1. The Company

Agree Realty Corporation (the “Company”) is a self-administered, self-managed real estate investment trust (“REIT”), which is primarily engaged in the acquisition and development of properties net leased to industry leading retail tenants. At December 31, 2013, the Company's properties are comprised of 122 net leased retail facilities and nine community shopping centers located in 33 states. Included in the 131 properties was one property held for sale at December 31, 2013. Excluding the property held for sale, at December 31, 2013, approximately 97% of the Company's annual base rental revenues were from national and regional tenants under long-term leases, including approximately 27% from Walgreen Co. (“Walgreen”), 5% from CVS Caremark Corporation (“CVS”), 5% from Kmart Corporation (“Kmart”), a wholly-owned subsidiary of Sears Holdings Corporation, 5% from Wawa, Inc. and 5% from Walmart Stores, Inc.