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Agree Realty Executive Compensation (FY25)

ADC · Royal Oak, MI · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Joel Agree
Latest say-on-pay support
=
May 14, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 22, 2026Latest filing (8-K): May 14, 2026
15 filings cited on this page
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318 figures on this page: 304 cited to the filing that reported them, 14 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Joel Agree: $8,351,696 → $10,957,876 (31.2% higher)
CEO pay ratio: 62:1 → 86:1 (38.7% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Agree Realty's chief executive and what were they paid?
Joel Agree, President and Chief Executive Officer, received $10,957,876 in total compensation for fiscal 2025. Agree's total was 31.2% higher than the $8,351,696 reported for fiscal 2024.
What was Agree Realty's say-on-pay result?
The say-on-pay proposal drew 95.5% of votes cast for or against in favor at the meeting held May 14, 2026 for fiscal 2025.
Which companies are in Agree Realty's peer group?
Companies named in the disclosed peer group include Brixmor Property Group Inc., Broadstone Net Lease, EastGroup Properties, Inc., EPR Properties and Essential Properties Realty Trust, Inc., among others.
What is Agree Realty's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 86:1, against median employee compensation of $127,044.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Joel Agree
President and Chief Executive Officer
◇—◇—◇—◇◇
Craig Erlich
Chief Growth Officer
◇—◇—◇—◇◇
Danielle Spehar
General Counsel
◇—◇—◇—◇◇
Peter Coughenour
Chief Financial Officer Secretary
◇—◇—◇—◇◇
Nicole Witteveen
Chief Operating Officer
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Joel Agree
President and Chief Executive Officer
◇—◇—◇—◇◇
Craig Erlich
Chief Growth Officer
◇—◇—◇—◇◇
Peter Coughenour
Chief Financial Officer Secretary
◇—◇—◇—◇◇
Danielle Spehar
General Counsel
◇—◇—◇—◇◇
Nicole Witteveen
Chief Operating Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Joel Agree
President and Chief Executive Officer
◇—◇—◇—◇◇
Peter Coughenour
Chief Financial Officer and Secretary
◇—◇—◇—◇◇
Craig Erlich
Chief Growth Officer
◇—◇—◇—◇◇
Nicole Witteveen
Chief Operating Officer
◇—◇—◇—◇◇
Danielle Spehar
General Counsel
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Joel Agree
President and Chief Executive Officer
◇—◇—◇—◇◇
Nicole Witteveen
Chief Operating Officer
◇—◇—◇—◇◇
Peter Coughenour
Chief Financial Officer and Secretary
◇—◇—◇—◇◇
Craig Erlich
Chief Growth Officer
◇—◇—◇—◇◇
Danielle Spehar
General Counsel
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Craig ErlichRSU◇——◇——◇
Craig ErlichPSU◇◇◇—◇—◇
Danielle SpeharRSU◇——◇——◇
Danielle SpeharPSU◇◇◇—◇—◇
Joel AgreeRSU◇——◇——◇
Joel AgreePSU◇◇◇—◇—◇
Nicole WitteveenPSU◇◇◇—◇—◇
Nicole WitteveenRSU◇——◇——◇
Peter CoughenourPSU◇◇◇—◇—◇
Peter CoughenourRSU◇——◇——◇
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Joel AgreeRSU◇=——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇=——
PSU◇◇——
RSU◇◇——
RSU◇◇——
Peter CoughenourPSU◇◇——
RSU◇=——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Danielle SpeharPSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Craig ErlichRSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Nicole WitteveenRSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Craig Erlich
Chief Growth Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Severance base◇
Change-in-control multiple◇
Joel Agree
President and Chief Executive Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-compete period◇
Non-solicit period◇
Nicole Witteveen
Chief Operating Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Change-in-control multiple◇
Peter Coughenour
Chief Financial Officer and Secretary · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Severance base◇
Change-in-control multiple◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Gregory Lehmkuhl
◇◇————◇
Karen Dearing
◇◇————◇
Merrie Frankel
◇◇————◇
John Rakolta Jr
◇◇————◇
Jerome Rossi
◇◇————◇
Michael Hollman
◇◇————◇
Linglong He
◇◇————◇
Michael Judlowe
◇◇————◇
Joel Agree and Richard Agree served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as Restricted Stock Awards.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Brixmor Property Group Inc. BRX
  • Broadstone Net Lease BNL
  • EastGroup Properties, Inc. EGP
  • EPR Properties EPR
  • Essential Properties Realty Trust, Inc. EPRT
  • Federal Realty Investment Trust FRT
  • Getty Realty Corp. GOV
  • Kimco Realty Corporation KIM
  • Kite Realty Group Trust KRG
  • LXP Industrial Trust LXP
  • NNN REIT, Inc. NNN
  • Phillips Edison & Company, Inc. PECO
  • Realty Income Corporation O
  • Regency Centers Corporation REG
  • Rexford Industrial Realty, Inc. REXR
  • STAG Industrial, Inc. STAG
  • W.P. Carey Inc. WPC

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 14, 2026=◇◇◇
2024May 15, 2025=◇◇◇
2023May 23, 2024=◇◇◇
2022May 11, 2023=◇◇◇
2021May 5, 2022=◇◇◇
2020May 6, 2021=◇◇◇
2019May 5, 2020=◇◇◇
2018April 25, 2019=◇◇◇
2017May 15, 2018=◇◇◇
2016May 19, 2017=◇◇◇
2015May 2, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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- Joel Agree (President and Chief Executive Officer), FY2025 total compensation $10,957,876 (base salary $921,808) [exec_comp, SEC accession 0000917251-26-000031, filed 2026-04-02]

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What this page does not include

Everything above is a fact Agree Realty disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Agree Realty sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
318 figures on this page: 304 cited to the filing that reported them, 14 calculated from figures it prints.
304 cited to the filing
14 calculated from the filing

Documents cited

  1. 0000917251-26-000050
  2. 0000917251-26-000031
    Director Compensation · Grants of Plan-Based Awards for 2025 · Outstanding Equity Awards at December 31, 2025 · SUMMARY COMPENSATION TABLE · and 1 more section
  3. 0001104659-25-050018
    Against Abstentions 97,771,378 979,502 56,153 Approval, by Non-Binding Vote, of Executive Compensation: Votes For Votes Against Abstentions Broker Non-Votes
  4. 0001558370-25-004475
    Compensation Discussion and Analysis · Summary Compensation Table
  5. 0001104659-24-064707
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001104659-24-046515
    Summary Compensation Table
  7. 0001104659-23-059228
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001104659-23-039609
    Summary Compensation Table
  9. 0001104659-22-056486
  10. 0001104659-21-063783
  11. 0001104659-20-057419
  12. 0001144204-19-021292
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001144204-18-029528
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0001144204-17-028857
    Item 5.07 Submission of Matters to a Vote of Security Holders
  15. 0001144204-16-098697
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “Agree Realty executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/ADC (accessed 2026).
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15 filings cited on this page
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Real Estate rankings

Chief executive pay — Real EstateCEO pay ratio — Real EstateSay-on-pay support — Real Estate

Peers Agree Realty discloses

The companies named in ADC's own disclosed peer group.

Brixmor Property Group Inc.Broadstone Net LeaseEastGroup Properties, Inc.EPR PropertiesEssential Properties Realty Trust, Inc.Federal Realty Investment TrustKimco Realty CorporationKite Realty Group TrustLXP Industrial TrustNNN REIT, Inc.Phillips Edison & Company, Inc.Realty Income CorporationRegency Centers CorporationRexford Industrial Realty, Inc.STAG Industrial, Inc.W.P. Carey Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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