Agree Realty Corporation
Joint Venture Equity Investment Parameters

Project Type

• New development of power centers, supermarket community centers
• New development of single-tenant net-leases (credit tenant)
• Redevelopments, lifestyle centers, mixed-use

Project Size

• Single-tenant to 1,000,000 square feet
• $2,000,000 - $50,000,000

Location

• Metropolitan cities throughout the U.S.
• Secondary cities with limited entry for competition

Structure

• Varies depending on project size, risk and development stage

Equity Contributors

• ADC will invest 50-100% of the required equity (typically 20% of the project costs)

Construction Loan

• Loans are non-recourse to ADC; fees for originating partner

Permanent Financing

• Loans are non-recourse to ADC; fees for originating partner

Return on Costs

• 10.5% - 12.0%; additional return requirements can vary based on pre-leasing, approvals and location

Preferred Returns

• Each partner receives a preferred return on investment equity

Pre-Development Expenses

• ADC will share in pre-development expenses

Fees

• Paid based on each Partners' services provided