Agree Realty Corporation is a fully-integrated, self-administered and self-managed real estate investment trust (REIT) based in Farmington Hills, Michigan. The Company is traded on the New York Stock Exchange under the symbol ADC. 

 

Our History

Richard Agree, our Chief Executive Officer and Chairman of the Board of Directors founded the predecessor to Agree Realty Corporation, Agree Development Company in 1971. Over the next 23 years, Mr. Agree developed over 40 shopping centers primarily in the Midwest United States. Hard work, determination, and dedication were the trademark of Mr. Agree's success.

In April 1994 Agree Realty commenced operations with an Initial Public Offering of 2.5 million shares sold to the public. Secondary offerings were subsequently issued in 1997, 2003 and 2005. Currently, there are approximately 7.9 million outstanding shares of Agree Realty Corporation.

Today

Agree Realty Corporation focuses primarily on the development, acquisition and management of single-tenant, grocery anchored and big box retail properties net-leased to national tenants.

Our development team focuses on potential opportunities for nationally recognized retailers who have signed long term net-leases prior to commencement of construction. We believe this strategy provides for consistent sources of income and attractive returns on investment while simultaneously minimizing the risks associated with speculative development.

Our portfolio consists of 73 properties located in 16 states and contains an aggregate of approximately 3.5 million square feet of gross leasable area. Our portfolio includes 61 freestanding net-leased properties, leased primarily to Walgreens and Borders Books, as well as 12 community shopping centers. Approximately 90% of our annualized lease revenue is derived from national tenants

(L) Joey Agree, President & COO (R) Richard Agree, CEO & Chairman BACK TO TOP

Building upon the foundation of excellence established throughout the past four decades, the Agree Team will continue to develop, acquire, manage and lease quality retail properties to nationally recognized tenants. Our trademarks of strong tenant relationships, consistent growth through value added development opportunities, and strategic acquisitions will continue to maximize shareholder value and provide for a strong return on investment.

Richard Agree has served as Chief Executive Officer and Chairman of the Board of Directors of Agree Realty Corporation since the company’s Initial Public Offering in 1994. Mr. Agree was the founder and President of Agree Development Corporation, the predecessor to Agree Realty. 

Throughout his 39 year career, Mr. Agree has personally overseen the development of over 8,000,000 square feet of retail space in 16 states. He continues to supervise all aspects of the Company including acquisitions, development, leasing and financing. Mr. Agree is a graduate of Detroit College of Law, as well as a member of the State Bar of Michigan, the International Council of Shopping Centers and the National Association of Real Estate Investment Trusts. 

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Joey Agree was appointed President and Chief Operating Officer and a Director of the Company in June, 2009. Mr. Agree is responsible for the direction and supervision of the Company’s developments, coordination and oversight of strategic growth initiatives, formulation and implementation of long-term asset strategy, as well as management of the day-to-day operations of the Company. Mr. Agree joined the Company in 2005 as Executive Vice President.

Prior to joining Agree, Mr. Agree served as the Director of Land Acquisitions for Grand/Sakwa Properties, one of the largest private developers in the Midwest. Mr. Agree is a graduate of the University of Michigan with a BA in Political Science as well as Wayne State University Law School where he was nominated a Dean’s Scholar. He is a member of the State Bar of Michigan, the International Council of Shopping Centers (ICSC) and the National Association of Real Estate Investment Trusts (NAREIT).

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Farris G. Kalil has been a Director of the Company since December 1993. Mr. Kalil has been a financial consultant since June 1999. From November 1996 until his retirement in May 1999 Mr. Kalil served as Director of Business Development for the Commercial Lending Division of Michigan National Bank, a national banking institution. From May 1994 to November 1996, Mr. Kalil served as a Senior Vice President for Commercial Lending at First of America Bank – Southeast Michigan, N.A. Prior thereto, Mr. Kalil served as a Senior Vice President of Michigan National Bank where he headed the Commercial Real Estate Division, Corporate Special Loans, Real Estate Asset Management/Real Estate Owned Group, and the Government Insured Multi-Family Department. Mr. Kalil received his B.S. from Wayne State University and continued his education at the Northwestern University School of Mortgage Banking.

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Eugene Silverman has been a Director of the Company since April 1994. Mr. Silverman has been a consultant to the entertainment industry since 1996. From July 1993 until his retirement in December 1995, Mr. Silverman served as the President and Chief Executive Officer of Polygram Video, USA, a division of Polygram N.V., a New York Stock Exchange listed company. Prior thereto, he was Senior Vice President of sales at Orion Home Video from 1987 through 1992.

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Michael Rotchford has been a Director of the Company since December 1993. He is a Senior Managing Director for Cushman & Wakefield, Inc., a company specializing in real estate services. Prior to joining Cushman & Wakefield in 2000 he served as Managing Director of The Saratoga Group, an investment banking organization specializing in tax and asset-based financing. Mr. Rotchford had been with The Saratoga Group from 1991 to 2000. Prior to 1991, Mr. Rotchford was a Director in the investment banking division of Merrill Lynch & Co. where he managed the commercial mortgage placement group. Mr. Rotchford holds a bachelor’s degree, with high honors, from the State University of New York at Albany. He is also a licensed real estate broker.

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Leon M. Schurgin has been a Director of the Company since March 2004. He is a Partner in the law firm of Bodman LLP, a law firm with over 140 lawyers, and is located at the Troy, Michigan, office of the firm. Mr. Schurgin holds a Bachelors Degree in Business Administration from the University of Michigan, a Juris Doctorate Degree, magna cum laude, from Wayne State University and a Master of Laws Degree in Taxation from Wayne State University. He is also a certified public accountant.

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William S. Rubenfaer was elected to the Board on December 20, 2007. Mr. Rubenfaer is a Certified Public Accountant and a partner in the public accounting firm of Rubenfaer & Associates, P.C., which he founded in 1979. In addition, Mr. Rubenfaer is the Managing Member of Sage Capital Management, L.L.C., a Registered Investment Advisory firm. He is also an investor in real estate and is the Secretary Treasurer of Pinckney Chrysler. He has been active in community activities, including serving as President of the Bloomfield Hills School Board.  Mr. Rubenfaer is also a member of the American Institute of CPA’s and the Michigan Association of CPA’s.

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Richard Agree has served as Chief Executive Officer and Chairman of the Board of Directors of Agree Realty Corporation since the company’s Initial Public Offering in 1994. Mr. Agree was the founder and President of Agree Development Corporation, the predecessor to Agree Realty. 

Throughout his 39 year career, Mr. Agree has personally overseen the development of over 8,000,000 square feet of retail space in 16 states. He continues to supervise all aspects of the Company including acquisitions, development, leasing and financing. Mr. Agree is a graduate of Detroit College of Law, as well as a member of the State Bar of Michigan, the International Council of Shopping Centers and the National Association of Real Estate Investment Trusts. 

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Joey Agree was appointed President and Chief Operating Officer and a Director of the Company in June, 2009. Mr. Agree is responsible for the direction and supervision of the Company’s developments, coordination and oversight of strategic growth initiatives, formulation and implementation of long-term asset strategy, as well as management of the day-to-day operations of the Company. Mr. Agree joined the Company in 2005 as Executive Vice President.

Prior to joining Agree, Mr. Agree served as the Director of Land Acquisitions for Grand/Sakwa Properties, one of the largest private developers in the Midwest. Mr. Agree is a graduate of the University of Michigan with a BA in Political Science as well as Wayne State University Law School where he was nominated a Dean’s Scholar. He is a member of the State Bar of Michigan, the International Council of Shopping Centers (ICSC) and the National Association of Real Estate Investment Trusts (NAREIT).

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Kenneth R. Howe has served as Vice President of Finance and Chief Financial Officer of Agree Realty Corporation since June 1994. Additionally, Mr. Howe has served as Secretary since November 1993. From September 1989 to April 1994 he served as controller of Agree Development Company, the predecessor of Agree Realty Corporation. Mr. Howe’s responsibilities include oversight of accounting, investor relations, filings with the Securities Exchange Commission, as well compliance with the Company’s corporate governance guidelines.

From 1984 to 1989, he was a partner in Straka, Jarackas and Company, a public accounting firm with which he was employed since 1974. Mr. Howe is a graduate of Western Michigan University and a Certified Public Accountant. He is a member of the American Institute of Certified Public Accountants and the Michigan Association of Certified Public Accountants.

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David J. Prueter, Senior Vice President of Agree Realty Corporation, is responsible for leasing and asset management. Additionally, Mr. Prueter is responsible for due diligence, construction and facilitating new development opportunities.

Prior to joining Agree Realty, Mr. Prueter served as the Director of Real Estate for Borders, Inc. responsible for U.S. real estate. Prior to Borders he served as Senior Manager of Real Estate for The Kroger Co. He is a State Committee Member and Co-Chairman of the State Government Relations Committee of ICSC in Michigan. He is also a member of NACORE where he holds a Masters of Corporate Real Estate. Mr. Prueter holds a BBA from Western Michigan University and currently resides in Farmington Hills, MI.

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