporation-reports-second-quarter-2021-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/agree-realty-corporation-reports-second-quarter-2021-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Agree Realty Corporation Reports Second Quarter 2021 Results","datePublished":"2021-07-26T20:09:17+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/agree-realty-corporation-reports-second-quarter-2021-results\/"},"wordCount":5544,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/agree-realty-corporation-reports-second-quarter-2021-results\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/454296\/Agree_Realty_Corporation_Logo.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/agree-realty-corporation-reports-second-quarter-2021-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/agree-realty-corporation-reports-second-quarter-2021-results\/","name":"Agree Realty Corporation Reports Second Quarter 2021 Results - Market Newsdesk","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/agree-realty-corporation-reports-second-quarter-2021-results\/#primaryimage"},"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/agree-realty-corporation-reports-second-quarter-2021-results\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/454296\/Agree_Realty_Corporation_Logo.jpg","datePublished":"2021-07-26T20:09:17+00:00","author":{"@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"breadcrumb":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/agree-realty-corporation-reports-second-quarter-2021-results\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.marketnewsdesk.com\/index.php\/agree-realty-corporation-reports-second-quarter-2021-results\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/agree-realty-corporation-reports-second-quarter-2021-results\/#primaryimage","url":"https:\/\/mma.prnewswire.com\/media\/454296\/Agree_Realty_Corporation_Logo.jpg","contentUrl":"https:\/\/mma.prnewswire.com\/media\/454296\/Agree_Realty_Corporation_Logo.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/agree-realty-corporation-reports-second-quarter-2021-results\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.marketnewsdesk.com\/"},{"@type":"ListItem","position":2,"name":"Agree Realty Corporation Reports Second Quarter 2021 Results"}]},{"@type":"WebSite","@id":"https:\/\/www.marketnewsdesk.com\/#website","url":"https:\/\/www.marketnewsdesk.com\/","name":"Market Newsdesk","description":"Latest Business News in Real Time","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.marketnewsdesk.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979","name":"Newsdesk","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g","caption":"Newsdesk"},"url":"https:\/\/www.marketnewsdesk.com\/index.php\/author\/newsdesk\/"}]}},"_links":{"self":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/posts\/517678","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/comments?post=517678"}],"version-history":[{"count":0,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/posts\/517678\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/media?parent=517678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/categories?post=517678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/tags?post=517678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}