Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-K
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission File Number 001-12928
AGREE REALTY CORPORATION
(Exact name of registrant as specified in its charter)
Maryland
38-3148187
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
32301 Woodward Avenue, Royal Oak, Michigan
(Address of principal executive offices)
48073
(Zip Code)
(248) 737-4190
(Registrant’s telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common Stock, $.0001 par value
ADC
New York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 4.25% Series A Cumulative Redeemable Preferred Stock, $0.0001 par value
ADCPrA
Securities Registered Pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ⌧ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ⌧
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ⌧
Accelerated filer ☐
Non-accelerated filer ☐
Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ⌧
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ⌧
The aggregate market value of the Registrant’s shares of common stock held by non-affiliates was $6,119,262,682 as of June 30, 2024, based on the closing price of $61.94 on the New York Stock Exchange on that date.
At February 10, 2025, there were 107,248,705 shares of common stock, $.0001 par value per share, outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive proxy statement for the annual stockholder meeting to be held in 2025 are incorporated by reference into Part III of this Annual Report on Form 10-K as noted herein.
Index to Form 10-K
Page
PART I
Item 1:
Business
2
Item 1A:
Risk Factors
10
Item 1B:
Unresolved Staff Comments
24
Item 1C:
Cybersecurity
Item 2:
Properties
26
Item 3:
Legal Proceedings
29
Item 4:
Mine Safety Disclosures
PART II
Item 5:
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 6:
[Reserved]
30
Item 7:
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 7A:
Quantitative and Qualitative Disclosures about Market Risk
43
Item 8:
Financial Statements and Supplementary Data
45
Item 9:
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9A:
Controls and Procedures
Item 9B:
Other Information
46
Item 9C:
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
PART III
Item 10:
Directors, Executive Officers and Corporate Governance
47
Item 11:
Executive Compensation
Item 12:
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 13:
Certain Relationships and Related Transactions, and Director Independence
Item 14:
Principal Accountant Fees and Services
PART IV
Item 15:
Exhibits and Financial Statement Schedules
48
Consolidated Financial Statements and Notes
F-1
Item 16:
Form 10-K Summary
53
SIGNATURES
Cautionary Note Regarding Forward-Looking Statements
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 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. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” “may,” “will,” “seek,” “could,” “project” or similar expressions. 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’s control and which could materially affect the Company’s results of operations, financial condition, cash flows, performance or future achievements or events. Currently, one of the most significant factors, however, is the adverse effect of macroeconomic conditions, including inflation and the potential impacts of pandemics, epidemics or other public health emergencies or fear of such events 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 macroeconomic trends may impact the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence. Moreover, you should interpret many of the risks identified in this report, as well as the risks set forth below, as being heightened as a result of the ongoing and numerous adverse impacts of macroeconomic conditions. Additional factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes in general economic, financial and real estate market conditions; the financial failure of, or other default in payment by, tenants under their leases and the potential resulting vacancies; the Company’s concentration with certain tenants and in certain markets, which may make the Company more susceptible to adverse events; changes in the Company’s business strategy; risks that the Company’s acquisition and development projects will fail to perform as expected; adverse changes and disruption in the retail sector and the financing stability of the Company’s tenants, which could impact tenants’ ability to pay rent and expense reimbursement; the Company’s ability to pay dividends; risks relating to information technology and cybersecurity attacks, loss of confidential information and other related business disruptions; risks related to the impacts of artificial intelligence; loss of key management personnel; the potential need to fund improvements or other capital expenditures out of operating cash flow; financing risks, such as the inability to obtain debt or equity financing on favorable terms or at all; the level and volatility of interest rates; the Company’s ability to renew or re-lease space as leases expire; limitations in the Company’s tenants’ leases on real estate tax, insurance and operating cost reimbursement obligations; loss or bankruptcy of one or more of the Company’s major tenants, and bankruptcy laws that may limit the Company’s remedies if a tenant becomes bankrupt and rejects its leases; potential liability for environmental contamination, which could result in substantial costs; the Company’s level of indebtedness, which could reduce funds available for other business purposes and reduce the Company’s operational flexibility; covenants in the Company’s credit agreements and unsecured notes, which could limit the Company’s flexibility and adversely affect its financial condition; credit market developments that may reduce availability under the Company’s revolving credit facility; an increase in market interest rates which could raise the Company’s interest costs on existing and future debt; a decrease in interest rates, which may lead to additional competition for the acquisition of real estate or adversely affect the Company’s results of operations; the Company’s hedging strategies, which may not be successful in mitigating the Company’s risks associated with interest rates; legislative or regulatory changes, including changes to laws governing real estate investment trusts (“REITs”); the Company’s ability to maintain its qualification as a REIT for federal income tax purposes and the limitations imposed on its business by its status as a REIT; and the Company’s failure to qualify as a REIT for federal income tax purposes, which could adversely affect the Company’s operations and ability to make distributions.
Unless the context otherwise requires, references in this Annual Report on Form 10-K to the terms “registrant,” the “Company,” “Agree Realty,” “we,” “our” or “us” refer to Agree Realty Corporation and all of its consolidated subsidiaries, including its majority owned operating partnership, Agree Limited Partnership (the “Operating Partnership”). Agree Realty has elected to treat certain subsidiaries as taxable real estate investment trust subsidiaries which are collectively referred to herein as the “TRS.”
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Item 1: Business
General
The Company is a fully integrated REIT primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants. The Company was founded in 1971 by its current Executive Chairman, Richard Agree, and its common stock was listed on the New York Stock Exchange (“NYSE”) in 1994. The Company’s assets are held by, and all of its operations are conducted through, directly or indirectly, the Operating Partnership of which the Company is the sole general partner and in which it held a 99.7% common interest as of December 31, 2024. Under the agreement of limited partnership of the Operating Partnership, the Company, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership.
As of December 31, 2024, the Company’s portfolio consisted of 2,370 properties located in all 50 states and totaling approximately 48.8 million square feet of Gross Leasable Area (“GLA”). The portfolio was approximately 99.6% leased and had a weighted average remaining lease term of approximately 7.9 years. A significant majority of the Company’s properties are leased to national tenants and approximately 68.2% of our annualized base rent was derived from tenants, or parent entities thereof, with an investment grade credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners. Substantially all of our tenants are subject to net lease agreements. A net lease typically requires the tenant to be responsible for minimum monthly rent and property operating expenses including property taxes, insurance and maintenance.
As of December 31, 2024, the Company had 75 full-time employees, covering accounting, acquisitions, asset management, development and construction, finance, information technology, legal, and people and culture.
The Company was incorporated in December 1993 under the laws of the State of Maryland. The Company believes that it has operated, and it intends to continue to operate, in such a manner to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). In order to maintain qualification as a REIT, the Company must, among other things, distribute at least 90% of its REIT taxable income each year and meet asset and income tests. Additionally, its charter limits ownership of the Company, directly or constructively, by any single person to 9.8% of the value or number of shares, whichever is more restrictive, of its outstanding common stock and 9.8% of the value of the aggregate of all of its outstanding stock, subject to certain exceptions. As a REIT, the Company is not subject to federal income tax with respect to that portion of its income that is distributed currently to its stockholders.
The Company’s principal executive offices are located at 32301 Woodward Avenue, Royal Oak MI 48073 and its telephone number is (248) 737-4190. The Company’s website is www.agreerealty.com. The Company’s reports are electronically filed with or furnished to the Securities and Exchange Commission (“SEC”) pursuant to Section 13 or 15(d) of the Exchange Act and can be accessed through this site, free of charge, as soon as reasonably practicable after we electronically file or furnish such reports. These filings are also available on the SEC’s website at www.sec.gov. The Company’s website also contains copies of its corporate governance guidelines and code of business conduct and ethics, as well as the charters of its audit, compensation and nominating and governance committees. The information on the Company’s website is not part of this report.
Recent Developments
For a discussion of business developments that occurred in 2024, see “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations” later in this report. Certain summarized highlights are contained below.
Investments and Disposition Activity
During 2024, the Company completed approximately $939.2 million of investments in net leased retail real estate. Total investment volume includes the acquisition of 242 properties for an aggregate purchase price of approximately $866.6 million, and the completed development of 21 properties for an aggregate cost of approximately $72.7 million. These properties are net leased to tenants operating in 27 sectors and are located in 45 states. These assets are leased for a weighted average lease term of approximately 10.6 years.
During 2024, the Company sold 26 assets and land parcels for net proceeds of $94.3 million and recorded a net gain of $11.5 million.
Leasing
During 2024, excluding properties that were sold, the Company executed new leases, extensions or options on approximately 2,041,000 square feet of GLA throughout its portfolio. The annualized base contractual rent associated with these new leases, extensions or options is approximately $19.8 million.
Dividends
The Company increased its monthly dividend per common share from $0.247 to $0.25 in April 2024 and further increased the monthly dividend per common share to $0.253 in October 2024.
The December 2024 dividend per share of $0.253 represents an annualized dividend of $3.036 per share and an annualized dividend yield of approximately 4.3% based on the last reported sales price of our common stock listed on the NYSE of $70.45 on December 31, 2024.
The Company has routinely paid cash dividends to our common shareholders. Common cash dividends were paid quarterly for 107 consecutive quarters between 1994 and 2020 prior to moving to monthly common cash dividends in 2021. We have since paid 48 consecutive monthly dividends. Although we expect to continue our policy of paying regular dividends, we cannot guarantee that we will maintain our current level of common dividends, that we will continue our recent pattern of increasing dividends per share or what our actual dividend yield will be in any future period.
In addition to its common dividends, the Company paid monthly cash dividends on its 4.25% Series A Cumulative Redeemable Preferred Stock.
Financing
Equity
The Company enters into at-the-market (“ATM”) programs through which the Company, from time to time, sells shares of common stock and/or enters into forward sale agreements. In October 2024, the Company entered into a $1.25 billion ATM program (the “October 2024 ATM Program”). The previous $1.00 billion ATM program (the “February 2024 ATM Program”) was terminated following the establishment of the October 2024 ATM Program. As a result, no future issuances will occur under the February 2024 ATM Program.
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The following table summarizes the ATM programs that were in place during the years ended December 31, 2024, 2023 and 2022:
Program Year
Program Size($ million)
Total Forward Shares Sold
Total Forward Shares Settled
Total Forward Shares Outstanding as of December 31, 2024
Total Net Proceeds Anticipated or Received from Shares Sold($ million)
February 2021
*
$500.0
5,453,975
-
$379.1
September 2022
$750.0
10,217,973
$670.3
February 2024
$1,000.0
10,409,017
2,775,498
7,633,519
(1)
$706.0
October 2024
$1,250.0
168,277
(3)
(2)
$12.9
*Applicable ATM program terminated and no future forward sales will occur under the program.
(1) The Company is required to settle the outstanding shares of common stock under the February 2024 ATM Program between June 2025 and October 2025.
(2) The Company is required to settle the outstanding shares of common stock under the October 2024 ATM Program by June 2026.
(3) After considering the shares of common stock sold subject to forward sale agreements under the October 2024 ATM Program, the Company had approximately $1.24 billion of availability under the October 2024 ATM Program as of December 31, 2024.
The following table summarizes the ATM activity completed during the years ended December 31, 2024, 2023 and 2022:
2024
2023
2022
Shares of common stock sold under the ATM programs
10,598,037
5,846,998
7,678,911
Shares of common stock settled under the ATM programs
6,630,112
6,117,768
5,699,566
Net proceeds received (in millions)
$403.8
$415.4
$397.2
Debt
In May 2024, the Operating Partnership completed an underwritten public offering of $450.0 million in aggregate principal amount of its 5.625% Notes due 2034 (the “2034 Senior Unsecured Public Notes”). The public offering was priced at 98.83% of the principal amount, resulting in net proceeds of $444.7 million. Upon completion of the underwritten public offering, the Company terminated $150.0 million of forward-starting interest rate swap agreements as well as the $150.0 million US Treasury lock that hedged the 2034 Senior Unsecured Public Notes, receiving $4.4 million, net upon termination. The proceeds from the underwritten public offering were used for general corporate purposes, including to reduce amounts outstanding under the Revolving Credit Facility (as defined below) and to fund property acquisitions and development activity.
In August 2024, the Company entered into the Fourth Amended and Restated Revolving Credit Agreement which provides a $1.25 billion senior unsecured revolving credit facility (the “Revolving Credit Facility”).
The Revolving Credit Facility's interest rate is based on a pricing grid with a range of 72.5 to 140 basis points over SOFR, determined by the Company's credit ratings and leverage ratio, plus a SOFR adjustment of 10 basis points. The margins for the Revolving Credit Facility are subject to adjustment based on changes in the Company's leverage ratio and credit ratings. As of December 31, 2024, the Revolving Credit Facility had a $158.0 million outstanding balance and bore interest of 5.29%, which is comprised of SOFR of 4.46%, the pricing grid spread of 72.5 basis points, and the 10 basis point SOFR adjustment.
4
Business Strategies
Our primary business objectives are to capitalize on distinct market positioning in the retail net lease space, focus on 21st century industry-leading retailers through our external growth platforms, leverage our real estate acumen and relationships to identify superior risk-adjusted opportunities, maintain a conservative and flexible capital structure that enables growth, and provide consistent, high-quality earnings growth and a well-covered growing dividend. The following is a discussion of our investment, financing and asset management strategies.
Investment
We are primarily focused on the long-term, fee simple ownership of properties net leased to national or large, regional retailers operating in sectors we believe to be more e-commerce and recession resistant than other retail sectors. Our leases are typically long-term net leases that require the tenant to pay all property operating expenses, including real estate taxes, insurance and maintenance. We believe that a diversified portfolio of such properties provides for stable and predictable cash flow.
We seek to expand and enhance our portfolio by identifying the best risk-adjusted investment opportunities across our three external avenues for growth: development, Developer Funding Platform (“DFP”) and acquisitions.
Development: We have been developing retail properties since the formation of our predecessor company in 1971 and our development platform seeks to employ our capabilities to direct all aspects of the development process, including site selection, land acquisition, lease negotiation, due diligence, design and construction. Our developments are typically build-to-suit projects that result in fee simple ownership of the property upon completion.
Developer Funding Platform: Our DFP collaborates with developers or retailers on their in-process developments. We offer construction expertise and access to capital to facilitate the successful completion of their projects. We typically take fee simple ownership of DFP projects upon completion.
Acquisitions: Our acquisitions platform expands our investment capabilities by pursuing opportunities that meet both our real estate and return on investment criteria.
We believe that development and DFP projects have the potential to generate superior risk-adjusted returns on investment in properties that are substantially similar to those we acquire.
We focus on four core principles that underlie our investment criteria:
Each platform leverages the Company’s real estate acumen to pursue investments in net lease retail real estate. Factors that we consider when evaluating an investment include but are not limited to:
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We seek to maintain a capital structure that provides us with the flexibility to manage our business and pursue our growth strategies, while allowing us to service our debt requirements and generate appropriate risk-adjusted returns for our stockholders. We believe these objectives are best achieved by a capital structure that consists primarily of common equity and prudent amounts of preferred equity and debt financing. However, we may raise capital in any form and under terms that we deem acceptable and in the best interest of our stockholders.
We have previously utilized common and preferred stock equity offerings, secured mortgage borrowings, unsecured bank borrowings, private placements and public offerings of senior unsecured notes and the sale of properties to meet our capital requirements. We continually evaluate our financing policies on an on-going basis in light of current economic conditions, access to various capital markets, relative costs of equity and debt securities, the market value of our properties and other factors.
Additionally, we sell common stock through forward sale agreements, enabling the Company to set the price of shares upon pricing the offering while delaying the issuance of shares and the receipt of the net proceeds by the Company.
As of December 31, 2024, the Company’s ratio of total debt to enterprise value, assuming the conversion of common limited partnership interests in the Operating Partnership (“Operating Partnership Common Units”) into shares of common stock, was approximately 26.6%, and its ratio of total debt to total gross assets (before accumulated depreciation) was approximately 31.1%.
As of December 31, 2024, our total debt outstanding before deferred financing costs and original issue discount was $2.81 billion, including $43.9 million of secured mortgage debt that had a weighted average fixed interest rate of 3.73% and a weighted average maturity of 4.8 years, $2.61 billion of unsecured borrowings, which includes $350.0 million of unsecured term loans and $2.26 billion of unsecured notes, that had a weighted average fixed interest rate of 3.87% (including the effects of interest rate swap agreements) and a weighted average maturity of 6.2 years, and $158.0 million of floating rate borrowings under our Revolving Credit Facility at an interest rate of approximately 5.29%.
Certain financial agreements to which the Company is a party contain covenants that limit its ability to incur debt under certain circumstances; however, our organizational documents do not limit the absolute amount or percentage of indebtedness that we may incur. As such, we may modify our borrowing policies at any time without stockholder approval.
Asset Management
We maintain a proactive leasing and capital improvement program that, combined with the quality and locations of our properties, has made our properties attractive to tenants. We intend to continue to hold our properties for long-term investment and, accordingly, place a strong emphasis on the quality of construction and an on-going program of regular and preventative maintenance. Our properties are designed and built to require minimal capital improvements other than renovations or alterations, typically paid for by tenants. Personnel from our corporate headquarters conduct regular inspections of each property, maintain regular contact with major tenants and engage in consistent dialogue to understand store performance and tenant sustainability.
We have a management information system designed to provide our management with the operating data necessary to make informed business decisions on a timely basis. This system provides us rapid access to lease data, tenants’ sales history, cash flow budgets and forecasts. Such a system helps us to maximize cash flow from operations and closely monitor corporate expenses.
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Competition
The U.S. commercial real estate investment market is a highly competitive industry. We actively compete with many entities engaged in the acquisition, development and operation of commercial properties. As such, we compete with other investors for a limited supply of properties and financing for these properties. Investors include traded and non-traded public REITs, private equity firms, institutional investment funds, insurance companies and private individuals, many of which have greater financial resources than we do and the ability to accept more risk than we believe we can prudently manage. There can be no assurance that we will be able to compete successfully with such entities in our acquisition, development and leasing activities in the future.
Significant Tenants
No tenant accounted for more than 10.0% of our annualized base rent as of December 31, 2024. See “Item 2 – Properties” for additional information on our top tenants and the composition of our tenant base.
Regulation
Environmental
Investments in real property create the potential for environmental liability on the part of the owner or operator of such real property. If hazardous substances are discovered on or emanating from a property, the owner or operator of the property may under certain statutory schemes be held strictly liable for all costs and liabilities relating to such hazardous substances. We have obtained a Phase I environmental study (which involves inspection without soil sampling or ground water analysis) conducted by independent environmental consultants on each of our properties and, in certain instances, have conducted additional investigation, including Phase II environmental assessments.
We have no knowledge of any hazardous substances existing on our properties in violation of any applicable laws; however, no assurance can be given that such substances are not currently located on any of our properties.
We believe that we are in compliance, in all material respects, with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Furthermore, we have not received notice from any governmental authority of any noncompliance, liability or other claim in connection with any of our properties.
Americans with Disabilities Act of 1990
Our properties, as commercial facilities, are required to comply with Title III of the Americans with Disabilities Act of 1990 and similar state and local laws and regulations (collectively, the “ADA”). Investigation of a property may reveal non-compliance with the ADA. Our tenants will typically have primary responsibility for complying with the ADA, but we may incur costs if the tenant does not comply. As of December 31, 2024, we have not received notice from any governmental authority, nor are we otherwise aware, of any non-compliance with the ADA that we believe would have a material adverse effect on our business, financial position or results of operations.
Human Capital
Team Members and Values
As of December 31, 2024, the Company had 75 full-time team members covering acquisitions, development, legal, asset management, accounting, finance, administrative, and executive functions as compared to 72 full-time team members as of December 31, 2023.
Our core values are the foundation of our Company culture and include:
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We work to attract the best talent externally to meet the current and future demands of our business. We utilize social media, professional recruiters and other organizations to find motivated and talented team members and employ competency-based behavioral interviewing techniques.
Talent Management
Professional development is a cornerstone of our talent management system, and we diligently work to develop talent from within. We emphasize professional development through both technical and soft-skill development and training. To empower team members to reach their potential, the Company provides a range of on-the-job training and mentoring, knowledge sharing, continuing education and “lunch-and-learn” programs. Our talent management practices include the utilization of our core competency frameworks, professional development plans, career pathing and succession planning and carefully designed promotion and internal mobility opportunities.
Our team members’ goal setting and performance feedback processes include formal quarterly and annual reviews and self and team leader reviews, as well as ongoing one-on-one meetings with team leaders. Professional development plans based on critical core competencies are created and monitored to ensure progress is made along established timelines.
Financial and Health Wellness
As part of our compensation philosophy, we offer and maintain market competitive total rewards programs for team members in order to attract and retain superior talent. These programs not only include wages and incentives, but also health, welfare, and retirement benefits.
Our compensation philosophies include:
The structure of our compensation programs balance incentive earnings for both short-term and long-term performance. Specifically, the programs include a base salary, incentive compensation through annual cash bonuses and equity participation, and a retirement plan with Company match.
The “Agree Wellness Program” affords team members paid time off and holidays, fully equipped on-site fitness amenities, and leaves of absence for specified events. Insurance coverages are provided for all team members and their dependents, including medical, dental, vision, disability, and life insurance. The Company pays 100% of short-term, long-term, and life insurance premiums for team members and their families. The Company pays 100% of medical premiums for team members and their families for two plan options.
Environmental, Social and Governance (“ESG”)
As part of the Company’s commitment to continuously improving our understanding of and performance across material ESG topics, the Company engaged a third-party consultant since 2022 to help identify opportunities for improvement
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across our programs, policies, and disclosures to meet the expectations of our stakeholders. The Company executed an ongoing sustainability and ESG strategy to enhance our oversight structure, risk management, policies, data collection, reporting, and stakeholder engagement. Additionally, the Company received Gold Level recognition from Green Lease Leaders for two consecutive years.
Environmental Sustainability
We understand that environmental sustainability is an ongoing endeavor and embrace the responsibility to be a steward of the environment, use natural resources carefully, and work with our retail partners on shared sustainability initiatives. We remain committed to using our time, talents, resources, and relationships to grow in a manner that makes the world and the environment better for future generations.
Our focus on industry-leading, national and super-regional retailers provides for long-term relationships with many environmentally conscientious retailers. This is particularly meaningful because the Company’s portfolio is primarily comprised of properties that are leased to tenants under long-term net leases where the tenant is generally responsible for maintaining the property and implementing environmentally responsible practices.
We engaged with our retail partners on shared sustainability initiatives at our properties, and executed green leases with various tenants, as well as systematically monitored ESG policies for current and prospective tenants. We continue working with our tenants and consultant to update our greenhouse gas emissions inventory.
Social, Company Culture and Team Members
The “Agree Wellness Program” focuses on physical and financial wellness to enhance team members’ well-being. The Company believes that team members who are healthy, fit, financially secure and motivated are team members who achieve personal and professional success. Ongoing professional development is offered to help all team members advance their careers. The Company regularly sponsors local charities and has received numerous local awards recognizing its outstanding corporate culture and wellness initiatives. The Company supports healthy living through enhanced health insurance, an on-site gym, training and education, various complementary meal programs and many other benefits.
We support team members with cash compensation plans, equity ownership programs, retirement plans and ongoing access to financial planning resources. Team members are compensated for their performance and rewarded for their outstanding work. Alignment of individual, team, corporate and stockholder objectives provides for continuity, teamwork and increased collaboration. Our team members are paid commensurate with their qualifications, responsibilities, productivity, quality of work and adherence to our core values.
The Agree Culture Committee is composed of team members from departments throughout the organization. The Company’s Culture Committee hosts a variety of events that are focused on team building and camaraderie as well as contributing to the communities in which we live.
Governance, Fiduciary Duties and Ethics
We believe that nothing is more important than a company’s reputation for integrity and serving as a responsible fiduciary for its stockholders. We are committed to managing the Company for the benefit of our stockholders and are focused on maintaining good corporate governance.
Our board of directors has 10 directors, eight of whom are independent. Six new independent directors have been added since 2018. Independent directors meet regularly, without the presence of officers or team members. A Lead Independent Director was appointed in 2019.
The board of directors has adopted an insider trading policy that applies to all directors, officers and team members. The Company does not have a stockholder rights plan (“poison pill”) and maintains stock ownership guidelines for directors and certain executive officers requiring specified levels of stock ownership. Time-vested stock grants to officers and team members vest over a three-year period to provide long-term alignment, while performance-based stock grants to named
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executive officers utilize total shareholder return, with the amount of the grants intended to increase as total returns to stockholders increase, further enhancing alignment. Our board of directors has established a succession plan for the Chief Executive Officer to cover emergencies and other occurrences. Finally, the Company annually submits “say-on-pay” advisory votes to its stockholders.
Available Information
We make available free of charge through our website at www.agreerealty.com all reports we electronically file with, or furnish to, the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and current reports on Form 8-K, as well as any amendments to those reports, as soon as reasonably practicable after those documents are filed with, or furnished to, the SEC. These filings are also accessible on the SEC’s website at www.sec.gov.
Item 1A: Risk Factors
The following factors and other factors discussed in this Annual Report on Form 10-K could cause the Company’s actual results to differ materially from those contained in forward-looking statements made in this report or presented elsewhere in future SEC reports. You should carefully consider each of the risks, assumptions, uncertainties and other factors described below and elsewhere in this report, as well as any reports, amendments or updates reflected in subsequent filings or furnishings with the SEC. We believe these risks, assumptions, uncertainties and other factors, individually or in the aggregate, could cause our actual results to differ materially from expected and historical results and could materially and adversely affect our business operations, results of operations, financial condition and liquidity.
Risks Related to Our Business and Operations
Economic and financial conditions may have a negative effect on our business and operations.
Changes in global or national economic conditions, such as the global economic and financial market downturn, rising tensions between China and Taiwan and the conflicts in Ukraine and in the Middle East, may cause or continue to cause, among other things, tightening in the credit markets, lower levels of liquidity, increases in the rate of default and bankruptcy and lower consumer spending and business spending, which could adversely affect our business and operations. For example, the current and continued macro-economic conditions of high inflation and increased interest rates have increased the costs associated with acquiring new properties and decreased the availability of financing on terms that we find acceptable, which has reduced our ability to acquire properties at our historical rate with attractive terms. Potential consequences of changes in economic and financial conditions include:
We are also limited in our ability to reduce costs to offset the results of a prolonged or severe economic downturn given certain fixed costs and commitments associated with our operations, which could materially impact our results of operations and/or financial condition.
Our business is significantly dependent on single tenant properties.
We focus our development and investment activities on ownership of real properties that are primarily net leased to a single tenant. Therefore, the financial failure of, or other default in payment by, a single tenant under its lease and the potential resulting vacancy is likely to cause a significant reduction in our operating cash flows from that property and a significant reduction in the value of the property and could cause a significant impairment loss. In addition, we would be responsible for all of the operating costs of a property following a vacancy at a single tenant building. Because our properties have generally been built to suit a particular tenant’s specific needs and desires, we may also incur significant losses to make the leased premises ready for another tenant and experience difficulty or a significant delay in releasing such property.
Bankruptcy laws will limit our remedies if a tenant becomes bankrupt and rejects its leases.
If a tenant becomes bankrupt or insolvent, that could diminish the income we receive from that tenant’s leases. We may not be able to evict a tenant solely because of its bankruptcy. On the other hand, a bankruptcy court might authorize the tenant to terminate its leasehold with us. If that happens, our claim against the bankrupt tenant for unpaid future rent would be an unsecured claim subject to statutory limitations, and therefore any amounts received in bankruptcy are likely to be substantially less valuable than the remaining rent we otherwise were owed under the leases. In addition, any payment on a claim we have for unpaid past rent could be substantially less than the amount owed.
Our portfolio is concentrated in certain states, which makes us more susceptible to adverse events in these areas.
Our properties are located in all 50 states throughout the United States and in particular, the state of Texas (where 151 properties out of 2,370 properties are located, or 6.8% of our annualized base rent was derived as of December 31, 2024), Illinois (140 properties, or 5.5% of our annualized base rent), Michigan (142 properties, or 5.5% of our annualized base rent), North Carolina (133 properties, or 5.2% of our annualized base rent), and Florida (129 properties, or 5.2% of our annualized rent). An economic downturn or other adverse events or conditions such as natural disasters in any of these areas, or any other area where we may have significant concentration in the future, could result in a material reduction of our cash flows or material losses to our company.
Our tenants are concentrated in certain retail sectors, which makes us susceptible to adverse conditions impacting these sectors.
As of December 31, 2024, 9.2%, 9.2% and 8.1% of our annualized base rents were derived from tenants operating in the grocery store, home improvement, and tire and auto service sectors, respectively. Similarly, we have concentrations in other sectors such as convenience stores, dollar stores and auto parts. Any decrease in consumer demand for the products and services offered by our tenants operating in any industries for which we have concentrations could have an adverse effect on our tenants’ revenues, costs and results of operations, thereby adversely affecting their ability to meet their lease obligations to us. As we continue to invest in properties, our portfolio may become more or less concentrated by industry sector.
There are risks associated with our development and acquisition activities.
We intend to continue the development of new properties and to consider possible acquisitions of existing properties. We anticipate that our new developments will be financed under the revolving credit facility or other forms of financing that will result in a risk that permanent fixed rate financing on newly developed projects might not be available or would be available only on disadvantageous terms. In addition, new project development is subject to a number of risks, including risks of construction delays or cost overruns that may increase anticipated project costs. Furthermore, new project commencement risks also include receipt of zoning, occupancy, other required governmental permits and authorizations and the incurrence of development costs in connection with projects that are not pursued to completion. If permanent debt or equity financing is not available on acceptable terms to finance new development or acquisitions undertaken without permanent financing, further development activities or acquisitions might be curtailed, or cash available for distribution might be adversely affected. Acquisitions entail risks that investments will fail to perform in accordance with expectations, as well as general investment risks associated with any new real estate investment.
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Loss of revenues from tenants would reduce the Company’s cash flow.
Our tenants encounter significant macroeconomic, governmental and competitive forces. Beginning in 2022, in an effort to combat inflation and restore price stability, the Federal Reserve significantly raised its benchmark federal funds rate, which led to increases in interest rates in the credit markets. The Federal Reserve may continue to raise the federal funds rate, which will likely lead to higher interest rates in the credit markets and the possibility of slowing economic growth and/or a recession. Additionally, U.S. government policies implemented to address inflation, including actions by the Federal Reserve to increase interest rates, could negatively impact consumer spending and adversely impact the broader economy. Adverse changes in consumer spending or consumer preferences for particular goods, services or store-based retailing could severely impact their ability to pay rent. Shifts from in-store to online shopping could increase due to changing consumer shopping patterns as well as the increase in consumer adoption and use of mobile electronic devices. This expansion of e-commerce could have an adverse impact on our tenant’s ongoing viability. The default, financial distress, bankruptcy or liquidation of one or more of our tenants could cause substantial vacancies in our property portfolio or impact our tenants’ ability to pay rent. Vacancies reduce our revenues, increase property expenses and could decrease the value of each vacant property. Upon the expiration of a lease, the tenant may choose not to renew the lease, renegotiate the economics of any option period(s) as a condition of exercising one or more of them, and/or we may not be able to release the vacant property at a comparable lease rate or without incurring additional expenditures in connection with such renewal or re-leasing. These risks could be exacerbated by a deterioration in the financial condition of any major tenant with leases in multiple locations.
Our assessment that certain businesses are more insulated from e-commerce pressure than others may prove to be incorrect, and changes in macroeconomic trends may adversely affect our tenants, either of which could impair our tenants' ability to make rental payments to us and materially and adversely affect us.
We primarily invest in properties leased to tenants in sectors where a physical location is critical to the generation of sales and profits. Such tenants operate in sectors including grocery stores, home improvement, tire and automotive services and convenience stores. We believe many of these businesses have adopted effective omni-channel strategies that leverage their brick and mortar locations as a distinct competitive advantage against online only retailers and other competitors. In addition, they generally operate in sectors that are resilient through economic cycles. While we believe this to be the case, technology and business conditions, particularly in the retail industry, are rapidly changing, and our tenants may be adversely affected by technological innovation, changing consumer preferences and competition from non-traditional sources. To the extent our tenants face increased competition their businesses could suffer. There can be no assurance that our tenants will be successful in meeting any new competition, and a deterioration in our tenants’ businesses could impair their ability to meet their lease obligations to us and materially and adversely affect us.
The availability and timing of cash dividends is uncertain.
We expect to continue to pay regular dividends to our stockholders. However, we bear all expenses incurred by our operations, and our funds generated by operations, after deducting these expenses, may not be sufficient to cover desired levels of dividends to our stockholders. We cannot assure our stockholders that sufficient funds will be available to pay dividends.
The decision to declare and pay dividends on our common stock in the future, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of our board of directors and will depend on our earnings, funds from operations, liquidity, financial condition, capital requirements, contractual prohibitions, or other limitations under our indebtedness, annual dividend requirements or the REIT provisions of the Internal Revenue Code, state law and such other factors as our board of directors deems relevant. Further, we may issue new shares of common stock as compensation to our team members or in connection with public offerings or acquisitions. Any future issuances may substantially increase the cash required to pay dividends at current or higher levels.
Any preferred shares we may offer may have a fixed dividend rate that would not increase with any increases in the dividend rate of our common stock. Conversely, payment of dividends on our common stock is subject to payment in full of the dividends on any preferred shares and payment of interest on any debt securities we may offer.
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If we do not maintain or increase the dividend on our common stock, it could have an adverse effect on the market price of our shares.
We face risks relating to information technology and cybersecurity attacks, loss of confidential information and other business disruptions.
We rely on information technology networks and systems, including the Internet, to process, transmit and store electronic information and to manage or support a variety of our business processes and we rely on commercially available systems, software, tools and monitoring to provide infrastructure and security for processing, transmitting and storing information. Any failure, inadequacy or interruption could materially harm our business and/or damage our business relationships and our reputation. Our clients or other third parties with whom we do business may themselves become subject to cyberattacks or security incidents, over which we may have no control, and which could have an indirect adverse impact on them, us or our business relationship. Furthermore, our business is subject to risks from and may be impacted by cybersecurity attacks or cyber intrusion, including attempts to gain unauthorized access to our confidential data and other electronic security breaches. Such cyber-attacks can range from individual attempts to gain unauthorized access to our information technology systems to more sophisticated security threats. While we employ a number of measures to prevent, detect and mitigate these threats, there is no guarantee such efforts will be successful in preventing a cyber-attack. Cybersecurity incidents could cause operational interruption, damage to our business relationships, private data exposure (including personally identifiable information, or proprietary and confidential information, of ours and our team members, as well as third parties) and affect the efficiency of our business operations. Any such incidents could result in legal claims or proceedings, liability or regulatory penalties under laws protecting the privacy of personal information and reduce the benefits of our technologies. Further, while we carry cyber liability insurance, such insurance may not be adequate to cover all losses related to such events.
The use of artificial intelligence presents risks and challenges that may adversely impact our business and operating results or that of our tenants.
We may adopt and integrate generative artificial intelligence and machine learning (collectively, “AI”) tools into our operations to enhance efficiencies and streamline existing systems. However, the deployment and maintenance of AI tools may entail substantial risks. While these tools hold promise in optimizing processes and driving efficiencies, as with many technological innovations, they also pose inherent risks. These include, but are not limited to, the potential for inaccuracy, bias, intellectual property infringement, or misappropriation, as well as concerns regarding data privacy and cybersecurity.
Potential risk of use of AI by cybercriminals
As AI technologies become more advanced, cybercriminals may develop more sophisticated attack methods. Such methods may include the use of AI to automate and enhance phishing schemes, advance malware, and carry out more effective cyberattacks. The AI-driven cyber threats could be harder to detect and counteract, which may pose significant risks to our data security and the integrity of our systems. If such AI-enhanced cyberattacks are successful, they could lead to substantial data breaches, loss of sensitive information, and significant financial and reputational damage.
Our environmental, social and governance commitments could result in additional costs, and our inability to achieve them could have an adverse impact on our reputation and performance.
From time to time, we communicate our strategies, commitments and targets related to sustainability and other environmental, social and governance matters. These strategies, commitments and targets reflect our current plans and aspirations, and we may be unable to achieve them. We may from time to time incur additional expense to meet such targets. Any failure to meet these sustainability targets could adversely impact our business, financial condition and results of operations. In addition, standards and processes for measuring and reporting carbon emissions and other sustainability metrics may change over time, and may result in inconsistent data, or could result in significant revisions to our strategies, commitments and targets, or our ability to achieve them. Any scrutiny of our sustainability disclosures or our failure to achieve related strategies, commitments and targets could negatively impact our reputation or performance.
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General Real Estate Risks
Our performance and value are subject to general economic conditions and risks associated with our real estate assets.
There are risks associated with owning and leasing real estate. Although many of our leases contain terms that obligate the tenants to bear substantially all of the costs of operating our properties, investing in real estate involves a number of risks. Income from and the value of our properties may be adversely affected by:
Economic and financial market conditions have and may continue to exacerbate many of the foregoing risks. If a tenant fails to perform on its lease covenants, that would not excuse us from meeting any mortgage debt obligation secured by the property and could require us to fund reserves in favor of our mortgage lenders, thereby reducing funds available for payment of cash dividends on our shares of common stock.
The fact that real estate investments are relatively illiquid may reduce economic returns to investors.
We may desire to sell a property in the future because of changes in market conditions or poor tenant performance or to avail ourselves of other opportunities. We may also be required to sell a property in the future to meet secured debt obligations or to avoid a secured debt loan default. Real estate properties cannot generally be sold quickly, and we cannot assure you that we could always obtain a favorable price. We may be required to invest in the restoration or modification of a property before we can sell it, or we may need to obtain landlord consent to sell certain assets in which we have a leasehold interest in the land underlying the buildings. This lack of liquidity may limit our ability to vary our portfolio promptly in response to changes in economic or other conditions and, as a result, could adversely affect our financial condition, results of operations, cash flows and our ability to pay dividends on our common stock.
Our ability to renew leases or re-lease space on favorable terms as leases expire significantly affects our business.
We are subject to the risks that, upon expiration of leases for space located in our properties, the premises may not be re-let or the terms of re-letting (including the cost of concessions to tenants) may be less favorable than current lease terms. If a tenant does not renew its lease or if a tenant defaults on its lease obligations, there is no assurance we could obtain a substitute tenant on acceptable terms. If we cannot obtain another tenant with comparable building structural space and configuration needs, we may be required to modify the property for a different use, which may involve a significant capital expenditure and a delay in re-leasing the property. Further, if we are unable to re-let promptly all or a substantial portion of our retail space or if the rental rates upon such re-letting were significantly lower than expected rates, our net income and ability to make expected distributions to stockholders would be adversely affected. There can be no assurance that we will be able to retain tenants in any of our properties upon the expiration of their leases.
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Our leases contain certain limitations on tenants’ real estate tax, insurance and operating cost reimbursement obligations.
Our tenants under net leases generally are responsible for paying the real estate taxes, insurance costs and operating costs associated with the leased property. However, certain leases contain limitations on the tenant’s cost reimbursement obligations and, therefore, there are costs which may be incurred and which will not be reimbursed in full by tenants. This could reduce our operating cash flows from those properties and could reduce the value of those properties.
Potential liability for environmental contamination could result in substantial costs.
Under federal, state and local environmental laws, we may be required to investigate and clean up any release of hazardous or toxic substances or petroleum products at our properties, regardless of our knowledge or actual responsibility, simply because of our current or past ownership or operation of the real estate. If unidentified environmental problems arise, we may have to make substantial payments, which could adversely affect our cash flow and our ability to make distributions to our stockholders. This potential liability results from the following:
These costs could be substantial and in extreme cases could exceed the value of the contaminated property. The presence of hazardous substances or petroleum products or the failure to properly remediate contamination may adversely affect our ability to borrow against, sell or lease an affected property. In addition, some environmental laws create liens on contaminated sites in favor of the government for damages and costs it incurs in connection with a contamination.
We own and may in the future acquire properties that will be operated as convenience stores with gas station facilities. The operation of convenience stores with gas station facilities at our properties will create additional environmental concerns. Similarly, we may lease properties to users or producers of other hazardous materials. We require that the tenants who operate these facilities do so in material compliance with current laws and regulations.
A majority of our leases require our tenants to comply with environmental laws and to indemnify us against environmental liability arising from the operation of the properties. However, we could be subject to strict liability under environmental laws because we own the properties. There are certain losses, including losses from environmental liabilities, that are not generally insured against or that are not generally fully insured against because it is not deemed economically feasible or prudent to do so. There is also a risk that tenants may not satisfy their environmental compliance and indemnification obligations under the leases. Any of these events could substantially increase our cost of operations, require us to fund environmental indemnities in favor of our secured lenders and reduce our ability to service our secured debt and pay dividends to stockholders and any debt security interest payments. Environmental problems at any properties could also put us in default under loans secured by those properties, as well as loans secured by unaffected properties. As of December 31, 2024, we have not been notified by any governmental authority of any non-compliance, liability or other claim, and are not aware of any other environmental condition that we believe will have a material adverse effect on our business, financial condition, results of operations or liquidity.
Uninsured losses relating to real property may adversely affect our operating results and cash flows and upon renewal of our insurance policies, our coverage may change and our costs may increase.
Our leases generally require tenants to carry comprehensive liability and extended coverage insurance on our properties. However, there are certain losses, including losses from environmental liabilities, terrorist acts or catastrophic acts of nature, that are not generally insured against or that are not generally fully insured against because it is not deemed
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economically feasible or prudent to do so. If there is an uninsured loss or a loss in excess of insurance limits, we could lose both the revenues generated by the affected property and the capital we have invested in the property. Inflation, changes in building codes and ordinances, environmental considerations and other factors might also keep us from using insurance proceeds to replace or renovate an affected property after it has been damaged or destroyed. Under those circumstances, the insurance proceeds we receive might be inadequate to restore our economic position on the damaged or destroyed property. In the event of a substantial unreimbursed loss, we would remain obligated to repay any mortgage indebtedness or other obligations related to the property.
It has generally become more difficult and expensive to obtain property insurance, including coverage for terrorism. When our current insurance policies expire, we may encounter difficulty in obtaining or renewing property insurance on our properties at the same levels of coverage and under similar terms. Such insurance may be more limited and for some catastrophic risks (for example, earthquake, flood and terrorism) may not be generally available at current levels. Even if we are able to renew our policies or to obtain new policies at levels and with limitations consistent with our current policies, we cannot be sure that we will be able to obtain such insurance at premium rates that are commercially reasonable.
If we were unable to obtain adequate insurance on our properties for certain risks, it could cause us to be in default under specific covenants on certain of our indebtedness or other contractual commitments that require us to maintain adequate insurance to protect against the risk of loss. If this were to occur, or if we were unable to obtain adequate insurance and our properties experience damage which would otherwise have been covered by insurance, it could materially and adversely affect our financial condition and the operations of our properties.
Risks Related to Our Debt Financings
Our level of indebtedness could materially and adversely affect our financial position, including reducing funds available for other business purposes and reducing our operational flexibility, and we may have future capital needs and may not be able to obtain additional financing on acceptable terms.
At December 31, 2024, our ratio of total debt to enterprise value (assuming conversion of Operating Partnership Common Units into shares of common stock) was approximately 26.6%. Incurring substantial debt may adversely affect our business and operating results by:
In addition, the use of leverage presents an additional element of risk in the event that (1) the cash flow from lease payments on our properties is insufficient to meet debt obligations, (2) we are unable to refinance our debt obligations as necessary or on as favorable terms, (3) there is an increase in interest rates, (4) we default on our financial obligations or (5) debt service requirements increase. If a property is mortgaged to secure payment of indebtedness and we are unable to meet mortgage payments, the property could be foreclosed upon with a consequential loss of income and asset value to us.
We generally intend to maintain a ratio of total indebtedness (including construction or acquisition financing) to total market capitalization of 65% or less. Nevertheless, we may operate with debt levels which are in excess of 65% of total market capitalization for extended periods of time. If our debt capitalization policy were changed, we could become more highly leveraged, resulting in an increase in debt service that could adversely affect our operating cash flow and our ability to make expected distributions to stockholders, and could result in an increased risk of default on our obligations.
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Covenants in our credit agreements and note purchase agreements could limit our flexibility and adversely affect our financial condition.
The terms of the financing agreements and other indebtedness require us to comply with a number of customary financial and other covenants. These covenants may limit our flexibility in our operations, and breaches of these covenants could result in defaults under the instruments governing the applicable indebtedness even if we have satisfied our payment obligations. Our financing agreements contain certain cross-default provisions which could be triggered in the event that we default on our other indebtedness. These cross-default provisions may require us to repay or restructure the revolving credit facility in addition to any mortgage or other debt that is in default. If our properties were foreclosed upon, or if we are unable to refinance our indebtedness at maturity or meet our payment obligations, the amount of our distributable cash flows and our financial condition would be adversely affected.
Our unsecured revolving credit facility, certain term loan agreements and certain note purchase agreements contain various restrictive corporate covenants, including a maximum total leverage ratio, a maximum secured leverage ratio and a minimum fixed charge coverage ratio. In addition, our unsecured revolving credit facility, certain term loan agreements and certain note purchase agreements have unencumbered pool covenants, which include a maximum unencumbered leverage ratio and a minimum unencumbered interest coverage ratio. These covenants may restrict our ability to pursue certain business initiatives or certain transactions that might otherwise be advantageous. Furthermore, failure to meet certain of these financial covenants could cause an event of default under and/or accelerate some or all of such indebtedness which could have a material adverse effect on us.
An increase in market interest rates could raise our interest costs on existing and future debt or adversely affect our stock price, and a decrease in interest rates may lead to additional competition for the acquisition of real estate or adversely affect our results of operations.
Our interest costs for any new debt and our current debt obligations may rise if interest rates increase. This increased cost could make the financing of any new acquisition more expensive as well as lower our current period earnings. For example, the increase in interest rates has led to an increase in our cost of capital, resulting in requiring acquisition opportunities to have higher investment yields to achieve our investment goals and objectives. Rising interest rates could limit our ability to refinance existing debt when it matures or cause us to pay higher interest rates upon refinancing. In addition, an increase in interest rates could decrease the access third parties have to credit, thereby decreasing the amount they are willing to pay to lease our assets and limit our ability to reposition our portfolio promptly in response to changes in economic or other conditions. An increase in market interest rates may lead prospective purchasers of our common stock to expect a higher dividend yield, which could adversely affect the market price of our common stock. Decreases in interest rates may lead to additional competition for the acquisition of real estate due to a reduction in desirable alternative income-producing investments. Increased competition for the acquisition of real estate may lead to a decrease in the yields on real estate targeted for acquisition. In such circumstances, if we are not able to offset the decrease in yields by obtaining lower interest costs on our borrowings, our results of operations may be adversely affected.
Our hedging strategies may not be successful in mitigating our risks associated with interest rates and could reduce the overall returns on your investment.
We use various derivative financial instruments to provide a level of protection against interest rate risks, but no hedging strategy can protect us completely. These instruments involve risks, such as the risk that the counterparties may fail to honor their obligations under these arrangements, that these arrangements may not be effective in reducing our exposure to interest rate changes, that a court could rule that such agreements are not legally enforceable, and that we may have to post collateral to enter into hedging transactions, which we may lose if we are unable to honor our obligations. These instruments may also generate income that may not be treated as qualifying REIT income for purposes of the REIT income tests. In addition, the nature and timing of hedging transactions may influence the effectiveness of our hedging strategies. Poorly designed strategies or improperly executed transactions could actually increase our risk and losses. Moreover, hedging strategies involve transaction and other costs. We cannot assure you that our hedging strategy and the derivatives that we use will adequately offset the risk of interest rate volatility or that our hedging transactions will not result in losses that may reduce the overall return on your investment.
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Future offerings of debt and equity may not be available to us or may adversely affect the market price of our common stock.
We expect to continue to increase our capital resources by making additional offerings of equity and debt securities in the future, which could include classes or series of preferred stock, common stock and senior or subordinated notes. Our ability to raise additional capital may be restricted at a time when we would like or need, including as a result of market conditions. Future market dislocations could cause us to seek sources of potentially less attractive capital and impact our flexibility to react to changing economic and business conditions. All debt securities and other borrowings, as well as all classes or series of preferred stock, will be senior to our common stock in a liquidation of our company. Additional equity offerings could dilute our stockholders’ equity and reduce the market price of shares of our common stock. In addition, depending on the terms and pricing of an additional offering of our common stock and the value of our properties, our stockholders may experience dilution in both the book value and fair value of their shares. The market price of our common stock could decline as a result of sales of a large number of shares of our common stock in the market after an offering or the perception that such sales could occur, and this could materially and adversely affect our ability to raise capital through future offerings of equity or equity-related securities. In addition, we may issue preferred stock or other securities convertible into equity securities with a distribution preference or a liquidation preference that may limit our ability to make distributions on our common stock. Our ability to estimate the amount, timing or nature of additional offerings is limited as these factors will depend upon market conditions and other factors.
Risks Related to Our Corporate Structure
Our charter, bylaws and Maryland law contain provisions that may delay, defer or prevent a change of control transaction.
Our charter contains 9.8% ownership limits. Our charter, subject to certain exceptions, authorizes our directors to take such actions as are necessary and desirable to preserve our qualification as a REIT and contains provisions that limit any person to actual or constructive ownership of no more than 9.8% (in value or in number of shares, whichever is more restrictive) of the outstanding shares of our common stock and no more than 9.8% (in value) of the aggregate of the outstanding shares of all classes and series of our stock. Our board of directors, in its sole discretion, may exempt, subject to the satisfaction of certain conditions, any person from the ownership limits. These restrictions on transferability and ownership will not apply if our board of directors determines that it is no longer in our best interests to attempt to qualify, or to continue to qualify, as a REIT. The ownership limits may delay or impede, and we may use the ownership limits deliberately to delay or impede, a transaction or a change of control that might involve a premium price for our common stock or otherwise be in the best interest of our stockholders.
We have a staggered board. Our directors are divided into three classes serving three-year staggered terms. The staggering of our board of directors may discourage offers for the Company or make an acquisition more difficult, even when an acquisition may be viewed to be in the best interest of our stockholders.
We could issue stock without stockholder approval. Our board of directors could, without stockholder approval, issue authorized but unissued shares of our common stock or preferred stock. In addition, our board of directors could, without stockholder approval, classify or reclassify any unissued shares of our common stock or preferred stock and set the preferences, rights and other terms of such classified or reclassified shares. Our board of directors could establish a series of stock that could, depending on the terms of such series, delay, defer or prevent a transaction or change of control that might involve a premium price for our common stock or otherwise be viewed to be in the best interest of our stockholders.
Provisions of Maryland law may limit the ability of a third party to acquire control of our company. Certain provisions of Maryland law may have the effect of inhibiting a third party from making a proposal to acquire us or of impeding a change of control under certain circumstances that otherwise could provide the holders of shares of our common stock with the opportunity to realize a premium over the then prevailing market price of such shares, including:
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The business combination statute permits various exemptions from its provisions, including business combinations that are approved or exempted by the board of directors before the time that the interested stockholder becomes an interested stockholder. Our board of directors has exempted from the business combination provisions of the Maryland General Corporation Law, or MGCL, any business combination with Mr. Richard Agree or any other person acting in concert or as a group with Mr. Richard Agree.
In addition, our bylaws contain a provision exempting any and all acquisitions by any person of shares of our stock from the control share acquisition statute.
Additionally, Title 3, Subtitle 8 of the MGCL, permits our board of directors, without stockholder approval and regardless of what is currently provided in our charter or our bylaws, to implement certain takeover defenses. These provisions may have the effect of inhibiting a third party from making an acquisition proposal for our company or of delaying, deferring or preventing a change in control of our company under circumstances that otherwise could provide the holders of our common stock with the opportunity to realize a premium over the then-current market price.
Our charter, our bylaws, the limited partnership agreement of the Operating Partnership and Maryland law also contain other provisions that may delay, defer or prevent a transaction or a change of control that might involve a premium price for our common stock or otherwise be viewed to be in the best interest of our stockholders.
An officer and director may have interests that conflict with the interests of stockholders.
An officer and member of our board of directors owns Operating Partnership Common Units. This individual may have personal interests that conflict with the interests of our stockholders with respect to business decisions affecting us and the Operating Partnership, such as interests in the timing and pricing of property sales or refinancing in order to obtain favorable tax treatment.
Federal Income Tax Risks
Complying with REIT requirements may cause us to forego otherwise attractive opportunities.
To qualify as a REIT for federal income tax purposes we must continually satisfy numerous income, asset and other tests, thus having to forego investments we might otherwise make and hindering our investment performance.
Failure to qualify as a REIT could adversely affect our operations and our ability to make distributions.
We will be subject to increased taxation if we fail to qualify as a REIT for federal income tax purposes. Although we believe that we are organized and operate in such a manner so as to qualify as a REIT under the Internal Revenue Code, no assurance can be given that we will remain so qualified. Qualification as a REIT involves the application of highly technical and complex Code provisions for which there are only limited judicial or administrative interpretations. The complexity of these provisions and applicable treasury regulations is also increased in the context of a REIT that holds its assets in partnership form. The determination of various factual matters and circumstances not entirely within our control may affect our ability to qualify as a REIT. Additionally, our charter provides our board of directors with the power, under certain circumstances, to revoke or otherwise terminate our REIT election and cause us to be taxed as a regular corporation, without the approval of our stockholders. A REIT that annually distributes at least 90% of its taxable income to its
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stockholders generally is not taxed at the corporate level on such distributed income. We have not requested and do not plan to request a ruling from the Internal Revenue Service (the “IRS”) that we qualify as a REIT.
If we fail to qualify as a REIT, we will face tax consequences that will substantially reduce the funds available for payment of cash dividends:
In addition, if we fail to qualify as a REIT, we will no longer be required to pay dividends (other than any mandatory dividends on any preferred shares we may offer). As a result of these factors, our failure to qualify as a REIT could adversely affect the market price for our common stock.
U.S. federal tax reform legislation could affect REITs generally, the geographic markets in which we operate, our stock and our results of operations, both positively and negatively in ways that are difficult to anticipate.
Changes to the federal income tax laws are proposed regularly. Additionally, the REIT rules are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury, which may result in revisions to regulations and interpretations in addition to statutory changes. If enacted, certain such changes could have an adverse impact on our business and financial results. In particular, H.R. 1, which took effect for taxable years that began on or after January 1, 2018 (subject to certain exceptions), as amended by the Coronavirus Aid, Relief, and Economic Security Act made many significant changes to the federal income tax laws that profoundly impacted the taxation of individuals, corporations (both regular C corporations as well as corporations that have elected to be taxed as REITs), and the taxation of taxpayers with overseas assets and operations. A number of changes that affect non-corporate taxpayers will expire at the end of 2025 unless Congress acts to extend them. These changes impact us and our stockholders in various ways, some of which are adverse or potentially adverse compared to prior law. While the IRS has issued some guidance with respect to certain of the new provisions, there are numerous interpretive issues that will require further guidance, and technical corrections legislation may be needed to clarify certain aspects of the new law and give proper effect to Congressional intent. There can be no assurance, however, that technical clarifications or further changes needed to prevent unintended or unforeseen tax consequences will be enacted by Congress. In addition, while certain elements of tax reform legislation do not impact us directly as a REIT, they could impact the geographic markets in which we operate, the tenants that populate our properties and the customers who frequent our properties in ways, both positive and negative, that are difficult to anticipate. Other legislative proposals could be enacted in the future that could affect REITs and their stockholders. Prospective investors are urged to consult their tax advisors regarding the effect of these tax law changes and any other potential tax law changes on an investment in our common stock.
Changes in tax laws may prevent us from maintaining our qualification as a REIT.
As we have previously described, we intend to maintain our qualification as a REIT for federal income tax purposes. However, this intended qualification is based on the tax laws that are currently in effect. We are unable to predict any future changes in the tax laws that would adversely affect our status as a REIT. If there is a change in the tax law that prevents us from qualifying as a REIT or that requires REITs generally to pay corporate level income taxes, we may not be able to make the same level of distributions to our stockholders.
Complying with REIT requirements may force us to liquidate or restructure otherwise attractive investments.
In order to qualify as a REIT, at least 75% of the value of our assets must consist of cash, cash items, government securities and qualified real estate assets. The remainder of our investments in securities (other than government securities, securities of TRSs and qualified real estate assets) cannot include more than 10% of the voting securities or 10% of the value of all securities, of any one issuer. In addition, in general, no more than 5% of the total value of our assets (other than government securities, securities of TRSs and qualified real estate assets) can consist of securities of any one issuer, and no more than
20
20% of the total value of our assets can be represented by one or more TRSs. If we fail to comply with these requirements at the end of any calendar quarter, we must correct the failure within 30 days after the end of the calendar quarter or qualify for certain statutory relief provisions to avoid losing our REIT qualification and suffering adverse tax consequences. As a result, we may be required to liquidate otherwise attractive investments.
We may have to borrow funds or sell assets to meet our distribution requirements.
Subject to some adjustments that are unique to REITs, a REIT generally must distribute 90% of its taxable income. For the purpose of determining taxable income, we may be required to accrue interest, rent and other items treated as earned for tax purposes but that we have not yet received. In addition, we may be required not to accrue as expenses for tax purposes some expenses that actually have been paid, including, for example, payments of principal on our debt, or some of our deductions might be disallowed by the IRS. As a result, we could have taxable income in excess of cash available for distribution. If this occurs, we may have to borrow funds or liquidate some of our assets in order to meet the distribution requirement applicable to a REIT.
Our ownership of and relationship with our TRSs will be limited, and a failure to comply with the limits would jeopardize our REIT status and may result in the application of a 100% excise tax.
A REIT may own up to 100% of the stock of one or more TRSs. A TRS may earn income that would not be qualifying income if earned directly by the parent REIT. Overall, no more than 20% of the value of a REIT’s assets may consist of stock or securities of one or more TRSs. A TRS will typically pay federal, state and local income tax at regular corporate rates on any income that it earns. In addition, the TRS rules impose a 100% excise tax on certain transactions between a TRS and its parent REIT that are not conducted on an arm’s-length basis. Our TRSs will pay federal, state and local income tax on their taxable income, and their after-tax net income will be available for distribution to us but will not be required to be distributed to us. There can be no assurance that we will be able to comply with the 20% limitation discussed above or to avoid application of the 100% excise tax discussed above.
Liquidation of our assets may jeopardize our REIT qualification.
To qualify as a REIT, we must comply with requirements regarding our assets and our sources of income. If we are compelled to liquidate our investments to repay obligations to our lenders, we may be unable to comply with these requirements, ultimately jeopardizing our qualification as a REIT, or we may be subject to a 100% tax on any gain if we sell assets in transactions that are considered to be “prohibited transactions,” which are explained in the risk factor below.
We may be subject to other tax liabilities even if we qualify as a REIT.
Even if we remain qualified as a REIT for federal income tax purposes, we will be required to pay certain federal, state and local taxes on our income and property. For example, we will be subject to federal income tax on any of our REIT taxable income (including capital gains) that we do not distribute annually to our stockholders. Additionally, we will be subject to a 4% nondeductible excise tax on the amount, if any, by which dividends paid by us in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years. Moreover, if we have net income from “prohibited transactions,” that income will be subject to a 100% tax. In general, prohibited transactions are sales or other dispositions of property held primarily for sale to customers in the ordinary course of business. The determination as to whether a particular sale is a prohibited transaction depends on the facts and circumstances related to that sale. While we will undertake sales of assets if those assets become inconsistent with our long-term strategic or return objectives, we do not believe that those sales should be considered prohibited transactions, but there can be no assurance that the IRS would not contend otherwise. The need to avoid prohibited transactions could cause us to forego or defer sales of properties that might otherwise be in our best interest to sell.
In addition, any net taxable income earned directly by our TRSs, or through entities that are disregarded for federal income tax purposes as entities separate from our TRSs, will be subject to federal and possibly state corporate income tax. To the extent that we and our affiliates are required to pay federal, state and local taxes, we will have less cash available for distributions to our stockholders.
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Dividends payable by REITs do not qualify for the reduced tax rates on dividend income from regular corporations.
The maximum federal income tax rate applicable to “qualified dividend income” payable by non-REIT corporations to certain non-corporate U.S. stockholders is generally 20% and a 3.8% Medicare tax may also apply. Dividends paid by REITs, however, generally are not eligible for the reduced rates applicable to qualified dividend income. Commencing with taxable years that began on or after January 1, 2018 and continuing through 2025, H.R. 1 temporarily reduced the effective tax rate on ordinary REIT dividends (i.e., dividends other than capital gain dividends and dividends attributable to certain qualified dividend income received by us) for U.S. holders of our common stock that are individuals, estates or trusts by permitting such holders to claim a deduction in determining their taxable income equal to 20% of any such dividends they receive. Taking into account H.R. 1’s reduction in the maximum individual federal income tax rate from 39.6% to 37%, this results in a maximum effective rate of regular income tax on ordinary REIT dividends of 29.6% through 2025 (as compared to the 20% maximum federal income tax rate applicable to qualified dividend income received from a non-REIT corporation). The more favorable rates applicable to regular corporate distributions could cause investors who are individuals to perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay distributions. This could materially and adversely affect the value of the stock of REITs, including our common stock.
Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
The REIT provisions of the Internal Revenue Code substantially limit our ability to hedge our liabilities. Any income from a hedging transaction we enter into to manage risk of interest rate changes, price changes or currency fluctuations with respect to borrowings made or to be made to acquire or carry real estate assets that is clearly identified in the manner specified in the Internal Revenue Code does not constitute gross income and is not counted for purposes of income tests that apply to us as a REIT. To the extent that we enter into other types of hedging transactions, the income from those transactions is likely to be treated as non-qualifying income for purposes of the income tests. As a result of these rules, we may need to limit our use of advantageous hedging techniques or implement those hedges through a TRS. This could increase the cost of our hedging activities because our TRS would be subject to tax on gains or expose us to greater risks associated with changes in interest rates than we would otherwise want to bear. In addition, losses in our TRSs will generally not provide any tax benefit, except for being carried forward against future taxable income in the TRSs.
General Risks
Loss of our key personnel could materially impair our ability to operate successfully.
Our continued success and our ability to manage anticipated future growth depend, in large part, upon the efforts of key personnel. The loss of services of one or more members of our senior management team, or our inability to attract and retain highly qualified personnel, could adversely affect our business, diminish our investment opportunities and our relationships with lenders, business partners, existing and prospective tenants and industry personnel, which could materially and adversely affect us.
If we fail to maintain an effective system of internal controls, we may not be able to accurately report financial results, which could result in a loss of investor confidence and adversely affect the market price of our common stock.
We are required to establish and maintain internal control over financial reporting and disclosure controls and procedures. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with generally accepted accounting principles. Disclosure controls and procedures are processes designed to ensure that information required to be disclosed is communicated to management and reported in a timely manner. We cannot be certain that we will be successful in continuing to maintain adequate control over our financial reporting and disclosure controls and procedures. Deficiencies, including any material weakness, in our internal control over financial reporting that may occur could result in misstatements or restatements of our financial statements or a decline in the price of our securities. In addition, as our business continues to grow, and as we continue to make significant acquisitions, our internal controls will become more complex and may require significantly more resources to ensure that our disclosure controls and procedures remain effective. Moreover, the existence of any material weakness or significant deficiency in our internal controls and
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procedures may require management to devote significant time and incur significant expense to remediate any such material weaknesses or significant deficiencies and management may not be able to remediate any such material weaknesses or significant deficiencies in a timely manner. If we cannot provide reliable financial reports, our reputation and operating results could be materially adversely affected, which could also cause investors to lose confidence in our reported financial information, which in turn could result in a reduction in the trading price of our common stock.
The market price and trading volume of shares of our common stock may fluctuate or decline.
The market price and trading volume of our common stock may fluctuate widely due to various factors, including:
Many of the factors listed above are beyond our control. Those factors may cause the market price of our common stock to decline significantly, regardless of our financial condition, results of operations and prospects. It is impossible to provide any assurance that the market price of our common stock will not fall in the future, and it may be difficult for holders to resell shares of our common stock at prices they find attractive, or at all.
An epidemic or pandemic (such as the outbreak and worldwide spread of COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address it, may precipitate or materially exacerbate one or more of the other risks, and may significantly disrupt our tenants’ ability to operate their businesses and/or pay rent to us or prevent us from operating our business in the ordinary course for an extended period.
An epidemic or pandemic could have a material and adverse effect on or cause disruption to our business or financial condition, results of operations, cash flows and the market value and trading price of our securities due to, among other factors:
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The extent to a future pandemic impacts our operations and those of our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence.
A future pandemic precludes any prediction as to the full adverse impacts on our business. Nevertheless, a future pandemic presents a material uncertainty and risk with respect to our financial condition, results of operations, cash flows and performance.
Item 1B: Unresolved Staff Comments
There are no unresolved staff comments.
Item 1C. Cybersecurity
Risk Management and Strategy
Managing Material Risks & Integrated Risk Management
We have a comprehensive and systematic cybersecurity risk assessment program, which covers the identification, analysis, evaluation, and management of cybersecurity risks. The program follows a risk-based approach, which prioritizes the cybersecurity risks according to their likelihood and impact and allocates the appropriate resources and actions to mitigate these risks and leverages the National Institute of Standards and Technology (NIST) framework.
The program is cross-functional involving the participation and input of internal stakeholders, third-party consultants and board oversight. The program is reviewed and updated on a monthly basis, or whenever there is a significant change in our environment, operations, or objectives.
Engagement and Oversight of Third-parties
We have contracted a reputable, global third-party external Security Operations Center (“SOC”) to ensure that cybersecurity processes, tools, and monitoring are operating continuously. The SOC service provides a holistic view of our security landscape using a cloud-native Security Incident & Event Management platform, removing security siloes to gain actionable insights and providing continuous 24/7 detect and response services, as well as proactively identifying threats to prevent security disruptions.
We engage the SOC on a regular basis to conduct external audits and assessments of our cybersecurity posture and performance. The SOC provides independent and objective feedback and recommendations on how to improve our cybersecurity strategy, policies, processes, and controls. The SOC also assists the Company in identifying and prioritizing the most critical and emerging cybersecurity risks and threats, and to align our cybersecurity initiatives with the best practices and standards in the industry.
We also have a robust and rigorous oversight process for managing cybersecurity risks related to our third-party service providers. The process includes:
Risks from Cybersecurity Threats
While we face a variety of cybersecurity risks, such as phishing attempts, ransomware attacks, and unauthorized access attempts, such risks have not materially affected us to date, including our business strategy, results of operations or financial condition. For more information about the cybersecurity risks we face, see “Item 1A – Risk Factors - We face risks relating to information technology and cybersecurity attacks, loss of confidential information and other business disruptions” and “Item 1A – Risk Factors - The use of artificial intelligence presents risks and challenges that may adversely impact our business and operating results or that of our tenants”.
Governance
Board of Directors’ Oversight
Our board of directors takes an active and informed role in our risk management policies and strategies. Our executive officers, which are responsible for our day-to-day risk management practices, present to the board of directors on the material risks to our Company, including risks related to information technology and cybersecurity.
The audit committee has formal oversight responsibility for cybersecurity and is responsible for reviewing the Company’s policies and procedures with respect to cybersecurity risk assessment and risk management. As part of the board of directors and audit committee’s oversight, the Chief Information Officer (“CIO”) provides quarterly updates to the audit committee with respect to security improvement projects, cybersecurity incidents, mitigation, and management.
Management’s Role Managing Risk
Our CIO is responsible for developing and overseeing matters related to cybersecurity and serves as the Company’s Chief Information Security Officer. The CIO has over 25 years of experience in information technology and is certified as an IT Business Relationship Management Professional (BRMP®), Six Sigma Blackbelt and Lean Office Champion. The CIO reports directly to the Chief Operating Officer, who is accountable for the overall information technology and security strategy and governance of the Company.
We have a comprehensive and continuous cybersecurity training program for our employees, which aims to raise their awareness and knowledge of cybersecurity threats and challenges, and to enhance their skills and competencies in preventing and responding to the cybersecurity incidents. The program covers the Company’s cybersecurity policies, guidelines, cybersecurity best practice guidelines, cybersecurity scenarios and simulations.
In connection with improving the management of cybersecurity risk, the Company has:
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Monitor Cybersecurity Incidents
We have a well-defined and tested cybersecurity incident response plan, which outlines the roles and responsibilities, procedures and protocols, tools and resources, and communication and escalation channels that will be activated and implemented in the event of a cybersecurity incident. The plan aims to detect and contain the incident, analyze and assess its nature, scope, and severity, and restore and resume the normal operations and functions of the Company.
Item 2: Properties
As of December 31, 2024, the Company’s portfolio consisted of 2,370 properties located in all 50 states and totaling approximately 48.8 million square feet of GLA.
As of December 31, 2024, the Company’s portfolio was approximately 99.6% leased and had a weighted average remaining lease term of approximately 7.9 years. A significant majority of the Company’s properties are leased to national tenants and approximately 68.2% of our annualized base rent was derived from tenants, or parent entities thereof, with an investment grade credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or National Association of Insurance Commissioners. Substantially all of our tenants are subject to net lease agreements. A net lease typically requires the tenant to be responsible for minimum monthly rent and property operating expenses including property taxes, insurance and maintenance. In addition, our tenants are typically subject to future rent increases based on fixed amounts or increases in the consumer price index and certain leases provide for additional rent calculated as a percentage of the tenants’ gross sales above a specified level.
Tenant Diversification
The following table presents annualized base rents for all tenants that generated 1.5% or greater of our total annualized base rent as of December 31, 2024:
($ in thousands)
Annualized
% of Ann.
Tenant / Concept
Base Rent (1)
Base Rent
Walmart
$
38,460
6.2
%
Tractor Supply
30,800
5.0
Dollar General
28,115
4.5
Best Buy
21,130
3.4
TJX Companies
19,614
3.2
CVS
19,599
Hobby Lobby
18,200
2.9
Dollar Tree
18,170
Lowe's
17,884
O'Reilly Auto Parts
17,798
Kroger
17,102
2.8
Gerber Collision
15,039
2.4
7-Eleven
14,164
2.3
Burlington
14,019
Sunbelt Rentals
13,887
2.2
Sherwin-Williams
11,809
1.9
Home Depot
10,680
1.7
Wawa
9,916
1.6
Other(2)
284,335
45.7
Total
620,721
100.0
Tenant Sector Diversification
The following table presents annualized base rents for all sectors as of December 31, 2024:
Tenant Sector
Grocery Stores
57,424
9.2
Home Improvement
56,977
Tire and Auto Service
50,125
8.1
Convenience Stores
46,546
7.5
Dollar Stores
45,076
7.3
Auto Parts
39,893
6.4
Off-Price Retail
38,579
General Merchandise
33,904
5.5
Farm and Rural Supply
32,572
5.2
Consumer Electronics
24,581
4.0
Pharmacy
24,550
Crafts and Novelties
20,519
3.3
Discount Stores
15,808
2.5
Warehouse Clubs
15,742
Health Services
15,297
Equipment Rental
14,943
Dealerships
13,346
2.1
Restaurants - Quick Service
11,581
Health and Fitness
11,276
1.8
Sporting Goods
7,345
1.2
Financial Services
7,187
Specialty Retail
6,919
1.1
Restaurants - Casual Dining
5,704
0.9
Theaters
3,854
0.6
Shoes
3,803
Pet Supplies
3,783
Home Furnishings
3,672
Beauty and Cosmetics
3,493
Entertainment Retail
2,323
0.4
Apparel
2,016
0.3
Miscellaneous
1,259
0.2
Office Supplies
624
0.1
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Geographic Diversification
The following table presents annualized base rents, by state, for our portfolio as of December 31, 2024:
Texas
42,218
6.8
Illinois
34,178
Michigan
33,967
North Carolina
32,412
Florida
32,410
Ohio
32,390
Pennsylvania
28,539
4.6
New York
28,134
California
25,454
4.1
Georgia
24,876
New Jersey
23,877
3.8
Wisconsin
18,122
Missouri
17,365
Mississippi
15,626
South Carolina
15,597
Virginia
15,463
Louisiana
15,221
Kansas
13,694
Minnesota
13,620
Connecticut
13,211
Tennessee
12,098
Massachusetts
11,654
Indiana
11,543
Alabama
11,091
Oklahoma
9,452
1.5
88,509
14.4
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Lease Expirations
The following table presents contractual lease expirations within the Company’s portfolio as of December 31, 2024, assuming that no tenants exercise renewal options:
($ and GLA in thousands)
Annualized Base Rent (1)
Gross Leasable Area
Number of
% of
Year
Leases
Dollars
Square Feet
2025
41
7,660
820
2026
122
26,117
4.2
2,648
2027
166
37,851
6.1
3,538
2028
175
45,848
7.4
4,085
8.4
2029
207
64,977
10.5
6,270
12.9
2030
297
63,787
10.3
5,070
10.4
2031
190
44,758
7.2
3,286
2032
243
50,903
8.2
3,742
7.7
2033
212
48,454
7.8
3,825
7.9
2034
201
45,363
2,930
6.0
Thereafter
698
185,003
29.8
12,364
25.4
2,552
48,578
Developments
During the year ended December 31, 2024, the Company had 41 development or DFP projects completed or under construction, for which 20 remained under construction as of December 31, 2024. Anticipated total costs for the 20 projects are approximately $107.3 million.
Item 3: Legal Proceedings
From time to time, we are involved in legal proceedings in the ordinary course of business. We are not presently involved in any litigation nor, to our knowledge, is any other litigation threatened against us, other than routine litigation arising in the ordinary course of business, which is expected to be covered by our liability insurance and all of which collectively is not expected to have a material adverse effect on our liquidity, results of operations or business or financial condition.
Item 4: Mine Safety Disclosures
Not applicable.
Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information and Dividend Policy
The Company’s common stock is traded on the NYSE under the symbol “ADC.” At February 10, 2025, there were 107,248,705 shares of our common stock issued and outstanding which were held by approximately 160 stockholders of record. The number of stockholders of record does not reflect persons or entities that held their shares in nominee or “street” name. In addition, at February 10, 2025 there were 347,619 outstanding Operating Partnership Common Units held by a limited partner other than our Company. The Operating Partnership Common Units are exchangeable into shares of common stock on a one-for-one basis.
The Company intends to continue to declare regular dividends. However, our distributions are determined by our board of directors and will depend upon cash generated by operating activities, our financial condition, capital requirements, annual distribution requirements under the REIT provisions of the Internal Revenue Code and such other factors as the board of directors deems relevant. The Company has historically paid cash dividends, although we may choose to pay a portion in stock dividends in the future. To qualify as a REIT, distributions of at least 90% of our REIT taxable income prior to net capital gains must be made to our stockholders, as well as meet certain other requirements. The distributions must be paid in the taxable year the income is recognized; or in the following taxable year if they are declared during the last three months of the taxable year, payable to stockholders of record on a specified date during such period and paid during January of the following year. Generally, such distributions are treated for REIT tax purposes as paid by us and received by our stockholders on December 31 of the year in which they are declared, however such distributions may be treated for REIT tax purposes as a distribution in the year in which they are paid if REIT distribution requirements have been met through earlier distributions. In addition, at our election, a distribution for a taxable year may be declared in the following taxable year if it is declared before we timely file our tax return for such year and if paid on or before the first regular dividend payment after such declaration. These distributions qualify as dividends paid for the 90% REIT distribution test for the previous year and are taxable to holders of our capital stock in the year in which paid.
Issuer Purchases of Equity Securities
Common stock repurchases during the three months ended December 31, 2024 were:
Total Number of
Maximum Number
Shares Purchased
of Shares that May
as Part of Publicly
Yet Be Purchased
Average Price Paid
Announced Plans
Under the Plans
Period
Per Share
or Programs
October 1, 2024 - October 31, 2024
—
November 1, 2024 - November 30, 2024
192
76.67
December 1, 2024 - December 31, 2024
50
70.98
242
75.50
During the three months ended December 31, 2024, the Company withheld 242 shares from employees to satisfy estimated statutory income tax obligations related to vesting of restricted stock awards. The value of the common stock withheld was based on the closing price of our common stock on the applicable vesting date.
Recent Sales of Unregistered Securities
There were no unregistered sales of equity securities during the year ended December 31, 2024.
Equity Compensation Plans
For information about our equity compensation plan, please see “Item 12 – Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” of this Annual Report on Form 10-K.
Item 6: [Reserved]
Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the consolidated financial statements, and related notes thereto, included elsewhere in this Annual Report on Form 10-K and the “Cautionary Note Regarding Forward-Looking Statements” in “Item 1A – Risk Factors” above. Also refer to “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s previously filed Annual Report on Form 10-K for the year ended December 31, 2023 for additional discussion of our financial condition and results of operations, including a comparison of our results of operations for the years ended December 31, 2023 and December 31, 2022.
Overview
The Company is a fully integrated REIT primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants. The Company was founded in 1971 by its current Executive Chairman, Richard Agree, and its common stock was listed on the NYSE in 1994. The Company’s assets are held by, and all of its operations are conducted through, directly or indirectly, the Operating Partnership, of which the Company is the sole general partner and in which the Company held a 99.7% common interest as of December 31, 2024. Refer to Note 1-Organization in the notes to the consolidated financial statements in this Form 10-K for further information on the ownership structure. Under the agreement of limited partnership of the Operating Partnership, the Company, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership.
As of December 31, 2024, the Company’s portfolio consisted of 2,370 properties located in all 50 states and totaling approximately 48.8 million square feet of GLA. The portfolio was approximately 99.6% leased and had a weighted average remaining lease term of approximately 7.9 years. A significant majority of the Company’s properties are leased to national tenants and approximately 68.2% of our annualized base rent was derived from tenants, or parent entities thereof, with an investment grade credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners. A net lease typically requires the tenant to be responsible for minimum monthly rent and property operating expenses including property taxes, insurance and maintenance.
The Company elected to be taxed as a REIT for federal income tax purposes commencing with the taxable year ended December 31, 1994. We believe that we have been organized and have operated in a manner that has allowed us to qualify as a REIT for federal income tax purposes and we intend to continue operating in such a manner.
Results of Operations
Overall
The Company’s real estate investment portfolio grew from approximately $6.74 billion in net investment amount representing 2,135 properties with 44.2 million square feet of GLA as of December 31, 2023 to approximately $7.42 billion in net investment amount representing 2,370 properties with 48.8 million square feet of GLA at December 31, 2024. The Company’s real estate investments were made throughout and between the periods presented and were not all outstanding for the entire period; accordingly, a portion of the increase in rental income between periods is related to recognizing revenue in 2024 on acquisitions that were made during 2023. Similarly, the full rental income impact of acquisitions made during 2024 will not be seen until 2025.
Acquisitions
During the year ended December 31, 2024, the Company acquired 242 retail net lease assets for approximately $874.5 million, which includes acquisition and closing costs. These properties are located in 44 states and are leased to tenants operating in 27 diverse retail sectors for a weighted average lease term of approximately 10.4 years. The underwritten weighted-average capitalization rate on the acquisitions was 7.5%.1
Dispositions
During the year ended December 31, 2024, the Company sold 26 assets and land parcels for net proceeds of $94.3 million and recorded a net gain of $11.5 million. The weighted-average capitalization rate on the dispositions was 6.7%.1
Development and Developer Funding Platform
During the year ended December 31, 2024, the Company commenced 25 development and DFP projects. At December 31, 2024, the Company had 20 development or DFP projects under construction.
1 When used within this discussion, “weighted average capitalization rate” for acquisitions and dispositions is defined by the Company 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 for occupied properties.
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Comparison of Year Ended December 31, 2024 to Year Ended December 31, 2023
Year Ended
Variance
December 31, 2024
December 31, 2023
(in dollars)
(percentage)
Rental Income
616,822
537,403
79,419
Real Estate Tax Expense
46,882
40,092
6,790
Property Operating Expense
26,349
24,961
1,388
Depreciation and Amortization Expense
206,987
176,277
30,710
The variances in rental income, real estate tax expense, property operating expense and depreciation and amortization expense shown above were due to the acquisition and the ownership of an increased number of properties during the year ended December 31, 2024 compared to the year ended December 31, 2023, as further described under Results of Operations - Overall above.
General and administrative expenses increased $2.4 million, or 7%, to $37.2 million for the year ended December 31, 2024, compared to $34.8 million for the year ended December 31, 2023. The increase was primarily the result of growth in compensation costs due to inflationary increases and higher stock based compensation expense as a result of changing the vesting period for awards granted in 2023 and 2024. General and administrative expenses as a percentage of total revenue decreased to 6.0% for the year ended December 31, 2024 from 6.5% for the year ended December 31, 2023.
Interest expense increased $27.8 million, or 34%, to $108.9 million for the year ended December 31, 2024, compared to $81.1 million for the year ended December 31, 2023. The increase in interest expense was primarily a result of higher levels of borrowings during the year ended December 31, 2024 compared to the year ended December 31, 2023 in order to finance the acquisition and development of additional properties. Borrowings increased due to the $450.0 million 2034 Senior Unsecured Public Notes that were issued in May 2024 and the $350.0 million 2029 Unsecured Term Loan (defined below) that closed in July 2023. The 2034 Senior Unsecured Public Notes and 2029 Unsecured Term Loan resulted in increases in interest expense and related amortization of the original issuance discount and deferred financing costs during the year ended December 31, 2024 of $17.0 million and $9.8 million, respectively.
The Company recognized $7.2 million provision for impairment during both years ended December 31, 2024 and 2023. Provisions for impairment are recorded when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable through operations plus estimated disposition proceeds and are not necessarily comparable period-to-period.
A net gain of $11.5 million was recognized on the sale of 26 assets and land parcels during the year ended December 31, 2024, compared to a net gain of $1.8 million recognized on the sale of six assets during the year ended December 31, 2023. The increase was primarily due to the growth in disposition volume during 2024 as compared to 2023. Gains and losses on sale of assets are dependent on levels of disposition activity and the carrying value of the assets relative to their sales prices. As a result, such gains on sales are not necessarily comparable period-to-period.
Net income increased $19.3 million, or 11%, to $189.8 million for the year ended December 31, 2024, compared to $170.5 million for the year ended December 31, 2023. The change was the result of the growth in the portfolio partially offset by the items discussed above. After allocation of income to non-controlling interest and preferred stockholders, net income attributable to common stockholders increased $19.3 million, or 12% to $181.8 million for the year ended December 31, 2024, compared to $162.5 million for the year ended December 31, 2023.
Liquidity and Capital Resources
The Company’s principal demands for funds include payment of operating expenses, payment of principal and interest on our outstanding indebtedness, dividends and distributions to its stockholders and holders of the units of the Operating Partnership (the “Operating Partnership Common Units”), and future property acquisitions and development.
The Company expects to meet its short-term liquidity requirements through cash and cash equivalents held as of December 31, 2024, cash provided from operations, settlement of outstanding forward equity and borrowings under its Revolving
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Credit Facility. As of December 31, 2024, we had over $2.00 billion of liquidity, which consisted of cash and cash equivalents of $6.4 million, unsettled forward equity of $919.9 million and $1.09 billion of availability under our Revolving Credit Facility, subject to compliance with covenants.
The Company anticipates funding its long-term capital needs through cash provided from operations, borrowings under its Revolving Credit Facility, and the issuance of debt and common or preferred equity or other instruments convertible into or exchangeable for common or preferred equity.
We continually evaluate alternative financing and believe that we can obtain financing on reasonable terms. However, there can be no assurance that additional financing or capital will be available, or that the terms will be acceptable or advantageous to us. Our ability to access capital on favorable terms as well as to use cash from operations to continue to meet our liquidity needs, is uncertain and cannot be predicted and could be affected by various risks and uncertainties, including, but not limited to the risks detailed in Part I, Item 1A, “Risk Factors.”
Capitalization
As of December 31, 2024, the Company’s total enterprise value was approximately $10.56 billion. Total enterprise value consisted of $7.58 billion of common equity (based on the December 31, 2024 closing price of Company common stock on the NYSE of $70.45 per share and assuming the conversion of Operating Partnership Common Units), $175.0 million of preferred equity (stated at liquidation value), and $2.81 billion of total debt including (i) $158.0 million of borrowings under its Revolving Credit Facility; (ii) $2.26 billion of senior unsecured notes; (iii) $350.0 million of unsecured term loans (iv) $43.9 million of mortgage notes payable; less $6.4 million cash, cash equivalents and cash held in escrow. The Company’s total debt to total enterprise value was 26.6% at December 31, 2024.
At December 31, 2024, the non-controlling interest in the Operating Partnership consisted of a 0.3% common ownership interest in the Operating Partnership. The Operating Partnership Common Units may, under certain circumstances, be exchanged for shares of Company common stock on a one-for-one basis. The Company, as sole general partner of the Operating Partnership, has the option to settle exchanged Operating Partnership Common Units held by others for cash based on the current trading price of our shares. Assuming the exchange of all Operating Partnership Common Units, there would have been 107,596,324 shares of common stock outstanding at December 31, 2024.
Shelf Registration
The Company has filed with the SEC an automatic shelf registration statement on Form S-3ASR, registering an unspecified amount of common stock, preferred stock, depositary shares, warrants of the Company and guarantees of debt securities of the Operating Partnership, as well as an unspecified amount of debt securities of the Operating Partnership, at an indeterminate aggregate initial offering price. The Company may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.
Common Stock Offerings
In December 2021, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters' option to purchase an additional 750,000 shares, in connection with forward sale agreements. The Company settled all of these forward sale agreements during the year ended December 31, 2022 resulting in net proceeds to the Company of approximately $368.7 million after deducting fees and expenses and making certain other adjustments.
In May 2022, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters’ option to purchase 750,000 shares in connection with forward sale agreements. The Company settled all of the May 2022 forward sales agreements in 2022 which resulted in net proceeds to the Company of
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approximately $386.7 million, after deducting fees and expenses and making certain other adjustments.
In October 2022, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters' option to purchase an additional 750,000 shares, in connection with forward sale agreements. As of December 31, 2022, the Company settled 1,600,000 shares of these October 2022 forward sale agreements, realizing net proceeds of $106.2 million. During the year ended December 31, 2023, the Company settled the remaining 4,150,000 shares of these October 2022 forward sale agreements, realizing net proceeds of $275.0 million. The offering resulted in total net proceeds to the Company of $381.2 million after deducting fees and expenses and making certain adjustments as provided in the forward sale agreements.
In October 2024, the Company completed a follow-on public offering of 5,060,000 shares of common stock, including the full exercise of the underwriters’ option to purchase an additional 660,000 shares in connection with the forward sale agreements. As of December 31, 2024, the Company has not settled any of these shares. Upon settlement, the offering is anticipated to raise net proceeds of approximately $368.0 million after deducting fees and expenses and making certain adjustments as provided in the forward sale agreements.
Preferred Stock Offering
As of December 31, 2024, the Company had 7,000,000 depositary shares (the “Depositary Shares”) outstanding, each representing 1/1,000th of a share of Series A Preferred Stock.
Dividends on the Series A Preferred Shares are payable monthly in arrears on the first day of each month (or, if not on a business day, on the next succeeding business day). The dividend rate is 4.25% per annum of the $25,000 (equivalent to $25.00 per Depositary Share) liquidation preference. Dividends on the Series A Preferred Shares are in the amount of $0.08854 per Depositary Share, equivalent to $1.0625 per annum.
The Company may not redeem the Series A Preferred Shares before September 2026 except in limited circumstances to preserve its status as a real estate investment trust for federal income tax purposes and except in certain circumstances upon the occurrence of a change of control of the Company. Beginning in September 2026, the Company, at its option, may redeem the Series A Preferred Shares, in whole or from time to time in part, by paying $25.00 per Depositary Share, plus any accrued and unpaid dividends. Upon the occurrence of a change in control of the Company, if the Company does not otherwise redeem the Series A Preferred Shares, the holders have a right to convert their shares into common stock of the Company at the $25.00 per share liquidation value, plus any accrued and unpaid dividends. This conversion value is limited by a share cap if the Company’s stock price falls below a certain threshold.
ATM Programs
The Company enters into ATM programs through which the Company, from time to time, sells shares of common stock and/or enters into forward sale agreements. In October 2024, the Company entered into the $1.25 billion October 2024 ATM Program. The previous $1.00 billion February 2024 ATM program was terminated following the establishment of the October 2024 ATM Program. As a result, no future issuances will occur under the February 2024 ATM Program.
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35
The below table summarizes the Company’s outstanding debt as of December 31, 2024 and 2023 (presented in thousands):
All-in
Coupon
Principal Amount Outstanding
Interest Rate
Rate
Maturity
Senior Unsecured Revolving Credit Facility
Revolving Credit Facility (1)
5.29
August 2028
158,000
227,000
Total Credit Facility
Unsecured Term Loan
2029 Unsecured Term Loan (2)
4.52
January 2029
350,000
Total Unsecured Term Loan
Senior Unsecured Notes (3)
2025 Senior Unsecured Notes
4.16
May 2025
50,000
2027 Senior Unsecured Notes
4.26
May 2027
2028 Senior Unsecured Public Notes (4)
2.11
2.00
June 2028
2028 Senior Unsecured Notes
4.42
July 2028
60,000
2029 Senior Unsecured Notes
4.19
September 2029
100,000
2030 Senior Unsecured Notes
4.32
September 2030
125,000
2030 Senior Unsecured Public Notes (4)
3.49
2.90
October 2030
2031 Senior Unsecured Notes
4.47
October 2031
2032 Senior Unsecured Public Notes (4)
3.96
4.80
October 2032
300,000
2033 Senior Unsecured Public Notes (4)
2.13
2.60
June 2033
2034 Senior Unsecured Public Notes (4)
5.65
5.63
June 2034
450,000
Total Senior Unsecured Notes
2,260,000
1,810,000
Mortgage Notes Payable
Portfolio Credit Tenant Lease
6.27
July 2026
1,654
2,618
Four Asset Mortgage Loan
3.63
December 2029
42,250
Total Mortgage Notes Payable
43,904
44,868
Total Principal Amount Outstanding
2,811,904
2,431,868
(1) The interest rate of the Revolving Credit Facility assumes our SOFR borrowing rate as of December 31, 2024 of 4.46%.
(2) The interest rate of the Unsecured Term Loan reflects the spread of 85 basis points, plus a 10 basis point SOFR adjustment and the impact of the interest rate swaps which convert $350.0 million of SOFR based interest to a fixed interest rate of 3.57%.
(3) All-in interest rate for Senior Unsecured Notes reflects the straight-line amortization of the terminated swap agreements and original issuance discounts, as applicable.
(4) The principal amounts outstanding are presented excluding their original issue discounts.
In August 2024, the Company entered into the Fourth Amended and Restated Revolving Credit Agreement which provides for a $1.25 billion senior unsecured revolving credit facility. The Revolving Credit Facility's interest rate is based on a pricing grid with a range of 72.5 to 140 basis points over SOFR, determined by the Company's credit ratings and leverage ratio, plus a SOFR adjustment of 10 basis points. The margins for the Revolving Credit Facility are subject to adjustment based on changes in the Company's leverage ratio and credit ratings.
As of December 31, 2024 the Revolving Credit Facility had a $158.0 million outstanding balance and bore interest of 5.29%, which is comprised of SOFR of 4.46%, the pricing grid spread of 72.5 basis points, and the 10 basis point SOFR adjustment.
The Revolving Credit Facility includes an accordion option that allows the Company to request additional lender commitments up to a total of $2.00 billion. The Revolving Credit Facility will mature in August 2028 with Company
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options to extend the maturity date to August 2029.
In connection with entering into the Fourth Amended and Restated Revolving Credit Agreement, during the year ended December 31, 2024, the Company recognized $0.4 million of additional interest expense related to the acceleration of unamortized facility fees as a result of the changes to the banks participating in the Revolving Credit Facility.
Prior to entering into the Fourth Amended and Restated Revolving Credit Agreement, the Company had a $1.0 billion revolving credit facility under the First Amendment to the Third Amended and Restated Revolving Credit Agreement. The interest rate under the previous credit facility was based on a pricing grid with a range of 72.5 to 140 basis points over SOFR, determined by the Company's credit ratings and leverage ratio, plus a SOFR adjustment of 10 basis points. Interest under the previous Revolving Credit Facility was comprised of SOFR, the applicable pricing grid spread of 77.5 basis points and the 10 basis point SOFR adjustment. The previous credit facility had a maturity date of January 2026 with options to extend the maturity date to January 2027.
The Company and Richard Agree, the Executive Chairman of the Company, were parties to a Reimbursement Agreement dated November 18, 2014 (the “Reimbursement Agreement”). Pursuant to the Reimbursement Agreement, Mr. Agree had agreed to reimburse the Company for any loss incurred under the Revolving Credit Facility in an amount not to exceed $14.0 million to the extent that the value of the Operating Partnership’s assets available to satisfy the Operating Partnership’s obligations under the Revolving Credit Facility is less than $14.0 million. The parties terminated the Reimbursement Agreement and entered into a new reimbursement agreement dated October 3, 2023 (the “New Reimbursement Agreement”). Pursuant to the New Reimbursement Agreement, Mr. Agree has agreed to reimburse the Company for his proportionate share of loss incurred under the Revolving Credit Facility in an amount to be determined by facts and circumstances at the time of loss.
In July 2023, the Company closed on the 2029 Unsecured Term Loan, an unsecured $350.0 million 5.5-year term loan which includes an accordion option that allows the Company to request additional lender commitments up to a total of $500.0 million and matures in January 2029. Borrowings under the 2029 Unsecured Term Loan are priced at SOFR plus a spread of 80 to 160 basis points over SOFR, depending on the Company’s credit ratings, plus a SOFR adjustment of 10 basis points. The Company used the existing $350.0 million of forward starting interest rate swaps to hedge the variable SOFR priced interest to a weighted average fixed rate of 3.57% until January 2029.
On August 8, 2024, the Company entered into the First Amendment to Term Loan Agreement (the “First Amendment”) with PNC Bank, National Association, as Administrative Agent, and a syndicate of lenders named therein, and with certain indirect subsidiaries of the Operating Partnership as guarantors. The First Amendment amends the 2029 Unsecured Term Loan implementing various covenant and technical amendments to make the 2029 Unsecured Term Loan’s provisions consistent with corresponding provisions in the Revolving Credit Facility (see “Senior Unsecured Revolving Credit Facility” above). The First Amendment does not change the maturity or the pricing terms of the 2029 Unsecured Term Loan.
Senior Unsecured Notes – Private Placement
The Senior Unsecured Notes (collectively the “Private Placements”) were issued in private placements to individual investors. The Private Placements did not involve a public offering in reliance on the exemption from registration pursuant to Section 4(a)(2) of the Securities Act.
Senior Unsecured Notes – Public Offerings
The Senior Unsecured Public Notes (collectively the “Public Notes”) are fully and unconditionally guaranteed by Agree Realty Corporation and certain wholly owned subsidiaries of the Operating Partnership. These guarantees are senior unsecured obligations of the guarantors, rank equally in right of payment with all other existing and future senior unsecured indebtedness and are effectively subordinated to all secured indebtedness of the Operating Partnership and each guarantor (to the extent of the value of the collateral securing such indebtedness).
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The Public Notes are governed by an Indenture, dated August 17, 2020, among the Operating Partnership, the Company and respective trustee (as amended and supplemented by an officer’s certificate dated at the issuance of each of the Public Notes, the “Indenture”). The Indenture contains various restrictive covenants, including limitations on the ability of the guarantors and the issuer to incur additional indebtedness and requirements to maintain a pool of unencumbered assets.
In May 2024, the Operating Partnership completed an underwritten public offering of $450.0 million in aggregate principal amount of its 5.625% Notes due 2034. The public offering was priced at 98.83% of the principal amount, resulting in net proceeds of $444.7 million. Upon completion of the underwritten public offering, the Company terminated $150.0 million of forward-starting interest rate swap agreements as well as the $150.0 million US Treasury lock that hedged the 2034 Senior Unsecured Public Notes, receiving $4.4 million, net upon termination. The proceeds from the underwritten public offering were used for general corporate purposes, including to reduce amounts outstanding under the Revolving Credit Facility and to fund property acquisitions and development activity.
As of December 31, 2024, the Company had total gross mortgage indebtedness of $43.9 million which was collateralized by related real estate and tenants’ leases with an aggregate net book value of $76.3 million. The weighted average interest rate on the Company’s mortgage notes payable was 3.73% as of December 31, 2024.
The Company has entered into mortgage loans which are secured by multiple properties and contain cross-default and cross-collateralization provisions. Cross-collateralization provisions allow a lender to foreclose on multiple properties in the event that the Company defaults under the loan. Cross-default provisions allow a lender to foreclose on the related property in the event a default is declared under another loan.
Loan Covenants
Certain loan agreements contain various restrictive covenants, including the following financial covenants: maximum leverage ratio, maximum secured leverage ratios, consolidated net worth requirements, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, a minimum unsecured interest expense ratio, a minimum interest coverage ratio, a minimum unsecured debt yield and a minimum unencumbered interest expense ratio. As of December 31, 2024, the most restrictive covenant was the minimum unencumbered interest expense ratio. The Company was in compliance with all of its material loan covenants and obligations as of December 31, 2024.
Cash Flows
Operating - Most of the Company’s cash from operations is generated by rental income from its investment portfolio. Net cash provided by operating activities for the year ended December 31, 2024 increased by $40.4 million over the year ended December 31, 2023, primarily due to the increase in the size of the Company’s real estate investment portfolio.
Investing - Net cash used in investing activities was $389.6 million lower during the year ended December 31, 2024, compared to the year ended December 31, 2023 primarily due to:
Financing - Net cash provided by financing activities decreased by $423.7 million during the year ended December 31,
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2024, compared to the year ended December 31, 2023 primarily due to:
Material Cash Requirements
In conducting our business, the Company enters into contractual obligations, including those for debt and operating leases for land.
Details on these obligations as of December 31, 2024, including expected settlement periods, is contained below (presented in thousands):
1,025
629
Senior Unsecured Notes
410,000
1,650,000
Land Lease Obligations
1,546
1,552
1,413
1,385
1,376
34,478
41,750
Estimated Interest Payments on Outstanding Debt (2)
114,404
113,475
112,220
102,925
120,405
201,274
764,703
166,975
115,656
163,633
672,310
614,031
1,885,752
3,618,357
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In addition to items reflected in the table above, the Company has preferred stock with cumulative cash dividends, as described under Equity – Preferred Stock Offering above.
During the year ended December 31, 2024, the Company had 41 development or DFP projects completed or under construction, for which 20 remain under construction as of December 31, 2024. Anticipated total costs for the 20 projects are approximately $107.3 million. These construction commitments will be funded using cash provided from operations, current capital resources on hand, and/or other sources of funding available to the Company.
The Company’s recurring obligations under its tenant leases for maintenance, taxes, and/or insurance will also be funded
through the sources available to the Company described earlier.
During 2024, the Company declared monthly dividends totaling $3.000 per common share. The holder of the Operating Partnership Common Units is entitled to an equal distribution per Operating Partnership Common Unit held. The December dividends and distributions were recorded as a liability on the consolidated balance sheets at December 31, 2024 and were paid on January 15, 2025.
During 2024, the Company declared monthly dividends on the Series A Preferred Shares totaling $1.063 per Depositary Share. The December dividend was recorded as a liability on the consolidated balance sheets at December 31, 2024 and was paid on January 2, 2025.
Recent Accounting Pronouncements
Refer to Note 2 – Summary of Significant Accounting Policies in the consolidated financial statements for a summary and anticipated impact of each accounting pronouncement on the Company’s financial statements.
Critical Accounting Policies and Estimates
The preparation of our financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires the Company’s management to use judgment in the application of accounting policies, including making estimates and assumptions. Management bases estimates on the best information available at the time, its experience and on various other assumptions believed to be reasonable under the circumstances. These estimates affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. If management’s judgment or interpretation of the facts and circumstances relating to various transactions or other matters had been different, it is possible that different accounting principles would have been applied, resulting in a different presentation of the consolidated financial statements. From time-to-time, the Company may re-evaluate its estimates and assumptions. In the event estimates or assumptions prove to be different from actual results, adjustments are made in subsequent periods to reflect more current estimates and assumptions about matters that are inherently uncertain. A summary of the Company’s critical accounting policies is included below. This summary should be read in conjunction with the more complete discussion of our accounting policies and procedures included in Note 2 to our consolidated financial statements.
Accounting for Acquisitions of Real Estate
The acquisition of property for investment purposes is typically accounted for as an asset acquisition. The Company allocates the purchase price to land, building, assumed debt, if any, and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. In making estimates of fair values, the Company may use various sources, including data provided by independent third parties, as well as information obtained by the Company as a result of due diligence, including expected future cash flows of the property and various characteristics of the markets where the property is located. Certain assumptions, including those around market land values and market rental rates, are inherently subjective. While assumptions of market land values and market rental rates are based on available market data, the application of market data to the unique nature of properties acquired may require significant judgment. The use of different assumptions in the allocation of the purchase price of the acquired properties
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could affect the timing of recognition of the related revenue and expenses.
Impairments
We review our real estate investments for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable through operations plus estimated disposition proceeds. Events or circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, our ability or expectation to re-lease properties that are vacant or become vacant or a change in the anticipated holding period for a property. Identification of such events may involve certain assumptions, estimates, and significant judgment.
Management determines whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the residual value of the real estate, to the carrying cost of the individual asset. Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale.
The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions and/or purchase offers received from third parties. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate.
The expected cash flows of a property are dependent on estimates and other factors subject to change, including (1) changes in the national, regional, and/or local economic climates and/or market conditions, (2) competition from other retail, (3) increases in operating costs, (4) bankruptcy and/or other changes in a tenant’s condition and (5) expected holding period. These factors could cause our expected future cash flows from a property to change, and, as a result, an impairment could be considered to have occurred. Determination of the fair value of a property for purposes of measuring impairment may involve significant judgment.
Non-GAAP Financial Measures
Funds from Operations (“FFO” or “Nareit FFO”)
FFO is defined by the National Association of Real Estate Investment Trusts, Inc. (“Nareit”) 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’s operations.
FFO should not be considered an alternative to net income as the primary indicator of the Company’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.
Core Funds from Operations (“Core FFO”)
The Company defines Core FFO as Nareit FFO with the addback of (i) noncash amortization of acquisition purchase price related to above- and below- market lease intangibles and discount on assumed mortgage debt and (ii) certain infrequently occurring items that reduce or increase net income in accordance with GAAP. 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. 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’s operating performance, or as an alternative to cash flow as a measure of liquidity. Further, the Company’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.
Adjusted Funds from Operations (“AFFO”)
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’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’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.
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The following table provides a reconciliation of net income to FFO, Core FFO, and AFFO for the years ended December 31, 2024, 2023 and 2022 (presented in thousands):
December 31, 2022
Reconciliation from Net Income to Funds from Operations
Net income
189,832
170,547
153,035
Less Series A preferred stock dividends
7,437
Net income attributable to Operating Partnership common unitholders
182,395
163,110
145,598
Depreciation of rental real estate assets
137,835
115,617
88,685
Amortization of lease intangibles - in-place leases and leasing costs
67,128
58,967
44,107
Provision for impairment
7,224
7,175
1,015
(Gain) loss on sale or involuntary conversion of assets, net
(11,441)
(1,849)
(5,258)
Funds from Operations - Operating Partnership common unitholders
383,141
343,020
274,147
Amortization of above (below) market lease intangibles, net and assumed mortgage debt discount, net
33,571
33,430
33,563
Core Funds from Operations - Operating Partnership common unitholders
416,712
376,450
307,710
Straight-line accrued rent
(12,711)
(12,142)
(13,176)
Stock-based compensation expense
10,805
8,338
6,464
Amortization of financing costs and original issue discounts
5,988
4,403
3,141
Non-real estate depreciation
2,024
1,693
778
Adjusted Funds from Operations - Operating Partnership common unitholders
422,818
378,742
304,917
Funds from Operations per common share and partnership unit - diluted
3.75
3.58
3.45
Core Funds from Operations per common share and partnership unit - diluted
4.08
3.93
3.87
Adjusted Funds from Operations per common share and partnership unit - diluted
4.14
3.95
3.83
Weighted average shares and Operating Partnership common units outstanding
Basic
101,446,871
95,539,028
79,006,952
Diluted
102,223,923
95,785,031
79,512,005
Additional supplemental disclosure
Scheduled principal repayments
963
905
850
Capitalized interest
1,599
1,957
1,261
Capitalized building improvements
12,905
9,819
7,945
Item 7A: Quantitative and Qualitative Disclosures about Market Risk
The Company is exposed to interest rate risk primarily through borrowing activities. There is inherent roll-over risk for borrowings as they mature and are renewed at current market rates. The extent of this risk is not quantifiable or predictable because of the variability of future interest rates and our future financing requirements.
The Company’s interest rate risk is monitored using a variety of techniques. The table below presents the principal payments (presented in thousands) and the weighted average interest rates on outstanding debt, by year of expected maturity, to evaluate the expected cash flows and sensitivity to interest rate changes. Average interest rates shown reflect the impact of the swap agreements employed to fix interest rates.
Average Interest Rate
5.43
Average Interest Rate (2)
2.45
4.05
The table above incorporates those exposures that exist as of December 31, 2024; it does not consider those exposures or positions which could arise after that date. As a result, the Company’s ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the period and interest rates.
The Company seeks to limit the impact of interest rate changes on earnings and cash flows and to lower the overall borrowing costs by closely monitoring our variable rate debt and converting such debt to fixed rates when the Company deems such conversion advantageous. From time to time, the Company may enter into interest rate swap agreements or other interest rate hedging contracts. While these agreements are intended to lessen the impact of rising interest rates, they also expose the Company to the risks that the other parties to the agreements will not perform. The Company could incur significant costs associated with the settlement of the agreements, the agreements will be unenforceable and the underlying transactions will fail to qualify as highly effective cash flow hedges under GAAP guidance.
In June 2023, the Company entered into $350.0 million of forward starting interest rate swap agreements to hedge against variability in future cash flows resulting from changes in SOFR. The swaps exchange variable rate interest on $350.0 million of SOFR indexed debt to a weighted average fixed interest rate of 3.57% beginning August 1, 2023 through January 1, 2029. The swaps are designated to hedge the variable rate interest payments indexed to SOFR in the Senior Unsecured Term Loan which matures January 2029. As of December 31, 2024, these interest rate swaps were valued as an asset of approximately $5.2 million.
In August and September 2024, the Company entered into forward-starting interest rate swap agreements to hedge against variability in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $200.0 million of long-term debt. The Company hedged its exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending April 2026. As of December 31, 2024, these interest rate swaps are valued as an asset of approximately $12.3 million.
The Company does not use derivative instruments for trading or other speculative purposes, and the Company did not have any other derivative instruments as of December 31, 2024.
44
The fair value of the mortgage notes payable and senior unsecured notes is estimated to be $40.6 million and $2.08 billion, respectively, as of December 31, 2024. The fair value of the Revolving Credit Facility and Unsecured Term Loan approximate their carrying values as they are variable rate debt.
At December 31, 2024, our outstanding Mortgage Notes Payable and Senior Unsecured Notes had fixed interest rates. Interest on our Revolving Credit Facility and Unsecured Term Loan is variable, and as a result, we are subject to interest rate risk with respect to such floating-rate debt.
Assuming no change in the outstanding borrowings under the Revolving Credit Facility during fiscal 2025, a hypothetical 100-basis point increase or decrease in market interest rates sustained throughout the year would change our annual interest expense by $1.6 million.
The variable interest rate feature on our Unsecured Term Loan has been mitigated by interest rate swap agreements.
Item 8: Financial Statements and Supplementary Data
The financial statements and supplementary data are listed in the Index to the Financial Statements and Financial Statement Schedules appearing on Page F-1 of this Annual Report on Form 10-K and are included in this Annual Report on Form 10-K following page F-1.
Item 9: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A: Controls and Procedures
Disclosure Controls and Procedures
At the end of the period covered by this report, the Company conducted an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on this evaluation, the Company’s principal executive officer and principal financial officer concluded that its disclosure controls and procedures are effective as of the end of the period covered by this report to ensure that information required to be disclosed by us in reports that the Company files or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Management’s Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a15-(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Our internal control over financial reporting includes those policies and procedures that:
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Under the supervision of our principal executive officer and our principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our assessment and those criteria, our management concluded that we maintained effective internal control over financial reporting as of December 31, 2024.
Changes in Internal Control over Financial Reporting
There was no change in our internal control over financial reporting during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Attestation Report of Independent Registered Public Accounting Firm
The attestation report issued by our independent registered public accounting firm, Grant Thornton LLP, required under this item is contained on page F-2 of this Annual Report on Form 10-K.
Item 9B: Other Information
Rule 10b5-1 Trading Plans – Directors and Section 16 Officers
During the three months ended December 31, 2024, none of the Company’s directors or Section 16 officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any “non-Rule 10b5-1 trading arrangement”.
Item 9C: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 10: Directors, Executive Officers and Corporate Governance
The information required by this item is set forth under the following captions in our proxy statement to be filed with respect to our 2025 Annual Meeting of Stockholders (the “Proxy Statement”), all of which is incorporated by reference: “Proposal I – Election of Directors”; “Board Matters–The Board of Directors”; “Board Matters –Committees of the Board”; “Board Matters –Corporate Governance”; “Executive Officers”; and “Additional Information – Proposals for 2025 Annual Meeting”
Item 11: Executive Compensation
The information required by this item is set forth under the following captions in our Proxy Statement, all of which is incorporated herein by reference: “Compensation Discussion and Analysis,” “Executive Compensation Tables,” “Board Matters – Director Compensation,” “Board Matters – Compensation Committee Interlocks and Insider Participation” and “Compensation Committee Report.”
Item 12: Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The following table summarizes the equity compensation plan under which our common stock may be issued as of December 31, 2024.
Number of Securities
Remaining Available for
Number of Securities to
Future Issuance Under
be Issued Upon
Weighted Average
Equity Compensation
Exercise of Outstanding
Exercise Price of
Plans (Excluding
Options, Warrants and
Outstanding Options,
Securities Reflected in
Rights
Warrant and Rights
Column (a))
Plan Category
(a)
(b)
(c)
Equity Compensation Plans Approved by Security Holders
2,000,000
Equity Compensation Plans Not Approved by Security Holders
Additional information required by this item is set forth under the following caption in our Proxy Statement, all of which is incorporated herein by reference: “Security Ownership of Certain Beneficial Owners and Management.”
Item 13: Certain Relationships and Related Transactions, and Director Independence
The information required by this item is set forth under the following captions in our Proxy Statement, all of which is incorporated herein by reference: “Related Person Transactions” and “Board Matters –The Board of Directors.”
Item 14: Principal Accountant Fees and Services
The information required by this item is set forth under the following caption in our Proxy Statement, all of which is incorporated herein by reference: “Audit Committee Matters.”
ITEM 15: Exhibits and Financial Statement Schedules
15(a)(1).
The following documents are filed as a part of this Annual Report on Form 10-K:
● Reports of Independent Registered Public Accounting Firm
● Consolidated Balance Sheets as of December 31, 2024 and 2023
● Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2024, 2023 and 2022
● Consolidated Statements of Equity for the Years Ended December 31, 2024, 2023 and 2022
● Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022
● Notes to the Consolidated Financial Statements
15(a)(2).
The following is a list of the financial statement schedules required by Item 8:
Schedule III – Real Estate and Accumulated Depreciation
15(a)(3).
Exhibits
ExhibitNo.
Description
3.1.1
Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013).
3.1.2
Amendment to the Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on May 6, 2015).
3.1.3
Amendment to the Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on May 3, 2016).
3.1.4
Articles Supplementary of the Company, dated February 26, 2019 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on February 28, 2019).
3.1.5
Articles of Amendment of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on April 25, 2019).
3.1.6
Amendment to Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on May 10, 2021).
3.1.7
Articles Supplementary of the Company, dated September 13, 2021 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on September 13, 2021).
3.2.1
Second Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on December 12, 2024).
Amended and Restated Registration Rights Agreement, dated July 8, 1994 by and among the Company, Richard Agree, Edward Rosenberg and Joel Weiner (incorporated by reference to Exhibit 10.2 to the Company’s Annual Report on Form 10-K for the year ended December 31, 1994).
Form of certificate representing shares of common stock (incorporated by reference to Exhibit 4.2 to the Company’s Registration Statement on Form S-3 filed on August 24, 2009).
4.3
Form of 4.32% Senior Guaranteed Note, Series 2018-A, due September 26, 2030 (incorporated by reference to Exhibit 4.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018).
4.4
Form of 4.32% Senior Guaranteed Note, Series 2018-B, due September 26, 2030 (incorporated by reference to Exhibit 4.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018).
4.5*
Description of Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, as amended.
Indenture, dated as of August 17, 2020, among the Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on August 17, 2020).
4.7
Indenture Officer’s Certificate, dated as of August 17, 2020, among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on August 17, 2020).
4.8
Form of Global Note for 2.900% Notes due 2030 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on August 17, 2020).
4.9
Form of Guarantee by and among Agree Limited Partnership, the Guarantors named therein and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on August 17, 2020).
4.10
Indenture Officer’s Certificate, dated as of May 14, 2021, among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 14, 2021).
4.11
Form of Global Note for 2.000% Notes due 2028 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 14, 2021).
4.12
Form of Global Note for 2.600% Notes due 2033 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 14, 2021).
4.13
Form of 2028 Guarantee by and among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 14, 2021).
Form of 2033 Guarantee by and among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 14, 2021).
4.15
Master Deposit Agreement, by and among Agree Realty Corporation, Computershare Inc. and Computershare Trust Company, N.A., as depositary, and the holders from time to time of the depositary receipts described therein relating to shares of preferred stock of the Company, dated as of September 17, 2021 (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form 8-A filed on September 17, 2021).
Indenture Officer’s Certificate, dated as of August 22, 2022, among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on August 22, 2022).
4.17
Form of Global Note for 4.800% Notes due 2032 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on August 22, 2022).
49
4.18
Form of 2032 Guarantee by and among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on August 22, 2022).
Indenture Officer’s Certificate, dated as of May 13, 2024, among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 13, 2024).
4.20
Form of Global Note for 5.625% Notes due 2032 (included in Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 13, 2024).
4.21
Form of 2034 Guarantee by and among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (included in Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 13, 2024).
10.1.1
Note Purchase Agreement, dated as of August 3, 2017, among Agree Limited Partnership, the Company and the purchasers named therein (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017).
10.1.2
Uncommitted Master Note Facility, dated as of August 3, 2017, among Agree Limited Partnership, the Company and Teachers Insurance and Annuity Associate of America (“TIAA”) and each TIAA Affiliate (as defined therein) (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017).
10.1.3
First Supplement to Uncommitted Master Note Facility, dated as of September 26, 2018, among Agree Limited Partnership, Agree Realty Corporation and Teachers Insurance and Annuity Association of America (“TIAA”) (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018).
10.1.4
Uncommitted Master Note Facility, dated as of August 3, 2017, among Agree Limited Partnership, the Company and Teachers Insurance and AIG Asset Management (U.S.), LLC (“AIG”) and each AIG Affiliate (as defined therein) (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017).
10.1.5
First Supplement to Uncommitted Master Note Facility, dated as of September 26, 2018, among Agree Limited Partnership, Agree Realty Corporation, AIG Asset Management (U.S.), LLC and the institutional investors named therein (incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018).
10.2+
Summary of Director Compensation (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024).
10.3.1+
Agree Realty Corporation 2014 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.10 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014).
10.3.2+
Form of Restricted Stock Agreement under the Agree Realty Corporation 2014 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2014).
10.3.3+
Form of Performance Share Award Agreement pursuant to the Agree Realty Corporation 2014 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.17 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017).
10.3.4+
Form of Performance Unit Award Notice pursuant to the Agree Realty Corporation 2014 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019).
10.4.1+
Agree Realty Corporation 2017 Executive Incentive Plan, dated February 16, 2017 (incorporated by reference to Exhibit 10.14 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016).
Note Purchase Agreement dated as of May 28, 2015 by and among Agree Limited Partnership, the Company and the purchasers thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 1, 2015).
10.6
Note Purchase Agreement, dated as of July 28, 2016, by and among Agree Limited Partnership, the Company and the purchasers thereto (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016).
10.7
Form of Revolving Note (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on July 23, 2018).
10.8
Reimbursement Agreement, dated as of October 3, 2023 by and between the Company and Richard Agree (incorporated by reference to Exhibit 10.8 to the Company’s Annual Report on Form 10-K filed on February 13, 2024).
10.9
Note Purchase Agreement, dated as of June 14, 2019, among Agree Limited Partnership, the Company and the purchasers named therein (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019).
10.10.1+
Agree Realty Corporation 2020 Omnibus Incentive Plan (incorporated by reference to Appendix A to the Company’s Definitive Proxy Statement on Schedule 14A filed on March 23, 2020).
10.10.2+
Form of Restricted Stock Agreement under the Agree Realty Corporation 2020 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on July 20, 2020).
10.10.3+
Form of Performance Unit Agreement under the Agree Realty Corporation 2020 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed on July 20, 2020).
10.10.4
Form of Restricted Stock Notice (Non-Employee Directors) under the Agree Realty Corporation 2020 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.31 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021).
10.11+
Amended Employment Agreement, dated July 1, 2014, by and between the Company and Joey Agree (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2014).
10.12+
Summary of Material Terms of Compensation Arrangement with Danielle M. Spehar (effective December 7, 2019). (incorporated by reference to Exhibit 10.38 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021).
10.13+
Employment Agreement, dated October 1, 2023, by and between Agree Realty Corporation and Joel Agree (incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q filed on October 24, 2023).
51
10.14+
Employment Agreement dated June 18, 2020, between Agree Realty Corporation and Craig Erlich (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on October 19, 2020).
10.15.1+
Addendum to Employment Agreement dated August 19, 2020, between Agree Realty Corporation and Craig Erlich (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on October 19, 2020).
10.16
Second Amended and Restated Agreement of Limited Partnership of Agree Limited Partnership, dated as of September 17, 2021 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on September 17, 2021).
10.17
Fourth Amended and Restated Credit Agreement, dated as of August 8, 2024, by and among Agree Realty Corporation, Agree Limited Partnership, PNC Bank, National Association as Administrative Agent, and a syndicate of lenders named therein (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on August 8, 2024).
10.18+
Employment Agreement, dated January 5, 2022, between Agree Realty Corporation and Peter Coughenour (incorporated by reference to Exhibit 10.30 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021).
10.19.1
Term Loan Agreement, dated as of July 31, 2023 by and among Agree Realty Corporation, Agree Limited Partnership, PNC Bank, National Association, as Administrative Agent, and a syndicate of lenders named therein (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on August 1, 2023).
10.19.2
First Amendment to Term Loan Agreement, dated as of August 8, 2024 by and among Agree Realty Corporation, Agree Limited Partnership, PNC Bank, National Association, as Administrative Agent, and a syndicate of lenders named therein (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on October 22, 2024).
19.1*
Agree Realty Corporation Insider Trading Policy, adopted September 4, 2019, and amended December 7, 2024.
21*
Subsidiaries of Agree Realty Corporation.
22*
Subsidiary Guarantors of Agree Realty Corporation.
23.1*
Consent of Grant Thornton LLP.
24*
Power of Attorney (included on the signature page of this Annual Report on Form 10-K).
31.1*
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Joel N. Agree, Chief Executive Officer.
31.2*
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Peter Coughenour, Chief Financial Officer.
32.1*†
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Joel N. Agree, Chief Executive Officer.
32.2*†
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Peter Coughenour, Chief Financial Officer.
52
97.1
Agree Realty Corporation Compensation Recovery Policy, effective as of December 1, 2023 (incorporated by reference to Exhibit 97.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023).
101*
The following materials from Agree Realty Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024 formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the consolidated balance sheets, (ii) the consolidated statements of operations and comprehensive income, (iii) the consolidated statements of equity, (iv) the consolidated statements of cash flows, and (v) related notes to these consolidated financial statements, tagged as blocks of text.
104*
Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).
* Filed herewith.
+ Management contract or compensatory plan or arrangement.
† The certifications attached as Exhibit 32.1 and Exhibit 32.2 accompany this Annual Report on Form 10-K are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of Agree Realty Corporation under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Annual Report on Form 10‑K, irrespective of any general incorporation language contained in such filing.
15(b) The Exhibits listed in Item 15(a)(3) are hereby filed with this Annual Report on Form 10-K.
15(c) The financial statement schedule listed at Item 15(a)(2) is hereby filed with this Annual Report on Form 10-K.
Item 16: Form 10-K Summary
Reports of Independent Registered Public Accounting Firm (PCAOB ID Number 248)
F-2
Financial Statements
Consolidated Balance Sheets
F-5
Consolidated Statements of Operations and Comprehensive Income
F-6
Consolidated Statements of Equity
F-7
Consolidated Statements of Cash Flows
F-8
Notes to Consolidated Financial Statements
F-9
Schedule III - Real Estate and Accumulated Depreciation
F-37
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors and Shareholders
Agree Realty Corporation
Opinion on internal control over financial reporting
We have audited the internal control over financial reporting of Agree Realty Corporation (a Maryland corporation) and subsidiaries (the “Company”) as of December 31, 2024, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in the 2013 Internal Control—Integrated Framework issued by COSO.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Company as of and for the year ended December 31, 2024, and our report dated February 11, 2025 expressed an unqualified opinion on those financial statements.
Basis for opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and limitations of internal control over financial reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
/s/ GRANT THORNTON LLP
Charlotte, North Carolina
February 11, 2025
Opinion on the financial statements
We have audited the accompanying consolidated balance sheets of Agree Realty Corporation (a Maryland corporation) and subsidiaries (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of operations and comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes and financial statement schedules included under Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated February 11, 2025 expressed an unqualified opinion.
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical audit matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Evaluation of the measurement of fair values used in accounting for acquisitions of real estate
As described further in Notes 2 and 4 to the financial statements, the acquisition of property for investment purposes is typically accounted for as an asset acquisition. The Company allocates the purchase price to land, building, assumed debt, if any, and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. During 2024, the Company purchased 242 retail net lease assets for approximately $874.5 million, which includes acquisition and closing costs. We identified the evaluation of the measurement of fair values used in accounting for acquisitions of real estate as a critical audit matter.
F-3
The principal consideration for our determination that the evaluation of the measurement of fair values used in accounting for acquisitions of real estate is a critical audit matter is that auditing management’s determination of fair value was complex and involved subjectivity. In particular, the fair value measurements are sensitive to significant assumptions. Those significant assumptions include market land value and market rent.
Our audit procedures related to the evaluation of fair values used in accounting for acquisitions of real estate included the following, among others.
We have served as the Company’s auditor since 2013.
F-4
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per-share data)
December 31,
ASSETS
Real Estate Investments
Land
2,514,167
2,282,354
Buildings
5,412,564
4,861,692
Less accumulated depreciation
(564,429)
(433,958)
7,362,302
6,710,088
Property under development
55,806
33,232
Net Real Estate Investments
7,418,108
6,743,320
Real Estate Held for Sale, net
3,642
Cash and Cash Equivalents
6,399
10,907
Cash Held in Escrow
3,617
Accounts Receivable - Tenants, net
106,416
82,954
Lease Intangibles, net of accumulated amortization of $461,419 and $360,061 at December 31, 2024 and December 31, 2023, respectively
864,937
854,088
Other Assets, net
90,586
76,308
Total Assets
8,486,446
7,774,836
LIABILITIES
Mortgage Notes Payable, net
42,210
42,811
Unsecured Term Loan, net
347,452
346,798
Senior Unsecured Notes, net
2,237,759
1,794,312
Unsecured Revolving Credit Facility
Dividends and Distributions Payable
27,842
25,534
Accounts Payable, Accrued Expenses, and Other Liabilities
116,273
101,401
Lease Intangibles, net of accumulated amortization of $46,003 and $42,813 at December 31, 2024 and December 31, 2023, respectively
46,249
36,827
Total Liabilities
2,975,785
2,574,683
Commitments and Contingencies (Note 11)
EQUITY
Preferred stock, $.0001 par value per share, 4,000,000 shares authorized, 7,000 shares Series A outstanding, at stated liquidation value of $25,000 per share, at December 31, 2024 and December 31, 2023
175,000
Common stock, $.0001 par value, 180,000,000 shares authorized, 107,248,705 and 100,519,355 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively
Additional paid-in-capital
5,765,582
5,354,120
Dividends in excess of net income
(470,622)
(346,473)
Accumulated other comprehensive income
40,076
16,554
Total Equity - Agree Realty Corporation
5,510,046
5,199,211
Non-controlling interest
615
942
Total Equity
5,510,661
5,200,153
Total Liabilities and Equity
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
Revenues
Rental income
429,632
Other
273
92
182
Total Revenues
617,095
537,495
429,814
Operating Expenses
Real estate taxes
32,079
Property operating expenses
18,585
Land lease expense
1,618
1,664
1,617
General and administrative
37,233
34,788
30,121
Depreciation and amortization
133,570
Total Operating Expenses
326,293
284,957
216,987
Gain on sale of assets, net
11,508
1,849
5,341
Loss on involuntary conversion, net
(67)
(83)
Income from Operations
302,243
254,387
218,085
Other (Expense) Income
Interest expense, net
(108,904)
(81,119)
(63,435)
Income and other tax expense
(4,306)
(2,910)
(2,860)
Other income
799
189
1,245
Net Income
Less net income attributable to non-controlling interest
635
588
598
Net income attributable to Agree Realty Corporation
189,197
169,959
152,437
Net Income Attributable to Common Stockholders
181,760
162,522
145,000
Net Income Per Share Attributable to Common Stockholders
1.79
1.70
1.84
1.78
1.83
Other Comprehensive Income
Amortization of interest rate swaps
(2,781)
(2,519)
(684)
Change in fair value and settlement of interest rate swaps
26,383
(4,501)
29,881
Total comprehensive income
213,434
163,527
182,232
Less comprehensive income attributable to non-controlling interest
715
565
741
Comprehensive Income Attributable to Agree Realty Corporation
212,719
162,962
181,491
Weighted Average Number of Common Shares Outstanding - Basic
101,099,252
95,191,409
78,659,333
Weighted Average Number of Common Shares Outstanding - Diluted
101,876,304
95,437,412
79,164,386
CONSOLIDATED STATEMENTS OF EQUITY
Accumulated
Dividends in
Preferred Stock
Common Stock
Additional
excess of net
Comprehensive
Non-Controlling
Shares
Amount
Paid-In Capital
income
Income (Loss)
Interest
Balance, December 31, 2021
7,000
71,285,311
3,395,549
(147,366)
(5,503)
1,629
3,419,316
Issuance of common stock, net of issuance costs
18,799,566
1,257,821
1,257,823
Repurchase of common shares
(30,366)
(1,912)
Issuance of stock under the 2020 Omnibus Incentive Plan
129,099
648
Forfeiture of restricted stock
(10,186)
(61)
Stock-based compensation
6,525
Series A preferred dividends declared for the period
(7,437)
Common stock dividends and distributions declared for the period
(225,766)
(978)
(226,744)
Amortization, changes in fair value, and settlement of interest rate swaps
29,054
143
29,197
Balance, December 31, 2022
90,173,424
4,658,570
(228,132)
23,551
1,392
4,630,390
10,267,768
689,896
689,897
(36,780)
(2,684)
129,775
(14,832)
(11)
8,349
(280,863)
(1,015)
(281,878)
(6,997)
(23)
(7,020)
Balance, December 31, 2023
100,519,355
402,938
(39,318)
(2,281)
147,656
(9,100)
(25)
10,830
(305,909)
(1,042)
(306,951)
23,522
80
23,602
Balance, December 31, 2024
107,248,705
Cash dividends declared per depositary share of Series A preferred stock:
For the twelve months ended December 31, 2022
1.063
For the twelve months ended December 31, 2023
For the twelve months ended December 31, 2024
Cash dividends declared per common share:
2.805
2.919
3.000
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Cash Flows from Operating Activities
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization from above (below) market lease intangibles, net
33,236
33,096
33,337
Amortization from financing costs, credit facility costs and debt discount
6,323
4,737
4,065
Gain on settlement of interest rate swaps
4,355
28,414
Gain on sale of assets
(11,508)
(5,341)
Change in accounts receivable
(12,089)
(5,086)
Change in other assets
(4,800)
121
4,891
Change in accounts payable, accrued expenses, and other liabilities
14,318
10,384
15,048
Net Cash Provided by Operating Activities
431,972
391,598
362,121
Cash Flows from Investing Activities
Acquisition of real estate investments and other assets
(877,226)
(1,206,025)
(1,578,511)
Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $1,599 in 2024, $1,957 in 2023 and $1,261 in 2022)
(100,108)
(82,368)
(81,875)
Payment of leasing costs
(2,404)
(447)
(503)
Net proceeds from sale of assets
94,331
13,843
44,914
Net Cash Used in Investing Activities
(885,407)
(1,274,997)
(1,615,975)
Cash Flows from Financing Activities
Proceeds from common stock offerings, net
Unsecured revolving credit facility borrowings
1,072,000
1,231,000
1,035,000
Unsecured revolving credit facility repayments
(1,141,000)
(1,104,000)
(1,095,000)
Payments of mortgage notes payable
(963)
(5,527)
(24,490)
Proceeds from unsecured term loan
Proceeds from senior unsecured notes
444,722
297,513
Payment of Series A preferred dividends
(7,438)
Payment of common stock dividends
(303,604)
(277,676)
(220,304)
Distributions to non-controlling interest
(1,041)
(1,012)
(971)
Payments for financing lease liability
(6,076)
Payments for financing costs
(11,948)
(3,546)
(2,708)
Net Cash Provided by Financing Activities
445,310
869,014
1,237,513
Decrease in Cash and Cash Equivalents and Cash Held in Escrow
(8,125)
(14,385)
(16,341)
Cash and cash equivalents and cash held in escrow, beginning of period
14,524
28,909
45,250
Cash and cash equivalents and cash held in escrow, end of period
Supplemental Disclosure of Cash Flow Information
Cash paid for interest (net of amounts capitalized)
123,687
87,481
58,784
Cash paid for income tax
3,709
3,065
2,395
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Lease right of use assets added under new ground leases
3,198
1,816
Lease right of use assets removed as a result of acquisition of real property
(15,143)
Mortgage note payable assumed, net $2,548 mortgage debt discount
39,702
Series A preferred dividends declared and unpaid
620
Common stock dividends and limited partners' distributions declared and unpaid
27,222
24,914
21,725
Change in accrual of development, construction and other real estate investment costs
6,621
2,785
3,199
Note 1 – Organization
Agree Realty Corporation (the “Company”), a Maryland corporation, is a fully integrated real estate investment trust (“REIT”) primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants. The Company was founded in 1971 by its current Executive Chairman, Richard Agree, and its common stock was listed on the New York Stock Exchange in 1994.
The Company’s assets are held by, and all of its operations are conducted through, directly or indirectly, Agree Limited Partnership (the “Operating Partnership”), of which Agree Realty Corporation is the sole general partner and in which it held a 99.7% common equity interest as of December 31, 2024 and 2023. There is a one-for-one relationship between the limited partnership interests in the Operating Partnership (“Operating Partnership Common Units”) owned by the Company and shares of Company common stock outstanding. The Company also owns 100% of the Series A preferred equity interest in the Operating Partnership. This preferred equity interest corresponds on a one-for-one basis to the Company’s Series A Preferred Stock (Refer to Note 6 - Common and Preferred Stock), providing income and distributions to the Company equal to the dividends payable on that stock.
The non-controlling interest in the Operating Partnership consisted of a 0.3% common ownership interest in the Operating Partnership held by the Company’s founder and Executive Chairman as of December 31, 2024 and 2023. The Operating Partnership Common Units may, under certain circumstances, be exchanged for shares of common stock on a one-for-one basis. The Company, as sole general partner of the Operating Partnership, has the option to settle exchanged Operating Partnership Common Units held by others for cash based on the current trading price of its shares. Assuming the exchange of all non-controlling Operating Partnership Common Units, there would have been 107,596,324 shares of common stock outstanding at December 31, 2024.
As of December 31, 2024, the Company owned 2,370 properties, with a total gross leasable area (“GLA”) of approximately 48.8 million square feet. As of December 31, 2024, the Company’s portfolio was approximately 99.6% leased and had a weighted average remaining lease term (excluding extension options) of approximately 7.9 years. A significant majority of its properties are leased to national tenants and approximately 68.2% of its annualized base rent was derived from tenants, or parent entities thereof, with an investment grade credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners.
The terms “Agree Realty,” the “Company,” “Management,” “we,” “our” or “us” refer to Agree Realty Corporation and all of its consolidated subsidiaries, including the Operating Partnership.
Note 2 – Summary of Significant Accounting Policies
Consolidation
Under the agreement of limited partnership of the Operating Partnership, the Company, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership. The Company consolidates the Operating Partnership under the guidance set forth in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation, and as a result, the consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly owned subsidiaries. All material intercompany accounts and transactions are eliminated, including the Company’s Series A preferred equity interest in the Operating Partnership.
The Company records the acquisition of real estate at cost, including acquisition and closing costs. For properties developed by the Company, all direct and indirect costs related to planning, development and construction, including
interest, real estate taxes and other miscellaneous costs incurred during the construction period, are capitalized for financial reporting purposes and recorded as property under development until construction has been completed.
Assets Held for Sale
Assets are classified as real estate held for sale based on specific criteria as outlined in FASB ASC Topic 360, Property, Plant & Equipment. Properties classified as real estate held for sale are recorded at the lower of their carrying value or their fair value, less anticipated selling costs. Any properties classified as held for sale are not depreciated. Assets are generally classified as real estate held for sale once management has actively engaged in marketing the asset and has received a firm purchase commitment that is expected to close within one year.
Acquisitions of Real Estate
The acquisition of property for investment purposes is typically accounted for as an asset acquisition. The Company allocates the purchase price to land, building, assumed debt, if any, and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. Intangible assets and liabilities represent the value of in-place leases and above- or below-market leases. In making estimates of fair values, the Company may use various sources, including data provided by independent third parties, as well as information obtained by the Company as a result of its due diligence, including expected future cash flows of the property and various characteristics of the markets where the property is located.
In allocating the fair value of the identified tangible and intangible assets and liabilities of an acquired property, land is valued based upon comparable market data or independent appraisals. Buildings are valued on an as-if vacant basis based on a cost approach utilizing estimates of cost and the economic age of the building or an income approach utilizing various market data. In-place lease intangibles are valued based on the Company’s estimates of costs related to tenant acquisition and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition. 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’s estimate of current market lease rates for the property. In the case of sale-leaseback transactions, it is typically assumed that the lease is not in-place prior to the close of the transaction.
Depreciation and Amortization
Land, buildings and improvements are recorded and stated at cost. The Company’s properties are depreciated using the straight-line method over the estimated remaining useful life of the assets, which are generally 40 years for buildings and 10 to 20 years for improvements. Properties classified as held for sale and properties under development or redevelopment are not depreciated. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives.
In-place lease intangible assets and the capitalized above- and below-market lease intangibles are amortized over the non-cancelable term of the lease as well as any option periods included in the estimated fair value. In-place lease intangible assets are amortized to amortization expense and above- and below-market lease intangibles are amortized as a net adjustment to rental income. In the event of early lease termination, the remaining net book value of any above- or below-market lease intangible is recognized as an adjustment to rental income.
F-10
The following schedule summarizes the Company’s amortization of lease intangibles for the years ended December 31, 2024, 2023 and 2022 (presented in thousands):
For the Year Ended December 31,
Lease intangibles (in-place)
66,544
58,396
43,553
Lease intangibles (above-market)
38,857
39,917
39,603
Lease intangibles (below-market)
(5,621)
(6,821)
(6,266)
99,780
91,492
76,890
The following schedule represents estimated future amortization of lease intangibles as of December 31, 2024 (presented in thousands):
Year Ending December 31,
68,846
65,290
58,461
51,103
43,373
181,198
468,271
38,536
36,789
34,194
30,684
27,529
228,934
396,666
(5,533)
(5,179)
(4,830)
(4,011)
(3,393)
(23,303)
(46,249)
101,849
96,900
87,825
77,776
67,509
386,829
818,688
The Company reviews real estate investments and related lease intangibles for possible impairment when certain events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable through operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, the Company’s ability or expectation to re-lease properties that are vacant or become vacant or a change in the anticipated holding period for a property.
Management determines whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the residual value of the real estate, to the carrying cost of the individual asset.
Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale.
The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions and purchase offers received from third parties, which are Level 3 inputs. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. Estimating future cash flows is highly subjective and estimates can differ materially from actual results.
Cash and Cash Equivalents and Cash Held in Escrow
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of deposit, checking, and money market accounts. The account balances periodically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage or are held in accounts without any federal insurance, and as a result, there is a credit risk related to amounts on deposit in excess of FDIC insurance coverage. Cash held in escrows primarily relates to proposed like-kind exchange transactions pursued under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”).
F-11
The following table provides a reconciliation of cash and cash equivalents and cash held in escrow, both as reported within the consolidated balance sheets, to the total of the cash and cash equivalents and cash held in escrow as reported within the consolidated statements of cash flows (presented in thousands):
Cash and cash equivalents
Cash held in escrow
Total of cash and cash equivalents and cash held in escrow
Revenue Recognition and Accounts Receivable
The Company leases real estate to its tenants under long-term net leases which are accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Rental increases based upon changes in the consumer price indexes, or other variable factors, are recognized only after changes in such factors have occurred and are then applied according to the lease agreements. Certain leases also provide for additional rent based on tenants’ sales volumes. These rents are recognized when determinable after the tenant exceeds a sales breakpoint.
Recognizing rent escalations on a straight-line method results in rental revenue in the early years of a lease being higher than actual cash received, creating a straight-line rent receivable asset which is included in the accounts receivable - tenants line item in the consolidated balance sheets. The balance of straight-line rent receivables at December 31, 2024 and 2023 was $77.3 million and $65.9 million, respectively.
The Company’s leases provide for reimbursement from tenants for common area maintenance, insurance, real estate taxes and other operating expenses. A portion of the Company’s operating cost reimbursement revenue is estimated each period and is recognized as rental revenue in the period the recoverable costs are incurred and accrued, and the related revenue is earned. The balance of unbilled operating cost reimbursement receivable at December 31, 2024 and 2023 was $15.8 million and $14.0 million, respectively. Unbilled operating cost reimbursement receivable is reflected in accounts receivable - tenants, net in the consolidated balance sheets.
The Company has adopted the practical expedient in FASB ASC Topic 842, Leases (“ASC 842”) that allows lessors to combine non-lease components with the lease components when the timing and patterns of transfer for the lease and non-lease components are the same and the lease is classified as an operating lease. As a result, all rentals and reimbursements pursuant to tenant leases are reflected as one-line, rental income, in the consolidated statements of operations and comprehensive income.
The Company reviews the collectability of all charges under its tenant operating leases on a regular basis including current and future rent and reimbursements for common area maintenance, insurance, real estate taxes and other operating expenses, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that collectability with respect to any tenant changes, the Company recognizes an adjustment to rental revenue. The Company’s review of collectability of charges under its operating leases also includes any accrued rental revenue related to the straight-line method of reporting rental revenue.
As of December 31, 2024, the Company had nine leases across seven tenants where collection is not considered probable. For these tenants, the Company is recording rental income on a cash basis and has written off any outstanding receivables, including straight-line rent receivables. Adjustments to rental revenue related to tenants accounted for on the cash basis resulted in a reduction to rental income of $0.4 million for the year ended December 31, 2024 and an increase to rental income and net income of $0.4 million for the year ended December 31, 2023.
F-12
In addition to the tenant-specific collectability assessment performed, the Company may also recognize a general allowance, as a reduction to rental revenue, for its operating lease receivables which are not expected to be fully collectible based on the potential for settlement of arrears. The Company had no general allowance as of December 31, 2024 and 2023.
Earnings per Share
Earnings per share of common stock has been computed pursuant to the guidance in the FASB ASC Topic 260, Earnings Per Share. The guidance requires the classification of the Company’s unvested restricted common shares (“restricted shares”), which contain rights to receive non-forfeitable dividends, as participating securities requiring the two-class method of computing net income per share of common stock. In accordance with the two-class method, earnings per share is computed by dividing net income less net income attributable to unvested restricted shares by the weighted average number of shares of common stock outstanding less unvested restricted shares. Diluted earnings per share is computed by dividing net income less net income attributable to unvested restricted shares by the weighted average shares of common shares and potentially dilutive securities in accordance with the treasury stock method.
The following is a reconciliation of the numerator and denominator used in the computation of basic and diluted net earnings per share of common stock for each of the periods presented (presented in thousands, except for share data):
Year Ended December 31,
Less: Series A preferred stock dividends
Net income attributable to common stockholders
Less: Income attributable to unvested restricted shares
(485)
(405)
(376)
Net income used in basic and diluted earnings per share
181,275
162,117
144,624
Weighted average number of common shares outstanding
101,366,693
95,431,468
78,885,063
Less: Unvested restricted shares
(267,441)
(240,059)
(225,730)
Weighted average number of common shares outstanding used in basic earnings per share
Effect of dilutive securities:
Share-based compensation
201,744
131,261
129,474
ATM Forward Equity Offerings
556,845
39,519
63,381
December 2021 Forward Equity Offering
89,963
May 2022 Forward Equity Offering
173,429
September 2022 Forward Equity Offering
75,223
48,806
October 2024 Forward Equity Offering
18,463
Weighted average number of common shares outstanding used in diluted earnings per share
Operating Partnership Units ("OP Units")
347,619
Weighted average number of common shares and OP Units outstanding used in diluted earnings per share
F-13
The following summarizes the number of restricted common stock and performance units that were anti-dilutive and not included in the computation of diluted earnings per share, for the respective periods.
Anti-dilutive share-based compensation
185
62
Forward Equity Sales
The Company periodically sells shares of common stock through forward sale agreements to enable the Company to set the price of such shares upon pricing the offering (subject to certain adjustments) while delaying the issuance of such shares and the receipt of the net proceeds by the Company.
To account for the forward sale agreements, the Company considers the accounting guidance governing financial instruments and derivatives. To date, the Company has concluded that its forward sale agreements are not liabilities as they do not embody obligations to repurchase its shares nor do they embody obligations to issue a variable number of shares for which the monetary value are predominantly fixed, varying with something other than the fair value of the shares, or varying inversely in relation to its shares. The Company then evaluates whether the agreements meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments. The Company has concluded that the agreements are classifiable as equity contracts based on the following assessments: (i) none of the agreements’ exercise contingencies are based on observable markets or indices besides those related to the market for the Company’s own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to its own stock.
The Company also considers the potential dilution resulting from the forward sale agreements on the earnings per share calculations. The Company uses the treasury stock method to determine the dilution resulting from forward sale agreements during the period of time prior to settlement.
Equity Offering Costs
Underwriting commissions and offering costs of equity offerings are reflected as a reduction of additional paid-in-capital in the Company’s consolidated balance sheets and consolidated statements of equity.
Income Taxes
The Company has made an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and related regulations. The Company generally will not be subject to federal income taxes on amounts distributed to stockholders, providing it distributes 100% of its REIT taxable income and meets certain other requirements for qualifying as a REIT. For each of the years in the three-year period ended December 31, 2024, the Company believes it has qualified as a REIT. Accordingly, no provision has been made for federal income taxes related to the Company’s REIT taxable income in the accompanying consolidated financial statements.
The Company has elected taxable REIT subsidiary (“TRS”) status for certain subsidiaries pursuant to the provisions of the REIT Modernization Act. A TRS is able to engage in activities resulting in income that previously would have been disqualified from being eligible REIT income under the federal income tax regulations. As a result, certain activities of the Company which occur within its TRS entities are subject to federal income taxes. All provisions for federal income taxes in the accompanying consolidated financial statements are attributable to the Company’s TRS.
Notwithstanding its qualification for taxation as a REIT, the Company is subject to certain state and local income and franchise taxes, which are included in income and other tax expense on the consolidated statements of operations and comprehensive income.
F-14
The Company is subject to the provisions of FASB ASC Topic 740-10 (“ASC 740-10”) and regularly analyzes its various federal and state filing positions and only recognizes the income tax effect in its financial statements when certain criteria regarding uncertain income tax positions have been met. The Company believes that its income tax positions are documented and supported and would more likely than not be sustained upon examination by all relevant taxing authorities. Therefore, no provisions for uncertain income tax positions have been recorded pursuant to ASC 740-10 in the consolidated financial statements. The Company has elected to record related interest and penalties, if any, as income and other tax expense on the consolidated statements of operations and comprehensive income. The Company has no material interest or penalties relating to income taxes recognized for the years ended December 31, 2024, 2023 and 2022.
The Company’s federal income tax returns are open for examination by taxing authorities for all years beginning after December 31, 2020.
Earnings and profits that determine the taxability of distributions to stockholders differ from net income reported for financial reporting purposes due to differences in the estimated useful lives and methods used to compute depreciation and the carrying value (basis) of the investments in properties for tax purposes, among other things.
Management’s Responsibility to Evaluate Its Ability to Continue as a Going Concern
When preparing financial statements for each annual and interim reporting period, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. In making its evaluation, the Company considers, among other things, any risks and/or uncertainties to its results of operations, contractual obligations in the form of near-term debt maturities, dividend requirements, or other factors impacting the Company’s liquidity and capital resources. No conditions or events that raised substantial doubt about the ability to continue as a going concern within one year were identified as of the issuance date of the consolidated financial statements contained in this Annual Report on Form 10-K.
Reclassifications
Certain reclassifications of prior period amounts have been made in the consolidated financial statements and footnotes in order to conform to the current presentation.
Segment Reporting
The Company is primarily in the business of acquiring, developing and managing retail real estate. The Company’s chief operating decision maker (CODM), which is its Chief Executive Officer, does not distinguish or group operations on a geographic, tenant sector, tenant or other basis when assessing the financial performance of the Company’s portfolio of properties. Accordingly, the Company has a single reportable segment for disclosure purposes.
The CODM assesses performance, evaluates return on investment, and decides how to allocate resources based on consolidated net income as reported on the consolidated statements of operations and comprehensive income. The CODM does not regularly review a measure of segment assets to evaluate performance. Total expenditures for long-lived assets are reported on the consolidated statements of cash flows.
The accounting policies of the reportable segment are the same as those described in Note 2 – Summary of Significant Accounting Policies. Revenues are generated through leasing long-lived assets to external customers. There are no inter-entity revenues, and no tenant comprises more than 10 percent of the Company’s revenues.
F-15
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of (1) assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and (2) revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Values of Financial Instruments
The Company’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance, ASC Topic 820 Fair Value Measurement (“ASC 820”). The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels:
Level 1 –
Valuation is based upon quoted prices in active markets for identical assets or liabilities.
Level 2 –
Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 –
Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.
In August 2023, the FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60) (“ASU 2023-05”). ASU 2023-05 addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. ASU 2023-05 requires a joint venture apply a new basis of accounting upon formation. By applying a new basis of accounting, a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). The amendments in ASC 2023-05 were effective prospectively for all joint ventures formed on or after January 1, 2025. The Company does not have joint ventures and as such was not impacted upon adoption of the guidance on January 1, 2025.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to improve reportable segment disclosure by requiring disclosure of incremental segment information on an annual and interim basis such as, annual and interim disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, interim disclosure of a reportable segment’s profit or loss and assets and require that a public entity that has a single reportable segment provide all the disclosures required by ASU 2023-07 and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 were effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The disclosures are applied retrospectively to all periods presented and early adoption was permitted. The Company has one reportable segment and has included the applicable incremental disclosures here-in.
F-16
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires annual disclosure of specific categories in the income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold within the rate reconciliation. In addition, the amendments require annual disclosure of income taxes paid disaggregated by federal, state and foreign jurisdictions as well as individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis, however early adoption and retrospective adoption is permitted. The Company continues to evaluate the impact of the guidance and potential additional disclosures required.
In November 2024, the FASB issued ASU 2024-03, Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) – Disaggregation of Income Statement Expenses (“ASU 2024-03”). Within the notes to the financial statements, the amendment requires tabular disclosure of disaggregated information related to expense captions presented on the face of the income statement that include expense categories such as employee compensation, depreciation, and intangible asset amortization. The amendment does not change the timing or amount of expense recognized, rather it is intended to provide incremental information about the components of an entity’s expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company continues to evaluate the impact of the guidance and potential additional disclosures required.
Note 3 – Leases
Tenant Leases
The Company is primarily focused on the ownership, acquisition, development and management of retail properties leased to industry leading tenants.
Substantially all of the Company’s tenants are subject to net lease agreements. A net lease typically requires the tenant to be responsible for minimum monthly rent and actual property operating expenses incurred, including property taxes, insurance and maintenance. In addition, the Company’s tenants are typically subject to future rent increases based on fixed amounts or increases in the consumer price index and certain leases provide for additional rent calculated as a percentage of the tenants’ gross sales above a specified level. Certain of the Company’s properties are subject to leases under which it retains responsibility for specific costs and expenses of the property.
The Company’s leases typically provide the tenant with one or more multi-year renewal options to extend their leases, subject to generally the same terms and conditions, including rent increases, consistent with the initial lease term.
The Company attempts to maximize the amount it expects to derive from the underlying real estate property following the end of the lease, to the extent it is not extended. The Company maintains a proactive leasing program that, combined with the quality and locations of its properties, has made its properties attractive to tenants. The Company intends to continue to hold its properties for long-term investment and, accordingly, places a strong emphasis on the quality of construction and an on-going program of regular and preventative maintenance.
The Company has elected the practical expedient in ASC 842 on not separating non-lease components from associated lease components. The lease and non-lease components combined as a result of this election largely include tenant rentals and maintenance charges, respectively. The Company applies the accounting requirements of ASC 842 to the combined component.
F-17
The following table includes information regarding contractual lease payments for the Company’s operating leases for which it is the lessor, for the years ended December 31, 2024, 2023 and 2022 (presented in thousands).
Total lease payments
637,831
558,200
450,369
Less: Operating cost reimbursements, termination income and percentage rents
71,163
60,694
47,962
Total non-variable lease payments
566,668
497,506
402,407
At December 31, 2024, future non-variable lease payments to be received from the Company’s operating leases for the next five years and thereafter are as follows (presented in thousands):
Future non-variable lease payments
631,883
622,315
594,978
556,854
503,775
2,441,079
5,350,884
Deferred Revenue
As of December 31, 2024 and 2023, there was $33.1 million and $21.9 million, respectively, in deferred revenues resulting from rents paid in advance. Deferred revenues are recognized within accounts payable, accrued expenses, and other liabilities on the consolidated balance sheets as of these dates.
The Company is the lessee under land lease agreements for certain of its properties. ASC 842 requires a lessee to recognize right of use assets and lease obligation liabilities that arise from leases, whether qualifying as operating or finance. As of December 31, 2024 and 2023, the Company had $47.5 million and $60.2 million, respectively, of right of use assets, net, recognized within other assets in the consolidated balance sheets, while the corresponding lease obligations, net, of $21.0 million and $23.0 million, respectively, were recognized within accounts payable, accrued expenses, and other liabilities on the consolidated balance sheets as of these dates.
The Company’s land leases do not include any variable lease payments. These leases typically provide multi-year renewal options to extend their term as lessee at the Company’s option. Option periods are included in the calculation of the lease obligation liability only when options are reasonably certain to be exercised. Certain of the Company’s land leases qualify as finance leases as a result of purchase options that are reasonably certain of being exercised or automatic transfer of title to the Company at the end of the lease term.
Amortization of right of use assets for operating land leases is classified as land lease expense and was $1.6 million, $1.7 million, and $1.6 million for the years ending December 31, 2024, 2023 and 2022, respectively. There was no amortization of right of use assets for finance land leases with purchase options that are reasonably certain of being exercised or automatic transfer of title to the Company at the end of the lease term, as the underlying leased asset (land) has an infinite life. Interest expense on finance land leases was $0.2 million, $0.3 million and $0.3 million during the years ended December 31, 2024, 2023 and 2022.
In calculating its lease obligations under ground leases, the Company uses discount rates estimated to be equal to what it would have to pay to borrow on a collateralized basis over a similar term, for an amount equal to the lease payments, in a similar economic environment.
F-18
The following tables include information on the Company’s land leases for which it is the lessee, for the years ending December 31, 2024, 2023 and 2022 (presented in thousands).
Operating leases:
Operating cash outflows
1,202
1,197
Weighted-average remaining lease term - operating leases (years)
32.1
33.2
33.5
Finance leases:
195
252
255
Financing cash outflows
125
84
81
Weighted-average remaining lease term - finance leases (years)
27.1
0.8
Supplemental Disclosure:
Right of use assets added under new ground leases
Right of use assets removed as a result of acquisition of real property
Right of use assets net change
(11,945)
The weighted-average discount rate used in computing operating and finance lease obligations approximated 4.5%, 4.1%, and 4.1% at December 31, 2024, 2023 and 2022, respectively.
The following is a maturity analysis of lease liabilities for operating land leases as of December 31, 2024 for the following five years. (presented in thousands)
Lease payments
1,366
1,365
1,212
1,184
1,174
28,324
34,625
Imputed interest
(749)
(721)
(696)
(673)
(650)
(13,294)
(16,783)
Total lease liabilities
617
644
516
511
524
15,030
17,842
The following is a maturity analysis of lease liabilities for finance land leases as of December 31, 2024 for the following five years. (presented in thousands)
180
187
202
6,154
7,125
(191)
(192)
(2,965)
(3,922)
(5)
3,189
3,203
Note 4 – Real Estate Investments
Real Estate Portfolio
As of December 31, 2024, the Company owned 2,370 properties, with a total GLA of approximately 48.8 million square feet. Net Real Estate Investments totaled $7.42 billion as of December 31, 2024. As of December 31, 2023, the Company owned 2,135 properties, with a total GLA of approximately 44.2 million square feet. Net Real Estate Investments totaled $6.74 billion as of December 31, 2023.
F-19
During 2024, the Company purchased 242 retail net lease assets for approximately $874.5 million, which includes acquisition and closing costs. These properties are located in 44 states and had a weighted average remaining lease term of approximately 10.4 years. The aggregate 2024 acquisitions were allocated approximately $232.3 million to land, $537.0 million to buildings and improvements, $104.8 million to lease intangibles and $0.4 million to other assets.
During 2023, the Company purchased 282 retail net lease assets for approximately $1.20 billion, which includes acquisition and closing costs. These properties are located in 40 states and had a weighted average lease term of approximately 11.3 years. The aggregate 2023 acquisitions were allocated approximately $325.2 million to land, $726.1 million to buildings and improvements, and $147.4 million to lease intangibles.
The 2024 and 2023 acquisitions were funded as cash purchases and there was no material contingent consideration associated with these acquisitions. None of the Company’s acquisitions during 2024 or 2023 caused any new or existing tenant to comprise 10% or more of the Company’s total annualized contractual base rent at December 31, 2024 or 2023.
During 2024, the Company commenced 25 and completed 21 development or Developer Funding Platform (“DFP”) projects. At December 31, 2024, the Company had 20 development or DFP projects under construction.
During 2023, the Company commenced 13 and completed 21 development or DFP projects. At December 31, 2023, the Company had 16 development or DFP projects under construction.
During 2023, the Company sold six assets for net proceeds of $13.8 million and recorded a net gain of $1.8 million.
During 2022, the Company sold seven assets for net proceeds of $44.9 million and recorded a net gain of $5.3 million.
During the year ended December 31, 2023, the Company completed construction and moved its headquarters to a new corporate office building. Prior to the move, the Company’s headquarters were located in two office buildings owned by the Company. The Company began marketing for sale the previous corporate office buildings in early 2023, disposing of one in October 2023 to a third party. The Company received two bona fide offers on the remaining corporate office building during the fourth quarter of 2023, the highest of which was received from an entity controlled by one of the Company’s Independent Directors. The transaction to sell the building for $3.7 million to the related party entity was approved by the Company’s Audit Committee prior to accepting the offer and entering into the purchase and sale agreement. As a result of the offers received related to the remaining corporate office building, the Company recognized impairment of $2.7 million to state the carrying value of the building at its fair value. The building was classified as held for sale as of December 31, 2023 and the all cash disposition closed on January 16, 2024. No amounts were due to or due from the Independent Director or the related party entity as of December 31, 2023 or subsequent to closing the disposition.
F-20
The Company did not classify any properties as real estate held for sale as of December 31, 2024 and classified one property as real estate held for sale as of December 31, 2023, the assets for which are separately presented in the consolidated balance sheets as follows (presented in thousands):
671
Building
2,978
3,649
Accumulated depreciation and amortization, net
(7)
Total Real Estate Held for Sale, net
Provisions for Impairment
As a result of the Company’s review of real estate investments, it recognized provision for impairment of $7.2 million, $7.2 million and $1.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. The estimated fair value of the impaired real estate assets at their time of impairment during 2024, 2023 and 2022 was $18.8 million, $6.3 million and $1.8 million, respectively.
Note 5 – Debt
As of December 31, 2024, the Company had total gross indebtedness of $2.81 billion, including (i) $43.9 million of mortgage notes payable; (ii) $350.0 million unsecured term loan; (iii) $2.26 billion of senior unsecured notes; and (iv) $158.0 million outstanding under the Revolving Credit Facility (defined below).
As of December 31, 2024, the Company had total gross mortgage indebtedness of $43.9 million, which was collateralized by related real estate and tenants’ leases with an aggregate net book value of $76.3 million. The weighted average interest rate on the Company’s mortgage notes payable was 3.73% as of December 31, 2024 and 3.78% as of December 31, 2023.
Mortgage notes payable consisted of the following (presented in thousands):
Note payable in monthly installments of $92 including interest at 6.27% per annum, with a final monthly payment due July 2026
Note payable in monthly installments of interest only at 3.63% per annum, with a balloon payment due December 2029
Total principal
Unamortized debt issuance costs and assumed debt discount, net
(1,694)
(2,057)
During 2023, the Company repaid a $4.6 million, 5.01% per annum, interest only mortgage note at maturity.
The mortgage loans encumbering the Company’s properties are generally non-recourse, subject to certain exceptions for which the Company would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan, but generally include fraud or material misrepresentations, misstatements or omissions by the borrower, intentional
F-21
or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly, and certain environmental liabilities. At December 31, 2024, there were no mortgage loans with full or partial recourse to the Company.
The Company has entered into mortgage loans that are secured by multiple properties and contain cross-default and cross-collateralization provisions. Cross-collateralization provisions allow a lender to foreclose on multiple properties in the event that the Company defaults under the loan. Cross-default provisions allow a lender to foreclose on the related property in the event a default is declared under another loan.
The following table presents the unsecured term loan principal balances net of unamortized debt issuance costs as of December 31, 2024 and 2023 (presented in thousands):
Interest Rate (1)
2029 Unsecured Term Loan
Unamortized debt issuance costs, net
(2,548)
(3,202)
(1) Interest rate at December 31, 2024 reflects the credit spread of 85 basis points, plus a 10 basis point SOFR adjustment and the impact of interest rate swaps which converted $350.0 million of SOFR-based interest to a fixed weighted-average interest rate of 3.57%.
On July 31, 2023, the Company closed on the unsecured $350.0 million 5.5-year term loan (the “2029 Unsecured Term Loan”) which includes an accordion option that allows the Company to request additional lender commitments up to a total of $500.0 million. Borrowings under the 2029 Unsecured Term Loan are priced at SOFR plus a spread of 80 to 160 basis points over SOFR, depending on the Company’s credit ratings, plus a SOFR adjustment of 10 basis points. Based on the Company’s credit ratings at the time of closing, pricing on the 2029 Unsecured Term Loan was 95 basis points over SOFR. The Company used the existing $350.0 million interest rate swaps to hedge the variable SOFR priced interest to a weighted average fixed rate of 3.57% until January 2029.
On August 8, 2024, the Company entered into the First Amendment to Term Loan Agreement (the “First Amendment”) with PNC Bank, National Association, as Administrative Agent, and a syndicate of lenders named therein, and with certain indirect subsidiaries of the Operating Partnership as guarantors. The First Amendment amends the 2029 Unsecured Term Loan implementing various covenant and technical amendments to make the 2029 Unsecured Term Loan’s provisions consistent with corresponding provisions in the Revolving Credit Facility (see “Senior Unsecured Revolving Credit Facility” below). The First Amendment does not change the maturity or the pricing terms of the 2029 Unsecured Term Loan.
F-22
The following table presents the senior unsecured notes principal balances net of unamortized debt issuance costs and original issue discounts for the Company’s private placement and public offerings as of December 31, 2024 and 2023 (presented in thousands):
2028 Senior Unsecured Public Notes
2030 Senior Unsecured Public Notes
2032 Senior Unsecured Public Notes
2033 Senior Unsecured Public Notes
2034 Senior Unsecured Public Notes
Unamortized debt issuance costs and original issue discounts, net
(22,241)
(15,688)
(1) The all-in interest rate reflects the straight-line amortization of the terminated swap agreements and original issuance discount, as applicable.
The Company has entered into forward-starting interest rate swap agreements and a US treasury lock agreement to hedge against variability in future cash flows on forecasted issuances of debt. Refer to Note 8 – Derivative Instruments and Hedging Activity. In connection with pricing certain Senior Unsecured Notes and Senior Unsecured Public Notes, the Company terminated forward-starting interest rate swap agreements to fix the interest rate on all or a portion of the respective notes.
Senior Unsecured Notes – Private Placements
F-23
The Public Notes are governed by an indenture, dated August 17, 2020, among the Operating Partnership, the Company and trustee (as supplemented by an officer’s certificate dated at the issuance of each of the Public Notes, the “Indenture”). The Indenture contains various restrictive covenants, including limitations on the ability of the guarantors and the issuer to incur additional indebtedness and requirements to maintain a pool of unencumbered assets.
In May 2024, the Operating Partnership completed an underwritten public offering of $450.0 million in aggregate principal amount of its 5.625% Notes due 2034 (the “2034 Senior Unsecured Public Notes”). The public offering was priced at 98.83% of the principal amount, resulting in net proceeds of $444.7 million. Upon completion of the underwritten public offering, the Company terminated $150.0 million of forward-starting interest rate swap agreements as well as the $150.0 million US Treasury lock that hedged the 2034 Senior Unsecured Public Notes, receiving $4.4 million, net upon termination.
On August 8, 2024, the Company entered into the Fourth Amended and Restated Revolving Credit Agreement which provides a $1.25 billion senior unsecured revolving credit facility (the “Revolving Credit Facility”).
The Revolving Credit Facility's interest rate is based on a pricing grid with a range of 72.5 to 140 basis points over SOFR, determined by the Company's credit ratings and leverage ratio, plus a SOFR adjustment of 10 basis points. The margins for the Revolving Credit Facility are subject to adjustment based on changes in the Company's leverage ratio and credit ratings.
As of December 31, 2024, the Revolving Credit Facility had a $158.0 million outstanding balance and bore interest of 5.29%, which is comprised of SOFR of 4.46%, the pricing grid spread of 72.5 basis points, and the 10 basis point SOFR adjustment.
The Revolving Credit Facility includes an accordion option that allows the Company to request additional lender commitments up to a total of $2.00 billion. The Revolving Credit Facility will mature in August 2028 with Company options to extend the maturity date to August 2029.
Prior to entering into the Fourth Amended and Restated Revolving Credit Agreement, the Company had a $1.00 billion revolving credit facility under the First Amendment to the Third Amended and Restated Revolving Credit Agreement. The interest rate under the previous credit facility was based on a pricing grid with a range of 72.5 to 140 basis points over SOFR, determined by the Company's credit ratings and leverage ratio, plus a SOFR adjustment of 10 basis points. Interest under the previous Revolving Credit Facility was comprised of SOFR, the applicable pricing grid spread of 77.5 basis points and the 10 basis point SOFR adjustment. The previous credit facility had a maturity date of January 2026 with options to extend the maturity date to January 2027.
The Company and Richard Agree, the Executive Chairman of the Company, were parties to a Reimbursement Agreement dated November 18, 2014 (the “Reimbursement Agreement”). Pursuant to the Reimbursement Agreement, Mr. Agree had agreed to reimburse the Company for any loss incurred under the Revolving Credit Facility in an amount not to exceed $14.0 million to the extent that the value of the Operating Partnership’s assets available to satisfy the Operating Partnership’s obligations under the Revolving Credit Facility is less than $14.0 million. The parties terminated the Reimbursement Agreement and entered into a new reimbursement agreement dated October 3, 2023 (the “New Reimbursement Agreement”). Pursuant to the New Reimbursement Agreement, Mr. Agree has agreed to reimburse the
F-24
Company for his proportionate share of loss incurred under the Revolving Credit Facility in an amount to be determined by facts and circumstances at the time of loss.
Debt Maturities
The following table presents scheduled principal payments related to the Company’s debt as of December 31, 2024 (presented in thousands):
Scheduled
Balloon
Principal
Payment
51,025
2028 (1)
568,000
492,250
Total scheduled principal payments
2,810,250
Certain loan agreements contain various restrictive covenants, including the following financial covenants: maximum total leverage ratio, maximum secured leverage ratios, consolidated net worth requirements, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, a minimum unsecured interest expense ratio, a minimum interest coverage ratio, a minimum unsecured debt yield and a minimum unencumbered interest expense ratio. As of December 31, 2024, the most restrictive covenant was the minimum unencumbered interest expense ratio. The Company was in compliance with all of its loan covenants and obligations as of December 31, 2024.
Note 6 – Common and Preferred Stock
On May 5, 2023, the Company filed an automatic shelf registration statement on Form S-3ASR with the Securities and Exchange Commission registering an unspecified amount of common stock, preferred stock, depositary shares, warrants of the Company and guarantees of debt securities of the Operating Partnership, as well as an unspecified amount of debt securities of the Operating Partnership, at an indeterminate aggregate initial offering price. The Company may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.
F-25
In May 2022, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters’ option to purchase 750,000 shares in connection with forward sale agreements. The Company settled all of the May 2022 forward sales agreements in 2022 which resulted in net proceeds to the Company of approximately $386.7 million, after deducting fees and expenses and making certain other adjustments.
Dividends on the Series A Preferred Shares are payable monthly in arrears on the first day of each month (or, if not on a business day, on the next succeeding business day). The dividend rate is 4.25% per annum of the $25,000 (equivalent to $25.00 per Depositary Share) liquidation preference. Monthly dividends on the Series A Preferred Shares have been and will be in the amount of $0.08854 per Depositary Share, equivalent to $1.0625 per annum.
The Company may not redeem the Series A Preferred Shares before September 2026, except in limited circumstances to preserve its status as a real estate investment trust for federal income tax purposes and except in certain circumstances upon the occurrence of a change of control of the Company. Beginning in September 2026, the Company, at its option, may redeem the Series A Preferred Shares, in whole or from time to time in part, by paying $25.00 per Depositary Share, plus any accrued and unpaid dividends. Upon the occurrence of a change in control of the Company, if the Company does not otherwise redeem the Series A Preferred Shares, the holders have a right to convert their shares into common stock of the Company at the $25.00 per share liquidation value, plus any accrued and unpaid dividends. This conversion value is limited by a share cap if the Company’s stock price falls below a certain threshold.
The Company enters into at-the-market (“ATM”) programs through which the Company, from time to time, sells shares of common stock and/or enters into forward sale agreements.
In February 2024, the Company entered into a $1.00 billion ATM program (the “February 2024 ATM Program”) that simultaneously terminated the prior program. In October 2024, the Company entered into a $1.25 billion ATM program (the “October 2024 ATM Program”). The February 2024 ATM Program was terminated following the establishment of the October 2024 Program. Upon settlement of the relevant forward sale agreement, subject to certain exceptions, we may elect, in our sole discretion, to physically settle in common shares, cash settle, or net share settle all or any portion of our obligations under any forward sale agreement. After considering the shares of common stock sold subject to forward sale agreements under the October 2024 ATM Program, the Company had approximately $1.24 billion of availability under the October 2024 ATM Program as of December 31, 2024.
F-26
(1)
(3)
(2)
Note 7 – Dividends and Distributions Payable
The Company declared dividends per common share of $3.000, $2.919 and $2.805 during the years ended December 31, 2024, 2023 and 2022, respectively.
On December 12, 2024, the Company declared a dividend per common share of $0.253 per share for the month ended December 31, 2024. The holders of Operating Partnership Common Units are entitled to an equal distribution per Operating Partnership Unit held. The monthly common dividend for December 2024 has been reflected as a reduction of stockholders’ equity and the distribution has been reflected as a reduction of the limited partners’ non-controlling interest. The December 2024 dividends and distributions were recorded as a liability on the consolidated balance sheets as of December 31, 2024 and were paid on January 15, 2025.
The Company declared dividends on the Series A Preferred Shares of $1.0625 per Depositary Share during the year ended December 31, 2024, 2023 and 2022. These dividends were reflected entirely as ordinary income for federal income tax purposes. The December 2024 dividend declared on the Series A Preferred Shares of $0.08854 per Depositary Share has been reflected as a reduction of stockholders’ equity and was recorded as a liability on the consolidated balance sheets as of December 31, 2024 and paid on January 2, 2025.
F-27
For federal income tax purposes, common distributions paid have been characterized as follows (unaudited):
2024 (1)
2023 (1)
Ordinary Income
2.638
2.498
2.518
Return of Capital
0.356
0.174
0.287
2.994
2.672
Note 8 – Derivative Instruments and Hedging Activity
Background
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risk, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and, to a limited extent, the use of derivative instruments. For additional information regarding the leveling of the Company’s derivatives, refer to Note 9 – Fair Value Measurements.
The Company’s objective in using interest rate derivatives is to manage its exposure to interest rate movements and add stability to interest expense. To accomplish this objective, the Company uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the life of the agreement without exchange of the underlying notional amount.
Hedging Activity
In May and July 2021, the Company entered into forward-starting interest rate swap agreements to hedge against variability in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $300.0 million of long-term debt. In August 2022, upon completion of the underwritten public offering of the 2032 Senior Unsecured Public Notes, the Company terminated the swap agreements, receiving $28.4 million upon termination. This settlement was included as a component of accumulated Other Comprehensive Income (“OCI”), to be recognized as an adjustment to income over the term of the debt.
In June 2023, the Company entered into $350.0 million of forward starting interest rate swap agreements to hedge against variability in future cash flows resulting from changes in SOFR. The swaps exchange variable rate SOFR interest on $350.0 million of SOFR indexed debt to a weighted average fixed interest rate of 3.57% beginning August 1, 2023 through the maturity date of January 1, 2029. The swaps are designated to hedge the variable rate interest payments of the 2029 Unsecured Term Loan indexed to SOFR. As of December 31, 2024 these interest rate swaps were valued as an asset of approximately $5.2 million.
In December 2023, the Company entered into forward-starting interest rate swap agreements to hedge against variability in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $150.0 million of long-term debt. In addition, in May 2024, the Company entered into a $150.0 million US Treasury lock at 4.51% to hedge against variability in future cash flows resulting from changes in interest rates. The Company terminated the $150.0 million forward-starting interest rate swap agreements and the $150.0 million US Treasury lock upon completion of the underwritten public offering of the 2034 Senior Unsecured Public Notes, receiving $4.4 million, net
F-28
upon termination. This settlement was included as a component of accumulated OCI, to be recognized as an adjustment to income over the term of the debt.
During August and September 2024, the Company entered into forward-starting interest rate swap agreements to hedge against variability in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $200.0 million of long-term debt. The Company hedged its exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending April 2026. As of December 31, 2024, these interest rate swaps are valued as an asset of approximately $12.3 million.
Recognition
The Company recognizes all derivative instruments as either assets or liabilities at fair value on the balance sheets. The Company recognizes its derivatives within other assets, net and accounts payable, accrued expenses and other liabilities on the consolidated balance sheets.
Changes in fair value for hedging instruments designated and qualifying for cash flow hedge accounting treatment are recognized as a component of OCI.
Accumulated OCI relates to (i) the change in fair value of interest rate derivatives and (ii) realized gains or losses on settled derivative instruments. Amounts are reclassified out of accumulated OCI as an adjustment to interest expense for (i) realized gains or losses related to effective interest rate swaps and (ii) realized gains or losses on settled derivative instruments, amortized over the term of the hedged debt transaction. During the next twelve months, the Company estimates that an additional $4.8 million will be reclassified as a decrease to interest expense.
The Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (presented in thousands, except number of instruments):
Number of Instruments 1
Notional Amount1
Interest Rate Derivatives
Interest rate swaps
550,000
500,000
(1) Number of Instruments and total Notional amounts disclosed includes all interest rate swap agreements outstanding at the balance sheet date, including forward-starting interest rate swaps prior to their effective date.
The table below presents the estimated fair value of the Company’s derivative financial instruments as well as their classification in the consolidated balance sheets (presented in thousands).
Asset Derivatives
Derivatives designated as cash flow hedges:
17,526
Liability Derivatives
4,501
F-29
The table below presents the effect of the Company’s derivative financial instruments in the consolidated statements of operations and other comprehensive income for the years ended December 31, 2024, 2023 and 2022 (presented in thousands).
Location of Accumulated OCI
Amount Reclassified from
Amount of Income/(Loss) Recognized
Reclassified from Accumulated
Accumulated OCI as a
in OCI on Derivative
OCI into Income
(Reduction)/Increase in Interest Expense
32,060
(1,911)
Interest expense
(8,458)
(5,109)
The Company does not use derivative instruments for trading or other speculative purposes and did not have any other derivative instruments or hedging activities as of December 31, 2024.
Credit Risk-Related Contingent Features
The Company has agreements with its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness.
Although the derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both the Company and its counterparties under certain situations, the Company does not net its derivative fair values or any existing rights or obligations to cash collateral on the consolidated balance sheets.
The fair value of derivative contracts, which includes interest but excludes any adjustment for nonperformance risk, was in an asset position of $17.9 million as of December 31, 2024 and was in a liability position of $4.1 million as of December 31, 2023. There was no offsetting of derivative assets or liabilities as of December 31, 2024 and 2023.
Note 9 – Fair Value Measurements
Assets and Liabilities Measured at Fair Value
The Company accounts for fair values in accordance with ASC 820. ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the standard does not require any new fair value measurements of reported balances.
ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).
Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels
F-30
of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls, is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
Derivative Financial Instruments
The Company uses interest rate swap agreements to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves.
To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2024 and 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023 (presented in thousands):
Total Fair Value
Level 2
Derivative assets - interest rate swaps
Derivative liabilities - interest rate swaps
Other Financial Instruments
The carrying values of cash and cash equivalents, cash held in escrow, accounts receivable and accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short maturity of these financial instruments.
The Company estimated the fair value of its debt based on its incremental borrowing rates for similar types of borrowing arrangements with the same remaining maturity and on the discounted estimated future cash payments to be made for other debt. The discount rate used to calculate the fair value of debt approximates current lending rates for loans and assumes the debt is outstanding through maturity. Since such amounts are estimates that are based on limited available market information for similar transactions, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument.
F-31
The Company determined that the valuation of its Unsecured Term Loan, Senior Unsecured Notes and Revolving Credit Facility are classified as Level 2 of the fair value hierarchy and its fixed rate mortgages are classified as Level 3 of the fair value hierarchy. The Senior Unsecured Notes had carrying values of $2.24 billion and $1.79 billion as of December 31, 2024 and 2023, respectively, and had fair values of approximately $2.08 billion and $1.60 billion, respectively. The Mortgage Notes Payable had carrying values of $42.2 million and $42.8 million as of December 31, 2024 and 2023, respectively, and had fair values of $40.6 million and $41.2 million, respectively. The fair value of the Revolving Credit Facility and Unsecured Term Loan are estimated to be equal to the carrying value as they are variable rate debt.
Note 10 – Equity Incentive Plan
In May 2024, the Company’s stockholders approved the Agree Realty Corporation 2024 Omnibus Incentive Plan (the “2024 Plan”), which replaced the Agree Realty Corporation 2020 Omnibus Incentive Plan. The 2024 Plan provides for the award to employees, directors and consultants of the Company of options, restricted stock, restricted stock units, stock appreciation rights, performance awards (which may take the form of performance units or performance shares) and other awards to acquire up to an aggregate of 2,000,000 shares of the Company’s common stock. As of December 31, 2024, 2,000,000 shares of common stock were available for issuance under the 2024 Plan.
Restricted Stock - Employees
Restricted shares have been granted to employees which vest based on continued service to the Company.
The holder of a restricted share award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. Restricted share awards granted prior to 2023 vest over a five-year period while awards granted in 2023 and 2024 vest over a three-year period.
The Company estimates the fair value of restricted share grants at the date of grant and amortizes those amounts into expense on a straight-line basis over the appropriate vesting period. The Company used 0% for the forfeiture rate for determining the fair value of restricted stock. The Company recognized expense related to restricted share grants of $5.8 million, $4.6 million and $3.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.
As of December 31, 2024, there was $9.0 million of total unrecognized compensation costs related to the outstanding restricted shares, which is expected to be recognized over a weighted average period of 1.8 years. The intrinsic value of restricted shares vested was $2.3 million, $2.7 million and $1.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.
F-32
Restricted share activity is summarized as follows:
Outstanding
Grant Date
(in thousands)
Fair Value
Unvested restricted stock at December 31, 2021
64.90
Restricted stock granted
63.10
Restricted stock vested
(63)
60.84
Restricted stock forfeited
(10)
65.12
Unvested restricted stock at December 31, 2022
183
65.46
82
73.15
(56)
63.95
(15)
69.12
Unvested restricted stock at December 31, 2023
194
68.85
101
57.51
(68)
69.33
(9)
63.63
Unvested restricted stock at December 31, 2024
218
63.65
Performance Units and Shares
Performance shares were granted to certain executive officers prior to 2019, while performance units were granted beginning in 2019. Performance units and shares are subject to a three-year performance period, following the conclusion of which shares awarded are to be determined by the Company’s total shareholder return (“TSR”) compared to the constituents of the MSCI US REIT Index and a defined peer group. Fifty percent of the award is based upon the TSR percentile rank versus the constituents in the MSCI US REIT Index for the three-year performance period; and fifty percent of the award is based upon TSR percentile rank versus a specified net lease peer group for the three-year performance period. For performance units and shares granted prior to 2023, vesting of the performance units following their issuance will occur ratably over a three-year period, with the initial vesting occurring immediately following the conclusion of the performance period such that all units vest within five years of the original award date. Performance units granted in 2023 and 2024 vest following the conclusion of the performance period such that all units will vest three years from the original award date.
The grant date fair value of these awards is determined using a Monte Carlo simulation pricing model. For the performance units and shares granted prior to 2023, compensation expense is amortized on an attribution method over a five-year period. For performance units granted in 2023 and 2024, compensation expense is amortized on a straight-line basis over a three-year period. Compensation expense related to performance units and shares is determined at the grant date and is not adjusted throughout the measurement or vesting periods.
The Monte Carlo simulation pricing model for issued grants utilizes the following assumptions: (i) expected term (equal to the remaining performance measurement period at the grant date); (ii) volatility (based on historical volatility); and (iii) risk-free rate (interpolated based on 2-and 3- year rates). The Company used 0% for the forfeiture rate for determining the fair value of performance units and shares.
F-33
The following assumptions were used when determining the grant date fair value:
Expected term (years)
Volatility
20.0
23.6
Risk-free rate
The Company recognized expense related to performance units for which the three-year performance period had not yet been completed of $3.1 million, $2.2 million and $1.5 million for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024, there was $5.3 million of total unrecognized compensation costs related to performance units for which the three-year performance period has not yet been completed, which is expected to be recognized over a weighted average period of 1.8 years.
The Company recognized expense related to performance units and shares for which the three-year performance period was completed, however the shares have not yet vested, of $0.5 million, $0.5 million and $0.4 million for the years ending December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024, there was $0.2 million of total unrecognized compensation costs related to performance units and shares for which the three-year performance period has been completed, however the shares have not yet vested, which is expected to be recognized over a weighted average period of 0.9 years.
Performance unit and share activity is summarized as follows:
Target Number
of Awards
Performance units and shares at December 31, 2021 - three-year performance period to be completed
78
72.13
Performance units granted
68.59
Performance shares - three-year performance period completed
(27)
66.96
Performance units at December 31, 2022 - three-year performance period to be completed
85
72.27
80.34
Performance units - three-year performance period completed
(21)
90.17
Performance units at December 31, 2023 - three-year performance period to be completed
111
72.14
77
59.16
(31)
63.42
Performance units at December 31, 2024 - three-year performance period to be completed
157
67.50
F-34
Performance shares - three-year performance period completed but not yet vested at December 31, 2021
55.29
Shares earned at completion of three-year performance period (1)
Shares vested
59.91
Performance shares and units - three-year performance period completed but not yet vested at December 31, 2022
61.91
Shares earned at completion of three-year performance period (2)
(34)
69.73
Performance units and shares - three-year performance period completed but not yet vested at December 31, 2023
83.40
Shares earned at completion of three-year performance period (3)
(28)
75.18
Performance units and shares - three-year performance period completed but not yet vested at December 31, 2024
74.58
(1) Performance units granted in 2019 for which the three-year performance period was completed in 2022 were earned at the 106% performance level
(2) Performance units granted in 2020 for which the three-year performance period was completed in 2023 were earned at the 150% performance level
(3) Performance units granted in 2021 for which the three-year performance period was completed in 2024 were earned at the 76% performance level
Restricted Stock - Directors
Beginning in 2022, the Company granted restricted shares to non-employee directors which vest over the calendar year, commensurate with the board members’ annual services to the Company.
During the year ended December 31, 2024, 23,389 restricted shares were granted to independent members of the Company’s board of directors at a weighted average grant date fair value of $57.51 per share. During the year ended December 31, 2023, 14,535 restricted shares were granted to independent members of the Company’s board of directors at a weighted average grant date fair value of $73.27 per share.
The holder of a restricted share award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares.
F-35
The Company estimates the fair value of board members’ restricted share grants at the date of grant and amortizes those amounts into expense on a straight-line basis over the one-year vesting period. The Company recognized expense relating to restricted share grants to the board members of $1.3 million and $1.1 million for the years ended December 31, 2024 and 2023, respectively.
The Company used 0% for the forfeiture rate for determining the fair value of this restricted stock.
Note 11 – Commitments and Contingencies
In the ordinary course of business, the Company is party to various legal actions which the Company considers to be routine in nature and incidental to the operation of its business. The Company believes that the outcome of the proceedings will not have a material adverse effect upon the Company’s consolidated financial position or results of operations.
Note 12 – Subsequent Events
In connection with the preparation of its financial statements, the Company has evaluated events that occurred subsequent to December 31, 2024 through the date on which these financial statements were issued to determine whether any of these events required adjustment to or disclosure in the financial statements.
There were no reportable subsequent events or transactions.
F-36
COLUMN A
COLUMN B
COLUMN C
COLUMN D
COLUMN E
COLUMN F
COLUMN G
COLUMN H
Life on
Which
Depreciation in
Latest
Costs
Gross Amount at Which Carried at
Income
Initial Cost
Capitalized
Close of Period
Statement is
Building and
Subsequent to
Date of
Computed
Encumbrance
Improvements
Acquisition
Depreciation
(in years)
Real Estate Held for Investment
Roseville, MI
562,404
1,087,596
2,200,000
1977
40 Years
Frankfort, KY
7,379
2,240,607
8,812,548
11,053,156
11,060,535
2,579,560
1978
Grayling Plaza, MI
200,000
1,778,657
143,997
1,922,654
2,122,654
1,755,391
1984
Wichita Store, KS
1,039,195
1,690,644
451,090
1,139,677
2,041,252
3,180,929
1,212,060
1995
Omaha Store, NE
150,000
Boynton Beach, FL
1,534,942
2,043,122
2,182,791
5,760,855
2,754,658
1996
Monroeville, PA
6,332,158
2,249,724
(2,037,769)
3,153,890
3,390,223
6,544,113
1,746,190
Chesterfield Township, MI
1,350,590
1,757,830
(46,165)
1,711,666
3,062,256
1,134,561
1998
Mt. Pleasant, MI
907,600
8,081,968
13,377,584
1,876,045
20,491,107
22,367,152
6,670,136
Rochester, MI
2,438,740
2,188,050
23,358
2,211,408
4,650,148
1,399,374
1999
Ypsilanti, MI
2,050,000
2,222,097
(3,494,709)
777,388
Petoskey, MI
2,332,473
2,020,905
2,015,626
2,337,752
4,353,378
1,439,303
2000
Flint, MI
1,477,680
2,241,293
99,920
2,341,213
3,818,893
1,369,986
2001
New Baltimore, MI
1,250,000
2,285,781
9,231
2,295,012
3,545,012
1,330,073
Indianapolis, IN
180,000
1,117,617
99,400
1,217,017
1,397,017
690,656
2002
543,192
1,729,851
1,798,091
660
1,798,751
3,528,602
1,021,128
Canton Twp, MI
1,550,000
2,132,096
23,021
2,155,117
3,705,117
1,135,874
2003
1,569,000
2,363,524
5,478,346
3,103,943
6,306,927
9,410,870
1,963,871
2004
629,549
1,537,400
1,961,674
3,499,074
1,021,786
481,300
1,029,000
2,165,463
(6,666)
2,158,797
3,187,797
1,086,101
Albion, NY
1,900,000
3,037,864
4,937,864
1,528,430
Mt Pleasant, MI
1,075,000
1,432,390
4,787
1,437,177
2,512,177
685,638
2005
1,771,000
2,327,052
395
2,327,447
4,098,447
1,112,720
N Cape May, NJ
1,430,092
143,845
1,573,937
2,648,937
686,885
Summit Twp, MI
998,460
1,336,357
12,686
1,349,043
2,347,503
617,636
2006
Barnesville, GA
932,500
2,091,514
5,490
2,097,004
3,029,504
902,118
2007
Macomb Township, MI
424,222
2008
Brighton, MI
1,365,000
2,802,036
5,615
2,807,651
4,172,651
1,111,284
2009
Southfield, MI
1,200,000
125,616
2,063
127,679
1,327,679
48,537
Mansfield, CT
700,000
1,902,191
508
1,902,699
2,602,699
672,285
2010
Tallahassee, FL
1,482,461
520,403
Antioch, IL
1,087,884
Lake in the Hills, IL
2,135,000
3,328,560
1,690,000
3,773,560
5,463,560
1,362,355
Spring Grove, IL
1,191,199
968
1,192,167
Atchison, KS
943,750
3,021,672
823,170
3,142,252
3,965,422
1,137,558
Concord, NC
7,676,305
Johnstown, OH
485,000
2,799,503
3,284,503
1,014,821
Chandler, AZ
332,868
793,898
360
794,258
1,127,126
263,135
2011
Roseville, CA
2,800,000
3,695,455
(96,364)
2,695,636
3,703,455
6,399,091
1,234,421
Fort Walton Beach, FL
542,200
1,958,790
88,778
2,047,568
2,589,768
663,971
Marietta, GA
575,000
696,297
6,359
702,656
1,277,656
237,070
New Lenox, IL
1,422,488
Leawood, KS
989,622
3,003,541
16,196
989,621
3,019,738
4,009,359
981,412
Baltimore, MD
2,610,430
27,619
2,638,049
Wilmington, NC
1,500,000
1,348,591
2,848,591
466,389
Dallas, TX
701,320
778,905
1,042,730
1,821,635
2,522,955
600,143
Salt Lake City, UT
6,810,104
(44,416)
6,765,688
2,234,320
Madison, AL
675,000
1,317,927
1,992,927
428,326
2012
Newark, DE
2,117,547
4,777,516
(4,881)
4,772,635
6,890,182
1,486,540
Venice, FL
1,300,196
4,892
1,305,088
Cochran, GA
365,714
2,053,726
2,419,440
641,791
Lyons, GA
121,627
2,155,635
(88,177)
2,067,458
2,189,085
636,340
Morrow, GA
525,000
1,383,489
(99,850)
1,283,640
1,808,640
393,740
Lake Zurich, IL
780,974
7,909,277
46,509
7,955,786
8,736,760
2,395,891
Springfield, IL
302,520
653,654
49,741
703,395
1,005,915
219,372
Baton Rouge, LA
1,188,322
373,826
1,605,134
1,178,215
Walker, MI
219,200
1,024,738
1,243,938
326,635
Minneapolis, MN
1,088,015
345,958
71,142
826,635
678,480
1,505,115
67,848
Charlotte, NC
1,822,900
3,531,275
(570,844)
2,960,431
4,783,331
902,990
Fuquay-Varina, NC
2,042,225
1,763,768
(255,778)
1,507,990
3,550,215
456,072
Jacksonville, NC
676,930
1,482,748
2,159,678
470,305
Vineland, NJ
4,102,710
1,501,854
43,977
4,125,289
1,523,251
5,648,540
471,178
Portland, OR
7,969,403
161
7,969,564
Clifton Heights, PA
2,543,941
3,038,561
(3,105)
3,035,456
5,579,397
945,421
Fort Mill, SC
750,000
1,187,380
1,937,380
368,582
Spartanburg, SC
250,000
765,714
4,387
770,101
1,020,101
240,185
Harlingen, TX
430,000
1,614,378
12,854
1,627,232
2,057,232
488,168
Casselberry, FL
1,804,000
793,101
(2,906)
790,195
2,594,195
225,965
2013
Kissimmee, FL
1,453,500
971,683
656
1,454,156
2,425,839
285,433
Pinellas Park, FL
2,625,000
874,542
4,163
878,705
3,503,705
Statham, GA
191,919
3,851,073
4,042,992
1,147,297
Berwyn, IL
186,791
933,959
62,586
186,792
996,544
1,183,336
274,667
Chicago, IL
272,222
649,063
93,052
742,115
1,014,337
206,842
Ann Arbor, MI
3,000,000
4,595,757
277,040
4,872,797
7,872,797
1,349,546
Joplin, MO
1,208,225
1,160,843
2,369,068
324,067
St. Joseph, MO
377,620
7,639,521
860,351
8,499,872
8,877,492
2,296,052
Forest, MS
1,298,176
99,848
1,398,024
402,185
Grand Forks, ND
1,502,609
2,301,337
1,801,028
4,102,365
5,604,974
1,137,739
North Las Vegas, NV
214,552
717,435
28,999
746,434
960,986
223,138
Sun Valley, NV
308,495
1,373,336
(51,008)
253,495
1,377,328
1,630,823
390,173
Rochester, NY
2,500,000
7,398,639
2,017
7,400,656
9,900,656
2,089,036
Brooklyn, OH
3,643,700
15,079,714
953,195
16,032,909
19,676,609
4,619,696
Rapid City, SD
1,017,800
2,348,032
1,379
2,349,411
3,367,211
682,878
Memphis, TN
322,520
748,890
1,071,410
221,550
Madisonville, TX
96,680
1,087,642
19,050
1,106,692
1,203,372
319,069
Birmingham, AL
230,106
231,313
(297)
231,016
461,122
58,236
2014
245,234
251,339
(324)
251,015
496,249
63,278
98,271
179,824
278,095
45,331
235,641
127,477
(313)
127,164
362,805
32,057
Montgomery, AL
325,389
217,850
543,239
54,917
Red Bay, AL
38,981
2,528,437
3,856
2,532,293
2,571,274
643,610
Littleton, CO
819,000
8,756,266
(3,879,591)
4,876,675
5,695,675
1,842,921
East Palatka, FL
730,000
575,236
6,911
582,147
1,312,147
149,133
Pensacola, FL
136,365
398,773
535,138
100,524
St Augustine, FL
1,523,230
1,723,230
390,327
St Petersburg, FL
1,225,000
1,025,247
6,592
1,031,839
2,256,839
277,029
Fort Oglethorpe, GA
1,842,240
2,844,126
20,442
2,864,568
4,706,808
783,744
2,010,000
6,206,252
107,873
6,314,125
8,324,125
1,608,071
Rockford, IL
303,395
2,436,873
(15,000)
2,421,873
2,725,268
622,105
Terre Haute, IN
103,147
2,477,263
32,376
2,509,639
2,612,786
626,132
Junction City, KS
78,271
2,504,294
(30,565)
2,473,729
2,552,000
625,890
226,919
347,691
574,610
87,647
Lincoln Park, MI
543,303
1,408,544
335,350
1,743,894
2,287,197
444,486
Novi, MI
1,803,857
1,488,505
53,608
1,542,113
3,345,970
378,292
Jackson, MS
256,789
172,184
428,973
43,405
Irvington, NJ
315,000
1,313,025
1,628,025
352,874
Calcutta, OH
208,050
758,750
1,462
760,212
968,262
197,900
Columbus, OH
1,136,250
1,593,792
1,590,997
1,139,045
2,730,042
294,021
Mansfield, OH
306,000
725,600
1,031,600
188,958
Orrville, OH
344,250
716,600
1,060,850
186,614
Toledo, OH
1,372,363
(12)
1,372,351
1,872,351
368,818
213,750
754,675
968,425
196,530
168,750
785,000
16,477
801,477
970,227
208,547
Tulsa, OK
459,148
640,550
(13,336)
627,214
1,086,362
170,654
Harrisburg, PA
124,757
1,446,773
11,175
1,457,948
1,582,705
364,405
Ligonier, PA
330,000
5,021,849
(9,500)
5,012,349
5,342,349
1,305,788
Limerick, PA
369,000
Anderson, SC
781,200
4,441,535
261,623
775,732
4,708,627
5,484,359
1,319,711
Columbia, SC
303,932
1,221,964
(13,830)
1,208,134
1,512,066
305,150
Easley, SC
332,275
268,612
600,887
67,713
141,307
446,706
588,013
112,608
94,770
261,640
356,410
65,955
Alcoa, TN
329,074
270,719
599,793
68,244
Clinton, TN
69,625
1,177,927
11,564
1,189,491
1,259,116
297,361
Knoxville, TN
214,077
286,037
500,114
72,105
160,057
2,265,025
226,291
2,491,316
2,651,373
640,587
Maryville, TN
94,682
1,529,621
85,861
1,615,482
1,710,164
401,690
Morristown, TN
46,404
801,506
4,990
806,496
852,900
201,615
New Tazewell, TN
91,006
328,561
72,121
400,682
491,688
87,421
Red Bank, TN
229,100
302,146
531,246
76,165
Sweetwater, TN
79,100
1,009,290
6,740
1,016,030
1,095,130
253,995
McKinney, TX
2,671,020
6,785,815
100,331
6,886,146
9,557,166
1,824,668
Colonial Heights, VA
547,692
1,059,557
(5,963)
1,053,594
1,601,286
265,597
Forest, VA
282,600
956,027
1,238,627
250,956
Glen Allen, VA
590,101
1,129,495
(19,367)
577,601
1,122,628
1,700,229
283,000
Burlington, WA
610,000
3,647,279
(4,602)
3,642,677
4,252,677
919,646
Wausau, WI
909,092
1,405,899
86,763
1,492,662
2,401,754
393,054
Eutaw, AL
103,746
1,212,006
(377,526)
834,480
938,226
247,676
2015
Foley, AL
305,332
506,203
9,380
515,583
820,915
129,784
Orange Park, AL
649,652
1,775,000
9,664
1,784,664
2,434,316
416,261
Sulligent, AL
58,803
1,085,906
(432,709)
653,197
712,000
208,279
Tallassee, AL
154,437
850,448
51,460
901,909
1,056,346
217,244
Freeport, FL
312,615
1,277,386
1,590,001
303,379
F-38
Pace, FL
37,860
524,400
6,970
531,370
569,230
132,230
309,607
775,084
775,059
1,084,666
191,961
Albany, GA
47,955
641,123
689,078
156,193
Buffalo Center, IA
159,353
700,460
859,813
164,900
Davenport, IA
776,366
6,623,542
923,742
7,547,284
8,323,650
1,651,987
Sheffield, IA
131,794
729,543
861,337
171,747
Belvidere, IL
184,136
644,492
828,628
156,982
Peru, IL
380,254
2,125,498
2,505,752
491,521
Lenexa, KS
303,175
2,186,864
2,490,039
492,045
Hazard, KY
8,392,841
13,731,648
(16,857)
8,375,591
13,732,041
22,107,632
3,089,705
Tompkinsville , KY
70,252
1,132,033
(164,520)
967,513
1,037,765
279,783
Portland, ME
3,831,860
3,172
3,835,032
910,781
120,078
2,561,015
20,489
2,581,505
2,701,583
580,839
Hutchinson, MN
67,914
720,799
788,713
169,688
Branson, MO
564,066
940,585
940,760
1,504,826
215,590
721,135
717,081
(4,069)
713,013
1,434,148
164,346
Lowry City, MO
103,202
614,065
717,267
145,840
Enfield, NH
93,628
1,295,320
60,029
1,355,349
1,448,977
334,023
Bedford Heights, OH
226,920
959,528
21,901
981,428
1,208,348
235,942
Elyria, OH
82,023
910,404
992,427
216,221
126,641
695,072
821,713
165,080
Franklin, OH
264,153
1,191,777
1,455,930
285,530
Heath, OH
325,381
757,994
135
758,129
1,083,510
173,737
Lima, OH
335,386
592,154
2,834
594,987
930,373
134,226
Marietta, OH
319,157
1,225,026
1,544,183
298,542
Newburgh Heights, OH
224,040
959,099
1,183,139
225,788
Warrensville Heights, OH
186,209
920,496
4,900
925,396
1,111,605
220,661
Salem, OR
1,450,000
2,951,167
1,346,640
4,297,807
5,747,807
967,019
Altoona, PA
555,903
9,489,791
1,017
9,490,808
10,046,711
2,194,735
Grindstone, PA
288,246
500,379
93,063
593,442
881,688
124,523
Westfield, PA
47,346
1,117,723
(54,827)
1,062,896
1,110,242
279,192
Blacksburg, SC
27,547
1,468,101
1,495,648
354,791
51,325
1,187,506
1,238,831
284,507
Fountain Inn, SC
107,633
1,076,633
1,184,266
257,943
Liberty, SC
27,929
1,222,856
90
1,222,946
1,250,875
298,005
Walterboro, SC
21,414
1,156,820
1,178,234
277,154
Jackson, TN
277,000
495,103
102,685
597,788
874,788
131,444
Brenham, TX
355,486
17,280,895
581
17,281,476
17,636,962
4,176,318
Corpus Christi, TX
316,916
2,140,056
13,083
2,153,139
2,470,055
500,764
126,102
869,779
(113,421)
882,460
Midland, TX
194,174
5,005,720
2,000
5,007,720
5,201,894
1,158,010
Rockwall, TX
578,225
1,768,930
210
1,769,140
2,347,365
398,053
Baraboo, WI
142,563
653,176
795,739
153,768
Grand Chute, WI
2,766,417
7,084,942
2,277,326
9,362,268
12,128,685
1,885,883
New Richmond, WI
71,969
648,850
36,919
685,769
757,738
157,818
Martinsburg, WV
620,892
943,163
16,127
959,290
1,580,182
213,780
Princeton, WV
111,653
1,029,090
1,140,743
250,778
Decatur, AL
337,738
510,706
337,739
848,445
104,269
2016
Greenville, AL
203,722
905,780
9,912
203,723
915,691
1,119,414
183,095
Bentonville, AR
610,926
897,562
170
897,732
1,508,658
196,403
Bullhead City, AZ
177,501
1,364,406
1,541,907
298,452
Page, AZ
256,983
1,299,283
1,556,266
284,218
Safford, AZ
349,269
1,196,307
676
1,196,983
1,546,252
251,659
Sunnyvale, CA
7,351,903
4,638,432
193
4,638,626
11,990,529
995,227
Whittier, CA
4,237,918
7,343,869
11,581,787
1,575,872
Aurora, CO
847,349
834,301
26,405
860,706
1,708,055
170,226
1,132,676
5,716,367
599,421
6,315,788
7,448,464
1,210,677
Evergreen, CO
1,998,860
3,827,245
5,826,105
821,263
Lakeland, FL
61,000
1,227,037
1,288,037
250,520
Mt Dora, FL
1,678,671
3,691,615
639,524
4,331,140
6,009,811
941,336
North Miami Beach, FL
1,622,742
512,717
11,241
523,957
2,146,699
104,714
Orlando, FL
903,411
1,627,159
(24,844)
1,602,316
2,505,727
333,735
Port Orange, FL
1,493,863
3,114,697
619,495
3,734,192
5,228,055
782,155
Royal Palm Beach, FL
2,052,463
956,768
36,974
993,743
3,046,206
209,640
Sarasota, FL
1,769,175
3,587,992
736,820
4,324,811
6,093,986
881,221
281,936
1,291,748
124,338
1,416,086
1,698,022
282,484
Vero Beach, FL
4,469,033
Dalton, GA
211,362
220,927
49,260
270,187
481,549
47,886
Des Moines, IA
322,797
1,374,153
1,696,950
294,870
Crystal Lake, IL
2,446,521
7,012,819
409,198
7,422,017
9,868,538
1,505,401
Glenwood, IL
815,483
970,108
1,785,591
198,064
Morris, IL
1,206,749
2,062,495
3,269,244
442,577
Bicknell, IN
215,037
2,381,471
2,596,508
496,052
F-39
734,434
970,175
150,208
1,120,384
1,854,818
221,802
514,277
DeRidder, LA
814,891
2,156,542
10,536
2,167,078
2,981,969
459,976
Lake Charles, LA
1,308,418
4,235,719
5,761
4,241,480
5,549,898
857,014
Shreveport, LA
891,872
2,058,257
2,950,129
437,389
Marshall, MI
339,813
511,282
(254)
511,028
Norton Shores, MI
495,605
667,982
42,874
710,856
1,206,461
148,526
Stephenson, MI
223,152
1,044,947
270
1,045,217
1,268,369
209,041
Sterling, MI
127,844
905,607
25,464
931,071
1,058,915
189,910
Eagle Bend, MN
96,558
1,165,437
1,261,995
240,323
Bowling Green, MO
360,201
2,809,170
5,000
2,814,170
3,174,371
579,792
St Robert, MO
394,859
1,305,366
24,332
1,329,699
1,724,558
268,770
Brandon, MS
428,464
969,346
1,397,810
210,025
Clinton, MS
370,264
1,057,143
1,427,407
229,048
Columbus, MS
1,103,458
2,128,089
(2,105)
2,125,984
3,229,442
473,381
Holly Springs, MS
413,316
952,574
1,365,890
202,314
242,796
963,188
1,205,984
208,691
732,944
2,862,813
144,819
744,260
2,996,316
3,740,576
602,188
Meridian, MS
396,329
1,152,729
1,549,058
249,739
Pearl, MS
299,839
616,351
7,355
623,706
923,545
124,692
Ridgeland, MS
407,041
864,498
1,271,539
187,308
Fayetteville, NC
1,267,529
2,527,462
16,898
2,544,359
3,811,888
514,008
Gastonia, NC
401,119
979,803
1,631
981,434
1,382,553
198,332
Devils Lake, ND
323,508
1,133,773
955
1,134,728
1,458,236
236,007
Alamogordo, NM
654,965
2,716,166
4,436
2,720,602
3,375,567
561,993
524,763
941,615
7,521
949,137
1,473,900
191,766
La Luz, NM
487,401
835,455
1,322,856
168,831
Alcalde, NM
435,486
836,499
1,271,985
167,300
Cimarron, NM
345,693
1,236,437
7,613
1,244,050
1,589,743
251,363
Beatty, NV
198,928
1,265,084
8,051
1,273,135
1,472,063
262,477
Cambridge, OH
168,717
1,113,232
209,761
1,322,993
1,491,710
252,172
1,109,044
1,291,313
2,400,357
274,338
Grove City, OH
334,032
176,274
510,306
37,444
Lorain, OH
808,162
1,390,481
19,682
1,410,163
2,218,325
309,023
Reynoldsburg, OH
843,336
1,197,966
2,041,302
254,516
Springfield, OH
982,451
3,957,512
39,639
3,997,151
4,979,602
878,051
Ardmore, OK
571,993
1,590,151
2,162,144
341,221
Dillon, SC
85,896
1,697,160
1,783,056
378,325
Jasper, TN
190,582
966,125
6,888
973,013
1,163,595
194,580
Carthage, TX
597,995
1,965,290
27,357
1,992,647
2,590,642
419,600
Cedar Park, TX
1,386,802
4,656,229
758,023
1,410,827
5,390,227
6,801,054
1,245,643
Granbury, TX
944,223
2,362,540
3,306,763
502,048
Hemphill, TX
250,503
1,955,918
321,886
2,277,804
2,528,307
440,787
Lampasas, TX
245,312
1,063,701
45,198
1,108,898
1,354,210
239,015
Lubbock, TX
1,501,556
2,341,031
3,842,587
497,479
Odessa, TX
921,043
2,434,384
5,614
2,439,999
3,361,042
518,310
Port Arthur, TX
1,889,732
8,121,417
520,057
8,641,474
10,531,206
1,773,045
Provo, UT
1,692,785
5,874,584
43,650
5,918,234
7,611,019
1,256,419
Tappahannock, VA
1,076,745
14,904
1,091,649
3,140
Manitowoc, WI
879,237
4,467,960
1,312
4,469,273
5,348,510
930,767
Oxford, AL
148,407
641,820
790,227
122,988
2017
255,786
7,273,871
146,792
7,420,663
7,676,449
1,421,408
24,875
600,936
(15,612)
585,324
610,199
113,396
Jonesboro, AR
3,656,554
3,219,456
11,058
3,230,514
6,887,068
585,448
Lowell, AR
949,519
1,435,056
10,229
1,445,285
2,394,804
252,861
Southington, CT
1,088,181
1,287,837
185,818
1,473,655
2,561,836
273,988
Millsboro, DE
3,501,109
(20,531)
3,480,578
Jacksonville, FL
2,298,885
2,894,565
34,483
2,929,048
5,227,933
519,273
Orange Park, FL
214,858
2,304,095
2,518,953
431,992
Port Richey, FL
1,140,182
1,649,773
2,789,955
309,321
Americus, GA
1,318,463
Brunswick, GA
1,279,688
2,158,863
205
2,159,068
3,438,756
418,162
126,335
1,626,530
1,752,865
288,031
Buford, GA
341,860
1,023,813
1,365,673
191,933
Carrollton, GA
597,465
886,644
1,484,109
164,314
Decatur, GA
558,859
1,429,106
1,987,965
253,071
Metter, GA
256,743
766,818
6,987
773,805
1,030,548
142,156
Villa Rica, GA
410,936
1,311,444
1,722,380
248,602
2,899,155
9,822,986
12,722,141
1,903,126
2,081,151
5,197,315
31,044
5,228,359
7,309,510
1,008,332
Galesburg, IL
214,280
979,108
1,193,388
183,564
Mundelein, IL
1,238,743
F-40
1,743,222
1,803,068
574,805
1,554,786
9,659
1,564,446
2,139,251
273,115
Woodstock, IL
683,419
1,002,207
27,984
711,119
1,002,491
1,713,610
177,522
Frankfort, IN
50,458
2,008,275
2,058,733
384,920
Kokomo, IN
95,196
1,484,778
(30,615)
1,454,163
1,549,359
259,294
Nashville, IN
484,117
2,458,215
12,416
2,470,631
2,954,748
461,194
Roeland Park, KS
7,829,806
(1,247,898)
6,581,908
Georgetown, KY
1,996,456
6,315,768
928
6,316,696
8,313,152
1,191,426
Hopkinsville, KY
413,269
996,619
1,409,888
186,842
Salyersville, KY
289,663
906,455
597
907,051
1,196,714
171,876
Amite, LA
601,238
1,695,242
2,296,480
321,342
Bossier City, LA
797,899
2,925,864
147
2,926,010
3,723,909
518,144
Kenner, LA
323,188
859,298
(1,001)
858,298
1,181,486
155,532
Mandeville, LA
834,891
1,294,812
1,295,017
2,129,908
234,640
New Orleans, LA
6,846,313
121,177
6,967,490
1,302,832
782,819
745,092
7,969
753,060
1,535,879
134,090
Grand Rapids, MI
7,015,035
2,635,983
1,750,000
7,901,018
9,651,018
1,283,915
Bloomington, MN
1,491,302
619
1,491,921
Monticello, MN
449,025
979,816
9,368
989,184
1,438,209
195,354
Mountain Iron, MN
177,918
1,139,849
1,317,767
213,705
Kansas City, MO
1,390,880
1,588,573
2,979,453
326,789
Springfield, MO
616,344
2,448,360
13,285
2,461,645
3,077,989
430,705
St. Charles, MO
736,242
2,122,426
271,734
2,394,160
3,130,402
498,714
St. Peters, MO
1,364,670
Gulfport, MS
671,824
1,176,505
1,848,329
223,028
802,230
1,434,997
2,237,227
272,029
McComb, MS
67,026
685,426
752,452
128,472
308,321
875,652
31,340
906,992
1,215,313
176,469
Statesville, NC
287,467
867,849
1,155,316
169,949
Minot, ND
928,796
1,619,726
2,548,522
307,015
Egg Harbor, NJ
520,510
1,087,374
1,607,884
210,657
Secaucus, NJ
19,915,781
17,306,541
92,903
17,399,444
37,315,225
3,046,780
Sewell, NJ
1,809,771
6,892,134
(100,816)
6,791,318
8,601,089
1,289,013
Santa Fe, NM
1,072,340
4,013,237
476
4,013,713
5,086,053
802,667
Boulder City, NV
566,639
993,399
1,560,038
186,185
Grandview Heights, OH
1,276,870
8,557,690
(20,517)
8,537,172
9,814,042
1,619,846
Hilliard, OH
1,001,228
Edmond, OK
1,063,243
3,816,155
9,878
3,826,033
4,889,276
686,033
Erie, PA
425,267
1,284,883
1,710,150
235,429
Pittsburgh, PA
692,454
2,509,358
3,201,812
470,328
Sumter, SC
132,204
1,095,478
1,227,682
207,658
Chattanooga, TN
2,089,237
3,595,808
3,596,004
5,685,241
636,790
Etowah, TN
74,057
862,436
78,325
940,761
1,014,818
184,058
1,661,764
3,874,356
15,301
3,889,657
5,551,421
Alamo, TX
104,878
821,355
13,275
834,630
939,508
145,977
Andrews, TX
172,373
817,252
(291)
816,961
989,334
158,291
Arlington, TX
497,852
1,601,007
1,783
1,602,791
2,100,643
303,787
Canyon Lake, TX
382,522
1,026,179
(281)
1,025,899
1,408,421
179,534
185,375
1,413,299
1,598,674
267,787
Fort Stockton, TX
185,474
1,186,339
1,186,340
1,371,814
224,880
Fort Worth, TX
1,016,587
4,622,507
257,308
4,879,816
5,896,403
919,240
Lufkin, TX
1,497,171
4,948,906
20,434
4,969,340
6,466,511
962,662
Newport News, VA
2,458,053
5,390,475
758,009
6,148,485
8,606,538
1,315,212
Appleton, WI
417,249
1,525,582
9,779
1,535,362
1,952,611
287,088
Onalaska, WI
821,085
2,651,773
3,472,858
502,678
Athens, AL
253,858
1,204,570
1,458,428
180,685
2018
1,635,912
2,739,834
4,375,746
462,321
Boaz, AL
379,197
898,689
1,277,886
151,570
Roanoke, AL
110,924
938,451
1,049,375
146,708
Selma, AL
206,831
1,790,939
(24,494)
1,766,445
1,973,276
265,580
Little Rock, AR
390,921
856,987
1,247,908
128,548
Maricopa, AZ
2,166,955
9,505,724
14,600
9,520,324
11,687,279
1,448,187
Parker, AZ
322,510
1,159,624
1,163
1,160,787
1,483,297
190,955
St. Michaels, AZ
127,874
1,043,962
12,012
1,055,974
1,183,848
165,281
Grand Junction, CO
835,792
1,915,976
2,751,768
287,397
Brookfield, CT
343,489
835,106
1,178,595
125,266
Manchester, CT
316,847
558,659
875,506
83,799
Waterbury, CT
663,667
607,457
1,271,124
91,119
Apopka, FL
587,585
2,363,721
73,672
2,437,393
3,024,978
365,126
Cape Coral, FL
554,721
1,009,404
59,500
1,068,904
1,623,625
155,051
Crystal River, FL
369,723
1,015,324
1,385,047
175,556
DeFuniak Springs, FL
226,898
835,016
(18,770)
200,998
842,146
1,043,144
129,757
F-41
Eustis, FL
649,394
1,580,694
2,230,088
237,104
Hollywood, FL
895,783
947,204
1,842,987
142,081
Homestead, FL
650,821
948,265
1,599,086
142,240
827,799
1,554,516
2,382,315
233,177
Marianna, FL
257,760
886,801
1,144,561
133,020
Melbourne, FL
497,607
1,549,974
2,047,581
232,496
Merritt Island, FL
598,790
988,114
1,586,904
154,393
St. Petersburg, FL
958,547
902,502
1,861,049
144,720
Tampa, FL
488,002
1,209,902
1,697,904
194,088
703,273
1,283,951
1,987,224
195,206
Titusville, FL
137,421
1,017,394
12,058
1,029,453
1,166,874
154,342
Winter Haven, FL
832,247
1,433,449
2,265,696
215,017
448,253
1,462,641
6,023
1,468,664
1,916,917
220,258
Austell, GA
1,162,782
7,462,351
8,625,133
1,243,725
Conyers, GA
330,549
941,133
1,271,682
141,170
Covington, GA
744,321
1,235,171
64,400
1,299,571
2,043,892
194,407
Doraville, GA
1,991,031
291,663
493,224
784,887
2,775,918
96,415
Douglasville, GA
519,420
1,492,529
2,011,949
223,880
Lilburn, GA
304,597
1,206,785
1,511,382
181,018
1,257,433
1,563,755
5,501
1,569,255
2,826,688
267,458
447,582
832,782
1,280,364
124,917
Pooler, GA
989,819
1,220,271
733
1,221,005
2,210,824
198,395
Riverdale, GA
474,072
879,835
(3,750)
470,322
1,350,157
131,975
Savannah, GA
944,815
2,997,426
14,050
3,011,476
3,956,291
451,620
Statesboro, GA
681,381
1,592,291
1,785
1,594,077
2,275,458
249,052
Union City, GA
97,528
1,036,165
1,133,693
155,425
Ackley, IA
202,968
896,444
1,099,412
153,060
Riceville, IA
154,294
742,421
896,715
126,725
Riverside, IA
579,935
1,594,085
2,174,020
259,039
Urbandale, IA
68,172
2,938,611
(85,151)
593,022
2,328,611
2,921,633
448,104
Nampa, ID
496,676
5,163,257
37,265
5,200,522
5,697,198
833,538
Aurora, IL
174,456
862,599
1,037,055
129,390
Bloomington, IL
1,408,067
986,931
677
987,609
2,395,676
164,581
Carlinville, IL
208,519
1,113,537
1,114,699
1,323,218
183,370
Centralia, IL
277,527
351,547
629,074
52,732
1,569,578
632,848
2,202,426
109,402
Flora, IL
232,155
1,121,688
4,087
1,125,775
1,357,930
171,177
Gurnee, IL
1,341,679
951,320
2,292,999
160,519
290,272
857,467
141,839
999,306
1,289,578
142,892
Macomb, IL
85,753
661,375
747,128
99,206
331,622
1,842,994
3,880
1,846,874
2,178,496
288,525
Newton, IL
510,192
1,069,075
2,500
1,071,575
1,581,767
169,630
Northlake, IL
353,337
564,677
4,343
569,020
922,357
87,743
270,180
708,041
978,221
122,424
Greenwood, IN
1,586,786
1,232,818
1,233,980
2,820,766
203,001
Hammond, IN
230,142
132,291
311,647
443,938
46,747
South Bend, IN
420,571
2,772,376
3,192,947
479,343
Warsaw, IN
583,174
1,118,270
58,247
1,176,516
1,759,690
205,968
Overland Park, KS
1,053,287
6,141,649
6,141,868
7,195,155
959,663
Ekron, KY
95,655
802,880
56,452
859,332
954,987
133,761
Florence, KY
601,820
1,054,572
1,656,392
158,186
Chalmette, LA
290,396
1,297,684
1,588,080
194,653
Donaldsonville, LA
542,118
2,418,183
31,276
2,449,460
2,991,578
393,524
Franklinton, LA
193,192
925,598
1,118,790
144,625
242,651
2,462,533
2,705,184
395,031
396,560
1,122,737
1,519,297
175,428
163,258
747,944
911,202
116,866
Harvey, LA
728,822
1,468,688
2,197,510
247,769
Jena, LA
772,878
2,392,129
2,040
774,918
3,167,047
383,737
Jennings, LA
128,158
2,329,137
150,190
2,479,326
2,607,484
406,172
293,726
Pine Grove, LA
238,223
758,573
996,796
118,527
Rayville, LA
310,034
2,365,203
34,110
2,399,313
2,709,347
382,191
Roseland, LA
307,331
872,252
1,179,583
136,289
Talisheek, LA
150,802
1,031,214
41,718
1,072,931
1,223,733
167,124
Springfield, MA
153,428
826,741
980,169
124,011
699,157
651,927
1,351,084
97,789
Salisbury, MD
305,215
1,193,870
1,499,085
179,081
735,859
2,489,707
3,225,566
430,465
Belleville, MI
598,203
3,970,176
4,568,379
686,417
Grand Blanc, MI
1,589,886
3,738,477
5,328,363
646,367
Jackson, MI
1,451,971
2,548,436
4,000,407
440,609
F-42
Kentwood, MI
939,481
3,438,259
4,377,740
594,469
Lake Orion, MI
1,172,982
2,349,762
8,277
2,358,038
3,531,020
406,974
Onaway, MI
17,557
935,308
952,865
153,936
Champlin, MN
307,271
1,602,196
18,429
1,620,625
1,927,896
242,979
North Branch, MN
533,175
533,380
Richfield, MN
2,141,431
613,552
2,754,983
92,033
Blue Springs, MO
431,698
1,704,870
2,136,568
277,039
Florissant, MO
733,592
1,961,094
(14,149)
1,946,945
2,680,537
292,130
789,880
384,638
1,174,518
66,500
Liberty, MO
308,470
2,750,231
55,155
2,805,386
3,113,856
463,992
Neosho, MO
687,812
1,115,054
1,802,866
181,197
1,311,497
5,462,972
6,774,469
955,994
1,205,257
1,760,658
2,965,915
264,099
Webb City, MO
1,324,146
1,501,744
2,825,890
259,666
Bay St. Louis, MS
547,498
2,080,989
2,628,487
333,825
Corinth, MS
504,885
4,540,022
129,132
4,669,154
5,174,039
815,171
189,817
1,340,848
1,530,665
215,094
Southaven, MS
150,931
826,123
977,054
123,918
Waynesboro, MS
243,835
1,205,383
1,449,218
193,363
287,732
518,005
805,737
77,701
Durham, NC
1,787,380
848,986
2,636,366
127,348
108,898
1,769,274
1,878,172
265,391
Greensboro, NC
402,957
1,351,015
1,753,972
202,652
Greenville, NC
541,233
1,403,441
1,944,674
210,516
High Point, NC
252,336
1,024,696
1,277,032
153,704
526,102
1,955,989
8,699
1,964,688
2,490,790
298,724
Kernersville, NC
270,581
966,807
1,237,388
145,021
Pineville, NC
1,390,592
6,390,201
7,780,793
1,011,759
Rockingham, NC
245,976
955,579
1,201,555
155,282
Salisbury, NC
572,085
700,288
1,272,373
105,043
Zebulon, NC
160,107
1,077
161,220
Nashua, NH
3,635,953
2,720,644
336,461
3,057,105
6,693,058
472,303
Forked River, NJ
4,227,966
3,991,690
(95,381)
3,896,309
8,124,275
606,698
3,505,805
427,134
3,932,939
65,819
1,128,858
1,396,960
2,525,818
215,365
1,682,284
115,217
1,797,501
20,839
682,822
Woodland Park, NJ
7,761,801
3,958,902
11,720,703
635,061
Bernalillo, NM
899,770
2,037,465
(78,875)
820,895
2,858,360
353,593
Farmington, NM
4,428,998
Canandaigua, NY
154,996
1,352,174
156
1,352,330
1,507,326
214,087
Catskill, NY
80,524
1,097,609
1,097,765
1,178,289
173,781
Clifton Park, NY
925,613
1,858,613
18,498
1,877,111
2,802,724
281,243
Elmira, NY
43,388
947,627
991,015
142,144
Geneseo, NY
264,795
1,328,115
1,328,271
1,593,066
210,297
Greece, NY
182,916
1,254,678
1,254,834
1,437,750
198,650
Hamburg, NY
520,599
2,039,602
2,560,201
305,940
Latham, NY
373,318
764,382
1,137,700
114,657
Niagara Falls, NY
392,301
1,022,745
1,415,046
153,412
N. Syracuse, NY
165,417
452,510
10,034
462,544
627,961
69,068
100,136
895,792
995,928
141,834
575,463
772,555
1,348,018
115,883
375,721
881,257
1,256,978
132,189
Schenectady, NY
74,387
1,279,967
8,540
1,288,507
1,362,894
203,859
453,006
726,404
1,179,410
108,961
Syracuse, NY
339,207
918,302
1,257,509
137,745
607,053
259,331
866,384
38,900
Tonawanda, NY
94,443
727,373
727,530
821,973
115,160
131,021
576,915
707,936
86,537
W. Seneca, NY
98,194
737,592
835,786
110,639
Williamsville, NY
705,842
488,800
1,194,642
73,320
Akron, OH
445,299
Bellevue, OH
272,308
1,127,365
62,975
1,190,340
1,462,648
200,284
Canton, OH
981,941
1,076,113
2,058,054
161,417
542,161
1,088,316
1,630,477
163,248
Fairview Park, OH
338,732
400,013
738,745
60,002
5,405,718
Middletown, OH
311,389
1,451,469
43,440
1,494,909
1,806,298
239,697
Niles, OH
334,783
798,136
1,132,919
119,720
North Olmsted, OH
544,903
810,840
34,500
845,340
1,390,243
144,266
Warren, OH
208,710
601,092
809,802
90,164
735,534
627
736,161
Youngstown, OH
323,983
989,430
1,313,413
148,414
F-43
Broken Arrow, OK
919,176
1,276,754
1,778
1,278,532
2,197,708
207,717
Chickasha, OK
230,000
2,881,525
11,101
2,892,626
3,122,626
456,577
Coweta, OK
282,468
803,762
1,086,230
130,611
Midwest City, OK
755,192
5,687,280
5,850
5,693,131
6,448,323
891,848
Oklahoma City, OK
1,104,085
1,874,359
26,804
1,901,162
3,005,247
289,514
Shawnee, OK
409,190
957,557
1,366,747
143,634
Wright City, OK
38,302
1,010,645
(1,300)
1,009,345
1,047,647
157,437
Hillsboro, OR
4,632,369
7,656,179
12,288,548
1,276,030
Carlisle, PA
340,349
643,498
983,847
96,525
58,279
833,933
892,212
125,090
Johnstown, PA
1,030,667
8,829
1,039,496
King of Prussia, PA
5,097,320
1,201
5,098,522
Philadelphia, PA
155,212
218,083
373,295
32,712
127,690
122,516
250,206
18,377
927,083
5,126,243
25,348
5,151,590
6,078,673
791,872
1,397,965
1,810
1,399,775
Upper Darby, PA
861,339
85,966
37,671
123,637
984,976
28,030
Wysox, PA
1,668,272
1,699,343
31,181
1,730,524
3,398,796
271,837
Richmond, RI
1,293,932
7,477,281
714,488
8,191,768
9,485,700
1,459,097
Warwick, RI
687,454
2,108,256
2,795,710
316,238
Greenville, SC
628,081
1,451,481
2,079,562
217,722
Lake City, SC
57,911
932,874
44,809
977,683
1,035,594
144,731
Manning, SC
245,546
989,236
146
989,382
1,234,928
156,633
Mt. Pleasant, SC
555,387
1,042,804
1,598,191
156,421
Myrtle Beach, SC
254,334
149,107
403,441
22,366
709,338
1,618,382
2,327,720
242,757
521,299
809,466
1,330,765
121,420
207,130
827,775
1,034,905
134,511
1,179,566
1,236,591
2,416,157
185,489
Johnson City, TN
181,117
1,232,151
1,413,268
184,823
Beaumont, TX
936,389
2,725,502
21,661
2,747,164
3,683,553
411,939
Donna, TX
962,302
1,620,925
2,583,227
256,612
Fairfield, TX
125,098
970,816
1,095,914
149,667
Groves, TX
596,586
2,250,794
2,847,380
337,619
Humble, TX
173,885
867,347
1,041,232
130,102
Jacksboro, TX
119,147
1,036,482
1,155,629
159,791
Kemah, TX
2,324,774
2,835,597
(22,047)
2,813,550
5,138,324
437,895
Lamesa, TX
66,019
1,493,146
1,559,165
248,851
Live Oak, TX
371,174
1,880,746
2,251,920
305,619
382,643
1,054,911
1,437,554
158,237
Plano, TX
452,721
822,683
1,275,404
123,402
512,094
721,936
1,234,030
108,290
Porter, TX
524,532
1,683,767
566
1,684,333
2,208,865
263,170
Tomball, TX
1,336,029
1,849,554
3,185,583
300,549
Universal City, TX
380,788
1,496,318
1,877,106
224,448
Waxahachie, TX
388,138
792,125
1,180,263
118,819
Willis, TX
406,466
925,047
7,287
932,334
1,338,800
145,583
Logan, UT
914,515
2,774,985
3,689,500
439,373
Christiansburg, VA
520,538
661,780
1,182,318
99,267
Fredericksburg, VA
452,911
1,076,589
1,529,500
161,488
1,112,948
837,542
108,465
946,007
2,058,955
153,014
Hampton, VA
353,242
514,898
868,140
77,235
Louisa, VA
538,246
2,179,541
2,717,787
343,380
Manassas, VA
1,454,278
Virginia Beach, VA
2,142,002
1,154,585
3,296,587
173,188
271,176
3,308,434
3,579,610
496,265
Everett, WA
414,899
811,710
1,226,609
121,756
Green Bay, WI
817,143
1,383,440
2,200,583
207,516
La Crosse, WI
175,551
1,145,438
1,320,989
171,816
Madison, WI
2,475,815
4,249,537
(30,001)
2,475,814
4,219,537
6,695,351
652,990
Mt. Pleasant, WI
208,806
1,173,275
(601)
208,205
1,381,480
175,991
Schofield, WI
533,503
1,071,930
533,502
1,605,432
160,790
Sheboygan, WI
331,691
929,093
1,260,784
139,364
Bluefield, WV
287,740
947,287
12,403
959,691
1,247,431
164,964
338,789
1,119,459
(2,717)
1,116,742
1,455,531
151,305
2019
Attalla, AL
289,473
928,717
1,218,190
125,764
1,400,530
859,880
236,711
1,096,591
2,497,121
128,393
Blountsville, AL
262,412
816,070
22,398
838,468
1,100,880
111,640
Coffeeville, AL
129,263
864,122
993,385
117,016
Phenix, AL
292,234
1,280,705
1,572,939
186,770
Silas, AL
383,742
1,351,195
1,734,937
182,965
Searcy, AR
851,561
5,582,069
115,287
5,697,356
6,548,917
828,490
Sheridan, AR
124,667
1,070,754
1,195,421
144,865
F-44
Trumann, AR
170,957
1,064,039
(30,357)
140,600
1,204,639
143,955
Tuba City, AZ
138,006
1,253,376
531
1,253,907
1,391,913
164,485
Visalia, CA
2,552,353
6,994,518
18,678
7,013,196
9,565,549
977,525
Lakewood, CO
3,021,260
6,125,185
57,272
6,182,457
9,203,717
773,586
Rifle, CO
4,427,019
1,599,591
6,026,610
223,168
Danbury, CT
1,095,933
Greenwich, CT
16,350,193
3,076,568
6,540
3,083,108
19,433,301
444,645
Orange, CT
6,881,022
10,519,218
38,849
10,558,067
17,439,089
1,386,551
Torrington, CT
195,171
1,541,214
26,976
1,568,190
1,763,361
199,919
Bear, DE
743,604
657
744,261
Wilmington, DE
2,501,623
2,784,576
5,286,199
400,118
646,629
1,215,458
10,730
1,226,188
1,872,817
184,822
Clearwater, FL
497,216
1,027,192
1,524,408
147,492
Cocoa, FL
2,174,730
Lake Placid, FL
255,339
1,059,913
1,315,252
136,905
746,846
1,805,756
2,552,602
240,767
Poinciana, FL
608,450
1,073,714
1,682,164
138,688
Sanford, FL
2,791,684
4,763,063
20,322
4,783,386
7,575,070
637,354
Wauchula, FL
333,236
1,156,806
1,490,042
173,521
West Palm Beach, FL
2,484,935
2,344,077
4,829,012
312,472
186,767
1,615,510
1,900
1,617,410
1,804,177
232,164
Columbus, GA
336,125
2,497,365
32,240
2,529,605
2,865,730
326,405
714,666
2,137,506
2,852,172
293,793
Dacula, GA
1,280,484
1,716,312
2,996,796
250,236
390,416
1,441,936
1,832,352
207,101
Tucker, GA
374,268
1,652,522
2,026,790
240,933
Waterloo, IA
369,497
1,265,450
1,634,947
168,655
Chubbuck, ID
1,067,983
5,880,828
6,948,811
869,870
185,310
873,334
1,653,886
2,527,220
244,637
Edwardsville, IL
449,741
1,202,041
1,651,782
172,665
Elk Grove Village, IL
394,567
1,395,659
22,896
1,418,555
1,813,122
188,658
Evergreen Park, IL
5,687,045
18,880,969
24,568,014
2,517,191
Freeport, IL
92,295
1,537,120
1,629,415
201,680
Geneva, IL
644,434
1,213,859
1,858,293
171,963
Greenville, IL
135,642
1,026,006
1,161,648
130,388
Murphysboro, IL
176,281
988,808
1,165,089
135,818
814,666
1,719,410
2,534,076
225,606
Round Lake, IL
325,722
2,669,132
5,756
2,674,888
3,000,610
336,025
Fishers, IN
429,857
621,742
37,900
659,642
1,089,499
94,074
Gas City, IN
504,378
1,341,890
1,846,268
198,488
149,230
1,002,706
1,151,936
135,783
716,631
1,143,537
1,860,168
164,276
Marion, IN
140,507
898,097
27,530
925,627
1,066,134
115,835
Westfield, IN
594,597
1,260,563
43,497
1,304,060
1,898,657
189,960
Concordia, KS
150,440
1,144,639
26,864
1,171,503
1,321,943
146,191
Parsons, KS
203,953
1,073,554
1,277,507
156,439
Pratt, KS
245,375
1,293,871
1,539,246
172,516
Wellington, KS
95,197
1,090,333
1,185,530
143,040
Wichita, KS
1,257,608
5,700,299
355
5,700,654
6,958,262
807,449
Crestwood, KY
670,021
1,096,031
9,668
1,105,699
1,775,720
138,152
257,839
3,025,734
266,479
3,292,213
3,550,052
426,562
Grayson, KY
241,857
1,155,603
1,397,460
154,080
Henderson, KY
146,676
958,794
1,105,470
121,847
Leitchfield, KY
303,830
1,062,711
1,366,541
132,839
Kentwood, LA
327,392
638,214
20,612
658,826
986,218
99,212
565,778
890,034
(110,745)
750,569
594,498
1,345,067
54,033
Brockton, MA
3,254,807
8,504,236
105,278
8,609,514
11,864,321
1,078,348
Ipswich, MA
467,109
967,282
1,434,391
132,906
2,606,990
3,414,474
6,230
3,420,704
6,027,694
470,153
Bowie, MD
2,840,009
4,474,364
7,314,373
615,114
Eldersburg, MD
563,227
1,855,987
519
1,856,507
2,419,734
243,563
Adrian, MI
459,814
1,562,895
38,711
1,601,605
2,061,419
229,152
Allegan, MI
184,466
1,239,762
1,424,228
170,467
Caro, MI
183,318
1,328,630
1,511,948
174,336
Clare, MI
153,379
1,412,383
11,126
1,423,510
1,576,889
180,805
Cooks, MI
304,340
1,109,838
9,630
1,119,468
1,423,808
139,873
Crystal Falls, MI
62,462
757,276
819,738
102,548
Harrison, MI
59,984
900,901
(25,895)
875,006
934,990
109,548
524,446
1,265,119
1,789,565
163,411
Monroe, MI
501,688
2,651,440
3,153,128
380,946
Plymouth, MI
580,459
1,043,474
47,200
1,090,674
1,671,133
160,226
Spalding, MI
86,973
842,434
929,407
114,080
F-45
4,821,073
15,814,475
17,091
15,831,566
20,652,639
2,044,720
Lakeville, MN
1,774,051
6,386,118
505,634
6,891,752
8,665,803
910,852
Longville, MN
30,748
836,277
867,025
113,246
Waite Park, MN
142,863
1,064,736
1,207,599
152,769
Fair Play, MO
56,563
642,856
699,419
87,053
1,394,072
2,210,514
3,604,586
317,698
1,647,163
2,256,716
3,903,879
319,701
Grovespring, MO
207,974
823,419
1,031,393
111,505
Hermitage, MO
98,531
833,177
2,600
835,777
934,308
113,135
Madison, MO
199,972
844,901
1,044,873
114,414
Oak Grove, MO
275,293
1,000,150
1,275,443
137,521
Salem, MO
153,713
1,085,494
1,239,207
142,405
South Fork, MO
345,053
1,087,384
1,432,437
147,250
St. Louis, MO
743,673
3,387,981
4,131,654
430,556
Bolton, MS
172,890
831,005
1,003,895
112,532
Bruce, MS
189,929
896,080
1,086,009
128,751
123,385
898,226
1,021,611
129,060
Flowood, MS
638,891
1,308,566
1,947,457
171,692
Houston, MS
170,449
913,763
1,084,212
131,293
393,954
1,169,374
1,563,328
153,427
Michigan City, MS
336,323
963,447
1,299,770
138,435
Pontotoc, MS
174,112
924,043
1,098,155
128,981
Tutwiler, MS
152,108
844,300
996,408
114,332
Columbus, NC
423,026
1,070,992
1,494,018
140,494
505,574
1,544,177
2,049,751
199,456
Hope Mills, NC
1,522,142
7,906,676
9,428,818
1,054,098
Sylva, NC
450,055
1,351,631
10,801
441,369
1,371,118
1,812,487
171,268
Edgeley, ND
193,509
944,881
1,138,390
129,921
1,187,389
2,052,184
3,239,573
277,882
Williston, ND
515,210
1,584,865
(2,552)
1,582,313
2,097,523
214,556
Manchester, NH
1,486,550
2,419,269
314,378
2,733,647
4,220,197
336,398
808,886
2,020,221
279
2,020,499
2,829,385
260,978
Lanoka Harbor, NJ
1,355,335
1,052,415
2,407,750
138,002
Paramus, NJ
6,224,221
609,273
6,833,494
1,026,633
San Ysidro, NM
316,770
956,983
1,273,753
129,591
Hinsdale, NY
353,602
905,350
1,258,952
122,600
Liverpool, NY
1,697,114
3,355,641
50,698
3,406,339
5,103,453
425,201
Malone, NY
413,667
1,035,771
1,449,438
148,715
Vestal, NY
3,540,906
5,610,529
5,755,529
9,296,435
767,853
Batavia, OH
601,071
1,125,756
(7,364)
595,681
1,123,783
1,719,464
157,141
186,215
1,343,783
8,491
1,352,274
1,538,489
168,981
357,767
1,423,046
1,780,813
204,386
Conneaut, OH
200,915
1,363,715
18,523
1,382,238
1,583,153
177,475
Hamilton, OH
335,677
1,066,581
1,402,258
150,955
657,358
3,259,449
314,817
3,574,266
4,231,624
504,080
Kenton, OH
191,968
1,290,534
7,724
1,298,257
1,490,225
164,922
Maumee, OH
1,498,739
815,222
4,677
819,899
2,318,638
120,817
Oxford, OH
912,241
2,566,991
41,301
2,608,293
3,520,534
378,162
West Chester, OH
796,035
814,730
815,390
1,611,425
120,591
395,924
1,173,848
1,569,772
171,069
Ada, OK
336,304
1,234,870
1,571,174
159,504
Bartlesville, OK
451,582
1,249,112
1,700,694
171,581
Bokoshe, OK
47,725
797,175
844,900
109,321
Lawton, OK
230,834
612,256
843,090
84,013
Whitefield, OK
144,932
863,327
1,008,259
118,708
Cranberry Township, PA
2,066,679
2,049,310
4,115,989
298,798
Ebensburg, PA
551,162
2,023,064
5,690
2,028,754
2,579,916
291,597
Flourtown, PA
1,342,409
2,229,147
3,571,556
329,713
Monaca, PA
449,116
842,901
1,292,017
122,863
Natrona Heights, PA
1,412,247
1,719,447
3,131,694
254,335
North Huntingdon, PA
428,166
1,508,044
1,936,210
219,863
Oakdale, PA
708,623
987,577
95,078
1,082,654
1,791,277
141,271
1,891,985
20,799,223
211,964
21,011,187
22,903,172
3,002,544
1,251,674
3,842,592
5,094,266
504,241
Robinson Township, PA
1,630,648
2,703,381
4,334,029
371,630
Titusville, PA
877,651
2,568,060
3,445,711
358,401
West View, PA
120,349
1,347,706
1,468,055
179,609
York, PA
3,331,496
6,690,968
9,190
6,700,158
10,031,654
934,337
2,783,934
13,228,453
16,012,387
1,929,022
Hampton, SC
215,462
1,050,367
1,265,829
157,555
1,371,226
2,752,440
574,111
3,326,551
4,697,777
509,271
Orangeburg, SC
316,428
1,116,664
6,762
1,123,426
1,439,854
155,808
Kadoka, SD
134,528
926,523
1,061,051
127,397
F-46
Thorn Hill, TN
115,367
974,925
1,090,292
140,050
Woodbury, TN
154,043
1,092,958
1,247,001
157,113
Burleson, TX
1,396,753
3,312,794
13,863
3,326,658
4,723,411
415,745
Carrizo Springs, TX
337,070
812,963
5,087
818,050
1,155,120
112,361
Garland, TX
773,385
2,587,011
3,360,396
366,493
Kenedy, TX
325,159
954,774
11,254
966,029
1,291,188
120,683
Laredo, TX
1,117,403
2,152,573
48,118
2,200,690
3,318,093
308,388
Lewisville, TX
2,347,993
5,271,935
4,154
5,276,089
7,624,082
780,020
1,420,820
1,858,395
3,279,215
274,888
Wichita Falls, TX
585,664
1,952,988
2,538,652
268,536
Wylie, TX
686,154
1,623,684
2,309,838
236,727
Draper, UT
1,344,025
3,321,208
23,553
3,344,761
4,688,786
417,948
Bristol, VA
996,915
1,374,467
2,371,382
183,262
Gloucester, VA
458,785
1,994,093
2,452,878
265,835
3,549,928
6,096,218
107
6,096,325
9,646,253
799,893
429,613
1,081,015
1,510,628
144,135
744,520
1,249,355
1,993,875
166,581
561,596
1,545,002
2,106,598
206,000
12,618,320
855,793
1,754,228
2,610,021
233,897
Poquoson, VA
330,867
848,105
2,156
850,261
1,181,128
113,337
South Boston, VA
490,590
2,637,385
34,187
2,671,572
3,162,162
343,170
Surry, VA
685,233
994,788
1,680,021
132,638
Williamsburg, VA
1,574,769
2,001,920
(9,200)
1,565,569
3,567,489
266,923
675,861
1,098,464
1,774,325
146,462
Wytheville, VA
206,660
1,248,178
1,454,838
156,022
Ephrata, WA
368,492
4,821,470
18,383
4,839,852
5,208,344
614,853
Black River Falls, WI
278,472
1,141,572
9,517
1,151,090
1,429,562
146,205
Lake Geneva, WI
7,078,726
Menomonee Falls, WI
3,518,493
12,020,248
12,918
3,518,494
12,033,165
15,551,659
1,679,124
Sun Prairie, WI
2,864,563
7,215,614
2,864,564
7,215,613
10,080,177
946,851
West Milwaukee, WI
783,260
3,055,907
16,402
783,261
3,072,308
3,855,569
390,154
Charleston, WV
561,767
Ripley, WV
1,042,204
20,422
1,062,626
Adger, AL
189,119
1,222,891
1,412,010
140,123
2020
Dothan, AL
792,626
3,017,431
(31,788)
778,553
2,999,716
3,778,269
290,818
Enterprise, AL
728,934
2,504,283
15,377
2,519,660
3,248,594
310,894
Lanett, AL
597,615
2,264,102
128
2,264,230
2,861,845
245,267
Saraland, AL
838,216
2,709,602
1,276
2,710,877
3,549,093
332,945
Sylacauga, AL
2,181,806
9,940,930
4,330
9,945,260
12,127,066
1,139,320
Theodore, AL
743,751
2,667,802
3,411,553
322,271
Altheimer, AR
202,235
1,151,471
1,353,706
133,950
Benton, AR
561,085
2,141,511
249,656
2,391,167
2,952,252
246,485
2,271,157
1,324,716
39,069
1,363,785
3,634,942
135,163
Bismarck, AR
129,139
876,127
1,005,266
96,619
Centerton, AR
502,391
2,152,058
249,808
2,401,866
2,904,257
252,070
Elaine, AR
51,248
802,757
854,005
93,356
477,565
942,703
1,420,268
100,108
136,550
638,605
775,155
74,447
Mayflower, AR
708,465
448,741
132,522
581,263
1,289,728
54,904
Mena, AR
1,459,039
Pine Bluff, AR
195,689
1,102,338
3,251
1,105,588
1,301,277
131,450
279,293
1,290,094
7,250
1,297,344
1,576,637
150,588
548,495
5,834,876
6,383,371
644,016
Sparkman, AR
80,956
720,376
801,332
77,981
West Helena, AR
93,907
885,680
21,923
907,603
1,001,510
104,448
Coolidge, AZ
252,228
1,164,641
11,720
1,176,361
1,428,589
132,822
761,177
1,600,925
11,257
1,612,182
2,373,359
164,473
Phoenix, AZ
11,641,459
7,261,072
18,902,531
801,608
Tucson, AZ
3,267,761
6,624,814
7,007,955
10,275,716
729,998
Yuma, AZ
840,427
5,489,179
23,421
5,512,600
6,353,027
618,653
5,052,648
29,919
5,082,567
508,070
Antioch, CA
3,369,667
6,952,571
10,322,238
753,096
Calexico, CA
937,091
22,274
959,365
Hawthorne, CA
7,297,568
5,841,964
1,750
5,843,714
13,141,282
620,730
Napa, CA
5,287,831
13,608,836
651
13,609,486
18,897,317
1,530,866
Palmdale, CA
2,159,541
6,648,091
486
6,648,577
8,808,118
789,345
Quincy, CA
315,559
1,597,973
1,913,532
189,510
605,988
4,898,500
5,504,488
561,213
Rancho Cordova, CA
10,668,451
27,033
10,695,484
San Francisco, CA
7,234,677
748,185
19,917
768,103
8,002,780
78,225
Signal Hill, CA
8,490,622
6,714,882
15,205,504
825,371
Stockton, CA
961,910
3,310,275
16,202
3,326,478
4,288,388
332,544
F-47
Broomfield, CO
708,881
965,675
7,993
973,668
1,682,549
97,317
Cortez, CO
177,422
1,594,274
9,852
1,604,126
1,781,548
160,351
La Junta, CO
187,988
823,735
1,011,723
97,569
Pueblo, CO
235,805
1,568,540
1,804,345
176,461
Newington, CT
403,932
1,915,897
51,469
1,967,366
2,371,298
234,349
Old Saybrook, CT
443,801
3,497,920
75
3,497,994
3,941,795
371,513
Stafford Springs, CT
1,230,939
7,075,776
8,306,715
751,801
Davenport, FL
721,966
1,435,651
2,157,617
179,456
Deerfield Beach, FL
1,963,542
514,491
2,478,033
56,707
Labelle, FL
489,345
2,754,977
3,244,322
304,095
2,060,445
15,405
2,075,850
Leesburg, FL
708,698
541,993
549,986
1,258,684
54,949
Madison, FL
171,150
619,660
6,567
626,228
797,378
73,421
4,558,262
7,261,682
11,819,944
847,066
Panama City, FL
830,080
856,243
1,686,323
107,024
379,154
969,254
203,144
1,172,398
1,551,552
116,384
Port St. Lucie, FL
670,030
1,664,571
2,334,601
201,011
1,301,719
1,233,030
2,534,749
154,129
1,241,406
1,356,081
1,356,101
2,597,507
166,687
311,920
1,278,107
1,590,027
149,048
248,888
1,445,530
1,694,418
168,586
898,015
5,713,749
6,611,764
675,457
238,633
968,812
13,125
981,937
1,220,570
113,933
Cairo, GA
237,315
1,040,643
1,277,958
130,080
Dallas, GA
235,642
1,134,202
14,690
1,148,892
1,384,534
115,397
533,512
1,709,449
2,242,961
178,068
Flowery Branch, GA
1,253,091
(2,000)
1,251,091
Jesup, GA
155,604
864,415
1,020,019
100,769
Lawrenceville, GA
852,136
1,633,580
2,485,716
200,794
Lithia Springs, GA
3,789,145
7,881,640
11,670,785
886,579
Moultrie, GA
150,752
868,415
1,019,167
101,236
Quitman, GA
407,661
1,125,845
117,691
1,243,536
1,651,197
148,250
749,834
1,802,814
50,062
1,852,876
2,602,710
199,194
3,502,278
4,132,018
429,779
4,561,797
8,064,075
525,990
George, IA
283,785
942,785
1,226,570
117,847
Graettinger, IA
154,261
933,746
1,088,007
116,717
Alexis, IL
425,656
1,237,404
1,663,060
152,096
2,780,722
2,305,569
5,086,291
244,840
424,932
4,223,123
4,648,055
448,586
596,808
1,415,648
2,012,456
150,292
932,560
2,553,809
7,273
2,561,082
3,493,642
256,055
East Alton, IL
113,457
1,422,573
1,536,030
159,941
Fairfield, IL
198,833
1,180,242
127,490
1,307,732
1,506,565
127,050
Grayslake, IL
478,307
1,131,061
1,609,368
130,368
Homewood, IL
1,224,131
10,005,811
24,941
10,030,752
11,254,883
1,168,996
Kankakee, IL
107,139
1,185,653
1,292,792
123,425
Manteno, IL
71,681
1,213,963
37,938
1,251,901
1,323,582
124,951
Oswego, IL
373,727
2,715,101
16,091
2,731,193
3,104,920
273,018
Rockton, IL
367,154
1,526,399
1,893,553
152,640
Elkhart, IN
173,631
972,629
7,992
980,621
1,154,252
98,012
Franklin, IN
979,332
1,548,523
(15,872)
936,893
1,575,090
2,511,983
158,697
251,149
1,550,984
1,802,133
158,312
Noblesville, IN
259,582
1,611,431
1,871,013
198,072
Peru, IN
202,110
1,501,247
1,703,357
168,890
Rockville, IN
436,457
1,601,972
(75,085)
1,526,887
1,963,344
153,133
Derby, KS
440,419
2,367,428
2,807,847
256,334
Independence, KS
200,329
1,426,975
1,351,890
1,552,219
135,633
Shawnee, KS
2,594,271
2,766,524
5,360,795
311,136
834,377
2,338,612
3,172,989
262,996
2,031,526
1,974,595
4,006,121
222,044
1,194,939
2,062,020
3,256,959
231,879
2,171,260
2,235,093
4,406,353
251,448
Louisa, KY
242,391
1,177,975
549
1,178,524
1,420,915
123,165
Louisville, KY
2,185,678
3,081,512
(1,471,178)
1,689,120
2,106,892
3,796,012
14,942
208,346
621,820
830,166
68,600
Amite City, LA
264,208
930,655
7,080
937,735
1,201,943
101,349
377,270
1,225,020
1,602,290
150,399
Denham Springs, LA
398,006
1,484,613
1,882,619
160,808
Dequincy, LA
288,426
969,725
1,258,151
107,074
Gibson, LA
414,855
1,252,765
4,509
1,257,274
1,672,129
143,849
Gonzales, LA
688,032
2,457,035
2,706,843
3,394,875
279,290
Hammond, LA
367,215
2,243,382
249,809
2,493,191
2,860,406
247,752
Laplace, LA
1,971,887
8,537,415
10,509,302
995,895
F-48
Springhill, LA
438,507
2,335,035
14,125
2,349,160
2,787,667
235,684
Dorchester, MA
4,815,990
923,841
13,041
936,882
5,752,872
95,508
East Wareham, MA
590,052
1,525,359
8,779
1,534,139
2,124,191
156,451
Pittsfield, MA
4,127,428
5,087,945
Taunton, MA
1,005,673
8,352,646
9,358,319
1,044,081
Aberdeen, MD
758,616
1,712,723
2,471,339
214,090
3,031,879
36,709
3,068,588
Cockeysville, MD
2,209,572
20,283
2,229,855
Hagerstown, MD
1,009,779
1,285,162
2,294,941
157,968
Owings Mills, MD
2,154,954
3,017,368
25,391
3,042,759
5,197,713
324,552
Augusta, ME
1,627,817
Benton Harbor, MI
385,355
1,090,802
1,098,794
1,484,149
109,829
Cedar Springs, MI
346,310
1,907,232
2,253,542
190,723
Grayling, MI
277,355
521,492
925
522,417
799,772
58,608
Hart, MI
1,336,141
1,294,095
375,200
1,669,295
3,005,436
166,963
Holland, MI
108,733
1,773,459
1,882,192
221,682
Howell, MI
601,610
1,491,797
300
1,492,097
2,093,707
170,808
Jonesville, MI
1,171,853
8,871,307
10,043,160
1,034,852
1,315,043
9,131,436
1,000
9,132,436
10,447,479
970,041
Omer, MI
165,126
828,778
993,904
101,869
Owosso, MI
299,521
2,240,764
2,540,285
280,096
Taylor, MI
338,092
1,017,043
1,355,135
107,895
Traverse City, MI
337,556
3,980,018
(16,915)
3,963,103
4,300,659
409,703
Apple Valley, MN
814,086
2,665,167
3,479,253
277,552
Blaine, MN
497,750
2,998,249
3,006,242
3,503,992
300,574
Chanhassen, MN
1,664,359
11,222
1,675,581
Glyndon, MN
131,845
853,575
985,420
106,696
Hill City, MN
66,391
996,428
1,062,819
124,552
Holdingford, MN
276,722
1,078,003
1,354,725
134,749
Ottertail, MN
209,929
897,043
(1,000)
208,929
1,105,972
112,129
Arnold, MO
846,894
2,392,044
7,994
2,400,037
3,246,931
239,954
Leeton, MO
192,069
1,109,261
1,301,330
127,103
367,591
4,348,251
4,715,842
479,868
Northmoor, MO
551,491
1,723,994
2,275,485
190,267
Platte City, MO
766,613
2,501,154
21,646
2,522,801
3,289,414
252,006
Richmond Heights, MO
3,305,260
2,531,065
5,836,325
284,745
Sheldon, MO
168,799
1,017,992
1,186,791
116,645
Thayer, MO
685,788
1,968,043
29,506
1,997,549
2,683,337
231,538
Union, MO
270,233
1,041,690
1,311,923
114,957
526,657
1,575,241
2,101,898
167,255
1,625,494
6,417,821
42,555
6,460,376
8,085,870
742,648
759,912
2,383,348
3,143,260
253,143
Gore Springs, MS
188,141
951,645
48,114
999,760
1,187,901
115,451
Greenwood, MS
150,855
903,459
1,054,314
105,015
137,312
1,154,001
129,662
Grenada, MS
187,855
947,888
1,135,743
110,199
597,617
2,692,177
10,753
2,702,930
3,300,547
331,483
Madison, MS
1,437,048
6,194,546
7,631,594
658,104
Oxford, MS
547,606
993,807
1,001,799
1,549,405
100,130
259,300
864,055
21,464
885,519
1,144,819
98,459
Wiggins, MS
639,466
2,563,263
2,563,391
3,202,857
277,676
Asheville, NC
5,132,913
17,171
5,150,084
Atlantic Beach, NC
261,338
1,156,375
1,417,713
125,181
Beaufort, NC
375,437
1,417,587
1,793,024
153,479
Boone, NC
4,795,569
9,543,185
31,452
9,574,638
14,370,207
1,174,872
Buxton, NC
209,947
1,186,030
1,395,977
128,394
Cary, NC
253,081
1,018,159
4,839
1,022,998
1,276,079
111,687
Chapel Hill, NC
22,437,345
(770,429)
21,666,916
978,304
1,328,283
2,306,587
157,621
952,393
1,398,319
2,350,712
168,964
Dallas, NC
309,847
1,008,936
1,318,783
113,419
229,232
1,169,836
1,399,068
126,640
Elkin, NC
1,884,674
10,255
1,894,929
2,187,163
189,429
Elm City, NC
447,081
1,401,379
1,848,460
151,723
Emerald Isle, NC
316,187
1,125,842
1,442,029
121,873
4,398,922
10,142,102
30,452
10,172,554
14,571,476
1,248,536
Garner, NC
216,566
1,170,660
1,387,226
126,729
Goldsboro, NC
246,160
1,227,984
1,474,144
132,939
243,355
1,135,304
1,378,659
122,898
272,962
1,126,017
1,398,979
121,893
161,533
1,095,964
1,257,497
118,637
Harkers Island, NC
964,627
2,109,360
3,073,987
228,514
F-49
405,135
1,122,908
21,750
1,144,659
1,549,794
122,758
3,213,710
10,021,579
89,947
10,111,526
13,325,236
1,070,892
295,296
1,426,015
22,196
1,448,211
1,743,507
144,367
Kinston, NC
358,915
1,016,305
1,375,220
110,100
Knotts Island, NC
129,285
1,232,265
1,361,550
133,495
Morehead City, NC
201,436
934,453
1,135,889
101,232
Randleman, NC
1,368,987
8,954,905
30,453
8,985,357
10,354,344
1,102,610
1,834,106
19,174
1,853,280
Rocky Mount, NC
305,766
1,114,117
1,419,883
120,696
206,675
960,873
1,167,548
104,095
990,303
1,019,025
1,027,018
2,017,321
102,652
Salter Path, NC
245,172
1,012,413
1,257,585
109,678
Smithfield, NC
270,560
1,201,146
1,471,706
130,124
1,776,968
12,026,284
(3,611)
1,767,288
12,032,353
13,799,641
1,429,003
Waves, NC
320,928
1,092,703
1,413,631
118,376
Waxhaw, NC
679,943
2,377,641
430
2,378,071
3,058,014
247,627
Winston Salem, NC
232,299
1,069,191
1,301,490
115,829
Winston-Salem, NC
282,142
1,316,279
12,095
1,328,374
1,610,516
132,762
Winterville, NC
312,123
1,271,222
1,583,345
137,716
Stanley, ND
346,030
3,299,205
11,401
3,310,605
3,656,635
392,581
Lebanon, NH
694,609
3,892,685
61,494
3,954,179
4,648,788
459,157
Budd Lake, NJ
2,771,964
20,750
2,792,714
Fairfield, NJ
2,358,323
24,454
2,382,777
Paterson, NJ
663
Clovis, NM
74,256
943,641
11,850
955,492
1,029,748
97,420
Albany, NY
539,308
1,123,766
1,663,074
121,632
Bemus Point, NY
49,293
980,218
(53,366)
926,851
976,144
105,894
Candor, NY
271,132
1,012,522
959,155
1,230,287
109,561
Conklin, NY
247,429
939,529
(53,367)
886,162
1,133,591
Greene, NY
449,997
1,173,666
1,623,663
132,026
526,596
561,841
566,732
1,093,328
56,643
Masonville, NY
222,228
1,059,364
1,281,592
119,167
Medford, NY
1,211,908
3,751,279
74
3,751,353
4,963,261
398,432
Mount Upton, NY
152,379
918,162
1,070,541
103,293
Olean, NY
1,224,360
12,197,768
12,379,043
13,603,403
1,484,450
Pompey, NY
774,544
1,437,312
2,211,856
161,698
Ripley, NY
110,279
756,748
867,027
85,134
2,391,104
13,146,442
560
13,147,003
15,538,107
1,396,646
1,432,858
6,115,247
7,548,105
725,972
Wainscott, NY
4,544,060
4,084,794
8,628,854
484,936
Watertown, NY
523,013
1,323,771
34,845
1,358,616
1,881,629
142,741
Boardman, OH
483,754
1,817,047
2,300,801
200,573
Carrollton, OH
251,046
1,593,367
1,844,413
188,967
Chillicothe, OH
760,959
10,507,546
11,268,505
1,247,600
Cincinnati, OH
381,550
1,651,643
2,033,193
182,309
1,689,259
6,937,214
183,813
7,121,027
8,810,286
894,874
Defiance, OH
127,517
1,407,734
(45,622)
1,362,113
1,489,630
135,434
Dunkirk, OH
230,958
1,069,772
1,074,280
1,305,238
122,927
Hudson, OH
548,279
763,934
768,825
1,317,104
76,852
Mason, OH
4,470,714
11,479,943
7,630
11,487,573
15,958,287
1,244,208
Massillon, OH
118,153
1,177,205
1,185,197
1,303,350
118,470
Mayfield Heights, OH
696,965
987,268
992,159
1,689,124
99,185
Oregon, OH
4,915,676
11,980,299
16,895,975
1,247,806
Parma, OH
1,301,846
8,645,091
30,638
(1,550)
8,674,179
4,950,900
8,979,618
13,930,518
935,314
Westerville, OH
946,988
1,786,197
1,791,088
2,738,076
179,078
690,653
1,402,190
832,471
2,234,661
2,925,314
216,801
Checotah, OK
151,906
862,730
40,850
903,580
1,055,486
106,707
Elk City, OK
507,204
3,969,937
4,477,141
446,486
Moore, OK
1,649,938
1,480,239
1,488,232
3,138,170
148,773
356,795
1,349,469
1,706,264
148,944
Eugene, OR
4,253,602
7,543,456
334,995
7,878,451
12,132,053
808,656
Seaside, OR
376,612
5,093,532
2,614
5,096,147
5,472,759
573,109
Bristol, PA
1,201,361
9,382
1,210,743
Lawrence Township, PA
225,955
1,552,979
16,801
1,569,779
1,795,734
181,305
Nescopeck, PA
428,452
1,362,404
1,790,856
150,432
New Milford, PA
206,824
1,139,407
1,143,916
1,350,740
130,906
Orangeville, PA
201,441
1,065,583
1,267,024
113,218
Port Trevorton, PA
143,540
955,027
4,508
959,535
1,103,075
109,779
Tobyhanna, PA
181,003
1,066,380
1,070,889
1,251,892
122,538
Wellsboro, PA
165,062
1,091,790
1,256,852
109,179
Whitehall, PA
1,139,318
2,964,839
697,122
3,661,960
4,801,278
494,652
F-50
Chapin, SC
237,432
1,540,336
1,777,768
169,948
Clemson, SC
501,288
1,898,545
6,845
1,905,390
2,406,678
222,032
1,233,052
5,532,637
6,765,689
656,761
354,953
1,670,857
1,680,048
2,035,001
177,787
Greer, SC
426,062
1,800,058
29,426
1,829,484
2,255,546
223,182
Irmo, SC
274,327
729,177
1,003,504
77,475
858,941
1,377,893
2,236,834
169,366
389,784
915,150
923,143
1,312,927
92,264
Pageland, SC
305,018
2,185,114
24,897
2,210,011
2,515,029
225,248
Vermillion, SD
182,981
1,352,667
209,679
1,562,346
1,745,327
195,264
Yankton, SD
197,328
985,756
993,749
1,191,077
99,325
Cleveland, TN
1,060,966
1,508,917
(4,999)
1,055,966
2,564,883
185,471
Henderson, TN
109,252
705,187
814,439
74,872
Kimball, TN
1,509,366
11,782,512
13,291,878
1,325,319
4,110,394
12,554,772
864
12,555,636
16,666,030
1,412,330
210,544
1,396,261
1,606,805
148,234
Lakeland, TN
237,682
795,446
1,033,128
84,462
Nashville, TN
556,406
980,902
(980,902)
355,577
1,331,745
88,510
1,420,255
1,775,832
153,134
Seymour, TN
187,929
1,302,250
1,490,179
143,711
Tullahoma, TN
1,206,870
9,840,853
12,759
9,853,611
11,060,481
1,005,767
Belton, TX
587,479
2,228,889
2,816,368
232,103
Comanche, TX
93,935
1,213,190
1,307,125
151,649
Conroe, TX
1,227,703
4,880
1,232,583
Converse, TX
1,425,000
471,349
1,896,349
51,874
200,802
1,642,854
8,674
1,651,528
1,852,330
168,372
Cuero, TX
361,553
2,937,261
3,298,814
312,028
Dayton, TX
167,367
1,222,272
11,342
1,233,614
1,400,981
123,197
Devine, TX
307,379
1,194,057
1,501,436
126,869
El Paso, TX
5,085,368
9,188,052
33,706
9,221,758
14,307,126
1,074,329
Euless, TX
802,881
1,599,698
2,402,579
179,966
Gonzales, TX
382,828
2,667,952
3,050,780
283,409
Harker Heights, TX
659,665
863,417
(13,528)
849,889
1,509,554
94,837
1,564,673
806,551
12,204
818,755
2,383,428
82,317
231,002
2,423,937
197,853
2,621,790
2,852,792
275,685
Houston, TX
5,229,809
6,223,821
22,180
6,246,000
11,475,809
692,415
812,409
2,365,951
3,178,360
251,319
835,464
5,596
17,094
858,154
595,712
2,044,118
(83,862)
511,850
2,555,968
234,122
La Feria, TX
44,473
1,170,246
6,975
1,177,221
1,221,694
122,554
Lake Jackson, TX
898,275
1,791,093
22,631
1,813,724
2,711,999
180,387
1,033,074
1,746,113
2,779,187
196,438
332,773
933,072
937,963
1,270,736
93,766
1,884,836
5,897,417
38,387
5,935,804
7,820,640
593,293
Mansfield, TX
1,116,200
1,554,255
1,562,247
2,678,447
156,175
Mckinney, TX
2,304,155
1,862,729
1,870,722
4,174,877
187,022
Rhome, TX
477,504
2,267,040
72,805
2,339,845
2,817,349
232,177
Saginaw, TX
318,799
734,538
1,020
735,558
1,054,357
78,043
San Antonio, TX
947,884
884,952
892,945
1,840,829
89,245
Terrell, TX
1,065,186
3,244,273
4,309,459
405,534
789,415
1,258,695
1,266,687
2,056,102
126,619
Weslaco, TX
921,078
2,179,132
(71,500)
2,107,633
3,028,711
215,922
Chester, VA
389,357
37,083
426,440
Galax, VA
160,074
1,185,312
32,976
1,218,288
1,378,362
124,957
Henrico, VA
439,174
1,681,279
36,356
1,717,635
2,156,809
175,014
Lynchburg, VA
241,396
890,833
12,097
902,930
1,144,326
90,218
Burlington, WI
1,121,515
3,220,272
3,228,266
4,349,781
322,777
Germantown, WI
617,945
1,199,846
1,207,840
1,825,785
120,734
Minocqua, WI
2,866,258
680
2,866,939
3,093,837
298,502
1,705,035
14,386,316
16,091,351
1,528,400
Portage, WI
800,764
3,052,566
17,061
3,069,627
3,870,391
331,823
Vienna, WV
141,299
1,283,342
141,298
1,283,343
1,424,641
160,418
Cheyenne, WY
884,988
2,104,537
210,757
884,987
2,315,295
3,200,282
243,731
Gadsden, AL
1,516,549
18,095
1,534,644
2021
Jasper, AL
733,824
5,508,628
6,242,452
447,507
Pelham, AL
919,330
2,327,831
3,247,161
227,934
121,550
1,211,283
19,826
1,231,109
1,352,659
92,065
2,278,930
1,199,562
3,478,492
112,444
345,738
1,279,134
9,749
1,288,883
1,634,621
96,605
2,050,887
1,527,796
3,578,683
133,543
Springdale, AR
1,331,671
1,696,714
3,028,385
141,377
Avondale, AZ
399,574
2,237,087
12,740
2,249,828
2,649,402
168,657
Winslow, AZ
375,135
999,436
1,374,571
87,352
F-51
Colton, CA
2,917,244
6,274,140
214
6,274,355
9,191,599
614,322
904,398
904,612
Elk Grove, CA
1,692,244
3,387,901
5,080,145
331,732
Pleasant Hill, CA
17,618,136
Sacramento, CA
2,962,751
14,367,331
4,194
14,371,525
17,334,276
1,107,659
Van Nuys, CA
10,821,454
6,196,785
123,312
6,320,098
17,141,552
483,870
Silverthorne, CO
4,368,862
6,781,801
466,635
7,248,436
11,617,298
546,983
Colchester, CT
503,706
5,280,982
5,784,688
484,090
2,155,182
2,723,325
3,000
2,726,325
4,881,507
237,319
Stratford, CT
993,610
6,285,488
7,279,098
510,645
Wallingford, CT
4,598,776
19,587,021
2,205
19,589,226
24,188,002
1,673,065
13,491,385
4,628,672
1,939
4,630,612
18,121,997
358,687
Bridgeville, DE
2,496,605
Daytona Beach, FL
3,248,529
2,949,873
7,123,762
1,834
7,125,597
10,075,470
563,941
691,891
1,034,268
48,110
1,082,378
1,774,269
115,140
Hialeah, FL
4,971,380
5,191
4,976,571
804,622
3,907,841
285
3,908,126
4,712,748
337,607
545,581
1,461,745
2,007,326
145,960
1,072,558
756,285
1,828,843
70,779
422,211
2,372,216
2,794,427
192,683
Naples, FL
1,453,431
1,190,857
8,035,701
10,505,521
36,672
8,041,301
10,536,593
18,577,894
855,087
1,039,722
Pembroke Pines, FL
2,285,774
1,178,923
922,936
2,101,859
76,895
439,430
44,294
483,724
1,046,780
Yulee, FL
2,262,371
7,246,236
9,508,607
633,473
Athens, GA
68,943
6,048,020
28,018
6,076,038
6,144,981
546,049
933,105
1,460,129
136
1,460,265
2,393,370
127,149
347,441
2,622,249
12,604
2,634,853
2,982,294
197,535
Dublin, GA
217,337
605,199
649,493
866,830
51,156
Gray, GA
148,268
1,074,924
1,223,192
98,507
Jefferson, GA
527,074
931,010
1,836
932,845
1,459,919
73,735
Jonesboro, GA
344,270
1,576,064
11,550
1,587,614
1,931,884
122,231
Kingsland, GA
185,047
2,599,400
2,784,447
216,543
1,177,865
1,833,593
39,975
1,873,568
3,051,433
180,617
Rome, GA
1,380,532
25,716
1,406,248
Stockbridge, GA
278,080
1,479,158
46,794
1,525,952
1,804,032
113,093
Thomson, GA
257,455
1,291,280
14,423
1,305,703
1,563,158
97,838
Centerville, IA
182,203
2,115,086
2,297,289
189,303
902,749
947,043
Mason City, IA
869,564
3,270,795
39,088
3,309,883
4,179,447
316,273
229,425
1,558,507
1,787,932
133,103
Bloomingdale, IL
5,377,240
9,661,090
48,794
9,709,883
15,087,123
909,685
239,089
1,826,238
2,065,327
155,971
Bourbonnais, IL
1,593,823
1,525,782
1,527,618
3,121,441
117,703
Carbondale, IL
496,342
1,025,021
8,125
1,033,146
1,529,488
86,644
Champaign, IL
3,112,523
4,504,390
7,616,913
365,730
East Peoria, IL
2,404,155
25,533
2,429,688
698,854
1,412,178
2,111,032
138,137
Coal City, IL
453,744
1,080,622
1,534,366
101,135
East Dundee, IL
1,567,806
Charleston, IL
2,650,341
2,675,874
Hampshire, IL
3,866,229
3,868,065
Huntley, IL
2,089,500
1,835
2,091,335
Joliet, IL
536,897
3,011,274
3,548,171
288,210
Lakemoor, IL
987,967
Lombard, IL
5,480,904
5,482,740
Mount Prospect, IL
885,540
934
886,474
Naperville, IL
3,973,788
12,799,047
(403,257)
12,395,790
16,369,578
1,027,560
563,262
1,471,698
2,034,960
137,739
Romeoville, IL
4,835,683
48,960
4,884,643
Schiller Park, IL
2,585,445
21,801
2,607,246
Sheffield, IL
217,455
998,824
2,249
1,001,073
1,218,528
77,120
South Chicago Heights, IL
205,849
1,452,724
24,942
1,477,667
1,683,516
125,160
South Elgin, IL
648,899
3,916,025
2,359
3,918,384
4,567,283
301,941
985,408
2,746,744
499,999
3,246,744
4,232,152
315,185
Streator, IL
203,924
1,040,180
1,042,429
1,246,353
80,307
Westchester, IL
296,452
1,252,538
1,548,990
104,378
Westmont, IL
2,284,013
8,912,960
11,196,973
853,798
F-52
Bedford, IN
239,065
956,272
958,521
1,197,586
73,839
Fort Wayne, IN
329,123
1,521,763
10,772
1,532,535
1,861,658
118,016
Granger, IN
406,211
1,459,388
1,865,599
133,777
362,907
2,710,927
3,073,834
231,539
298,258
1,193,243
12,752
1,205,996
1,504,254
92,822
Kiowa, KS
20,642
1,469,150
19,726
1,488,876
1,509,518
117,935
Liberal, KS
418,695
6,919,579
7,338,274
591,027
Manhattan, KS
1,419,099
1,420,934
Merriam, KS
1,688,893
6,844,926
8,533,819
641,565
1,716,439
10,797,925
25,114
10,823,039
12,539,478
811,571
695,883
1,918,101
339
1,918,440
2,614,323
183,554
1,041,287
1,521,346
2,562,633
123,494
Clinton, LA
164,982
1,057,099
1,222,081
103,508
Independence, LA
273,598
1,022,901
19,305
1,042,207
1,315,805
78,045
976,288
2,744,759
3,721,047
262,874
Pineville, LA
136,853
1,307,116
1,443,969
129,245
Walker, LA
90,393
1,383,507
120,976
Abington, MA
8,465,529
Fall River, MA
721,506
5,380,883
6,102,389
493,001
1,514,648
16,947,554
18,462,202
1,412,280
4,451,982
1,393,361
2,819,672
12,398
2,832,070
4,225,431
218,192
Bel Air, MD
499,309
Dundalk, MD
746,235
1,564,948
2,311,183
156,280
Baltimore (Gwynn Oak), MD
1,225,061
Battle Creek, MI
101,794
1,083,512
1,185,306
94,578
271,928
1,143,856
1,145,692
1,417,620
88,278
925,205
5,848,684
28,275
5,876,959
6,802,164
532,276
Lansing, MI
7,204,001
409
7,204,410
4,285,184
822
4,286,006
Okemos, MI
4,607,749
5,825,877
10,433,626
521,768
Saginaw, MI
285,004
896,731
8,898
905,629
1,190,633
67,867
1,859,019
855,000
1,267,920
361,171
1,629,091
2,484,091
116,973
Sterling Heights, MI
484,463
2,991,098
148,901
3,140,000
3,624,463
283,968
403,176
1,862,968
2,266,144
162,913
Brooklyn Park, MN
2,386,951
2,002,599
4,389,550
191,916
Burnsville, MN
588,062
1,977,978
19,419
1,997,397
2,585,459
149,684
Fridley, MN
4,775,640
12,102
4,787,742
1,566,580
2,730,817
4,297,397
261,622
Oakdale, MN
4,800,338
12,814,387
17,614,725
1,201,097
Savage, MN
1,470,298
1,283,392
2,753,690
122,910
California, MO
62,996
1,479,867
1,542,863
135,586
Marshfield, MO
795,252
4,724,969
5,520,221
432,907
Pevely, MO
724,554
1,130,540
1,855,094
108,295
Sugar Creek, MO
488,219
1,038,408
492
1,038,900
1,527,119
94,937
Byhalia, MS
150,179
1,417,039
4,402
1,421,441
1,571,620
109,492
Byram, MS
5,279,846
10,832,879
16,112,725
970,312
Vicksburg, MS
705,202
825,075
1,530,277
66,942
Sidney, MT
190,517
3,935,720
4,126,237
319,708
1,972,755
810,927
1,344,585
Denver, NC
199,637
1,323,072
1,522,709
118,501
188,155
702,254
890,409
62,886
545,483
2,714,833
3,260,316
265,827
261,641
1,033,980
98,968
1,132,948
1,394,589
116,829
Hickory, NC
417,127
1,548,699
5,836
1,554,535
1,971,662
122,868
367,561
1,427,032
67,918
1,494,950
1,862,511
154,979
Holly Springs, NC
1,298,760
996,275
1,200,518
1,024,340
1,611,871
Mt. Airy, NC
188,167
1,318,013
116,056
1,434,069
1,622,236
122,322
1,073,746
6,186,151
6,965
6,193,116
7,266,862
619,094
742,521
1,547,361
44,293
1,591,655
2,334,176
127,707
1,387,879
Bottineau, ND
680,781
2,851,784
22,314
2,874,097
3,554,878
221,352
Blair, NE
65,927
1,171,950
1,237,877
97,560
Crete, NE
283,765
4,583,875
4,585,710
4,869,475
362,920
Valentine, NE
30,526
1,276,252
1,278,752
1,309,278
98,519
Wayne, NE
24,660
1,211,103
1,235,763
100,823
F-53
Hooksett, NH
2,474,821
3,660,471
Bellmawr, NJ
3,517,630
East Hanover, NJ
2,424,060
153
2,424,213
6,185,969
6,748,014
6,748,167
12,934,136
657,002
Eatontown, NJ
4,073,886
Elizabeth, NJ
1,389,441
Hammonton, NJ
4,231,954
Hanover Township, NJ
896,104
1,977,903
2,874,007
173,066
20,901,499
11,676
20,913,175
1,946
Lawrenceville, NJ
19,909
2,380,596
2,400,505
12,118
3,766,924
3,779,042
1,111,855
2,138,845
3,250,700
106,358
2,519,742
2,539,651
4,373,655
4,393,564
North Plainfield, NJ
1,189,310
1,655,062
2,844,372
155,074
Parsippany, NJ
4,683,017
Whippany, NJ
3,557,958
Pennsauken, NJ
3,731,685
(74,044)
3,657,641
Randolph, NJ
3,550,608
Upper Deerfield, NJ
194,607
1,729,659
12,085
1,741,743
1,936,350
144,952
Woodbine, NJ
354,591
1,545,735
1,900,326
154,359
Woodbridge, NJ
737,212
2,644,765
3,381,977
249,551
Albuquerque, NM
2,812,052
433,221
1,163,623
1,596,844
101,681
698,506
3,183,377
22,723
3,206,100
3,904,606
246,946
Espanola, NM
5,630,895
5,632,730
Kingston, NY
515,184
3,795,511
81,585
3,877,096
4,392,280
324,504
New Rochelle, NY
14,519,339
21,244,741
(175)
21,244,566
35,763,905
1,908,951
353,653
6,062,345
6,415,998
568,159
North Babylon, NY
2,090,724
14,709
2,105,433
Plattsburgh, NY
161,089
2,240,530
9,796
2,250,327
2,411,416
182,717
1,097,316
7,362,973
8,460,289
689,921
Scarsdale, NY
886,492
1,108,577
1,995,069
89,991
Wappingers Falls, NY
595,962
3,792,944
4,388,906
347,687
Bedford, OH
222,469
1,643,801
1,866,270
136,804
289,416
1,625,007
4,401
1,629,409
1,918,825
125,523
Chesapeake, OH
314,084
2,102,730
96,500
2,199,230
2,513,314
221,873
Dayton, OH
168,736
1,738,910
1,907,646
1,445,514
5,043,700
(99,646)
4,944,053
6,389,567
389,864
Gallipolis, OH
818,390
2,159,967
2,978,357
211,394
Geneva, OH
193,381
1,317,460
1,510,841
109,662
Groveport, OH
386,687
1,166,510
668
1,167,178
1,553,865
106,831
1,009,008
1,030,560
1,152,478
1,041,080
707,910
707,842
1,428,428
Octa, OH
3,303,590
3,305,425
Mentor, OH
484,808
2,222,441
10,946
2,233,387
2,718,195
167,436
Milford Center, OH
193,215
924,186
12,483
936,670
1,129,885
70,172
New Lexington, OH
670,811
2,171,553
2,842,364
212,529
Pataskala, OH
626,985
1,071,479
1,698,464
89,198
1,986,486
5,881
1,992,367
Rocky River, OH
4,045,087
2,151,951
20,215
2,172,166
1,372,577
1,392,792
Sidney, OH
45,594
1,562,442
1,608,036
130,112
Streetsboro, OH
199,026
975,438
10,947
986,385
1,185,411
73,911
4,839,262
6,842,158
11,681,420
612,810
Urbana, OH
4,690,277
6,963,348
11,653,625
623,666
Winchester, OH
259,544
1,236,805
1,241,207
1,500,751
95,599
Atoka, OK
335,303
3,504,781
3,840,084
284,694
Stillwater, OK
501,114
3,252,177
3,753,291
264,155
Tillamook, OR
1,491,707
5,261,299
6,753,006
460,294
Cranberry, PA
1,677,064
Dunmore, PA
2,386,896
1,545,236
20,023,873
8,447
20,032,320
21,577,556
1,586,037
Greenville, PA
1,117,096
10,381,185
25,171
10,406,356
11,523,452
780,319
1,276,788
48,225
1,325,013
547,237
1,503,662
2,050,899
140,890
Quakertown, PA
1,763,324
30,834
1,794,158
F-54
West Mifflin, PA
1,275,400
1,327,346
5,564,166
342,850
5,907,016
7,234,362
506,538
Bluffton, SC
473,900
3,740,291
4,214,191
303,789
307,888
2,411,359
2,719,247
195,852
1,675,276
5,987,483
29,821
6,017,305
7,692,581
476,059
Lancaster, SC
187,595
991,659
52,829
1,044,489
1,232,084
89,311
Olanta, SC
81,182
820,443
901,625
66,594
305,903
571,538
68,009
639,547
945,450
58,023
Pierre, SD
181,579
2,071,921
2,253,500
181,212
Watertown, SD
561,618
1,596,716
8,458
1,605,174
2,166,792
120,335
Antioch, TN
935,614
Clarksville, TN
238,147
1,331,623
8,200
1,339,823
1,577,970
131,322
Crossville, TN
691,538
2,633,769
145,758
2,779,527
3,471,065
215,900
Hendersonville, TN
1,724,979
Hermitage, TN
722,734
1,730,483
3,100,154
3,102,654
4,833,137
251,872
1,762,166
3,753,566
5,515,732
328,414
Lakesite, TN
834,052
999,412
1,833,464
93,622
Madison, TN
797,234
Murfreesboro, TN
1,191,176
669,035
Smyrna, TN
2,059,771
Amarillo, TX
1,479,874
3,920,015
30,414
3,950,429
5,430,303
312,195
Baytown, TX
5,245,019
13,452,319
(17,194)
5,227,825
18,680,144
1,204,970
1,899,691
1,955,961
3,855,652
179,269
Cypress, TX
621,351
1,290,305
4,701,339
(2,852)
1,287,452
5,988,791
450,358
4,640,263
Kerrville, TX
629,024
2,862,560
27,660
2,890,219
3,519,243
252,241
3,506,179
1,938,388
5,444,567
169,585
Monahans, TX
783,242
2,930,495
2,932,995
3,716,237
219,959
2,378,043
1,905,793
4,283,836
166,733
2,256,629
1,689,906
3,946,535
147,843
2,365,571
1,566,637
3,932,208
137,057
Richmond, TX
478,530
2,624,852
132,296
2,757,148
3,235,678
227,534
Shenandoah, TX
2,293,709
Spring, TX
1,886,748
1,930,279
3,817,027
160,857
Texarkana, TX
1,312,692
2,124,343
77,773
2,202,116
3,514,808
201,640
White Oak, TX
120,160
1,224,831
468
1,225,299
1,345,459
106,954
Orem, UT
764,062
2,054,014
2,818,076
201,122
Charlottesville, VA
1,364,219
646,751
4,938,519
5,585,270
462,904
2,102,839
6,892,262
8,995,101
644,425
3,659,187
3,746,418
7,405,605
343,422
287,461
2,086,888
11,460
2,098,348
2,385,809
157,305
450,045
Lakewood, WA
788,705
2,937,767
3,726,472
258,241
Roy, WA
327,278
1,862,388
2,189,666
162,908
Port Angeles, WA
476,652
5,940,135
6,416,787
512,631
Puyallup, WA
1,626,445
2,757,598
4,384,043
241,165
Antigo, WI
150,406
907,287
909,122
1,059,528
71,852
Brown Deer, WI
413,053
2,893,299
25,988
2,919,287
3,332,340
218,784
Eau Claire, WI
2,897,122
6,600,361
9,497,483
620,612
Milwaukee, WI
63,728
1,834,352
1,898,080
156,627
373,040
3,470,250
8,476
3,478,726
3,851,766
275,246
Athens, WV
416,517
1,472,494
1,889,011
144,079
Beckley, WV
663,138
2,263,526
2,926,664
225,953
Buckhannon, WV
469,129
1,853,528
151,900
2,005,428
2,474,557
206,706
Elkins, WV
397,225
1,832,516
2,229,741
179,331
Huntington, WV
447,207
1,851,268
2,298,475
184,645
572,162
1,386,007
1,958,169
140,126
778,229
2,357,830
9,374
2,367,204
3,145,433
230,769
233,205
1,245,497
1,478,702
106,366
Bessemer, AL
319,436
1,007,258
1,326,694
69,249
231,165
1,316,448
1,547,613
87,111
Clayton, AL
305,323
1,199,107
3,009
1,202,116
1,507,439
80,545
876,745
1,662,760
2,539,505
112,564
Grant, AL
77,433
1,188,768
1,266,201
81,878
Hoover, AL
1,548,554
1,351,397
(77,835)
1,273,562
2,822,116
75,044
1,317,052
1,381,193
2,698,245
80,103
Mobile, AL
81,304
1,526,990
1,608,294
112,876
Talladega, AL
903,998
2,044,842
35,677
907,712
2,076,805
2,984,517
113,887
Coal Hill, AR
134,620
1,378,371
7,300
1,385,671
1,520,291
100,363
F-55
Conway, AR
357,768
2,955,854
3,313,622
189,743
Fort Smith, AR
50,300
2,378,776
26,235
2,405,011
2,455,311
150,763
Lincoln, AR
318,811
1,269,472
1,588,283
80,318
369,985
4,260,606
12,795
4,273,401
4,643,386
267,264
216,373
391,093
607,466
24,443
Russellville, AR
176,925
481,057
481,072
657,997
29,984
568,164
3,133,875
3,702,039
215,454
1,333,032
2,929,959
15,074
2,945,032
4,278,064
184,287
Glendale, AZ
3,552,730
3,229,514
8,381
3,237,895
6,790,625
207,752
1,393,147
3,822,282
48,359
3,870,640
5,263,787
242,814
Tolleson, AZ
2,091,545
4,359,819
21,506
4,381,324
6,472,869
260,662
Bakersfield, CA
1,205,283
3,010,596
12,716
3,023,312
4,228,595
191,287
La Cañada, CA
1,921,417
457,495
975
458,469
2,379,886
28,527
Ontario, CA
3,173,695
2,567,059
2,567,074
5,740,769
160,359
Riverside, CA
3,081,078
14,365,552
303,963
14,669,515
17,750,593
1,306,981
1,275,187
945,420
2,220,607
68,512
Turlock, CA
487,463
2,212,222
2,699,685
134,188
1,200,474
4,510,849
5,711,323
259,610
1,086,480
5,124,804
6,211,284
365,567
Vallejo, CA
2,769,671
2,513,905
5,283,576
187,309
Windsor Hill, CA
3,332,206
2,100,596
5,432,802
182,481
West Hartford, CT
852,020
5,066,206
234,600
5,300,806
6,152,826
387,254
4,044,465
14,245,446
4,996
14,250,442
18,294,907
982,007
Middletown, CT
2,143,995
2,943,499
5,087,494
214,318
972,505
2,058,031
3,030,536
138,866
Wethersfield, CT
553,394
1,132,300
22,354
1,154,654
1,708,048
71,135
933,446
1,502,866
1,502,895
2,436,341
93,764
6,857,716
(491)
6,857,225
Chiefland, FL
489,309
1,306,132
225,812
1,531,945
2,021,254
139,148
Crestview, FL
961,109
1,044,147
2,005,256
68,007
Destin, FL
1,830,319
780,173
2,610,492
45,681
Gainesville, FL
1,173,553
517,450
517,465
1,691,018
32,258
2,544,415
5,881,080
16,562
5,897,642
8,442,057
365,459
927,500
1,351,709
216,832
1,568,541
2,496,041
87,954
1,021,155
735,752
735,767
1,756,922
45,902
1,057,416
1,007,440
15,525
1,022,965
2,080,381
63,219
1,185,978
1,025,426
2,211,404
64,089
235,155
3,784,135
154,316
3,938,451
4,173,606
249,185
216,803
1,400,601
1,617,404
92,398
415,780
1,668,994
2,084,774
107,050
Jacksonville Beach, FL
1,130,336
991,755
6,690
998,445
2,128,781
62,012
Lake Butler, FL
503,163
1,360,333
1,885
1,362,217
1,865,380
90,761
Marco Island, FL
1,350,573
504,251
23,968
528,219
1,878,792
36,402
653,912
961,132
1,615,044
61,532
North Palm Beach, FL
662,025
950,514
15,859
966,373
1,628,398
59,584
Ocala, FL
204,589
1,703,533
1,908,122
117,118
Palm Coast, FL
479,504
984,850
1,464,354
71,739
1,998,986
1,409,662
3,408,648
96,914
536,059
1,628,848
2,164,907
102,328
3,590,819
2,515,568
6,106,387
172,945
Trenton, FL
430,460
2,288,147
15,700
2,303,847
2,734,307
158,662
1,037,380
1,397,227
15,524
1,412,751
2,450,131
87,499
Winter Springs, FL
1,606,141
873,427
873,441
2,479,582
54,507
Augusta, GA
72,851
1,604,212
146,991
1,751,203
1,824,054
106,305
199,100
1,794,406
1,993,506
115,260
Bremen, GA
203,102
5,264,118
5,467,220
323,809
Calhoun, GA
370,237
1,896,447
2,266,684
138,192
Canton, GA
3,078,088
6,862,199
9,940,287
407,249
Chula, GA
316,673
949,483
1,266,156
69,142
Dawsonville, GA
264,759
1,005,563
1,270,322
61,215
Edison, GA
397,493
1,253,203
1,256,213
1,653,706
79,216
Hephzibah, GA
109,510
1,460,599
1,570,109
101,664
Newman, GA
1,619,186
5,272,513
6,891,699
338,437
Perry, GA
567,281
11,880,078
12,447,359
816,467
736,451
2,777,892
3,514,343
178,292
723,713
1,146,114
1,869,827
74,533
Surrency, GA
399,599
853,287
1,252,886
62,141
Swainsboro, GA
113,339
2,874,987
15,400
2,890,387
3,003,726
198,810
Bettendorf, IA
1,314,298
3,229,705
3,734
1,318,012
3,229,725
4,547,737
211,195
248,576
252,311
280,575
1,114,056
284,289
1,114,076
1,398,365
60,642
Corning, IA
30,145
1,365,946
2,204
1,368,151
1,398,296
88,644
Fredericksburg, IA
30,004
1,280,340
1,282,544
1,312,548
82,386
F-56
Weiser, ID
76,942
1,488,028
1,564,970
88,159
Bellwood, IL
1,441,254
Calumet City, IL
434,232
939,480
23,400
962,880
1,397,112
55,119
673,631
950,418
1,624,049
56,973
Cicero, IL
371,928
1,410,440
1,782,368
88,219
Elgin, IL
860,328
1,964,892
2,825,220
113,568
Franklin Park, IL
444,444
1,411,881
1,856,325
85,367
Hainesville, IL
3,130,195
1,216,373
1,221,373
4,351,568
91,311
Hoffman Estates, IL
529,309
3,946,239
67,180
4,013,419
4,542,728
264,305
Lansing, IL
200,857
2,082,566
18,225
2,100,791
2,301,648
127,553
Lynwood, IL
97,956
1,148,587
1,119
1,149,706
1,247,662
66,549
Markham, IL
2,638,402
3,749,690
O'Fallon, IL
893,771
2,322,875
3,216,646
169,255
Pecatonica, IL
187,658
1,302,630
1,303,749
1,491,407
75,604
Plainfield, IL
634,629
959,057
1,593,686
65,883
3,564,144
3,088,724
6,652,868
183,105
Round Lake Beach, IL
625,866
2,657,522
9,542
2,667,064
3,292,930
177,864
Roxana, IL
391,797
1,575,658
754,837
2,330,496
2,722,293
82,780
618,840
2,908,118
2,288,733
650,936
5,164,754
5,815,690
242,138
Tinley Park, IL
408,954
1,262,396
47,005
1,309,401
1,718,355
149,865
Waukegan, IL
883,882
1,323,127
9,917
1,333,044
2,216,926
72,181
Attica, IN
475,447
1,730,232
12,165
1,742,397
2,217,844
96,398
Boswell, IN
78,218
1,268,380
2,364
1,270,744
1,348,962
82,211
De Motte, IN
421,240
1,318,829
1,740,069
96,368
Evansville, IN
140,334
810,428
950,762
67,770
Greenfield, IN
366,213
651,652
1,017,865
44,667
432,264
3,657,559
270,809
435,978
3,924,654
4,360,632
231,593
Kentland, IN
60,638
1,336,242
1,396,880
80,509
Kingsford Heights, IN
201,983
1,408,945
287
1,409,232
1,611,215
91,009
Merrillville, IN
202,967
1,406,373
1,609,340
84,456
Switz City, IN
78,568
1,355,225
1,357,589
1,436,157
87,748
Winchester, IN
91,925
2,351,576
155,700
2,507,276
2,599,201
194,227
Goddard, KS
590,138
3,000,737
90,458
3,091,194
3,681,332
199,611
Kansas City, KS
175,008
624,234
84,823
709,057
884,065
45,956
Lansing, KS
626,782
2,546,877
3,173,659
180,328
Lawrence, KS
1,205,052
1,279,300
2,484,352
107,785
Topeka, KS
1,434,423
419,468
1,034,134
7,812
1,041,945
1,461,413
60,043
Brandenburg, KY
729,975
1,751,191
2,481,166
160,712
Coldiron, KY
318,829
1,298,446
1,301,455
1,620,284
82,129
Edmonton, KY
298,674
2,629,815
2,928,489
180,745
356,816
1,154,276
11,555
1,165,830
1,522,646
63,679
Morganfield, KY
85,769
1,298,550
1,384,319
92,616
1,198,858
3,163,251
4,362,109
223,975
Bogalusa, LA
2,009,203
2,772,165
4,781,368
190,586
Campti, LA
146,784
1,068,283
1,215,067
82,263
Center Point, LA
9,988
991,058
1,001,046
77,481
261,591
1,084,538
21,212
1,105,750
1,367,341
65,579
1,007,428
2,228,224
3,235,652
153,190
Erwinville, LA
146,236
575,669
25,582
601,251
747,487
42,891
Gretna, LA
636,981
3,081,276
3,718,257
213,217
Livingston, LA
362,592
952,241
973,453
1,336,045
57,600
Minden, LA
126,902
969,983
33,519
1,003,502
1,130,404
71,840
Montegut, LA
479,549
913,248
934,460
1,414,009
55,677
Morganza, LA
213,888
1,108,087
1,109,206
1,323,094
65,553
New Iberia, LA
314,985
1,072,523
1,073,642
1,388,627
64,474
Plain Dealing, LA
120,709
1,234,522
1,241,822
1,362,531
84,838
Lafayette/Scott, LA
350,159
1,102,175
1,103,294
1,453,453
68,394
St. Martinville, LA
415,223
1,056,403
1,057,522
1,472,745
65,341
Danvers, MA
6,043,876
6,538
6,050,413
(13)
Leominster, MA
1,975,829
5,144,054
10,149
5,154,202
7,130,031
351,730
Saugus, MA
3,927,594
1,374,841
13,021
1,387,862
5,315,456
97,026
Worcester, MA
7,944,877
(105)
7,944,772
Boonsboro, MD
689,063
1,248,800
1,937,863
85,855
Cumberland, MD
485,641
1,377,264
1,862,905
94,687
Germantown, MD
4,341,903
1,717,868
6,059,771
125,171
Glen Burnie, MD
1,090,535
3,726
1,094,261
1,709,572
599,602
1,224,097
1,823,699
84,120
Joppa, MD
1,911,100
2,626,946
4,538,046
213,288
Lonaconing, MD
440,782
1,388,381
1,829,163
95,451
Rockville, MD
4,685,563
1,554,020
6,239,583
113,223
F-57
Timonium, MD
5,253,016
9,838,428
15,091,444
763,851
Westover, MD
167,135
1,304,045
1,471,180
94,996
Van Buren, ME
82,988
1,175,321
1,600
1,176,921
1,259,909
107,632
Boyne City, MI
486,215
3,184,228
5,600
3,189,828
3,676,043
202,232
Brimley, MI
62,229
820,252
882,481
65,827
Clawson, MI
860,422
1,382,251
2,242,673
84,953
Davisburg, MI
120,838
1,515,277
1,515,564
1,636,402
95,269
DeWitt, MI
440,264
1,732,240
47,521
1,779,761
2,220,025
119,508
East China, MI
59,309
1,577,989
159
1,578,148
1,637,457
100,700
Grandville, MI
706,193
7,506,131
81,228
7,587,358
8,293,551
463,509
3,938,089
4,173,417
11,644
3,941,803
4,181,346
8,123,149
213,389
101,381
1,355,174
1,357,378
1,458,759
88,404
508,462
1,373,650
59,658
1,433,308
1,941,770
95,235
908,568
793,444
837,738
1,746,306
59,348
Lenox, MI
107,860
1,244,579
1,352,439
88,115
335,839
1,255,710
28,726
1,284,435
1,620,274
69,298
Marquette, MI
209,677
2,188,590
7,600
2,196,190
2,405,867
125,679
Midland, MI
71,784
1,569,727
1,570,014
1,641,798
100,614
Montrose, MI
97,689
1,934,430
158,790
2,093,220
2,190,909
140,151
2,090,447
18,266,009
354,423
18,620,432
20,710,879
1,231,455
Otter Lake, MI
154,390
1,405,532
1,405,692
1,560,082
91,272
Sault Ste Marie, MI
239,906
1,007,077
1,246,983
81,805
Sebewaing, MI
60,259
1,452,542
1,512,801
117,656
St. Helen, MI
70,353
1,396,479
1,466,832
98,917
2,527,449
3,983,896
2,531,164
3,991,826
6,522,990
203,715
Weidman, MI
67,968
1,400,386
7,317
1,407,703
1,475,671
87,512
Whitmore Lake, MI
2,197,350
Wyoming, MI
3,194,618
4,816,878
3,198,332
4,824,808
8,023,140
246,232
Eagan, MN
1,297,596
2,033,325
3,330,921
139,731
Maple Grove, MN
760,163
9,863,462
54,822
9,918,284
10,678,447
570,322
Mora, MN
19,524
1,272,308
1,274,513
1,294,037
81,702
Winona, MN
1,562,225
6,867,512
6,877,029
8,439,254
429,924
Dora, MO
77,349
1,277,800
1,355,149
77,081
Excelsior Springs, MO
78,699
1,265,762
1,266,881
1,345,580
76,960
Farmington, MO
314,078
2,423,544
2,737,622
171,567
Freeburg, MO
72,490
1,213,203
1,215,567
1,288,057
80,197
Helena, MO
67,324
1,237,062
1,238,181
1,305,505
74,997
Jefferson City, MO
1,195,039
3,759,032
12,818
3,771,850
4,966,889
274,597
441,710
2,041,893
27,157
2,069,049
2,510,759
108,268
1,980,280
2,088,548
114,916
Lake Lafayette, MO
106,627
1,178,416
1,179,535
1,286,162
72,085
Lincoln, MO
138,746
1,413,644
5,214
1,418,858
1,557,604
97,961
1,001,257
5,420,536
23,820
5,444,356
6,445,613
339,693
Ashland, MS
38,697
1,427,252
1,465,949
115,228
Baldwyn, MS
29,404
908,970
(7,030)
901,940
931,344
96,080
Belzoni, MS
67,668
1,137,472
(15,683)
1,121,789
1,189,457
115,514
Edinburg - Carthage, MS
114,642
1,291,451
(3,013)
1,288,439
1,403,081
93,129
Clarksdale, MS
111,726
1,299,141
1,410,867
94,638
Cleveland, MS
5,635,242
322,852
De Kalb, MS
111,394
981,026
8,650
989,676
1,101,070
67,537
Ellisville, MS
313,192
1,053,746
1,074,958
1,388,150
63,457
Greenville, MS
193,378
1,282,104
1,294,269
1,487,647
76,613
Richland, MS
851,944
8,905,221
943
8,906,164
9,758,108
510,221
Sardis, MS
362,033
816,187
(5,195)
810,992
1,173,025
67,007
Silver Creek, MS
307,453
1,045,870
1,067,083
1,374,536
63,114
212,377
1,962,757
2,175,134
119,691
Tupelo, MS
443,321
3,834,665
4,277,986
263,633
Angier, NC
672,850
1,349,207
2,022,057
84,576
Asheboro, NC
11,700,000
1,562,706
17,355,572
18,918,278
1,235,291
Aulander, NC
195,098
984,103
1,179,201
71,667
Castalia, NC
139,549
1,366,925
1,506,474
90,093
10,700,000
1,289,337
15,972,978
17,262,315
1,146,725
1,605,366
2,566,208
4,171,574
203,560
Flat Rock, NC
150,439
846,253
996,692
53,679
2,718,172
2,763,915
5,482,087
201,445
874,423
1,550,116
2,424,539
117,640
243,002
2,160,494
2,403,496
157,445
Kings Mountain, NC
509,102
2,258,512
2,767,614
173,988
North Wilkesboro, NC
148,134
1,013,906
3,383
1,017,289
1,165,423
68,199
Roxboro, NC
256,768
1,218,469
1,475,237
88,756
571,426
3,687,049
92,316
3,779,365
4,350,791
235,777
Southern Pines, NC
805,577
1,231,351
2,036,928
84,655
1,159,344
2,580,515
2,296
2,582,811
3,742,155
175,830
F-58
Tabor City, NC
20,939
1,495,256
9,665
1,504,921
1,525,860
93,349
Wilkesboro, NC
509,859
2,478,770
2,988,629
231,428
Windsor, NC
175,633
1,346,774
1,522,407
94,703
Winton - Salem, NC
1,772,410
6,666,783
8,439,193
505,900
West Fargo, ND
722,425
776,925
85,700
862,624
1,585,049
54,056
Chappell, NE
228,961
1,027,400
7,470
1,034,870
1,263,831
61,213
Juniata, NE
90,602
1,127,483
1,134,953
1,225,555
67,472
Lincoln, NE
2,350,709
11,189,814
13,540,523
769,300
Deptford, NJ
4,637,926
10,426,984
15,064,910
742,200
Galloway, NJ
258,312
1,774,767
1,775,886
2,034,198
100,436
Mullica Hill, NJ
648,435
1,265,179
1,266,298
1,914,733
72,271
Newfield, NJ
278,914
1,624,710
1,625,829
1,904,743
91,268
Pleasantville, NJ
872,737
4,130,042
5,002,779
289,955
Toms River, NJ
1,785,123
835,695
15,740
851,436
2,636,559
47,000
Turnersville, NJ
1,795,330
2,978,086
426,973
1,796,052
3,404,336
5,200,388
181,891
833,473
Wayne, NJ
3,162,613
3,288,907
6,400
3,295,307
6,457,920
233,101
Wrightstown, NJ
5,051,058
Las Cruces, NM
598,909
4,180,398
133,600
4,313,998
4,912,907
318,795
835,775
1,151,399
1,987,174
81,510
Tse Bonito, NM
126,882
1,633,674
11,889
1,645,562
1,772,444
97,373
Bergen, NY
92,953
916,917
1,009,870
78,693
Buffalo, NY
927,338
403,208
403,223
1,330,561
25,118
91,579
1,470,852
1,562,431
120,910
Canastota, NY
108,348
1,371,590
1,372,709
1,481,057
79,189
41,281
915,575
915,590
956,871
57,141
Frankfort, NY
317,533
1,167,754
1,168,873
1,486,406
68,483
Friendship, NY
97,367
1,295,401
1,392,768
85,157
Hastings, NY
68,941
1,285,557
1,286,676
1,355,617
75,081
527,708
1,268,846
1,796,554
97,824
695,815
2,164,666
2,860,481
156,654
Newport, NY
108,474
1,359,693
1,468,167
78,551
North Rose, NY
86,206
1,320,796
1,321,915
1,408,121
78,515
Red Creek, NY
39,875
1,347,504
1,348,623
1,388,498
78,234
Riverhead, NY
538,226
1,569,184
2,107,410
111,978
455,606
1,080,523
1,536,129
100,753
182,135
1,927,563
2,109,698
173,723
393,418
2,018,314
2,411,732
138,469
Sennett, NY
2,400,380
6,427,546
8,827,926
378,603
South Corning, NY
120,453
1,623,218
600
1,623,818
1,744,271
117,166
Star Lake, NY
195,082
1,238,915
1,240,034
1,435,116
72,625
West Henrietta, NY
436,838
1,631,322
2,068,160
148,145
West Seneca, NY
11,300,000
614,219
17,967,840
18,582,059
1,231,650
Yonkers, NY
3,911,416
4,262,152
(8,258)
4,253,894
8,165,310
259,712
Apple Creek, OH
335,713
1,081,077
1,082,196
1,417,909
64,068
Austinburg, OH
105,423
1,141,236
1,246,659
80,900
Bellefontaine, OH
1,348,236
1,070,525
270,651
270,666
1,341,191
16,833
2,559,388
8,602,145
28,112
2,563,103
8,626,542
11,189,645
534,045
1,176,215
2,934,082
17,430
1,179,930
2,947,798
4,127,728
69,163
1,516,980
167
1,517,147
1,586,310
97,385
431,934
1,507,682
208,851
1,716,534
2,148,468
104,501
3,851,484
Heppner, OH
135,937
1,433,459
1,433,618
1,569,555
90,984
Holland, OH
86,884
4,996,831
5,083,715
349,079
Louisville, OH
208,868
1,182,011
1,183,130
1,391,998
69,141
McArthur, OH
210,094
1,836,031
45,025
1,881,056
2,091,150
128,236
New Philadelphia, OH
176,310
1,170,154
1,171,273
1,347,583
72,281
1,791,441
2,654,170
4,445,611
147,769
Otway, OH
351,675
1,147,001
1,498,676
74,247
Port Washington, OH
419,686
879,455
880,573
1,300,259
54,669
Republic, OH
141,246
1,497,976
1,498,136
1,639,382
94,742
Rock Creek, OH
126,770
1,505,669
151
1,505,820
1,632,590
96,411
Shelby, OH
92,254
1,101,734
1,193,988
76,002
Sinking Spring, OH
49,881
1,278,876
10,135
1,289,010
1,338,891
85,443
216,253
1,352,319
438,540
1,790,859
2,007,112
137,227
Strongsville, OH
412,105
6,461,470
6,873,575
470,835
Thornville, OH
110,395
1,314,956
9,809
1,324,765
1,435,160
98,999
Tiffin, OH
119,687
1,501,037
25,600
1,526,637
1,646,324
124,981
119,897
1,403,558
1,523,455
81,280
Valley City, OH
128,015
1,486,157
1,486,316
1,614,331
95,638
Zanesville, OH
336,258
1,136,178
1,472,436
78,071
234,595
1,177,014
1,178,133
1,412,728
69,100
F-59
98,335
1,291,170
1,389,505
91,102
Langley, OK
30,156
1,646,990
1,677,146
129,104
1,828,658
2,152,285
3,980,943
156,938
Maud, OK
1,281,551
1,284,561
1,487,528
82,342
901,884
7,979,738
8,881,622
548,448
Pauls Valley, OK
245,017
1,360,881
40,162
1,401,043
1,646,060
91,145
Talihina, OK
70,366
1,610,311
1,680,677
130,077
1,402,904
2,835,532
18,053
2,853,584
4,256,488
178,717
Wagoner, OK
332,347
1,912,388
2,244,735
193,672
Warner, OK
243,393
1,248,350
1,251,359
1,494,752
84,271
Pilot Rock, OR
158,987
1,405,393
1,405,679
1,564,666
90,933
522,007
1,371,132
24,473
1,395,605
1,917,612
93,089
Allentown, PA
1,365,945
3,258,839
1,369,660
3,272,555
4,642,215
Bath, PA
1,719,426
663,133
2,382,559
54,557
Bethel Park, PA
681,235
8,979,837
9,661,072
635,222
Breezewood, PA
193,091
1,408,906
1,601,997
102,642
Brookville, PA
311,983
1,431,919
1,743,902
100,416
Burnham, PA
694,983
2,879,011
2,891,176
3,586,159
156,883
Chambersburg, PA
99,647
1,405,127
1,406,245
1,505,892
80,977
8,550,000
348,328
12,833,619
13,181,947
926,556
Dover, PA
2,754,584
2,385,674
377
2,386,051
5,140,635
163,821
Easton, PA
540,714
2,112,447
2,653,161
148,576
Fogelsville, PA
1,611,621
2,617,623
4,229,244
186,786
Glassport, PA
130,234
2,810,530
2,940,764
200,443
Lancaster, PA
1,541,745
(695)
1,541,050
(8)
5,553,054
2,222,786
(1,380)
2,221,406
7,774,460
131,940
Latrobe, PA
255,918
2,193,454
2,449,372
159,844
McConnellsburg, PA
581,054
2,956,295
3,537,349
215,472
Meadville, PA
867,819
2,147,667
3,015,486
135,826
550,226
3,327,228
9,615
3,336,843
3,887,069
238,369
Pen Argyl, PA
504,828
705,552
1,210,380
49,939
Pine Grove, PA
1,079,176
3,194,973
4,274,149
232,876
567,111
1,534,029
14,317
570,826
1,544,632
2,115,458
87,136
885,493
478,181
889,207
488,783
1,377,990
32,750
145,180
1,858,387
2,003,567
126,334
Red Lion, PA
1,018,707
3,289,563
4,308,270
239,773
Wyomissing, PA
2,302,182
6,811,158
9,113,340
490,978
Blackville, SC
88,814
1,342,142
1,430,956
97,908
Bowman, SC
150,034
1,324,966
5,698
1,330,664
1,480,698
97,570
Cheraw, SC
82,917
1,425,081
1,507,998
103,821
Conway, SC
487,563
1,301,332
1,788,895
89,466
Green Sea, SC
30,158
1,540,522
12,663
1,553,185
1,583,343
95,431
1,472,814
8,002,345
(22,944)
7,979,401
9,452,215
631,201
461,522
3,143,208
67,442
3,210,651
3,672,173
227,327
Hardeeville, SC
338,184
993,814
1,331,998
68,325
Johnston, SC
207,425
1,305,786
1,513,211
93,008
Lake View, SC
1,486,376
7,010
1,493,386
1,513,068
91,642
239,276
1,688,550
20,484
1,709,034
1,948,310
112,529
1,153,766
10,959,443
12,113,209
699,918
227,760
1,695,984
94,609
1,790,593
2,018,353
107,572
York, SC
779,888
11,701,659
12,481,547
804,486
Reliance, SD
240,024
1,130,606
7,996
1,138,602
1,378,626
83,248
Camden, TN
100,415
920,173
1,800
921,973
1,022,388
85,169
383,715
2,561,679
2,945,394
181,242
Livingston, TN
291,190
1,955,276
2,246,466
219,349
Morrison, TN
62,277
1,354,709
1,416,986
90,189
Red Boiling Springs, TN
156,751
1,010,884
1,167,635
73,619
1,354,350
1,329,642
27,531
1,357,173
2,711,523
98,774
Waverly, TN
150,519
2,865,694
3,016,213
197,016
Abilene, TX
2,776,008
1,460,146
4,236,154
109,330
Atascocita, TX
265,212
3,238,853
3,504,065
196,362
852,215
4,184,162
5,036,377
324,208
252,810
1,793,672
1,793,687
2,046,497
112,022
866,155
3,558,993
3,571,158
4,437,313
196,885
1,436,571
16,209,074
4,017
16,213,091
17,649,662
1,142,789
Brownsville, TX
474,602
686,668
1,161,270
38,054
Daisetta, TX
264,096
1,251,335
16,609
1,267,943
1,532,039
81,190
2,702,569
2,780,002
143,921
2,923,923
5,626,492
180,126
1,603,859
7,908,697
10,236
7,918,934
9,522,793
534,981
1,233,238
2,142,229
3,375,467
157,724
Ennis, TX
117,760
1,294,827
1,412,587
84,225
1,974,780
3,140,537
5,115,317
243,960
1,537,608
3,897,778
5,435,386
267,907
F-60
Hallettsville, TX
1,698,504
2,489,154
4,187,658
181,410
Hempstead, TX
517,067
1,138,654
43,545
1,182,199
1,699,266
69,895
Killeen, TX
1,057,720
3,009,308
484,748
3,494,055
4,551,775
244,757
League City, TX
233,323
1,056,145
1,056,160
1,289,483
775,334
1,537,915
2,313,249
112,049
Sachse, TX
1,486,211
3,133,939
124
3,134,063
4,620,274
191,649
1,844,251
1,600,804
6,038
1,606,842
3,451,093
100,383
456,278
4,092,103
54,406
4,146,509
4,602,787
258,023
8,225,612
Whitehouse, TX
249,151
2,378,143
2,506
2,380,649
2,629,800
170,073
West Jordan, UT
4,852,556
5,290,602
5,291,421
10,143,977
303,128
Abington, VA
120,721
1,269,056
1,389,777
92,445
Amissville, VA
3,431,638
593,963
16,654
610,616
4,042,254
32,504
Blackstone, VA
89,165
960,237
13,893
974,130
1,063,295
59,875
Clintwood, VA
113,165
1,129,975
1,243,140
82,731
Danville, VA
1,487,674
2,911,596
4,399,270
200,172
Dinwiddie, VA
285,046
3,478,289
11,150
3,489,439
3,774,485
240,340
Drakes Branch, VA
289,986
857,204
1,147,190
65,531
Elkton, VA
77,727
918,853
996,580
56,319
Farnham, VA
117,517
1,356,942
1,474,459
98,853
619,961
1,100,715
7,161
1,107,876
1,727,837
75,890
703,119
7,162
710,280
Front Royal, VA
521,787
955,502
1,477,289
58,426
Harrisonburg, VA
268,145
901,845
1,169,990
55,196
Portsmouth, VA
245,186
945,199
946,799
1,191,985
82,275
Pulaski, VA
100,420
1,518,702
1,619,122
110,633
Richlands, VA
168,804
1,139,417
1,308,221
83,705
Roanoke, VA
1,674,947
3,365,215
1,678,661
3,378,931
5,057,592
172,405
Stuart, VA
797,955
2,698,524
3,496,479
196,677
Suffolk, VA
265,887
3,462,367
3,728,254
238,038
Timberville, VA
246,509
1,088,525
1,335,034
66,790
Warrenton, VA
3,395,581
2,914,723
6,310,304
200,387
Bradford, VT
428,378
3,997,371
4,425,749
239,667
Manchester, VT
455,477
2,064,534
2,520,011
142,871
Longview, WA
782,602
2,480,990
9,050
2,490,040
3,272,642
176,127
Springdale, WA
147,170
1,641,471
1,788,641
96,581
Yakima, WA
883,736
2,466,259
3,349,995
180,515
340,803
1,904,812
2,245,615
130,874
Cumberland, WI
270,296
1,144,054
1,414,350
83,404
Janesville, WI
796,925
1,191,970
9,954
803,521
1,195,327
1,998,848
69,833
Kimberly, WI
1,312,245
2,811,473
(19,305)
1,319,003
2,785,410
4,104,413
144,703
976,214
4,312,547
260,744
4,573,291
5,549,505
306,241
988,153
New Lisbon, WI
76,725
1,227,288
1,228,407
1,305,132
71,530
Plover, WI
67,127
1,770,000
1,781,889
1,849,016
96,904
West Bend, WI
286,709
1,696,761
1,983,470
147,630
Whitewater, WI
822,920
3,021,878
826,634
3,046,276
3,872,910
203,309
Winter, WI
170,499
1,270,767
1,441,266
92,539
Barboursville, WV
703,425
3,654,262
29,238
3,683,500
4,386,925
249,379
144,019
858,224
1,002,243
74,714
Morgantown, WV
563,100
1,952,862
2,515,962
138,093
Ranson, WV
800,605
2,162,116
81,892
2,244,008
816,836
862,215
1,187,338
2,049,553
84,692
Weirton, WV
295,802
1,389,355
19,140
1,408,496
1,704,298
78,370
Westover, WV
2,902,457
3,819,875
6,722,332
262,616
Williamstown, WV
328,040
1,293,550
1,621,590
88,876
Casper, WY
860,483
986,975
986,990
1,847,473
61,604
Eagle River, AK
1,496,010
1,038,294
2,534,304
42,809
Atmore, AL
71,526
841,253
912,779
43,084
653,431
564,626
1,218,057
29,875
Cherokee, AL
74,238
1,375,131
1,449,369
76,848
Creola, AL
558,482
1,985,719
2,544,201
89,615
Florence, AL
156,040
1,168,090
1,324,130
66,087
Fort Mitchell, AL
70,408
1,506,853
3,133
1,509,987
1,580,395
51,594
Glencoe, AL
199,230
1,252,206
1,451,436
44,767
720,048
575,608
1,295,656
41,352
Prattville, AL
585,717
136,254
100,115
236,369
822,086
2,301,743
Tuscumbia, AL
244,809
1,944,563
2,189,372
104,057
Dover, AR
117,697
1,356,901
1,474,598
74,904
Rogers, AR
1,801,475
5,718,794
7,520,269
196,561
F-61
104,246
2,277,293
2,381,539
84,685
Kingman, AZ
546,717
3,279,531
3,826,248
139,777
Show Low, AZ
288,314
1,668,984
1,957,298
74,781
379,684
893,425
1,273,109
26,643
Fontana, CA
1,337,717
1,012,730
2,350,447
48,530
Murrieta, CA
1,546,553
1,350,113
102
1,350,214
2,896,767
64,196
Paradise, CA
386,926
1,049,431
1,436,357
35,247
8,366,775
Vacaville, CA
641,411
1,586,489
2,227,900
71,514
1,009,383
2,952,663
3,962,046
111,950
Delta, CO
816,826
3,802,927
4,619,753
130,682
1,454,956
2,182,762
3,637,718
62,838
Meriden, CT
213,799
1,946,087
2,159,886
78,521
Brooksville, FL
371,478
2,171,428
2,542,906
115,255
Florida City, FL
734,330
781,628
1,515,958
38,014
Fort Lauderdale, FL
1,419,090
1,359,401
2,778,491
55,095
High Springs, FL
571,750
3,362,328
3,934,078
135,124
827,034
1,417,515
389
1,417,903
2,244,937
59,924
6,666,982
12,592,838
12,593,226
19,260,208
529,874
Jonesville, FL
1,993,989
2,233,481
4,227,470
92,225
907,575
1,637,075
24,908
1,661,983
2,569,558
58,423
149,091
959,309
68,675
1,027,984
1,177,075
46,239
Land O'Lakes, FL
1,544,181
1,290,714
2,834,895
63,352
Live Oak, FL
1,994,802
3,028,612
5,023,414
104,064
610,067
1,674,205
2,284,272
68,465
Palm Harbor, FL
2,435,739
8,235,223
56,442
8,291,665
10,727,404
253,533
1,328,041
14,823,857
16,151,898
617,562
616,285
965,620
1,581,905
51,048
Port St. Joe, FL
1,678,568
2,246,346
3,924,914
79,978
St. Augustine, FL
1,015,143
567,058
1,582,201
28,748
Tarpon Springs, FL
1,490,471
3,155,387
4,645,858
162,068
149,753
1,245,539
1,395,292
54,934
Chatsworth, GA
1,153,708
4,535,359
5,689,067
127,556
Commerce, GA
727,292
2,034,999
2,762,291
135,335
Douglas, GA
166,295
6,583,588
17,345
6,600,933
6,767,228
371,491
177,643
2,347,052
2,524,695
79,116
556,078
4,410,887
4,966,965
219,948
Fort Gaines, GA
29,308
1,600,808
1,603,942
1,633,250
53,837
Glennville, GA
200,641
1,381,501
1,582,142
76,019
LaGrange, GA
192,840
1,476,001
1,668,841
64,596
211,020
1,277,849
1,488,869
56,945
405,255
1,152,039
1,557,294
50,286
1,184,610
1,181,635
2,366,245
38,066
Lumpkin, GA
39,403
1,438,663
5,108
1,443,771
1,483,174
49,436
797,482
1,231,217
2,028,699
60,607
301,806
1,202,858
1,452,858
1,754,664
60,485
381,482
2,646,073
3,027,555
98,448
Reidsville, GA
120,421
1,321,925
1,442,346
57,869
Riceboro, GA
86,062
1,309,280
1,395,342
57,087
379,158
541,671
920,829
27,922
Sharpsburg, GA
538,166
1,483,569
129,112
1,612,681
2,150,847
68,077
Thomaston, GA
110,892
1,343,781
1,454,673
58,829
Thomasville, GA
229,300
1,210,294
1,439,594
53,319
Vidalia, GA
283,117
2,002,472
8,947
2,011,419
2,294,536
93,210
Warner Robins, GA
1,599,751
1,518,417
286
1,518,703
3,118,454
39,548
Fairfield, IA
433,650
1,861,993
2,295,643
95,747
Iowa City, IA
497,431
928,323
1,058,080
1,555,511
39,870
Lime Springs, IA
69,547
1,523,213
5,174
1,528,388
1,597,935
44,397
Washington, IA
320,353
1,254,387
1,574,740
94,081
505,175
1,045,666
1,550,841
51,666
Bridgeview, IL
1,665,640
4,003
1,669,643
247,591
968,124
1,215,715
45,999
501,240
1,100,889
1,602,129
57,235
486,636
421,750
1,474,165
1,960,801
49,073
771,442
1,503,279
2,274,721
44,915
1,673,732
5,487
1,679,219
Creve Coeur, IL
210,394
1,591,118
1,596,293
1,806,687
46,835
2,610,458
611,482
2,905,566
7,252
2,912,818
3,524,300
94,991
Lisle, IL
640,978
1,148,863
1,789,841
60,244
Lockport, IL
2,824,591
2,946,768
265
2,947,033
Orland Park, IL
3,843,576
12,469,586
(126,333)
12,343,252
16,186,828
453,767
F-62
Riverside, IL
1,133,763
794,728
1,928,491
29,074
Rochelle, IL
427,051
1,099,148
1,526,199
52,838
Woodridge, IL
2,846,291
799,371
1,361,043
1,361,144
2,160,515
49,241
Brookston, IN
77,375
1,217,616
1,294,991
65,252
769,226
1,602,780
1,603,024
2,372,250
52,544
465,241
1,685,402
2,150,643
92,439
1,419,024
678,671
19,443
698,114
2,117,138
20,011
909,561
14,126
923,687
Knox, IN
261,831
1,042,120
1,303,951
51,184
133,015
1,286,615
1,419,630
45,167
Muncie, IN
293,266
2,258,466
2,551,732
120,452
Valparaiso, IN
3,372,667
4,043,020
7,415,687
138,935
Vincennes, IN
612,871
6,569,716
7,182,587
313,175
Emporia, KS
176,561
1,382,256
1,558,817
89,503
122,695
926,287
305
926,592
1,049,287
54,588
62,320
960,760
1,023,080
57,762
114,625
1,965,783
2,080,408
95,340
108,807
2,289,291
(2,558)
2,286,733
2,395,540
111,887
234,462
4,204,694
4,204,999
4,439,461
206,349
Hutchinson, KS
407,556
4,716,475
10,085
4,726,560
5,134,116
321,760
897,693
9,394,357
10,292,050
322,574
Olathe, KS
5,056,272
16,769,196
21,825,468
751,096
Salina, KS
936,164
4,758,269
40,097
4,798,366
5,734,530
156,124
421,521
6,354,013
6,775,534
284,593
2,524,753
2,469,364
4,994,117
84,840
Irvington, KY
152,562
1,064,042
7,982
1,072,024
1,224,586
32,815
549,357
1,033,316
1,041,298
1,590,655
31,066
Madisonville, KY
85,619
1,253,974
1,261,956
1,347,575
37,413
Princeton, KY
168,644
1,202,504
1,210,486
1,379,130
36,592
Richmond, KY
226,350
1,729,049
1,955,399
102,139
Shelbyville, KY
1,622,962
4,714,584
6,337,546
132,597
Basile, LA
136,575
1,282,322
(18,702)
1,263,619
1,400,194
71,834
240,880
743,644
984,524
33,445
Crowley, LA
1,058,442
3,005,302
4,063,744
103,263
591,985
1,223,694
95,524
1,319,218
1,911,203
45,680
305,882
1,344,712
(80,000)
1,264,712
1,570,594
55,627
1,738,223
6,843,220
8,581,443
303,504
565,276
1,445,880
266
1,446,145
2,011,421
58,375
Metairie, LA
4,284,004
7,310,189
92,784
7,402,973
11,686,977
281,340
Opelousas, LA
2,183,038
2,933,100
(4,217)
2,928,884
5,111,922
82,401
Ponchatoula, LA
719,750
959,034
1,678,784
34,767
Zachary, LA
3,998,332
2,589,899
6,588,231
88,984
Centerville, MA
1,927,046
2,830,876
2,831,264
4,758,310
113,842
Framingham, MA
11,790,877
13,167,251
24,958,128
458,076
3,958,684
Lexington Park, MD
2,058,580
2,796,986
4,855,566
104,500
Silver Springs, MD
7,519,250
4,312,715
69,901
4,382,617
11,901,867
135,724
Westbrook, ME
510,631
1,300,481
20,649
1,321,131
1,831,762
37,093
257,967
930,126
(20,000)
910,126
1,168,093
58,159
164,067
1,124,956
20,017
1,144,972
1,309,039
33,536
Commerce Township, MI
677,204
2,146,040
945
2,146,985
2,824,189
77,310
Escanaba, MI
910,022
1,977,597
24,600
2,002,197
2,912,219
102,347
Gaylord, MI
155,528
1,244,487
1,400,015
63,920
Gladwin, MI
80,254
1,663,490
1,668,664
1,748,918
60,505
1,789,008
6,428,846
8,217,854
220,969
530,631
885,312
1,415,943
38,214
138,007
1,501,849
163,609
1,665,458
1,803,465
82,005
187,241
506,925
135,000
641,925
829,166
22,393
Muskegon, MI
374,687
3,254,233
(112,989)
3,141,244
3,515,931
78,204
Royal Oak, MI
944,796
855,063
3,650
858,713
1,803,509
36,363
1,365,345
3,007,861
197,224
3,205,085
4,570,430
156,506
Baxter, MN
446,629
8,424,170
8,870,799
416,187
Coon Rapids, MN
2,268,163
3,381,734
3,381,759
5,649,922
118,311
894,229
4,057,578
4,951,807
168,968
2,167,767
3,428,543
3,428,568
5,596,335
119,915
Maplewood, MN
1,228,008
1,242,133
1,999,873
3,372,396
3,372,422
5,372,295
118,009
Willmar, MN
879,088
3,298,249
4,177,337
147,152
563,842
3,466,631
4,030,473
135,534
Woodbury, MN
2,761,790
3,570,604
3,570,629
6,332,419
124,861
Aurora, MO
1,522,425
5,995,297
7,517,722
206,066
Gladstone, MO
2,593,334
18,004,544
20,597,878
806,405
F-63
568,949
5,535,918
6,104,867
247,949
942,416
1,848,833
163
1,848,996
2,791,412
61,984
Mansfield, MO
1,223,028
1,341,847
68,440
2,274,742
5,742,980
8,017,722
197,392
38,540
3,140,073
4,392
39,039
3,143,966
3,183,005
81,773
924,702
1,939,919
35,887
1,975,806
2,900,508
74,065
Unionville, MO
69,653
1,213,776
1,283,429
68,931
Wentzville, MO
670,822
4,857,142
15,523
675,633
4,867,853
5,543,486
155,787
Booneville, MS
253,319
1,286,243
1,233
1,287,476
1,540,795
47,748
245,529
1,339,545
1,340,779
1,586,308
49,257
Ecru, MS
518,873
1,189,128
1,190,361
1,709,234
44,074
388,057
661,883
1,049,940
33,003
1,685,118
3,619,152
5,304,270
124,364
137,504
1,212,925
1,214,158
1,351,662
44,981
532,562
3,029,916
3,562,478
150,184
Sledge, MS
212,071
1,208,619
1,209,852
1,421,923
47,703
Thyatira, MS
141,335
1,184,364
1,325,699
46,900
Burlington, NC
1,426,614
2,241,537
2,242,197
3,668,811
75,705
712,025
820,195
1,532,220
41,149
3,176,091
2,229,215
(1,878)
3,174,213
5,403,428
88,287
2,577,766
2,289,630
4,867,396
92,164
1,597,777
1,840,583
3,438,360
73,323
1,365,528
2,144,775
3,510,303
85,141
1,848,911
1,335,958
3,184,869
53,257
1,604,085
1,598,677
3,202,762
57,735
1,249,515
1,891,157
3,140,672
67,890
1,052,922
852,414
1,905,336
30,816
666,753
4,597,681
96,676
4,694,358
5,361,111
130,616
Clemmons, NC
1,889,699
9,638,522
63,415
9,701,936
11,591,635
311,886
3,259,088
3,327,835
6,586,923
114,350
Granite Falls, NC
561,420
1,388,647
1,950,067
49,283
Lexington, NC
160,671
1,289,244
1,449,915
56,724
Matthews, NC
962,409
1,924,570
2,886,979
76,358
Mount Airy, NC
119,892
1,306,260
1,426,152
57,347
Peachland, NC
138,576
1,319,115
1,457,691
57,749
Pine Hall, NC
76,013
1,216,748
1,292,761
53,350
1,117,316
1,313,168
51,760
366,289
1,203,067
1,569,356
53,587
1,430,555
2,249,392
3,679,947
94,505
485,409
2,700,424
307
2,700,731
3,186,140
105,535
Fremont, NE
431,520
1,320,260
1,751,780
44,338
Tilton, NH
183,534
3,832,627
29,977
3,862,604
4,046,138
113,002
Absecon, NJ
1,374,061
1,631,228
3,005,289
70,749
Sicklerville, NJ
1,692,765
3,850,142
3,082,035
6,932,177
El Prado, NM
2,480,000
3,100,561
5,580,561
102,357
105,489
815,749
210,000
148,953
982,285
1,131,238
35,463
100,313
720,599
920,599
1,020,912
26,254
Depew, NY
721,883
831,547
1,553,430
40,684
Gates, NY
532,363
665,024
1,197,387
20,641
1,691,131
4,396,424
6,087,555
151,083
Johnson City, NY
174,807
2,072,196
2,247,003
101,538
9,439,030
N Syracuse, NY
380,662
2,604,672
2,985,334
128,029
Stamford, NY
124,923
3,368,082
(642)
3,367,440
3,492,363
157,443
Bucyrus, OH
195,999
5,077,644
5,273,643
227,422
541,262
3,571,710
4,112,972
159,969
1,034,113
1,940,797
2,974,910
78,327
769,622
1,426,246
2,195,868
58,384
Hillsboro, OH
996,059
2,785,718
3,781,777
78,348
1,140,068
3,248,907
4,388,975
197,280
508,542
1,534,969
2,043,511
53,208
Monroe, OH
245,925
1,496,706
497
1,497,203
1,743,128
52,480
Sharonville, OH
1,453,858
4,179,350
24,953
4,204,303
5,658,161
123,252
606,513
2,602,791
2,602,954
3,209,467
87,121
Wakeman, OH
91,669
1,215,754
1,307,423
62,519
Allen, OK
62,626
1,225,838
7,407
1,233,245
1,295,871
40,948
Blackwell, OK
93,533
1,019,298
29,869
1,049,166
1,142,699
34,445
2,100,860
5,418,091
7,518,951
186,224
1,130,176
1,924,571
3,356,356
5,280,927
112,316
Oklahoma, OK
2,037,061
3,712,975
31,200
3,744,175
5,781,236
140,984
Owasso, OK
384,877
1,339,624
1,724,501
55,177
F-64
195,652
1,561,153
1,756,805
59,283
Purcell, OK
382,358
1,513,311
1,895,669
57,448
Yukon, OK
518,955
5,023,556
8,047
5,031,603
5,550,558
225,645
1,748,925
2,596,167
2,596,362
4,345,287
86,175
Chester Springs, PA
4,074,926
5,659,975
140,230
Forks, PA
1,045,325
1,385,755
2,431,080
47,014
Lebanon, PA
212,037
1,527,874
(200)
1,527,674
1,739,711
45,307
Mechanicsburg, PA
4,005,779
4,735,107
8,740,886
227,574
New Castle, PA
727,785
1,855,089
16,792
1,871,881
2,599,666
81,545
Palmyra, PA
422,549
1,613,655
2,036,204
47,682
Plymouth Meeting, PA
7,087,849
17,423,078
128,500
17,551,577
24,639,426
922,924
Bristol, RI
4,129,728
9,456,936
13,586,664
357,555
North Providence, RI
7,557,758
(415)
7,557,343
Barnwell, SC
760,049
6,362,704
7,122,753
297,597
Bennettsville, SC
280,266
1,799,382
2,079,648
76,087
Effingham, SC
57,620
1,360,392
(1,125)
1,359,267
1,416,887
74,428
2,971,923
1,575,674
4,547,597
62,611
Wagener, SC
40,799
1,407,005
1,447,804
48,301
Milbank, SD
96,069
1,603,473
1,699,542
115,178
Redfield, SD
239,453
1,313,238
1,552,691
62,225
Sioux Falls, SD
222,895
1,340,772
1,563,667
54,514
Columbia, TN
1,005,897
3,490,295
4,496,192
114,239
Crump, TN
49,423
1,051,000
1,058,982
1,108,405
32,415
Harriman, TN
538,425
1,183,084
1,721,509
50,209
797,083
1,655,340
2,452,423
69,020
Lexington, TN
69,699
1,034,888
1,042,870
1,112,569
31,835
Mountain City, TN
303,224
1,303,211
1,606,435
63,214
2,510,007
693,564
3,203,571
37,661
Spring Hill, TN
511,449
2,129,701
7,320
2,137,021
2,648,470
61,645
Austin, TX
752,403
271,887
75,000
346,887
1,099,290
11,521
347,353
3,342,203
3,689,556
171,561
149,300
5,282,327
325,010
5,607,337
5,756,637
181,648
Buna, TX
206,332
1,267,829
1,474,161
Crosby, TX
2,392,756
3,893,594
6,286,350
133,798
Eagle Pass, TX
275,989
3,545,249
3,821,238
181,399
1,149,820
2,436,863
33,021
2,469,884
3,619,704
95,833
2,089,325
4,926,489
7,015,814
230,927
1,211,812
3,345,728
4,557,540
152,639
1,762,616
5,624,013
7,386,629
263,623
Longview, TX
641,613
2,710,240
3,351,853
121,396
838,994
3,278,938
4,117,932
154,754
Mercedes, TX
721,575
1,359,169
2,080,744
46,051
Normangee, TX
123,404
1,242,768
1,366,172
69,909
Pearsall, TX
168,396
1,047,514
1,215,910
50,931
Richardson, TX
5,317,097
5,142,081
101,704
5,243,785
10,560,882
172,582
1,610,028
Stafford, TX
677,550
729,300
1,406,850
35,703
Temple, TX
1,795,552
4,242,556
6,038,108
119,321
Warren, TX
152,485
1,245,867
1,398,352
70,274
425,025
948,705
1,373,730
41,411
1,764,786
Midlothian, VA
317,313
1,207,183
1,524,496
56,311
260,183
1,718,446
1,978,629
94,181
Stafford, VA
796,500
2,175,477
2,971,977
86,393
674,340
796,624
1,470,964
39,432
Tacoma, WA
749,693
1,002,374
1,752,067
32,188
Vancouver, WA
663,929
884,896
1,548,825
43,735
Ashwaubenon, WI
3,545,375
26,018,158
29,563,533
1,165,372
547,959
7,964,601
25,500
7,990,101
8,538,060
422,195
3,209,988
4,908,249
12,193,217
(112,563)
12,080,653
16,988,902
395,643
Sparta, WI
484,147
1,090,863
1,575,010
39,977
708,781
4,431,128
5,139,909
207,706
Pennsboro, WV
1,976,641
722,606
2,699,247
31,865
1,257,834
6,166,080
7,423,914
289,031
Anchorage, AK
590,396
1,055,398
1,645,794
11,409
1,938,342
1,564,199
3,502,541
5,344
Huntsville, AL
14,102,607
1,766,992
Sheffield, AL
105,628
809,470
915,098
30,804
Stevenson, AL
984,239
5,506,861
6,491,100
5,736
1,905,988
2,975,629
4,881,617
21,666
Blytheville, AR
436,902
627,850
1,064,752
7,530
F-65
Mountain Home, AR
391,251
499,232
890,483
7,330
1,325,789
6,057,654
7,383,443
7,277
789,592
3,138,700
3,928,292
39,952
659,804
2,797,787
3,457,591
36,113
Chico, CA
1,158,175
4,667,256
5,825,431
71,808
Chula Vista, CA
5,149,588
3,738,795
8,888,383
23,246
Orangevale, CA
7,841,606
2,155,712
416,436
9,832,868
10,249,304
267,655
Victorville, CA
282,910
3,636,345
3,919,255
52,938
Milford, CT
2,726,144
12,720
9 Years
Arcadia, FL
116,505
2,842,091
2,958,596
3,871
613,617
326,055
939,672
6,260
New Port Richey, FL
1,778,053
3,162,433
4,940,486
65,403
Odessa, FL
1,071,918
2,297,864
3,369,782
2,394
1,863,355
2,368,706
4,232,061
2,901
421,836
503,390
925,226
7,305
Atlanta, GA
4,864,819
14,230,647
19,095,466
237,098
Cumming, GA
6,084,986
9,253,500
15,338,486
177,567
Hinesville, GA
2,628,402
3,163,540
24,309
Macon, GA
293,319
2,421,318
2,714,637
9,051
McDonough, GA
343,936
3,294,049
3,637,985
65,188
Peachtree City, GA
728,296
3,049,518
3,777,814
3,177
324,536
523,910
848,446
7,647
Hilo, HI
5,337,026
8,099
28 Years
Ankeny, IA
416,595
539,945
956,540
3,906
Cedar Falls, IA
225,408
941,115
1,166,523
7,612
Cedar Rapids, IA
621,552
1,675,565
2,297,117
56,740
DeWitt, IA
381,428
764,564
1,145,992
2,932
Dyersville, IA
195,230
512,432
707,662
1,878
167,794
945,847
1,113,641
4,027
Forest City, IA
70,675
785,426
856,101
2,843
Le Mars, IA
427,661
500,453
928,114
7,321
Pleasant Hill, IA
308,438
152,630
461,068
1,082
Tama, IA
6,735
668,391
675,126
8,144
Wayland, IA
111,763
943,257
1,055,020
15,295
Rexburg, ID
400,999
978,935
1,379,934
23,059
Bolingbrook, IL
3,104,988
3,198,731
4,313,950
7,512,681
3,765
870,636
1,215,353
2,085,989
17,511
1,072,761
2,088,630
3,161,391
15,228
Du Quoin, IL
251,782
517,274
769,056
6,756
Fairview Heights, IL
877,414
1,522,760
2,400,174
18,571
Jacksonville, IL
212,380
622,128
834,508
7,874
746,389
1,454,950
2,201,339
36,892
2,860,432
6,283,189
9,143,621
149,728
Litchfield, IL
455,885
1,920,059
2,375,944
15,178
Moline, IL
587,714
393,614
981,328
5,589
Oak Park, IL
791,126
1,096,448
1,887,574
17,281
Paris, IL
402,378
1,523,447
1,925,825
29,776
Richmond, IL
123,434
1,059,129
1,182,563
3,732
West Frankfort, IL
318,924
1,929,059
2,247,983
12,045
Zion, IL
71,571
1,409,759
1,481,330
5,168
Brazil, IN
845,461
1,639,379
2,484,840
38,742
Bremen, IN
241,110
837,395
1,078,505
3,096
Carmel, IN
514,292
1,281,164
1,795,456
27,824
236,928
893,551
1,130,479
3,429
183,711
1,788,923
1,972,634
23,425
Goshen, IN
191,132
1,867,157
2,058,289
7,659
1,802,400
1,754,831
3,557,231
2,177
1,251,503
4,256,350
5,507,853
126,827
216,686
2,321,106
2,537,792
34,538
Hobart, IN
375,179
4,802,423
5,177,602
6,784
Kendallville, IN
323,895
879,601
1,203,496
3,242
LaGrange, IN
244,897
659,821
904,718
2,371
Ligonier, IN
265,792
794,789
1,060,581
2,946
Lowell, IN
6,118,016
7,225,675
6,373
Middlebury, IN
326,272
973,713
1,299,985
3,494
Milford, IN
111,351
738,568
849,919
2,619
Nappanee, IN
118,165
1,207,539
1,325,704
4,535
201,159
1,130,679
1,331,838
15,636
647,211
2,158,675
2,805,886
8,445
Wakarusa, IN
198,784
765,299
964,083
2,871
F-66
opop
321,329
1,649,667
1,970,996
6,555
540,884
852,716
1,393,600
5,547
Leavenworth, KS
312,017
4,842,851
5,154,868
112,356
1,766,228
1,413,113
3,179,341
1,749
Ashland, KY
328,385
1,775,158
77,357
Earlington, KY
39,334
1,036,754
1,076,088
6,728
68,365
1,436,484
1,504,849
15,929
Mayfield, KY
107,830
1,375,261
1,483,091
15,373
81,346
626,644
707,990
7,896
Salem, KY
88,009
1,613,547
1,701,556
14,048
Springfield, KY
58,993
1,547,557
1,606,550
17,449
Alexandria, LA
189,623
1,466,107
1,655,730
2,190
138,737
1,839,223
1,977,960
23,857
Gray, LA
378,725
2,016,132
2,394,857
3,164
Lafayette, LA
1,476,389
1,433,203
2,909,592
10,420
572,661
644,205
1,216,866
4,666
211,804
1,216,773
1,428,577
8,841
Westlake, LA
557,661
1,367,730
1,925,391
27,898
Orange, MA
781,466
2,901,372
3,682,838
12,706
Columbia, MD
2,429,481
4,500,023
6,929,504
35,083
Pocomoke City, MD
116,633
570,066
686,699
18,319
345,702
2,146,998
2,492,700
64,891
Lewiston, ME
344,728
3,072,212
3,416,940
83,355
329,808
1,239,183
1,568,991
9,005
Bellaire, MI
1,587,267
5,323,406
6,910,673
5,545
Bloomfield Hills, MI
235,541
5,066,722
5,302,263
79,139
40,687
1,120,112
1,160,799
4,246
Cadillac, MI
161,430
760,560
921,990
5,515
Cedarville, MI
275,836
544,966
820,802
2,013
Eaton Rapids, MI
295,914
768,849
1,064,763
3,011
Fenton, MI
517,264
1,601,194
2,118,458
1,999
Greenville, MI
423,021
846,529
1,269,550
3,127
Ionia, MI
133,711
947,897
1,081,608
3,386
Kalamazoo, MI
104,633
1,691,430
1,796,063
6,587
317,588
2,735,642
3,053,230
82,463
Kincheloe, MI
654,557
434,282
1,088,839
1,936
325,141
941,703
1,266,844
3,532
Manistique, MI
209,745
826,249
1,035,994
3,057
Marlette, MI
1,612,150
5,267,900
6,880,050
Mason, MI
251,517
776,363
1,027,880
2,955
Munising, MI
60,065
1,277,721
1,337,786
4,707
Newberry, MI
51,357
1,050,848
1,102,205
3,770
555,068
3,683,216
4,238,284
57,522
532,259
1,483,897
2,016,156
5,700
Pickford, MI
251,624
1,318,787
1,570,411
4,922
789,659
3,963,547
4,753,206
61,902
69,645
1,934,267
2,003,912
7,247
1,971,680
5,766,169
7,737,849
133,983
St. Ignace, MI
369,410
611,199
980,609
2,356
Stanton, MI
407,598
1,513,445
1,921,043
5,938
771,369
5,670,131
6,441,500
5,365
Utica, MI
422,324
651,661
1,073,985
4,721
Waterford Twp, MI
1,801,280
2,219,815
4,021,095
2,586
Alexandria, MN
1,440,063
892,267
2,332,330
23,452
Cambridge, MN
162,630
1,667,492
1,830,122
2,466
Lake City, MN
376,941
696,798
1,073,739
2,602
530,246
1,077,458
1,607,704
4,740
Melrose, MN
382,216
697,463
1,079,679
2,941
2,940,474
3,059,604
6,000,078
54,119
Moorhead, MN
641,170
1,184,931
1,826,101
9,536
West St Paul, MN
706,082
3,482,362
4,188,444
25,361
1,632,889
3,963,876
5,596,765
37,475
303,798
3,716,321
4,020,119
27,098
Cape Girardeau, MO
604,100
7,159,047
7,763,147
192,577
1,404,591
2,312,071
3,716,662
21,625
Poplar Bluff, MO
454,138
1,299,861
1,753,999
1,353
Sikeston, MO
1,614,039
135,159
1,749,198
141
St Louis, MO
2,170,811
8,317,067
10,487,878
226,206
51,220
1,365,854
1,417,074
28,930
Fulton, MS
1,431,563
5,423,669
6,855,232
5,650
4,776,831
113,099
Natchez, MS
482,589
359,016
841,605
4,624
Pascagoula, MS
651,009
9,115,674
9,766,683
14,470
F-67
Petal, MS
299,040
701,628
1,000,668
30,632
Quitman, MS
177,951
1,272,813
1,450,764
23,678
829,459
2,219,712
6,705,712
8,925,424
127,995
West Point, MS
347,406
549,923
897,329
7,887
Kalispell, MT
832,637
1,296,411
2,129,048
2,673
Cooleemee, NC
87,294
1,363,970
1,451,264
24,710
1,335,479
4,812,444
6,147,923
5,929
406,338
1,834,984
2,241,322
2,192
697,483
1,397,824
2,095,307
23,516
Hamptonville, NC
91,798
1,366,558
1,458,356
25,164
1,185,259
1,236,975
2,422,234
8,989
Laurinburg, NC
200,683
5,661,555
5,862,238
34,124
492,488
3,103,113
3,595,601
98,298
825,536
4,363,645
5,189,181
57,351
Grand Island, NE
548,899
1,220,608
1,769,507
29,604
366,718
831,152
1,197,870
20,120
Kearney, NE
677,938
1,844,640
2,522,578
35,006
390,570
825,280
1,215,850
16,082
1,806,810
North Platte, NE
370,952
1,211,472
1,582,424
20,309
Claremont, NH
256,504
579,391
835,895
2,220
Livingston, NJ
3,225,586
442,533
2,351,713
2,794,246
50,694
1,643,734
2,101,039
3,744,773
48,419
Taos, NM
1,189,326
12,964
Sparks, NV
557,112
2,865,204
3,422,316
53,511
579,321
2,055,891
2,635,212
11,933
Elmsford, NY
18,756,680
7,014,167
25,770,847
94,710
Fayetteville, NY
1,252,734
9,647,063
10,899,797
13,182
Horseheads, NY
189,248
1,339,898
1,529,146
50,100
Jamestown, NY
826,240
935,394
1,761,634
5,555,770
7,572,515
13,128,285
103,122
7,891,022
13,097,295
20,988,317
142,752
1,408,590
4,475,991
5,884,581
78,863
80,829
1,222,553
1,303,382
42,323
Webster, NY
170,265
1,370,200
1,540,465
41,445
70,721
1,156,361
1,227,082
1,557
451,032
2,065,118
2,516,150
43,118
2,508,461
3,590,847
6,099,308
67,216
860,643
670,526
1,531,169
9,757
Georgetown, OH
88,505
1,212,447
1,300,952
4,815
Huber Heights, OH
676,331
1,200,628
1,876,959
9,882
359,749
701,457
1,061,206
18,979
286,213
1,650,847
1,937,060
3,116
2,194,134
13,133,674
15,327,808
281,492
180,652
2,204,475
2,385,127
18,965
744,743
4,256,010
5,000,753
55,000
4,934,383
Beaver Springs, PA
616,350
1,819,722
1,254
Beavertown, PA
388,484
1,196,385
1,584,869
1,244
Bulger, PA
90,519
1,190,111
1,280,630
18,673
Falls Creek, PA
48,281
1,036,445
1,084,726
16,536
Finleyville, PA
3,493,935
3,192,270
6,686,205
92,178
187,286
1,481,256
1,668,542
10,770
Monongahela, PA
1,407,800
4,729,705
6,137,505
124,677
Nanty Glo, PA
435,352
1,527,370
1,962,722
11,106
Oil City, PA
642,839
1,717,658
2,360,497
29,786
1,801,130
2,022,527
3,823,657
6,585
South Fork, PA
810,999
996,243
1,807,242
7,233
3,662,381
5,489,156
9,151,537
7,182
Kingstown, RI
382,672
692,215
1,074,887
24,339
390,483
2,577,950
2,968,433
45,947
1,088,113
2,642,701
3,730,814
3,565
5,777,850
9,986,972
15,764,822
97,496
79,014
926,382
1,005,396
15,578
Clover, SC
325,211
4,000,888
4,326,099
49,962
324,139
1,488,508
1,812,647
26,411
390,199
1,324,390
1,714,589
23,751
Gaffney, SC
227,580
2,334,357
2,561,937
68,434
318,326
1,444,288
1,762,614
25,284
Lexington, SC
392,728
1,370,227
1,762,955
25,147
1,180,322
4,627,581
5,807,903
6,341
F-68
Aberdeen, SD
259,565
2,456,123
2,715,688
58,528
42,372
1,396,986
1,439,358
28,293
Goodlettsville, TN
344,277
1,310,123
1,654,400
1,711
1,050,792
3,516,114
4,566,906
16,915
327,821
896,841
6,652
Kingsport, TN
678,773
2,048,795
2,048,794
2,727,567
9,137
Lebanon, TN
1,491,498
1,529,203
1,529,202
3,020,700
11,120
2,128,617
5,166,201
5,166,200
7,294,817
61,799
Sneedville, TN
147,312
607,115
607,114
754,426
26,088
208,345
1,254,699
1,254,698
1,463,043
32,056
818,416
6,716,857
6,716,856
7,535,272
10,853
503,349
2,267,774
2,267,773
2,771,122
57,583
Gilmer, TX
353,373
1,346,564
1,346,563
1,699,936
1,581
Italy, TX
544,639
996,266
996,265
1,540,904
1,167
Keller, TX
2,321,790
1,460,499
1,460,498
3,782,288
41,300
525,216
2,145,929
2,145,928
2,671,144
29,177
Pleasanton, TX
477,621
692,622
692,621
1,170,242
5,886
842,454
1,008,239
1,008,238
1,850,692
Norfolk, VA
1,458,627
4,676,273
1,458,626
4,676,272
6,134,898
222,364
Bremerton, WA
145,137
698,122
145,136
698,121
843,257
5,060
Spokane, WA
518,527
826,371
518,526
826,370
1,344,896
5,995
686,375
4,176,772
4,176,771
4,863,146
71,679
Dodgeville, WI
347,510
577,722
577,721
925,231
2,219
305,174
1,169,159
1,169,158
1,474,332
1,397
Kenosha, WI
455,896
1,514,961
1,514,960
1,970,856
11,016
167,265
1,213,009
1,380,274
4,558
Mercer, WI
149,710
742,254
891,964
11,199
201,782
862,019
1,063,801
3,195
Oshkosh, WI
284,264
2,614,697
2,898,961
29,737
Plymouth, WI
284,798
652,272
937,070
2,481
Rhinelander, WI
346,549
779,266
1,125,815
3,055
372,774
1,260,049
1,632,823
4,776
Stevens Point, WI
254,702
2,681,117
2,935,819
13,856
Weston, WI
324,348
1,191,688
1,516,036
17,791
250,063
1,586,788
1,836,851
28,306
Subtotal
43,904,041
2,501,883,370
5,310,313,716
87,802,407
2,510,850,543
5,389,148,941
7,899,999,484
563,582,946
Property Under Development
Various
55,806,438
Corporate Headquarters - Royal Oak, MI
3,316,619
23,293,900
121,267
23,415,167
26,731,786
846,336
2,505,199,989
5,389,414,054
87,923,674
2,514,167,162
5,468,370,546
7,982,537,708
564,429,282
The following table reconciles the Real Estate Properties from January 1, 2022 to December 31, 2024.
Balance at January 1
7,177,278,178
6,062,209,367
4,605,458,035
Construction, acquisition and other costs
893,310,268
1,135,848,799
1,499,979,100
Impairment charge
(8,852,732)
(9,555,945)
(1,165,524)
Disposition of real estate
(79,198,006)
(11,224,043)
(42,062,244)
Balance at December 31
F-69
433,957,769
321,141,833
233,861,792
Current year depreciation expense
138,426,235
115,969,605
88,892,382
(1,607,706)
(2,425,088)
(150,523)
(6,347,016)
(728,581)
(1,461,818)
The aggregate cost of our real estate assets for federal income tax purposes is approximately $9.11 billion at December 31, 2024.
F-70
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
By:
/s/ Joel N. Agree
Date: February 11, 2025
Joel N. Agree
President and Chief Executive Officer
KNOW ALL PERSONS BY THESE PRESENTS, that we, the undersigned officers and directors of Agree Realty Corporation, hereby severally constitute Richard Agree, Joel N. Agree and Peter Coughenour, and each of them singly, our true and lawful attorneys with full power to them, and each of them singly, to sign for us and in our names in the capacities indicated below, the Annual Report on Form 10-K filed herewith and any and all amendments to said Annual Report on Form 10-K, and generally to do all such things in our names and in our capacities as officers and directors to enable Agree Realty Corporation to comply with the provisions of the Securities Exchange Act of 1934, as amended and all requirements of the Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by our said attorneys, or any of them, to said Annual Report on Form 10-K and any and all amendments thereto.
PURSUANT to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
/s/ Richard Agree
Richard Agree
Executive Chairman of the Board of Directors
President, Chief Executive Officer and Director
(Principal Executive Officer)
/s/ Peter Coughenour
Peter Coughenour
Chief Financial Officer and Secretary
(Principal Financial Officer)
/s/ Stephen Breslin
Stephen Breslin
Chief Accounting Officer
(Principal Accounting Officer)
/s/ Karen Dearing
Karen Dearing
Director
/s/ Merrie S. Frankel
Merrie S. Frankel
/s/ Mike Hollman
Mike Hollman
/s/ Michael Judlowe
Michael Judlowe
71
/s/ Linglong He
Linglong He
/s/ Greg Lehmkuhl
Greg Lehmkuhl
/s/ John Rakolta
John Rakolta
/s/ Jerome Rossi
Jerome Rossi
72