0

Non-Deal Roadshow

July 9-10, 2013

1

MARKET STATISTICS

Ticker: NYSE: ADC

Recent Price: $29.52(1)

Shares and OP Units Outstanding: 13,585,000(1)

Current Annualized Dividend: $1.64

Dividend Yield: 5.6%(1)

Current Market Cap: $401 million(1)

Total Enterprise Value: $527 million(1)

Total Revenues: $39 million(2)

Number of Properties: 120

(1) Based on June 28, 2013 closing stock price of $29.52 per share.

(2) Based on trailing 12 month results through March 31, 2013

Focused on the acquisition and development of single tenant

properties leased to industry leading retail tenants

2

INVESTMENT HIGHLIGHTS

Disciplined investment approach

Industry leading team

Strategic retailer relationships

High quality property portfolio

Proven external growth strategies

Strong, growth-oriented balance sheet

Attractive, sustainable dividend yield

3

STRATEGIC GROWTH THROUGH DISCIPLINED INVESTMENTS

Single Tenant Net Lease Development

Preferred developer status with national tenants

Long-term net leases with first in class tenants

Pre-leasing minimizes development risk

Superior return on development cost Wawa – St. Petersburg, FL

Kohl’s – Salt Lake City, UT

Single Tenant Net Lease Acquisitions

Industry leading retailers

Recession resistant and web resistant industries

Average capitalization rate of roughly 8%

Superior underlying real estate

Average lease duration approaching 15 years

4

Walgreens – Ann Arbor, MI

2012 - 2013 COMMENCED OR COMPLETED PROJECTS

Located in the heart of University of

Michigan’s Central Campus

Redevelopment, pre-leased under a

20 year agreement

$5.8 million – 18,000 sf

Ann Arbor historic district, built in 1937

McDONALD’S - SOUTHFIELD, MI CHASE - VENICE, FL

WAWA - KISSIMMEE, FL

WAWA - CASSELBERRY, FL

WAWA - PINELLAS PARK, FL

SUPER ONE FOODS – IRONWOOD, MI

WALGREENS – RANCHO CORDOVA, CA

SWQ of 34th St. & 38th Ave.

Pre-leased under a long term

ground lease

Agree’s fourth announced

development for Wawa in the state

of Florida

Wawa – St. Petersburg, FL

5

SINCE LAUNCH OF ACQUISITION PLATFORM IN APRIL 2010

STATES 26

ACQUISITIONS 53

RETAIL SECTORS 17

2012 ACQUISITION SUMMARY

Aggregate Purchase Price: $81.5 million

Average Purchase Price: $3.3 million

Average Base Term: 14.5 Years

Retail Sectors: Auto Parts, Auto Service, Pharmacy, Grocery, Financial

Services, Gas & C-Store, Dollar

Stores, Specialty Retail, Health &

Fitness, Casual Dining, Big Box

Discount, Technology, Home

Improvement, and Home

Furnishings

AGGREGATE PURCHASE PRICE $200 million

6

DISPOSITION OF NON-CORE ASSETS

Disposition Proceeds Totaling $44 Million

Reduced Kmart Revenue by 29%

Reduced Shopping Center Revenues by 19%

Eliminated all Former Borders

Former Borders

Office Building

Ann Arbor, MI

March

2012

Former Borders

Omaha, NE

May

2012

Charlevoix Commons

Charlevoix, MI

Kmart/Family Farm &

Home Anchored Center

June

2012

August

2012

Plymouth Commons- Plymouth, WI

Kmart/Roundy’s

Shawano Plaza- Shawano, WI

Kmart/JCP/Roundy’s

September

2012

Former Borders

Columbus, OH

Walgreens

Ypsilanti, MI

January

2013

December

Disposition

of Borders

Norman, OK

2011

January

Disposition of

(2) Borders

Tulsa, OK

November

Lease Termination

of Borders

Aventura, FL

2010

April

Disposition

of Borders

Santa Barbara, CA

October

Disposition

of Walgreens

Ocala, FL

7

EVOLUTION OF MAJOR TENANT EXPOSURE

% o

f T

ota

l C

om

pa

ny A

nn

ua

lize

d B

as

e R

en

t

2012 2013

2012 2013 2009 2010 2011

* As of March 31, 2013.

8

STRONG TENANT BASE

(% of annualized base rents)

As of March 31, 2013

*Includes investment grade ratings as determined by S&P, Moody’s and Fitch, or NAIC

88% National Tenants 60% Investment Grade

9

NATIONAL PORTFOLIO ANCHORED BY STRATEGIC RETAILER RELATIONSHIPS

120 Properties | 32 states | 3.5 Million Square Feet

10

2009 2013

0

2

4

6

8

10

12

14

16

18

SECTOR DIVERSIFICATION

6 Sectors

Pharmacy

Books

Big Box / Discount

Casual Dining

Financial Services

Auto Parts

Apparel

Home Improvement

C-Stores

Specialty Retail

Auto Service

Grocery / Supermarket

Sporting Goods

Technology & Electronics

Quick Service Restaurants

Home Furnishings

Dollar Stores

Health/Fitness

17 Sectors

# o

f R

eta

il S

ecto

rs

11

PORTFOLIO STABILITY AND HISTORICAL OCCUPANCY

2013 Pro Forma Occupancy: 97% | 5-Year Average Occupancy: 98%

Occu

pan

cy R

ate

12

WELL STAGGERED EXPIRATIONS MITIGATE ROLLOVER RISK

As of March 31, 2013

Lease Expirations (Annualized base rent in millions)

13

A BALANCE SHEET TO FUEL GROWTH

(in thousands)

Shares & OP Units Outstanding1 13,585

Total Assets $380,208

Total Debt1 $125,526

Debt/Enterprise Value1 23.8%

Fixed Rate Debt/Total Debt 93%

Fixed Charge Coverage 3.9x

Interest Expense Coverage 4.1x

Debt/EBITDA 4.0x

Average Years to Maturity – Fixed Rate Debt 5.5 years

Credit Facility Maturity Oct – 20152

December 2012:

- Closed on new $25 million term loan with swapped interest rate of 2.49%,

- Closed on new $23.6 million 10-year CMBS loan at 3.60%

- Extended maturity on $85 million credit facility to 2015

Reduced interest spread to 150 - 215 over Libor

$50 million accordion feature increasing capacity to $135 million

January 2013 :

• - Completed follow-on offering of 1,725,000 common shares at $27.25/share raising net proceeds of

$44,953,500

1As of March 31, 2013, with enterprise value based on June 28, 2013 closing stock price of $29.52 per share.

2With extension options at Company’s election until 2017.

14

ATTRACTIVE & WELL COVERED DIVIDEND

Annualized dividend of $1.64; current dividend yield of

5.6% (based on $29.52 share price)

76 consecutive quarterly cash dividends since its IPO

FFO Payout Ratio: 84%*

Targeted FFO Payout Ratio: 75 – 85%

* Based on dividend and FFO for the quarter ended March 31, 2013.

15

YTD 2013 – RESULTS DRIVEN

Completed development of Walgreens in Rancho Cordova,

California

Completed development of Wawa convenience stores in

Kissimmee and Pinellas Park, Florida

Acquired nine single tenant net leased assets for $43

million

Completed follow-on offering of 1,725,000 common shares

for approximately $45 million net proceeds

Increased 2013 quarterly dividend during the first quarter

by 2.5% to $.41 per share

16

A THREE YEAR TRANSFORMATION

73 Properties

16 States

6 Sectors

of Rental

Revenue

17

ADC 12.31.09 vs 6.28.13

(1) Based on June 28, 2013 closing stock price of $29.52 per share.

(2) Based on trailing 12 month results through March 31, 2013

12.31.09 6.28.13

Recent Stock Price: $23.29

$29.52 (1)

Market Capitalization: $199 million

$401 million(1)

Total Enterprise Value: $304 million

$527 million(1)

Debt/Enterprise Value: 34.4% 23.8% (1)

Total Revenues: $26 million

$39 million (2)

Number of Properties: 73 120

18

FORWARD LOOKING STATEMENT

This presentation may include certain “forward-looking statements” within the

meaning of the Private Securities Litigation Reform Act of 1995. These forward-

looking statements include, but are not limited to, our plans, objectives,

expectations and intentions and other statements contained in this document that

are not historical facts and statements identified by words such as “expects,

“anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” or words of

similar meaning. These statements are based on our current beliefs or

expectations and are inherently subject to significant uncertainties and changes

in circumstances, many of which are beyond our control. Actual results may differ

materially from these expectations due to changes in global political, economic,

business, competitive, market and regulatory risk factors. Information concerning

risk factors that could affect Agree Realty Corporation’s actual results is

contained in the Company’s reports filed from time to time with the Securities and

Exchange Commission. Agree Realty Corporation does not undertake any

obligation to update any forward-looking statements contained in this document,

as a result of new information, future events or otherwise.