Home › Companies › AGREE REALTY CORP. › 2024-2025

AGREE REALTY CORP. 2024-2025 Proxy Voting Records

Compiled from SEC Form N-PX filings and AGREE REALTY CORP.’s Form 8-K, filed May 16, 2025 (Item 5.07 on EDGAR). Page generated October 25, 2026.

  • 6Ballot items
  • 486Asset managers
  • 3,533Fund votes
  • May 15, 2025Meeting date

Results at a glance

Meeting of May 15, 2025: 6 items on AGREE REALTY CORP.’s Form 8-K, filed May 16, 2025: 6 without a stated outcome.

Material dissent

None.

Material dissent: a director nominee under 80% of the votes cast, say-on-pay under 70%, any other item the board put forward under 80%, or a shareholder proposal with more than 50%, on the company’s own Form 8-K tally. How this is decided

Proxy season: 2023-2024 2024-2025 2025-2026

Explore AGREE REALTY CORP. in the interactive database Compare manager voting policies

Official 2024-2025 meeting results reported by AGREE REALTY CORP.

These tallies are AGREE REALTY CORP.’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed May 16, 2025 (Item 5.07, “Submission of Matters to a Vote of Security Holders”). They cover every share voted at the meeting, not just the funds that file Form N-PX.

AGREE REALTY CORP. — official shareholder meeting results, meeting held May 15, 2025
Ballot itemForAgainst AbstainWithheldBroker non-votesSupport (of votes cast)Reported outcomeVoting standard
Elect Director: Joel Agree 91,355,555---- 1,599,6925,851,786 98%Not verified—
Elect Director: Michael Judlowe 91,145,804---- 1,809,4435,851,786 98%Not verified—
Elect Director: Gregory Lehmkuhl 86,318,788---- 6,636,4595,851,786 93%Not verified—
Ratification of Appointment of Independent Registered Public Accounting Firm: 97,771,378979,50256,153 ---- 99.0%Not verified—
Approval, by Non-Binding Vote, of Executive Compensation: 87,457,5305,376,989120,728 --5,851,786 94%Not verified—
Approval of the Amendment to the Articles of Incorporation of the Company: 96,579,7612,146,87280,400 ---- 98%Not verified—

Source: AGREE REALTY CORP., Form 8-K, filed with the SEC on May 16, 2025 — read the filing on EDGAR.

How asset managers voted at the AGREE REALTY CORP. 2024-2025 meeting

Each item below shows how the 486 asset managers that disclosed a AGREE REALTY CORP. vote in their SEC Form N-PX filings actually voted. Share totals are the shares those managers' funds voted, summed across every fund they report.

1. Elect Director: Gregory Lehmkuhl

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Combines 7 wordings of this item as funds reported it.

93% Majority: yes · of votes cast

FOR 93%
FOR: 86,318,788WITHHELD: 6,636,459
Details: description as filed, official tally, votes by 123 asset managers

Description as filed by funds: Election of Directors: Gregory Lehmkuhl

AGREE REALTY CORP.’s own tally for this item (“Elect Director: Gregory Lehmkuhl”): 86,318,788 for, 6,636,459 withheld, per its Form 8-K filed May 16, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 93% of votes cast — FOR ÷ (FOR + WITHHELD); abstentions and broker non-votes are excluded.

The 123 asset managers below reported 46,957,288 for, 897,919 withheld, 1,515 abstained.

FOR
FOR: 46,957,288ABSTAIN: 1,515WITHHOLD: 897,919
Largest asset managers voting on “Election of Directors: Gregory Lehmkuhl” at AGREE REALTY CORP., 2024-2025
Asset managerForAgainst AbstainWithheldVote
Vanguard14,572,3930 00For
BlackRock6,249,7530 00For
Cohen & Steers4,585,1550 00For
American Century2,160,5010 00For
Fidelity2,083,7950 00For
Charles Schwab1,642,6780 00For
Delaware/Macquarie1,149,8440 00For
Dimensional1,009,5530 00For
DWS967,4310 00For
Thrivent919,7560 00For
CARILLON SERIES TRUST831,7010 00For
TIAA800,2120 00For
State Street5,4930 0646,476Withhold
Principal639,6000 00For
JANUS INVESTMENT FUND626,6370 00For
Allspring604,2270 00For
Russell Investments478,8470 00For
ETF Series Solutions450,7210 00For
Invesco420,4710 00For
John Hancock394,6060 00For
Nuveen374,8100 00For
JPMorgan325,1620 00For
Prudential/PGIM287,9570 00For
Apollo Diversified Real Estate Fund285,8200 00For
AMERICAN BEACON FUNDS279,6500 00For

Showing the 25 largest of 123 asset managers. See all 123 in the interactive database.

2. Elect Director: Joel Agree

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Combines 7 wordings of this item as funds reported it.

98% Majority: yes · of votes cast

FOR 98%
FOR: 91,355,555WITHHELD: 1,599,692
Details: description as filed, official tally, votes by 123 asset managers

Description as filed by funds: Election of Directors: Joel Agree

AGREE REALTY CORP.’s own tally for this item (“Elect Director: Joel Agree”): 91,355,555 for, 1,599,692 withheld, per its Form 8-K filed May 16, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 98% of votes cast — FOR ÷ (FOR + WITHHELD); abstentions and broker non-votes are excluded.

The 123 asset managers below reported 47,721,500 for, 135,222 withheld, 0 abstained.

FOR
FOR: 47,721,500ABSTAIN: 0WITHHOLD: 135,222
Largest asset managers voting on “Election of Directors: Joel Agree” at AGREE REALTY CORP., 2024-2025
Asset managerForAgainst AbstainWithheldVote
Vanguard14,572,3930 00For
BlackRock6,249,7530 00For
Cohen & Steers4,585,1550 00For
American Century2,160,5010 00For
Fidelity2,083,7950 00For
Charles Schwab1,642,6780 00For
Delaware/Macquarie1,149,8440 00For
Dimensional1,009,5530 00For
DWS967,4310 00For
Thrivent919,7560 00For
CARILLON SERIES TRUST831,7010 00For
TIAA800,2120 00For
State Street651,9690 00For
Principal639,6000 00For
JANUS INVESTMENT FUND626,6370 00For
Allspring604,2270 00For
Russell Investments478,8470 00For
ETF Series Solutions450,7210 00For
Invesco420,4710 00For
John Hancock394,6060 00For
Nuveen374,8100 00For
JPMorgan325,1620 00For
Prudential/PGIM287,9570 00For
Apollo Diversified Real Estate Fund285,8200 00For
AMERICAN BEACON FUNDS279,6500 00For

Showing the 25 largest of 123 asset managers. See all 123 in the interactive database.

3. Elect Director: Michael Judlowe

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Combines 7 wordings of this item as funds reported it.

98% Majority: yes · of votes cast

FOR 98%
FOR: 91,145,804WITHHELD: 1,809,443
Details: description as filed, official tally, votes by 123 asset managers

Description as filed by funds: Election of Directors: Michael Judlowe

AGREE REALTY CORP.’s own tally for this item (“Elect Director: Michael Judlowe”): 91,145,804 for, 1,809,443 withheld, per its Form 8-K filed May 16, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 98% of votes cast — FOR ÷ (FOR + WITHHELD); abstentions and broker non-votes are excluded.

The 123 asset managers below reported 47,636,575 for, 218,632 withheld, 1,515 abstained.

FOR
FOR: 47,636,575ABSTAIN: 1,515WITHHOLD: 218,632
Largest asset managers voting on “Election of Directors: Michael Judlowe” at AGREE REALTY CORP., 2024-2025
Asset managerForAgainst AbstainWithheldVote
Vanguard14,572,3930 00For
BlackRock6,249,7530 00For
Cohen & Steers4,585,1550 00For
American Century2,160,5010 00For
Fidelity2,083,7950 00For
Charles Schwab1,642,6780 00For
Delaware/Macquarie1,149,8440 00For
Dimensional1,009,5530 00For
DWS967,4310 00For
Thrivent919,7560 00For
CARILLON SERIES TRUST831,7010 00For
TIAA800,2120 00For
State Street651,9690 00For
Principal639,6000 00For
JANUS INVESTMENT FUND626,6370 00For
Allspring604,2270 00For
Russell Investments478,8470 00For
ETF Series Solutions450,7210 00For
Invesco420,4710 00For
John Hancock394,6060 00For
Nuveen374,8100 00For
JPMorgan325,1620 00For
Prudential/PGIM287,9570 00For
Apollo Diversified Real Estate Fund285,8200 00For
AMERICAN BEACON FUNDS279,6500 00For

Showing the 25 largest of 123 asset managers. See all 123 in the interactive database.

4. Approval of the Amendment to the Articles of Incorporation of the Company:

Outcome not verifiedCAPITAL STRUCTUREReported outcome: Not verified

Combines 2 wordings of this item as funds reported it.

98% Majority: yes · of votes cast

FOR 98%
FOR: 96,579,761AGAINST: 2,146,872
Details: description as filed, official tally, votes by 121 asset managers

Description as filed by funds: TO APPROVE AN AMENDMENT TO OUR ARTICLES OF INCORPORATION, AS AMENDED AND SUPPLEMENTED, TO INCREASE THE NUMBER OF AUTHORIZED SHARES OF OUR COMMON STOCK.

AGREE REALTY CORP.’s own tally for this item (“Approval of the Amendment to the Articles of Incorporation of the Company:”): 96,579,761 for, 2,146,872 against, per its Form 8-K filed May 16, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 98% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 121 asset managers below reported 47,750,020 for, 27,411 against, 0 abstained.

FOR
FOR: 47,750,020AGAINST: 27,411ABSTAIN: 0
Largest asset managers voting on “TO APPROVE AN AMENDMENT TO OUR ARTICLES OF INCORPORATION, AS AMENDED AND SUPPLEMENTED, TO INCREASE THE NUMBER ” at AGREE REALTY CORP., 2024-2025
Asset managerForAgainst AbstainWithheldVote
Vanguard14,572,3849 00For
BlackRock6,249,7530 00For
Cohen & Steers4,585,1550 00For
American Century2,160,5010 00For
Fidelity2,083,7950 00For
Charles Schwab1,642,6780 00For
Delaware/Macquarie1,149,8440 00For
Dimensional1,009,5530 00For
DWS967,4310 00For
Thrivent919,7560 00For
CARILLON SERIES TRUST831,7010 00For
TIAA800,2120 00For
State Street651,89079 00For
Principal639,6000 00For
JANUS INVESTMENT FUND626,6370 00For
Allspring604,2270 00For
Russell Investments478,8470 00For
ETF Series Solutions445,4775,244 00For
Invesco420,4710 00For
John Hancock394,6060 00For
Nuveen374,8100 00For
JPMorgan325,1620 00For
Prudential/PGIM287,341616 00For
Apollo Diversified Real Estate Fund285,8200 00For
AMERICAN BEACON FUNDS279,6500 00For

Showing the 25 largest of 121 asset managers. See all 121 in the interactive database.

5. Approval, by Non-Binding Vote, of Executive Compensation:

Outcome not verifiedFund totals may overlapSECTION 14A SAY-ON-PAY VOTESReported outcome: Not verified

Combines 8 wordings of this item as funds reported it.

94% Majority: yes · of votes cast

FOR 94%
FOR: 87,457,530AGAINST: 5,376,989
Details: description as filed, official tally, votes by 475 asset managers

Description as filed by funds: To approve, by non-binding vote, executive compensation.

AGREE REALTY CORP.’s own tally for this item (“Approval, by Non-Binding Vote, of Executive Compensation:”): 87,457,530 for, 5,376,989 against, per its Form 8-K filed May 16, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 94% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

Also reported under other wordings, matched to the same row of AGREE REALTY CORP.’s official tally and shown with their own fund figures; their managers are not in the figures or the table on this card: “Advisory Vote to Ratify Named Executive Officers' Compensation” (15 managers, Fund and manager reports combined; may count the same shares twice; no share total shown).

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice).

Fund voting reports: 124 asset managers voting on “To approve, by non-binding vote, executive compensation.” at AGREE REALTY CORP., 2024-2025
Asset managerForAgainst AbstainWithheldVote
Vanguard14,572,3930 00For
BlackRock6,249,7530 00For
Cohen & Steers4,585,1550 00For
American Century02,160,501 00Against
Fidelity2,083,7950 00For
Charles Schwab1,642,6780 00For
Delaware/Macquarie1,149,8440 00For
Dimensional1,009,5530 00For
DWS967,4310 00For
Thrivent919,7560 00For
CARILLON SERIES TRUST831,7010 00For
TIAA800,2120 00For
State Street651,9690 00For
Principal639,6000 00For
JANUS INVESTMENT FUND626,6370 00For
Allspring604,2270 00For
Russell Investments478,8470 00For
ETF Series Solutions450,7210 00For
Invesco420,4710 00For
John Hancock394,6060 00For
Nuveen374,8100 00For
JPMorgan0325,162 00Against
Prudential/PGIM287,341616 00For
Apollo Diversified Real Estate Fund285,8200 00For
AMERICAN BEACON FUNDS279,6500 00For

Fund voting reports, all 124 managers: 44,957,667 for, 2,840,921 against, 18,973 abstained. Showing the 25 largest; see all in the interactive database.

Institutional-manager reports: 383 asset managers voting on “To approve, by non-binding vote, executive compensation.” at AGREE REALTY CORP., 2024-2025
Asset managerForAgainst AbstainWithheldVote
BlackRock4,792,626608 00For
State Street3,988,3830 00For
PRINCIPAL GLOBAL INVESTORS2,352,1660 00For
GEODE CAPITAL MANAGEMENT, LLC2,337,5180 00For
Daiwa Securities Group Inc.2,152,7340 00For
Long Pond Capital, LP2,002,1730 00For
Charles Schwab1,659,3980 00For
American Century01,571,152 00Against
MACQUARIE INVESTMENT MANAGEMENT BUSINESS TRUST1,312,7460 00For
Nuveen1,214,8210 00For
CENTERSQUARE INVESTMENT MANAGEMENT LLC1,055,1760 00For
Russell Investments1,036,4650 00For
Cohen & Steers1,006,1890 00For
Northern Trust1,000,8740 00For
Thrivent932,0160 00For
GW&K Investment Management, LLC8,1060 00For
Two Sigma867,9420 00For
SCOUT INVESTMENTS, INC.847,5670 00For
Invesco790,0320 00For
CINCINNATI INSURANCE CO789,5000 00For
Janus Henderson756,5180 00For
Allspring755,4820 00For
T. Rowe Price749,3380 00For
Wellington550,4890 00For
MELLON INVESTMENTS Corp527,3810 00For

Institutional-manager reports, all 383 managers: 47,554,075 for, 3,048,891 against, 11,870 abstained, 1,581 not voted, 919,145 mixed. Showing the 25 largest; see all in the interactive database.

6. Ratification of Appointment of Independent Registered Public Accounting Firm:

Outcome not verifiedAUDIT-RELATEDReported outcome: Not verified

Combines 3 wordings of this item as funds reported it.

99.0% Majority: yes · of votes cast

FOR 99.0%
FOR: 97,771,378AGAINST: 979,502
Details: description as filed, official tally, votes by 122 asset managers

Description as filed by funds: TO RATIFY THE APPOINTMENT OF GRANT THORNTON LLP AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR 2025.

AGREE REALTY CORP.’s own tally for this item (“Ratification of Appointment of Independent Registered Public Accounting Firm:”): 97,771,378 for, 979,502 against, per its Form 8-K filed May 16, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 99.0% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 122 asset managers below reported 47,781,071 for, 464 against, 18,973 abstained.

FOR
FOR: 47,781,071AGAINST: 464ABSTAIN: 18,973
Largest asset managers voting on “TO RATIFY THE APPOINTMENT OF GRANT THORNTON LLP AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR 2025.” at AGREE REALTY CORP., 2024-2025
Asset managerForAgainst AbstainWithheldVote
Vanguard14,572,3930 00For
BlackRock6,249,7530 00For
Cohen & Steers4,585,1550 00For
American Century2,160,5010 00For
Fidelity2,083,7950 00For
Charles Schwab1,642,6780 00For
Delaware/Macquarie1,149,8440 00For
Dimensional1,009,5530 00For
DWS967,4310 00For
Thrivent919,7560 00For
CARILLON SERIES TRUST831,7010 00For
TIAA800,2120 00For
State Street651,94920 00For
Principal639,6000 00For
JANUS INVESTMENT FUND626,6370 00For
Allspring604,2270 00For
Russell Investments478,8470 00For
ETF Series Solutions450,7210 00For
Invesco420,4710 00For
John Hancock394,6060 00For
Nuveen374,8100 00For
JPMorgan325,1620 00For
Prudential/PGIM287,9570 00For
Apollo Diversified Real Estate Fund285,8200 00For
AMERICAN BEACON FUNDS279,6500 00For

Showing the 25 largest of 122 asset managers. See all 122 in the interactive database.

Largest AGREE REALTY CORP. shareholders voting in 2024-2025

Ranked separately for each type of Form N-PX report. An institutional manager can report shares that a fund it advises also reports, so the two tables can list the same shares and are never added together. Each is ranked by the shares voted on the item that the most managers of that type reported, shown as a share of the 110,018,590 shares outstanding at the time of that meeting.

Fund voting reports: top AGREE REALTY CORP. shareholders by shares voted on “To approve, by non-binding vote, executive compensation.”, 2024-2025
#Asset manager % of shares outstanding
1Vanguard 13.25%
2BlackRock 5.68%
3Cohen & Steers 4.17%
4American Century 1.96%
5Fidelity 1.89%
6Charles Schwab 1.49%
7Delaware/Macquarie 1.05%
8Dimensional 0.92%
9DWS 0.88%
10Thrivent 0.84%
Institutional-manager reports: top AGREE REALTY CORP. shareholders by shares voted on “To approve, by non-binding vote, executive compensation.”, 2024-2025
#Asset manager % of shares outstanding
1BlackRock 4.36%
2State Street 3.63%
3PRINCIPAL GLOBAL INVESTORS 2.14%
4GEODE CAPITAL MANAGEMENT, LLC 2.12%
5Daiwa Securities Group Inc. 1.96%
6Long Pond Capital, LP 1.82%
7Charles Schwab 1.51%
8American Century 1.43%
9MACQUARIE INVESTMENT MANAGEMENT BUSINESS TRUST 1.19%
10Nuveen 1.10%

Reported AGREE REALTY CORP. holdings and ownership

As disclosed to the SEC in Form 13F (quarter-end holdings of 30 large managers), Schedules 13D and 13G (beneficial ownership above 5%) and the company’s own proxy statement (DEF 14A). Each row names its form.

AGREE REALTY CORP. holdings and ownership disclosed for the 2024-2025 proxy season
Holder % outstanding Disclosure
Cohen & Steers, Inc. 16.29% 13G
Vanguard Group 13.56% 13F
BlackRock 11.81% 13F
Vanguard Portfolio Management 9.34% 13G
State Street 4.89% 13F
JPMorgan Chase 2.13% 13F
Morgan Stanley 1.57% 13F
Charles Schwab 1.54% 13F
Invesco 1.51% 13F
Dimensional Fund Advisors 1.44% 13F

Percentages above are of 110,018,590 shares outstanding, as reported by AGREE REALTY CORP. on its Form 10-Q dated March 31, 2025 (see the filing on EDGAR). This is the count contemporaneous with the 2024-2025 meeting, not today’s. Each holding is as of its own filing, which may be dated before or after the meeting.

About this page

Every figure above is derived from filings made with the US Securities and Exchange Commission: Form N-PX, in which registered funds disclose how they voted every proxy and institutional managers disclose their votes on executive pay (say-on-pay, say-on-frequency and golden parachutes), and Form 8-K Item 5.07, in which the company reports its own meeting results. Shares outstanding are taken from AGREE REALTY CORP.’s 10-Q dated March 31, 2025. This page is a static snapshot rebuilt weekly on October 25, 2026; a live search always shows the current data.

At AGREE REALTY CORP.'s shareholder meeting held May 15, 2025, in the 2024-2025 proxy season, 486 asset managers reported how they voted on 6 ballot items in their SEC Form N-PX filings, covering 3,533 separate fund positions. On the most widely held item on that ballot — To approve, by non-binding vote, executive compensation. — FOR was 94% of the votes cast (FOR divided by FOR plus AGAINST, the conventional basis for proxy support; abstentions, broker non-votes and unvoted shares are excluded because none of them took a side), which is more than half. Whether the item was approved is for the filing to say; that statement has not been read for this item. Source: AGREE REALTY CORP.'s Form 8-K, Item 5.07, filed with the U.S. Securities and Exchange Commission on May 16, 2025.

AGREE REALTY CORP. proxy season coverage: 2023-2024 · 2024-2025 (this page) · 2025-2026.

Download data (CSV): ballot items · votes by manager · column guide.