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Joey Agree

President & CEO at AGREE REALTY
Board
Since January 2013
Age
45 years
Education
Earned a Juris Doctor degree from Wayne State University Law School and a Bachelor of Arts degree in Political Science from the University of Michigan.
Tenure
Joined ADC in January 2006 as Executive Vice President; promoted to President and Chief Operating Officer in June 2009 and then to Chief Executive Officer in January 2013.

Also at AGREE REALTY

RA
Richard Agree
Executive Chairman of the Board
CE
Craig Erlich
Chief Growth Officer
DS
Danielle Spehar
General Counsel

About

Joey Agree, a prominent leader at ADC, comes from a family with deep roots in the company, with his father serving as Executive Chairman. His background in law and politics has played a fundamental role in shaping his informed perspective and commitment to excellence in the real estate sector.

Throughout his career at ADC, he has demonstrated a consistent track record of progressing through increasingly influential roles, marking his journey with clear milestones and informed decision-making. His leadership has been pivotal in steering the company through complex financial conditions, leveraging innovative strategies and financial prudence to fuel growth and stability while elevating the company’s market reputation.

Beyond his core responsibilities, he has championed initiatives in environmental, social, and governance (ESG) practices and modernized the organization’s operations with digital advancements. His active engagement with investors—meeting with over 300 investors in 2023—and his forward-thinking investments, including a landmark capital commitment of $1.34 billion in 2023, have underscored his role as a transformative figure at ADC.

$ADC Performance Under Joey Agree

Past Roles

OrganizationRoleDate RangeDetails
ADC President and Chief Operating Officer June 2009 – January 2013 Promoted to President while continuing as Chief Operating Officer
ADC Executive Vice President January 2006 – June 2009 N/A

Fixed Compensation

Data from  FY 2023
Component NameAmountPayment ScheduleAdditional Details
Base Salary$895,481 Yearly 2023Fixed salary for Joel Agree
All Other Compensation$55,277 Yearly 2023Includes welfare benefits for salaried employees; detailed breakdown not provided

Performance Compensation

Data from  FY 2023

Equity Incentive Plan Awards

MetricValueDetails
Grant DateFebruary 23, 2023 Award date for performance units
Grant Date Stock Price$73.27 Based on the closing sales price on the grant date
Performance Units Granted30,026 units Units subject to performance metrics
Grant Value (Performance Units)$2,412,306 Total fair value at grant date
Performance Metric Weight50% Based on TSR percentile rank vs. MSCI US REIT Index over the performance period
Evaluation PeriodJanuary 1, 2023 - December 31, 2025 Three-year performance measurement period
Vesting ScheduleVests ratably over three years One-third vests on each of the consecutive anniversaries of the grant date
Thresholds/TargetsNot explicitly detailed Awards are subject to forfeiture if performance falls below the threshold

Non-Equity Incentive Plan Awards

MetricValueDetails
Grant DateFebruary 3, 2023 Award date for non-equity incentive plan awards
Threshold Payout$675,000 Minimum performance payout
Target Payout$1,350,000 Expected performance payout
Maximum Payout$3,150,000 Cap on performance payout

Overall Performance Compensation Notes

  • Performance Units are contingent on achieving the required performance metrics: 50% weight based on TSR versus the MSCI US REIT Index and an additional 50% based on TSR versus a designated peer group.
  • Vesting Conditions: Awards vest after the three-year performance period (ending December 31, 2025) with forfeiture if performance is below threshold.