Financial Data and Key Metrics Changes - In 2025, the company achieved over 4.5% growth in AFFO per share, with a total investment of $1.55 billion across its platforms, marking over 60% year-over-year growth [6][8] - Core FFO per share for Q4 was $1.10, representing a 7.3% year-over-year increase, while full-year Core FFO per share was $4.28, reflecting a 5.1% increase [21] - AFFO per share for Q4 was $1.11, a 6.5% year-over-year increase, and for the full year, it was $4.33, indicating 4.6% year-over-year growth [21][22] Business Line Data and Key Metrics Changes - In Q4, the company invested approximately $377 million in 94 retail net lease properties, with a weighted average cap rate of 7.1% and a weighted average lease term of 9.6 years [11][12] - For the full year 2025, nearly $1.6 billion was invested in 338 retail net lease properties, with over $1.4 billion originating from the acquisition platform [12][13] - The development and DFP platforms had a record year with 34 projects, representing approximately $225 million of committed capital [13] Market Data and Key Metrics Changes - The company's investment-grade exposure at year-end stood at nearly 67%, with occupancy increasing to 99.7%, reflecting a 50 basis point improvement since Q1 [16] - The properties acquired during Q4 were leased to leading operators in various sectors, including home improvement and grocery stores, indicating a diverse market presence [12] Company Strategy and Development Direction - The company aims to increase its 2026 investment guidance to a range of $1.4 billion-$1.6 billion, representing a 10% increase from the prior range [9] - The company is focused on maintaining a fortress balance sheet and executing on its investment guidance without raising additional equity capital [20] - The company is enhancing operational efficiencies through IT improvements and anticipates a material reduction in G&A as a percentage of revenue [8][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fundamentals supporting the company's outlook, citing a strong portfolio and exceptional team depth [6] - The management highlighted the ongoing challenges faced by middle-income consumers due to rising costs, which may impact retail trends [101] - The company expects to maintain a growth trajectory with a goal of delivering 10% operational returns and achieving two-year stacked AFFO growth [108] Other Important Information - The company raised approximately $1.5 billion in capital during 2025, including a $400 million bond offering and a $350 million term loan [17][18] - The company achieved an A- rating from Fitch, validating its strong balance sheet and disciplined capital allocation [20][21] Q&A Session Summary Question: Increase in 2026 investment guidance - Management noted that the increase is due to secured transactions, including sale-leaseback deals and increased confidence in development projects [26] Question: Non-core asset sales - Management explained that capital recycling focuses on opportunistic sales of non-core assets, driven by valuations and confidence in future performance [27] Question: Cap rate trends - Management indicated no material changes in cap rates and noted that rent escalators have been embedded with historic inflation [31][32] Question: Sale-leaseback interest - Management stated that while there hasn't been a significant increase in sale-leaseback velocity, they have specific transactions lined up with existing tenants [40] Question: Development investment commitments - Management expressed optimism about growth in development investments but noted that timing is often subject to third-party approvals [69] Question: Credit loss assumptions - Management indicated that the assumed credit loss for 2026 guidance is 25-50 basis points, consistent with 2025 performance [70]

Financial Data and Key Metrics Changes - In 2025, the company achieved over 4.5% growth in AFFO per share, with a total investment of $1.55 billion across its three investment platforms, marking over 60% year-over-year growth [6][8] - Core FFO per share for Q4 was $1.10, representing a 7.3% year-over-year increase, while full-year Core FFO per share was $4.28, reflecting a 5.1% increase [21] - AFFO per share for Q4 was $1.11, a 6.5% year-over-year increase, and for the full year, it was $4.33, indicating 4.6% year-over-year growth [21][22] Business Line Data and Key Metrics Changes - In Q4, the company invested approximately $377 million in 94 high-quality retail net lease properties, with notable transactions including ground leases to Lowe's and Home Depot [11][12] - For the full year 2025, nearly $1.6 billion was invested in 338 retail net lease properties, with over $1.4 billion originating from the acquisition platform at a weighted average cap rate of 7.2% [12][13] - The development and DFP platforms had a record year with 34 projects completed or under construction, representing approximately $225 million of committed capital [13][14] Market Data and Key Metrics Changes - The company's investment-grade exposure at year-end stood at nearly 67%, with occupancy increasing to 99.7%, reflecting a 50 basis point improvement since the first quarter [16] - The weighted average cap rate for acquired properties was 7.1%, with a weighted average lease term of 9.6 years [12] Company Strategy and Development Direction - The company aims to increase its 2026 investment guidance to a range of $1.4 billion to $1.6 billion, representing a 10% increase from the prior range [9] - The company is focused on maintaining a fortress balance sheet and executing on its investment guidance without raising additional equity capital [20] - The company is enhancing operational efficiencies through IT improvements and anticipates a material reduction in G&A as a percentage of revenue [8][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fundamentals supporting the company's outlook, citing a strong portfolio and exceptional team depth [6] - The management noted that the current economic environment is challenging for middle-income consumers, which may impact retail trends [101] - The company expects to maintain a growth trajectory with a goal of delivering 10% operational returns and achieving two-year stacked AFFO growth [108] Other Important Information - The company raised approximately $1.5 billion in capital during the year, including a $400 million bond offering and a $350 million term loan [17][18] - The company achieved an A- rating from Fitch, which is expected to deliver long-term benefits to its cost of capital [16][20] Q&A Session Summary Question: Increase in 2026 investment guidance - Management indicated that the increase is due to secured transactions, including sale-leaseback deals and increased confidence in development projects [26] Question: Non-core asset sales - Management explained that capital recycling focuses on opportunistic sales of non-core assets, driven by valuations in the market [27] Question: Cap rate trends - Management noted no material changes in cap rates and that rent escalators have been stable, reflecting historical inflation [31][32] Question: Construction costs - Management confirmed that construction costs are not decreasing and are in line with last year's levels, with efforts to find efficiencies [33][34] Question: Sale-leaseback interest - Management stated that while there is no increase in sale-leaseback velocity, they have specific transactions lined up with existing tenants [40] Question: Development investment commitments - Management expressed optimism about growth in development investments but noted that timing is often subject to third-party approvals [69] Question: Credit loss assumptions - Management indicated that credit loss assumptions for 2026 are in line with 2025, with a focus on maintaining a strong portfolio [70]

Financial Data and Key Metrics Changes - The company achieved over 4.5% growth in AFFO per share for 2025, with a total investment of $1.55 billion across its platforms, marking over 60% year-over-year growth [4][5] - Core FFO per share was $1.10 for Q4 and $4.28 for the full year 2025, reflecting year-over-year increases of 7.3% and 5.1% respectively [19] - AFFO per share for Q4 was $1.11, a 6.5% year-over-year increase, while the full year AFFO per share was $4.33, representing 4.6% growth [19][20] Business Line Data and Key Metrics Changes - In Q4, the company invested approximately $377 million in 94 retail net lease properties, with a weighted average cap rate of 7.1% and a lease term of 9.6 years [8][9] - For the full year 2025, nearly $1.6 billion was invested in 338 properties across 41 states, with over $1.4 billion originating from the acquisition platform [9][10] - The development and DFP platforms had a record year with 34 projects, representing approximately $225 million of committed capital [10] Market Data and Key Metrics Changes - The company's investment-grade exposure at year-end stood at nearly 67%, with occupancy increasing to 99.7%, a 50 basis point improvement since Q1 [12] - The properties acquired during Q4 were leased to leading operators in various sectors, including home improvement and grocery stores, indicating a strong market presence [9] Company Strategy and Development Direction - The company plans to increase its 2026 investment guidance to a range of $1.4 billion to $1.6 billion, a 10% increase from the prior range, supported by a strong pipeline of over $0.5 billion [6][8] - The company emphasizes a disciplined approach to capital allocation and maintaining a fortress balance sheet, with no material debt maturities until 2028 [5][18] - The focus remains on necessity-based retailers, avoiding luxury and experiential sectors, to cater to the trade-down effect observed in consumer behavior [99] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fundamentals supporting the company's outlook, citing a strong portfolio and exceptional team depth [4] - The company anticipates continued growth in AFFO per share, with guidance for 2026 set at $4.54 to $4.58, representing a 5.4% year-over-year growth at the midpoint [6][20] - Management noted that the current economic environment presents challenges for middle-income consumers, which could impact retail dynamics [99] Other Important Information - The company raised approximately $1.5 billion in capital during 2025, enhancing its liquidity to over $2 billion [5][17] - The company achieved an A- rating from Fitch, validating its strong balance sheet and capital market execution [13][18] Q&A Session Summary Question: Increase in 2026 investment guidance - Management indicated that the increase is due to secured transactions, including sale-leaseback deals and increased confidence in development projects [25] Question: Non-core asset sales - Management explained that capital recycling focuses on opportunistic sales of non-core assets, driven by market valuations [26] Question: Cap rate trends - Management noted no material changes in cap rates and that rent escalators remain stable, reflecting historical inflation [30] Question: Construction costs - Management confirmed that construction costs are not decreasing and are in line with last year, with efforts to explore alternative methods to manage costs [33] Question: Sale-leaseback interest - Management stated that while there is no increase in sale-leaseback velocity, they have specific transactions lined up with existing tenants [38] Question: G&A savings - Management anticipates G&A savings of approximately 30+ basis points relative to total revenues due to IT improvements and operational efficiencies [41] Question: Development projects - Management confirmed that the new projects are part of larger expansions for retailers, indicating significant future opportunities [47] Question: Exposure to lower-income consumers - Management acknowledged the challenges faced by middle-income consumers and emphasized a focus on necessity-based retailers to mitigate risks [99]

FEBRUARY 2026 Agree Realty Overview (NYSE: ADC) NET LEASE REIT FOCUSED ON THE ACQUISITION & DEVELOPMENT OF HIGH-QUALITY RETAIL PROPERTIES OUR COMPANY Founded in 1971 by Executive Chairman, Richard Agree Public on the NYSE since 1994 $12.6 billion retail net lease REIT headquartered in Royal Oak, Michigan(1) 2,674 retail properties totaling approximately 55.5 million square feet in all 50 states Investment grade issuer ratings of A- from Fitch, Baa1 from Moody's, and BBB+ from S&P RETHINK RETAIL Capitalize o ...

Core Insights - Akari Therapeutics is expanding its antibody drug conjugate (ADC) pipeline and intellectual property strategy, as discussed by CEO Abizer Gaslightwala in a recent virtual investor interview [2][4] - The company is advancing its lead ADC program, AKTX-101, towards IND and CTA submissions, aiming for first-in-human studies by late 2026 or early 2027 [4][6] ADC Pipeline Expansion - Akari has introduced AKTX-102, its second ADC candidate targeting CEACAM5-expressing solid tumors, highlighting the scalability of its PH1-powered ADC platform [3][4] - The company’s differentiated approach to CEACAM5 involves a novel antibody construct combined with the PH1 spliceosome-modulating payload [4] Intellectual Property Strategy - The recent patent filing underscores the strategic importance of Akari's growing patent estate, which supports long-term value creation and potential partnering opportunities [4] - The company aims to leverage its innovative ADC discovery platform to generate and optimize ADC candidates for various antigen targets [6] Lead Program Details - AKTX-101 targets the Trop2 receptor on cancer cells, utilizing a proprietary linker to deliver the PH1 payload directly into tumors with minimal off-target effects [6] - Preclinical studies indicate that AKTX-101 has significant activity and prolonged survival compared to traditional ADCs, with potential synergy with checkpoint inhibitors [6]

Group 1 - The article provides a market analysis focusing on Agree Realty Corporation and W P Carey Inc, highlighting their performance and investment potential [1] - It discusses the current trends in the real estate investment trust (REIT) sector, emphasizing the resilience of these companies amidst market fluctuations [1] - The analysis includes financial metrics and growth projections for both companies, indicating a positive outlook for their future earnings [1] Group 2 - Agree Realty Corporation is noted for its strong portfolio of retail properties, which has contributed to its stable revenue streams [1] - W P Carey Inc is recognized for its diversified investment strategy, which includes a mix of commercial properties that mitigate risks associated with market volatility [1] - The article suggests that both companies are well-positioned to capitalize on emerging opportunities in the real estate market, driven by ongoing demand for retail and commercial spaces [1]

分组1 - Agree Realty (ADC) reported quarterly funds from operations (FFO) of $1.11 per share, exceeding the Zacks Consensus Estimate of $1.1 per share, and up from $1.04 per share a year ago, representing an FFO surprise of +1.21% [1] - The company achieved revenues of $190.49 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.97%, compared to year-ago revenues of $160.73 million [2] - Agree Realty has outperformed the S&P 500, with shares increasing about 4.5% since the beginning of the year, while the S&P 500 gained 1.7% [3] 分组2 - The current consensus FFO estimate for the upcoming quarter is $1.11 on revenues of $192.85 million, and for the current fiscal year, it is $4.53 on revenues of $799.81 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Retail is in the top 29% of over 250 Zacks industries, indicating a favorable outlook for the industry [8] - Another stock in the same industry, Tanger (SKT), is expected to report quarterly earnings of $0.59 per share, reflecting a year-over-year change of +9.3%, with revenues projected at $140.66 million, up 6.4% from the previous year [9][10]

Portfolio Overview - As of December 31, 2025, the company's portfolio consisted of 2,674 properties totaling approximately 55.5 million square feet of Gross Leasable Area (GLA), with a leasing rate of approximately 99.7%[14] - The company executed new leases, extensions, or options on approximately 3,033,000 square feet of GLA in 2025, resulting in an annualized base contractual rent of approximately $29.7 million[21] - The company focuses on long-term ownership of properties net leased to national or large regional retailers, aiming for a diversified portfolio to ensure stable cash flow[31] Financial Performance - In 2025, the company completed approximately $1.57 billion of investments in net leased retail real estate, acquiring 305 properties for about $1.44 billion and developing 21 properties for approximately $131.2 million[19] - The company sold 22 assets and land parcels for net proceeds of $42.1 million in 2025, recording a net gain of $5.4 million[20] - The monthly dividend per common share was increased from $0.253 to $0.262 in October 2025, representing an annualized dividend yield of approximately 4.4% based on a stock price of $72.03[22] Capital Structure and Financing - As of December 31, 2025, the company's total debt outstanding was $3.32 billion, including $2.96 billion of unsecured borrowings with a weighted average fixed interest rate of 4.05%[42] - The company's ratio of total debt to enterprise value was approximately 27.4%, and the ratio of total debt to total gross assets was approximately 31.6%[41] - The company maintains a capital structure primarily consisting of common equity and prudent amounts of preferred equity and debt financing to manage growth strategies[37] - The company utilizes various financing methods, including common and preferred stock equity offerings and secured mortgage borrowings, to meet capital requirements[38] Investment Strategy - The company emphasizes investments in net lease retail real estate, focusing on recession-resistant sectors and operators with strong credit profiles[39] - Approximately 66.8% of the company's annualized base rent was derived from tenants with an investment grade credit rating[14] - No tenant accounted for more than 10.0% of the company's annualized base rent as of December 31, 2025, indicating a diversified tenant base[47] Operational Efficiency - The company has a proactive leasing and capital improvement program, emphasizing the quality of construction and regular maintenance to attract tenants[44] - The company has a management information system that provides rapid access to lease data and tenants' sales history to maximize cash flow from operations[45] Team and Leadership - The company had 90 full-time team members as of December 31, 2025, an increase from 75 team members in the previous year[52] - The company emphasizes professional development and offers a range of training programs to enhance team members' skills and career advancement[54] - The company has established a succession plan for the Chief Executive Officer to ensure continuity in leadership[70] Sustainability and ESG - The company has engaged a third-party consultant since 2022 to enhance its ESG strategy and received Gold Level recognition from Green Lease Leaders for three consecutive years[60]

Provides Initial 2026 AFFO Per Share Guidance of $4.54 to $4.58 Increases 2026 Investment Guidance to $1.4 Billion to $1.6 Billion Exhibit 99.1 32301 Woodward Ave. Royal Oak, MI 48073 www.agreerealty.com FOR IMMEDIATE RELEASE Agree Realty Corporation Reports Fourth Quarter and Full Year 2025 Results Royal Oak, MI, February 10, 2026 -- Agree Realty Corporation (NYSE: ADC) (the "Company") today announced results for the quarter and full year ended December 31, 2025. All per share amounts included herein are o ...

Core Insights - Defence Therapeutics Inc. is advancing its Accum® platform for antibody-drug conjugate (ADC) applications, as discussed in a recent Scientific Advisory Board meeting [1][2]. Group 1: Scientific Advisory Board Meeting - The meeting on January 30, 2026, focused on enhancing the strategic positioning of Accum® for ADC applications, bringing together experts in ADC chemistry, experimental design, and value creation [1][2]. - The discussion aimed to identify critical scientific questions, refine development priorities, and align data generation with the expectations of future clinical and pharmaceutical partners [2]. Group 2: Expert Contributions - Contributions from experts such as Rob Leanna, Danny Chui, and Brendan Hussey provided insights into ADC development, drug-linker chemistry, and clinical advancement, guiding the next phase of Accum® development [3]. - The multidisciplinary dialogue is expected to refine the Accum® ADC development roadmap, aligning platform capabilities with clinical development requirements and partnering considerations [4]. Group 3: Company Overview - Defence Therapeutics is committed to enhancing cancer treatment efficacy and safety through its Accum® precision drug delivery platform, aiming to improve the potency of ADCs and reduce side effects [5]. - The company seeks to collaborate with pharmaceutical and biotech partners to bring transformative therapies to patients [5].