Agree Realty Corporation

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, 2005, and 2010. Currently, there are approximately 9.76 million outstanding shares of Agree Realty Corporation.

Today

The majority of the Company’s portfolio consists of single tenant net-leased assets to industry leading tenants.

Our Development and Acquisitions Team focuses on potential ground lease and built to suit opportunities for leading retailers under long-term net leases. We believe this strategy provides for consistent sources of income and attractive returns on investment while simultaneously minimizing the risks associated with credit risk and speculation.

Our growing portfolio consists of 88 properties located in 21 states and contains an aggregate of approximately 3.6 million square feet of gross leasable area. Approximately 89% 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

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 40 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

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 all operations of the Company. Mr. Agree joined the Company in 2005 as Executive Vice President.

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 Young Presidents' Organization (YPO), the International Council of Shopping Centers (ICSC) and the National Association of Real Estate Investment Trusts (NAREIT). Mr. Agree was named one of DBusiness magazine's "30 in Their Thirties", one to watch in Real Estate Forum magazine's "40 under 40", as well as to Crain's Detroit Business "Forty under 40". He has participated in numerous panels nationwide discussing a host of commercial real estate topics.

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John Rakolta, Jr.

John Rakolta, Jr., appointed Director of the Company in August 2011, is Chairman and Chief Executive Officer of Walbridge, a privately held, top-50 construction company founded in Detroit in 1916. Walbridge operates offices in North America, South America and the Middle East. Under his direction, Walbridge has grown from a company noted for constructing auto manufacturing facilities in the Midwest to a global firm with experience in airports, commercial, education, federal government projects, and power & energy.

Mr. Rakolta is recognized for his contributions to civic and business endeavors throughout Michigan. He serves as a director on the boards of The Community Foundation for Southeast Michigan, Detroit Downtown Partnership and Business Leaders for Michigan. He is an Executive Committee member of the Michigan Economic Development Corporation. Mr. Rakolta holds a Bachelor of Science degree in Civil Engineering from Marquette University in 1970.

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Farris G. Kalil

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

Eugene Silverman was elected a Director of the Company in 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., and 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

Michael Rotchford, Director of the Company since December 1993, 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

Leon M. Schurgin, Director of the Company since March 2004, is a Partner in Bodman LLP, a law firm with over 140 lawyers located in Troy, Michigan. 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

William S. Rubenfaer was elected to the Board in December 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 is 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

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 40 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

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 all operations of the Company. Mr. Agree joined the Company in 2005 as Executive Vice President.

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 Young Presidents' Organization (YPO), the International Council of Shopping Centers (ICSC) and the National Association of Real Estate Investment Trusts (NAREIT). Mr. Agree was named one of DBusiness magazine's "30 in Their Thirties", one to watch in Real Estate Forum magazine's "40 under 40", as well as to Crain's Detroit Business "Forty under 40". He has participated in numerous panels nationwide discussing a host of commercial real estate topics.

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Hedley Williams

Hedley Williams joined the Company in 2011 as Chief Investment Officer. Mr. Williams leads the Company's investment activities, as well as financing measures, investor relations, asset level and portfolio risk assessment, portfolio balance and strategic planning.

Prior to joining Agree, Mr. Williams served as the Chief Investment Officer for Grand/Sakwa Properties; overseeing the development of reporting systems, solicitation of all financing issues, client relationships, and operations of a multi-state commercial portfolio. Mr. Williams holds a Bachelor of Science from the London School of Economics and Political Science and is a holder of the CS McTaggart Scholarship for Academic Excellence. Additionally, he is a member of the National Association of Real Estate Investment Trusts (NAREIT).

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Laith Hermiz

Laith Hermiz, Executive Vice President, joined the Company in 2010. Mr. Hermiz is responsible for implementing and directing new development and redevelopment projects, supervision and oversight of the Company's leasing and asset management activities as well as formulating and determining long-term asset strategy.

Prior to joining Agree, Mr. Hermiz served as Vice President Development/Redevelopment of Ramco-Gershenson Properties Trust. Mr. Hermiz was Managing Director of Joseph Freed and Associates LLC. Mr. Hermiz holds a BS from Loyola University - Chicago and Juris Doctorate degree from University of Detroit-Mercy School of Law. He is a licensed Attorney and real estate broker in the State of Michigan and is an active member of the State Bar of Michigan and the International Council of Shopping Centers.

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Alan D. Maximiuk

Alan D. Maximiuk, joined the Company as Vice President in July 2010. He was appointed Chief Financial Officer in November 2010. Mr. Maximiuk’s responsibilities include the oversight of accounting, investor relations, filings with the Securities Exchange Commission, as well as compliance with the Company’s corporate governance guidelines. In addition, Mr. Maximiuk serves as Agree Realty’s Secretary since November 2010.

Prior to joining Agree, Mr. Maximiuk served as Vice President Financial Services for Ramco-Gershenson Properties Trust; overseeing the Company's treasury department, cash management and capital planning. Mr. Maximiuk holds a Bachelor of Business Administration from Western Michigan University. He is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants and the Michigan Association of Certified Public Accountants.

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Michael Fitzgerald

Michael Fitzgerald, Vice President of Construction, joined the Company in December 2007. Mr. Fitzgerald has previously been employed at Grand/Sakwa Properties and Clark Construction Company as a Project Manager.

Mr. Fitzgerald has managed the construction of commercial, institutional, and light industrial projects totaling 4,500,000 square feet in 15 states. He is a member of the International Council of Shopping Centers and a past member of the Board of Directors of the Michigan State University Building Construction Management Constituent Alumni Association. Michael is a graduate of Michigan State University, with a bachelor’s degree in Building Construction Management.

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Kurt Beleck

Kurt Beleck joined the Company in 2011 as Vice President, and is responsible for the Company’s due diligence and entitlement activities. Mr. Beleck has over 21 years of project management and real estate land development experience and has managed multiple teams comprised of design engineers, surveyors and planners focused on commercial, institutional, and mixed-use projects nationwide.

Prior to joining Agree, Mr. Beleck served as Operations Leader at Atwell, L.L.C. He holds a Master of Science in Architecture and Bachelor of Science in Architecture from Lawrence Technological University. Mr. Beleck is a Certified Development, Design, and Construction Professional (CDP) and a member of the International Council of Shopping Centers (ICSC).

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Geoff Linden

Geoff Linden, Vice President of Acquisitions, joined the Company in July, 2008. Mr. Linden's responsibilities include sourcing, analyzing and underwriting acquisition opportunities. Mr. Linden assists in evaluating tenant creditworthiness, determining portfolio allocation and devising strategic acquisition initiatives.

Mr. Linden was previously employed by Fortress Investment Group as a senior acquisitions analyst responsible for the acquisition of over $2.1B of senior living assets for Brookdale Senior Living. Prior to joining Fortress, Mr. Linden was an acquisitions analyst for Equity Lifestyle Properties, where he oversaw the acquisition of over $500M of manufactured housing communities. Mr. Linden also served as the assistant controller for a Chicago-based commercial property management firm and as an auditor for Ernst & Young. Mr. Linden graduated from the University of Michigan with a Bachelor of Business Administration. He is a Certified Public Accountant and a member of the International Council of Shopping Centers and the Michigan Chamber of Commerce Tax Committee.

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