UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 Washington, DC 20549
 FORM 10-K
 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2023
 OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from __________ to __________
 Commission File Number 001-12928
 (Exact name of registrant as specified in its charter)

 Maryland

 38-3148187

 (State or other jurisdiction of incorporation or organization)

 (I.R.S. Employer Identification No.)

 32301 Woodward Avenue, Royal Oak, Michigan
 (Address of principal executive offices)

 48073
 (Zip Code)

 ( 248) 737-4190
 (Registrant's telephone number, including area code)
 Securities Registered Pursuant to Section 12(b) of the Act:

 Title of Each Class

 Trading Symbol(s)

 Name of Each Exchange on Which Registered

 Common Stock, $.0001 par value

 ADC

 New York Stock Exchange

 Depositary Shares, each representing one-thousandth of a share of 4.25% Series A Cumulative Redeemable Preferred Stock, $0.0001 par value

 ADCPrA

 New York Stock Exchange

 Securities Registered Pursuant to Section 12(g) of the Act: None

 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No

 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b).

 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No

 The aggregate market value of the Registrant's shares of common stock held by non-affiliates was $ 6,195,174,672 as of June 30, 2023, based on the closing price of $65.39 on the New York Stock Exchange on that date.

 At February 12, 2024, there were 100,519,355 shares of common stock, $.0001 par value per share, outstanding.

 DOCUMENTS INCORPORATED BY REFERENCE
 Portions of the registrant's definitive proxy statement for the annual stockholder meeting to be held in 2024 are incorporated by reference into Part III of this Annual Report on Form 10-K as noted herein.

 Index to Form 10-K
 Page

 Item 1:

 Business

 Item 1A:

 Risk Factors

 Item 1B:

 Unresolved Staff Comments

 Item 1C:

 Cybersecurity

 Item 2:

 Properties

 Item 3:

 Legal Proceedings

 Item 4:

 Mine Safety Disclosures

 Item 5:

 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item 6:

 [Reserved]

 Item 7:

 Management's Discussion and Analysis of Financial Condition and Results of Operations

 Item 7A:

 Quantitative and Qualitative Disclosures about Market Risk

 Item 8:

 Financial Statements and Supplementary Data

 Item 9:

 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9A:

 Controls and Procedures

 Item 9B:

 Other Information

 Item 9C:

 Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 Item 10:

 Directors, Executive Officers and Corporate Governance

 Item 11:

 Executive Compensation

 Item 12:

 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13:

 Certain Relationships and Related Transactions, and Director Independence

 Item 14:

 Principal Accountant Fees and Services

 Item 15:

 Exhibits and Financial Statement Schedules

 Consolidated Financial Statements and Notes

 Item 16:

 Form 10-K Summary

 SIGNATURES

 Cautionary Note Regarding Forward-Looking Statements
 This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "anticipate," "estimate," "should," "expect," "believe," "intend," "may," "will," "seek," "could," "project" or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could materially affect the Company's results of operations, financial condition, cash flows, performance or future achievements or events. Currently, one of the most significant factors, however, is the adverse effect of macroeconomic conditions, including inflation and the potential impacts of pandemics, epidemics or other public health emergencies or fear of such events on the financial condition, results of operations, cash flows and performance of the Company and its tenants, the real estate market and the global economy and financial markets. The extent to which macroeconomic trends may impact the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence. Moreover, you should interpret many of the risks identified in this report, as well as the risks set forth below, as being heightened as a result of the ongoing and numerous adverse impacts of macroeconomic conditions. Additional factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes in general economic, financial and real estate market conditions; the financial failure of, or other default in payment by, tenants under their leases and the potential resulting vacancies; the Company's concentration with certain tenants and in certain markets, which may make the Company more susceptible to adverse events; changes in the Company's business strategy; risks that the Company's acquisition and development projects will fail to perform as expected; adverse changes and disruption in the retail sector and the financing stability of the Company's tenants, which could impact tenants' ability to pay rent and expense reimbursement; the Company's ability to pay dividends; risks relating to information technology and cybersecurity attacks, loss of confidential information and other related business disruptions; loss of key management personnel; the potential need to fund improvements or other capital expenditures out of operating cash flow; financing risks, such as the inability to obtain debt or equity financing on favorable terms or at all; the level and volatility of interest rates; the Company's ability to renew or re-lease space as leases expire; limitations in the Company's tenants' leases on real estate tax, insurance and operating cost reimbursement obligations; loss or bankruptcy of one or more of the Company's major tenants, and bankruptcy laws that may limit the Company's remedies if a tenant becomes bankrupt and rejects its leases; potential liability for environmental contamination, which could result in substantial costs; the Company's level of indebtedness, which could reduce funds available for other business purposes and reduce the Company's operational flexibility; covenants in the Company's credit agreements and unsecured notes, which could limit the Company's flexibility and adversely affect its financial condition; credit market developments that may reduce availability under the Company's revolving credit facility; an increase in market interest rates which could raise the Company's interest costs on existing and future debt; a decrease in interest rates, which may lead to additional competition for the acquisition of real estate or adversely affect the Company's results of operations; the Company's hedging strategies, which may not be successful in mitigating the Company's risks associated with interest rates; legislative or regulatory changes, including changes to laws governing real estate investment trusts ("REITs"); the Company's ability to maintain its qualification as a REIT for federal income tax purposes and the limitations imposed on its business by its status as a REIT; and the Company's failure to qualify as a REIT for federal income tax purposes, which could adversely affect the Company's operations and ability to make distributions.
 Unless the context otherwise requires, references in this Annual Report on Form 10-K to the terms "registrant," the "Company," "Agree Realty," "we," "our" or "us" refer to Agree Realty Corporation and all of its consolidated subsidiaries, including its majority owned operating partnership, Agree Limited Partnership (the "Operating Partnership"). Agree Realty has elected to treat certain subsidiaries as taxable real estate investment trust subsidiaries which are collectively referred to herein as the "TRS."

 Item 1: Business
 General
 The Company is a fully integrated REIT primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants. The Company was founded in 1971 by its current Executive Chairman, Richard Agree, and its common stock was listed on the New York Stock Exchange ("NYSE") in 1994. The Company's assets are held by, and all of its operations are conducted through, directly or indirectly, the Operating Partnership of which the Company is the sole general partner and in which it held a 99.7% common interest as of December 31, 2023. Under the agreement of limited partnership of the Operating Partnership, the Company, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership.
 As of December 31, 2023, the Company's portfolio consisted of 2,135 properties located in 49 states and totaling approximately 44.2 million square feet of Gross Leasable Area ("GLA"). The portfolio was approximately 99.8% leased and had a weighted average remaining lease term of approximately 8.4 years. A significant majority of the Company's properties are leased to national tenants and approximately 69.1% of our annualized base rent was derived from tenants, or parent entities thereof, with an investment grade credit rating from S&P Global Ratings, Moody's Investors Service, Fitch Ratings or the National Association of Insurance Commissioners. Substantially all of our tenants are subject to net lease agreements. A net lease typically requires the tenant to be responsible for minimum monthly rent and property operating expenses including property taxes, insurance and maintenance.
 As of December 31, 2023, the Company had 72 full-time employees, covering acquisitions, development, legal, asset management, accounting, finance, administrative and executive functions.
 The Company was incorporated in December 1993 under the laws of the State of Maryland. The Company believes that it has operated, and it intends to continue to operate, in such a manner to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). In order to maintain qualification as a REIT, the Company must, among other things, distribute at least 90% of its REIT taxable income each year and meet asset and income tests. Additionally, its charter limits ownership of the Company, directly or constructively, by any single person to 9.8% of the value or number of shares, whichever is more restrictive, of its outstanding common stock and 9.8% of the value of the aggregate of all of its outstanding stock, subject to certain exceptions. As a REIT, the Company is not subject to federal income tax with respect to that portion of its income that is distributed currently to its stockholders.
 The Company's principal executive offices are located at 32301 Woodward Avenue, Royal Oak MI 48073 and its telephone number is (248) 737-4190. The Company's website is www.agreerealty.com. The Company's reports are electronically filed with or furnished to the Securities and Exchange Commission ("SEC") pursuant to Section 13 or 15(d) of the Exchange Act and can be accessed through this site, free of charge, as soon as reasonably practicable after we electronically file or furnish such reports. These filings are also available on the SEC's website at www.sec.gov. The Company's website also contains copies of its corporate governance guidelines and code of business conduct and ethics, as well as the charters of its audit, compensation and nominating and governance committees. The information on the Company's website is not part of this report.
 Recent Developments
 For a discussion of business developments that occurred in 2023, see "Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations" later in this report. Certain summarized highlights are contained below.
 Investments and Disposition Activity
 During 2023, the Company completed approximately $1.28 billion of investments in net leased retail real estate. Total investment volume includes the acquisition of 282 properties for an aggregate purchase price of approximately $1.19 billion, and the completed development of 21 properties for an aggregate cost of approximately $86.2 million. These 303 properties are net leased to tenants operating in 27 sectors and are located in 40 states. These assets are 100% leased for a weighted average lease term of approximately 11.4 years.

 During 2023, the Company sold six assets, including one former corporate headquarters office building, for net proceeds of $13.8 million.
 Leasing
 During 2023, excluding properties that were sold, the Company executed new leases, extensions or options on approximately 1,873,000 square feet of GLA throughout its portfolio. The annualized base contractual rent associated with these new leases, extensions or options is approximately $15.8 million.
 Dividends
 The Company increased its monthly dividend per common share from $0.24 to $0.243 in April 2023 and further increased the monthly dividend per common share to $0.247 in October 2023.
 The December 2023 dividend per share of $0.247 represents an annualized dividend of $2.964 per share and an annualized dividend yield of approximately 4.7% based on the last reported sales price of our common stock listed on the NYSE of $62.95 on December 29, 2023.
 The Company has routinely paid cash dividends to our common shareholders. Common cash dividends were paid quarterly for 107 consecutive quarters between 1994 and 2020 prior to moving to monthly common cash dividends in 2021. We have since paid 37 consecutive monthly dividends. Although we expect to continue our policy of paying regular dividends, we cannot guarantee that we will maintain our current level of common dividends, that we will continue our recent pattern of increasing dividends per share or what our actual dividend yield will be in any future period.
 In addition to its common dividends, the Company paid monthly cash dividends on its 4.25% Series A Cumulative Redeemable Preferred Stock.
 Financing
 Equity
 In September 2022, the Company entered into a $750 million at-the-market ("ATM") program (the "2022 ATM Program") through which the Company, from time to time, may sell shares of common stock and/or enter into forward sale agreements.
 As of December 31, 2023, the Company completed forward sale agreements under the 2022 ATM Program for 10,197,230 shares of common stock, for anticipated future net proceeds of $669.1 million, after deducting fees and expenses. The Company has settled 6,363,359 shares of these forward sale agreements as of December 31, 2023 for net proceeds of approximately $433.4 million, after deducting fees and expenses. The Company is required to settle the remaining forward agreements by January 2025.
 The Company had approximately $75.8 million of availability remaining under the 2022 ATM Program as of December 31, 2023.
 Debt
 In July 2023, the Company closed on an unsecured $350 million 5.5-year term loan (the "2029 Unsecured Term Loan") which includes an accordion option that allows the Company to request additional lender commitments up to a total of $500 million and matures in January 2029. Borrowings under the 2029 Unsecured Term Loan are priced at SOFR plus a spread of 80 to 160 basis points over SOFR, depending on the Company's credit ratings, plus a SOFR adjustment of 10 basis points. Based on the Company's credit ratings at the time of closing, pricing on the 2029 Unsecured Term Loan was 95 basis points over SOFR. The Company used the existing $350 million of forward starting interest rate swaps to hedge the variable SOFR priced interest to a weighted average fixed rate of 3.57% until January 2029.

 Business Strategies
 Our primary business objectives are to capitalize on distinct market positioning in the retail net lease space, focus on 21st century industry-leading retailers through our external growth platforms, leverage our real estate acumen and relationships to identify superior risk-adjusted opportunities, maintain a conservative and flexible capital structure that enables growth, and provide consistent, high-quality earnings growth and a well-covered growing dividend. The following is a discussion of our investment, financing and asset management strategies.
 Investment
 We are primarily focused on the long-term, fee simple ownership of properties net leased to national or large, regional retailers operating in sectors we believe to be more e-commerce and recession resistant than other retail sectors. Our leases are typically long-term net leases that require the tenant to pay all property operating expenses, including real estate taxes, insurance and maintenance. We believe that a diversified portfolio of such properties provides for stable and predictable cash flow.
 We seek to expand and enhance our portfolio by identifying the best risk-adjusted investment opportunities across our three external avenues for growth: development, Developer Funding Platform ("DFP") and acquisitions.
 Development: We have been developing retail properties since the formation of our predecessor company in 1971 and our development platform seeks to employ our capabilities to direct all aspects of the development process, including site selection, land acquisition, lease negotiation, due diligence, design and construction. Our developments are typically build-to-suit projects that result in fee simple ownership of the property upon completion.
 Developer Funding Platform: Our DFP, previously called Partner Capital Solutions, collaborates with developers or retailers on their in-process developments. We offer construction expertise and access to capital to facilitate the successful completion of their projects. We typically take fee simple ownership of DFP projects upon completion.
 Acquisitions: Our acquisitions platform expands our investment capabilities by pursuing opportunities that meet both our real estate and return on investment criteria.
 We believe that development and DFP projects have the potential to generate superior risk-adjusted returns on investment in properties that are substantially similar to those we acquire.
 We focus on four core principles that underlie our investment criteria:

 Omni-channel critical (e-commerce resistance), focusing on leading operators that have matured in omni-channel structure or those in e-commerce resistant sectors;

 Recession resistance, emphasizing a balanced portfolio with exposure to counter-cyclical sectors and retailers with strong credit profiles;

 Avoidance of private equity sponsorship, emphasizing leading operators with strong balance sheets and minimizing exposure to the possibility of such sponsorship overleveraging their acquisitions and reducing retailers' abilities to invest in their businesses; and

 Adherence to strong real estate fundamentals and fungible buildings, protecting against unforeseen changes to our investment philosophies.

 Each platform leverages the Company's real estate acumen to pursue investments in net lease retail real estate. Factors that we consider when evaluating an investment include but are not limited to:

 Overall market-specific characteristics, such as demographics, market rents, competition and retail synergy;

 Asset-specific characteristics, such as the age, size, location, zoning, use and environmental history, accessibility, physical condition, signage and visibility of the property;

 Tenant-specific characteristics, including but not limited to the financial profile, operating history, business plan,

 size, market positioning, geographic footprint, management team, industry and/or sector-specific trends and other characteristics specific to the tenant and parent thereof;

 Unit-level operating characteristics, including store sales performance and profitability, if available;

 Lease-specific terms, including term of the lease, rent to be paid by the tenant and other tenancy considerations; and

 Transaction considerations, such as purchase price, seller profile and other non-financial terms.

 Financing
 We seek to maintain a capital structure that provides us with the flexibility to manage our business and pursue our growth strategies, while allowing us to service our debt requirements and generate appropriate risk-adjusted returns for our stockholders. We believe these objectives are best achieved by a capital structure that consists primarily of common equity and prudent amounts of preferred equity and debt financing. However, we may raise capital in any form and under terms that we deem acceptable and in the best interest of our stockholders.
 We have previously utilized common and preferred stock equity offerings, secured mortgage borrowings, unsecured bank borrowings, private placements and public offerings of senior unsecured notes and the sale of properties to meet our capital requirements. We continually evaluate our financing policies on an on-going basis in light of current economic conditions, access to various capital markets, relative costs of equity and debt securities, the market value of our properties and other factors.
 We occasionally sell common stock through forward sale agreements, enabling the Company to set the price of shares upon pricing the offering while delaying the issuance of shares and the receipt of the net proceeds by the Company.
 As of December 31, 2023, the Company's ratio of total debt to enterprise value, assuming the conversion of common limited partnership interests in the Operating Partnership ("Operating Partnership Common Units") into shares of common stock, was approximately 27.2%, and its ratio of total debt to total gross assets (before accumulated depreciation) was approximately 29.6%.
 As of December 31, 2023, our total debt outstanding before deferred financing costs and original issue discount was $2.43 billion, including $44.9 million of secured mortgage debt that had a weighted average fixed interest rate of 3.78% and a weighted average maturity of 5.8 years, $2.16 billion of unsecured borrowings, which includes $350.0 million of unsecured term loans and $1.81 billion of unsecured notes, that had a weighted average fixed interest rate of 3.50% (including the effects of interest rate swap agreements) and a weighted average maturity of 6.5 years, and $227.0 million of floating rate borrowings under our revolving credit facility at a weighted average interest rate of approximately 6.27%.
 Certain financial agreements to which the Company is a party contain covenants that limit its ability to incur debt under certain circumstances; however, our organizational documents do not limit the absolute amount or percentage of indebtedness that we may incur. As such, we may modify our borrowing policies at any time without stockholder approval.
 Asset Management
 We maintain a proactive leasing and capital improvement program that, combined with the quality and locations of our properties, has made our properties attractive to tenants. We intend to continue to hold our properties for long-term investment and, accordingly, place a strong emphasis on the quality of construction and an on-going program of regular and preventative maintenance. Our properties are designed and built to require minimal capital improvements other than renovations or alterations, typically paid for by tenants. Personnel from our corporate headquarters conduct regular inspections of each property, maintain regular contact with major tenants and engage in consistent dialogue to understand store performance and tenant sustainability.
 We have a management information system designed to provide our management with the operating data necessary to make informed business decisions on a timely basis. This system provides us rapid access to lease data, tenants' sales history, cash flow budgets and forecasts. Such a system helps us to maximize cash flow from operations and closely monitor corporate expenses.

 Competition
 The U.S. commercial real estate investment market is a highly competitive industry. We actively compete with many entities engaged in the acquisition, development and operation of commercial properties. As such, we compete with other investors for a limited supply of properties and financing for these properties. Investors include traded and non-traded public REITs, private equity firms, institutional investment funds, insurance companies and private individuals, many of which have greater financial resources than we do and the ability to accept more risk than we believe we can prudently manage. There can be no assurance that we will be able to compete successfully with such entities in our acquisition, development and leasing activities in the future.
 Significant Tenants
 No tenant accounted for more than 10.0% of our annualized base rent as of December 31, 2023. See "Item 2 – Properties" for additional information on our top tenants and the composition of our tenant base.
 Regulation
 Environmental
 Investments in real property create the potential for environmental liability on the part of the owner or operator of such real property. If hazardous substances are discovered on or emanating from a property, the owner or operator of the property may under certain statutory schemes be held strictly liable for all costs and liabilities relating to such hazardous substances. We have obtained a Phase I environmental study (which involves inspection without soil sampling or ground water analysis) conducted by independent environmental consultants on each of our properties and, in certain instances, have conducted additional investigation, including Phase II environmental assessments.
 We have no knowledge of any hazardous substances existing on our properties in violation of any applicable laws; however, no assurance can be given that such substances are not currently located on any of our properties.
 We believe that we are in compliance, in all material respects, with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Furthermore, we have not received notice from any governmental authority of any noncompliance, liability or other claim in connection with any of our properties.
 Americans with Disabilities Act of 1990
 Our properties, as commercial facilities, are required to comply with Title III of the Americans with Disabilities Act of 1990 and similar state and local laws and regulations (collectively, the "ADA"). Investigation of a property may reveal non-compliance with the ADA. Our tenants will typically have primary responsibility for complying with the ADA, but we may incur costs if the tenant does not comply. As of December 31, 2023, we have not received notice from any governmental authority, nor are we otherwise aware, of any non-compliance with the ADA that we believe would have a material adverse effect on our business, financial position or results of operations.
 Human Capital
 Team Members and Values
 As of December 31, 2023, the Company had 72 full-time team members covering acquisitions, development, legal, asset management, accounting, finance, administrative, and executive functions as compared to 76 full-time team members as of December 31, 2022.

 Our core values are the foundation of our Company culture and include:

 We All Do the Dishes - We are a team. We all roll up our sleeves and dig in, no matter the task.

 Brick by Brick - We achieve results by making consistent, disciplined decisions.

 Greatness Requires Grit - We have a resilient mindset to achieve and exceed our goals.

 Punch Your Ticket - We push ourselves to be the best we can at our position and embrace the opportunities that new challenges present.

 We work to attract the best talent externally to meet the current and future demands of our business. We utilize social media, professional recruiters and other organizations to find motivated and talented team members and employ competency-based behavioral interviewing techniques.

 Talent Management

 Professional development is a cornerstone of our talent management system, and we diligently work to develop talent from within. We emphasize professional development through both technical and soft-skill development and training. To empower team members to reach their potential, the Company provides a range of on-the-job training and mentoring, knowledge sharing, continuing education and "lunch-and-learn" programs. Our talent management practices include the utilization of our core competency frameworks, professional development plans, career pathing and succession planning and carefully designed promotion and internal mobility opportunities.

 Our team members' goal setting and performance feedback processes include formal quarterly and annual reviews and self and team leader reviews, as well as ongoing one-on-one meetings with team leaders. Professional development plans based on critical core competencies are created and monitored to ensure progress is made along established timelines.

 Financial and Health Wellness

 As part of our compensation philosophy, we offer and maintain market competitive total rewards programs for team members in order to attract and retain superior talent. These programs not only include wages and incentives, but also health, welfare, and retirement benefits.

 Our compensation philosophies include:

 Total compensation that is both fair and competitive. The Company seeks fairness in total compensation with reference to external and internal comparisons.

 Attract, retain and motivate team members. Compensation is used to achieve business objectives by attracting, retaining and motivating top talent.

 Reward superior individual and Company performance on both a short-term and long-term basis. Performance-based pay aligns the interests of management with the interests of our stockholders and motivates and rewards individual efforts and company success.

 Align executives' and team members' long-term interests with those of our stockholders. The Company seeks to align these interests by providing a significant portion of executive officer compensation in the form of restricted common stock. In addition, all team members are eligible to receive a portion of compensation in the form of restricted common stock.

 The structure of our compensation programs balance incentive earnings for both short-term and long-term performance. Specifically, the programs include a base salary, incentive compensation through annual cash bonuses and equity participation, and a retirement plan with Company match.

 The "Agree Wellness Program" affords team members paid time off and holidays, fully equipped on-site fitness amenities, and leaves of absence for specified events. Insurance coverages are provided for all team members and their dependents, including medical, dental, vision, disability, and life insurance. The Company pays 100% of medical, short-term, long-term, and life insurance premiums for team members and their families.

 Environmental, Social and Governance ("ESG")
 As part of the Company's commitment to continuously improving our understanding of and performance across material ESG topics, the Company engaged a third-party consultant since 2022 to help identify opportunities for improvement across our programs, policies, and disclosures to meet the expectations of our stakeholders. The Company executed an

 ongoing sustainability and ESG strategy to enhance our oversight structure, risk management, policies, data collection, reporting, and stakeholder engagement. Additionally, the Company received Gold Level recognition from Green Lease Leaders.
 Environmental Sustainability
 We understand that environmental sustainability is an ongoing endeavor and embrace the responsibility to be a steward of the environment, use natural resources carefully, and work with our retail partners on shared sustainability initiatives. We remain committed to using our time, talents, resources, and relationships to grow in a manner that makes the world and the environment better for future generations.

 Our focus on industry-leading, national and super-regional retailers provides for long-term relationships with many environmentally conscientious retailers. This is particularly meaningful because the Company's portfolio is primarily comprised of properties that are leased to tenants under long-term net leases where the tenant is generally responsible for maintaining the property and implementing environmentally responsible practices.

 In 2023, we engaged with our retail partners on shared sustainability initiatives at our properties, and executing green leases with various tenants, as well as systematically monitoring ESG policies for current and prospective tenants. We will continue working with our tenants and consultant to update our greenhouse gas emissions inventory.

 Social Company Culture and Team Members
 The Agree Wellness Program focuses on physical and financial wellness to enhance team members' well-being. The Company believes that team members who are healthy, fit, financially secure and motivated are team members who achieve personal and professional success. Ongoing professional development is offered to help all team members advance their careers. The Company regularly sponsors local charities and has received numerous local awards recognizing its outstanding corporate culture and wellness initiatives. The Company supports healthy living through enhanced health insurance, an on-site gym, training and education, various complementary meal programs and many other benefits.
 We support team members with generous cash compensation plans, equity ownership programs, retirement plans and ongoing access to financial planning resources. Team members are compensated for their performance and rewarded for their outstanding work. Alignment of individual, team, corporate and stockholder objectives provides for continuity, teamwork and increased collaboration. Our team members are paid commensurate with their qualifications, responsibilities, productivity, quality of work and adherence to our core values.
 The Agree Culture Committee is composed of team members from departments throughout the organization. The Company's Culture Committee hosts a variety of events that are focused on team building and camaraderie as well as contributing to the communities in which they live.
 Governance Fiduciary Duties and Ethics
 We believe that nothing is more important than a company's reputation for integrity and serving as a responsible fiduciary for its stockholders. We are committed to managing the Company for the benefit of our stockholders and are focused on maintaining good corporate governance.
 Our board of directors has 10 directors, eight of whom are independent, including the Company's new independent director added in 2024. Six new independent directors have been added since 2018. Independent directors meet regularly, without the presence of officers or team members. A Lead Independent Director was appointed in 2019.
 The board of directors has adopted an insider trading policy that applies to all directors, officers and team members. The Company does not have a stockholder rights plan ("poison pill") and maintains stock ownership guidelines for directors and named executive officers requiring specified levels of stock ownership. Time-vested stock grants to officers and team members vest over a three-year period to provide long-term alignment, while performance-based stock grants to named executive officers utilize total shareholder return, with the amount of the grants intended to increase as total returns to

 stockholders increase, further enhancing alignment. Our board of directors has established a succession plan for the Chief Executive Officer to cover emergencies and other occurrences. Finally, the Company annually submits "say-on-pay" advisory votes to its stockholders.
 Available Information
 We make available free of charge through our website at www.agreerealty.com all reports we electronically file with, or furnish to, the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and current reports on Form 8-K, as well as any amendments to those reports, as soon as reasonably practicable after those documents are filed with, or furnished to, the SEC. These filings are also accessible on the SEC's website at www.sec.gov.
 Item 1A: Risk Factors
 The following factors and other factors discussed in this Annual Report on Form 10-K could cause the Company's actual results to differ materially from those contained in forward-looking statements made in this report or presented elsewhere in future SEC reports. You should carefully consider each of the risks, assumptions, uncertainties and other factors described below and elsewhere in this report, as well as any reports, amendments or updates reflected in subsequent filings or furnishings with the SEC. We believe these risks, assumptions, uncertainties and other factors, individually or in the aggregate, could cause our actual results to differ materially from expected and historical results and could materially and adversely affect our business operations, results of operations, financial condition and liquidity.
 Risks Related to Our Business and Operations
 Economic and financial conditions may have a negative effect on our business and operations.
 Changes in global or national economic conditions, such as the global economic and financial market downturn, rising tensions between China and Taiwan and the conflicts in Ukraine and in the Middle East, may cause or continue to cause, among other things, tightening in the credit markets, lower levels of liquidity, increases in the rate of default and bankruptcy and lower consumer spending and business spending, which could adversely affect our business and operations. For example, the current and continued macro-economic conditions of high inflation and increased interest rates have increased the costs associated with acquiring new properties and decreased the availability of financing on terms that we find acceptable, which has reduced our ability to acquire properties at our historical rate with attractive terms. Potential consequences of changes in economic and financial conditions include:

 Changes in the performance of our tenants, which may result in lower rent and lower recoverable expenses that the tenant can afford to pay and tenant defaults under the leases;

 Current or potential tenants may delay or postpone entering into long-term net leases with us;

 The ability to borrow on terms and conditions that we find acceptable may be limited or unavailable, which could reduce our ability to pursue acquisition and development opportunities and refinance existing debt, reduce our returns from acquisition and development activities, reduce our ability to make cash distributions to our stockholders and increase our future interest expense;

 Our ability to access the capital markets may be restricted at a time when we would like, or need, to access those markets, which could have an impact on our flexibility to react to changing economic and business conditions;

 The recognition of impairment charges on or reduced values of our properties, which may adversely affect our results of operations or limit our ability to dispose of assets at attractive prices and may reduce the availability of buyer financing; and

 One or more lenders under our revolving credit facility could fail and we may not be able to replace the financing commitment of any such lenders on favorable terms, or at all.

 We are also limited in our ability to reduce costs to offset the results of a prolonged or severe economic downturn given certain fixed costs and commitments associated with our operations, which could materially impact our results of operations and/or financial condition.

 Our business is significantly dependent on single tenant properties.
 We focus our development and investment activities on ownership of real properties that are primarily net leased to a single tenant. Therefore, the financial failure of, or other default in payment by, a single tenant under its lease and the potential resulting vacancy is likely to cause a significant reduction in our operating cash flows from that property and a significant reduction in the value of the property and could cause a significant impairment loss. In addition, we would be responsible for all of the operating costs of a property following a vacancy at a single tenant building. Because our properties have generally been built to suit a particular tenant's specific needs and desires, we may also incur significant losses to make the leased premises ready for another tenant and experience difficulty or a significant delay in releasing such property.
 Bankruptcy laws will limit our remedies if a tenant becomes bankrupt and rejects its leases.
 If a tenant becomes bankrupt or insolvent, that could diminish the income we receive from that tenant's leases. We may not be able to evict a tenant solely because of its bankruptcy. On the other hand, a bankruptcy court might authorize the tenant to terminate its leasehold with us. If that happens, our claim against the bankrupt tenant for unpaid future rent would be an unsecured claim subject to statutory limitations, and therefore any amounts received in bankruptcy are likely to be substantially less valuable than the remaining rent we otherwise were owed under the leases. In addition, any payment on a claim we have for unpaid past rent could be substantially less than the amount owed.
 Our portfolio is concentrated in certain states, which makes us more susceptible to adverse events in these areas.
 Our properties are located in 49 states throughout the United States and in particular, the state of Texas (where 143 properties out of 2,135 properties are located, or 7.2% of our annualized base rent was derived as of December 31, 2023), Florida (137 properties, or 6.1% of our annualized base rent), Illinois (124 properties, or 5.5% of our annualized base rent), North Carolina (127 properties, or 5.5% of our annualized base rent), and Ohio (133 properties, or 5.3% of our annualized rent). An economic downturn or other adverse events or conditions such as natural disasters in any of these areas, or any other area where we may have significant concentration in the future, could result in a material reduction of our cash flows or material losses to our company.
 Our tenants are concentrated in certain retail sectors, which makes us susceptible to adverse conditions impacting these sectors.
 As of December 31, 2023, 9.6%, 8.7% and 8.6% of our annualized contractual base rent and interest were derived from tenants operating in the grocery store, home improvement, and tire and auto service sectors, respectively. Similarly, we have concentrations in other sectors such as dollar stores, convenience stores, and general merchandise. Any decrease in consumer demand for the products and services offered by our tenants operating in any industries for which we have concentrations could have an adverse effect on our tenants' revenues, costs and results of operations, thereby adversely affecting their ability to meet their lease obligations to us. As we continue to invest in properties, our portfolio may become more or less concentrated by industry sector.
 There are risks associated with our development and acquisition activities.
 We intend to continue the development of new properties and to consider possible acquisitions of existing properties. We anticipate that our new developments will be financed under the revolving credit facility or other forms of financing that will result in a risk that permanent fixed rate financing on newly developed projects might not be available or would be available only on disadvantageous terms. In addition, new project development is subject to a number of risks, including risks of construction delays or cost overruns that may increase anticipated project costs. Furthermore, new project commencement risks also include receipt of zoning, occupancy, other required governmental permits and authorizations and the incurrence of development costs in connection with projects that are not pursued to completion. If permanent debt or equity financing is not available on acceptable terms to finance new development or acquisitions undertaken without permanent financing, further development activities or acquisitions might be curtailed, or cash available for distribution might be adversely affected. Acquisitions entail risks that investments will fail to perform in accordance with expectations, as well as general investment risks associated with any new real estate investment.

 Loss of revenues from tenants would reduce the Company's cash flow.
 Our tenants encounter significant macroeconomic, governmental and competitive forces. Beginning in 2022, in an effort to combat inflation and restore price stability, the Federal Reserve significantly raised its benchmark federal funds rate, which led to increases in interest rates in the credit markets. The Federal Reserve may continue to raise the federal funds rate, which will likely lead to higher interest rates in the credit markets and the possibility of slowing economic growth and/or a recession. Additionally, U.S. government policies implemented to address inflation, including actions by the Federal Reserve to increase interest rates, could negatively impact consumer spending and adversely impact the broader economy. Adverse changes in consumer spending or consumer preferences for particular goods, services or store-based retailing could severely impact their ability to pay rent. Shifts from in-store to online shopping could increase due to changing consumer shopping patterns as well as the increase in consumer adoption and use of mobile electronic devices. This expansion of e-commerce could have an adverse impact on our tenant's ongoing viability. The default, financial distress, bankruptcy or liquidation of one or more of our tenants could cause substantial vacancies in our property portfolio or impact our tenants' ability to pay rent. Vacancies reduce our revenues, increase property expenses and could decrease the value of each vacant property. Upon the expiration of a lease, the tenant may choose not to renew the lease, renegotiate the economics of any option period(s) as a condition of exercising one or more of them, and/or we may not be able to release the vacant property at a comparable lease rate or without incurring additional expenditures in connection with such renewal or re-leasing. These risks could be exacerbated by a deterioration in the financial condition of any major tenant with leases in multiple locations.
 The availability and timing of cash dividends is uncertain.
 We expect to continue to pay regular dividends to our stockholders. However, we bear all expenses incurred by our operations, and our funds generated by operations, after deducting these expenses, may not be sufficient to cover desired levels of dividends to our stockholders. We cannot assure our stockholders that sufficient funds will be available to pay dividends.
 The decision to declare and pay dividends on our common stock in the future, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of our board of directors and will depend on our earnings, funds from operations, liquidity, financial condition, capital requirements, contractual prohibitions, or other limitations under our indebtedness, annual dividend requirements or the REIT provisions of the Internal Revenue Code, state law and such other factors as our board of directors deems relevant. Further, we may issue new shares of common stock as compensation to our team members or in connection with public offerings or acquisitions. Any future issuances may substantially increase the cash required to pay dividends at current or higher levels.
 Any preferred shares we may offer may have a fixed dividend rate that would not increase with any increases in the dividend rate of our common stock. Conversely, payment of dividends on our common stock is subject to payment in full of the dividends on any preferred shares and payment of interest on any debt securities we may offer.
 If we do not maintain or increase the dividend on our common stock, it could have an adverse effect on the market price of our shares.
 We face risks relating to information technology and cybersecurity attacks, loss of confidential information and other business disruptions.
 We rely on information technology networks and systems, including the Internet, to process, transmit and store electronic information and to manage or support a variety of our business processes and we rely on commercially available systems, software, tools and monitoring to provide infrastructure and security for processing, transmitting and storing information. Any failure, inadequacy or interruption could materially harm our business and/or damage our business relationships and our reputation. Furthermore, our business is subject to risks from and may be impacted by cybersecurity attacks or cyber intrusion, including attempts to gain unauthorized access to our confidential data and other electronic security breaches. Such cyber-attacks can range from individual attempts to gain unauthorized access to our information technology systems to more sophisticated security threats. While we employ a number of measures to prevent, detect and mitigate these threats, there is no guarantee such efforts will be successful in preventing a cyber-attack. Cybersecurity incidents could cause

 operational interruption, damage to our business relationships, private data exposure (including personally identifiable information, or proprietary and confidential information, of ours and our team members, as well as third parties) and affect the efficiency of our business operations. Any such incidents could result in legal claims or proceedings, liability or regulatory penalties under laws protecting the privacy of personal information and reduce the benefits of our technologies. Further, while we carry cyber liability insurance, such insurance may not be adequate to cover all losses related to such events.
 Our environmental, social and governance commitments could result in additional costs, and our inability to achieve them could have an adverse impact on our reputation and performance.
 From time to time, we communicate our strategies, commitments and targets related to sustainability and other environmental, social and governance matters. These strategies, commitments and targets reflect our current plans and aspirations, and we may be unable to achieve them. We may from time to time incur additional expense to meet such targets. Any failure to meet these sustainability targets could adversely impact our business, financial condition and results of operations. In addition, standards and processes for measuring and reporting carbon emissions and other sustainability metrics may change over time, and may result in inconsistent data, or could result in significant revisions to our strategies, commitments and targets, or our ability to achieve them. Any scrutiny of our sustainability disclosures or our failure to achieve related strategies, commitments and targets could negatively impact our reputation or performance.
 General Real Estate Risk
 Our performance and value are subject to general economic conditions and risks associated with our real estate assets.
 There are risks associated with owning and leasing real estate. Although many of our leases contain terms that obligate the tenants to bear substantially all of the costs of operating our properties, investing in real estate involves a number of risks. Income from and the value of our properties may be adversely affected by:

 Changes in general or local economic conditions;

 The attractiveness of our properties to potential tenants;

 Changes in supply of or demand for similar or competing properties in an area;

 Bankruptcies, financial difficulties or lease defaults by our tenants;

 Changes in operating costs and expense and our ability to control rents;

 Our ability to lease properties at favorable rental rates;

 Our ability to sell a property when we desire to do so at a favorable price;

 Property damage or casualty loss;

 Impacts of climate change;

 The potential risk of functional obsolescence of properties over time;

 Changes in or increased costs of compliance with governmental rules, regulations and fiscal policies, including changes in the ADA and similar regulations and tax, real estate, environmental and zoning laws, and our potential liability thereunder.

 Economic and financial market conditions have and may continue to exacerbate many of the foregoing risks. If a tenant fails to perform on its lease covenants, that would not excuse us from meeting any mortgage debt obligation secured by the property and could require us to fund reserves in favor of our mortgage lenders, thereby reducing funds available for payment of cash dividends on our shares of common stock.
 The fact that real estate investments are relatively illiquid may reduce economic returns to investors.
 We may desire to sell a property in the future because of changes in market conditions or poor tenant performance or to avail ourselves of other opportunities. We may also be required to sell a property in the future to meet secured debt obligations or to avoid a secured debt loan default. Real estate properties cannot generally be sold quickly, and we cannot assure you that we could always obtain a favorable price. We may be required to invest in the restoration or modification

 of a property before we can sell it, or we may need to obtain landlord consent to sell certain assets in which we have a leasehold interest in the land underlying the buildings. This lack of liquidity may limit our ability to vary our portfolio promptly in response to changes in economic or other conditions and, as a result, could adversely affect our financial condition, results of operations, cash flows and our ability to pay dividends on our common stock.
 Our ability to renew leases or re-lease space on favorable terms as leases expire significantly affects our business.
 We are subject to the risks that, upon expiration of leases for space located in our properties, the premises may not be re-let or the terms of re-letting (including the cost of concessions to tenants) may be less favorable than current lease terms. If a tenant does not renew its lease or if a tenant defaults on its lease obligations, there is no assurance we could obtain a substitute tenant on acceptable terms. If we cannot obtain another tenant with comparable building structural space and configuration needs, we may be required to modify the property for a different use, which may involve a significant capital expenditure and a delay in re-leasing the property. Further, if we are unable to re-let promptly all or a substantial portion of our retail space or if the rental rates upon such re-letting were significantly lower than expected rates, our net income and ability to make expected distributions to stockholders would be adversely affected. There can be no assurance that we will be able to retain tenants in any of our properties upon the expiration of their leases.
 Our leases contain certain limitations on tenants' real estate tax, insurance and operating cost reimbursement obligations.
 Our tenants under net leases generally are responsible for paying the real estate taxes, insurance costs and operating costs associated with the leased property. However, certain leases contain limitations on the tenant's cost reimbursement obligations and, therefore, there are costs which may be incurred and which will not be reimbursed in full by tenants. This could reduce our operating cash flows from those properties and could reduce the value of those properties.
 Potential liability for environmental contamination could result in substantial costs.
 Under federal, state and local environmental laws, we may be required to investigate and clean up any release of hazardous or toxic substances or petroleum products at our properties, regardless of our knowledge or actual responsibility, simply because of our current or past ownership or operation of the real estate. If unidentified environmental problems arise, we may have to make substantial payments, which could adversely affect our cash flow and our ability to make distributions to our stockholders. This potential liability results from the following:

 As owner, we may have to pay for property damage and for investigation and clean-up costs incurred in connection with the contamination;

 The law may impose clean-up responsibility and liability regardless of whether the owner or operator knew of or caused the contamination;

 Even if more than one person is responsible for the contamination, each person who shares legal liability under environmental laws may be held responsible for all of the clean-up costs; and

 Governmental entities and third parties may sue the owner or operator of a contaminated site for damages and costs.

 These costs could be substantial and in extreme cases could exceed the value of the contaminated property. The presence of hazardous substances or petroleum products or the failure to properly remediate contamination may adversely affect our ability to borrow against, sell or lease an affected property. In addition, some environmental laws create liens on contaminated sites in favor of the government for damages and costs it incurs in connection with a contamination.
 We own and may in the future acquire properties that will be operated as convenience stores with gas station facilities. The operation of convenience stores with gas station facilities at our properties will create additional environmental concerns. Similarly, we may lease properties to users or producers of other hazardous materials. We require that the tenants who operate these facilities do so in material compliance with current laws and regulations.
 A majority of our leases require our tenants to comply with environmental laws and to indemnify us against environmental liability arising from the operation of the properties. However, we could be subject to strict liability under environmental

 laws because we own the properties. There are certain losses, including losses from environmental liabilities, that are not generally insured against or that are not generally fully insured against because it is not deemed economically feasible or prudent to do so. There is also a risk that tenants may not satisfy their environmental compliance and indemnification obligations under the leases. Any of these events could substantially increase our cost of operations, require us to fund environmental indemnities in favor of our secured lenders and reduce our ability to service our secured debt and pay dividends to stockholders and any debt security interest payments. Environmental problems at any properties could also put us in default under loans secured by those properties, as well as loans secured by unaffected properties.
 Uninsured losses relating to real property may adversely affect our returns.
 Our leases generally require tenants to carry comprehensive liability and extended coverage insurance on our properties. However, there are certain losses, including losses from environmental liabilities, terrorist acts or catastrophic acts of nature, that are not generally insured against or that are not generally fully insured against because it is not deemed economically feasible or prudent to do so. If there is an uninsured loss or a loss in excess of insurance limits, we could lose both the revenues generated by the affected property and the capital we have invested in the property. Inflation, changes in building codes and ordinances, environmental considerations and other factors might also keep us from using insurance proceeds to replace or renovate an affected property after it has been damaged or destroyed. Under those circumstances, the insurance proceeds we receive might be inadequate to restore our economic position on the damaged or destroyed property. In the event of a substantial unreimbursed loss, we would remain obligated to repay any mortgage indebtedness or other obligations related to the property.
 It has generally become more difficult and expensive to obtain property insurance, including coverage for terrorism. When our current insurance policies expire, we may encounter difficulty in obtaining or renewing property insurance on our properties at the same levels of coverage and under similar terms. Such insurance may be more limited and for some catastrophic risks (for example, earthquake, flood and terrorism) may not be generally available at current levels. Even if we are able to renew our policies or to obtain new policies at levels and with limitations consistent with our current policies, we cannot be sure that we will be able to obtain such insurance at premium rates that are commercially reasonable.
 If we were unable to obtain adequate insurance on our properties for certain risks, it could cause us to be in default under specific covenants on certain of our indebtedness or other contractual commitments that require us to maintain adequate insurance to protect against the risk of loss. If this were to occur, or if we were unable to obtain adequate insurance and our properties experience damage which would otherwise have been covered by insurance, it could materially and adversely affect our financial condition and the operations of our properties.
 Risks Related to Our Debt Financings
 Our level of indebtedness could materially and adversely affect our financial position, including reducing funds available for other business purposes and reducing our operational flexibility, and we may have future capital needs and may not be able to obtain additional financing on acceptable terms.
 At December 31, 2023, our ratio of total debt to enterprise value (assuming conversion of Operating Partnership Common Units into shares of common stock) was approximately 27.2%. Incurring substantial debt may adversely affect our business and operating results by:

 Requiring us to use a substantial portion of our cash flow to pay interest and principal, which reduces the amount available for distributions, acquisitions and capital expenditures;

 Making us more vulnerable to economic and industry downturns and reducing our flexibility to respond to changing business and economic conditions;

 Requiring us to agree to less favorable terms, including higher interest rates, in order to incur additional debt, and otherwise limiting our ability to borrow for operations, working capital or to finance acquisitions in the future; or

 Limiting our flexibility in conducting our business, including our ability to finance or refinance our assets, contribute assets to joint ventures or sell assets as needed, which may place us at a disadvantage compared to competitors with less debt or debt with less restrictive terms.

 In addition, the use of leverage presents an additional element of risk in the event that (1) the cash flow from lease payments on our properties is insufficient to meet debt obligations, (2) we are unable to refinance our debt obligations as necessary or on as favorable terms, (3) there is an increase in interest rates, (4) we default on our financial obligations or (5) debt service requirements increase. If a property is mortgaged to secure payment of indebtedness and we are unable to meet mortgage payments, the property could be foreclosed upon with a consequential loss of income and asset value to us.
 We generally intend to maintain a ratio of total indebtedness (including construction or acquisition financing) to total market capitalization of 65% or less. Nevertheless, we may operate with debt levels which are in excess of 65% of total market capitalization for extended periods of time. If our debt capitalization policy were changed, we could become more highly leveraged, resulting in an increase in debt service that could adversely affect our operating cash flow and our ability to make expected distributions to stockholders, and could result in an increased risk of default on our obligations.
 Covenants in our credit agreements and note purchase agreements could limit our flexibility and adversely affect our financial condition.
 The terms of the financing agreements and other indebtedness require us to comply with a number of customary financial and other covenants. These covenants may limit our flexibility in our operations, and breaches of these covenants could result in defaults under the instruments governing the applicable indebtedness even if we have satisfied our payment obligations. Our financing agreements contain certain cross-default provisions which could be triggered in the event that we default on our other indebtedness. These cross-default provisions may require us to repay or restructure the revolving credit facility in addition to any mortgage or other debt that is in default. If our properties were foreclosed upon, or if we are unable to refinance our indebtedness at maturity or meet our payment obligations, the amount of our distributable cash flows and our financial condition would be adversely affected.
 Our unsecured revolving credit facility, certain term loan agreements and certain note purchase agreements contain various restrictive corporate covenants, including a maximum total leverage ratio, a maximum secured leverage ratio and a minimum fixed charge coverage ratio. In addition, our unsecured revolving credit facility, certain term loan agreements and certain note purchase agreements have unencumbered pool covenants, which include a maximum unencumbered leverage ratio and a minimum unencumbered interest coverage ratio. These covenants may restrict our ability to pursue certain business initiatives or certain transactions that might otherwise be advantageous. Furthermore, failure to meet certain of these financial covenants could cause an event of default under and/or accelerate some or all of such indebtedness which could have a material adverse effect on us.
 An increase in market interest rates could raise our interest costs on existing and future debt or adversely affect our stock price, and a decrease in interest rates may lead to additional competition for the acquisition of real estate or adversely affect our results of operations.
 Our interest costs for any new debt and our current debt obligations may rise if interest rates increase. This increased cost could make the financing of any new acquisition more expensive as well as lower our current period earnings. For example, the increase in interest rates has led to an increase in our cost of capital, resulting in requiring acquisition opportunities to have higher investment yields to achieve our investment goals and objectives. Rising interest rates could limit our ability to refinance existing debt when it matures or cause us to pay higher interest rates upon refinancing. In addition, an increase in interest rates could decrease the access third parties have to credit, thereby decreasing the amount they are willing to pay to lease our assets and limit our ability to reposition our portfolio promptly in response to changes in economic or other conditions. An increase in market interest rates may lead prospective purchasers of our common stock to expect a higher dividend yield, which could adversely affect the market price of our common stock. Decreases in interest rates may lead to additional competition for the acquisition of real estate due to a reduction in desirable alternative income-producing investments. Increased competition for the acquisition of real estate may lead to a decrease in the yields on real estate targeted for acquisition. In such circumstances, if we are not able to offset the decrease in yields by obtaining lower interest costs on our borrowings, our results of operations may be adversely affected.

 Our hedging strategies may not be successful in mitigating our risks associated with interest rates and could reduce the overall returns on your investment.
 We use various derivative financial instruments to provide a level of protection against interest rate risks, but no hedging strategy can protect us completely. These instruments involve risks, such as the risk that the counterparties may fail to honor their obligations under these arrangements, that these arrangements may not be effective in reducing our exposure to interest rate changes, that a court could rule that such agreements are not legally enforceable, and that we may have to post collateral to enter into hedging transactions, which we may lose if we are unable to honor our obligations. These instruments may also generate income that may not be treated as qualifying REIT income for purposes of the REIT income tests. In addition, the nature and timing of hedging transactions may influence the effectiveness of our hedging strategies. Poorly designed strategies or improperly executed transactions could actually increase our risk and losses. Moreover, hedging strategies involve transaction and other costs. We cannot assure you that our hedging strategy and the derivatives that we use will adequately offset the risk of interest rate volatility or that our hedging transactions will not result in losses that may reduce the overall return on your investment.
 Future offerings of debt and equity may not be available to us or may adversely affect the market price of our common stock.
 We expect to continue to increase our capital resources by making additional offerings of equity and debt securities in the future, which could include classes or series of preferred stock, common stock and senior or subordinated notes. Our ability to raise additional capital may be restricted at a time when we would like or need, including as a result of market conditions. Future market dislocations could cause us to seek sources of potentially less attractive capital and impact our flexibility to react to changing economic and business conditions. All debt securities and other borrowings, as well as all classes or series of preferred stock, will be senior to our common stock in a liquidation of our company. Additional equity offerings could dilute our stockholders' equity and reduce the market price of shares of our common stock. In addition, depending on the terms and pricing of an additional offering of our common stock and the value of our properties, our stockholders may experience dilution in both the book value and fair value of their shares. The market price of our common stock could decline as a result of sales of a large number of shares of our common stock in the market after an offering or the perception that such sales could occur, and this could materially and adversely affect our ability to raise capital through future offerings of equity or equity-related securities. In addition, we may issue preferred stock or other securities convertible into equity securities with a distribution preference or a liquidation preference that may limit our ability to make distributions on our common stock. Our ability to estimate the amount, timing or nature of additional offerings is limited as these factors will depend upon market conditions and other factors.
 Risks Related to Our Corporate Structure
 Our charter, bylaws and Maryland law contain provisions that may delay, defer or prevent a change of control transaction.
 Our charter contains 9.8% ownership limits. Our charter, subject to certain exceptions, authorizes our directors to take such actions as are necessary and desirable to preserve our qualification as a REIT and contains provisions that limit any person to actual or constructive ownership of no more than 9.8% (in value or in number of shares, whichever is more restrictive) of the outstanding shares of our common stock and no more than 9.8% (in value) of the aggregate of the outstanding shares of all classes and series of our stock. Our board of directors, in its sole discretion, may exempt, subject to the satisfaction of certain conditions, any person from the ownership limits. These restrictions on transferability and ownership will not apply if our board of directors determines that it is no longer in our best interests to attempt to qualify, or to continue to qualify, as a REIT. The ownership limits may delay or impede, and we may use the ownership limits deliberately to delay or impede, a transaction or a change of control that might involve a premium price for our common stock or otherwise be in the best interest of our stockholders.
 We have a staggered board. Our directors are divided into three classes serving three-year staggered terms. The staggering of our board of directors may discourage offers for the Company or make an acquisition more difficult, even when an acquisition may be viewed to be in the best interest of our stockholders.

 We could issue stock without stockholder approval. Our board of directors could, without stockholder approval, issue authorized but unissued shares of our common stock or preferred stock. In addition, our board of directors could, without stockholder approval, classify or reclassify any unissued shares of our common stock or preferred stock and set the preferences, rights and other terms of such classified or reclassified shares. Our board of directors could establish a series of stock that could, depending on the terms of such series, delay, defer or prevent a transaction or change of control that might involve a premium price for our common stock or otherwise be viewed to be in the best interest of our stockholders.
 Provisions of Maryland law may limit the ability of a third party to acquire control of our company. Certain provisions of Maryland law may have the effect of inhibiting a third party from making a proposal to acquire us or of impeding a change of control under certain circumstances that otherwise could provide the holders of shares of our common stock with the opportunity to realize a premium over the then prevailing market price of such shares, including:

 "Business combination" provisions that, subject to limitations, prohibit certain business combinations between us and an "interested stockholder" (defined generally as any person who beneficially owns 10% or more of the voting power of our shares or an affiliate thereof) for five years after the most recent date on which the stockholder becomes an interested stockholder and thereafter would require the recommendation of our board of directors and impose special appraisal rights and special stockholder voting requirements on these combinations; and

 "Control share" provisions that provide that "control shares" of our company (defined as shares which, when aggregated with other shares controlled by the stockholder, entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a "control share acquisition" (defined as the direct or indirect acquisition of ownership or control of "control shares") have no voting rights except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares.

 The business combination statute permits various exemptions from its provisions, including business combinations that are approved or exempted by the board of directors before the time that the interested stockholder becomes an interested stockholder. Our board of directors has exempted from the business combination provisions of the Maryland General Corporation Law, or MGCL, any business combination with Mr. Richard Agree or any other person acting in concert or as a group with Mr. Richard Agree.
 In addition, our bylaws contain a provision exempting from the control share acquisition statute Richard Agree, Edward Rosenberg, any spouses or the foregoing, any brothers or sisters of the foregoing, any ancestors of the foregoing, any other lineal descendants of any of the foregoing, any estates of any of the foregoing, any trusts established for the benefit of any of the foregoing and any other entity controlled by any of the foregoing, our other officers, our team members, any of the associates or affiliates of the foregoing and any other person acting in concert of as a group with any of the foregoing.
 Additionally, Title 3, Subtitle 8 of the MGCL, permits our board of directors, without stockholder approval and regardless of what is currently provided in our charter or our bylaws, to implement certain takeover defenses. These provisions may have the effect of inhibiting a third party from making an acquisition proposal for our company or of delaying, deferring or preventing a change in control of our company under circumstances that otherwise could provide the holders of our common stock with the opportunity to realize a premium over the then-current market price.
 Our charter, our bylaws, the limited partnership agreement of the Operating Partnership and Maryland law also contain other provisions that may delay, defer or prevent a transaction or a change of control that might involve a premium price for our common stock or otherwise be viewed to be in the best interest of our stockholders.
 An officer and director may have interests that conflict with the interests of stockholders.
 An officer and member of our board of directors owns Operating Partnership Units. This individual may have personal interests that conflict with the interests of our stockholders with respect to business decisions affecting us and the Operating Partnership, such as interests in the timing and pricing of property sales or refinancing in order to obtain favorable tax treatment.

 Federal Income Tax Risks
 Complying with REIT requirements may cause us to forego otherwise attractive opportunities.
 To qualify as a REIT for federal income tax purposes we must continually satisfy numerous income, asset and other tests, thus having to forego investments we might otherwise make and hindering our investment performance.
 Failure to qualify as a REIT could adversely affect our operations and our ability to make distributions.
 We will be subject to increased taxation if we fail to qualify as a REIT for federal income tax purposes. Although we believe that we are organized and operate in such a manner so as to qualify as a REIT under the Internal Revenue Code, no assurance can be given that we will remain so qualified. Qualification as a REIT involves the application of highly technical and complex Code provisions for which there are only limited judicial or administrative interpretations. The complexity of these provisions and applicable treasury regulations is also increased in the context of a REIT that holds its assets in partnership form. The determination of various factual matters and circumstances not entirely within our control may affect our ability to qualify as a REIT. Additionally, our charter provides our board of directors with the power, under certain circumstances, to revoke or otherwise terminate our REIT election and cause us to be taxed as a regular corporation, without the approval of our stockholders. A REIT that annually distributes at least 90% of its taxable income to its stockholders generally is not taxed at the corporate level on such distributed income. We have not requested and do not plan to request a ruling from the Internal Revenue Service (the "IRS") that we qualify as a REIT.
 If we fail to qualify as a REIT, we will face tax consequences that will substantially reduce the funds available for payment of cash dividends:

 We would not be allowed a deduction for dividends paid to stockholders in computing our taxable income and would be subject to federal income tax at regular corporate rates.

 We may be subject to increased state and local taxes.

 Unless we are entitled to relief under statutory provisions, we could not elect to be treated as a REIT for four taxable years following the year in which we failed to qualify.

 In addition, if we fail to qualify as a REIT, we will no longer be required to pay dividends (other than any mandatory dividends on any preferred shares we may offer). As a result of these factors, our failure to qualify as a REIT could adversely affect the market price for our common stock.
 U.S. federal tax reform legislation could affect REITs generally, the geographic markets in which we operate, our stock and our results of operations, both positively and negatively in ways that are difficult to anticipate.
 Changes to the federal income tax laws are proposed regularly. Additionally, the REIT rules are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury, which may result in revisions to regulations and interpretations in addition to statutory changes. If enacted, certain such changes could have an adverse impact on our business and financial results. In particular, H.R. 1, which took effect for taxable years that began on or after January 1, 2018 (subject to certain exceptions), as amended by the Coronavirus Aid, Relief, and Economic Security Act made many significant changes to the federal income tax laws that profoundly impacted the taxation of individuals, corporations (both regular C corporations as well as corporations that have elected to be taxed as REITs), and the taxation of taxpayers with overseas assets and operations. A number of changes that affect non-corporate taxpayers will expire at the end of 2025 unless Congress acts to extend them. These changes impact us and our stockholders in various ways, some of which are adverse or potentially adverse compared to prior law. While the IRS has issued some guidance with respect to certain of the new provisions, there are numerous interpretive issues that will require further guidance, and technical corrections legislation may be needed to clarify certain aspects of the new law and give proper effect to Congressional intent. There can be no assurance, however, that technical clarifications or further changes needed to prevent unintended or unforeseen tax consequences will be enacted by Congress. In addition, while certain elements of tax reform legislation do not impact us directly as a REIT, they could impact the geographic markets in which we operate, the tenants that populate our properties and the customers who frequent our properties in ways, both positive and negative, that are difficult to anticipate. Other legislative proposals could be enacted in the future that could affect REITs and their

 stockholders. Prospective investors are urged to consult their tax advisors regarding the effect of these tax law changes and any other potential tax law changes on an investment in our common stock.
 Changes in tax laws may prevent us from maintaining our qualification as a REIT.
 As we have previously described, we intend to maintain our qualification as a REIT for federal income tax purposes. However, this intended qualification is based on the tax laws that are currently in effect. We are unable to predict any future changes in the tax laws that would adversely affect our status as a REIT. If there is a change in the tax law that prevents us from qualifying as a REIT or that requires REITs generally to pay corporate level income taxes, we may not be able to make the same level of distributions to our stockholders.
 Complying with REIT requirements may force us to liquidate or restructure otherwise attractive investments.
 In order to qualify as a REIT, at least 75% of the value of our assets must consist of cash, cash items, government securities and qualified real estate assets. The remainder of our investments in securities (other than government securities, securities of TRSs and qualified real estate assets) cannot include more than 10% of the voting securities or 10% of the value of all securities, of any one issuer. In addition, in general, no more than 5% of the total value of our assets (other than government securities, securities of TRSs and qualified real estate assets) can consist of securities of any one issuer, and no more than 20% of the total value of our assets can be represented by one or more TRSs. If we fail to comply with these requirements at the end of any calendar quarter, we must correct the failure within 30 days after the end of the calendar quarter or qualify for certain statutory relief provisions to avoid losing our REIT qualification and suffering adverse tax consequences. As a result, we may be required to liquidate otherwise attractive investments.
 We may have to borrow funds or sell assets to meet our distribution requirements.
 Subject to some adjustments that are unique to REITs, a REIT generally must distribute 90% of its taxable income. For the purpose of determining taxable income, we may be required to accrue interest, rent and other items treated as earned for tax purposes but that we have not yet received. In addition, we may be required not to accrue as expenses for tax purposes some expenses that actually have been paid, including, for example, payments of principal on our debt, or some of our deductions might be disallowed by the IRS. As a result, we could have taxable income in excess of cash available for distribution. If this occurs, we may have to borrow funds or liquidate some of our assets in order to meet the distribution requirement applicable to a REIT.
 Our ownership of and relationship with our TRSs will be limited, and a failure to comply with the limits would jeopardize our REIT status and may result in the application of a 100% excise tax.
 A REIT may own up to 100% of the stock of one or more TRSs. A TRS may earn income that would not be qualifying income if earned directly by the parent REIT. Overall, no more than 20% of the value of a REIT's assets may consist of stock or securities of one or more TRSs. A TRS will typically pay federal, state and local income tax at regular corporate rates on any income that it earns. In addition, the TRS rules impose a 100% excise tax on certain transactions between a TRS and its parent REIT that are not conducted on an arm's-length basis. Our TRSs will pay federal, state and local income tax on their taxable income, and their after-tax net income will be available for distribution to us but will not be required to be distributed to us. There can be no assurance that we will be able to comply with the 20% limitation discussed above or to avoid application of the 100% excise tax discussed above.
 Liquidation of our assets may jeopardize our REIT qualification.
 To qualify as a REIT, we must comply with requirements regarding our assets and our sources of income. If we are compelled to liquidate our investments to repay obligations to our lenders, we may be unable to comply with these requirements, ultimately jeopardizing our qualification as a REIT, or we may be subject to a 100% tax on any gain if we sell assets in transactions that are considered to be "prohibited transactions," which are explained in the risk factor below.

 We may be subject to other tax liabilities even if we qualify as a REIT.
 Even if we remain qualified as a REIT for federal income tax purposes, we will be required to pay certain federal, state and local taxes on our income and property. For example, we will be subject to federal income tax on any of our REIT taxable income (including capital gains) that we do not distribute annually to our stockholders. Additionally, we will be subject to a 4% nondeductible excise tax on the amount, if any, by which dividends paid by us in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years. Moreover, if we have net income from "prohibited transactions," that income will be subject to a 100% tax. In general, prohibited transactions are sales or other dispositions of property held primarily for sale to customers in the ordinary course of business. The determination as to whether a particular sale is a prohibited transaction depends on the facts and circumstances related to that sale. While we will undertake sales of assets if those assets become inconsistent with our long-term strategic or return objectives, we do not believe that those sales should be considered prohibited transactions, but there can be no assurance that the IRS would not contend otherwise. The need to avoid prohibited transactions could cause us to forego or defer sales of properties that might otherwise be in our best interest to sell.
 In addition, any net taxable income earned directly by our TRSs, or through entities that are disregarded for federal income tax purposes as entities separate from our TRSs, will be subject to federal and possibly state corporate income tax. To the extent that we and our affiliates are required to pay federal, state and local taxes, we will have less cash available for distributions to our stockholders.
 Dividends payable by REITs do not qualify for the reduced tax rates on dividend income from regular corporations.
 The maximum federal income tax rate applicable to "qualified dividend income" payable by non-REIT corporations to certain non-corporate U.S. stockholders is generally 20% and a 3.8% Medicare tax may also apply. Dividends paid by REITs, however, generally are not eligible for the reduced rates applicable to qualified dividend income. Commencing with taxable years that began on or after January 1, 2018 and continuing through 2025, H.R. 1 temporarily reduced the effective tax rate on ordinary REIT dividends (i.e., dividends other than capital gain dividends and dividends attributable to certain qualified dividend income received by us) for U.S. holders of our common stock that are individuals, estates or trusts by permitting such holders to claim a deduction in determining their taxable income equal to 20% of any such dividends they receive. Taking into account H.R. 1's reduction in the maximum individual federal income tax rate from 39.6% to 37%, this results in a maximum effective rate of regular income tax on ordinary REIT dividends of 29.6% through 2025 (as compared to the 20% maximum federal income tax rate applicable to qualified dividend income received from a non-REIT corporation). The more favorable rates applicable to regular corporate distributions could cause investors who are individuals to perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay distributions. This could materially and adversely affect the value of the stock of REITs, including our common stock.
 Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
 The REIT provisions of the Internal Revenue Code substantially limit our ability to hedge our liabilities. Any income from a hedging transaction we enter into to manage risk of interest rate changes, price changes or currency fluctuations with respect to borrowings made or to be made to acquire or carry real estate assets that is clearly identified in the manner specified in the Internal Revenue Code does not constitute gross income and is not counted for purposes of income tests that apply to us as a REIT. To the extent that we enter into other types of hedging transactions, the income from those transactions is likely to be treated as non-qualifying income for purposes of the income tests. As a result of these rules, we may need to limit our use of advantageous hedging techniques or implement those hedges through a TRS. This could increase the cost of our hedging activities because our TRS would be subject to tax on gains or expose us to greater risks associated with changes in interest rates than we would otherwise want to bear. In addition, losses in our TRSs will generally not provide any tax benefit, except for being carried forward against future taxable income in the TRSs.

 General Risks
 Loss of our key personnel could materially impair our ability to operate successfully.
 Our continued success and our ability to manage anticipated future growth depend, in large part, upon the efforts of key personnel. The loss of services of one or more members of our senior management team, or our inability to attract and retain highly qualified personnel, could adversely affect our business, diminish our investment opportunities and our relationships with lenders, business partners, existing and prospective tenants and industry personnel, which could materially and adversely affect us.
 If we fail to maintain an effective system of internal controls, we may not be able to accurately report financial results, which could result in a loss of investor confidence and adversely affect the market price of our common stock.
 We are required to establish and maintain internal control over financial reporting and disclosure controls and procedures. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with generally accepted accounting principles. Disclosure controls and procedures are processes designed to ensure that information required to be disclosed is communicated to management and reported in a timely manner. We cannot be certain that we will be successful in continuing to maintain adequate control over our financial reporting and disclosure controls and procedures. Deficiencies, including any material weakness, in our internal control over financial reporting that may occur could result in misstatements or restatements of our financial statements or a decline in the price of our securities. In addition, as our business continues to grow, and as we continue to make significant acquisitions, our internal controls will become more complex and may require significantly more resources to ensure that our disclosure controls and procedures remain effective. Moreover, the existence of any material weakness or significant deficiency in our internal controls and procedures may require management to devote significant time and incur significant expense to remediate any such material weaknesses or significant deficiencies and management may not be able to remediate any such material weaknesses or significant deficiencies in a timely manner. If we cannot provide reliable financial reports, our reputation and operating results could be materially adversely affected, which could also cause investors to lose confidence in our reported financial information, which in turn could result in a reduction in the trading price of our common stock.
 The market price and trading volume of shares of our common stock may fluctuate or decline.
 The market price and trading volume of our common stock may fluctuate widely due to various factors, including:

 Broad market fluctuations;

 Market reaction to any additional indebtedness we incur or debt or equity securities we or the Operating Partnership issue in the future;

 Additions or departures of key management personnel;

 Changes in our credit ratings;

 The financial condition, performance and prospects of our tenants;

 Changes in market interest rates; and

 The realization of any of the other risk factors presented in this Annual Report on Form 10-K.

 Many of the factors listed above are beyond our control. Those factors may cause the market price of our common stock to decline significantly, regardless of our financial condition, results of operations and prospects. It is impossible to provide any assurance that the market price of our common stock will not fall in the future, and it may be difficult for holders to resell shares of our common stock at prices they find attractive, or at all.
 An epidemic or pandemic (such as the outbreak and worldwide spread of COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address it, may precipitate or materially exacerbate one or more of the other risks, and may significantly disrupt our tenants' ability to operate their businesses and/or pay rent to us or prevent us from operating our business in the ordinary course for an extended period.

 An epidemic or pandemic could have a material and adverse effect on or cause disruption to our business or financial condition, results of operations, cash flows and the market value and trading price of our securities due to, among other factors:

 A complete or partial closure of, or other operational issues at, one or more of our properties resulting from government or tenant action;

 Reduced economic activity could severely impact our tenants' businesses, financial condition and liquidity and may cause one or more of our tenants to be unable to meet their obligations to us in full, or at all, or to otherwise seek modifications of such obligations;

 Reduced economic activity could result in a prolonged recession, which could negatively impact consumer discretionary spending;

 Difficulty accessing debt and equity capital on attractive terms, or at all, potential impacts to our credit ratings, and a prolonged severe disruption and instability in the global financial markets or deteriorations in credit and financing conditions may affect our access to capital necessary to fund business operations or address maturing liabilities on a timely basis and our tenants' ability to fund their business operations and meet their obligations to us;

 Negative impacts to our future compliance with financial covenants of our Revolving Credit Facility and other debt agreements could result in a default and potentially an acceleration of indebtedness, which non-compliance could negatively impact our ability to make additional borrowings under our Revolving Credit Facility and pay dividends;

 Any impairment in value of our tangible or intangible assets which could be recorded as a result of weaker economic conditions;

 A decline in business activity and demand for real estate transactions could adversely affect our ability or desire to grow our portfolio of properties;

 A deterioration in our or our tenants' ability to operate in affected areas or delays in the supply of products or services to us or our tenants from vendors that are needed for our or our tenants' efficient operations could adversely affect our operations and those of our tenants; and

 The potential negative impact on the health of our personnel, particularly if a significant number of them are impacted, could result in a deterioration in our ability to ensure business continuity during this disruption.

 The extent to a future pandemic impacts our operations and those of our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence.
 A future pandemic precludes any prediction as to the full adverse impacts on our business. Nevertheless, a future pandemic presents a material uncertainty and risk with respect to our financial condition, results of operations, cash flows and performance.
 Item 1B: Unresolved Staff Comments
 There are no unresolved staff comments.

 Item 1C. Cybersecurity
 Risk Management and Strategy
 Managing Material Risks & Integrated Risk Management
 We have a comprehensive and systematic cybersecurity risk assessment program, which covers the identification, analysis, evaluation, and management of cybersecurity risks. The program follows a risk-based approach, which prioritizes the cybersecurity risks according to their likelihood and impact and allocates the appropriate resources and actions to mitigate these risks and leverages the National Institute of Standards and Technology (NIST) framework.

 The program is cross-functional involving the participation and input of internal stakeholders, third-party consultants and board oversight. The program is reviewed and updated on a monthly basis, or whenever there is a significant change in our environment, operations, or objectives.
 Engagement and Oversight of Third-parties
 We have contracted a reputable, global third-party external Security Operations Center ("SOC") to ensure that cybersecurity processes, tools, and monitoring are operating continuously. The SOC service provides a holistic view of our security landscape using a cloud-native Security Incident & Event Management platform, removing security siloes to gain actionable insights and providing continuous 24/7 detect and response services, as well as proactively identifying threats to prevent security disruptions.
 We engage the SOC on a regular basis to conduct external audits and assessments of our cybersecurity posture and performance. The SOC provides independent and objective feedback and recommendations on how to improve our cybersecurity strategy, policies, processes, and controls. The SOC also assists the Company in identifying and prioritizing the most critical and emerging cybersecurity risks and threats, and to align our cybersecurity initiatives with the best practices and standards in the industry.
 We also have a robust and rigorous oversight process for managing cybersecurity risks related to our third-party service providers. The process includes,

 conducting due diligence and background checks on the potential service providers,

 verifying their cybersecurity credentials, capabilities, and track record,

 establishing clear and specific contractual terms and conditions regarding the Company's cybersecurity expectations, obligations, and the responsibilities of the service providers, and

 monitoring and auditing the service providers' performance, compliance, reporting and escalation procedures for any cybersecurity issues or incidents identified.

 Risks from Cybersecurity Threats
 While we face a variety of cybersecurity risks, such as phishing attempts, ransomware attacks, and unauthorized access attempts, such risks have not materially affected us to date, including our business strategy, results of operations or financial condition. For more information about the cybersecurity risks we face, see "Item 1A – Risk Factors - We face risks relating to information technology and cybersecurity attacks, loss of confidential information and other business disruptions. "
 Governance
 Board of Directors' Oversight
 Our board of directors takes an active and informed role in our risk management policies and strategies. Our executive officers, which are responsible for our day-to-day risk management practices, present to the board of directors on the material risks to our Company, including risks related to information technology and cybersecurity.
 The audit committee has formal oversight responsibility for cybersecurity and is responsible for reviewing the Company's policies and procedures with respect to cybersecurity risk assessment and risk management. As part of the board of directors and audit committee's oversight, the Chief Information Officer ("CIO") provides quarterly updates to the audit committee with respect to cybersecurity incidents, mitigation, and management.

 Management's Role Managing Risk
 Our CIO is responsible for developing and overseeing matters related to cybersecurity and serves as the Company's Chief Information Security Officer. The CIO reports directly to the Chief Operating Officer, who is accountable for the overall information technology and security strategy and governance of the Company.
 We have a comprehensive and continuous cybersecurity training program for our employees, which aims to raise their awareness and knowledge of cybersecurity threats and challenges, and to enhance their skills and competencies in preventing and responding to the cybersecurity incidents. The program covers the Company's cybersecurity policies, guidelines, cybersecurity best practice guidelines, cybersecurity scenarios and simulations.
 In connection with improving the management of cybersecurity risk, the Company has:

 audited our systems with the help of information security consultants;

 completed ransomware simulations and enhanced our Disaster Recovery and Business Continuity Plan to reflect lessons learned;

 conducted recovery simulation of our proprietary database to determine restoration timing;

 conducted penetration testing and remediated all issues identified; and

 enhanced e-mail filtering software to limit the possibility of phishing or ransomware attacks.

 Monitor Cybersecurity Incidents
 We have a well-defined and tested cybersecurity incident response plan, which outlines the roles and responsibilities, procedures and protocols, tools and resources, and communication and escalation channels that will be activated and implemented in the event of a cybersecurity incident. The plan aims to detect and contain the incident, analyze and assess its nature, scope, and severity, and restore and resume the normal operations and functions of the Company.

 Item 2: Properties
 As of December 31, 2023, the Company's portfolio consisted of 2,135 properties located in 49 states and totaling approximately 44.2 million square feet of GLA.
 As of December 31, 2023, the Company's portfolio was approximately 99.8% leased and had a weighted average remaining lease term of approximately 8.4 years. A significant majority of the Company's properties are leased to national tenants and approximately 69.1% of our annualized base rent was derived from tenants, or parent entities thereof, with an investment grade credit rating from S&P Global Ratings, Moody's Investors Service, Fitch Ratings or National Association of Insurance Commissioners. Substantially all of our tenants are subject to net lease agreements. A net lease typically requires the tenant to be responsible for minimum monthly rent and property operating expenses including property taxes, insurance and maintenance. In addition, our tenants are typically subject to future rent increases based on fixed amounts or increases in the consumer price index and certain leases provide for additional rent calculated as a percentage of the tenants' gross sales above a specified level.

 Tenant Diversification
 The following table presents annualized base rents for all tenants that generated 1.5% or greater of our total annualized base rent as of December 31, 2023:

 ($ in thousands)

 Annualized

 % of Ann.

 Tenant / Concept

 Base Rent (1)

 Base Rent

 Walmart

 $

 33,864

 6.1

 %

 Tractor Supply

 28,155

 5.1

 %

 Dollar General

 26,831

 4.8

 %

 Best Buy

 19,515

 3.5

 %

 CVS

 17,310

 3.1

 %

 TJX Companies

 17,008

 3.1

 %

 Dollar Tree

 16,987

 3.1

 %

 Kroger

 16,315

 2.9

 %

 O'Reilly Auto Parts

 16,107

 2.9

 %

 Hobby Lobby

 14,637

 2.6

 %

 Lowe's

 14,025

 2.5

 %

 Burlington

 13,770

 2.5

 %

 7-Eleven

 12,431

 2.2

 %

 Sunbelt Rentals

 12,374

 2.2

 %

 Gerber Collision

 11,880

 2.1

 %

 Sherwin-Williams

 11,423

 2.1

 %

 Wawa

 10,185

 1.8

 %

 Home Depot

 8,880

 1.6

 %

 BJ's Wholesale Club

 8,713

 1.6

 %

 Other(2)

 245,955

 44.2

 %

 Total

 $

 556,365

 100.0

 %

 (1)
 Represents annualized contractual base rent on a straight-line basis as of December 31, 2023.

 (2)
 Includes tenants generating less than 1.5% of annualized contractual base rent.

 Tenant Sector Diversification
 The following table presents annualized base rents for all sectors as of December 31, 2023:

 ($ in thousands)

 Annualized

 % of Ann.

 Tenant Sector

 Base Rent (1)

 Base Rent

 Grocery Stores

 $

 53,240

 9.6

 %

 Home Improvement

 48,147

 8.7

 %

 Tire and Auto Service

 47,661

 8.6

 %

 Convenience Stores

 46,135

 8.3

 %

 Dollar Stores

 42,310

 7.6

 %

 Off-Price Retail

 34,920

 6.3

 %

 General Merchandise

 32,331

 5.8

 %

 Auto Parts

 31,636

 5.7

 %

 Farm and Rural Supply

 29,883

 5.4

 %

 Pharmacy

 23,701

 4.3

 %

 Consumer Electronics

 21,730

 3.9

 %

 Crafts and Novelties

 16,915

 2.9

 %

 Discount Stores

 14,399

 2.6

 %

 Warehouse Clubs

 13,699

 2.5

 %

 Equipment Rental

 12,700

 2.3

 %

 Health Services

 11,085

 2.0

 %

 Dealerships

 10,276

 1.7

 %

 Restaurants - Quick Service

 9,215

 1.7

 %

 Health and Fitness

 8,660

 1.6

 %

 Specialty Retail

 6,620

 1.2

 %

 Sporting Goods

 6,208

 1.1

 %

 Financial Services

 6,030

 1.1

 %

 Restaurants - Casual Dining

 5,594

 1.0

 %

 Home Furnishings

 4,001

 0.7

 %

 Theaters

 3,854

 0.7

 %

 Pet Supplies

 3,430

 0.6

 %

 Beauty and Cosmetics

 3,233

 0.6

 %

 Shoes

 2,875

 0.5

 %

 Entertainment Retail

 2,323

 0.4

 %

 Apparel

 1,531

 0.3

 %

 Miscellaneous

 1,239

 0.2

 %

 Office Supplies

 0.1

 %

 Total

 $

 556,365

 100.0

 %

 (1)
 Represents annualized contractual base rent on a straight-line basis as of December 31, 2023.

 Geographic Diversification
 The following table presents annualized base rents, by state, for our portfolio as of December 31, 2023:

 ($ in thousands)

 Annualized

 % of Ann.

 Tenant Sector

 Base Rent (1)

 Base Rent

 Texas

 $

 40,096

 7.2

 %

 Florida

 33,844

 6.1

 %

 Illinois

 30,816

 5.5

 %

 North Carolina

 30,778

 5.5

 %

 Ohio

 29,341

 5.3

 %

 Michigan

 27,810

 5.0

 %

 Pennsylvania

 26,126

 4.7

 %

 New Jersey

 23,122

 4.2

 %

 California

 22,191

 4.0

 %

 New York

 21,193

 3.8

 %

 Georgia

 20,564

 3.7

 %

 Wisconsin

 15,719

 2.8

 %

 Virginia

 15,270

 2.7

 %

 Missouri

 14,908

 2.7

 %

 Louisiana

 14,033

 2.5

 %

 Kansas

 13,661

 2.5

 %

 Connecticut

 12,762

 2.3

 %

 South Carolina

 12,443

 2.2

 %

 Mississippi

 12,379

 2.2

 %

 Minnesota

 11,596

 2.1

 %

 Massachusetts

 11,274

 2.0

 %

 Tennessee

 10,308

 1.9

 %

 Oklahoma

 9,419

 1.7

 %

 Alabama

 9,308

 1.7

 %

 Kentucky

 8,448

 1.5

 %

 Indiana

 8,437

 1.5

 %

 Maryland

 8,367

 1.5

 %

 Other(2)

 62,152

 11.2

 %

 Total

 $

 556,365

 100.0

 %

 (1)
 Represents annualized contractual base rent on a straight-line basis as of December 31, 2023.

 (2)
 Includes states generating less than 1.5% of annualized contractual base rent.

 Lease Expirations
 The following table presents contractual lease expirations within the Company's portfolio as of December 31, 2023, assuming that no tenants exercise renewal options:

 ($ and GLA in thousands)

 Annualized Base Rent (1)

 Gross Leasable Area

 Number of

 % of

 % of

 Year

 Leases

 Dollars

 Total

 Square Feet

 Total

 2024

 $

 6,106

 1.1

 %

 1.6

 %

 2025

 17,153

 3.1

 %

 1,684

 3.8

 %

 2026

 26,874

 4.8

 %

 2,769

 6.3

 %

 2027

 34,038

 6.1

 %

 3,119

 7.1

 %

 2028

 45,925

 8.3

 %

 4,155

 9.5

 %

 2029

 55,189

 9.9

 %

 5,379

 12.2

 %

 2030

 55,218

 9.9

 %

 4,240

 9.7

 %

 2031

 42,434

 7.6

 %

 3,119

 7.1

 %

 2032

 48,165

 8.7

 %

 3,559

 8.1

 %

 2033

 45,005

 8.1

 %

 3,485

 7.9

 %

 180,258

 32.4

 %

 11,691

 26.7

 %

 Total

 2,309

 $

 556,365

 100.0

 %

 43,922

 100.0

 %

 (1)
 Represents annualized contractual base rent on a straight-line basis as of December 31, 2023.

 Developments
 During the year ended December 31, 2023, the Company had 37 development or Developer Funding Platform projects completed or under construction, for which 16 remained under construction as of December 31, 2023. Anticipated total costs for the 16 projects are approximately $63.7 million.

 Item 3: Legal Proceedings
 From time to time, we are involved in legal proceedings in the ordinary course of business. We are not presently involved in any litigation nor, to our knowledge, is any other litigation threatened against us, other than routine litigation arising in the ordinary course of business, which is expected to be covered by our liability insurance and all of which collectively is not expected to have a material adverse effect on our liquidity, results of operations or business or financial condition.
 Item 4: Mine Safety Disclosures
 Not applicable.
 Item 5: Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
 Market Information and Dividend Policy
 The Company's common stock is traded on the NYSE under the symbol "ADC." At February 12, 2024, there were 100,519,355 shares of our common stock issued and outstanding which were held by approximately 159 stockholders of record. The number of stockholders of record does not reflect persons or entities that held their shares in nominee or "street" name. In addition, at February 12, 2024 there were 347,619 outstanding Operating Partnership Common Units held by a limited partner other than our Company. The Operating Partnership Common Units are exchangeable into shares

 of common stock on a one-for-one basis.
 The Company intends to continue to declare regular dividends. However, our distributions are determined by our board of directors and will depend upon cash generated by operating activities, our financial condition, capital requirements, annual distribution requirements under the REIT provisions of the Internal Revenue Code and such other factors as the board of directors deems relevant. The Company has historically paid cash dividends, although we may choose to pay a portion in stock dividends in the future. To qualify as a REIT, distributions of at least 90% of our REIT taxable income prior to net capital gains must be made to our stockholders, as well as meet certain other requirements. The distributions must be paid in the taxable year the income is recognized; or in the following taxable year if they are declared during the last three months of the taxable year, payable to stockholders of record on a specified date during such period and paid during January of the following year. Generally, such distributions are treated for REIT tax purposes as paid by us and received by our stockholders on December 31 of the year in which they are declared, however such distributions may be treated for REIT tax purposes as a distribution in the year in which they are paid if REIT distribution requirements have been met through earlier distributions. In addition, at our election, a distribution for a taxable year may be declared in the following taxable year if it is declared before we timely file our tax return for such year and if paid on or before the first regular dividend payment after such declaration. These distributions qualify as dividends paid for the 90% REIT distribution test for the previous year and are taxable to holders of our capital stock in the year in which paid.
 Purchases of Equity Securities by the Issuer
 Common stock repurchases during the three months ended December 31, 2023 were:

 Total Number of

 Maximum Number

 Shares Purchased

 of Shares that May

 as Part of Publicly

 Yet Be Purchased

 Total Number of

 Average Price Paid

 Announced Plans

 Under the Plans

 Period

 Shares Purchased

 Per Share

 or Programs

 or Programs

 October 1, 2023 - October 31, 2023

 —

 $

 -

 —

 —

 November 1, 2023 - November 30, 2023

 56.96

 —

 —

 December 1, 2023 - December 31, 2023

 60.98

 —

 —

 Total

 $

 57.15

 —

 —

 During the three months ended December 31, 2023, the Company withheld 111 shares from employees to satisfy estimated statutory income tax obligations related to vesting of restricted stock awards. The value of the common stock withheld was based on the closing price of our common stock on the applicable vesting date.
 Recent Sales of Unregistered Securities
 There were no unregistered sales of equity securities during the year ended December 31, 2023.
 Equity Compensation Plans
 For information about our equity compensation plan, please see "Item 12 – Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters" of this Annual Report on Form 10-K.
 Item 6: [Reserved]

 Item 7: Management's Discussion and Analysis of Financial Condition and Results of Operations
 The following discussion should be read in conjunction with the consolidated financial statements, and related notes thereto, included elsewhere in this Annual Report on Form 10-K and the "Cautionary Note Regarding Forward-Looking

 Statements" in "Item 1A – Risk Factors" above. Also refer to "Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's previously filed Annual Report on Form 10-K for the year ended December 31, 2022 for additional discussion of our financial condition and results of operations, including a comparison of our results of operations for the years ended December 31, 2022 and December 31, 2021.
 Overview
 The Company is a fully integrated REIT primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants. The Company was founded in 1971 by its current Executive Chairman, Richard Agree, and its common stock was listed on the NYSE in 1994. The Company's assets are held by, and all of its operations are conducted through, directly or indirectly, the Operating Partnership, of which the Company is the sole general partner and in which the Company held a 99.7% common interest as of December 31, 2023. Refer to Note 1 -Organization in the Notes to the Consolidated Financial Statements in this Form 10-K for further information on the ownership structure. Under the agreement of limited partnership of the Operating Partnership, the Company, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership.
 As of December 31, 2023, the Company's portfolio consisted of 2,135 properties located in 49 states and totaling approximately 44.2 million square feet of GLA. The portfolio was approximately 99.8% leased and had a weighted average remaining lease term of approximately 8.4 years. A significant majority of the Company's properties are leased to national tenants and approximately 69.1% of our annualized base rent was derived from tenants, or parent entities thereof, with an investment grade credit rating from S&P Global Ratings, Moody's Investors Service, Fitch Ratings or the National Association of Insurance Commissioners. A net lease typically requires the tenant to be responsible for minimum monthly rent and property operating expenses including property taxes, insurance and maintenance.
 The Company elected to be taxed as a REIT for federal income tax purposes commencing with the taxable year ended December 31, 1994. We believe that we have been organized and have operated in a manner that has allowed us to qualify as a REIT for federal income tax purposes and we intend to continue operating in such a manner.
 Results of Operations
 Overall
 The Company's real estate investment portfolio grew from approximately $5.74 billion in net investment amount representing 1,839 properties with 38.1 million square feet of gross leasable space as of December 31, 2022 to approximately $6.74 billion in net investment amount representing 2,135 properties with 44.2 million square feet of gross leasable space at December 31, 2023. The Company's real estate investments were made throughout and between the periods presented and were not all outstanding for the entire period; accordingly, a portion of the increase in rental income between periods is related to recognizing revenue in 2023 on acquisitions that were made during 2022. Similarly, the full rental income impact of acquisitions made during 2023 will not be seen until 2024.
 Acquisitions
 During the year ended December 31, 2023, the Company acquired 282 retail net lease assets for approximately $1.20 billion, which includes acquisition and closing costs. These properties are located in 40 states and are leased to tenants operating in 26 diverse retail sectors for a weighted average lease term of approximately 11.3 years. The underwritten weighted-average capitalization rate on the acquisitions was 6.9%. 1
 Dispositions
 During the year ended December 31, 2023, the Company sold six assets, including one former corporate headquarters office building, for net proceeds of $13.8 million. The weighted-average capitalization rate on the dispositions was 6.1%. 1

 1 When used within this discussion, "weighted average capitalization rate" for acquisitions and dispositions is defined by the Company as the sum of contractual fixed annual rents computed on a straight-line basis over the primary lease terms and anticipated annual net tenant recoveries, divided by the purchase and sale prices for occupied properties.

 Development and Developer Funding Platform
 During the year ended December 31, 2023, the Company commenced 13 development and Developer Funding Platform projects. At December 31, 2023 the Company had 16 development or Developer Funding Platform projects under construction.
 Comparison of Year Ended December 31, 2023 to Year Ended December 31, 2022

 Variance

 (in dollars)

 (percentage)

 Rental Income

 $

 537,403

 $

 429,632

 $

 107,771

 %

 Real Estate Tax Expense

 $

 40,092

 $

 32,079

 $

 8,013

 %

 Property Operating Expense

 $

 24,961

 $

 18,585

 $

 6,376

 %

 Depreciation and Amortization Expense

 $

 176,277

 $

 133,570

 $

 42,707

 %

 The variances in rental income, real estate tax expense, property operating expense and depreciation and amortization expense shown above were due to the acquisition and the ownership of an increased number of properties during the year ended December 31, 2023 compared to the year ended December 31, 2022, as further described under Results of Operations - Overall above.
 General and administrative expenses increased $4.7 million, or 15%, to $34.8 million for the year ended December 31, 2023, compared to $30.1 million for the year ended December 31, 2022. The increase was primarily the result of increased compensation costs due to inflationary increases and higher stock based compensation expense as a result of changing the vesting period for awards granted in 2023. General and administrative expenses as a percentage of total revenue decreased to 6.5% for the year ended December 31, 2023 from 7.0% for the year ended December 31, 2022.
 Interest expense increased $17.7 million, or 28%, to $81.1 million for the year ended December 31, 2023, compared to $63.4 million for the year ended December 31, 2022. The increase in interest expense was primarily a result of higher levels of borrowings in 2023 in comparison to 2022 in order to finance the acquisition and development of additional properties, as well as higher interest rates under the Revolving Credit Facility. Borrowings increased due to the $350 million 2029 Unsecured Term Loan that closed in July 2023 and the issuance of the $300 million 2032 Senior Unsecured Public Notes in August 2022. These borrowings resulted in increases in interest expense during the year ended December 31, 2023 of $6.7 million related to the 2029 Unsecured Term Loan, $7.1 million related to the 2032 Senior Unsecured Public Notes, and $0.5 million related to the amortization of deferred financing fees. In addition, borrowing levels and interest rates on the Revolving Credit Facility during the year ended December 31, 2023 were higher than the comparative period in 2022 resulting in an increase in interest expense of $4.4 million. These increases in interest expense during 2023 were partially offset by an increase of $0.7 million of capitalized interest during the year ended December 31, 2023 as compared to the same period in 2022 due to the increased level of activity in development and Development Funding Platform projects during 2023 as well as a decrease of $0.5 million of interest expense related to mortgages driven by the repayment of mortgage principal during 2023 and 2022. (see Liquidity and Capital Resources – Debt below).
 Gain on sale of assets decreased $3.5 million to $1.8 million for the year ended December 31, 2023, compared to $5.3 million for the year ended December 31, 2022. Six properties were sold during the year ended December 31, 2023 while seven properties were sold during the year ended December 31, 2022. Gains on sales of assets are dependent on the levels of disposition activity and the assets' basis relative to their sales prices. As a result, such gains are not necessarily comparable period-to-period.
 Provision for impairment increased $6.2 million to $7.2 million for the year ended December 31, 2023, compared to $1.0 million for the year ended December 31, 2022. Provisions for impairment are recorded when events or changes in circumstances indicate that the carrying amount may not be recoverable through operations plus estimated disposition proceeds and are not necessarily comparable period-to-period.
 Net income increased $17.5 million, or 11%, to $170.5 million for the year ended December 31, 2023, compared to $153.0 million for the year ended December 31, 2022. The change was the result of the growth in the portfolio partially offset by

 the items discussed above. After allocation of income to non-controlling interest and preferred stockholders, net income attributable to common stockholders increased $17.5 million, or 12% to $162.5 million for the year ended December 31, 2023, compared to $145.0 million for the year ended December 31, 2022.
 Liquidity and Capital Resources
 The Company's principal demands for funds include payment of operating expenses, payment of principal and interest on our outstanding indebtedness, dividends and distributions to its stockholders and holders of the units of the Operating Partnership (the "Operating Partnership Common Units"), and future property acquisitions and development.
 In September 2023, the Company repaid a $4.6 million, 5.01% per annum, interest only mortgage note at maturity.
 In July 2023, the Company closed on an unsecured $350 million 5.5-year term loan (the "2029 Unsecured Term Loan") which includes an accordion option that allows the Company to request additional lender commitments up to a total of $500 million and matures in January 2029. Borrowings under the Term Loan are priced at SOFR plus a spread of 80 to 160 basis points over SOFR, depending on the Company's credit ratings, plus a SOFR adjustment of 10 basis points. Based on the Company's credit ratings at the time of closing, pricing on the 2029 Unsecured Term Loan was 95 basis points over SOFR. The Company used the existing $350 million of forward starting interest rate swaps to hedge the variable SOFR priced interest to a weighted average fixed rate of 3.57% until January 2029.
 The Company expects to meet its short-term liquidity requirements through cash and cash equivalents held as of December 31, 2023, cash provided from operations, and borrowings under its revolving credit facility. As of December 31, 2023, available cash and cash equivalents, including cash held in escrow, was $14.5 million.
 As of December 31, 2023, the Company had $227.0 million outstanding on its revolving credit facility and $773.0 million available for future borrowings, subject to its compliance with covenants. The Company anticipates funding its long-term capital needs through cash provided from operations, borrowings under its revolving credit facility, and the issuance of debt and common or preferred equity or other instruments convertible into or exchangeable for common or preferred equity.
 We continually evaluate alternative financing and believe that we can obtain financing on reasonable terms. However, there can be no assurance that additional financing or capital will be available, or that the terms will be acceptable or advantageous to us. Our ability to access capital on favorable terms as well as to use cash from operations to continue to meet our liquidity needs, is uncertain and cannot be predicted and could be affected by various risks and uncertainties, including, but not limited to the risks detailed in Part I, Item 1A, "Risk Factors."
 Capitalization
 As of December 31, 2023, the Company's total enterprise value was approximately $8.94 billion. Total enterprise value consisted of $6.35 billion of common equity (based on the December 31, 2023 closing price of Company common stock on the NYSE of $62.95 per common share and assuming the conversion of Operating Partnership Common Units), $175.0 million of preferred equity (stated at liquidation value), and $2.43 billion of total debt including (i) $227.0 million of borrowings under its revolving credit facility; (ii) $1.81 billion of senior unsecured notes; (iii) $350.0 million of unsecured term loans (iv) $44.9 million of mortgage notes payable; less $14.5 million cash, cash equivalents and cash held in escrow. The Company's total debt to total enterprise value was 27.2% at December 31, 2023.
 At December 31, 2023, the non-controlling interest in the Operating Partnership consisted of a 0.3% common ownership interest in the Operating Partnership. The Operating Partnership Common Units may, under certain circumstances, be exchanged for shares of Company common stock on a one-for-one basis. The Company, as sole general partner of the Operating Partnership, has the option to settle exchanged Operating Partnership Common Units held by others for cash based on the current trading price of our shares. Assuming the exchange of all Operating Partnership Common Units, there would have been 100,866,974 shares of common stock outstanding at December 31, 2023.

 Equity
 Shelf Registration
 The Company has filed with the SEC an automatic shelf registration statement on Form S-3ASR, registering an unspecified amount of common stock, preferred stock, depositary shares, warrants of the Company and guarantees of debt securities of the Operating Partnership, as well as an unspecified amount of debt securities of the Operating Partnership, at an indeterminate aggregate initial offering price. The Company may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.
 Common Stock Offerings
 In December 2021, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters' option to purchase an additional 750,000 shares, in connection with forward sale agreements. During 2022, the Company settled all of the December 2021 forward sale agreements. The offering resulted in net proceeds to the Company of approximately $368.7 million after deducting fees and expenses and making certain other adjustments.
 In May 2022, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters' option to purchase 750,000 shares in connection with forward sale agreements. The Company settled all of the May 2022 forward sales agreements in 2022 which resulted in net proceeds to the Company of approximately $386.7 million, after deducting fees and expenses and making certain other adjustments.
 In October 2022, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters' option to purchase 750,000 shares, in connection with forward sale agreements. During 2022, the Company settled 1,600,000 shares of common stock under the forward sale agreements, realizing net proceeds of $106.2 million. During 2023, the Company settled the remaining 4,150,000 shares of these October 2022 forward sale agreements, realizing net proceeds of $275.0 million. The offering resulted in total net proceeds to the Company of $381.2 million after deducting fees and expenses and making certain adjustments.
 Preferred Stock Offering
 As of December 31, 2023, the Company had 7,000,000 depositary shares (the "Depositary Shares") outstanding, each representing 1/1,000th of a share of Series A Preferred Stock.
 Dividends on the Series A Preferred Shares are payable monthly in arrears on the first day of each month (or, if not on a business day, on the next succeeding business day). The dividend rate is 4.25% per annum of the $25,000 (equivalent to $25.00 per Depositary Share) liquidation preference. Dividends on the Series A Preferred Shares are in the amount of $0.08854 per Depositary Share, equivalent to $1.0625 per annum.
 The Company may not redeem the Series A Preferred Shares before September 2026 except in limited circumstances to preserve its status as a real estate investment trust for federal income tax purposes and except in certain circumstances upon the occurrence of a change of control of the Company. Beginning in September 2026, the Company, at its option, may redeem the Series A Preferred Shares, in whole or from time to time in part, by paying $25.00 per Depositary Share, plus any accrued and unpaid dividends. Upon the occurrence of a change in control of the Company, if the Company does not otherwise redeem the Series A Preferred Shares, the holders have a right to convert their shares into common stock of the Company at the $25.00 per share liquidation value, plus any accrued and unpaid dividends. This conversion value is limited by a share cap if the Company's stock price falls below a certain threshold.

 ATM Programs
 The Company enters into ATM programs through which the Company, from time to time, sells shares of common stock and enters into forward sale agreements. The results of ATM programs are shown in the following table.

 Program Size

 Net Proceeds Received

 Program Year

 ($ million)

 Shares Issued

 ($ million)

 2020

 *

 $400.0

 3,334,056

 $209.5

 2021

 *

 $500.0

 5,453,975

 $379.1

 2022

 $750.0

 10,197,230

 $669.1

 * ATM Programs have been terminated and no future issuance will occur under them.
 In September 2022, the Company entered into a $750 million ATM program (the "2022 ATM Program") through which the Company, from time to time, may sell shares of common stock and/or enter into forward sale agreements.
 As of December 31, 2023, the Company entered into forward sale agreements to sell an aggregate of 10,197,230 shares of common stock under the 2022 ATM Program, for anticipated net proceeds of $669.1 million. The Company has settled 6,363,359 shares of these forward sale agreements as of December 31, 2023 for net proceeds of approximately $433.4 million after deducting fees and expenses. The Company is required to settle the remaining outstanding shares of common stock under the 2022 ATM Program by January 2025. The Company had approximately $75.8 million of availability remaining under this program as of December 31, 2023.
 Debt
 The below table summarizes the Company's outstanding debt as of December 31, 2023 and December 31, 2022 ( presented in thousands):

 All-in

 Coupon

 Principal Amount Outstanding

 Interest Rate

 Rate

 Maturity

 Senior Unsecured Revolving Credit Facility

 Revolving Credit Facility (1)

 6.27

 %

 January 2026

 $

 $

 Total Credit Facility

 $

 $

 2029 Unsecured Term Loan (2)

 4.52

 %

 January 2029

 $

 $

 —

 Total Unsecured Term Loan

 $

 $

 —

 Senior Unsecured Notes (3)

 2025 Senior Unsecured Notes

 4.16

 %

 4.16

 %

 May 2025

 $

 $

 2027 Senior Unsecured Notes

 4.26

 %

 4.26

 %

 May 2027

 2028 Senior Unsecured Public Notes (4)

 2.11

 %

 2.00

 %

 June 2028

 2028 Senior Unsecured Notes

 4.42

 %

 4.42

 %

 July 2028

 60,000

 60,000

 2029 Senior Unsecured Notes

 4.19

 %

 4.19

 %

 September 2029

 2030 Senior Unsecured Notes

 4.32

 %

 4.32

 %

 September 2030

 2030 Senior Unsecured Public Notes (4)

 3.49

 %

 2.90

 %

 October 2030

 2031 Senior Unsecured Notes

 4.42

 %

 4.47

 %

 October 2031

 2032 Senior Unsecured Public Notes (4)

 3.96

 %

 4.80

 %

 October 2032

 2033 Senior Unsecured Public Notes (4)

 2.13

 %

 2.60

 %

 June 2033

 Total Senior Unsecured Notes

 $

 $

 Single Asset Mortgage Loan

 5.01

 %

 September 2023

 —

 4,622

 Portfolio Credit Tenant Lease

 6.27

 %

 July 2026

 2,618

 3,523

 Four Asset Mortgage Loan

 3.63

 %

 December 2029

 Total Mortgage Notes Payable

 $

 44,868

 $

 50,395

 Total Principal Amount Outstanding

 $

 2,431,868

 $

 1,960,395

 (1) The interest rate of the Revolving Credit Facility assumes SOFR as of December 31, 2023 of 5.39%.
 (2) The interest rate of the Unsecured Term Loan reflects the spread of 95 basis points plus the impact of the interest rate swaps which convert $350 million of SOFR based interest to a fixed interest rate of 3.57%.
 (3) All-in interest rate for Senior Unsecured Notes reflects the straight-line amortization of the terminated swap agreements, as applicable.
 (4) The principal amounts outstanding are presented excluding their original issue discounts.

 Senior Unsecured Revolving Credit Facility
 The Company's First Amendment to the Third Amended and Restated Revolving Credit Agreement provides for a $1.0 billion Revolving Credit Facility and converted the interest rate on the existing $1.0 billion Revolving Credit Facility from a spread over LIBOR to a spread over SOFR plus a SOFR adjustment of 10 basis points. The Revolving Credit Facility includes an accordion option that allows the Company to request additional lender commitments up to a total of $1.75 billion. The Revolving Credit Facility will mature in January 2026 with Company options to extend the maturity date to January 2027.
 The Revolving Credit Facility's interest rate is based on a pricing grid with a range of 72.5 to 140 basis points over SOFR, determined by the Company's credit ratings and leverage ratio, plus a SOFR adjustment of 10 basis points. The margins for the Revolving Credit Facility are subject to improvement based on the Company's leverage ratio, provided its credit ratings meet a certain threshold. Based on the Company's credit ratings and leverage ratio at the time of closing, pricing on the Revolving Credit Facility was 87.5 basis points over SOFR. In connection with the Company's ongoing environmental, social and governance ("ESG") initiatives, pricing on the Revolving Credit Facility will decrease 1 basis point beginning in January 2024 due to improvements in the Company's ESG rating score during 2023. Pricing may further be reduced if additional specific ESG rating improvements are achieved.
 The Company and Richard Agree, the Executive Chairman of the Company, were parties to a Reimbursement Agreement dated November 18, 2014 (the "Reimbursement Agreement"). Pursuant to the Reimbursement Agreement, Mr. Agree had agreed to reimburse the Company for any loss incurred under the Revolving Credit Facility in an amount not to exceed $14.0 million to the extent that the value of the Operating Partnership's assets available to satisfy the Operating Partnership's obligations under the Revolving Credit Facility is less than $14.0 million. The parties terminated the Reimbursement Agreement and entered into a new reimbursement agreement dated October 3, 2023 (the "New Reimbursement Agreement"). Pursuant to the New Reimbursement Agreement, Mr. Agree has agreed to reimburse the Company for his proportionate share of loss incurred under the Revolving Credit Facility in an amount to be determined by facts and circumstances at the time of loss.
 On July 31, 2023, the Company closed on the 2029 Unsecured Term Loan, an unsecured $350 million 5.5-year term loan which includes an accordion option that allows the Company to request additional lender commitments up to a total of $500 million and matures in January 2029. Borrowings under the 2029 Unsecured Term Loan are priced at SOFR plus a spread of 80 to 160 basis points over SOFR, depending on the Company's credit ratings, plus a SOFR adjustment of 10 basis points. The Company used the existing $350 million of forward starting interest rate swaps to hedge the variable SOFR priced interest to a weighted average fixed rate of 3.57% until January 2029.
 Senior Unsecured Notes – Private Placement
 The Senior Unsecured Notes (collectively the "Private Placements") were issued in private placements to individual investors. The Private Placements did not involve a public offering in reliance on the exemption from registration pursuant to Section 4(a)(2) of the Securities Act.

 Senior Unsecured Notes – Public Offerings
 The Senior Unsecured Public Notes (collectively the "Public Notes") are fully and unconditionally guaranteed by Agree Realty Corporation and certain wholly owned subsidiaries of the Operating Partnership. These guarantees are senior

 unsecured obligations of the guarantors, rank equally in right of payment with all other existing and future senior unsecured indebtedness and are effectively subordinated to all secured indebtedness of the Operating Partnership and each guarantor (to the extent of the value of the collateral securing such indebtedness) of the guarantors.

 The Public Notes are governed by an Indenture, dated August 17, 2020, among the Operating Partnership, the Company and respective trustee (as amended and supplemented by an officer's certificate dated at the issuance of each of the Public Notes, the "Indenture"). The Indenture contains various restrictive covenants, including limitations on the ability of the guarantors and the issuer to incur additional indebtedness and requirements to maintain a pool of unencumbered assets.

 As of December 31, 2023, the Company had total gross mortgage indebtedness of $44.9 million which was collateralized by related real estate and tenants' leases with an aggregate net book value of $79.3 million. The weighted average interest rate on the Company's mortgage notes payable was 3.78% as of December 31, 2023.
 The Company has entered into mortgage loans which are secured by multiple properties and contain cross-default and cross-collateralization provisions. Cross-collateralization provisions allow a lender to foreclose on multiple properties in the event that the Company defaults under the loan. Cross-default provisions allow a lender to foreclose on the related property in the event a default is declared under another loan.
 Loan Covenants
 Certain loan agreements contain various restrictive covenants, including the following financial covenants: maximum leverage ratio, maximum secured leverage ratios, consolidated net worth requirements, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, a minimum unsecured interest expense ratio, a minimum interest coverage ratio, a minimum unsecured debt yield and a minimum unencumbered interest expense ratio. As of December 31, 2023, the most restrictive covenant was the minimum unencumbered interest expense ratio. The Company was in compliance with all of its material loan covenants and obligations as of December 31, 2023.
 Cash Flows
 Operating - Most of the Company's cash from operations is generated by rental income from its investment portfolio. Net cash provided by operating activities for the year ended December 31, 2023 increased by $29.5 million over 2022, primarily due to the increase in the size of the Company's real estate investment portfolio, partially offset by normal course changes in working capital as well as the proceeds received in connection with the settlement of interest rate swaps during 2022. No such settlements were completed in 2023.
 Investing - Net cash used in investing activities was $341.0 million lower during the year ended December 31, 2023, compared to 2022 primarily due to:

 Cash used for property acquisitions decreased $372.5 million due to the overall decrease in the level of acquisition activity; and

 Proceeds from asset sales decreased by $31.1 million. Proceeds from asset sales are dependent on levels of disposition activity and the specific assets sold and are not necessarily comparable period-to-period.

 Financing - Net cash provided by financing activities decreased by $368.5 million during the year ended December 31, 2023, compared to 2022 primarily due to:

 Net proceeds from the issuance of common stock decreased by $567.9 million;

 Net borrowings under the Revolving Credit Facility increased by $187.0 million. During 2023, the Company borrowed a net of $127.0 million under the Revolving Credit Facility while net repayments of $60.0 million were completed in 2022;

 Total dividends and distributions paid to the Company's common and preferred stockholders and non-controlling interest increased by $57.4 million to $286.1 million in 2023 as compared to $228.7 million in 2022 due to the increase in the annualized common dividend rate and increased number of common shares outstanding. The Company's annualized common stock dividend declared during the fourth quarter of 2023 of $2.964 per common share, represents a 2.9% increase over the annualized dividend amount of $2.880 per common share declared in December 2022;

 Net proceeds from unsecured borrowings increased by $52.5 million. During the year ended December 31, 2023, $350 million of proceeds were received as a result of the issuance of the 2029 Unsecured Term Loan while $297.5 million of proceeds were received during the year ended December 31, 2022 from the issuance of the 2032 Senior Unsecured Public Notes; and

 Payments of mortgage notes payable decreased $19.0 million driven by the principal repayment on interest only mortgage notes payable. During 2023, the Company repaid a $4.6 million, 5.01% per annum, interest only mortgage note as compared to the repayment of a $23.6 million, 3.60% per annum, interest only mortgage note during 2022.

 Material Cash Requirements
 In conducting our business, the Company enters into contractual obligations, including those for debt and operating leases for land.

 2024

 2025

 2026

 2027

 2028

 Total

 $

 $

 1,026

 $

 $

 —

 $

 —

 $

 $

 44,868

 Revolving Credit Facility (1)

 —

 —

 —

 —

 —

 —

 —

 —

 —

 —

 Senior Unsecured Notes

 —

 —

 410,000

 1,300,000

 Land Lease Obligations

 7,449

 1,197

 1,195

 1,042

 1,013

 27,796

 39,692

 Estimated Interest Payments on Outstanding Debt (2)

 99,497

 98,217

 83,652

 81,812

 75,811

 136,285

 575,274

 Total

 $

 107,909

 $

 150,440

 $

 312,476

 $

 132,854

 $

 486,824

 $

 1,856,331

 $

 3,046,834

 (1)
 The Revolving Credit Facility matures in January 2026, with options to extend the maturity date by six months up to two times, for a maximum maturity of January 2027.

 (2)
 Estimated interest payments calculated for (i) variable rate debt based on the rate in effect at period-end and (ii) fixed rate debt based on the coupon interest rate.

 In addition to items reflected in the table above, the Company has preferred stock with cumulative cash dividends, as described under Equity – Preferred Stock Offering above.
 During the year ended December 31, 2023 the Company had 37 development or Developer Funding Platform projects completed or under construction, for which 16 remain under construction as of December 31, 2023. Anticipated total costs for the 16 projects are approximately $63.7 million. These construction commitments will be funded using cash provided from operations, current capital resources on hand, and/or other sources of funding available to the Company.

 The Company's recurring obligations under its tenant leases for maintenance, taxes, and/or insurance will also be funded
 through the sources available to the Company described earlier.

 Dividends
 During the fourth quarter of 2023 the Company declared monthly dividends of $0.247 per common share for October, November, and December 2023. The holder of the Operating Partnership Common Units is entitled to an equal distribution per Operating Partnership Common Unit held. The dividends and distributions payable for October and November were paid during the quarter. The December dividends and distributions were recorded as a liability on the Consolidated Balance Sheet at December 31, 2023 and were paid on January 16, 2024.

 During the fourth quarter of 2023, the Company declared monthly dividends on the Series A Preferred Shares for October, November, and December 2023 in the amount of $0.08854 per Depositary Share. The dividends payable for October and November were paid during the quarter. The December dividend was recorded as a liability on the Consolidated Balance Sheet at December 31, 2023 and were paid on January 2, 2024.

 Recent Accounting Pronouncements
 Refer to Note 2 – Summary of Significant Accounting Policies in the consolidated financial statements for a summary and anticipated impact of each accounting pronouncement on the Company's financial statements.
 Critical Accounting Policies and Estimates
 The preparation of our financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires the Company's management to use judgment in the application of accounting policies, including making estimates and assumptions. Management bases estimates on the best information available at the time, its experience and on various other assumptions believed to be reasonable under the circumstances. These estimates affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. If management's judgment or interpretation of the facts and circumstances relating to various transactions or other matters had been different, it is possible that different accounting principles would have been applied, resulting in a different presentation of the consolidated financial statements. From time-to-time, the Company may re-evaluate its estimates and assumptions. In the event estimates or assumptions prove to be different from actual results, adjustments are made in subsequent periods to reflect more current estimates and assumptions about matters that are inherently uncertain. A summary of the Company's critical accounting policies is included below. This summary should be read in conjunction with the more complete discussion of our accounting policies and procedures included in Note 2 to our consolidated financial statements.
 Accounting for Acquisitions of Real Estate
 The acquisition of property for investment purposes is typically accounted for as an asset acquisition. The Company allocates the purchase price to land, building, assumed debt, if any, and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. In making estimates of fair values, the Company may use various sources, including data provided by independent third parties, as well as information obtained by the Company as a result of due diligence, including expected future cash flows of the property and various characteristics of the markets where the property is located. Certain assumptions, including those around market land values and market rental rates, are inherently subjective. While assumptions of market land values and market rental rates are based on available market data, the application of market data to the unique nature of properties acquired may require significant judgment. The use of different assumptions in the allocation of the purchase price of the acquired properties could affect the timing of recognition of the related revenue and expenses.
 Impairments
 We review our real estate investments for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable through operations plus estimated disposition proceeds. Events or circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, our ability or expectation to re-lease properties that are vacant or become vacant or a change in the anticipated holding period for a property. Identification of such events may involve certain assumptions, estimates, and significant judgment.

 Management determines whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the residual value of the real estate, to the carrying cost of the individual asset. Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale.
 The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions and/or purchase offers received from third parties. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate.
 The expected cash flows of a property are dependent on estimates and other factors subject to change, including (1) changes in the national, regional, and/or local economic climates and/or market conditions, (2) competition from other retail, (3) increases in operating costs, (4) bankruptcy and/or other changes in a tenant's condition and (5) expected holding period. These factors could cause our expected future cash flows from a property to change, and, as a result, an impairment could be considered to have occurred. Determination of the fair value of a property for purposes of measuring impairment may involve significant judgment.
 Non-GAAP Financial Measures
 Funds from Operations ("FFO" or "Nareit FFO")
 FFO is defined by the National Association of Real Estate Investment Trusts, Inc. ("Nareit") to mean net income computed in accordance with GAAP, excluding gains (or losses) from sales of real estate assets and/or changes in control, plus real estate related depreciation and amortization and any impairment charges on depreciable real estate assets, and after adjustments for unconsolidated partnerships and joint ventures. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company's operations.
 FFO should not be considered an alternative to net income as the primary indicator of the Company's operating performance, or as an alternative to cash flow as a measure of liquidity. Further, while the Company adheres to the Nareit definition of FFO, its presentation of FFO is not necessarily comparable to similarly titled measures of other REITs due to the fact that all REITs may not use the same definition.
 Core Funds from Operations ("Core FFO")
 The Company defines Core FFO as Nareit FFO with the addback of (i) noncash amortization of acquisition purchase price related to above- and below- market lease intangibles and discount on assumed mortgage debt and (ii) certain infrequently occurring items that reduce or increase net income in accordance with GAAP. Management believes that its measure of Core FFO facilitates useful comparison of performance to its peers who predominantly transact in sale-leaseback transactions and are thereby not required by GAAP to allocate purchase price to lease intangibles. Unlike many of its peers, the Company has acquired the substantial majority of its net-leased properties through acquisitions of properties from third parties or in connection with the acquisitions of ground leases from third parties.
 Core FFO should not be considered an alternative to net income as the primary indicator of the Company's operating performance, or as an alternative to cash flow as a measure of liquidity. Further, the Company's presentation of Core FFO is not necessarily comparable to similarly titled measures of other REITs due to the fact that all REITs may not use the same definition.
 Adjusted Funds from Operations ("AFFO")
 AFFO is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO further adjusts FFO and Core FFO for certain non-cash items that reduce or increase net income computed in accordance with GAAP. Management considers AFFO a useful supplemental measure of the Company's performance, however,

 AFFO should not be considered an alternative to net income as an indication of its performance, or to cash flow as a measure of liquidity or ability to make distributions. The Company's computation of AFFO may differ from the methodology for calculating AFFO used by other equity REITs, and therefore may not be comparable to such other REITs.
 The following table provides a reconciliation of net income to FFO, Core FFO, and AFFO for the years ended December 31, 2023, 2022 and 2021 ( presented in thousands):

 December 31, 2021

 Reconciliation from Net Income to Funds from Operations

 $

 $

 $

 Less Series A preferred stock dividends

 7,437

 7,437

 2,148

 Net income attributable to Operating Partnership common unitholders

 163,110

 145,598

 120,728

 Depreciation of rental real estate assets

 115,617

 88,685

 66,732

 Amortization of lease intangibles - in-place leases and leasing costs

 58,967

 44,107

 28,379

 Provision for impairment

 7,175

 1,015

 1,919

 (Gain) loss on sale or involuntary conversion of assets, net

 (1,849)

 (5,258)

 (15,111)

 Funds from Operations - Operating Partnership common unitholders

 $

 343,020

 $

 274,147

 $

 202,647

 Loss on extinguishment of debt and settlement of related hedges

 —

 —

 14,614

 Amortization of above (below) market lease intangibles, net and assumed mortgage debt discount, net

 33,430

 33,563

 24,284

 Core Funds from Operations - Operating Partnership common unitholders

 $

 376,450

 $

 307,710

 $

 241,545

 Straight-line accrued rent

 (12,142)

 (13,176)

 (11,857)

 Stock-based compensation expense

 8,338

 6,464

 5,467

 Amortization of financing costs and original issue discounts

 4,403

 3,141

 1,197

 Non-real estate depreciation

 1,693

 Adjusted Funds from Operations - Operating Partnership common unitholders

 $

 378,742

 $

 304,917

 $

 236,970

 Funds from Operations per common share and partnership unit - diluted

 $

 3.58

 $

 3.45

 $

 3.00

 Core Funds from Operations per common share and partnership unit - diluted

 $

 3.93

 $

 3.87

 $

 3.58

 Adjusted Funds from Operations per common share and partnership unit - diluted

 $

 3.95

 $

 3.83

 $

 3.51

 Weighted average shares and Operating Partnership common units outstanding

 Basic

 95,539,028

 79,006,952

 67,149,861

 Diluted

 95,785,031

 79,512,005

 67,486,698

 Additional supplemental disclosure

 Scheduled principal repayments

 $

 $

 $

 Capitalized interest

 $

 1,957

 $

 1,261

 $

 Capitalized building improvements

 $

 9,819

 $

 7,945

 $

 5,821

 Item 7A: Quantitative and Qualitative Disclosures about Market Risk
 The Company is exposed to interest rate risk primarily through borrowing activities. There is inherent roll-over risk for borrowings as they mature and are renewed at current market rates. The extent of this risk is not quantifiable or predictable because of the variability of future interest rates and our future financing requirements.
 The Company's interest rate risk is monitored using a variety of techniques. The table below presents the principal payments ( presented in thousands) and the weighted average interest rates on outstanding debt, by year of expected maturity, to evaluate the expected cash flows and sensitivity to interest rate changes. Average interest rates shown reflect the impact of the swap agreements employed to fix interest rates.

 2024

 2025

 2026

 2027

 2028

 Total

 $

 $

 1,026

 $

 $

 —

 $

 —

 $

 $

 44,868

 Average Interest Rate

 6.27

 %

 6.27

 %

 6.27

 %

 3.63

 %

 Revolving Credit Facility (1)

 $

 —

 $

 —

 $

 $

 $

 —

 $

 —

 $

 Average Interest Rate

 6.20

 %

 $

 —

 $

 —

 $

 —

 $

 —

 $

 —

 $

 $

 Average Interest Rate (2)

 4.52

 %

 Senior Unsecured Notes

 $

 —

 $

 $

 —

 $

 $

 410,000

 $

 1,300,000

 $

 Average Interest Rate

 4.16

 %

 4.26

 2.45

 %

 3.51

 %

 (1)
 The Revolving Credit Facility matures in January 2026, with options to extend the maturity date by six months up to two times, for a maximum maturity of January 2027.

 (2)
 The interest rate of the Unsecured Term Loan reflects the credit spread of 95 basis points plus the impact of the interest rate swaps which convert $350 million of SOFR based interest to a fixed interest rate of 3.57%.

 The table above incorporates those exposures that exist as of December 31, 2023; it does not consider those exposures or positions which could arise after that date. As a result, the Company's ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the period and interest rates.
 The Company seeks to limit the impact of interest rate changes on earnings and cash flows and to lower the overall borrowing costs by closely monitoring our variable rate debt and converting such debt to fixed rates when the Company deems such conversion advantageous. From time to time, the Company may enter into interest rate swap agreements or other interest rate hedging contracts. While these agreements are intended to lessen the impact of rising interest rates, they also expose the Company to the risks that the other parties to the agreements will not perform. The Company could incur significant costs associated with the settlement of the agreements, the agreements will be unenforceable and the underlying transactions will fail to qualify as highly effective cash flow hedges under GAAP guidance.
 In June 2023, the Company entered into $350 million of forward starting interest rate swap agreements to hedge against variability in future cash flows resulting from changes in SOFR. The swaps exchange variable rate interest on $350 million of SOFR indexed debt to a weighted average fixed interest rate of 3.57% beginning August 1, 2023 through January 1, 2029. The swaps are designated to hedge the variable rate interest payments indexed to SOFR in the Senior Unsecured Term Loan which matures January 2029. As of December 31, 2023, these interest rate swaps were valued as a liability of approximately $1.3 million.
 In December 2023, the Company entered into $150 million forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in SOFR. The swaps exchange variable rate SOFR interest on $150 million of SOFR indexed debt to a weighted average fixed interest rate of 3.60% beginning December 31, 2024 through

 the maturity date of December 31, 2034. The swaps are designated to hedge previously unhedged variable rate interest payments indexed to SOFR. As of December 31, 2023, these interest rate swaps were valued as a liability of approximately $3.2 million.
 The Company does not use derivative instruments for trading or other speculative purposes, and the Company did not have any other derivative instruments as of December 31, 2023.
 The fair value of the mortgage notes payable and senior unsecured notes is estimated to be $41.2 million and $1.60 billion, respectively, as of December 31, 2023. The fair value of the Revolving Credit Facility and Unsecured Term Loan approximate their carrying values as they are variable rate debt.
 Item 8: Financial Statements and Supplementary Data
 The financial statements and supplementary data are listed in the Index to the Financial Statements and Financial Statement Schedules appearing on Page F-1 of this Annual Report on Form 10-K and are included in this Annual Report on Form 10-K following page F-1.
 Item 9: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
 None.
 Item 9A: Controls and Procedures
 Disclosure Controls and Procedures
 At the end of the period covered by this report, the Company conducted an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on this evaluation, the Company's principal executive officer and principal financial officer concluded that its disclosure controls and procedures are effective as of the end of the period covered by this report to ensure that information required to be disclosed by us in reports that the Company files or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
 Management's Report on Internal Control over Financial Reporting
 Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a15-(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Our internal control over financial reporting includes those policies and procedures that:
 1)
 Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of our Company;

 2)
 Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and

 3)
 Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 Under the supervision of our principal executive officer and our principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our assessment and those criteria, our management concluded that we maintained effective internal control over financial reporting as of December 31, 2023.
 Changes in Internal Control over Financial Reporting
 There was no change in our internal control over financial reporting during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
 Attestation Report of Independent Registered Public Accounting Firm
 The attestation report issued by our independent registered public accounting firm, Grant Thornton LLP, required under this item is contained on page F-2 of this Annual Report on Form 10-K.
 Item 9B: Other Information
 Rule 10b5-1 Trading Plans – Directors and Section 16 Officers
 During the three months ended December 31, 2023, none of the Company's directors or Section 16 officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any "non-Rule 10b5-1 trading arrangement".

 Item 9C: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
 Not applicable.

 Item 10: Directors, Executive Officers and Corporate Governance
 The information required by this item is set forth under the following captions in our proxy statement to be filed with respect to our 2024 Annual Meeting of Stockholders (the "Proxy Statement"), all of which is incorporated by reference: "Proposal I – Election of Directors"; "Board Matters–The Board of Directors"; "Board Matters –Committees of the Board"; "Board Matters –Corporate Governance"; "Executive Officers"; and "Additional Information – Proposals for 2025 Annual Meeting."
 Item 11: Executive Compensation
 The information required by this item is set forth under the following captions in our Proxy Statement, all of which is incorporated herein by reference: "Compensation Discussion and Analysis," "Executive Compensation Tables," "Board Matters – Director Compensation," "Board Matters – Compensation Committee Interlocks and Insider Participation" and "Compensation Committee Report."
 Item 12: Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
 The following table summarizes the equity compensation plan under which our common stock may be issued as of December 31, 2023.

 Number of Securities

 Remaining Available for

 Number of Securities to

 Future Issuance Under

 be Issued Upon

 Weighted Average

 Equity Compensation

 Exercise of Outstanding

 Exercise Price of

 Plans (Excluding

 Options, Warrants and

 Outstanding Options,

 Securities Reflected in

 Rights

 Warrant and Rights

 Column (a))

 Plan Category

 (a)

 (b)

 (c)

 Equity Compensation Plans Approved by Security Holders

 —

 —

 169,809

 (1)

 Equity Compensation Plans Not Approved by Security Holders

 —

 —

 —

 Total

 —

 —

 169,809

 (1)
 Relates to various stock-based awards available for issuance under the Agree Realty Corporation 2020 Omnibus Incentive Plan, including incentive stock options, non-qualified stock options, stock appreciation rights, deferred stock awards, restricted stock awards, performance shares and units, unrestricted stock awards and dividend equivalent rights.

 Additional information required by this item is set forth under the following caption in our Proxy Statement, all of which is incorporated herein by reference: "Security Ownership of Certain Beneficial Owners and Management."
 Item 13: Certain Relationships and Related Transactions, and Director Independence
 The information required by this item is set forth under the following captions in our Proxy Statement, all of which is incorporated herein by reference: "Related Person Transactions" and "Board Matters –The Board of Directors."
 Item 14: Principal Accountant Fees and Services
 The information required by this item is set forth under the following caption in our Proxy Statement, all of which is incorporated herein by reference: "Audit Committee Matters."

 ITEM 15: Exhibits and Financial Statement Schedules

 15(a)(1).

 The following documents are filed as a part of this Annual Report on Form 10-K:

 Reports of Independent Registered Public Accounting Firm

 Consolidated Balance Sheets as of December 31, 2023 and 2022

 Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2023, 2022 and 2021

 Consolidated Statement of Equity for the Years Ended December 31, 2023, 2022 and 2021

 Consolidated Statements of Cash Flow for the Years Ended December 31, 2023, 2022 and 2021

 Notes to the Consolidated Financial Statements

 15(a)(2).

 The following is a list of the financial statement schedules required by Item 8:

 15(a)(3).

 Exhibits

 Exhibit
No.

 3.1.1

 Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2013).

 3.1.2

 Amendment to the Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on May 6, 2015).

 3.1.3

 Amendment to the Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on May 3, 2016).

 3.1.4

 Articles Supplementary of the Company, dated February 26, 2019 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on February 28, 2019).

 3.1.5

 Articles of Amendment of the Company (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on April 25, 2019).

 3.1.6

 Amendment to Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on May 10, 2021).

 3.1.7

 Articles Supplementary of the Company, dated September 13, 2021 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on September 13, 2021).

 3.2.1

 Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed on May 9, 2013).

 3.2.2

 First Amendment to Amended and Restated Bylaws of Agree Realty Corporation, effective February 26, 2019 (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed on February 28, 2019).

 4.1

 Amended and Restated Registration Rights Agreement, dated July 8, 1994 by and among the Company, Richard Agree, Edward Rosenberg and Joel Weiner (incorporated by reference to Exhibit 10.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 1994).

 4.2

 Form of certificate representing shares of common stock (incorporated by reference to Exhibit 4.2 to the Company's Registration Statement on Form S-3 filed on August 24, 2009).

 4.3

 Form of 4.32% Senior Guaranteed Note, Series 2018-A, due September 26, 2030 (incorporated by reference to Exhibit 4.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018).

 4.4

 Form of 4.32% Senior Guaranteed Note, Series 2018-B, due September 26, 2030 (incorporated by reference to Exhibit 4.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018).

 4.5

 Description of Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, as amended. (incorporated by reference to Exhibit 4.5 to the Company's Annual Report on Form 10-K for the year ended December 31, 2021).

 4.6

 Indenture, dated as of August 17, 2020, among the Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on August 17, 2020).

 4.7

 Indenture Officer's Certificate, dated as of August 17, 2020, among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on August 17, 2020).

 4.8

 Form of Global Note for 2.900% Notes due 2030 (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on August 17, 2020).

 4.9

 Form of Guarantee by and among Agree Limited Partnership, the Guarantors named therein and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on August 17, 2020).

 4.10

 Indenture Officer's Certificate, dated as of May 14, 2021, among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on May 14, 2021).

 4.11

 Form of Global Note for 2.000% Notes due 2028 (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on May 14, 2021).

 4.12

 Form of Global Note for 2.600% Notes due 2033 (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on May 14, 2021).

 4.13

 Form of 2028 Guarantee by and among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on May 14, 2021).

 4.14

 Form of 2033 Guarantee by and among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on May 14, 2021).

 4.15

 Master Deposit Agreement, by and among Agree Realty Corporation, Computershare Inc. and Computershare Trust Company, N.A., as depositary, and the holders from time to time of the depositary receipts described therein relating to shares of preferred stock of the Company, dated as of September 17, 2022 (incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form 8-A filed on September 17, 2021).

 4.16

 Indenture Officer's Certificate, dated as of August 22, 2022, among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on August 22, 2022).

 4.17

 Form of Global Note for 4.800% Notes due 2032 (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on August 22, 2022).

 4.18

 Form of 2032 Guarantee by and among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on August 22, 2022).

 10.1.1

 Note Purchase Agreement, dated as of August 3, 2017, among Agree Limited Partnership, the Company and the purchasers named therein (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2017).

 10.1.2

 Uncommitted Master Note Facility, dated as of August 3, 2017, among Agree Limited Partnership, the Company and Teachers Insurance and Annuity Associate of America ("TIAA") and each TIAA Affiliate (as defined therein) (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2017).

 10.1.3

 First Supplement to Uncommitted Master Note Facility, dated as of September 26, 2018, among Agree Limited Partnership, Agree Realty Corporation and Teachers Insurance and Annuity Association of America ("TIAA") (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018).

 10.1.4

 Uncommitted Master Note Facility, dated as of August 3, 2017, among Agree Limited Partnership, the Company and Teachers Insurance and AIG Asset Management (U.S.), LLC ("AIG") and each AIG Affiliate (as defined therein) (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2017).

 10.1.5

 First Supplement to Uncommitted Master Note Facility, dated as of September 26, 2018, among Agree Limited Partnership, Agree Realty Corporation, AIG Asset Management (U.S.), LLC and the institutional investors named therein (incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018).

 10.2+

 Summary of Director Compensation (incorporated by reference to Exhibit 10.6 to the Company's Annual Report on Form 10-K for the year ended December 31, 2022).

 10.3.1+

 Agree Realty Corporation 2014 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.10 to the Company's Annual Report on Form 10-K for the year ended December 31, 2014).

 10.3.2+

 Form of Restricted Stock Agreement under the Agree Realty Corporation 2014 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2014).

 10.3.3+

 Form of Performance Share Award Agreement pursuant to the Agree Realty Corporation 2014 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.17 to the Company's Annual Report on Form 10-K for the year ended December 31, 2017).

 10.3.4+

 Form of Performance Unit Award Notice pursuant to the Agree Realty Corporation 2014 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2019).

 10.4.1+

 Agree Realty Corporation 2017 Executive Incentive Plan, dated February 16, 2017 (incorporated by reference to Exhibit 10.14 to the Company's Annual Report on Form 10-K for the year ended December 31, 2016).

 10.5

 Note Purchase Agreement dated as of May 28, 2015 by and among Agree Limited Partnership, the Company and the purchasers thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 1, 2015).

 10.6

 Note Purchase Agreement, dated as of July 28, 2016, by and among Agree Limited Partnership, the Company and the purchasers thereto (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2016).

 10.7

 Form of Revolving Note (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on July 23, 2018).

 10.8*

 Reimbursement Agreement, dated as of October 3, 2023 by and between the Company and Richard Agree.

 10.9

 Note Purchase Agreement, dated as of June 14, 2019, among Agree Limited Partnership, the Company and the purchasers named therein (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019).

 10.10.1+

 Agree Realty Corporation 2020 Omnibus Incentive Plan (incorporated by reference to Appendix A to the Company's Definitive Proxy Statement on Schedule 14A filed on March 23, 2020).

 10.10.2+

 Form of Restricted Stock Agreement under the Agree Realty Corporation 2020 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on July 20, 2020).

 10.10.3+

 Form of Performance Unit Agreement under the Agree Realty Corporation 2020 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed on July 20, 2020).

 10.10.4

 Form of Restricted Stock Notice (Non-Employee Directors) under the Agree Realty Corporation 2020 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.31 to the Company's Annual Report on Form 10-K for the year ended December 31, 2021).

 10.5+

 Amended Employment Agreement, dated July 1, 2014, by and between the Company and Joey Agree (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2014).

 10.6+

 Summary of Material Terms of Compensation Arrangement with Danielle M. Spehar (effective December 7, 2019). (incorporated by reference to Exhibit 10.38 to the Company's Annual Report on Form 10-K for the year ended December 31, 2021).

 10.7+

 Employment Agreement, dated October 1, 2023, by and between Agree Realty Corporation and Joel Agree (incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q filed on October 24, 2023).

 10.8+

 Employment Agreement dated June 18, 2020, between Agree Realty Corporation and Craig Erlich (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on October 19, 2020).

 10.8.1+

 Addendum to Employment Agreement dated August 19, 2020, between Agree Realty Corporation and Craig Erlich (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on October 19, 2020).

 10.9

 Second Amended and Restated Agreement of Limited Partnership of Agree Limited Partnership, dated as of September 17, 2021 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on September 17, 2021).

 10.10.1

 Third Amended and Restated Credit Agreement, dated as of December 15, 2021, by and among Agree Realty Corporation, Agree Limited Partnership, PNC Bank, National Association as Administrative Agent, and a syndicate of lenders named therein (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on December 16, 2021).

 10.10.2

 First Amendment to Third Amendment and Restated Credit Agreement, dated as of December 15, 2021 by and among Agree Realty Corporation, Agree Limited Partnership, PNC Bank, National Association as Administrative Agent, and a syndicate of lenders named therein (incorporated by reference to Exhibit 10.29 to the Company's Annual Report on Form 10-K for the year ended December 31, 2022).

 10.11+

 Employment Agreement, dated January 5, 2022, between Agree Realty Corporation and Peter Coughenour (incorporated by reference to Exhibit 10.30 to the Company's Annual Report on Form 10-K for the year ended December 31, 2021).

 10.12

 Term Loan Agreement, dated as of July 31, 2023 by and among Agree Realty Corporation, Agree Limited Partnership, PNC Bank, National Association, as Administrative Agent, and a syndicate of lenders named therein (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on August 1, 2023).

 19.1*

 Agree Realty Corporation Insider Trading Policy, adopted September 4, 2019, and amended December 7, 2023.

 21*

 Subsidiaries of Agree Realty Corporation.

 22*

 Subsidiary Guarantors of Agree Realty Corporation.

 23.1*

 Consent of Grant Thornton LLP.

 24*

 Power of Attorney (included on the signature page of this Annual Report on Form 10-K).

 31.1*

 Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Joel N. Agree, Chief Executive Officer.

 31.2*

 Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Peter Coughenour, Chief Financial Officer.

 32.1*

 Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Joel N. Agree, Chief Executive Officer.

 32.2*

 Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Peter Coughenour, Chief Financial Officer.

 97.1*

 Agree Realty Corporation Compensation Recovery Policy, effective as of December 1, 2023.

 101*

 104*

 * Filed herewith.
 + Management contract or compensatory plan or arrangement.
 The certifications attached as Exhibit 32.1 and Exhibit 32.2 accompany this Annual Report on Form 10-K are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of Agree Realty Corporation under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Annual Report on Form 10 K, irrespective of any general incorporation language contained in such filing.

 15(b) The Exhibits listed in Item 15(a)(3) are hereby filed with this Annual Report on Form 10-K.
 15(c) The financial statement schedule listed at Item 15(a)(2) is hereby filed with this Annual Report on Form 10-K.

 Item 16: Form 10-K Summary
 None.

 Page

 Reports of Independent Registered Public Accounting Firm (PCAOB ID Number 248)

 Financial Statements

 Consolidated Balance Sheets

 Consolidated Statements of Operations and Comprehensive Income

 Consolidated Statement of Equity

 Consolidated Statements of Cash Flows

 Schedule III - Real Estate and Accumulated Depreciation

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 Board of Directors and Shareholders
 Opinion on internal control over financial reporting
 We have audited the internal control over financial reporting of Agree Realty Corporation (a Maryland corporation) and subsidiaries (the "Company") as of December 31, 2023, based on criteria established in the 2013 Internal Control— Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of
 December 31, 2023, based on criteria established in the 2013 Internal Control— Integrated Framework issued by COSO.

 We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the consolidated financial statements of the Company as of and for the year ended December 31, 2023, and our report dated February 13, 2024 expressed an unqualified opinion on those financial statements.

 Basis for opinion
 The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

 Definition and limitations of internal control over financial reporting
 A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.
 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
 /s/ GRANT THORNTON LLP
 Philadelphia, Pennsylvania
February 13, 2024

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 Board of Directors and Shareholders
 Opinion on the financial statements
 We have audited the accompanying consolidated balance sheets of Agree Realty Corporation (a Maryland corporation) and subsidiaries (the "Company") as of December 31, 2023 and 2022, the related consolidated statements of operations and comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2023, and the related notes and financial statement schedules included under Item 15(a) (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

 We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the Company's internal control over financial reporting as of December 31, 2023, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"), and our report dated February 13, 2024 expressed an unqualified opinion.

 Basis for opinion
 These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 Critical audit matter
 The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
 Fair value measurements used in the purchase price allocation of real estate acquisitions
 As described further in Notes 2 and 4 to the financial statements, the acquisition of property for investment purposes is typically accounted for as an asset acquisition. The Company allocates the purchase price to the assets acquired and liabilities assumed including land, building, assumed debt, if any, and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. During 2023, the Company purchased 282 retail net lease assets for approximately $1.20 billion. We identified the fair value measurements used in the purchase price allocation of real estate acquisitions as a critical audit matter.
 The principal consideration for our determination that the fair value measurements used in the purchase price allocation of real estate acquisitions are a critical audit matter is that auditing management's determination of fair value is complex and involved subjectivity. In particular, the fair value estimates are sensitive to significant assumptions. Those significant assumptions include market land value and market rent.

 Our audit procedures related to the fair value measurements used in the purchase price allocation of real estate acquisitions included the following, among others. We obtained an understanding, evaluated the design, and tested the operating effectiveness of relevant controls to allocate the purchase price of real estate acquisitions, including controls over the selection and review of inputs and assumptions used to estimate fair value. For a selection of real estate acquisitions, our real estate valuation professionals evaluated the reasonableness of key inputs and assumptions used to determine fair value by comparing the Company's market land and market rent values to independently developed ranges using relevant market data derived from industry transaction databases and published industry reports. For a selection of real estate acquisitions and leases, we compared the Company's market land and market rent values to independently developed ranges for reasonableness and to consider if management bias was present. Our procedures included performing sensitivity analyses over the significant assumptions.
 /s/ GRANT THORNTON LLP
 We have served as the Company's auditor since 2013.
 Philadelphia, Pennsylvania
February 13, 2024

 CONSOLIDATED BALANCE SHEETS
 (In thousands, except share and per-share data)

 2023

 2022

 ASSETS

 Real Estate Investments

 Land

 $

 2,282,354

 $

 1,941,599

 Buildings

 4,861,692

 4,054,679

 Less accumulated depreciation

 ( 433,958)

 ( 321,142)

 6,710,088

 5,675,136

 Property under development

 33,232

 65,932

 Net Real Estate Investments

 6,743,320

 5,741,068

 Real Estate Held for Sale, net

 3,642

 —

 Cash and Cash Equivalents

 10,907

 27,763

 Cash Held in Escrows

 3,617

 1,146

 Accounts Receivable - Tenants, net

 82,954

 65,841

 Lease Intangibles, net of accumulated amortization of

 $ 360,061 and $ 263,011 at December 31, 2023 and December 31, 2022, respectively

 854,088

 799,448

 Other Assets, net

 76,308

 77,923

 Total Assets

 $

 7,774,836

 $

 6,713,189

 CONSOLIDATED BALANCE SHEETS
 (In thousands, except share and per-share data)

 2023

 2022

 LIABILITIES

 Mortgage Notes Payable, net

 $

 42,811

 $

 47,971

 Unsecured Term Loan, net

 346,798

 —

 Senior Unsecured Notes, net

 1,794,312

 1,792,047

 Unsecured Revolving Credit Facility

 Dividends and Distributions Payable

 25,534

 22,345

 Accounts Payable, Accrued Expenses, and Other Liabilities

 101,401

 83,722

 Lease Intangibles, net of accumulated amortization of

 $ 42,813 and $ 35,992 at December 31, 2023 and December 31, 2022, respectively

 36,827

 36,714

 Total Liabilities

 2,574,683

 2,082,799

 EQUITY

 Preferred stock, $.0001 par value per share, 4,000,000 shares authorized, 7,000 shares Series A outstanding, at stated liquidation value of $ 25,000 per share, at December 31, 2023 and December 31, 2022

 Common stock, $.0001 par value, 180,000,000 shares authorized, 100,519,355 and 90,173,424 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively

 Additional paid-in-capital

 5,354,120

 4,658,570

 Dividends in excess of net income

 ( 346,473)

 ( 228,132)

 Accumulated other comprehensive income (loss)

 16,554

 23,551

 Total Equity - Agree Realty Corporation

 5,199,211

 4,628,998

 Non-controlling interest

 1,392

 Total Equity

 5,200,153

 4,630,390

 Total Liabilities and Equity

 $

 7,774,836

 $

 6,713,189

 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
 (In thousands, except share and per-share data)

 2023

 2022

 2021

 Revenues

 Rental income

 $

 537,403

 $

 429,632

 $

 339,067

 Other

 Total Revenues

 537,495

 429,814

 339,323

 Operating Expenses

 Real estate taxes

 40,092

 32,079

 25,513

 Property operating expenses

 24,961

 18,585

 13,996

 Land lease expense

 1,664

 1,617

 1,552

 General and administrative

 34,788

 30,121

 25,456

 Depreciation and amortization

 176,277

 133,570

 95,729

 Provision for impairment

 7,175

 1,015

 1,919

 Total Operating Expenses

 284,957

 216,987

 164,165

 Gain (loss) on sale of assets, net

 1,849

 5,341

 14,941

 Gain (loss) on involuntary conversion, net

 —

 ( 83)

 Income from Operations

 254,387

 218,085

 190,269

 Other (Expense) Income

 Interest expense, net

 ( 81,119)

 ( 63,435)

 ( 50,378)

 Income tax (expense) benefit

 ( 2,910)

 ( 2,860)

 ( 2,401)

 Loss on early extinguishment of term loans and settlement of related interest rate swaps

 —

 —

 ( 14,614)

 Other (expense) income

 1,245

 —

 Net Income

 Less net income attributable to non-controlling interest

 Net income attributable to Agree Realty Corporation

 169,959

 152,437

 122,273

 Less Series A preferred stock dividends

 7,437

 7,437

 2,148

 Net Income Attributable to Common Stockholders

 $

 162,522

 $

 145,000

 $

 120,125

 Net Income Per Share Attributable to Common Stockholders

 Basic

 $

 1.70

 $

 1.84

 $

 1.79

 Diluted

 $

 1.70

 $

 1.83

 $

 1.78

 Other Comprehensive Income

 $

 $

 $

 Amortization of interest rate swaps

 ( 2,519)

 ( 684)

 Change in fair value and settlement of interest rate swaps

 ( 4,501)

 29,881

 29,980

 Total comprehensive income (loss)

 163,527

 182,232

 153,806

 Less comprehensive income (loss) attributable to non-controlling interest

 Comprehensive Income (Loss) Attributable to Agree Realty Corporation

 $

 162,962

 $

 181,491

 $

 153,036

 Weighted Average Number of Common Shares Outstanding - Basic

 95,191,409

 78,659,333

 66,802,242

 Weighted Average Number of Common Shares Outstanding - Diluted

 95,437,412

 79,164,386

 67,139,079

 CONSOLIDATED STATEMENT OF EQUITY
 (In thousands, except share and per-share data)

 Dividends in

 Other

 Preferred Stock

 Common Stock

 Additional

 excess of net

 Comprehensive

 Non-Controlling

 Total

 Shares

 Amount

 Shares

 Amount

 Paid-In Capital

 income

 Income (Loss)

 Interest

 Equity

 Balance, December 31, 2020

 —

 $

 —

 60,021,483

 $

 $

 2,652,090

 $

 ( 91,343)

 $

 ( 36,266)

 $

 1,762

 $

 2,526,249

 Issuance of Series A preferred stock, net of issuance costs

 7,000

 —

 —

 ( 4,692)

 —

 —

 —

 170,308

 Issuance of common stock, net of issuance costs

 —

 —

 11,179,982

 744,846

 —

 —

 —

 744,847

 Repurchase of common shares

 —

 —

 ( 28,051)

 —

 ( 1,813)

 —

 —

 —

 ( 1,813)

 Issuance of stock under the 2020 Omnibus Incentive Plan

 —

 —

 138,894

 —

 —

 —

 —

 Forfeiture of restricted stock

 —

 —

 ( 26,997)

 —

 ( 560)

 —

 —

 —

 ( 560)

 Stock-based compensation

 —

 —

 —

 —

 5,358

 —

 —

 —

 5,358

 Series A preferred dividends declared for the period

 —

 ( 2,148)

 —

 —

 —

 —

 —

 —

 ( 2,148)

 Common stock dividends and distributions declared for the period

 —

 —

 —

 —

 —

 ( 176,148)

 —

 ( 903)

 ( 177,051)

 Amortization, changes in fair value, and settlement of interest rate swaps

 —

 —

 —

 —

 —

 —

 30,763

 30,930

 —

 2,148

 —

 —

 —

 120,125

 —

 Balance, December 31, 2021

 7,000

 $

 71,285,311

 $

 $

 3,395,549

 $

 ( 147,366)

 $

 ( 5,503)

 $

 1,629

 $

 3,419,316

 Issuance of common stock, net of issuance costs

 —

 —

 18,799,566

 1,257,821

 —

 —

 —

 1,257,823

 Repurchase of common shares

 —

 —

 ( 30,366)

 —

 ( 1,912)

 —

 —

 —

 ( 1,912)

 Issuance of stock under the 2020 Omnibus Incentive Plan

 —

 —

 129,099

 —

 —

 —

 —

 Forfeiture of restricted stock

 —

 —

 ( 10,186)

 —

 ( 61)

 —

 —

 —

 ( 61)

 Stock-based compensation

 —

 —

 —

 —

 6,525

 —

 —

 —

 6,525

 Series A preferred dividends declared for the period

 —

 —

 —

 —

 —

 —

 —

 Common stock dividends and distributions declared for the period

 —

 —

 —

 —

 —

 ( 225,766)

 —

 ( 978)

 ( 226,744)

 Amortization, changes in fair value, and settlement of interest rate swaps

 —

 —

 —

 —

 —

 —

 29,054

 29,197

 —

 7,437

 —

 —

 —

 145,000

 —

 Balance, December 31, 2022

 7,000

 $

 90,173,424

 $

 $

 4,658,570

 $

 ( 228,132)

 $

 23,551

 $

 1,392

 $

 4,630,390

 Issuance of common stock, net of issuance costs

 —

 —

 10,267,768

 689,896

 —

 —

 —

 689,897

 Repurchase of common shares

 —

 —

 ( 36,780)

 —

 ( 2,684)

 —

 —

 —

 ( 2,684)

 Issuance of stock under the 2020 Omnibus Incentive Plan

 —

 —

 129,775

 —

 —

 —

 —

 —

 —

 Forfeiture of restricted stock

 —

 —

 ( 14,832)

 —

 ( 11)

 —

 —

 —

 ( 11)

 Stock-based compensation

 —

 —

 —

 —

 8,349

 —

 —

 —

 8,349

 Series A preferred dividends declared for the period

 —

 —

 —

 —

 —

 —

 —

 Common stock dividends and distributions declared for the period

 —

 —

 —

 —

 —

 ( 280,863)

 —

 ( 1,015)

 ( 281,878)

 Amortization, changes in fair value, and settlement of interest rate swaps

 —

 —

 —

 —

 —

 —

 ( 6,997)

 ( 23)

 ( 7,020)

 —

 7,437

 —

 —

 —

 162,522

 —

 Balance, December 31, 2023

 7,000

 $

 100,519,355

 $

 $

 5,354,120

 $

 ( 346,473)

 $

 16,554

 $

 $

 5,200,153

 Cash dividends declared per depositary share of Series A preferred stock:

 For the twelve months ended December 31, 2021

 $

 0.307

 For the twelve months ended December 31, 2022

 $

 1.063

 For the twelve months ended December 31, 2023

 $

 1.063

 Cash dividends declared per common share:

 For the twelve months ended December 31, 2021

 $

 2.604

 For the twelve months ended December 31, 2022

 $

 2.805

 For the twelve months ended December 31, 2023

 $

 2.919

 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (In thousands)

 December 31, 2021

 Cash Flows from Operating Activities

 $

 $

 $

 Adjustments to reconcile net income to net cash provided by operating activities:

 Depreciation and amortization

 176,277

 133,570

 95,729

 Amortization from above (below) market lease intangibles, net

 33,096

 33,337

 24,284

 Amortization from financing costs, credit facility costs and debt discount

 4,737

 4,065

 2,360

 Stock-based compensation

 8,338

 6,464

 4,798

 Straight-line accrued rent

 ( 12,142)

 ( 13,176)

 ( 11,857)

 Provision for impairment

 7,175

 1,015

 1,919

 Gain(loss) on settlement of interest rate swaps

 —

 28,414

 16,748

 (Gain) loss on sale of assets

 ( 1,849)

 ( 5,341)

 ( 14,941)

 Write-off of unamortized financing costs upon debt extinguishment

 —

 —

 1,250

 (Increase) decrease in accounts receivable

 ( 5,086)

 ( 4,447)

 (Increase) decrease in other assets

 4,891

 ( 3,231)

 Increase (decrease) in accounts payable, accrued expenses, and other liabilities

 10,384

 15,048

 10,827

 Net Cash Provided by Operating Activities

 391,598

 362,121

 246,315

 Cash Flows from Investing Activities

 Acquisition of real estate investments and other assets

 ( 1,206,025)

 ( 1,578,511)

 ( 1,400,685)

 Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $ 1,957 in 2023, $ 1,261 in 2022, and $ 249 in 2021)

 ( 82,368)

 ( 81,875)

 ( 41,464)

 Payment of leasing costs

 ( 447)

 ( 503)

 ( 468)

 Net proceeds from sale of assets

 13,843

 44,914

 56,002

 Net Cash Used in Investing Activities

 ( 1,274,997)

 ( 1,615,975)

 ( 1,386,615)

 Cash Flows from Financing Activities

 Proceeds from Series A preferred stock offering, net

 —

 —

 170,308

 Proceeds from common stock offerings, net

 689,896

 1,257,823

 744,847

 Repurchase of common shares

 ( 2,684)

 ( 1,912)

 ( 1,813)

 Unsecured revolving credit facility borrowings

 1,231,000

 1,035,000

 594,000

 Unsecured revolving credit facility repayments

 ( 1,104,000)

 ( 1,095,000)

 ( 526,000)

 Payments of mortgage notes payable

 ( 5,527)

 ( 24,490)

 ( 799)

 Proceeds from unsecured term loan

 —

 —

 Payments of unsecured term loans

 —

 —

 ( 240,000)

 Proceeds from senior unsecured notes

 —

 297,513

 640,623

 Payments on senior notes

 —

 —

 —

 Payment of Series A preferred dividends

 ( 7,438)

 ( 1,529)

 Payment of common stock dividends

 ( 277,676)

 ( 220,304)

 ( 194,296)

 Distributions to non-controlling interest

 ( 1,012)

 ( 971)

 ( 1,042)

 Payments for financing costs

 ( 3,546)

 ( 2,708)

 ( 6,704)

 Net Cash Provided by Financing Activities

 869,014

 1,237,513

 1,177,595

 Net Increase (Decrease) in Cash and Cash Equivalents and Cash Held in Escrow

 ( 14,385)

 ( 16,341)

 37,295

 Cash and cash equivalents and cash held in escrow, beginning of period

 28,909

 45,250

 7,955

 Cash and cash equivalents and cash held in escrow, end of period

 $

 14,524

 $

 28,909

 $

 45,250

 Supplemental Disclosure of Cash Flow Information

 Cash paid for interest (net of amounts capitalized)

 $

 87,481

 $

 58,784

 $

 56,150

 Cash paid for income tax

 $

 3,065

 $

 2,395

 $

 1,816

 Supplemental Disclosure of Non-Cash Investing and Financing Activities

 Lease right of use assets added under new ground leases

 $

 —

 $

 1,816

 $

 6,302

 Mortgage note payable assumed, net of $ 2,548 mortgage debt discount

 $

 —

 $

 39,702

 $

 —

 Series A preferred dividends declared and unpaid

 $

 $

 $

 Common stock dividends and limited partners' distributions declared and unpaid

 $

 24,914

 $

 21,725

 $

 16,261

 Change in accrual of development, construction and other real estate investment costs

 $

 2,785

 $

 3,199

 $

 ( 5,537)

 Note 1 – Organization
 Agree Realty Corporation (the "Company"), a Maryland corporation, is a fully integrated real estate investment trust ("REIT") primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants. The Company was founded in 1971 by its current Executive Chairman, Richard Agree, and its common stock was listed on the New York Stock Exchange in 1994.
 The Company's assets are held by, and all of its operations are conducted through, directly or indirectly, Agree Limited Partnership (the "Operating Partnership"), of which Agree Realty Corporation is the sole general partner and in which it held a 99.7 % and 99.6 % common equity interest as of December 31, 2023 and 2022, respectively. There is a one-for-one relationship between the limited partnership interests in the Operating Partnership ("Operating Partnership Common Units") owned by the Company and shares of Company common stock outstanding. The Company also owns 100 % of the Series A preferred equity interest in the Operating Partnership. This preferred equity interest corresponds on a one-for-one basis to the Company's Series A Preferred Stock (Refer to Note 6 - Common and Preferred Stock), providing income and distributions to the Company equal to the dividends payable on that stock.
 At December 31, 2023 and 2022, respectively, the non-controlling interest in the Operating Partnership consisted of a 0.3 % and 0.4 % common ownership interest in the Operating Partnership held by the Company's founder and Executive Chairman. The Operating Partnership Common Units may, under certain circumstances, be exchanged for shares of common stock on a one -for-one basis. The Company, as sole general partner of the Operating Partnership, has the option to settle exchanged Operating Partnership Common Units held by others for cash based on the current trading price of its shares. Assuming the exchange of all non-controlling Operating Partnership Common Units, there would have been 100,866,974 shares of common stock outstanding at December 31, 2023.
 As of December 31, 2023, the Company owned 2,135 properties, with a total gross leasable area ("GLA") of approximately 44.2 million square feet. As of December 31, 2023, the Company's portfolio was approximately 99.8 % leased and had a weighted average remaining lease term (excluding extension options) of approximately 8.4 years. A significant majority of its properties are leased to national tenants and approximately 69.1 % of its annualized base rent was derived from tenants, or parent entities thereof, with an investment grade credit rating from S&P Global Ratings, Moody's Investors Service, Fitch Ratings or the National Association of Insurance Commissioners.
 The terms "Agree Realty," the "Company," "Management," "we," "our" or "us" refer to Agree Realty Corporation and all of its consolidated subsidiaries, including the Operating Partnership.
 Note 2 – Summary of Significant Accounting Policies
 Consolidation
 Under the agreement of limited partnership of the Operating Partnership, the Company, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership. The Company consolidates the Operating Partnership under the guidance set forth in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810, Consolidation, and as a result, the Consolidated Financial Statements include the accounts of the Company, the Operating Partnership and its wholly owned subsidiaries. All material intercompany accounts and transactions are eliminated, including the Company's Series A preferred equity interest in the Operating Partnership.
 Real Estate Investments
 The Company records the acquisition of real estate at cost, including acquisition and closing costs. For properties developed by the Company, all direct and indirect costs related to planning, development and construction, including interest, real estate taxes and other miscellaneous costs incurred during the construction period, are capitalized for financial reporting purposes and recorded as property under development until construction has been completed.

 Assets Held for Sale
 Assets are classified as real estate held for sale based on specific criteria as outlined in FASB ASC Topic 360, Property, Plant & Equipment. Properties classified as real estate held for sale are recorded at the lower of their carrying value or their fair value, less anticipated selling costs. Any properties classified as held for sale are not depreciated. Assets are generally classified as real estate held for sale once management has actively engaged in marketing the asset and has received a firm purchase commitment that is expected to close within one year.
 Acquisitions of Real Estate
 The acquisition of property for investment purposes is typically accounted for as an asset acquisition. The Company allocates the purchase price to land, building, assumed debt, if any, and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. Intangible assets and liabilities represent the value of in-place leases and above- or below-market leases. In making estimates of fair values, the Company may use various sources, including data provided by independent third parties, as well as information obtained by the Company as a result of its due diligence, including expected future cash flows of the property and various characteristics of the markets where the property is located.
 In allocating the fair value of the identified tangible and intangible assets and liabilities of an acquired property, land is valued based upon comparable market data or independent appraisals. Buildings are valued on an as-if vacant basis based on a cost approach utilizing estimates of cost and the economic age of the building or an income approach utilizing various market data. In-place lease intangibles are valued based on the Company's estimates of costs related to tenant acquisition and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition. Above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition and the Company's estimate of current market lease rates for the property. In the case of sale-leaseback transactions, it is typically assumed that the lease is not in-place prior to the close of the transaction.
 Depreciation and Amortization
 Land, buildings and improvements are recorded and stated at cost. The Company's properties are depreciated using the straight-line method over the estimated remaining useful life of the assets, which are generally 40 years for buildings and 10 to 20 years for improvements. Properties classified as held for sale and properties under development or redevelopment are not depreciated. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives.
 In-place lease intangible assets and the capitalized above- and below-market lease intangibles are amortized over the non-cancelable term of the lease as well as any option periods included in the estimated fair value. In-place lease intangible assets are amortized to amortization expense and above- and below-market lease intangibles are amortized as a net adjustment to rental income. In the event of early lease termination, the remaining net book value of any above- or below-market lease intangible is recognized as an adjustment to rental income.
 The following schedule summarizes the Company's amortization of lease intangibles for the years ended December 31, 2023, 2022 and 2021 ( presented in thousands):

 For the Year Ended December 31,

 2023

 2022

 2021

 Lease intangibles (in-place)

 $

 58,396

 $

 43,553

 $

 27,827

 Lease intangibles (above-market)

 39,917

 39,603

 30,596

 Lease intangibles (below-market)

 ( 6,821)

 ( 6,266)

 ( 6,312)

 Total

 $

 91,492

 $

 76,890

 $

 52,111

 The following schedule represents estimated future amortization of lease intangibles as of December 31, 2023 ( presented in thousands):

 Year Ending December 31,

 2024

 2025

 2026

 2027

 2028

 Total

 Lease intangibles (in-place)

 $

 61,552

 $

 58,498

 $

 55,050

 $

 49,437

 $

 43,295

 $

 186,828

 $

 454,660

 Lease intangibles (above-market)

 37,642

 35,308

 33,579

 30,984

 27,510

 234,405

 399,428

 Lease intangibles (below-market)

 ( 5,223)

 ( 4,787)

 ( 4,433)

 ( 4,084)

 ( 3,265)

 ( 15,035)

 ( 36,827)

 Total

 $

 93,971

 $

 89,019

 $

 84,196

 $

 76,337

 $

 67,540

 $

 406,198

 $

 817,261

 Impairments
 The Company reviews real estate investments and related lease intangibles for possible impairment when certain events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable through operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, the Company's ability or expectation to re-lease properties that are vacant or become vacant or a change in the anticipated holding period for a property.
 Management determines whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the residual value of the real estate, to the carrying cost of the individual asset.
 Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale.
 The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions and purchase offers received from third parties, which are Level 3 inputs. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. Estimating future cash flows is highly subjective and estimates can differ materially from actual results.
 Cash and Cash Equivalents and Cash Held in Escrow
 The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of deposit, checking, and money market accounts. The account balances periodically exceed the Federal Deposit Insurance Corporation ("FDIC") insurance coverage, and as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. Cash held in escrows primarily relates to proposed like-kind exchange transactions pursued under Section 1031 of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). The Company had $ 13.4 million and $ 27.1 million in cash and cash equivalents and cash held in escrow as of December 31, 2023 and 2022, respectively, in excess of the FDIC insured limit.
 The following table provides a reconciliation of cash and cash equivalents and cash held in escrow, both as reported within the Consolidated Balance Sheets, to the total of the cash and cash equivalents and cash held in escrow as reported within the Consolidated Statements of Cash Flows ( presented in thousands):

 Cash and cash equivalents

 $

 10,907

 $

 27,763

 Cash held in escrow

 3,617

 1,146

 Total of cash and cash equivalents and cash held in escrow

 $

 14,524

 $

 28,909

 Revenue Recognition and Accounts Receivable
 The Company leases real estate to its tenants under long-term net leases which are accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Rental increases based upon changes in the consumer price indexes, or other variable factors, are recognized only after changes in such factors have occurred and are then applied according to the lease agreements. Certain leases also provide for additional rent based on tenants' sales volumes. These rents are recognized when determinable after the tenant exceeds a sales breakpoint.
 Recognizing rent escalations on a straight-line method results in rental revenue in the early years of a lease being higher than actual cash received, creating a straight-line rent receivable asset which is included in the accounts receivable - tenants line item in the Consolidated Balance Sheets. The balance of straight-line rent receivables at December 31, 2023 and 2022 was $ 65.9 million and $ 53.9 million, respectively. To the extent any of the tenants under these leases become unable to pay their contractual cash rents, the Company may be required to write down the straight-line rent receivable from those tenants, which would reduce rental income.
 The Company reviews the collectability of charges under its tenant operating leases on a regular basis, taking into consideration changes in factors such as the tenant's payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that collectability with respect to any tenant changes, the Company recognizes an adjustment to rental revenue. The Company's review of collectability of charges under its operating leases also includes any accrued rental revenue related to the straight-line method of reporting rental revenue.
 As of December 31, 2023, the Company has three leases across three tenants where collection is not considered probable. For these tenants, the Company is recording rental income on a cash basis and has written off any outstanding receivables, including straight-line rent receivables. Adjustments to rental revenue related to tenants accounted for on the cash basis resulted in an increase to rental income and net income of $ 0.4 million for the year ended December 31, 2023 due to the receipt of amounts previously considered uncollectible, and a reduction to rental income and net income of $ 0.4 million for the year ended December 31, 2022.
 In addition to the tenant-specific collectability assessment performed, the Company may also recognize a general allowance, as a reduction to rental revenue, for its operating lease receivables which are not expected to be fully collectible based on the potential for settlement of arrears. The Company had no general allowance as of December 31, 2023 and 2022.
 The Company's leases provide for reimbursement from tenants for common area maintenance, insurance, real estate taxes and other operating expenses. A portion of the Company's operating cost reimbursement revenue is estimated each period and is recognized as rental revenue in the period the recoverable costs are incurred and accrued, and the related revenue is earned. The balance of unbilled operating cost reimbursement receivable at December 31, 2023 and 2022 was $ 14.0 million and $ 11.1 million, respectively. Unbilled operating cost reimbursement receivable is reflected in accounts receivable - tenants, net in the Consolidated Balance Sheets.
 The Company has adopted the practical expedient in FASB ASC Topic 842, Leases ("ASC 842") that allows lessors to combine non-lease components with the lease components when the timing and patterns of transfer for the lease and non-lease components are the same and the lease is classified as an operating lease. As a result, all rentals and reimbursements pursuant to tenant leases are reflected as one-line, rental income, in the Consolidated Statement of Operations and Comprehensive Income.
 Earnings per Share
 Earnings per share of common stock has been computed pursuant to the guidance in the FASB ASC Topic 260, Earnings Per Share. The guidance requires the classification of the Company's unvested restricted common shares ("restricted

 shares"), which contain rights to receive non-forfeitable dividends, as participating securities requiring the two-class method of computing net income per share of common stock. In accordance with the two-class method, earnings per share has been computed by dividing net income less net income attributable to unvested restricted shares by the weighted average number of shares of common stock outstanding less unvested restricted shares. Diluted earnings per share is computed by dividing net income less net income attributable to unvested restricted shares by the weighted average shares of common shares and potentially dilutive securities in accordance with the treasury stock method.
 The following is a reconciliation of the numerator and denominator used in the computation of basic and diluted net earnings per share of common stock for each of the periods presented ( presented in thousands, except for share data):

 Year Ended December 31,

 2023

 2022

 2021

 Net income attributable to Agree Realty Corporation

 $

 169,959

 $

 152,437

 $

 122,273

 Less: Series A preferred stock dividends

 ( 2,148)

 Net income attributable to common stockholders

 162,522

 145,000

 120,125

 Less: Income attributable to unvested restricted shares

 ( 405)

 ( 376)

 ( 369)

 Net income used in basic and diluted earnings per share

 $

 162,117

 $

 144,624

 $

 119,756

 Weighted average number of common shares outstanding

 95,431,468

 78,885,063

 67,004,069

 Less: Unvested restricted shares

 ( 240,059)

 ( 225,730)

 ( 201,827)

 Weighted average number of common shares outstanding used in basic earnings per share

 95,191,409

 78,659,333

 66,802,242

 Weighted average number of common shares outstanding used in basic earnings per share

 95,191,409

 78,659,333

 66,802,242

 Effect of dilutive securities:

 Share-based compensation

 131,261

 129,474

 118,460

 ATM Forward Equity Offerings

 39,519

 63,381

 203,957

 December 2021 Forward Equity Offering

 —

 89,963

 14,420

 May 2022 Forward Equity Offering

 —

 173,429

 —

 September 2022 Forward Equity Offering

 75,223

 48,806

 —

 Weighted average number of common shares outstanding used in diluted earnings per share

 95,437,412

 79,164,386

 67,139,079

 Operating Partnership Units ("OP Units")

 347,619

 347,619

 347,619

 Weighted average number of common shares and OP Units outstanding used in diluted earnings per share

 95,785,031

 79,512,005

 67,486,698

 For the year ended December 31, 2023, 185 shares of common stock related to restricted shares granted in 2021 and 2022 were anti-dilutive and were not included in the computation of diluted earnings per share.

 For the year ended December 31, 2022, 62 shares of common stock related to restricted shares granted in 2022 were anti-dilutive and were not included in the computation of diluted earnings per share.

 For the year ended December 31, 2021, 849 shares of common stock related to the 2021 ATM forward equity offerings, 5,360 shares of common stock related to the 2020 ATM forward equity offerings, and 2,092 restricted shares were anti-dilutive and were not included in the computation of diluted earnings per share.

 Forward Equity Sales
 The Company occasionally sells shares of common stock through forward sale agreements to enable the Company to set the price of such shares upon pricing the offering (subject to certain adjustments) while delaying the issuance of such shares and the receipt of the net proceeds by the Company.
 To account for the forward sale agreements, the Company considers the accounting guidance governing financial instruments and derivatives. To date, the Company has concluded that its forward sale agreements are not liabilities as they do not embody obligations to repurchase its shares nor do they embody obligations to issue a variable number of shares for which the monetary value are predominantly fixed, varying with something other than the fair value of the shares, or varying inversely in relation to its shares. The Company then evaluates whether the agreements meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments. The Company has concluded that the agreements are classifiable as equity contracts based on the following assessments: (i) none of the agreements' exercise contingencies are based on observable markets or indices besides those related to the market for the Company's own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to its own stock.
 The Company also considers the potential dilution resulting from the forward sale agreements on the earnings per share calculations. The Company uses the treasury stock method to determine the dilution resulting from forward sale agreements during the period of time prior to settlement.
 Equity Offering Costs
 Underwriting commissions and offering costs of equity offerings have been reflected as a reduction of additional paid-in-capital in the Company's Consolidated Balance Sheets.
 Income Taxes
 The Company has made an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and related regulations. The Company generally will not be subject to federal income taxes on amounts distributed to stockholders, providing it distributes 100% of its REIT taxable income and meets certain other requirements for qualifying as a REIT. For each of the years in the three-year period ended December 31, 2023, the Company believes it has qualified as a REIT. Accordingly, no provision has been made for federal income taxes related to the Company's REIT taxable income in the accompanying consolidated financial statements. Notwithstanding the Company's qualification for taxation as a REIT, the Company is subject to certain state taxes on its income and real estate.
 Earnings and profits that determine the taxability of distributions to stockholders differ from net income reported for financial reporting purposes due to differences in the estimated useful lives and methods used to compute depreciation and the carrying value (basis) of the investments in properties for tax purposes, among other things.
 The Company and its taxable REIT subsidiaries ("TRS") have made a timely TRS election pursuant to the provisions of the REIT Modernization Act. A TRS is able to engage in activities resulting in income that previously would have been disqualified from being eligible REIT income under the federal income tax regulations. As a result, certain activities of the Company which occur within its TRS entities are subject to federal and state income taxes. All provisions for federal income taxes in the accompanying consolidated financial statements are attributable to the Company's TRS.
 The Company regularly analyzes its various federal and state filing positions and only recognizes the income tax effect in its financial statements when certain criteria regarding uncertain income tax positions have been met. The Company believes that its income tax positions would more likely than not be sustained upon examination by all relevant taxing authorities. Therefore, no provisions for uncertain income tax positions have been recorded in the consolidated financial statements.

 Management's Responsibility to Evaluate Our Ability to Continue as a Going Concern
 When preparing financial statements for each annual and interim reporting period, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued. In making its evaluation, the Company considers, among other things, any risks and/or uncertainties to its results of operations, contractual obligations in the form of near-term debt maturities, dividend requirements, or other factors impacting the Company's liquidity and capital resources. No conditions or events that raised substantial doubt about the ability to continue as a going concern within one year were identified as of the issuance date of the consolidated financial statements contained in this Annual Report on Form 10-K.
 Reclassifications
 Certain reclassifications of prior period amounts have been made in the consolidated financial statements and footnotes in order to conform to the current presentation.
 Segment Reporting
 The Company is primarily in the business of acquiring, developing and managing retail real estate. The Company's chief operating decision maker, which is its Chief Executive Officer, does not distinguish or group operations on a geographic or other basis when assessing the financial performance of the Company's portfolio of properties. Accordingly, the Company has a single reportable segment for disclosure purposes.
 Use of Estimates
 The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of (1) assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and (2) revenues and expenses during the reporting period. Actual results could differ from those estimates.
 Fair Values of Financial Instruments
 The Company's estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance, ASC Topic 820 Fair Value Measurement ("ASC 820"). The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels:

 Level 1 –

 Valuation is based upon quoted prices in active markets for identical assets or liabilities.

 Level 2 –

 Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 Level 3 –

 Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.

 Recent Accounting Pronouncements
 In March 2022, the FASB issued ASU 2022-03, "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820)" ("ASU 2022-03"). ASU 2022-03 clarifies that contractual sale restrictions on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, are not considered in measuring the fair value of equity securities. In addition, the amendment requires the disclosure of: (1) the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, (2) the nature and remaining duration of the restrictions, and (3) any circumstances that could cause a lapse in the restrictions. The amendments in ASU 2022-03 are effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The amendment is applied prospectively and early adoption is permitted. There was no impact upon adoption of the guidance on January 1, 2024 as the Company does not have sale restrictions on equity securities.

 In August 2023, the FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60) ("ASU 2023-05"). ASU 2023-05 addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture's separate financial statements. ASU 2023-05 will require that a joint venture apply a new basis of accounting upon formation. By applying a new basis of accounting, a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). The amendments in ASC 2023-05 are effective prospectively for all joint ventures formed on or after January 1, 2025. Joint ventures formed prior to January 1, 2025 may elect to apply the amendments retrospectively and early adoption is permitted. The Company does not have joint ventures and as such does not anticipate any impact from the amendments.

 In November 2023, the FASB issues ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure by requiring disclosure of incremental segment information on an annual and interim basis such as, annual and interim disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, interim disclosure of a reportable segment's profit or loss and assets and require that a public entity that has a single reportable segment provide all the disclosures required by ASU 2023-07 and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The disclosures are applied retrospectively to all periods presented and early adoption is permitted. The Company has one reportable segment and continues to evaluate additional disclosures that may be required for entities with a single reportable segment.

 In December 2023, the FASB issues ASU 2023-09, I ncome Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires annual disclosure of specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold within the rate reconciliation. In addition, the amendments require annual disclosure of income taxes paid disaggregated by federal, state and foreign jurisdictions as well as individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis, however early adoption and retrospective adoption is permitted. The Company continues to evaluate the potential impact of the guidance and potential additional disclosures required.

 Note 3 – Leases
 Tenant Leases
 The Company is primarily focused on the ownership, acquisition, development and management of retail properties leased to industry leading tenants.

 Substantially all of the Company's tenants are subject to net lease agreements. A net lease typically requires the tenant to be responsible for minimum monthly rent and actual property operating expenses incurred, including property taxes, insurance and maintenance. In addition, the Company's tenants are typically subject to future rent increases based on fixed amounts or increases in the consumer price index and certain leases provide for additional rent calculated as a percentage of the tenants' gross sales above a specified level. Certain of the Company's properties are subject to leases under which it retains responsibility for specific costs and expenses of the property.
 The Company's leases typically provide the tenant with one or more multi-year renewal options to extend their leases, subject to generally the same terms and conditions, including rent increases, consistent with the initial lease term.
 The Company attempts to maximize the amount it expects to derive from the underlying real estate property following the end of the lease, to the extent it is not extended. The Company maintains a proactive leasing program that, combined with the quality and locations of its properties, has made its properties attractive to tenants. The Company intends to continue to hold its properties for long-term investment and, accordingly, places a strong emphasis on the quality of construction and an on-going program of regular and preventative maintenance.
 The Company has elected the practical expedient in ASC 842 on not separating non-lease components from associated lease components. The lease and non-lease components combined as a result of this election largely include tenant rentals and maintenance charges, respectively. The Company applies the accounting requirements of ASC 842 to the combined component.
 The following table includes information regarding contractual lease payments for the Company's operating leases for which it is the lessor, for the years ended December 31, 2023, 2022 and 2021 (presented in thousands).

 For the Year Ended December 31,

 2023

 2022

 2021

 Total lease payments

 $

 558,200

 $

 450,369

 $

 352,797

 Less: Operating cost reimbursements and percentage rents

 60,694

 47,962

 36,929

 Total non-variable lease payments

 $

 497,506

 $

 402,407

 $

 315,868

 At December 31, 2023, future non-variable lease payments to be received from the Company's operating leases for the next five years and thereafter are as follows (presented in thousands):

 Year Ending December 31,

 2024

 2025

 2026

 2027

 2028

 Total

 Future non-variable lease payments

 $

 558,548

 $

 553,567

 $

 534,151

 $

 507,623

 $

 470,740

 $

 2,341,234

 $

 4,965,863

 Deferred Revenue
 As of December 31, 2023 and 2022, there was $ 21.9 million and $ 18.1 million, respectively, in deferred revenues resulting from rents paid in advance. Deferred revenues are recognized within accounts payable, accrued expenses, and other liabilities on the Consolidated Balance Sheets as of these dates.
 Land Lease Obligations
 The Company is the lessee under land lease agreements for certain of its properties. ASC 842 requires a lessee to recognize right of use assets and lease obligation liabilities that arise from leases, whether qualifying as operating or finance. As of December 31, 2023 and 2022, the Company had $ 60.2 million and $ 60.9 million, respectively, of right of use assets, net, recognized within other assets in the Consolidated Balance Sheets, while the corresponding lease obligations, net, of

 $ 23.0 million and $ 23.6 million, respectively, were recognized within accounts payable, accrued expenses, and other liabilities on the Consolidated Balance Sheets as of these dates.
 The Company's land leases do not include any variable lease payments. These leases typically provide multi-year renewal options to extend their term as lessee at the Company's option. Option periods are included in the calculation of the lease obligation liability only when options are reasonably certain to be exercised. Certain of the Company's land leases qualify as finance leases as a result of purchase options that are reasonably certain of being exercised or automatic transfer of title to the Company at the end of the lease term.
 Amortization of right of use assets for operating land leases is classified as land lease expense and was $ 1.7 million, $ 1.6 million, and $ 1.6 million for the years ending December 31, 2023, 2022 and 2021, respectively. There was no amortization of right of use assets for finance land leases, as the underlying leased asset (land) has an infinite life. Interest expense on finance land leases was $ 0.3 million, $ 0.3 million and $ 0.2 million during the years ended December 31, 2023, 2022 and 2021.
 In calculating its lease obligations under ground leases, the Company uses discount rates estimated to be equal to what it would have to pay to borrow on a collateralized basis over a similar term, for an amount equal to the lease payments, in a similar economic environment.
 The following tables include information on the Company's land leases for which it is the lessee, for the years ending December 31, 2023, 2022 and 2021 (presented in thousands).

 December 31, 2021

 Operating leases:

 Operating cash outflows

 $

 1,197

 $

 1,197

 $

 1,112

 Weighted-average remaining lease term - operating leases (years)

 33.2

 33.5

 33.8

 Finance leases:

 Operating cash outflows

 $

 $

 $

 Financing cash outflows

 $

 $

 $

 Weighted-average remaining lease term - finance leases (years)

 0.8

 1.8

 2.8

 Supplemental Disclosure:

 Right-of-use assets obtained in exchange for new lease liabilities, including value assigned to above market lease terms

 $

 —

 $

 1,816

 $

 6,302

 Right-of-use assets net change

 $

 —

 $

 1,816

 $

 6,302

 The following is a maturity analysis of lease liabilities for operating land leases as of December 31, 2023 for the following five years. ( presented in thousands)

 Year Ending December 31,

 2024

 2025

 2026

 2027

 2028

 Total

 Lease payments

 $

 1,197

 $

 1,197

 $

 1,195

 $

 1,042

 $

 1,013

 $

 27,796

 $

 33,440

 Imputed interest

 ( 690)

 ( 669)

 ( 647)

 ( 627)

 ( 609)

 ( 13,254)

 ( 16,496)

 Total lease liabilities

 $

 $

 $

 $

 $

 $

 14,542

 $

 16,944

 The weighted-average discount rate used in computing operating and finance lease obligations approximated 4 % at December 31, 2023, 2022 and 2021.

 The following is a maturity analysis of lease liabilities for finance land leases as of December 31, 2023 for the following five years. (presented in thousands)

 Year Ending December 31,

 2024

 2025

 2026

 2027

 2028

 Total

 Lease payments

 $

 6,252

 $

 —

 $

 —

 $

 —

 $

 —

 $

 —

 $

 6,252

 Imputed interest

 ( 207)

 —

 —

 —

 —

 —

 ( 207)

 Total lease liabilities

 $

 6,045

 $

 —

 $

 —

 $

 —

 $

 —

 $

 —

 $

 6,045

 Note 4 – Real Estate Investments
 Real Estate Portfolio
 As of December 31, 2023, the Company owned 2,135 properties, with a total GLA of approximately 44.2 million square feet. Net Real Estate Investments totaled $ 6.74 billion as of December 31, 2023. As of December 31, 2022, the Company owned 1,839 properties, with a total GLA of approximately 38.1 million square feet. Net Real Estate Investments totaled $ 5.74 billion as of December 31, 2022.
 Acquisitions
 During 2023, the Company purchased 282 retail net lease assets for approximately $ 1.20 billion, which includes acquisition and closing costs. These properties are located in 40 states and had a weighted average remaining lease term of approximately 11.3 years. The aggregate 2023 acquisitions were allocated approximately $ 325.2 million to land, $ 726.1 million to buildings and improvements, and $ 147.4 million to lease intangibles.
 During 2022, the Company purchased 434 retail net lease assets for approximately $ 1.60 billion, which includes acquisition, closing costs and the assumption of a $ 42.3 million mortgage note. These properties are located in 43 states and had a weighted average lease term of approximately 10.2 years. The aggregate 2022 acquisitions were allocated approximately $ 387.7 million to land, $ 1.00 billion to buildings and improvements, $ 204.9 million to lease intangibles, net and $ 2.5 million to assumed mortgage debt discount.
 The 2023 and 2022 acquisitions were primarily funded as cash purchases and the assumption of a mortgage note payable with a principal balance of $ 42.3 million. There was no material contingent consideration associated with these acquisitions.
 None of the Company's acquisitions during 2023 or 2022 caused any new or existing tenant to comprise 10% or more of the Company's total annualized contractual base rent at December 31, 2023 or 2022.
 Developments
 During the third quarter of 2023, the Company changed the name of its Partner Capital Solutions program to Developer Funding Platform ("DFP").

 During 2023, the Company commenced 13 and completed 21 development or DFP projects. At December 31, 2023, the Company had 16 development or DFP projects under construction.
 During 2022, the Company commenced 28 and completed seven development or DFP projects. At December 31, 2022, the Company had 24 development or DFP projects under construction.
 Dispositions
 During 2023, the Company sold real estate properties for net proceeds of $ 13.8 million and recorded a net gain of $ 1.8 million.
 During 2022, the Company sold real estate properties for net proceeds of $ 44.9 million and recorded a net gain of $ 5.3 million.
 During 2021, the Company sold real estate properties for net proceeds of $ 56.0 million and recorded a net gain of $ 14.9 million.
 During the year ended December 31, 2023, the Company completed construction and moved its headquarters to a new corporate office building. Prior to the move, the Company's headquarters were located in two office buildings owned by the Company. The Company began marketing for sale the previous corporate office buildings in early 2023, disposing of one in October 2023 to a third party. The Company received two bona fide offers on the remaining corporate office building during the fourth quarter of 2023, the highest of which was received from an entity controlled by one of the Company's Independent Directors. The transaction to sell the building for $ 3.7 million to the related party entity was approved by the Company's Audit Committee prior to accepting the offer and entering into the purchase and sale agreement. As a result of the offers received related to the remaining corporate office building, the Company recognized impairment of $ 2.7 million to state the carrying value of the building at it's fair value. The building was classified as held for sale as of December 31, 2023 and the all cash disposition closed on January 16, 2024. No amounts were due to or due from the Independent Director or the related party entity as of December 31, 2023 or subsequent to closing the disposition.
 Assets Held for Sale
 The Company classified one property as real estate held for sale at December 31, 2023, the assets for which are separately presented in the Consolidated Balance Sheets. No properties were classified as held for sale at December 31, 2022.
 Real estate held for sale consisted of the following as of December 31, 2023 and 2022 ( presented in thousands):

 Land

 $

 $

 —

 Building

 2,978

 —

 3,649

 —

 Accumulated depreciation and amortization, net

 ( 7)

 —

 Total Real Estate Held for Sale, net

 $

 3,642

 $

 —

 Provisions for Impairment
 As a result of the Company's review of real estate investments, it recognized provision for impairment of $ 7.2 million, $ 1.0 million and $ 1.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. The estimated fair value of the impaired real estate assets at their time of impairment during 2023, 2022 and 2021 was $ 6.3 million, $ 1.8 million and $ 1.0 million, respectively.

 Note 5 – Debt
 As of December 31, 2023, the Company had total gross indebtedness of $ 2.43 billion, including (i) $ 44.9 million of mortgage notes payable; (ii) $ 350.0 million unsecured term loan; (iii) $ 1.81 billion of senior unsecured notes; and (iv) $ 227.0 million outstanding under the Revolving Credit Facility (defined below).
 As of December 31, 2023, the Company had total gross mortgage indebtedness of $ 44.9 million, which was collateralized by related real estate and tenants' leases with an aggregate net book value of $ 79.3 million. The weighted average interest rate on the Company's mortgage notes payable was 3.78 % as of December 31, 2023 and 3.94 % as of December 31, 2022.
 Mortgage notes payable consisted of the following (presented in thousands):

 Note payable in monthly installments of interest only at 5.01 % per annum, matured in September 2023

 $

 —

 $

 4,622

 Note payable in monthly installments of $ 92 including interest at 6.27 % per annum, with a final monthly payment due July 2026

 2,618

 3,523

 Note payable in monthly installments of interest only at 3.63 % per annum, with a balloon payment due December 2029

 Total principal

 44,868

 50,395

 Unamortized debt issuance costs and assumed debt discount, net

 ( 2,057)

 ( 2,424)

 Total

 $

 42,811

 $

 47,971

 During the year ended December 31, 2023, the Company repaid the $ 4.6 million, 5.01 % per annum, interest only mortgage note at maturity.
 In connection with a four -property acquisition during the twelve months ended December 31, 2022, the Company assumed an interest only, mortgage note payable with a principal balance of $ 42.3 million and stated interest rate of 3.63 % maturing December 2029. In connection with the purchase price allocation, the mortgage debt was recorded at fair value as of the date of acquisition resulting in a $ 2.5 million debt discount that will be amortized over the term of the mortgage note payable into Interest Expense in the Consolidated Statements of Operations and Comprehensive Income.
 The mortgage loans encumbering the Company's properties are generally non-recourse, subject to certain exceptions for which the Company would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan, but generally include fraud or material misrepresentations, misstatements or omissions by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly, and certain environmental liabilities. At December 31, 2023, there were no mortgage loans with partial recourse to the Company.
 The Company has entered into mortgage loans that are secured by multiple properties and contain cross-default and cross-collateralization provisions. Cross-collateralization provisions allow a lender to foreclose on multiple properties in the event that the Company defaults under the loan. Cross-default provisions allow a lender to foreclose on the related property in the event a default is declared under another loan.

 The following table presents the unsecured term loan principal balances net of unamortized debt issuance costs as of December 31, 2023 and December 31, 2022 ( presented in thousands):

 All-in

 Interest Rate (1)

 Maturity

 2029 Unsecured Term Loan

 4.52

 %

 January 2029

 $

 $

 —

 Total Principal

 —

 Unamortized debt issuance costs, net

 ( 3,202)

 —

 Total

 $

 346,798

 $

 —

 (1) Interest rate at December 31, 2023 reflects the spread of 95 basis points plus the impact of interest rate swaps which converted $ 350 million of SOFR-based interest to a fixed interest rate of 3.57 %.
 On July 31, 2023, the Company closed on the unsecured $ 350 million 5.5 -year term loan (the "2029 Unsecured Term Loan") which includes an accordion option that allows the Company to request additional lender commitments up to a total of $ 500 million and matures in January 2029. Borrowings under the 2029 Unsecured Term Loan are priced at SOFR plus a spread of 80 to 160 basis points over SOFR, depending on the Company's credit ratings, plus a SOFR adjustment of 10 basis points. Based on the Company's credit ratings at the time of closing, pricing on the 2029 Unsecured Term Loan was 95 basis points over SOFR. The Company used the existing $ 350 million of forward starting interest rate swaps to hedge the variable SOFR priced interest to a weighted average fixed rate of 3.57 % until January 2029.
 Senior Unsecured Notes
 The following table presents the senior unsecured notes principal balances net of unamortized debt issuance costs and original issue discounts for the Company's private placement and public offerings as of December 31, 2023, and 2022 ( presented in thousands):

 All-in

 Coupon

 Interest Rate (1)

 Rate

 Maturity

 2025 Senior Unsecured Notes

 4.16

 %

 4.16

 %

 May 2025

 $

 $

 2027 Senior Unsecured Notes

 4.26

 %

 4.26

 %

 May 2027

 2028 Senior Unsecured Public Notes

 2.11

 %

 2.00

 %

 June 2028

 2028 Senior Unsecured Notes

 4.42

 %

 4.42

 %

 July 2028

 60,000

 60,000

 2029 Senior Unsecured Notes

 4.19

 %

 4.19

 %

 September 2029

 2030 Senior Unsecured Notes

 4.32

 %

 4.32

 %

 September 2030

 2030 Senior Unsecured Public Notes

 3.49

 %

 2.90

 %

 October 2030

 2031 Senior Unsecured Notes

 4.42

 %

 4.47

 %

 October 2031

 2032 Senior Unsecured Public Notes

 3.96

 %

 4.80

 %

 October 2032

 2033 Senior Unsecured Public Notes

 2.13

 %

 2.60

 %

 June 2033

 Total Principal

 Unamortized debt issuance costs and original issue discounts, net

 ( 15,688)

 ( 17,953)

 Total

 $

 1,794,312

 $

 1,792,047

 (1) The all-in interest rate reflects the straight-line amortization of the terminated swap agreements, as applicable.
 The Company has entered into forward-starting interest rate swap agreements to hedge against changes in future cash flows on forecasted issuances of debt. Refer to Note 9 – Derivative Instruments and Hedging Activity. In connection with

 pricing certain Senior Unsecured Notes and Senior Unsecured Public Notes, the Company terminated forward-starting interest rate swap agreements to fix the interest rate on all or a portion of the respective notes.
 Senior Unsecured Notes – Private Placements
 The Senior Unsecured Notes (collectively the "Private Placements") were issued in private placements to individual investors. The Private Placements did not involve a public offering in reliance on the exemption from registration pursuant to Section 4(a)(2) of the Securities Act.
 Senior Unsecured Notes – Public Offerings
 The Senior Unsecured Public Notes (collectively the "Public Notes") are fully and unconditionally guaranteed by Agree Realty Corporation and certain wholly owned subsidiaries of the Operating Partnership. These guarantees are senior unsecured obligations of the guarantors, rank equally in right of payment with all other existing and future senior unsecured indebtedness and are effectively subordinated to all secured indebtedness of the Operating Partnership and each guarantor (to the extent of the value of the collateral securing such indebtedness) of the guarantors.
 The Public Notes are governed by an indenture, dated August 17, 2020, among the Operating Partnership, the Company and trustee (as supplemented by an officer's certificate dated at the issuance of each of the Public Notes, the "Indenture"). The Indenture contains various restrictive covenants, including limitations on the ability of the guarantors and the issuer to incur additional indebtedness and requirements to maintain a pool of unencumbered assets.
 Senior Unsecured Revolving Credit Facility
 In December 2021, the Company entered into a Third Amended and Restated Revolving Credit Agreement which provided for a $ 1.0 billion senior unsecured revolving credit facility (the "Revolving Credit Facility") that bore interest based on a pricing grid with a range of 72.5 to 140 basis points over LIBOR, determined by the Company's credit ratings and leverage ratio. Based on the Company's credit ratings and leverage ratio at the time of closing, pricing on the Revolving Credit Facility was 77.5 basis points over LIBOR.
 In November 2022, the Company entered into a First Amendment to the Third Amended and Restated Revolving Credit Agreement which converted the interest rate on its $ 1.0 billion Revolving Credit Facility from a spread over LIBOR to a spread over SOFR plus a SOFR adjustment of 10 basis points.
 The margins for the Revolving Credit Facility are subject to improvement based on the Company's leverage ratio, provided its credit ratings meet a certain threshold. Based on the Company's credit ratings and leverage ratio at the time of closing plus the SOFR adjustment of 10 basis points, pricing on the Revolving Credit Facility was 87.5 basis points over SOFR. At December 31, 2023, the Revolving Credit Facility bore interest of 6.265 %, which is comprised of SOFR of 5.39 % plus the spread of 87.5 basis points. In connection with the Company's ongoing environmental, social and governance ("ESG") initiatives, pricing on the Revolving Credit Facility will decrease 1 basis point beginning in January 2024 due to improvements in the Company's ESG rating score during 2023. Pricing may further be reduced if additional specific ESG rating improvements are achieved.
 The Revolving Credit Facility includes an accordion option that allows the Company to request additional lender commitments up to a total of $ 1.75 billion. The Revolving Credit Facility will mature in January 2026 with Company options to extend the maturity date to January 2027.
 The Company and Richard Agree, the Executive Chairman of the Company, were parties to a Reimbursement Agreement dated November 18, 2014 (the "Reimbursement Agreement"). Pursuant to the Reimbursement Agreement, Mr. Agree had agreed to reimburse the Company for any loss incurred under the Revolving Credit Facility in an amount not to exceed $ 14.0 million to the extent that the value of the Operating Partnership's assets available to satisfy the Operating Partnership's obligations under the Revolving Credit Facility is less than $ 14.0 million. The parties terminated the

 Reimbursement Agreement and entered into a new reimbursement agreement dated October 3, 2023 (the "New Reimbursement Agreement"). Pursuant to the New Reimbursement Agreement, Mr. Agree has agreed to reimburse the Company for his proportionate share of loss incurred under the Revolving Credit Facility in an amount to be determined by facts and circumstances at the time of loss.
 Debt Maturities
 The following table presents scheduled principal payments related to the Company's debt as of December 31, 2023 ( presented in thousands):

 Scheduled

 Balloon

 Principal

 Payment

 Total

 2024

 $

 $

 —

 $

 2025

 1,026

 51,026

 2026 (1)

 227,629

 2027

 —

 2028

 —

 410,000

 410,000

 —

 1,692,250

 1,692,250

 Total scheduled principal payments

 $

 2,618

 $

 2,429,250

 $

 2,431,868

 (1)
 The Revolving Credit Facility matures in January 2026, with options to extend the maturity to January 2027. The Revolving Credit Facility had a $ 227.0 million outstanding balance as of December 31, 2023.

 Loan Covenants
 Certain loan agreements contain various restrictive covenants, including the following financial covenants: maximum total leverage ratio, maximum secured leverage ratios, consolidated net worth requirements, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, a minimum unsecured interest expense ratio, a minimum interest coverage ratio, a minimum unsecured debt yield and a minimum unencumbered interest expense ratio. As of December 31, 2023, the most restrictive covenant was the minimum unencumbered interest expense ratio. The Company was in compliance with all of its loan covenants and obligations as of December 31, 2023.
 Note 6 – Common and Preferred Stock
 Shelf Registration
 On May 5, 2023, the Company filed an automatic shelf registration statement on Form S-3ASR with the Securities and Exchange Commission registering an unspecified amount of common stock, preferred stock, depositary shares, warrants and guarantees of debt securities of the Operating Partnership, as well as an unspecified amount of debt securities of the Operating Partnership, at an indeterminate aggregate initial offering price. The Company may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.
 Common Stock Offerings
 In December 2021, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters' option to purchase an additional 750,000 shares, in connection with forward sale agreements. As of December 31, 2022, the Company settled all of these forward sale agreements. The offering resulted in net proceeds to the Company of approximately $ 368.7 million after deducting fees and expenses and making certain other adjustments.

 In May 2022, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters' option to purchase an additional 750,000 shares, in connection with forward sale agreements. As of December 31, 2022, the Company settled all of these forward sale agreements. The offering resulted in net proceeds to the Company of approximately $ 386.7 million after deducting fees and expenses and making certain other adjustments.
 In October 2022, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters' option to purchase an additional 750,000 shares, in connection with forward sale agreements. As of December 31, 2022, the Company settled 1,600,000 shares of these October 2022 forward sale agreements, realizing net proceeds of $ 106.2 million. During the year ended December 31, 2023, the Company settled the remaining 4,150,000 shares of these October 2022 forward sale agreements, realizing net proceeds of $ 275.0 million. The offering resulted in total net proceeds to the Company of $ 381.2 million after deducting fees and expenses and making certain adjustments.
 Preferred Stock Offering
 As of December 31, 2023, the Company had 7,000,000 depositary shares (the "Depositary Shares") outstanding, each representing 1/1,000 th of a share of Series A Preferred Stock.
 Dividends on the Series A Preferred Shares are payable monthly in arrears on the first day of each month (or, if not on a business day, on the next succeeding business day). The dividend rate is 4.25 % per annum of the $ 25,000 (equivalent to $ 25.00 per Depositary Share) liquidation preference. Monthly dividends on the Series A Preferred Shares have been and will be in the amount of $ 0.08854 per Depositary Share, equivalent to $ 1.0625 per annum.

 The Company may not redeem the Series A Preferred Shares before September 2026, except in limited circumstances to preserve its status as a real estate investment trust for federal income tax purposes and except in certain circumstances upon the occurrence of a change of control of the Company. Beginning in September 2026, the Company, at its option, may redeem the Series A Preferred Shares, in whole or from time to time in part, by paying $ 25.00 per Depositary Share, plus any accrued and unpaid dividends. Upon the occurrence of a change in control of the Company, if the Company does not otherwise redeem the Series A Preferred Shares, the holders have a right to convert their shares into common stock of the Company at the $ 25.00 per share liquidation value, plus any accrued and unpaid dividends. This conversion value is limited by a share cap if the Company's stock price falls below a certain threshold.

 ATM Programs
 The Company enters into at-the-market ("ATM") programs through which the Company, from time to time, sells shares of common stock and enters into forward sale agreements. The results of the ATM programs are shown in the following table.

 Program Size

 Net Proceeds Received

 Program Year

 ($ million)

 Shares Issued

 ($ million)

 2020

 *

 $ 400.0

 3,334,056

 $ 209.5

 2021

 *

 $ 500.0

 5,453,975

 $ 379.1

 2022

 $ 750.0

 10,197,230

 $ 669.1

 * ATM Programs have been terminated and no future issuance will occur under them.
 In September 2022, the Company entered into a $ 750 million ATM program (the "2022 ATM Program") through which the Company, from time to time, may sell shares of common stock and/or enter into forward sale agreements.
 As of December 31, 2023, the Company entered into forward sale agreements to sell an aggregate of 10,197,230 shares of common stock under the 2022 ATM Program, for anticipated net proceeds of $ 669.1 million. Through December 31, 2022,

 the Company settled 245,591 shares of these forward sale agreements for net proceeds of approximately $ 18.1 million, after deducting fees and expenses. During the year ended December 31, 2023, the Company has settled 6,117,768 shares of these forward sale agreements as of December 31, 2023 for net proceeds of approximately $ 415.4 million, after deducting fees and expense. The Company is required to settle the remaining outstanding shares of common stock under the 2022 ATM Program by January 2025. The Company had approximately $ 75.8 million of availability remaining under this program as of December 31, 2023.
 Note 7 – Dividends and Distributions Payable
 The Company declared dividends per common share of $ 2.919, $ 2.805 and $ 2.4056 during the years ended December 31, 2023, 2022 and 2021.
 On December 12, 2023, the Company declared a dividend per common share of $ 0.247 per share for the month ended December 31, 2023. The holders of Operating Partnership Common Units are entitled to an equal distribution per Operating Partnership Unit held. The monthly common dividend for December 2023 has been reflected as a reduction of stockholders' equity and the distribution has been reflected as a reduction of the limited partners' non-controlling interest. The December 2023 dividends and distributions were recorded as a liability on the consolidated balance sheet as of December 31, 2023 and were paid on January 16, 2024.
 The Company declared dividends on the Series A Preferred Shares of $ 1.0625 per Depositary Share during the year ended December 31, 2023 and 2022 and $ 0.30695 per Depositary Share during the year ended December 31, 2021, covering the periods subsequent to the September 2021 preferred stock issuance date (see Note 6- Common and Preferred Stock). These dividends were reflected entirely as ordinary income for federal income tax purposes. The December 2023 dividend declared on the Series A Preferred Shares of $ 0.08854 per Depositary Share has been reflected as a reduction of stockholders' equity and was recorded as a liability on the consolidated balance sheet as of December 31, 2023 and paid on January 2, 2024.
 For federal income tax purposes, distributions paid have been characterized as follows:

 For the Year Ended December 31,

 2023 (1)

 2022

 2021

 Ordinary Income

 $

 2.498

 $

 2.518

 $

 2.398

 Return of Capital

 0.174

 0.287

 0.206

 Total

 $

 2.672

 $

 2.805

 $

 2.604

 (1)
 The common dividend of $ 0.247 per common share, declared December 12, 2023 and paid January 16, 2024 will be considered a 2024 distribution for federal tax purposes and, therefore, has been excluded from the 2023 federal income tax characterization.

 Note 8 – Income Taxes
 Uncertain Tax Positions
 The Company is subject to the provisions of FASB ASC Topic 740-10 ("ASC 740-10") and has analyzed its various federal and state filing positions. The Company believes that its income tax filing positions and deductions are documented and supported. Additionally, the Company believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to ASC 740-10. The Company's federal income tax returns are open for examination by taxing authorities for all tax years after December 31, 2019. The Company has elected to record related interest and penalties, if any, as income tax expense on the Consolidated Statements of Operations and Comprehensive Income. We have no material interest or penalties relating to income taxes recognized for years ended December 31, 2023, 2022 and 2021.

 Income Tax Expense
 During the years ended December 31, 2023, 2022 and 2021, the Company recognized net federal and state income tax expense of approximately $ 2.9 million, $ 2.9 million and $ 2.4 million, respectively.
 Note 9 – Derivative Instruments and Hedging Activity
 Background
 The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risk, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and, to a limited extent, the use of derivative instruments. For additional information regarding the leveling of the Company's derivatives, refer to Note 10 – Fair Value Measurements.
 The Company's objective in using interest rate derivatives is to manage its exposure to interest rate movements and add stability to interest expense. To accomplish this objective, the Company uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the life of the agreement without exchange of the underlying notional amount.
 2023 Hedge Activity
 In June 2023, the Company entered into $ 350 million of forward starting interest rate swap agreements to hedge against variability in future cash flows resulting from changes in SOFR. The swaps exchange variable rate SOFR interest on $ 350 million of SOFR indexed debt to a weighted average fixed interest rate of 3.57 % beginning August 1, 2023 through the maturity date of January 1, 2029. The swaps are designated to hedge the variable rate interest payments of the 2029 Unsecured Term Loan indexed to SOFR. As of December 31, 2023, these interest rate swaps were valued as a liability of approximately $ 1.3 million.
 In December 2023, the Company entered into $ 150 million forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in SOFR. The swaps exchange variable rate SOFR interest on $ 150 million of SOFR indexed debt to a weighted average fixed interest rate of 3.60 % beginning December 31, 2024 through the maturity date of December 31, 2034. The swaps are designated to hedge previously unhedged variable rate interest payments indexed to SOFR. As of December 31, 2023, these interest rate swaps were valued as a liability of approximately $ 3.2 million
 2022 Settlements - Hedging 2022 Debt Issuances
 In May and July 2021, the Company entered into forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $ 300 million of long-term debt. The Company hedged its exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending December 2022. In August 2022, the Company terminated the swap agreements upon the debt issuance, receiving $ 28.4 million upon termination. This settlement was included as a component of accumulated Other Comprehensive Income ("OCI"), to be recognized as an adjustment to income over the term of the debt.
 2021 Settlements - Hedging 2021 Debt Issuances
 In August 2020, the Company entered into forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $ 100

 million of long-term debt. The Company hedged its exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending February 2022. In May 2021, the Company terminated the swap agreements upon the debt issuance, receiving $ 8.0 million upon termination. This settlement was included as a component of accumulated OCI, to be recognized as an adjustment to income over the term of the debt.
 In December 2020, the Company entered into forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $ 100 million of long-term debt. The Company hedged its exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending February 2022. In May 2021, the Company terminated the swap agreements upon the debt issuance, receiving $ 5.6 million upon termination. This settlement was included as a component of accumulated OCI, to be recognized as an adjustment to income over the term of the debt.
 In February 2021, the Company entered into forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $ 100 million of long-term debt. The Company hedged its exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending February 2022. In May 2021, the Company terminated the swap agreements upon the debt issuance, receiving $ 3.1 million upon termination. This settlement was included as a component of accumulated OCI, to be recognized as an adjustment to income over the term of the debt.
 2021 Settlements – Extinguishment of Term Loans
 Prior to May 2021, the Company had entered interest rate swap agreements to hedge against future cash flows on variable-rate borrowings. These interest rate swap agreements were settled in May 2021. The Company incurred a charge of $ 14.6 million upon this repayment and settlement, including swap termination costs of $ 13.4 million and the write-off of previously unamortized debt issuance costs of $ 1.2 million. Details of the interest rate swaps and related terminations is as follows:
 In July 2014, the Company entered into interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates on $ 65 million in variable-rate borrowings. Under the terms of the interest rate swap agreements, the Company received from the counterparty interest on the notional amount based on one month LIBOR and paid to the counterparty a fixed rate of 2.09 %. These swaps effectively converted $ 65 million of variable-rate borrowings to fixed-rate borrowings from July 21, 2014 to July 21, 2021. In May 2021, the Company terminated the swap agreements upon the payoff of the related term loan, paying $ 0.3 million upon termination. This settlement was recognized as an expense during the year ended December 31, 2021.
 In June 2016, the Company entered into an interest rate swap agreement to hedge against changes in future cash flows resulting from changes in interest rates on $ 40 million in variable-rate borrowings. Under the terms of the interest rate swap agreement, the Company received from the counterparty interest on the notional amount based on one month LIBOR and paid to the counterparty a fixed rate of 1.40 %. This swap effectively converted $ 40 million of variable-rate borrowings to fixed-rate borrowings from August 1, 2016 to July 1, 2023. In May 2021, the Company terminated the swap agreements upon the payoff of the related term loan, paying $ 1.0 million upon termination. This settlement was recognized as an expense during the year ended December 31, 2021.
 In December 2018, the Company entered into interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates on $ 100 million in variable-rate borrowings. Under the terms of the interest rate swap agreements, the Company received from the counterparty interest on the notional amount based on one month LIBOR and paid to the counterparty a fixed rate of 2.66 %. These swaps effectively converted $ 100 million of variable-rate borrowings to fixed-rate borrowings from December 27, 2018 to January 15, 2026. In May 2021, the Company terminated the swap agreements upon the payoff of the related term loan, paying $ 9.2 million upon termination. This settlement was recognized as an expense during the year ended December 31, 2021.

 In October 2019, the Company entered into interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates on $ 65 million in variable-rate borrowings. Under the terms of the interest rate swap agreements, the Company received from the counterparty interest on the notional amount based on one month LIBOR and paid to the counterparty a fixed rate of 1.4275 %. This swap effectively converted $ 65 million of variable-rate borrowings to fixed-rate borrowings from July 12, 2021 to January 12, 2024. In May 2021, the Company terminated the swap agreements upon the payoff of the related term loan, paying $ 1.8 million upon termination. This settlement was recognized as an expense during the year ended December 31, 2021.
 Also, in October 2019, the Company entered into an interest rate swap agreement to hedge against changes in future cash flows resulting from changes in interest rates on $ 35 million in variable-rate borrowings. Under the terms of the interest rate swap agreement, the Company receives from the counterparty interest on the notional amount based on one month LIBOR and pays to the counterparty a fixed rate of 1.4265 %. This swap effectively converted $ 35 million of variable-rate borrowings to fixed-rate borrowings from September 29, 2020 to January 12, 2024. In May 2021, the Company terminated the swap agreements upon the payoff of the related term loan, paying $ 1.1 million upon termination. This settlement was recognized as an expense during the year ended December 31, 2021.
 Recognition
 The Company recognizes all derivative instruments as either assets or liabilities at fair value on the balance sheet. The Company recognizes its derivatives within Other Assets, net and Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Balance Sheets.
 The Company recognizes all changes in fair value for hedging instruments designated and qualifying for cash flow hedge accounting treatment as a component of OCI.
 Accumulated OCI relates to (i) the change in fair value of interest rate derivatives and (ii) realized gains or losses on settled derivative instruments. Amounts are reclassified out of accumulated OCI as an adjustment to interest expense for (i) realized gains or losses related to effective interest rate swaps and (ii) realized gains or losses on settled derivative instruments amortized over the term of the hedged debt transaction. During the next twelve months, the Company estimates that an additional $ 6.3 million will be reclassified as a decrease to interest expense.
 During 2021, the Company accelerated the reclassification of amounts in accumulated OCI into expense given that the hedged forecasted transactions were no longer likely to occur. During 2021, the Company accelerated a loss of $ 13.4 million out of OCI into earnings due to missed forecasted transactions associated with terminated swap agreements in connection with the early payoff of the hedged term loans (see 2021 Settlements – Extinguishment of Term Loans above).

 The Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( presented in thousands, except number of instruments):

 Number of Instruments 1

 Notional Amount 1

 Interest Rate Derivatives

 2023

 2022

 2023

 2022

 Interest rate swap

 —

 $

 500,000

 $

 —

 (1) Number of Instruments and total Notional amounts disclosed includes all interest rate swap agreements outstanding at the balance sheet date, including forward-starting swaps prior to their effective date.

 The table below presents the estimated fair value of the Company's derivative financial instruments as well as their classification in the Consolidated Balance Sheets ( presented in thousands).

 Asset Derivatives

 Derivatives designated as cash flow hedges:

 Other Assets, net

 $

 —

 $

 —

 Liability Derivatives

 Derivatives designated as cash flow hedges:

 Accounts Payable, Accrued Expenses, and Other Liabilities

 $

 ( 4,501)

 $

 —

 The table below presents the effect of the Company's derivative financial instruments in the Consolidated Statements of Operations and Other Comprehensive Income for the years ended December 31, 2023, 2022 and 2021 ( presented in thousands).

 Location of Accumulated OCI

 Amount Reclassified from

 Amount of Income/(Loss) Recognized

 Reclassified from Accumulated

 Accumulated OCI as a

 in OCI on Derivative

 OCI into Income

 (Reduction)/Increase in Interest Expense

 Year Ended December 31,

 2023

 2022

 2021

 2023

 2022

 2021

 Interest rate swaps

 $

 ( 1,911)

 $

 29,881

 $

 14,958

 Interest expense

 $

 ( 5,109)

 $

 ( 684)

 $

 15,973

 Loss on extinguishment of debt and settlement of related hedges

 $

 —

 $

 —

 $

 13,363

 The Company does not use derivative instruments for trading or other speculative purposes and did not have any other derivative instruments or hedging activities as of December 31, 2023.
 Credit Risk-Related Contingent Features
 The Company has agreements with its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness.
 Although the derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both the Company and its counterparties under certain situations, the Company does not net its derivative fair values or any existing rights or obligations to cash collateral on the Consolidated Balance Sheets.
 As of December 31, 2023, the fair value of derivatives in a net liability position related to these agreements, which includes interest but excludes any adjustment for nonperformance risk was $ 4.1 million. The Company had no derivatives outstanding as of December 31, 2022. There was no offsetting of derivative assets or liabilities as of December 31, 2023 and December 31, 2022.
 Note 10 – Fair Value Measurements
 Assets and Liabilities Measured at Fair Value
 The Company accounts for fair values in accordance with ASC 820. ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the standard does not require any new fair value measurements of reported balances.
 ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset

 or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).
 Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls, is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
 Derivative Financial Instruments
 The Company uses interest rate swap agreements to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves.
 To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.
 Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
 The table below presents the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2023. ( presented in thousands):

 Total Fair Value

 Level 2

 Derivative assets - interest rate swaps

 $

 —

 $

 —

 Derivative liabilities - interest rate swaps

 $

 4,501

 $

 4,501

 There were no such derivative assets or liabilities as of December 31, 2022.

 Other Financial Instruments
 The carrying values of cash and cash equivalents, cash held in escrow, accounts receivables and accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short maturity of these financial instruments.
 The Company estimated the fair value of its debt based on its incremental borrowing rates for similar types of borrowing arrangements with the same remaining maturity and on the discounted estimated future cash payments to be made for other debt. The discount rate used to calculate the fair value of debt approximates current lending rates for loans and assumes the debt is outstanding through maturity. Since such amounts are estimates that are based on limited available market information for similar transactions, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument.
 The Company determined that the valuation of its Unsecured Term Loan, Senior Unsecured Notes and Revolving Credit Facility are classified as Level 2 of the fair value hierarchy and its fixed rate mortgages are classified as Level 3 of the fair value hierarchy. The Senior Unsecured Notes had carrying values of $ 1.79 billion and $ 1.79 billion as of December 31, 2023 and 2022, respectively, and had fair values of approximately $ 1.60 billion and $ 1.54 billion, respectively. The Mortgage Notes Payable had carrying values of $ 42.8 million and $ 48.0 million as of December 31, 2023 and 2022, respectively, and had fair values of $ 41.2 million and $ 45.4 million as of those dates. The fair value of the Revolving Credit Facility and Unsecured Term Loan are estimated to be equal to the carrying value as they are variable rate debt.
 Note 11 – Equity Incentive Plan
 In May 2020, the Company's stockholders approved the Agree Realty Corporation 2020 Omnibus Incentive Plan (the "2020 Plan"). The 2020 Plan provides for the award to employees, directors and consultants of the Company of options, restricted stock, restricted stock units, stock appreciation rights, performance awards (which may take the form of performance units or performance shares) and other awards to acquire up to an aggregate of 700,000 shares of the Company's common stock. As of December 31, 2023, 169,809 shares of common stock were available for issuance under the 2020 Plan.
 Restricted Stock - Employees
 Restricted shares have been granted to certain employees which vest based on continued service to the Company.
 The holder of a restricted share award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. Restricted share awards granted prior to 2023 vest over a five-year period while awards granted in 2023 vest over a three-year period.
 The Company estimates the fair value of restricted share grants at the date of grant and amortizes those amounts into expense on a straight-line basis over the appropriate vesting period. The Company used 0 % for the forfeiture rate for determining the fair value of restricted stock. The Company recognized expense related to restricted share grants of $ 4.6 million, $ 3.9 million and $ 3.5 million for the year ended December 2023, 2022 and 2021, respectively.
 As of December 31, 2023, there was $ 9.6 million of total unrecognized compensation costs related to the outstanding restricted shares, which is expected to be recognized over a weighted average period of 2.4 years. The intrinsic value of restricted shares redeemed was $ 2.7 million, $ 1.9 million and $ 1.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.

 Restricted share activity is summarized as follows:

 Shares

 Weighted Average

 Outstanding

 Grant Date

 (in thousands)

 Fair Value

 Unvested restricted stock at December 31, 2020

 $

 60.53

 Restricted stock granted

 $

 65.23

 Restricted stock vested

 ( 64)

 $

 53.82

 Restricted stock forfeited

 ( 23)

 $

 63.88

 Unvested restricted stock at December 31, 2021

 $

 64.90

 Restricted stock granted

 $

 63.10

 Restricted stock vested

 ( 63)

 $

 60.84

 Restricted stock forfeited

 ( 10)

 $

 65.12

 Unvested restricted stock at December 31, 2022

 $

 65.46

 Restricted stock granted

 $

 73.15

 Restricted stock vested

 ( 56)

 $

 63.95

 Restricted stock forfeited

 ( 15)

 $

 69.12

 Unvested restricted stock at December 31, 2023

 $

 68.85

 Performance Units and Shares
 Performance shares were granted to certain executive officers prior to 2019, while performance units were granted beginning in 2019. Performance units or shares are subject to a three-year performance period, following the conclusion of which shares awarded are to be determined by the Company's total shareholder return ("TSR") compared to the constituents of the MSCI US REIT Index and a defined peer group. Fifty percent of the award is based upon the TSR percentile rank versus the constituents in the MSCI US REIT Index for the three-year performance period; and fifty percent of the award is based upon TSR percentile rank versus a specified net lease peer group for the three-year performance period. For performance units and shares granted prior to 2023, vesting of the performance units and shares following their issuance will occur ratably over a three-year period, with the initial vesting occurring immediately following the conclusion of the performance period such that all units and shares vest within five years of the original award date. Performance units granted in 2023 vest following the conclusion of the performance period such that all units will vest three years from the original award date.
 The grant date fair value of these awards is determined using a Monte Carlo simulation pricing model. For the performance units and shares granted prior to 2023, compensation expense is amortized on an attribution method over a five-year period. For performance units granted in 2023, compensation expense is amortized on a straight-line basis over a three-year period. Compensation expense related to performance units or shares is determined at the grant date and is not adjusted throughout the measurement or vesting periods.

 The Monte Carlo simulation pricing model for issued grants utilizes the following assumptions: (i) expected term (equal to the remaining performance measurement period at the grant date); (ii) volatility (based on historical volatility); and (iii) risk-free rate (interpolated based on 2-and 3- year rates). The Company used 0 % for the forfeiture rate for determining the fair value of performance units and shares.
 The following assumptions were used when determining the grant date fair value:

 2023

 2022

 2021

 Expected term (years)

 2.9

 2.9

 2.9

 Volatility

 23.6

 %

 33.5

 %

 33.9

 %

 Risk-free rate

 4.4

 %

 1.8

 %

 0.2

 %

 The Company recognized expense related to performance units and shares for which the three-year performance period had not yet been completed of $ 2.2 million, $ 1.5 million and $ 1.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, there was $ 4.4 million of total unrecognized compensation costs related to performance units and shares for which the three-year performance period has not yet been completed, which is expected to be recognized over a weighted average period of 2.2 years.
 The Company recognized expense related to performance units and shares for which the three-year performance period was completed, however the shares have not yet vested, of $ 0.5 million, $ 0.4 million and $ 0.2 million for the years ending December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, there was $ 0.2 million of total unrecognized compensation costs related to performance units and shares for which the three-year performance period has been completed, however the shares have not yet vested, which is expected to be recognized over a weighted average period of 0.9 years.
 Performance unit and share activity is summarized as follows:

 Target Number

 Weighted Average

 of Awards

 Grant Date

 (in thousands)

 Fair Value

 Performance units and shares at December 31, 2020 - three-year performance period to be completed

 $

 69.61

 Performance units granted

 $

 63.42

 Performance shares - three-year performance period completed

 ( 31)

 $

 55.29

 Performance units and shares forfeited

 ( 21)

 $

 68.79

 Performance units and shares at December 31, 2021 - three-year performance period to be completed

 $

 72.13

 Performance units granted

 $

 68.59

 Performance shares - three-year performance period completed

 ( 27)

 $

 66.96

 Performance units at December 31, 2022 - three-year performance period to be completed

 $

 72.27

 Performance units granted

 $

 80.34

 Performance shares - three-year performance period completed

 ( 21)

 $

 90.17

 Performance units at December 31, 2023 - three-year performance period to be completed

 $

 72.14

 Shares

 Weighted Average

 Outstanding

 Grant Date

 (in thousands)

 Fair Value

 Performance shares - three-year performance period completed but not yet vested at December 31, 2020

 —

 $

 —

 Shares earned at completion of three-year performance period (1)

 $

 55.29

 Shares vested

 ( 16)

 $

 55.29

 Shares forfeited

 ( 4)

 $

 55.29

 Performance shares - three-year performance period completed but not yet vested December 31, 2021

 $

 55.29

 Shares earned at completion of three-year performance period (2)

 $

 66.96

 Shares vested

 ( 23)

 $

 59.91

 Performance units and shares - three-year performance period completed but not yet vested at December 31, 2022

 $

 61.91

 Shares earned at completion of three-year performance period (3)

 $

 90.17

 Shares vested

 ( 34)

 $

 69.73

 Performance units and shares - three-year performance period completed but not yet vested at December 31, 2023

 $

 83.40

 (1)Performance shares granted in 2018 for which the three-year performance period was completed in 2021 paid out at the 150 % performance level
 (2)Performance units granted in 2019 for which the three-year performance period was completed in 2022 paid out at the 106 % performance level
 (3)Performance units granted in 2020 for which the three-year performance period was completed in 2023 paid out at the 150 % performance level

 Restricted Stock - Directors

 Beginning in 2022, the Company granted restricted shares to non-employee directors which vest over the calendar year, commensurate with the board members' annual services to the Company.

 During the year ended December 31, 2023, 14,535 restricted shares were granted to independent members of the Company's board of directors at a weighted average grant date fair value of $ 73.27 per share. During the year ended December 31, 2022, 10,636 restricted shares were granted to independent members of the Company's board of directors at a weighted average grant date fair value of $ 62.62 per share.

 The holder of a restricted share award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares.

 The Company estimates the fair value of board members' restricted share grants at the date of grant and amortizes those amounts into expense on a straight-line basis over the one-year vesting period. The Company recognized expense relating to restricted share grants to the board members of $ 1.1 million and $ 0.7 million for the years ended December 31, 2023 and 2022, respectively.

 The Company used 0 % for the forfeiture rate for determining the fair value of this restricted stock.

 Note 12 – Commitments and Contingencies
 In the ordinary course of business, the Company is party to various legal actions which the Company considers to be routine in nature and incidental to the operation of our business. The Company believe that the outcome of the proceedings will not have a material adverse effect upon our consolidated financial position or results of operations.
 Note 13 – Subsequent Events
 In connection with the preparation of its financial statements, the Company has evaluated events that occurred subsequent to December 31, 2023 through the date on which these financial statements were issued to determine whether any of these events required adjustment to or disclosure in the financial statements.

 There were no reportable subsequent events or transactions.

 Which

 Costs

 Land

 Land

 Total

 Real Estate Held for Investment

 Borman Center, MI

 —

 550,000

 562,404

 1,087,596

 550,000

 1,650,000

 2,200,000

 1,650,000

 1977

 Capital Plaza, KY

 —

 7,379

 2,240,607

 8,812,548

 7,379

 11,053,156

 11,060,535

 2,272,371

 1978

 Grayling Plaza, MI

 —

 200,000

 1,778,657

 143,997

 200,000

 1,922,654

 2,122,654

 1,724,964

 1984

 Omaha Store, NE

 —

 150,000

 —

 —

 150,000

 —

 150,000

 —

 1995

 Wichita Store, KS

 —

 1,039,195

 1,690,644

 451,090

 1,139,677

 2,041,252

 3,180,929

 1,145,506

 1995

 Monroeville, PA

 —

 6,332,158

 2,249,724

 ( 2,037,769)

 3,153,890

 3,390,223

 6,544,113

 1,650,097

 1996

 Boynton Beach, FL

 —

 1,534,942

 2,043,122

 5,286,734

 3,103,943

 5,760,855

 8,864,798

 2,610,637

 1996

 Chesterfield Township, MI

 —

 1,350,590

 1,757,830

 ( 46,165)

 1,350,590

 1,711,666

 3,062,256

 1,091,769

 1998

 Mt Pleasant Shopping Ctr, MI

 —

 907,600

 8,081,968

 11,498,547

 1,874,745

 18,613,370

 20,488,115

 6,112,090

 1998

 Rochester, MI

 —

 2,438,740

 2,188,050

 23,358

 2,438,740

 2,211,408

 4,650,148

 1,343,197

 1999

 Ypsilanti, MI

 —

 2,050,000

 2,222,097

 ( 3,494,709)

 777,388

 —

 777,388

 —

 1999

 Petoskey, MI

 —

 —

 2,332,473

 2,020,905

 2,015,626

 2,337,752

 4,353,378

 1,380,859

 2000

 —

 1,477,680

 2,241,293

 99,920

 1,477,680

 2,341,213

 3,818,893

 1,300,396

 2001

 New Baltimore, MI

 —

 1,250,000

 2,285,781

 9,231

 1,250,000

 2,295,012

 3,545,012

 1,271,626

 2001

 1,435,925

 1,729,851

 1,798,091

 1,729,851

 1,798,751

 3,528,602

 976,159

 2002

 —

 180,000

 1,117,617

 108,551

 180,000

 1,226,168

 1,406,168

 655,638

 2002

 Canton Twp, MI

 —

 1,550,000

 2,132,096

 23,021

 1,550,000

 2,155,117

 3,705,117

 1,081,996

 2003

 1,664,211

 1,537,400

 1,961,674

 —

 1,537,400

 1,961,674

 3,499,074

 972,744

 2004

 Albion, NY

 —

 1,900,000

 3,037,864

 —

 1,900,000

 3,037,864

 4,937,864

 1,452,484

 2004

 1,272,314

 1,029,000

 2,165,463

 ( 6,666)

 1,029,000

 2,158,797

 3,187,797

 1,032,131

 2004

 Boynton Beach, FL

 —

 1,569,000

 2,363,524

 2,374,403

 —

 6,306,927

 6,306,927

 1,805,635

 2004

 Roseville, MI

 —

 1,771,000

 2,327,052

 1,771,000

 2,327,447

 4,098,447

 1,054,534

 2005

 Mt Pleasant, MI

 —

 1,075,000

 1,432,390

 4,787

 1,075,000

 1,437,177

 2,512,177

 649,708

 2005

 N Cape May, NJ

 —

 1,075,000

 1,430,092

 1,075,000

 1,430,587

 2,505,587

 646,740

 2005

 Summit Twp, MI

 —

 998,460

 1,336,357

 12,686

 998,460

 1,349,043

 2,347,503

 583,592

 2006

 Barnesville, GA

 —

 932,500

 2,091,514

 5,490

 932,500

 2,097,004

 3,029,504

 849,693

 2007

 East Lansing, MI

 —

 240,000

 54,531

 ( 54,531)

 240,000

 —

 240,000

 —

 2007

 Macomb Township, MI

 —

 424,222

 —

 —

 424,222

 —

 424,222

 —

 2008

 Brighton, MI

 —

 1,365,000

 2,802,036

 5,615

 1,365,000

 2,807,651

 4,172,651

 1,041,093

 2009

 Southfield, MI

 1,483,000

 1,200,000

 125,616

 2,063

 1,200,000

 127,679

 1,327,679

 45,345

 2009

 Atchison, KS

 —

 943,750

 3,021,672

 —

 823,170

 3,142,252

 3,965,422

 1,059,002

 2010

 Johnstown, OH

 —

 485,000

 2,799,503

 —

 485,000

 2,799,503

 3,284,503

 944,833

 2010

 Lake in the Hills, IL

 —

 2,135,000

 3,328,560

 —

 1,690,000

 3,773,560

 5,463,560

 1,268,016

 2010

 Concord, NC

 —

 7,676,305

 —

 —

 7,676,305

 —

 7,676,305

 —

 2010

 Antioch, IL

 —

 1,087,884

 —

 —

 1,087,884

 —

 1,087,884

 —

 2010

 Mansfield, CT

 —

 700,000

 1,902,191

 13,918

 700,000

 1,916,109

 2,616,109

 624,322

 2010

 Spring Grove, IL

 2,313,000

 1,191,199

 —

 1,192,167

 —

 1,192,167

 —

 2010

 Tallahassee, FL

 1,628,000

 —

 1,482,461

 —

 —

 1,482,461

 1,482,461

 483,341

 2010

 Wilmington, NC

 2,186,000

 1,500,000

 1,348,591

 —

 1,500,000

 1,348,591

 2,848,591

 432,674

 2011

 900,000

 575,000

 696,297

 6,359

 575,000

 702,656

 1,277,656

 219,503

 2011

 2,534,000

 2,610,430

 —

 27,619

 2,638,049

 —

 2,638,049

 —

 2011

 Dallas, TX

 1,844,000

 701,320

 778,905

 1,042,730

 701,320

 1,821,635

 2,522,955

 554,603

 2011

 Chandler, AZ

 —

 332,868

 793,898

 332,868

 794,258

 1,127,126

 243,279

 2011

 New Lenox, IL

 —

 1,422,488

 —

 —

 1,422,488

 —

 1,422,488

 —

 2011

 Roseville, CA

 4,752,000

 2,800,000

 3,695,455

 ( 96,364)

 2,695,636

 3,703,455

 6,399,091

 1,141,835

 2011

 Fort Walton Beach, FL

 1,768,000

 542,200

 1,958,790

 88,778

 542,200

 2,047,568

 2,589,768

 612,522

 2011

 Leawood, KS

 —

 989,622

 3,003,541

 16,196

 989,621

 3,019,738

 4,009,359

 905,919

 2011

 Salt Lake City, UT

 —

 —

 6,810,104

 ( 44,416)

 —

 6,765,688

 6,765,688

 2,065,178

 2011

 Macomb Township, MI

 1,793,000

 1,605,134

 —

 —

 1,605,134

 —

 1,605,134

 —

 2012

 Madison, AL

 1,552,000

 675,000

 1,317,927

 —

 675,000

 1,317,927

 1,992,927

 395,377

 2012

 Walker, MI

 887,000

 219,200

 1,024,738

 —

 219,200

 1,024,738

 1,243,938

 301,016

 2012

 Portland, OR

 —

 7,969,403

 —

 7,969,564

 —

 7,969,564

 —

 2012

 Cochran, GA

 —

 365,714

 2,053,726

 —

 365,714

 2,053,726

 2,419,440

 590,448

 2012

 —

 —

 1,188,322

 —

 —

 1,188,322

 1,188,322

 344,118

 2012

 Southfield, MI

 —

 1,178,215

 —

 —

 1,178,215

 —

 1,178,215

 —

 2012

 Clifton Heights, PA

 —

 2,543,941

 3,038,561

 ( 3,105)

 2,543,941

 3,035,456

 5,579,397

 869,534

 2012

 Newark, DE

 —

 2,117,547

 4,777,516

 ( 4,881)

 2,117,547

 4,772,635

 6,890,182

 1,367,224

 2012

 Vineland, NJ

 —

 4,102,710

 1,501,854

 43,977

 4,125,289

 1,523,251

 5,648,540

 433,097

 2012

 Fort Mill, SC

 —

 750,000

 1,187,380

 —

 750,000

 1,187,380

 1,937,380

 338,897

 2012

 —

 250,000

 765,714

 4,387

 250,000

 770,101

 1,020,101

 220,604

 2012

 Springfield, IL

 —

 302,520

 653,654

 49,741

 302,520

 703,395

 1,005,915

 199,519

 2012

 —

 676,930

 1,482,748

 —

 676,930

 1,482,748

 2,159,678

 421,986

 2012

 Morrow, GA

 —

 525,000

 1,383,489

 ( 99,850)

 525,000

 1,283,640

 1,808,640

 361,649

 2012

 —

 1,822,900

 3,531,275

 ( 570,844)

 1,822,900

 2,960,431

 4,783,331

 828,917

 2012

 Lyons, GA

 —

 121,627

 2,155,635

 ( 103,392)

 121,627

 2,052,243

 2,173,870

 585,393

 2012

 Fuquay-Varina, NC

 —

 2,042,225

 1,763,768

 ( 255,778)

 2,042,225

 1,507,990

 3,550,215

 418,372

 2012

 Minneapolis, MN

 —

 1,088,015

 345,958

 71,142

 826,635

 678,480

 1,505,115

 50,886

 2012

 Lake Zurich, IL

 —

 780,974

 7,909,277

 46,509

 780,974

 7,955,786

 8,736,760

 2,196,232

 2012

 Harlingen, TX

 —

 430,000

 1,614,378

 12,854

 430,000

 1,627,232

 2,057,232

 447,487

 2012

 —

 650,000

 1,165,415

 23,957

 650,000

 1,189,372

 1,839,372

 325,202

 2012

 Venice, FL

 —

 1,300,196

 —

 4,892

 1,305,088

 —

 1,305,088

 —

 2012

 St. Joseph, MO

 —

 377,620

 7,639,521

 49,219

 377,620

 7,688,740

 8,066,360

 2,086,224

 2013

 Which

 Costs

 Land

 Land

 Total

 Statham, GA

 —

 191,919

 3,851,073

 —

 191,919

 3,851,073

 4,042,992

 1,051,020

 2013

 North Las Vegas, NV

 —

 214,552

 717,435

 28,999

 214,552

 746,434

 960,986

 203,268

 2013

 Memphis, TN

 —

 322,520

 748,890

 —

 322,520

 748,890

 1,071,410

 202,828

 2013

 Rancho Cordova, CA

 —

 1,339,612

 —

 4,463

 1,074,612

 269,463

 1,344,075

 269,016

 2013

 Kissimmee, FL

 —

 1,453,500

 971,683

 1,454,156

 971,683

 2,425,839

 261,141

 2013

 Pinellas Park, FL

 —

 2,625,000

 874,542

 4,163

 2,625,000

 878,705

 3,503,705

 232,419

 2013

 Manchester, CT

 —

 397,800

 325,705

 —

 397,800

 325,705

 723,505

 86,856

 2013

 Rapid City, SD

 —

 1,017,800

 2,348,032

 1,379

 1,017,800

 2,349,411

 3,367,211

 624,086

 2013

 —

 272,222

 649,063

 93,052

 272,222

 742,115

 1,014,337

 184,110

 2013

 Brooklyn, OH

 —

 3,643,700

 15,079,714

 953,195

 3,643,700

 16,032,909

 19,676,609

 4,179,748

 2013

 Madisonville, TX

 —

 96,680

 1,087,642

 18,200

 96,680

 1,105,842

 1,202,522

 290,889

 2013

 Forest, MS

 —

 —

 1,298,176

 99,848

 —

 1,398,024

 1,398,024

 362,344

 2013

 Sun Valley, NV

 —

 308,495

 1,373,336

 ( 51,008)

 253,495

 1,377,328

 1,630,823

 355,739

 2013

 —

 2,500,000

 7,398,639

 2,017

 2,500,000

 7,400,656

 9,900,656

 1,904,020

 2013

 Allentown, PA

 —

 2,525,051

 7,896,613

 672,368

 2,525,051

 8,568,981

 11,094,032

 2,210,050

 2013

 Casselberry, FL

 —

 1,804,000

 793,101

 ( 2,906)

 1,804,000

 790,195

 2,594,195

 206,210

 2013

 Berwyn, IL

 —

 186,791

 933,959

 62,586

 186,792

 996,544

 1,183,336

 247,310

 2013

 Grand Forks, ND

 —

 1,502,609

 2,301,337

 1,801,028

 1,502,609

 4,102,365

 5,604,974

 1,035,180

 2013

 Ann Arbor, MI

 —

 3,000,000

 4,595,757

 277,040

 3,000,000

 4,872,797

 7,872,797

 1,227,727

 2013

 —

 1,208,225

 1,160,843

 —

 1,208,225

 1,160,843

 2,369,068

 295,046

 2013

 Red Bay, AL

 —

 38,981

 2,528,437

 3,856

 38,981

 2,532,293

 2,571,274

 580,303

 2014

 —

 230,106

 231,313

 ( 297)

 230,106

 231,016

 461,122

 52,461

 2014

 —

 245,234

 251,339

 ( 324)

 245,234

 251,015

 496,249

 57,003

 2014

 —

 98,271

 179,824

 —

 98,271

 179,824

 278,095

 40,836

 2014

 —

 235,641

 127,477

 ( 313)

 235,641

 127,164

 362,805

 28,878

 2014

 Montgomery, AL

 —

 325,389

 217,850

 —

 325,389

 217,850

 543,239

 49,471

 2014

 Littleton, CO

 4,622,391

 819,000

 8,756,266

 ( 3,879,591)

 819,000

 4,876,675

 5,695,675

 1,716,171

 2014

 St Petersburg, FL

 —

 1,225,000

 1,025,247

 6,592

 1,225,000

 1,031,839

 2,256,839

 251,233

 2014

 St Augustine, FL

 —

 200,000

 1,523,230

 —

 200,000

 1,523,230

 1,723,230

 352,247

 2014

 East Palatka, FL

 —

 730,000

 575,236

 6,911

 730,000

 582,147

 1,312,147

 134,580

 2014

 —

 136,365

 398,773

 —

 136,365

 398,773

 535,138

 90,555

 2014

 Fort Oglethorpe, GA

 —

 1,842,240

 2,844,126

 20,442

 1,842,240

 2,864,568

 4,706,808

 711,569

 2014

 New Lenox, IL

 —

 2,010,000

 6,206,252

 107,873

 2,010,000

 6,314,125

 8,324,125

 1,450,218

 2014

 Rockford, IL

 —

 303,395

 2,436,873

 ( 15,000)

 303,395

 2,421,873

 2,725,268

 561,558

 2014

 Terre Haute, IN

 —

 103,147

 2,477,263

 32,376

 103,147

 2,509,639

 2,612,786

 563,391

 2014

 Junction City, KS

 —

 78,271

 2,504,294

 ( 30,565)

 78,271

 2,473,729

 2,552,000

 563,338

 2014

 —

 226,919

 347,691

 —

 226,919

 347,691

 574,610

 78,955

 2014

 Lincoln Park, MI

 —

 543,303

 1,408,544

 335,350

 543,303

 1,743,894

 2,287,197

 386,942

 2014

 Novi, MI

 —

 1,803,857

 1,488,505

 22,490

 1,803,857

 1,510,995

 3,314,852

 339,939

 2014

 —

 256,789

 172,184

 —

 256,789

 172,184

 428,973

 39,100

 2014

 Irvington, NJ

 —

 315,000

 1,313,025

 —

 315,000

 1,313,025

 1,628,025

 320,048

 2014

 —

 500,000

 1,372,363

 ( 12)

 500,000

 1,372,351

 1,872,351

 334,510

 2014

 —

 213,750

 754,675

 —

 213,750

 754,675

 968,425

 177,663

 2014

 —

 168,750

 785,000

 16,477

 168,750

 801,477

 970,227

 188,510

 2014

 Mansfield, OH

 —

 306,000

 725,600

 —

 306,000

 725,600

 1,031,600

 170,818

 2014

 Orrville, OH

 —

 344,250

 716,600

 —

 344,250

 716,600

 1,060,850

 168,699

 2014

 Calcutta, OH

 —

 208,050

 758,750

 1,462

 208,050

 760,212

 968,262

 178,895

 2014

 —

 —

 1,136,250

 1,593,792

 1,590,997

 1,139,045

 2,730,042

 265,545

 2014

 Tulsa, OK

 —

 459,148

 640,550

 ( 13,336)

 459,148

 627,214

 1,086,362

 154,843

 2014

 Ligonier, PA

 —

 330,000

 5,021,849

 ( 9,500)

 330,000

 5,012,349

 5,342,349

 1,180,479

 2014

 Limerick, PA

 —

 369,000

 —

 —

 369,000

 —

 369,000

 —

 2014

 Harrisburg, PA

 —

 124,757

 1,446,773

 11,175

 124,757

 1,457,948

 1,582,705

 327,956

 2014

 Anderson, SC

 —

 781,200

 4,441,535

 261,623

 775,732

 4,708,627

 5,484,359

 1,190,866

 2014

 Easley, SC

 —

 332,275

 268,612

 —

 332,275

 268,612

 600,887

 60,998

 2014

 —

 141,307

 446,706

 —

 141,307

 446,706

 588,013

 101,440

 2014

 —

 94,770

 261,640

 —

 94,770

 261,640

 356,410

 59,414

 2014

 —

 303,932

 1,221,964

 ( 13,830)

 303,932

 1,208,134

 1,512,066

 274,947

 2014

 Alcoa, TN

 —

 329,074

 270,719

 —

 329,074

 270,719

 599,793

 61,476

 2014

 —

 214,077

 286,037

 —

 214,077

 286,037

 500,114

 64,955

 2014

 Red Bank, TN

 —

 229,100

 302,146

 —

 229,100

 302,146

 531,246

 68,611

 2014

 New Tazewell, TN

 —

 91,006

 328,561

 29,311

 91,006

 357,872

 448,878

 76,869

 2014

 Maryville, TN

 —

 94,682

 1,529,621

 85,861

 94,682

 1,615,482

 1,710,164

 358,860

 2014

 Morristown, TN

 —

 46,404

 801,506

 4,990

 46,404

 806,496

 852,900

 181,453

 2014

 Clinton, TN

 —

 69,625

 1,177,927

 11,564

 69,625

 1,189,491

 1,259,116

 267,624

 2014

 —

 160,057

 2,265,025

 226,291

 160,057

 2,491,316

 2,651,373

 569,414

 2014

 Sweetwater, TN

 —

 79,100

 1,009,290

 6,740

 79,100

 1,016,030

 1,095,130

 228,595

 2014

 McKinney, TX

 —

 2,671,020

 6,785,815

 100,331

 2,671,020

 6,886,146

 9,557,166

 1,648,347

 2014

 Forest Va

 —

 282,600

 956,027

 —

 282,600

 956,027

 1,238,627

 227,055

 2014

 Colonial Heights, VA

 —

 547,692

 1,059,557

 ( 5,963)

 547,692

 1,053,594

 1,601,286

 239,257

 2014

 Glen Allen, VA

 —

 590,101

 1,129,495

 ( 19,367)

 577,601

 1,122,628

 1,700,229

 254,934

 2014

 Burlington, WA

 —

 610,000

 3,647,279

 ( 4,602)

 610,000

 3,642,677

 4,252,677

 828,580

 2014

 Wausau, WI

 —

 909,092

 1,405,899

 86,763

 909,092

 1,492,662

 2,401,754

 353,238

 2014

 Foley AL

 —

 305,332

 506,203

 9,380

 305,332

 515,583

 820,915

 116,504

 2015

 Which

 Costs

 Land

 Land

 Total

 Sulligent, AL

 —

 58,803

 1,085,906

 ( 432,709)

 58,803

 653,197

 712,000

 191,562

 2015

 Eutaw, AL

 —

 103,746

 1,212,006

 ( 377,526)

 103,746

 834,480

 938,226

 226,208

 2015

 Tallassee, AL

 —

 154,437

 850,448

 51,460

 154,437

 901,909

 1,056,346

 192,136

 2015

 Orange Park, AL

 —

 649,652

 1,775,000

 9,664

 649,652

 1,784,664

 2,434,316

 371,241

 2015

 Pace, FL

 —

 37,860

 524,400

 6,970

 37,860

 531,370

 569,230

 118,655

 2015

 —

 309,607

 775,084

 ( 25)

 309,607

 775,059

 1,084,666

 172,584

 2015

 Freeport, FL

 —

 312,615

 1,277,386

 —

 312,615

 1,277,386

 1,590,001

 271,445

 2015

 —

 47,955

 641,123

 —

 47,955

 641,123

 689,078

 140,165

 2015

 Belvidere, IL

 —

 184,136

 644,492

 —

 184,136

 644,492

 828,628

 140,870

 2015

 Peru, IL

 —

 380,254

 2,125,498

 —

 380,254

 2,125,498

 2,505,752

 438,384

 2015

 Davenport, IA

 —

 776,366

 6,623,542

 880,195

 776,366

 7,503,737

 8,280,103

 1,421,810

 2015

 Buffalo Center, IA

 —

 159,353

 700,460

 —

 159,353

 700,460

 859,813

 147,389

 2015

 Sheffield, IA

 —

 131,794

 729,543

 —

 131,794

 729,543

 861,337

 153,508

 2015

 Lenexa, KS

 —

 303,175

 2,186,864

 —

 303,175

 2,186,864

 2,490,039

 437,373

 2015

 Tompkinsville, KY

 —

 70,252

 1,132,033

 ( 164,520)

 70,252

 967,513

 1,037,765

 247,617

 2015

 Hazard, KY

 —

 8,392,841

 13,731,648

 ( 16,857)

 8,375,591

 13,732,041

 22,107,632

 2,746,404

 2015

 Portland, MA

 —

 —

 3,831,860

 3,172

 —

 3,835,032

 3,835,032

 814,905

 2015

 —

 120,078

 2,561,015

 20,489

 120,078

 2,581,505

 2,701,583

 516,301

 2015

 Hutchinson, MN

 —

 67,914

 720,799

 —

 67,914

 720,799

 788,713

 151,668

 2015

 Lowry City, MO

 —

 103,202

 614,065

 —

 103,202

 614,065

 717,267

 130,489

 2015

 Branson, MO

 —

 564,066

 940,585

 564,066

 940,760

 1,504,826

 192,071

 2015

 Branson, MO

 —

 721,135

 717,081

 ( 4,069)

 721,135

 713,013

 1,434,148

 146,521

 2015

 Enfield, NH

 —

 93,628

 1,295,320

 60,029

 93,628

 1,355,349

 1,448,977

 298,831

 2015

 Marietta, OH

 —

 319,157

 1,225,026

 —

 319,157

 1,225,026

 1,544,183

 267,916

 2015

 Franklin, OH

 —

 264,153

 1,191,777

 —

 264,153

 1,191,777

 1,455,930

 255,736

 2015

 Elyria, OH

 —

 82,023

 910,404

 —

 82,023

 910,404

 992,427

 193,461

 2015

 Elyria, OH

 —

 126,641

 695,072

 —

 126,641

 695,072

 821,713

 147,703

 2015

 Bedford Heights, OH

 —

 226,920

 959,528

 21,901

 226,920

 981,428

 1,208,348

 207,800

 2015

 Newburgh Heights, OH

 —

 224,040

 959,099

 —

 224,040

 959,099

 1,183,139

 201,810

 2015

 Warrensville Heights, OH

 —

 186,209

 920,496

 4,900

 186,209

 925,396

 1,111,605

 197,158

 2015

 Heath, OH

 —

 325,381

 757,994

 325,381

 758,129

 1,083,510

 154,784

 2015

 Lima, OH

 —

 335,386

 592,154

 2,834

 335,386

 594,987

 930,373

 119,233

 2015

 Elk City, OK

 —

 45,212

 1,242,220

 —

 45,212

 1,242,220

 1,287,432

 266,559

 2015

 Salem, OR

 —

 1,450,000

 2,951,167

 1,346,640

 1,450,000

 4,297,807

 5,747,807

 859,571

 2015

 Westfield, PA

 —

 47,346

 1,117,723

 12,109

 47,346

 1,129,832

 1,177,178

 251,625

 2015

 Altoona, PA

 —

 555,903

 9,489,791

 1,017

 555,903

 9,490,808

 10,046,711

 1,957,464

 2015

 Grindstone, PA

 —

 288,246

 500,379

 93,063

 288,246

 593,442

 881,688

 105,809

 2015

 Liberty, SC

 —

 27,929

 1,222,856

 27,929

 1,222,946

 1,250,875

 267,431

 2015

 Blacksburg, SC

 —

 27,547

 1,468,101

 —

 27,547

 1,468,101

 1,495,648

 318,089

 2015

 Easley, SC

 —

 51,325

 1,187,506

 —

 51,325

 1,187,506

 1,238,831

 254,819

 2015

 Fountain Inn, SC

 —

 107,633

 1,076,633

 —

 107,633

 1,076,633

 1,184,266

 231,027

 2015

 Walterboro, SC

 —

 21,414

 1,156,820

 —

 21,414

 1,156,820

 1,178,234

 248,234

 2015

 Jackson, TN

 —

 277,000

 495,103

 102,685

 277,000

 597,788

 874,788

 112,221

 2015

 Brenham, TX

 —

 355,486

 17,280,895

 355,486

 17,281,476

 17,636,962

 3,744,281

 2015

 Corpus Christi, TX

 —

 316,916

 2,140,056

 13,083

 316,916

 2,153,139

 2,470,055

 446,390

 2015

 Harlingen, TX

 —

 126,102

 869,779

 12,681

 126,102

 882,460

 1,008,562

 182,683

 2015

 Midland, TX

 —

 194,174

 5,005,720

 2,000

 194,174

 5,007,720

 5,201,894

 1,032,817

 2015

 Rockwall, TX

 —

 578,225

 1,768,930

 578,225

 1,769,140

 2,347,365

 353,824

 2015

 Princeton, WV

 —

 111,653

 1,029,090

 —

 111,653

 1,029,090

 1,140,743

 225,051

 2015

 Martinsburg, WV

 —

 620,892

 943,163

 16,127

 620,892

 959,290

 1,580,182

 189,125

 2015

 Grand Chute, WI

 —

 2,766,417

 7,084,942

 997,204

 2,766,417

 8,082,146

 10,848,563

 1,631,880

 2015

 New Richmond, WI

 —

 71,969

 648,850

 —

 71,969

 648,850

 720,819

 137,881

 2015

 Baraboo, WI

 —

 142,563

 653,176

 —

 142,563

 653,176

 795,739

 137,439

 2015

 Decatur, AL

 —

 337,738

 510,706

 —

 337,739

 510,706

 848,445

 91,501

 2016

 Greenville, AL

 —

 203,722

 905,780

 9,912

 203,723

 915,691

 1,119,414

 160,203

 2016

 Bullhead City, AZ

 —

 177,501

 1,364,406

 —

 177,501

 1,364,406

 1,541,907

 264,341

 2016

 Page, AZ

 —

 256,983

 1,299,283

 —

 256,983

 1,299,283

 1,556,266

 251,736

 2016

 Safford, AZ

 —

 349,269

 1,196,307

 349,269

 1,196,983

 1,546,252

 221,734

 2016

 Tucson, AZ

 —

 3,208,580

 4,410,679

 ( 8,268)

 3,208,580

 4,402,411

 7,610,991

 826,640

 2016

 Bentonville, AR

 —

 610,926

 897,562

 610,926

 897,732

 1,508,658

 173,960

 2016

 Sunnyvale, CA

 —

 7,351,903

 4,638,432

 7,351,903

 4,638,626

 11,990,529

 879,261

 2016

 Whittier, CA

 —

 4,237,918

 7,343,869

 —

 4,237,918

 7,343,869

 11,581,787

 1,392,275

 2016

 Aurora, CO

 —

 847,349

 834,301

 26,405

 847,349

 860,706

 1,708,055

 147,609

 2016

 Aurora, CO

 —

 1,132,676

 5,716,367

 298,991

 1,132,676

 6,015,358

 7,148,034

 1,050,051

 2016

 Evergreen, CO

 —

 1,998,860

 3,827,245

 —

 1,998,860

 3,827,245

 5,826,105

 725,582

 2016

 Lakeland, FL

 —

 61,000

 1,227,037

 —

 61,000

 1,227,037

 1,288,037

 219,844

 2016

 Mt Dora, FL

 —

 1,678,671

 3,691,615

 639,524

 1,678,671

 4,331,140

 6,009,811

 806,411

 2016

 North Miami Beach, FL

 —

 1,622,742

 512,717

 11,241

 1,622,742

 523,957

 2,146,699

 91,615

 2016

 Orlando, FL

 —

 903,411

 1,627,159

 ( 24,844)

 903,411

 1,602,316

 2,505,727

 293,677

 2016

 Port Orange, FL

 —

 1,493,863

 3,114,697

 694,235

 1,493,863

 3,808,932

 5,302,795

 662,988

 2016

 Royal Palm Beach, FL

 —

 2,052,463

 956,768

 36,974

 2,052,463

 993,743

 3,046,206

 183,256

 2016

 Sarasota, FL

 —

 1,769,175

 3,587,992

 711,294

 1,769,175

 4,299,285

 6,068,460

 742,825

 2016

 Venice, FL

 —

 281,936

 1,291,748

 124,338

 281,936

 1,416,086

 1,698,022

 241,929

 2016

 Which

 Costs

 Land

 Land

 Total

 Vero Beach, FL

 —

 4,469,033

 —

 —

 4,469,033

 —

 4,469,033

 —

 2016

 Dalton, GA

 —

 211,362

 220,927

 —

 211,362

 220,927

 432,289

 41,405

 2016

 Crystal Lake, IL

 —

 2,446,521

 7,012,819

 409,198

 2,446,521

 7,422,017

 9,868,538

 1,298,053

 2016

 Glenwood, IL

 —

 815,483

 970,108

 —

 815,483

 970,108

 1,785,591

 173,811

 2016

 Morris, IL

 —

 1,206,749

 2,062,495

 —

 1,206,749

 2,062,495

 3,269,244

 391,015

 2016

 Bicknell, IN

 —

 215,037

 2,381,471

 —

 215,037

 2,381,471

 2,596,508

 436,515

 2016

 Fort Wayne, IN

 —

 711,430

 1,258,357

 ( 5,562)

 711,430

 1,252,794

 1,964,224

 248,233

 2016

 —

 734,434

 970,175

 126,370

 734,434

 1,096,546

 1,830,980

 188,953

 2016

 Des Moines, IA

 —

 322,797

 1,374,153

 —

 322,797

 1,374,153

 1,696,950

 260,517

 2016

 Frankfort, KY

 —

 —

 514,277

 —

 514,277

 —

 514,277

 —

 2016

 DeRidder, LA

 —

 814,891

 2,156,542

 10,536

 814,891

 2,167,078

 2,981,969

 405,380

 2016

 —

 1,308,418

 4,235,719

 5,761

 1,308,418

 4,241,480

 5,549,898

 750,977

 2016

 Shreveport, LA

 —

 891,872

 2,058,257

 —

 891,872

 2,058,257

 2,950,129

 385,933

 2016

 Marshall, MI

 —

 339,813

 —

 —

 339,813

 —

 339,813

 —

 2016

 Mt Pleasant, MI

 —

 —

 511,282

 ( 254)

 511,028

 —

 511,028

 —

 2016

 Norton Shores, MI

 —

 495,605

 667,982

 42,874

 495,605

 710,856

 1,206,461

 129,271

 2016

 Stephenson, MI

 —

 223,152

 1,044,947

 223,152

 1,045,217

 1,268,369

 182,911

 2016

 Sterling, MI

 —

 127,844

 905,607

 25,464

 127,844

 931,071

 1,058,915

 166,633

 2016

 Eagle Bend, MN

 —

 96,558

 1,165,437

 —

 96,558

 1,165,437

 1,261,995

 211,187

 2016

 Brandon, MS

 —

 428,464

 969,346

 —

 428,464

 969,346

 1,397,810

 185,791

 2016

 Clinton, MS

 —

 370,264

 1,057,143

 —

 370,264

 1,057,143

 1,427,407

 202,619

 2016

 Columbus, MS

 —

 1,103,458

 2,128,089

 ( 2,105)

 1,103,458

 2,125,984

 3,229,442

 419,486

 2016

 Holly Springs, MS

 —

 413,316

 952,574

 —

 413,316

 952,574

 1,365,890

 178,500

 2016

 —

 242,796

 963,188

 —

 242,796

 963,188

 1,205,984

 184,611

 2016

 —

 732,944

 2,862,813

 33,902

 732,944

 2,896,715

 3,629,659

 527,212

 2016

 Meridian, MS

 —

 396,329

 1,152,729

 —

 396,329

 1,152,729

 1,549,058

 220,921

 2016

 Pearl, MS

 —

 299,839

 616,351

 7,355

 299,839

 623,706

 923,545

 109,099

 2016

 Ridgeland, MS

 —

 407,041

 864,498

 —

 407,041

 864,498

 1,271,539

 165,696

 2016

 Bowling Green, MO

 —

 360,201

 2,809,170

 5,000

 360,201

 2,814,170

 3,174,371

 509,438

 2016

 St Robert, MO

 —

 394,859

 1,305,366

 24,332

 394,859

 1,329,699

 1,724,558

 234,988

 2016

 Beatty, NV

 —

 198,928

 1,265,084

 8,051

 198,928

 1,273,135

 1,472,063

 230,649

 2016

 Alamogordo, NM

 —

 654,965

 2,716,166

 4,436

 654,965

 2,720,602

 3,375,567

 493,799

 2016

 Alamogordo, NM

 —

 524,763

 941,615

 7,521

 524,763

 949,137

 1,473,900

 168,038

 2016

 Alcalde, NM

 —

 435,486

 836,499

 —

 435,486

 836,499

 1,271,985

 146,387

 2016

 Cimarron, NM

 —

 345,693

 1,236,437

 7,613

 345,693

 1,244,050

 1,589,743

 220,262

 2016

 La Luz, NM

 —

 487,401

 835,455

 —

 487,401

 835,455

 1,322,856

 147,945

 2016

 Fayetteville, NC

 —

 1,267,529

 2,527,462

 16,898

 1,267,529

 2,544,359

 3,811,888

 450,399

 2016

 Gastonia, NC

 —

 401,119

 979,803

 1,631

 401,119

 981,434

 1,382,553

 173,796

 2016

 Devils Lake, ND

 —

 323,508

 1,133,773

 323,508

 1,134,728

 1,458,236

 207,639

 2016

 Cambridge, OH

 —

 168,717

 1,113,232

 209,761

 168,717

 1,322,993

 1,491,710

 219,098

 2016

 —

 1,109,044

 1,291,313

 —

 1,109,044

 1,291,313

 2,400,357

 242,055

 2016

 Grove City, OH

 —

 334,032

 176,274

 —

 334,032

 176,274

 510,306

 33,037

 2016

 Lorain, OH

 —

 808,162

 1,390,481

 10,000

 808,162

 1,400,481

 2,208,643

 273,406

 2016

 Reynoldsburg, OH

 —

 843,336

 1,197,966

 —

 843,336

 1,197,966

 2,041,302

 224,567

 2016

 Springfield, OH

 —

 982,451

 3,957,512

 39,639

 982,451

 3,997,151

 4,979,602

 776,325

 2016

 Ardmore, OK

 —

 571,993

 1,590,151

 —

 571,993

 1,590,151

 2,162,144

 301,467

 2016

 Dillon, SC

 —

 85,896

 1,697,160

 —

 85,896

 1,697,160

 1,783,056

 335,896

 2016

 Jasper, TN

 —

 190,582

 966,125

 6,888

 190,582

 973,013

 1,163,595

 170,254

 2016

 Carthage, TX

 —

 597,995

 1,965,290

 27,357

 597,995

 1,992,647

 2,590,642

 369,784

 2016

 Cedar Park, TX

 —

 1,386,802

 4,656,229

 758,023

 1,410,827

 5,390,227

 6,801,054

 1,080,380

 2016

 Granbury, TX

 —

 944,223

 2,362,540

 —

 944,223

 2,362,540

 3,306,763

 442,984

 2016

 Hemphill, TX

 —

 250,503

 1,955,918

 321,886

 250,503

 2,277,804

 2,528,307

 370,926

 2016

 Lampasas, TX

 —

 245,312

 1,063,701

 45,198

 245,312

 1,108,898

 1,354,210

 209,409

 2016

 —

 1,501,556

 2,341,031

 —

 1,501,556

 2,341,031

 3,842,587

 438,953

 2016

 Odessa, TX

 —

 921,043

 2,434,384

 5,614

 921,043

 2,439,999

 3,361,042

 457,310

 2016

 Port Arthur, TX

 —

 1,889,732

 8,121,417

 503,893

 1,889,732

 8,625,310

 10,515,042

 1,535,836

 2016

 Provo, UT

 —

 1,692,785

 5,874,584

 43,650

 1,692,785

 5,918,234

 7,611,019

 1,106,644

 2016

 Tappahannock, VA

 —

 1,076,745

 14,904

 —

 1,076,745

 14,904

 1,091,649

 2,767

 2016

 Manitowoc, WI

 —

 879,237

 4,467,960

 1,312

 879,237

 4,469,273

 5,348,510

 819,035

 2016

 Oak Creek, WI

 —

 487,277

 3,082,180

 434,881

 487,277

 3,517,060

 4,004,337

 666,839

 2016

 Oxford, AL

 —

 148,407

 641,820

 —

 148,407

 641,820

 790,227

 106,942

 2017

 Oxford, AL

 —

 255,786

 7,273,871

 146,792

 255,786

 7,420,663

 7,676,449

 1,229,775

 2017

 Oxford, AL

 —

 24,875

 600,936

 ( 15,612)

 24,875

 585,324

 610,199

 98,762

 2017

 Jonesboro, AR

 —

 3,656,554

 3,219,456

 11,058

 3,656,554

 3,230,514

 6,887,068

 504,225

 2017

 Lowell, AR

 —

 949,519

 1,435,056

 10,229

 949,519

 1,445,285

 2,394,804

 216,729

 2017

 Southington, CT

 —

 1,088,181

 1,287,837

 185,818

 1,088,181

 1,473,655

 2,561,836

 229,993

 2017

 Millsboro, DE

 —

 3,501,109

 —

 ( 20,531)

 3,480,578

 —

 3,480,578

 —

 2017

 —

 2,298,885

 2,894,565

 29,662

 2,298,885

 2,924,226

 5,223,111

 445,642

 2017

 Orange Park, FL

 —

 214,858

 2,304,095

 —

 214,858

 2,304,095

 2,518,953

 374,390

 2017

 Port Richey, FL

 —

 1,140,182

 1,649,773

 —

 1,140,182

 1,649,773

 2,789,955

 268,077

 2017

 Americus, GA

 —

 1,318,463

 —

 —

 1,318,463

 —

 1,318,463

 —

 2017

 Brunswick, GA

 —

 1,279,688

 2,158,863

 1,279,688

 2,159,068

 3,438,756

 364,185

 2017

 Brunswick, GA

 —

 126,335

 1,626,530

 —

 126,335

 1,626,530

 1,752,865

 247,368

 2017

 Which

 Costs

 Land

 Land

 Total

 Buford, GA

 —

 341,860

 1,023,813

 —

 341,860

 1,023,813

 1,365,673

 166,338

 2017

 Carrollton, GA

 —

 597,465

 886,644

 —

 597,465

 886,644

 1,484,109

 142,148

 2017

 Decatur, GA

 —

 558,859

 1,429,106

 —

 558,859

 1,429,106

 1,987,965

 217,343

 2017

 Metter, GA

 —

 256,743

 766,818

 —

 256,743

 766,818

 1,023,561

 122,966

 2017

 Villa Rica, GA

 —

 410,936

 1,311,444

 —

 410,936

 1,311,444

 1,722,380

 215,815

 2017

 —

 2,899,155

 9,822,986

 —

 2,899,155

 9,822,986

 12,722,141

 1,657,551

 2017

 —

 2,081,151

 5,197,315

 11,754

 2,081,151

 5,209,069

 7,290,220

 877,026

 2017

 Galesburg, IL

 —

 214,280

 979,108

 —

 214,280

 979,108

 1,193,388

 159,086

 2017

 Mundelein, IL

 —

 1,238,743

 —

 —

 1,238,743

 —

 1,238,743

 —

 2017

 Mundelein, IL

 —

 1,743,222

 —

 —

 1,743,222

 —

 1,743,222

 —

 2017

 Mundelein, IL

 —

 1,803,068

 —

 —

 1,803,068

 —

 1,803,068

 —

 2017

 Springfield, IL

 —

 574,805

 1,554,786

 9,659

 574,805

 1,564,446

 2,139,251

 234,003

 2017

 Woodstock, IL

 —

 683,419

 1,002,207

 27,984

 711,119

 1,002,491

 1,713,610

 152,460

 2017

 Frankfort, IN

 —

 50,458

 2,008,275

 —

 50,458

 2,008,275

 2,058,733

 334,713

 2017

 Kokomo, IN

 —

 95,196

 1,484,778

 ( 30,615)

 95,196

 1,454,163

 1,549,359

 222,940

 2017

 Nashville, IN

 —

 484,117

 2,458,215

 —

 484,117

 2,458,215

 2,942,332

 399,222

 2017

 Roeland Park, KS

 —

 7,829,806

 —

 ( 1,247,898)

 6,581,908

 —

 6,581,908

 —

 2017

 Georgetown, KY

 —

 1,996,456

 6,315,768

 1,996,456

 6,316,696

 8,313,152

 1,033,508

 2017

 Hopkinsville, KY

 —

 413,269

 996,619

 —

 413,269

 996,619

 1,409,888

 161,927

 2017

 Salyersville, KY

 —

 289,663

 906,455

 289,663

 907,051

 1,196,714

 149,199

 2017

 Amite, LA

 —

 601,238

 1,695,242

 —

 601,238

 1,695,242

 2,296,480

 278,961

 2017

 Bossier City, LA

 —

 797,899

 2,925,864

 797,899

 2,926,010

 3,723,909

 444,994

 2017

 Kenner, LA

 —

 323,188

 859,298

 ( 1,001)

 323,188

 858,298

 1,181,486

 134,075

 2017

 Mandeville, LA

 —

 834,891

 1,294,812

 834,891

 1,295,017

 2,129,908

 202,265

 2017

 New Orleans, LA

 —

 —

 6,846,313

 121,177

 —

 6,967,490

 6,967,490

 1,123,595

 2017

 —

 782,819

 745,092

 7,969

 782,819

 753,060

 1,535,879

 115,264

 2017

 Grand Rapids, MI

 —

 7,015,035

 —

 2,635,983

 1,750,000

 7,901,018

 9,651,018

 1,086,390

 2017

 Bloomington, MN

 —

 1,491,302

 —

 1,491,921

 —

 1,491,921

 —

 2017

 Monticello, MN

 —

 449,025

 979,816

 9,368

 449,025

 989,184

 1,438,209

 170,624

 2017

 Mountain Iron, MN

 —

 177,918

 1,139,849

 —

 177,918

 1,139,849

 1,317,767

 185,209

 2017

 Gulfport, MS

 —

 671,824

 1,176,505

 —

 671,824

 1,176,505

 1,848,329

 193,615

 2017

 —

 802,230

 1,434,997

 —

 802,230

 1,434,997

 2,237,227

 236,154

 2017

 McComb, MS

 —

 67,026

 685,426

 —

 67,026

 685,426

 752,452

 111,336

 2017

 Kansas City, MO

 —

 1,390,880

 1,588,573

 —

 1,390,880

 1,588,573

 2,979,453

 283,825

 2017

 —

 616,344

 2,448,360

 13,285

 616,344

 2,461,645

 3,077,989

 369,164

 2017

 St. Charles, MO

 —

 736,242

 2,122,426

 271,734

 736,242

 2,394,160

 3,130,402

 427,580

 2017

 St. Peters, MO

 —

 1,364,670

 —

 —

 1,364,670

 —

 1,364,670

 —

 2017

 Boulder City, NV

 —

 566,639

 993,399

 —

 566,639

 993,399

 1,560,038

 161,350

 2017

 Egg Harbor, NJ

 —

 520,510

 1,087,374

 —

 520,510

 1,087,374

 1,607,884

 183,473

 2017

 Secaucus, NJ

 —

 19,915,781

 17,306,541

 92,903

 19,915,781

 17,399,444

 37,315,225

 2,610,248

 2017

 Sewell, NJ

 —

 1,809,771

 6,892,134

 ( 100,816)

 1,809,771

 6,791,318

 8,601,089

 1,119,230

 2017

 Santa Fe, NM

 —

 1,072,340

 4,013,237

 1,072,340

 4,013,713

 5,086,053

 702,324

 2017

 —

 287,467

 867,849

 —

 287,467

 867,849

 1,155,316

 148,253

 2017

 —

 308,321

 875,652

 31,340

 308,321

 906,992

 1,215,313

 152,488

 2017

 Minot, ND

 —

 928,796

 1,619,726

 —

 928,796

 1,619,726

 2,548,522

 266,522

 2017

 Grandview Heights, OH

 —

 1,276,870

 8,557,690

 ( 20,517)

 1,276,870

 8,537,172

 9,814,042

 1,406,417

 2017

 —

 1,001,228

 —

 —

 1,001,228

 —

 1,001,228

 —

 2017

 Edmond, OK

 —

 1,063,243

 3,816,155

 9,878

 1,063,243

 3,826,033

 4,889,276

 589,970

 2017

 Oklahoma City, OK

 —

 868,648

 1,820,174

 7,835

 868,648

 1,828,009

 2,696,657

 290,003

 2017

 Erie, PA

 —

 425,267

 1,284,883

 —

 425,267

 1,284,883

 1,710,150

 203,307

 2017

 —

 692,454

 2,509,358

 —

 692,454

 2,509,358

 3,201,812

 407,594

 2017

 Sumter, SC

 —

 132,204

 1,095,478

 —

 132,204

 1,095,478

 1,227,682

 180,271

 2017

 Chattanooga, TN

 —

 2,089,237

 3,595,808

 2,089,237

 3,596,004

 5,685,241

 546,889

 2017

 Etowah, TN

 —

 74,057

 862,436

 78,325

 74,057

 940,761

 1,014,818

 157,389

 2017

 Memphis, TN

 —

 1,661,764

 3,874,356

 15,301

 1,661,764

 3,889,657

 5,551,421

 663,207

 2017

 Alamo, TX

 —

 104,878

 821,355

 13,275

 104,878

 834,630

 939,508

 125,111

 2017

 Andrews, TX

 —

 172,373

 817,252

 ( 291)

 172,373

 816,961

 989,334

 137,867

 2017

 Arlington, TX

 —

 497,852

 1,601,007

 1,783

 497,852

 1,602,791

 2,100,643

 263,717

 2017

 Canyon Lake, TX

 —

 382,522

 1,026,179

 ( 281)

 382,522

 1,025,899

 1,408,421

 153,887

 2017

 Corpus Christi, TX

 —

 185,375

 1,413,299

 —

 185,375

 1,413,299

 1,598,674

 232,455

 2017

 Fort Stockton, TX

 —

 185,474

 1,186,339

 —

 185,474

 1,186,340

 1,371,814

 195,222

 2017

 Fort Worth, TX

 —

 1,016,587

 4,622,507

 257,308

 1,016,587

 4,879,816

 5,896,403

 786,523

 2017

 Lufkin, TX

 —

 1,497,171

 4,948,906

 20,434

 1,497,171

 4,969,340

 6,466,511

 837,619

 2017

 Newport News, VA

 —

 2,458,053

 5,390,475

 758,009

 2,458,053

 6,148,485

 8,606,538

 1,129,855

 2017

 Appleton, WI

 —

 417,249

 1,525,582

 9,779

 417,249

 1,535,362

 1,952,611

 248,704

 2017

 Onalaska, WI

 —

 821,085

 2,651,773

 —

 821,085

 2,651,773

 3,472,858

 436,383

 2017

 Athens, AL

 —

 253,858

 1,204,570

 —

 253,858

 1,204,570

 1,458,428

 150,571

 2018

 —

 1,635,912

 2,739,834

 —

 1,635,912

 2,739,834

 4,375,746

 393,825

 2018

 Boaz, AL

 —

 379,197

 898,689

 —

 379,197

 898,689

 1,277,886

 129,103

 2018

 Roanoke, AL

 —

 110,924

 938,451

 —

 110,924

 938,451

 1,049,375

 123,247

 2018

 Selma, AL

 —

 206,831

 1,790,939

 ( 24,494)

 206,831

 1,766,445

 1,973,276

 221,418

 2018

 Maricopa, AZ

 —

 2,166,955

 9,505,724

 14,600

 2,166,955

 9,520,324

 11,687,279

 1,209,850

 2018

 Parker, AZ

 —

 322,510

 1,159,624

 1,163

 322,510

 1,160,787

 1,483,297

 161,936

 2018

 Which

 Costs

 Land

 Land

 Total

 St. Michaels, AZ

 —

 127,874

 1,043,962

 12,012

 127,874

 1,055,974

 1,183,848

 138,382

 2018

 Little Rock, AR

 —

 390,921

 856,987

 —

 390,921

 856,987

 1,247,908

 107,123

 2018

 Grand Junction, CO

 —

 835,792

 1,915,976

 —

 835,792

 1,915,976

 2,751,768

 239,497

 2018

 Brookfield, CT

 —

 343,489

 835,106

 —

 343,489

 835,106

 1,178,595

 104,388

 2018

 Manchester, CT

 —

 316,847

 558,659

 —

 316,847

 558,659

 875,506

 69,832

 2018

 Waterbury, CT

 —

 663,667

 607,457

 —

 663,667

 607,457

 1,271,124

 75,932

 2018

 Apopka, FL

 —

 587,585

 2,363,721

 73,672

 587,585

 2,437,393

 3,024,978

 304,192

 2018

 Cape Coral, FL

 —

 554,721

 1,009,404

 11,500

 554,721

 1,020,904

 1,575,625

 126,782

 2018

 Crystal River, FL

 —

 369,723

 1,015,324

 —

 369,723

 1,015,324

 1,385,047

 150,173

 2018

 DeFuniak Springs, FL

 —

 226,898

 835,016

 ( 18,770)

 200,998

 842,146

 1,043,144

 108,703

 2018

 Eustis, FL

 —

 649,394

 1,580,694

 —

 649,394

 1,580,694

 2,230,088

 197,587

 2018

 Hollywood, FL

 —

 895,783

 947,204

 —

 895,783

 947,204

 1,842,987

 118,400

 2018

 Homestead, FL

 —

 650,821

 948,265

 —

 650,821

 948,265

 1,599,086

 118,533

 2018

 —

 827,799

 1,554,516

 —

 827,799

 1,554,516

 2,382,315

 194,314

 2018

 Marianna, FL

 —

 257,760

 886,801

 —

 257,760

 886,801

 1,144,561

 110,850

 2018

 Melbourne, FL

 —

 497,607

 1,549,974

 —

 497,607

 1,549,974

 2,047,581

 193,747

 2018

 Merritt Island, FL

 —

 598,790

 988,114

 —

 598,790

 988,114

 1,586,904

 129,690

 2018

 St. Petersburg, FL

 —

 958,547

 902,502

 —

 958,547

 902,502

 1,861,049

 122,157

 2018

 Tampa, FL

 —

 488,002

 1,209,902

 —

 488,002

 1,209,902

 1,697,904

 163,841

 2018

 Tampa, FL

 —

 703,273

 1,283,951

 —

 703,273

 1,283,951

 1,987,224

 162,065

 2018

 Titusville, FL

 —

 137,421

 1,017,394

 12,058

 137,421

 1,029,453

 1,166,874

 128,606

 2018

 Winter Haven, FL

 —

 832,247

 1,433,449

 —

 832,247

 1,433,449

 2,265,696

 179,181

 2018

 —

 448,253

 1,462,641

 6,023

 448,253

 1,468,664

 1,916,917

 183,542

 2018

 Austell, GA

 —

 1,162,782

 7,462,351

 —

 1,162,782

 7,462,351

 8,625,133

 1,057,167

 2018

 Conyers, GA

 —

 330,549

 941,133

 —

 330,549

 941,133

 1,271,682

 117,642

 2018

 Covington, GA

 —

 744,321

 1,235,171

 64,400

 744,321

 1,299,571

 2,043,892

 157,443

 2018

 Doraville, GA

 —

 1,991,031

 291,663

 452,309

 1,991,031

 743,971

 2,735,002

 59,069

 2018

 Douglasville, GA

 —

 519,420

 1,492,529

 —

 519,420

 1,492,529

 2,011,949

 186,566

 2018

 Lilburn, GA

 —

 304,597

 1,206,785

 —

 304,597

 1,206,785

 1,511,382

 150,848

 2018

 —

 1,257,433

 1,563,755

 5,501

 1,257,433

 1,569,255

 2,826,688

 227,998

 2018

 —

 447,582

 832,782

 —

 447,582

 832,782

 1,280,364

 104,098

 2018

 Pooler, GA

 —

 989,819

 1,220,271

 989,819

 1,221,005

 2,210,824

 167,870

 2018

 Riverdale, GA

 —

 474,072

 879,835

 ( 3,750)

 470,322

 879,835

 1,350,157

 109,979

 2018

 Savannah, GA

 —

 944,815

 2,997,426

 14,050

 944,815

 3,011,476

 3,956,291

 376,333

 2018

 Statesboro, GA

 —

 681,381

 1,592,291

 1,785

 681,381

 1,594,077

 2,275,458

 209,200

 2018

 Union City, GA

 —

 97,528

 1,036,165

 —

 97,528

 1,036,165

 1,133,693

 129,521

 2018

 Nampa, ID

 —

 496,676

 5,163,257

 37,265

 496,676

 5,200,522

 5,697,198

 703,525

 2018

 Aurora, IL

 —

 174,456

 862,599

 —

 174,456

 862,599

 1,037,055

 107,825

 2018

 Bloomington, IL

 —

 1,408,067

 986,931

 1,408,067

 987,609

 2,395,676

 139,891

 2018

 Carlinville, IL

 —

 208,519

 1,113,537

 1,163

 208,519

 1,114,699

 1,323,218

 155,502

 2018

 Centralia, IL

 —

 277,527

 351,547

 —

 277,527

 351,547

 629,074

 43,943

 2018

 —

 1,569,578

 632,848

 —

 1,569,578

 632,848

 2,202,426

 93,581

 2018

 Flora, IL

 —

 232,155

 1,121,688

 4,087

 232,155

 1,125,775

 1,357,930

 143,033

 2018

 Gurnee, IL

 —

 1,341,679

 951,320

 —

 1,341,679

 951,320

 2,292,999

 136,736

 2018

 Lake Zurich, IL

 —

 290,272

 857,467

 141,839

 290,272

 999,306

 1,289,578

 113,280

 2018

 Macomb, IL

 —

 85,753

 661,375

 —

 85,753

 661,375

 747,128

 82,672

 2018

 Morris, IL

 —

 331,622

 1,842,994

 3,880

 331,622

 1,846,874

 2,178,496

 242,354

 2018

 Newton, IL

 —

 510,192

 1,069,075

 2,500

 510,192

 1,071,575

 1,581,767

 142,840

 2018

 Northlake, IL

 —

 353,337

 564,677

 4,343

 353,337

 569,020

 922,357

 73,337

 2018

 Rockford, IL

 —

 270,180

 708,041

 —

 270,180

 708,041

 978,221

 104,723

 2018

 Greenwood, IN

 —

 1,586,786

 1,232,818

 1,163

 1,586,786

 1,233,980

 2,820,766

 172,152

 2018

 Hammond, IN

 —

 230,142

 —

 —

 230,142

 —

 230,142

 —

 2018

 —

 132,291

 311,647

 —

 132,291

 311,647

 443,938

 38,956

 2018

 Mishawaka, IN

 —

 1,263,680

 4,106,900

 —

 1,263,680

 4,106,900

 5,370,580

 539,031

 2018

 South Bend, IN

 —

 420,571

 2,772,376

 —

 420,571

 2,772,376

 3,192,947

 410,034

 2018

 Warsaw, IN

 —

 583,174

 1,118,270

 58,247

 583,174

 1,176,516

 1,759,690

 174,128

 2018

 Ackley, IA

 —

 202,968

 896,444

 —

 202,968

 896,444

 1,099,412

 130,649

 2018

 Riceville, IA

 —

 154,294

 742,421

 —

 154,294

 742,421

 896,715

 108,164

 2018

 Riverside, IA

 —

 579,935

 1,594,085

 —

 579,935

 1,594,085

 2,174,020

 219,187

 2018

 Urbandale, IA

 —

 68,172

 2,938,611

 ( 85,151)

 593,022

 2,328,611

 2,921,633

 389,889

 2018

 Overland Park, KS

 —

 1,053,287

 6,141,649

 1,053,287

 6,141,868

 7,195,155

 806,116

 2018

 Ekron, KY

 —

 95,655

 802,880

 —

 95,655

 802,880

 898,535

 110,396

 2018

 Florence, KY

 —

 601,820

 1,054,572

 —

 601,820

 1,054,572

 1,656,392

 131,821

 2018

 Chalmette, LA

 —

 290,396

 1,297,684

 —

 290,396

 1,297,684

 1,588,080

 162,211

 2018

 Donaldsonville, LA

 —

 542,118

 2,418,183

 31,276

 542,118

 2,449,460

 2,991,578

 330,984

 2018

 Franklinton, LA

 —

 193,192

 925,598

 —

 193,192

 925,598

 1,118,790

 121,485

 2018

 Franklinton, LA

 —

 242,651

 2,462,533

 —

 242,651

 2,462,533

 2,705,184

 333,468

 2018

 Franklinton, LA

 —

 396,560

 1,122,737

 —

 396,560

 1,122,737

 1,519,297

 147,359

 2018

 Franklinton, LA

 —

 163,258

 747,944

 —

 163,258

 747,944

 911,202

 98,168

 2018

 Harvey, LA

 —

 728,822

 1,468,688

 —

 728,822

 1,468,688

 2,197,510

 211,052

 2018

 Jena, LA

 —

 772,878

 2,392,129

 2,040

 774,918

 2,392,129

 3,167,047

 323,934

 2018

 Jennings, LA

 —

 128,158

 2,329,137

 150,190

 128,158

 2,479,326

 2,607,484

 337,931

 2018

 New Orleans, LA

 —

 293,726

 —

 —

 293,726

 —

 293,726

 —

 2018

 Which

 Costs

 Land

 Land

 Total

 Pine Grove, LA

 —

 238,223

 758,573

 —

 238,223

 758,573

 996,796

 99,563

 2018

 Rayville, LA

 —

 310,034

 2,365,203

 17,435

 310,034

 2,382,638

 2,692,672

 321,111

 2018

 Roseland, LA

 —

 307,331

 872,252

 —

 307,331

 872,252

 1,179,583

 114,483

 2018

 Talisheek, LA

 —

 150,802

 1,031,214

 41,718

 150,802

 1,072,931

 1,223,733

 140,301

 2018

 —

 699,157

 651,927

 —

 699,157

 651,927

 1,351,084

 81,491

 2018

 Salisbury, MD

 —

 305,215

 1,193,870

 —

 305,215

 1,193,870

 1,499,085

 149,234

 2018

 Springfield, MA

 —

 153,428

 826,741

 —

 153,428

 826,741

 980,169

 103,343

 2018

 Ann Arbor, MI

 —

 735,859

 2,489,707

 —

 735,859

 2,489,707

 3,225,566

 368,223

 2018

 Belleville, MI

 —

 598,203

 3,970,176

 —

 598,203

 3,970,176

 4,568,379

 587,163

 2018

 Grand Blanc, MI

 —

 1,589,886

 3,738,477

 —

 1,589,886

 3,738,477

 5,328,363

 552,905

 2018

 Jackson, MI

 —

 1,451,971

 2,548,436

 —

 1,451,971

 2,548,436

 4,000,407

 376,898

 2018

 Kentwood, MI

 —

 939,481

 3,438,259

 —

 939,481

 3,438,259

 4,377,740

 508,512

 2018

 Lake Orion, MI

 —

 1,172,982

 2,349,762

 8,277

 1,172,982

 2,358,038

 3,531,020

 347,678

 2018

 Onaway, MI

 —

 17,557

 935,308

 —

 17,557

 935,308

 952,865

 130,553

 2018

 Champlin, MN

 —

 307,271

 1,602,196

 18,429

 307,271

 1,620,625

 1,927,896

 202,463

 2018

 North Branch, MN

 —

 533,175

 —

 533,380

 —

 533,380

 —

 2018

 Richfield, MN

 —

 2,141,431

 613,552

 —

 2,141,431

 613,552

 2,754,983

 76,694

 2018

 Bay St. Louis, MS

 —

 547,498

 2,080,989

 —

 547,498

 2,080,989

 2,628,487

 281,801

 2018

 Corinth, MS

 —

 504,885

 4,540,022

 129,132

 504,885

 4,669,154

 5,174,039

 693,062

 2018

 Forest, MS

 —

 189,817

 1,340,848

 —

 189,817

 1,340,848

 1,530,665

 181,573

 2018

 Southaven, MS

 —

 150,931

 826,123

 —

 150,931

 826,123

 977,054

 103,265

 2018

 Waynesboro, MS

 —

 243,835

 1,205,383

 —

 243,835

 1,205,383

 1,449,218

 163,229

 2018

 Blue Springs, MO

 —

 431,698

 1,704,870

 —

 431,698

 1,704,870

 2,136,568

 234,417

 2018

 Florissant, MO

 —

 733,592

 1,961,094

 ( 14,149)

 733,592

 1,946,945

 2,680,537

 243,456

 2018

 —

 789,880

 384,638

 —

 789,880

 384,638

 1,174,518

 56,884

 2018

 Liberty, MO

 —

 308,470

 2,750,231

 —

 308,470

 2,750,231

 3,058,701

 395,237

 2018

 Neosho, MO

 —

 687,812

 1,115,054

 —

 687,812

 1,115,054

 1,802,866

 153,320

 2018

 —

 1,311,497

 5,462,972

 —

 1,311,497

 5,462,972

 6,774,469

 819,420

 2018

 St. Peters, MO

 —

 1,205,257

 1,760,658

 —

 1,205,257

 1,760,658

 2,965,915

 220,082

 2018

 Webb City, MO

 —

 1,324,146

 1,501,744

 —

 1,324,146

 1,501,744

 2,825,890

 222,122

 2018

 Nashua, NH

 —

 3,635,953

 2,720,644

 4,240

 3,635,953

 2,724,884

 6,360,837

 403,567

 2018

 —

 4,227,966

 3,991,690

 ( 95,381)

 4,227,966

 3,896,309

 8,124,275

 509,291

 2018

 —

 3,505,805

 ( 2,766,838)

 3,193,972

 3,505,805

 427,134

 3,932,939

 55,141

 2018

 —

 1,128,858

 1,396,960

 —

 1,128,858

 1,396,960

 2,525,818

 180,441

 2018

 —

 1,682,284

 3,527,964

 ( 3,432,691)

 1,682,284

 95,273

 1,777,557

 16,625

 2018

 —

 682,822

 —

 —

 682,822

 —

 682,822

 —

 2018

 Woodland Park, NJ

 —

 7,761,801

 3,958,902

 —

 7,761,801

 3,958,902

 11,720,703

 536,089

 2018

 Bernalillo, NM

 —

 899,770

 2,037,465

 ( 78,875)

 820,895

 2,037,465

 2,858,360

 302,657

 2018

 Farmington, NM

 —

 4,428,998

 —

 —

 4,428,998

 —

 4,428,998

 —

 2018

 Canandaigua, NY

 —

 154,996

 1,352,174

 154,996

 1,352,330

 1,507,326

 180,278

 2018

 Catskill, NY

 —

 80,524

 1,097,609

 80,524

 1,097,765

 1,178,289

 146,336

 2018

 Clifton Park, NY

 —

 925,613

 1,858,613

 18,498

 925,613

 1,877,111

 2,802,724

 233,854

 2018

 Elmira, NY

 —

 43,388

 947,627

 —

 43,388

 947,627

 991,015

 118,453

 2018

 Geneseo, NY

 —

 264,795

 1,328,115

 264,795

 1,328,271

 1,593,066

 177,090

 2018

 Greece, NY

 —

 182,916

 1,254,678

 182,916

 1,254,834

 1,437,750

 167,279

 2018

 Hamburg, NY

 —

 520,599

 2,039,602

 —

 520,599

 2,039,602

 2,560,201

 254,950

 2018

 Latham, NY

 —

 373,318

 764,382

 —

 373,318

 764,382

 1,137,700

 95,548

 2018

 N. Syracuse, NY

 —

 165,417

 452,510

 10,034

 165,417

 462,544

 627,961

 57,504

 2018

 Niagara Falls, NY

 —

 392,301

 1,022,745

 —

 392,301

 1,022,745

 1,415,046

 127,843

 2018

 —

 100,136

 895,792

 —

 100,136

 895,792

 995,928

 119,439

 2018

 —

 575,463

 772,555

 —

 575,463

 772,555

 1,348,018

 96,569

 2018

 —

 375,721

 881,257

 —

 375,721

 881,257

 1,256,978

 110,157

 2018

 Schenectady, NY

 —

 74,387

 1,279,967

 8,540

 74,387

 1,288,507

 1,362,894

 171,646

 2018

 Schenectady, NY

 —

 453,006

 726,404

 —

 453,006

 726,404

 1,179,410

 90,800

 2018

 Syracuse, NY

 —

 339,207

 918,302

 —

 339,207

 918,302

 1,257,509

 114,788

 2018

 Syracuse, NY

 —

 607,053

 259,331

 —

 607,053

 259,331

 866,384

 32,416

 2018

 Tonawanda, NY

 —

 94,443

 727,373

 94,443

 727,530

 821,973

 96,971

 2018

 Tonawanda, NY

 —

 131,021

 576,915

 —

 131,021

 576,915

 707,936

 72,114

 2018

 W. Seneca, NY

 —

 98,194

 737,592

 —

 98,194

 737,592

 835,786

 92,199

 2018

 Williamsville, NY

 —

 705,842

 488,800

 —

 705,842

 488,800

 1,194,642

 61,100

 2018

 —

 287,732

 518,005

 —

 287,732

 518,005

 805,737

 64,751

 2018

 Concord, NC

 —

 526,102

 1,955,989

 8,699

 526,102

 1,964,688

 2,490,790

 249,607

 2018

 Durham, NC

 —

 1,787,380

 848,986

 —

 1,787,380

 848,986

 2,636,366

 106,123

 2018

 Fayetteville, NC

 —

 108,898

 1,769,274

 —

 108,898

 1,769,274

 1,878,172

 221,159

 2018

 Greensboro, NC

 —

 402,957

 1,351,015

 —

 402,957

 1,351,015

 1,753,972

 168,877

 2018

 Greenville, NC

 —

 541,233

 1,403,441

 —

 541,233

 1,403,441

 1,944,674

 175,430

 2018

 High Point, NC

 —

 252,336

 1,024,696

 —

 252,336

 1,024,696

 1,277,032

 128,087

 2018

 Kernersville, NC

 —

 270,581

 966,807

 —

 270,581

 966,807

 1,237,388

 120,851

 2018

 Pineville, NC

 —

 1,390,592

 6,390,201

 —

 1,390,592

 6,390,201

 7,780,793

 852,004

 2018

 Rockingham, NC

 —

 245,976

 955,579

 —

 245,976

 955,579

 1,201,555

 131,392

 2018

 Salisbury, NC

 —

 572,085

 700,288

 —

 572,085

 700,288

 1,272,373

 87,536

 2018

 Zebulon, NC

 —

 160,107

 1,077

 161,220

 —

 161,220

 —

 2018

 Akron, OH

 —

 445,299

 —

 —

 445,299

 —

 445,299

 —

 2018

 Which

 Costs

 Land

 Land

 Total

 Bellevue, OH

 —

 272,308

 1,127,365

 62,975

 272,308

 1,190,340

 1,462,648

 167,901

 2018

 Canton, OH

 —

 981,941

 1,076,113

 —

 981,941

 1,076,113

 2,058,054

 134,514

 2018

 —

 542,161

 1,088,316

 —

 542,161

 1,088,316

 1,630,477

 136,040

 2018

 Fairview Park, OH

 —

 338,732

 400,013

 —

 338,732

 400,013

 738,745

 50,002

 2018

 Franklin, OH

 —

 5,405,718

 —

 —

 5,405,718

 —

 5,405,718

 —

 2018

 Middletown, OH

 —

 311,389

 1,451,469

 1,163

 311,389

 1,452,632

 1,764,021

 202,656

 2018

 Niles, OH

 —

 334,783

 798,136

 —

 334,783

 798,136

 1,132,919

 99,767

 2018

 North Olmsted, OH

 —

 544,903

 810,840

 34,500

 544,903

 845,340

 1,390,243

 121,695

 2018

 Warren, OH

 —

 208,710

 601,092

 —

 208,710

 601,092

 809,802

 75,137

 2018

 Warrensville Heights, OH

 —

 735,534

 —

 736,161

 —

 736,161

 —

 2018

 Youngstown, OH

 —

 323,983

 989,430

 —

 323,983

 989,430

 1,313,413

 123,679

 2018

 Broken Arrow, OK

 —

 919,176

 1,276,754

 1,778

 919,176

 1,278,532

 2,197,708

 175,754

 2018

 Chickasha, OK

 —

 230,000

 2,881,525

 11,101

 230,000

 2,892,626

 3,122,626

 384,261

 2018

 Coweta, OK

 —

 282,468

 803,762

 —

 282,468

 803,762

 1,086,230

 110,517

 2018

 Midwest City, OK

 —

 755,192

 5,687,280

 5,850

 755,192

 5,693,131

 6,448,323

 748,393

 2018

 Oklahoma City, OK

 —

 1,104,085

 1,874,359

 40,579

 1,104,085

 1,914,937

 3,019,022

 240,890

 2018

 Shawnee, OK

 —

 409,190

 957,557

 —

 409,190

 957,557

 1,366,747

 119,695

 2018

 Wright City, OK

 —

 38,302

 1,010,645

 17,948

 38,302

 1,028,593

 1,066,895

 132,257

 2018

 Hillsboro, OR

 —

 4,632,369

 7,656,179

 —

 4,632,369

 7,656,179

 12,288,548

 1,084,625

 2018

 Carlisle, PA

 —

 340,349

 643,498

 —

 340,349

 643,498

 983,847

 80,437

 2018

 Erie, PA

 —

 58,279

 833,933

 —

 58,279

 833,933

 892,212

 104,242

 2018

 Johnstown, PA

 —

 1,030,667

 —

 8,829

 1,039,496

 —

 1,039,496

 —

 2018

 King of Prussia, PA

 —

 5,097,320

 —

 1,201

 5,098,522

 —

 5,098,522

 —

 2018

 Philadelphia, PA

 —

 155,212

 218,083

 —

 155,212

 218,083

 373,295

 27,260

 2018

 Philadelphia, PA

 —

 127,690

 122,516

 —

 127,690

 122,516

 250,206

 15,314

 2018

 —

 927,083

 5,126,243

 25,348

 927,083

 5,151,590

 6,078,673

 663,082

 2018

 —

 1,397,965

 —

 1,810

 1,399,775

 —

 1,399,775

 —

 2018

 Upper Darby, PA

 —

 861,339

 85,966

 37,671

 861,339

 123,637

 984,976

 21,654

 2018

 Wysox, PA

 —

 1,668,272

 1,699,343

 31,181

 1,668,272

 1,730,524

 3,398,796

 227,274

 2018

 Richmond, RI

 —

 1,293,932

 7,477,281

 689,598

 1,293,932

 8,166,878

 9,460,810

 1,222,941

 2018

 Warwick, RI

 —

 687,454

 2,108,256

 —

 687,454

 2,108,256

 2,795,710

 263,532

 2018

 Greenville, SC

 —

 628,081

 1,451,481

 —

 628,081

 1,451,481

 2,079,562

 181,435

 2018

 Lake City, SC

 —

 57,911

 932,874

 28,344

 57,911

 961,218

 1,019,129

 119,171

 2018

 Manning, SC

 —

 245,546

 989,236

 245,546

 989,382

 1,234,928

 131,899

 2018

 Mt. Pleasant, SC

 —

 555,387

 1,042,804

 —

 555,387

 1,042,804

 1,598,191

 130,351

 2018

 Myrtle Beach, SC

 —

 254,334

 149,107

 —

 254,334

 149,107

 403,441

 18,638

 2018

 —

 709,338

 1,618,382

 —

 709,338

 1,618,382

 2,327,720

 202,298

 2018

 Sumter, SC

 —

 521,299

 809,466

 —

 521,299

 809,466

 1,330,765

 101,183

 2018

 Walterboro, SC

 —

 207,130

 827,775

 —

 207,130

 827,775

 1,034,905

 113,817

 2018

 Chattanooga, TN

 —

 1,179,566

 1,236,591

 —

 1,179,566

 1,236,591

 2,416,157

 154,574

 2018

 Johnson City, TN

 —

 181,117

 1,232,151

 —

 181,117

 1,232,151

 1,413,268

 154,019

 2018

 Beaumont, TX

 —

 936,389

 2,725,502

 21,661

 936,389

 2,747,164

 3,683,553

 343,260

 2018

 Donna, TX

 —

 962,302

 1,620,925

 —

 962,302

 1,620,925

 2,583,227

 216,089

 2018

 Fairfield, TX

 —

 125,098

 970,816

 —

 125,098

 970,816

 1,095,914

 125,397

 2018

 Groves, TX

 —

 596,586

 2,250,794

 —

 596,586

 2,250,794

 2,847,380

 281,349

 2018

 Humble, TX

 —

 173,885

 867,347

 —

 173,885

 867,347

 1,041,232

 108,418

 2018

 Jacksboro, TX

 —

 119,147

 1,036,482

 —

 119,147

 1,036,482

 1,155,629

 133,879

 2018

 Kemah, TX

 —

 2,324,774

 2,835,597

 ( 44,661)

 2,324,774

 2,790,936

 5,115,710

 367,682

 2018

 Lamesa, TX

 —

 66,019

 1,493,146

 —

 66,019

 1,493,146

 1,559,165

 211,523

 2018

 Live Oak, TX

 —

 371,174

 1,880,746

 —

 371,174

 1,880,746

 2,251,920

 258,601

 2018

 Lufkin, TX

 —

 382,643

 1,054,911

 —

 382,643

 1,054,911

 1,437,554

 131,864

 2018

 Plano, TX

 —

 452,721

 822,683

 —

 452,721

 822,683

 1,275,404

 102,835

 2018

 Port Arthur, TX

 —

 512,094

 721,936

 —

 512,094

 721,936

 1,234,030

 90,242

 2018

 Porter, TX

 —

 524,532

 1,683,767

 524,532

 1,684,333

 2,208,865

 221,062

 2018

 Tomball, TX

 —

 1,336,029

 1,849,554

 —

 1,336,029

 1,849,554

 3,185,583

 254,310

 2018

 Universal City, TX

 —

 380,788

 1,496,318

 —

 380,788

 1,496,318

 1,877,106

 187,040

 2018

 Waxahachie, TX

 —

 388,138

 792,125

 —

 388,138

 792,125

 1,180,263

 99,016

 2018

 Willis, TX

 —

 406,466

 925,047

 7,287

 406,466

 932,334

 1,338,800

 122,275

 2018

 Logan, UT

 —

 914,515

 2,774,985

 —

 914,515

 2,774,985

 3,689,500

 369,998

 2018

 Christiansburg, VA

 —

 520,538

 661,780

 —

 520,538

 661,780

 1,182,318

 82,723

 2018

 Fredericksburg, VA

 —

 452,911

 1,076,589

 —

 452,911

 1,076,589

 1,529,500

 134,574

 2018

 Glen Allen, VA

 —

 1,112,948

 837,542

 108,465

 1,112,948

 946,007

 2,058,955

 124,844

 2018

 —

 353,242

 514,898

 —

 353,242

 514,898

 868,140

 64,362

 2018

 Louisa, VA

 —

 538,246

 2,179,541

 —

 538,246

 2,179,541

 2,717,787

 288,419

 2018

 Manassas, VA

 —

 1,454,278

 —

 —

 1,454,278

 —

 1,454,278

 —

 2018

 Virginia Beach, VA

 —

 2,142,002

 1,154,585

 —

 2,142,002

 1,154,585

 3,296,587

 144,323

 2018

 Virginia Beach, VA

 —

 271,176

 3,308,434

 —

 271,176

 3,308,434

 3,579,610

 413,554

 2018

 Everett, WA

 —

 414,899

 811,710

 —

 414,899

 811,710

 1,226,609

 101,464

 2018

 Bluefield, WV

 —

 287,740

 947,287

 12,403

 287,740

 959,691

 1,247,431

 140,972

 2018

 Green Bay, WI

 —

 817,143

 1,383,440

 —

 817,143

 1,383,440

 2,200,583

 172,930

 2018

 La Crosse, WI

 —

 175,551

 1,145,438

 —

 175,551

 1,145,438

 1,320,989

 143,180

 2018

 Madison, WI

 —

 2,475,815

 4,249,537

 ( 30,001)

 2,475,814

 4,219,537

 6,695,351

 548,752

 2018

 Mt. Pleasant, WI

 —

 208,806

 1,173,275

 ( 601)

 208,205

 1,173,275

 1,381,480

 146,659

 2018

 Which

 Costs

 Land

 Land

 Total

 Schofield, WI

 —

 533,503

 1,071,930

 —

 533,502

 1,071,930

 1,605,432

 133,991

 2018

 Sheboygan, WI

 —

 331,691

 929,093

 —

 331,691

 929,093

 1,260,784

 116,137

 2018

 Athens, AL

 —

 338,789

 1,119,459

 ( 2,717)

 338,789

 1,116,742

 1,455,531

 123,386

 2019

 Attalla, AL

 —

 289,473

 928,717

 —

 289,473

 928,717

 1,218,190

 102,546

 2019

 —

 1,400,530

 859,880

 236,711

 1,400,530

 1,096,591

 2,497,121

 91,129

 2019

 Blountsville, AL

 —

 262,412

 816,070

 22,398

 262,412

 838,468

 1,100,880

 90,679

 2019

 Coffeeville, AL

 —

 129,263

 864,122

 —

 129,263

 864,122

 993,385

 95,413

 2019

 Phenix, AL

 —

 292,234

 1,280,705

 —

 292,234

 1,280,705

 1,572,939

 154,752

 2019

 Silas, AL

 —

 383,742

 1,351,195

 —

 383,742

 1,351,195

 1,734,937

 149,185

 2019

 Tuba City, AZ

 —

 138,006

 1,253,376

 138,006

 1,253,907

 1,391,913

 133,137

 2019

 Searcy, AR

 —

 851,561

 5,582,069

 75,885

 851,561

 5,657,953

 6,509,514

 684,834

 2019

 Sheridan, AR

 —

 124,667

 1,070,754

 —

 124,667

 1,070,754

 1,195,421

 118,096

 2019

 Trumann, AR

 —

 170,957

 1,064,039

 —

 170,957

 1,064,039

 1,234,996

 117,354

 2019

 Visalia, CA

 —

 2,552,353

 6,994,518

 2,552,353

 6,994,802

 9,547,155

 801,479

 2019

 Lakewood, CO

 —

 3,021,260

 6,125,185

 57,272

 3,021,260

 6,182,457

 9,203,717

 617,391

 2019

 Rifle, CO

 —

 4,427,019

 1,599,591

 —

 4,427,019

 1,599,591

 6,026,610

 183,178

 2019

 Danbury, CT

 —

 1,095,933

 —

 —

 1,095,933

 —

 1,095,933

 —

 2019

 Greenwich, CT

 —

 16,350,193

 3,076,568

 6,540

 16,350,193

 3,083,108

 19,433,301

 361,748

 2019

 Orange, CT

 —

 6,881,022

 10,519,218

 38,849

 6,881,022

 10,558,067

 17,439,089

 1,121,202

 2019

 Torrington, CT

 —

 195,171

 1,541,214

 26,976

 195,171

 1,568,190

 1,763,361

 159,972

 2019

 Bear, DE

 —

 743,604

 —

 744,261

 —

 744,261

 —

 2019

 Wilmington, DE

 —

 2,501,623

 2,784,576

 —

 2,501,623

 2,784,576

 5,286,199

 330,504

 2019

 Apopka, FL

 —

 646,629

 1,215,458

 10,730

 646,629

 1,226,188

 1,872,817

 153,721

 2019

 Clearwater, FL

 —

 497,216

 1,027,192

 —

 497,216

 1,027,192

 1,524,408

 121,812

 2019

 Cocoa, FL

 —

 2,174,730

 —

 —

 2,174,730

 —

 2,174,730

 —

 2019

 Lake Placid, FL

 —

 255,339

 1,059,913

 —

 255,339

 1,059,913

 1,315,252

 110,408

 2019

 Merritt Island, FL

 —

 746,846

 1,805,756

 —

 746,846

 1,805,756

 2,552,602

 195,624

 2019

 Orlando, FL

 —

 751,265

 2,089,523

 —

 751,265

 2,089,523

 2,840,788

 246,716

 2019

 Poinciana, FL

 —

 608,450

 1,073,714

 —

 608,450

 1,073,714

 1,682,164

 111,845

 2019

 Sanford, FL

 —

 2,791,684

 4,763,063

 20,322

 2,791,684

 4,783,386

 7,575,070

 517,769

 2019

 Tavares, FL

 —

 736,113

 1,849,694

 —

 736,113

 1,849,694

 2,585,807

 219,656

 2019

 Wauchula, FL

 —

 333,236

 1,156,806

 —

 333,236

 1,156,806

 1,490,042

 144,601

 2019

 West Palm Beach, FL

 —

 2,484,935

 2,344,077

 —

 2,484,935

 2,344,077

 4,829,012

 253,870

 2019

 Brunswick, GA

 —

 186,767

 1,615,510

 1,900

 186,767

 1,617,410

 1,804,177

 191,728

 2019

 Columbus, GA

 —

 336,125

 2,497,365

 32,240

 336,125

 2,529,605

 2,865,730

 263,165

 2019

 Conyers, GA

 —

 714,666

 2,137,506

 —

 714,666

 2,137,506

 2,852,172

 240,355

 2019

 Dacula, GA

 —

 1,280,484

 1,716,312

 —

 1,280,484

 1,716,312

 2,996,796

 207,328

 2019

 —

 390,416

 1,441,936

 —

 390,416

 1,441,936

 1,832,352

 171,053

 2019

 Tucker, GA

 —

 374,268

 1,652,522

 —

 374,268

 1,652,522

 2,026,790

 199,620

 2019

 Chubbuck, ID

 —

 1,067,983

 5,880,828

 —

 1,067,983

 5,880,828

 6,948,811

 722,849

 2019

 Chubbuck, ID

 —

 185,310

 —

 —

 185,310

 —

 185,310

 —

 2019

 Chubbuck, ID

 —

 873,334

 1,653,886

 —

 873,334

 1,653,886

 2,527,220

 203,290

 2019

 Edwardsville, IL

 —

 449,741

 1,202,041

 —

 449,741

 1,202,041

 1,651,782

 142,614

 2019

 Elk Grove Village, IL

 —

 394,567

 1,395,659

 22,896

 394,567

 1,418,555

 1,813,122

 153,194

 2019

 Evergreen Park, IL

 —

 5,687,045

 18,880,969

 —

 5,687,045

 18,880,969

 24,568,014

 2,045,167

 2019

 Freeport, IL

 —

 92,295

 1,537,120

 —

 92,295

 1,537,120

 1,629,415

 163,252

 2019

 Geneva, IL

 —

 644,434

 1,213,859

 —

 644,434

 1,213,859

 1,858,293

 141,617

 2019

 Greenville, IL

 —

 135,642

 1,026,006

 —

 135,642

 1,026,006

 1,161,648

 104,738

 2019

 Murphysboro, IL

 —

 176,281

 988,808

 —

 176,281

 988,808

 1,165,089

 111,098

 2019

 Rockford, IL

 —

 814,666

 1,719,410

 —

 814,666

 1,719,410

 2,534,076

 182,620

 2019

 Round Lake, IL

 —

 325,722

 2,669,132

 5,756

 325,722

 2,674,888

 3,000,610

 269,153

 2019

 Fishers, IN

 —

 429,857

 621,742

 25,550

 429,857

 647,292

 1,077,149

 76,312

 2019

 Gas City, IN

 —

 504,378

 1,341,890

 —

 504,378

 1,341,890

 1,846,268

 164,941

 2019

 Hammond, IN

 —

 149,230

 1,002,706

 —

 149,230

 1,002,706

 1,151,936

 110,715

 2019

 Kokomo, IN

 —

 716,631

 1,143,537

 —

 716,631

 1,143,537

 1,860,168

 135,687

 2019

 Marion, IN

 —

 140,507

 898,097

 27,530

 140,507

 925,627

 1,066,134

 92,539

 2019

 Westfield, IN

 —

 594,597

 1,260,563

 43,497

 594,597

 1,304,060

 1,898,657

 155,547

 2019

 Waterloo, IA

 —

 369,497

 1,265,450

 —

 369,497

 1,265,450

 1,634,947

 137,018

 2019

 Concordia, KS

 —

 150,440

 1,144,639

 26,864

 150,440

 1,171,503

 1,321,943

 116,904

 2019

 Parsons, KS

 —

 203,953

 1,073,554

 —

 203,953

 1,073,554

 1,277,507

 129,600

 2019

 Pratt, KS

 —

 245,375

 1,293,871

 —

 245,375

 1,293,871

 1,539,246

 140,169

 2019

 Wellington, KS

 —

 95,197

 1,090,333

 —

 95,197

 1,090,333

 1,185,530

 115,782

 2019

 —

 1,257,608

 5,700,299

 1,257,608

 5,700,654

 6,958,262

 664,933

 2019

 Crestwood, KY

 —

 670,021

 1,096,031

 9,668

 670,021

 1,105,699

 1,775,720

 110,510

 2019

 Georgetown, KY

 —

 257,839

 3,025,734

 266,479

 257,839

 3,292,213

 3,550,052

 344,257

 2019

 Grayson, KY

 —

 241,857

 1,155,603

 —

 241,857

 1,155,603

 1,397,460

 125,190

 2019

 Henderson, KY

 —

 146,676

 958,794

 —

 146,676

 958,794

 1,105,470

 97,877

 2019

 Leitchfield, KY

 —

 303,830

 1,062,711

 —

 303,830

 1,062,711

 1,366,541

 106,271

 2019

 Kentwood, LA

 —

 327,392

 638,214

 20,612

 327,392

 658,826

 986,218

 81,882

 2019

 —

 565,778

 890,034

 ( 110,745)

 750,569

 594,498

 1,345,067

 41,427

 2019

 Bowie, MD

 —

 2,840,009

 4,474,364

 —

 2,840,009

 4,474,364

 7,314,373

 503,255

 2019

 Eldersburg, MD

 —

 563,227

 1,855,987

 563,227

 1,856,507

 2,419,734

 197,151

 2019

 Brockton, MA

 —

 3,254,807

 8,504,236

 105,278

 3,254,807

 8,609,514

 11,864,321

 860,708

 2019

 Which

 Costs

 Land

 Land

 Total

 Ipswich, MA

 —

 467,109

 967,282

 —

 467,109

 967,282

 1,434,391

 108,724

 2019

 Ispwich, MA

 —

 2,606,990

 3,414,474

 6,230

 2,606,990

 3,420,704

 6,027,694

 384,376

 2019

 Adrian, MI

 —

 459,814

 1,562,895

 38,711

 459,814

 1,601,605

 2,061,419

 187,499

 2019

 Allegan, MI

 —

 184,466

 1,239,762

 —

 184,466

 1,239,762

 1,424,228

 139,473

 2019

 Caro, MI

 —

 183,318

 1,328,630

 —

 183,318

 1,328,630

 1,511,948

 141,120

 2019

 Clare, MI

 —

 153,379

 1,412,383

 11,126

 153,379

 1,423,510

 1,576,889

 145,217

 2019

 Cooks, MI

 —

 304,340

 1,109,838

 9,630

 304,340

 1,119,468

 1,423,808

 111,887

 2019

 Crystal Falls, MI

 —

 62,462

 757,276

 —

 62,462

 757,276

 819,738

 83,616

 2019

 Harrison, MI

 —

 59,984

 900,901

 ( 25,895)

 59,984

 875,006

 934,990

 87,671

 2019

 Jackson, MI

 —

 524,446

 1,265,119

 —

 524,446

 1,265,119

 1,789,565

 131,783

 2019

 Monroe, MI

 —

 501,688

 2,651,440

 —

 501,688

 2,651,440

 3,153,128

 314,660

 2019

 Plymouth, MI

 —

 580,459

 1,043,474

 47,200

 580,459

 1,090,674

 1,671,133

 130,992

 2019

 Spalding, MI

 —

 86,973

 842,434

 —

 86,973

 842,434

 929,407

 93,019

 2019

 Walker, MI

 —

 4,821,073

 15,814,475

 17,091

 4,821,073

 15,831,566

 20,652,639

 1,648,931

 2019

 Lakeville, MN

 —

 1,774,051

 6,386,118

 114,634

 1,774,051

 6,500,752

 8,274,803

 738,126

 2019

 Longville, MN

 —

 30,748

 836,277

 —

 30,748

 836,277

 867,025

 92,339

 2019

 Waite Park, MN

 —

 142,863

 1,064,736

 —

 142,863

 1,064,736

 1,207,599

 126,150

 2019

 Bolton, MS

 —

 172,890

 831,005

 —

 172,890

 831,005

 1,003,895

 91,757

 2019

 Bruce, MS

 —

 189,929

 896,080

 —

 189,929

 896,080

 1,086,009

 106,349

 2019

 Columbus, MS

 —

 123,385

 898,226

 —

 123,385

 898,226

 1,021,611

 106,604

 2019

 Flowood, MS

 —

 638,891

 1,308,566

 —

 638,891

 1,308,566

 1,947,457

 138,978

 2019

 Houston, MS

 —

 170,449

 913,763

 —

 170,449

 913,763

 1,084,212

 108,449

 2019

 —

 393,954

 1,169,374

 —

 393,954

 1,169,374

 1,563,328

 124,193

 2019

 Michigan City, MS

 —

 336,323

 963,447

 —

 336,323

 963,447

 1,299,770

 114,349

 2019

 Pontotoc, MS

 —

 174,112

 924,043

 —

 174,112

 924,043

 1,098,155

 105,880

 2019

 Tutwiler, MS

 —

 152,108

 844,300

 —

 152,108

 844,300

 996,408

 93,225

 2019

 Fair Play, MO

 —

 56,563

 642,856

 —

 56,563

 642,856

 699,419

 70,982

 2019

 Florissant, MO

 —

 1,394,072

 2,210,514

 —

 1,394,072

 2,210,514

 3,604,586

 262,435

 2019

 Florissant, MO

 —

 1,647,163

 2,256,716

 —

 1,647,163

 2,256,716

 3,903,879

 263,284

 2019

 Grovespring, MO

 —

 207,974

 823,419

 —

 207,974

 823,419

 1,031,393

 90,919

 2019

 Hermitage, MO

 —

 98,531

 833,177

 2,600

 98,531

 835,777

 934,308

 92,241

 2019

 Madison, MO

 —

 199,972

 844,901

 —

 199,972

 844,901

 1,044,873

 93,291

 2019

 Oak Grove, MO

 —

 275,293

 1,000,150

 —

 275,293

 1,000,150

 1,275,443

 112,517

 2019

 Salem, MO

 —

 153,713

 1,085,494

 —

 153,713

 1,085,494

 1,239,207

 115,268

 2019

 South Fork, MO

 —

 345,053

 1,087,384

 —

 345,053

 1,087,384

 1,432,437

 120,065

 2019

 St. Louis, MO

 —

 743,673

 3,387,981

 —

 743,673

 3,387,981

 4,131,654

 345,856

 2019

 Manchester, HN

 —

 1,486,550

 2,419,269

 314,378

 1,486,550

 2,733,647

 4,220,197

 254,958

 2019

 Nashua, NH

 —

 808,886

 2,020,221

 808,886

 2,020,499

 2,829,385

 210,466

 2019

 Lanoka Harbor, NJ

 —

 1,355,335

 1,052,415

 —

 1,355,335

 1,052,415

 2,407,750

 111,692

 2019

 Paramus, NJ

 —

 —

 6,224,221

 609,273

 —

 6,833,494

 6,833,494

 830,272

 2019

 San Ysidro, NM

 —

 316,770

 956,983

 —

 316,770

 956,983

 1,273,753

 105,667

 2019

 Hinsdale, NY

 —

 353,602

 905,350

 —

 353,602

 905,350

 1,258,952

 99,966

 2019

 Liverpool, NY

 —

 1,697,114

 3,355,641

 50,698

 1,697,114

 3,406,339

 5,103,453

 338,943

 2019

 Malone, NY

 —

 413,667

 1,035,771

 —

 413,667

 1,035,771

 1,449,438

 122,821

 2019

 Vestal, NY

 —

 3,540,906

 5,610,529

 145,000

 3,540,906

 5,755,529

 9,296,435

 617,840

 2019

 Columbus, NC

 —

 423,026

 1,070,992

 —

 423,026

 1,070,992

 1,494,018

 113,719

 2019

 Fayetteville, NC

 —

 505,574

 1,544,177

 —

 505,574

 1,544,177

 2,049,751

 160,852

 2019

 Hope Mills, NC

 —

 1,522,142

 7,906,676

 —

 1,522,142

 7,906,676

 9,428,818

 856,431

 2019

 Sylva, NC

 —

 450,055

 1,351,631

 19,487

 450,055

 1,371,118

 1,821,173

 136,990

 2019

 Edgeley, ND

 —

 193,509

 944,881

 —

 193,509

 944,881

 1,138,390

 106,299

 2019

 Grand Forks, ND

 —

 1,187,389

 2,052,184

 —

 1,187,389

 2,052,184

 3,239,573

 226,577

 2019

 Williston, ND

 —

 515,210

 1,584,865

 —

 515,210

 1,584,865

 2,100,075

 174,995

 2019

 Batavia, OH

 —

 601,071

 1,125,756

 ( 7,364)

 595,681

 1,123,783

 1,719,464

 129,046

 2019

 Bellevue, OH

 —

 186,215

 1,343,783

 8,491

 186,215

 1,352,274

 1,538,489

 135,174

 2019

 —

 357,767

 1,423,046

 —

 357,767

 1,423,046

 1,780,813

 168,810

 2019

 Conneaut, OH

 —

 200,915

 1,363,715

 7,983

 200,915

 1,371,698

 1,572,613

 142,802

 2019

 Hamilton, OH

 —

 335,677

 1,066,581

 —

 335,677

 1,066,581

 1,402,258

 124,291

 2019

 Heath, OH

 —

 657,358

 3,259,449

 314,817

 657,358

 3,574,266

 4,231,624

 402,224

 2019

 Kenton, OH

 —

 191,968

 1,290,534

 7,724

 191,968

 1,298,257

 1,490,225

 132,466

 2019

 Maumee, OH

 —

 1,498,739

 815,222

 4,677

 1,498,739

 819,899

 2,318,638

 100,320

 2019

 Oxford, OH

 —

 912,241

 2,566,991

 25,001

 912,241

 2,591,993

 3,504,234

 312,004

 2019

 West Chester, OH

 —

 796,035

 814,730

 796,035

 815,390

 1,611,425

 100,206

 2019

 West Chester, OH

 —

 395,924

 1,173,848

 —

 395,924

 1,173,848

 1,569,772

 141,723

 2019

 Ada, OK

 —

 336,304

 1,234,870

 —

 336,304

 1,234,870

 1,571,174

 128,632

 2019

 Bartlesville, OK

 —

 451,582

 1,249,112

 —

 451,582

 1,249,112

 1,700,694

 140,353

 2019

 Bokoshe, OK

 —

 47,725

 797,175

 —

 47,725

 797,175

 844,900

 89,392

 2019

 Lawton, OK

 —

 230,834

 612,256

 —

 230,834

 612,256

 843,090

 68,707

 2019

 Whitefield, OK

 —

 144,932

 863,327

 —

 144,932

 863,327

 1,008,259

 97,124

 2019

 Cranberry Township, PA

 —

 2,066,679

 2,049,310

 —

 2,066,679

 2,049,310

 4,115,989

 247,565

 2019

 Ebensburg, PA

 —

 551,162

 2,023,064

 5,690

 551,162

 2,028,754

 2,579,916

 240,641

 2019

 Flourtown, PA

 —

 1,342,409

 2,229,147

 —

 1,342,409

 2,229,147

 3,571,556

 273,984

 2019

 Monaca, PA

 —

 449,116

 842,901

 —

 449,116

 842,901

 1,292,017

 101,791

 2019

 Natrona Heights, PA

 —

 1,412,247

 1,719,447

 —

 1,412,247

 1,719,447

 3,131,694

 211,349

 2019

 Which

 Costs

 Land

 Land

 Total

 North Huntingdon, PA

 —

 428,166

 1,508,044

 —

 428,166

 1,508,044

 1,936,210

 182,162

 2019

 Oakdale, PA

 —

 708,623

 987,577

 95,078

 708,623

 1,082,654

 1,791,277

 110,768

 2019

 Philadelphia, PA

 —

 1,891,985

 20,799,223

 211,964

 1,891,985

 21,011,187

 22,903,172

 2,468,591

 2019

 —

 1,251,674

 3,842,592

 —

 1,251,674

 3,842,592

 5,094,266

 408,176

 2019

 Robinson Township, PA

 —

 1,630,648

 2,703,381

 —

 1,630,648

 2,703,381

 4,334,029

 304,046

 2019

 Titusville, PA

 —

 877,651

 2,568,060

 —

 877,651

 2,568,060

 3,445,711

 294,200

 2019

 West View, PA

 —

 120,349

 1,347,706

 —

 120,349

 1,347,706

 1,468,055

 145,917

 2019

 York, PA

 —

 3,331,496

 6,690,968

 9,190

 3,331,496

 6,700,158

 10,031,654

 766,833

 2019

 —

 2,783,934

 13,228,453

 —

 2,783,934

 13,228,453

 16,012,387

 1,598,311

 2019

 Hampton, SC

 —

 215,462

 1,050,367

 —

 215,462

 1,050,367

 1,265,829

 131,296

 2019

 Myrtle Beach, SC

 —

 1,371,226

 2,752,440

 503,611

 1,371,226

 3,256,051

 4,627,277

 405,123

 2019

 Orangeburg, SC

 —

 316,428

 1,116,664

 —

 316,428

 1,116,664

 1,433,092

 127,873

 2019

 Kadoka, SD

 —

 134,528

 926,523

 —

 134,528

 926,523

 1,061,051

 104,234

 2019

 Thorn Hill, TN

 —

 115,367

 974,925

 —

 115,367

 974,925

 1,090,292

 115,677

 2019

 Woodbury, TN

 —

 154,043

 1,092,958

 —

 154,043

 1,092,958

 1,247,001

 129,789

 2019

 Burleson, TX

 —

 1,396,753

 3,312,794

 13,863

 1,396,753

 3,326,658

 4,723,411

 332,579

 2019

 Carrizo Springs, TX

 —

 337,070

 812,963

 5,087

 337,070

 818,050

 1,155,120

 91,910

 2019

 Garland, TX

 —

 773,385

 2,587,011

 —

 773,385

 2,587,011

 3,360,396

 301,818

 2019

 Kenedy, TX

 —

 325,159

 954,774

 11,254

 325,159

 966,029

 1,291,188

 96,533

 2019

 Laredo, TX

 —

 1,117,403

 2,152,573

 48,118

 1,117,403

 2,200,690

 3,318,093

 251,366

 2019

 Lewisville, TX

 —

 2,347,993

 5,271,935

 4,154

 2,347,993

 5,276,089

 7,624,082

 648,118

 2019

 —

 1,420,820

 1,858,395

 —

 1,420,820

 1,858,395

 3,279,215

 228,428

 2019

 Wichita Falls, TX

 —

 585,664

 1,952,988

 —

 585,664

 1,952,988

 2,538,652

 219,711

 2019

 Wylie, TX

 —

 686,154

 1,623,684

 —

 686,154

 1,623,684

 2,309,838

 196,135

 2019

 Draper, UT

 —

 1,344,025

 3,321,208

 23,553

 1,344,025

 3,344,761

 4,688,786

 334,329

 2019

 Bristol, VA

 —

 996,915

 1,374,467

 —

 996,915

 1,374,467

 2,371,382

 148,901

 2019

 Gloucester, VA

 —

 458,785

 1,994,093

 —

 458,785

 1,994,093

 2,452,878

 215,982

 2019

 —

 3,549,928

 6,096,218

 3,549,928

 6,096,325

 9,646,253

 647,485

 2019

 —

 429,613

 1,081,015

 —

 429,613

 1,081,015

 1,510,628

 117,110

 2019

 —

 744,520

 1,249,355

 —

 744,520

 1,249,355

 1,993,875

 135,347

 2019

 —

 561,596

 1,545,002

 —

 561,596

 1,545,002

 2,106,598

 167,375

 2019

 Newport News, VA

 —

 12,618,320

 —

 —

 12,618,320

 —

 12,618,320

 —

 2019

 Newport News, VA

 —

 855,793

 1,754,228

 —

 855,793

 1,754,228

 2,610,021

 190,041

 2019

 Poquoson, VA

 —

 330,867

 848,105

 2,156

 330,867

 850,261

 1,181,128

 92,080

 2019

 South Boston, VA

 —

 490,590

 2,637,385

 15,414

 490,590

 2,652,799

 3,143,389

 276,173

 2019

 Surry, VA

 —

 685,233

 994,788

 —

 685,233

 994,788

 1,680,021

 107,769

 2019

 Williamsburg, VA

 —

 1,574,769

 2,001,920

 ( 9,200)

 1,565,569

 2,001,920

 3,567,489

 216,875

 2019

 Williamsburg, VA

 —

 675,861

 1,098,464

 —

 675,861

 1,098,464

 1,774,325

 119,000

 2019

 Wytheville, VA

 —

 206,660

 1,248,178

 —

 206,660

 1,248,178

 1,454,838

 124,818

 2019

 Ephrata, WA

 —

 368,492

 4,821,470

 18,383

 368,492

 4,839,852

 5,208,344

 493,857

 2019

 Charleston, WV

 —

 561,767

 —

 —

 561,767

 —

 561,767

 —

 2019

 Ripley, WV

 —

 1,042,204

 —

 20,422

 1,062,626

 —

 1,062,626

 —

 2019

 Black River Falls, WI

 —

 278,472

 1,141,572

 9,517

 278,472

 1,151,090

 1,429,562

 117,428

 2019

 Lake Geneva, WI

 —

 7,078,726

 —

 —

 7,078,726

 —

 7,078,726

 —

 2019

 Menomonee Falls, WI

 —

 3,518,493

 12,020,248

 12,918

 3,518,494

 12,033,165

 15,551,659

 1,378,153

 2019

 Sun Prairie, WI

 —

 2,864,563

 7,215,614

 —

 2,864,564

 7,215,613

 10,080,177

 766,461

 2019

 West Milwaukee, WI

 —

 783,260

 3,055,907

 16,402

 783,261

 3,072,308

 3,855,569

 313,346

 2019

 Adger, AL

 —

 189,119

 1,222,891

 —

 189,119

 1,222,891

 1,412,010

 109,551

 2020

 Dothan, AL

 —

 792,626

 3,017,431

 ( 31,788)

 778,553

 2,999,716

 3,778,269

 218,057

 2020

 Enterprise, AL

 —

 728,934

 2,504,283

 15,377

 728,934

 2,519,660

 3,248,594

 247,261

 2020

 Lanett, AL

 —

 597,615

 2,264,102

 597,615

 2,264,230

 2,861,845

 188,662

 2020

 Saraland, AL

 —

 838,216

 2,709,602

 1,276

 838,216

 2,710,877

 3,549,093

 265,173

 2020

 Sylacauga, AL

 —

 2,181,806

 9,940,930

 4,330

 2,181,806

 9,945,260

 12,127,066

 890,689

 2020

 Theodore, AL

 —

 743,751

 2,667,802

 —

 743,751

 2,667,802

 3,411,553

 255,576

 2020

 Altheimer, AR

 —

 202,235

 1,151,471

 —

 202,235

 1,151,471

 1,353,706

 105,163

 2020

 Benton, AR

 —

 561,085

 2,141,511

 249,809

 561,085

 2,391,320

 2,952,405

 186,705

 2020

 Benton, AR

 —

 2,271,157

 1,324,716

 39,069

 2,271,157

 1,363,785

 3,634,942

 101,069

 2020

 Bismarck, AR

 —

 129,139

 876,127

 —

 129,139

 876,127

 1,005,266

 74,716

 2020

 Centerton, AR

 —

 502,391

 2,152,058

 249,808

 502,391

 2,401,866

 2,904,257

 192,024

 2020

 Elaine, AR

 —

 51,248

 802,757

 —

 51,248

 802,757

 854,005

 73,287

 2020

 Jonesboro, AR

 —

 477,565

 942,703

 —

 477,565

 942,703

 1,420,268

 76,541

 2020

 Little Rock, AR

 —

 136,550

 638,605

 —

 136,550

 638,605

 775,155

 58,482

 2020

 Mayflower, AR

 —

 708,465

 448,741

 80,702

 708,465

 529,443

 1,237,908

 39,860

 2020

 Mena, AR

 —

 1,459,039

 —

 —

 1,459,039

 —

 1,459,039

 —

 2020

 Pine Bluff, AR

 —

 195,689

 1,102,338

 3,251

 195,689

 1,105,588

 1,301,277

 103,675

 2020

 Pine Bluff, AR

 —

 279,293

 1,290,094

 7,250

 279,293

 1,297,344

 1,576,637

 118,154

 2020

 Searcy, AR

 —

 548,495

 5,834,876

 —

 548,495

 5,834,876

 6,383,371

 498,144

 2020

 Sparkman, AR

 —

 80,956

 720,376

 —

 80,956

 720,376

 801,332

 59,971

 2020

 West Helena, AR

 —

 93,907

 885,680

 21,923

 93,907

 907,603

 1,001,510

 81,758

 2020

 Coolidge, AZ

 —

 252,228

 1,164,641

 11,720

 252,228

 1,176,361

 1,428,589

 102,946

 2020

 Maricopa, AZ

 —

 761,177

 1,600,925

 11,257

 761,177

 1,612,182

 2,373,359

 124,168

 2020

 Phoenix, AZ

 —

 11,641,459

 7,261,072

 —

 11,641,459

 7,261,072

 18,902,531

 620,082

 2020

 Tucson, AZ

 —

 3,267,761

 6,624,814

 383,141

 3,267,761

 7,007,955

 10,275,716

 539,618

 2020

 Which

 Costs

 Land

 Land

 Total

 Yuma, AZ

 —

 840,427

 5,489,179

 840,427

 5,489,756

 6,330,183

 480,204

 2020

 Yuma, AZ

 —

 —

 5,052,648

 29,919

 —

 5,082,567

 5,082,567

 381,006

 2020

 Antioch, CA

 —

 3,369,667

 6,952,571

 —

 3,369,667

 6,952,571

 10,322,238

 579,282

 2020

 Calexico, CA

 —

 937,091

 22,274

 —

 959,365

 —

 959,365

 —

 2020

 Hawthorne, CA

 —

 7,297,568

 5,841,964

 1,750

 7,297,568

 5,843,714

 13,141,282

 474,637

 2020

 Napa, CA

 —

 5,287,831

 13,608,836

 5,287,831

 13,609,486

 18,897,317

 1,190,629

 2020

 Palmdale, CA

 —

 2,159,541

 6,648,091

 2,159,541

 6,648,577

 8,808,118

 623,131

 2020

 Quincy, CA

 —

 315,559

 1,597,973

 —

 315,559

 1,597,973

 1,913,532

 149,560

 2020

 Quincy, CA

 —

 605,988

 4,898,500

 —

 605,988

 4,898,500

 5,504,488

 438,751

 2020

 Rancho Cordova, CA

 —

 10,668,451

 —

 27,033

 10,695,484

 —

 10,695,484

 —

 2020

 San Francisco, CA

 —

 7,234,677

 748,185

 19,917

 7,234,677

 768,103

 8,002,780

 59,023

 2020

 Signal Hill, CA

 —

 8,490,622

 6,714,882

 —

 8,490,622

 6,714,882

 15,205,504

 657,499

 2020

 Stockton, CA

 —

 961,910

 3,310,275

 16,202

 961,910

 3,326,478

 4,288,388

 249,382

 2020

 Broomfield, CO

 —

 708,881

 965,675

 7,993

 708,881

 973,668

 1,682,549

 72,975

 2020

 Cortez, CO

 —

 177,422

 1,594,274

 9,852

 177,422

 1,604,126

 1,781,548

 120,248

 2020

 La Junta, CO

 —

 187,988

 823,735

 —

 187,988

 823,735

 1,011,723

 76,975

 2020

 Pueblo, CO

 —

 235,805

 1,568,540

 —

 235,805

 1,568,540

 1,804,345

 137,247

 2020

 Newington, CT

 —

 403,932

 1,915,897

 51,469

 403,932

 1,967,366

 2,371,298

 185,165

 2020

 Old Saybrook, CT

 —

 443,801

 3,497,920

 443,801

 3,497,994

 3,941,795

 284,063

 2020

 Stafford Springs, CT

 —

 1,230,939

 7,075,776

 —

 1,230,939

 7,075,776

 8,306,715

 574,907

 2020

 Davenport, FL

 —

 721,966

 1,435,651

 —

 721,966

 1,435,651

 2,157,617

 143,565

 2020

 Deerfield Beach, FL

 —

 1,963,542

 514,491

 —

 1,963,542

 514,491

 2,478,033

 43,845

 2020

 Labelle, FL

 —

 489,345

 2,754,977

 —

 489,345

 2,754,977

 3,244,322

 235,220

 2020

 Lake Placid, FL

 —

 2,060,445

 —

 15,405

 2,075,850

 —

 2,075,850

 —

 2020

 Leesburg, FL

 —

 708,698

 541,993

 7,993

 708,698

 549,986

 1,258,684

 41,199

 2020

 Madison, FL

 —

 171,150

 619,660

 6,567

 171,150

 626,228

 797,378

 57,491

 2020

 Orlando, FL

 —

 4,558,262

 7,261,682

 —

 4,558,262

 7,261,682

 11,819,944

 665,524

 2020

 Panama City, FL

 —

 830,080

 856,243

 —

 830,080

 856,243

 1,686,323

 85,617

 2020

 —

 379,154

 969,254

 203,144

 379,154

 1,172,398

 1,551,552

 78,942

 2020

 Port St. Lucie, FL

 —

 670,030

 1,664,571

 —

 670,030

 1,664,571

 2,334,601

 159,397

 2020

 Punta Gorda, FL

 —

 615,829

 1,921,751

 —

 615,829

 1,921,751

 2,537,580

 188,172

 2020

 Sebring, FL

 —

 1,986,013

 —

 15,406

 2,001,419

 —

 2,001,419

 —

 2020

 Venice, FL

 —

 1,301,719

 1,233,030

 —

 1,301,719

 1,233,030

 2,534,749

 123,303

 2020

 Vero Beach, FL

 —

 1,241,406

 1,356,081

 1,241,406

 1,356,101

 2,597,507

 132,784

 2020

 —

 311,920

 1,278,107

 —

 311,920

 1,278,107

 1,590,027

 117,096

 2020

 —

 248,888

 1,445,530

 —

 248,888

 1,445,530

 1,694,418

 132,448

 2020

 —

 898,015

 5,713,749

 —

 898,015

 5,713,749

 6,611,764

 514,818

 2020

 Americus, GA

 —

 238,633

 968,812

 13,125

 238,633

 981,937

 1,220,570

 88,838

 2020

 Cairo, GA

 —

 237,315

 1,040,643

 —

 237,315

 1,040,643

 1,277,958

 104,064

 2020

 Dallas, GA

 —

 235,642

 1,134,202

 14,690

 235,642

 1,148,892

 1,384,534

 86,396

 2020

 Doraville, GA

 —

 533,512

 1,709,449

 —

 533,512

 1,709,449

 2,242,961

 135,331

 2020

 Flowery Branch, GA

 —

 1,253,091

 —

 ( 2,000)

 1,251,091

 —

 1,251,091

 —

 2020

 Jesup, GA

 —

 155,604

 864,415

 —

 155,604

 864,415

 1,020,019

 79,159

 2020

 Lawrenceville, GA

 —

 852,136

 1,633,580

 —

 852,136

 1,633,580

 2,485,716

 159,955

 2020

 Lithia Springs, GA

 —

 3,789,145

 7,881,640

 —

 3,789,145

 7,881,640

 11,670,785

 689,539

 2020

 Moultrie, GA

 —

 150,752

 868,415

 —

 150,752

 868,415

 1,019,167

 79,526

 2020

 Quitman, GA

 —

 407,661

 1,125,845

 117,691

 407,661

 1,243,536

 1,651,197

 112,585

 2020

 Savannah, GA

 —

 749,834

 1,802,814

 3,236

 749,834

 1,806,050

 2,555,884

 153,978

 2020

 Savannah, GA

 —

 3,502,278

 4,132,018

 429,779

 3,502,278

 4,561,797

 8,064,075

 394,128

 2020

 George, IA

 —

 283,785

 942,785

 —

 283,785

 942,785

 1,226,570

 94,277

 2020

 Graettinger, IA

 —

 154,261

 933,746

 —

 154,261

 933,746

 1,088,007

 93,373

 2020

 Alexis, IL

 —

 425,656

 1,237,404

 —

 425,656

 1,237,404

 1,663,060

 121,161

 2020

 —

 2,780,722

 2,305,569

 —

 2,780,722

 2,305,569

 5,086,291

 187,201

 2020

 —

 424,932

 4,223,123

 —

 424,932

 4,223,123

 4,648,055

 343,007

 2020

 —

 596,808

 1,415,648

 —

 596,808

 1,415,648

 2,012,456

 114,901

 2020

 —

 932,560

 2,553,809

 7,273

 932,560

 2,561,082

 3,493,642

 192,028

 2020

 East Alton, IL

 —

 113,457

 1,422,573

 —

 113,457

 1,422,573

 1,536,030

 124,377

 2020

 Fairfield, IL

 —

 198,833

 1,180,242

 30,243

 198,833

 1,210,486

 1,409,319

 92,299

 2020

 Grayslake, IL

 —

 478,307

 1,131,061

 —

 478,307

 1,131,061

 1,609,368

 101,199

 2020

 Homewood, IL

 —

 1,224,131

 10,005,811

 24,941

 1,224,131

 10,030,752

 11,254,883

 918,227

 2020

 Kankakee, IL

 —

 107,139

 1,185,653

 —

 107,139

 1,185,653

 1,292,792

 93,784

 2020

 Manteno, IL

 —

 71,681

 1,213,963

 37,938

 71,681

 1,251,901

 1,323,582

 93,653

 2020

 Oswego, IL

 —

 373,727

 2,715,101

 16,091

 373,727

 2,731,193

 3,104,920

 204,738

 2020

 Rockton, IL

 —

 367,154

 1,526,399

 —

 367,154

 1,526,399

 1,893,553

 114,480

 2020

 Elkhart, IN

 —

 173,631

 972,629

 7,992

 173,631

 980,621

 1,154,252

 73,497

 2020

 Franklin, IN

 —

 979,332

 1,548,523

 26,567

 979,332

 1,575,090

 2,554,422

 118,546

 2020

 —

 251,149

 1,550,984

 —

 251,149

 1,550,984

 1,802,133

 119,538

 2020

 Noblesville, IN

 —

 259,582

 1,611,431

 —

 259,582

 1,611,431

 1,871,013

 157,786

 2020

 Peru, IN

 —

 202,110

 1,501,247

 —

 202,110

 1,501,247

 1,703,357

 131,359

 2020

 Rockville, IN

 —

 436,457

 1,601,972

 ( 75,085)

 436,457

 1,526,887

 1,963,344

 114,961

 2020

 Derby, KS

 —

 440,419

 2,367,428

 —

 440,419

 2,367,428

 2,807,847

 197,148

 2020

 Independence, KS

 —

 200,329

 1,426,975

 ( 75,085)

 200,329

 1,351,890

 1,552,219

 101,836

 2020

 Shwanee, KS

 —

 2,594,271

 2,766,524

 —

 2,594,271

 2,766,524

 5,360,795

 241,973

 2020

 Which

 Costs

 Land

 Land

 Total

 —

 834,377

 2,338,612

 —

 834,377

 2,338,612

 3,172,989

 204,531

 2020

 —

 2,031,526

 1,974,595

 —

 2,031,526

 1,974,595

 4,006,121

 172,679

 2020

 —

 1,194,939

 2,062,020

 —

 1,194,939

 2,062,020

 3,256,959

 180,329

 2020

 —

 2,171,260

 2,235,093

 —

 2,171,260

 2,235,093

 4,406,353

 195,571

 2020

 Louisa, KY

 —

 242,391

 1,177,975

 242,391

 1,178,524

 1,420,915

 93,702

 2020

 —

 2,185,678

 3,081,512

 11,400

 2,185,678

 3,092,912

 5,278,590

 308,655

 2020

 —

 208,346

 621,820

 —

 208,346

 621,820

 830,166

 53,054

 2020

 Amite City, LA

 —

 264,208

 930,655

 7,080

 264,208

 937,735

 1,201,943

 77,906

 2020

 —

 377,270

 1,225,020

 —

 377,270

 1,225,020

 1,602,290

 119,774

 2020

 Denham Springs, LA

 —

 398,006

 1,484,613

 —

 398,006

 1,484,613

 1,882,619

 123,693

 2020

 Dequincy, LA

 —

 288,426

 969,725

 —

 288,426

 969,725

 1,258,151

 82,831

 2020

 Gibson, LA

 —

 414,855

 1,252,765

 4,509

 414,855

 1,257,274

 1,672,129

 112,417

 2020

 Gonzales, LA

 —

 688,032

 2,457,035

 249,808

 688,032

 2,706,843

 3,394,875

 211,619

 2020

 Hammond, LA

 —

 367,215

 2,243,382

 249,809

 367,215

 2,493,191

 2,860,406

 185,423

 2020

 Laplace, LA

 —

 1,971,887

 8,537,415

 —

 1,971,887

 8,537,415

 10,509,302

 782,459

 2020

 Springhill, LA

 —

 438,507

 2,335,035

 14,125

 438,507

 2,349,160

 2,787,667

 176,699

 2020

 Dorchester, MA

 —

 4,815,990

 923,841

 13,041

 4,815,990

 936,882

 5,752,872

 72,086

 2020

 East Wareham, MA

 —

 590,052

 1,525,359

 8,779

 590,052

 1,534,139

 2,124,191

 118,097

 2020

 Pittsfield, MA

 —

 4,127,428

 —

 —

 4,127,428

 —

 4,127,428

 —

 2020

 Pittsfield, MA

 —

 5,087,945

 —

 —

 5,087,945

 —

 5,087,945

 —

 2020

 Taunton, MA

 —

 1,005,673

 8,352,646

 —

 1,005,673

 8,352,646

 9,358,319

 835,265

 2020

 Aberdeen, MD

 —

 758,616

 1,712,723

 —

 758,616

 1,712,723

 2,471,339

 171,272

 2020

 —

 3,031,879

 —

 36,709

 3,068,588

 —

 3,068,588

 —

 2020

 Cockeysville, MD

 —

 2,209,572

 —

 20,283

 2,229,855

 —

 2,229,855

 —

 2020

 Hagerstown, MD

 —

 1,009,779

 1,285,162

 —

 1,009,779

 1,285,162

 2,294,941

 125,839

 2020

 Owings Mills, MD

 —

 2,154,954

 3,017,368

 25,391

 2,154,954

 3,042,759

 5,197,713

 247,498

 2020

 Augusta, ME

 —

 1,627,817

 —

 —

 1,627,817

 —

 1,627,817

 —

 2020

 Benton Harbor, MI

 —

 385,355

 1,090,802

 7,992

 385,355

 1,098,794

 1,484,149

 82,360

 2020

 Cedar Springs, MI

 —

 346,310

 1,907,232

 —

 346,310

 1,907,232

 2,253,542

 143,042

 2020

 Grayling, MI

 —

 277,355

 521,492

 277,355

 522,417

 799,772

 45,548

 2020

 Hart, MI

 —

 1,336,141

 1,294,095

 —

 1,336,141

 1,294,095

 2,630,236

 121,061

 2020

 Holland, MI

 —

 108,733

 1,773,459

 —

 108,733

 1,773,459

 1,882,192

 177,346

 2020

 Howell, MI

 —

 601,610

 1,491,797

 601,610

 1,492,097

 2,093,707

 133,505

 2020

 Jonesville, MI

 —

 1,171,853

 8,871,307

 —

 1,171,853

 8,871,307

 10,043,160

 813,069

 2020

 Monroe, MI

 —

 1,315,043

 9,131,436

 1,000

 1,315,043

 9,132,436

 10,447,479

 741,730

 2020

 Omer, MI

 —

 165,126

 828,778

 —

 165,126

 828,778

 993,904

 81,150

 2020

 Owosso, MI

 —

 299,521

 2,240,764

 —

 299,521

 2,240,764

 2,540,285

 224,076

 2020

 Taylor, MI

 —

 338,092

 1,017,043

 —

 338,092

 1,017,043

 1,355,135

 82,469

 2020

 Traverse City, MI

 —

 337,556

 3,980,018

 ( 48,115)

 337,556

 3,931,903

 4,269,459

 311,276

 2020

 Apple Valley, MN

 —

 814,086

 2,665,167

 —

 814,086

 2,665,167

 3,479,253

 210,922

 2020

 Blaine, MN

 —

 497,750

 2,998,249

 7,993

 497,750

 3,006,242

 3,503,992

 225,418

 2020

 Chanhassen, MN

 —

 1,664,359

 11,222

 —

 1,675,581

 —

 1,675,581

 —

 2020

 Glyndon, MN

 —

 131,845

 853,575

 —

 131,845

 853,575

 985,420

 85,357

 2020

 Hill City, MN

 —

 66,391

 996,428

 —

 66,391

 996,428

 1,062,819

 99,642

 2020

 Holdingford, MN

 —

 276,722

 1,078,003

 —

 276,722

 1,078,003

 1,354,725

 107,799

 2020

 Ottertail, MN

 —

 209,929

 897,043

 ( 1,000)

 208,929

 897,043

 1,105,972

 89,703

 2020

 Arnold, MO

 —

 846,894

 2,392,044

 7,994

 846,894

 2,400,037

 3,246,931

 179,953

 2020

 Leeton, MO

 —

 192,069

 1,109,261

 —

 192,069

 1,109,261

 1,301,330

 99,371

 2020

 Liberty, MO

 —

 367,591

 4,348,251

 —

 367,591

 4,348,251

 4,715,842

 371,161

 2020

 Northmoor, MO

 —

 551,491

 1,723,994

 —

 551,491

 1,723,994

 2,275,485

 147,168

 2020

 Platte City, MO

 —

 766,613

 2,501,154

 21,646

 766,613

 2,522,801

 3,289,414

 188,936

 2020

 Richmond Heights, MO

 —

 3,305,260

 2,531,065

 —

 3,305,260

 2,531,065

 5,836,325

 221,468

 2020

 Sheldon, MO

 —

 168,799

 1,017,992

 —

 168,799

 1,017,992

 1,186,791

 91,195

 2020

 Thayer, MO

 —

 685,788

 1,968,043

 29,506

 685,788

 1,997,549

 2,683,337

 181,599

 2020

 Union, MO

 —

 270,233

 1,041,690

 —

 270,233

 1,041,690

 1,311,923

 88,914

 2020

 Brandon, MS

 —

 526,657

 1,575,241

 —

 526,657

 1,575,241

 2,101,898

 127,874

 2020

 Flowood, MS

 —

 1,625,494

 6,417,821

 7,430

 1,625,494

 6,425,251

 8,050,745

 575,930

 2020

 Flowood, MS

 —

 759,912

 2,383,348

 —

 759,912

 2,383,348

 3,143,260

 193,559

 2020

 Gore Springs, MS

 —

 188,141

 951,645

 48,114

 188,141

 999,760

 1,187,901

 90,457

 2020

 Greenwood, MS

 —

 150,855

 903,459

 —

 150,855

 903,459

 1,054,314

 82,429

 2020

 Greenwood, MS

 —

 137,312

 1,154,001

 —

 137,312

 1,154,001

 1,291,313

 100,812

 2020

 Grenada, MS

 —

 187,855

 947,888

 —

 187,855

 947,888

 1,135,743

 86,501

 2020

 Gulfport, MS

 —

 597,617

 2,692,177

 10,753

 597,617

 2,702,930

 3,300,547

 263,515

 2020

 Madison, MS

 —

 1,437,048

 6,194,546

 —

 1,437,048

 6,194,546

 7,631,594

 503,240

 2020

 Oxford, MS

 —

 547,606

 993,807

 7,992

 547,606

 1,001,799

 1,549,405

 75,085

 2020

 Southaven, MS

 —

 259,300

 864,055

 21,464

 259,300

 885,519

 1,144,819

 74,802

 2020

 Wiggins, MS

 —

 639,466

 2,563,263

 639,466

 2,563,391

 3,202,857

 213,592

 2020

 Asheville, NC

 —

 5,132,913

 —

 17,171

 5,150,084

 —

 5,150,084

 —

 2020

 Atlantic Beach, NC

 —

 261,338

 1,156,375

 —

 261,338

 1,156,375

 1,417,713

 96,272

 2020

 Beaufort, NC

 —

 375,437

 1,417,587

 —

 375,437

 1,417,587

 1,793,024

 118,039

 2020

 Boone, NC

 —

 4,795,569

 9,543,185

 31,452

 4,795,569

 9,574,638

 14,370,207

 935,506

 2020

 Buxton, NC

 —

 209,947

 1,186,030

 —

 209,947

 1,186,030

 1,395,977

 98,743

 2020

 Cary, NC

 —

 253,081

 1,018,159

 —

 253,081

 1,018,159

 1,271,240

 85,799

 2020

 Which

 Costs

 Land

 Land

 Total

 Chapel Hill, NC

 —

 22,437,345

 —

 ( 776,409)

 21,657,946

 2,990

 21,660,936

 2020

 —

 978,304

 1,328,283

 —

 978,304

 1,328,283

 2,306,587

 124,414

 2020

 Concord, NC

 —

 952,393

 1,398,319

 —

 952,393

 1,398,319

 2,350,712

 134,006

 2020

 Dallas, NC

 —

 309,847

 1,008,936

 —

 309,847

 1,008,936

 1,318,783

 88,196

 2020

 Durham, NC

 —

 229,232

 1,169,836

 —

 229,232

 1,169,836

 1,399,068

 97,394

 2020

 Elkin, NC

 —

 292,234

 1,884,674

 10,255

 292,234

 1,894,929

 2,187,163

 142,056

 2020

 Elm City, NC

 —

 447,081

 1,401,379

 —

 447,081

 1,401,379

 1,848,460

 116,689

 2020

 Emerald Isle, NC

 —

 316,187

 1,125,842

 —

 316,187

 1,125,842

 1,442,029

 93,727

 2020

 Fuquay-Varina, NC

 —

 4,398,922

 10,142,102

 30,452

 4,398,922

 10,172,554

 14,571,476

 994,223

 2020

 Garner, NC

 —

 216,566

 1,170,660

 —

 216,566

 1,170,660

 1,387,226

 97,462

 2020

 Goldsboro, NC

 —

 246,160

 1,227,984

 —

 246,160

 1,227,984

 1,474,144

 102,239

 2020

 Goldsboro, NC

 —

 243,355

 1,135,304

 —

 243,355

 1,135,304

 1,378,659

 94,516

 2020

 Greensboro, NC

 —

 272,962

 1,126,017

 —

 272,962

 1,126,017

 1,398,979

 93,742

 2020

 Greenville, NC

 —

 161,533

 1,095,964

 —

 161,533

 1,095,964

 1,257,497

 91,238

 2020

 Harkers Island, NC

 —

 964,627

 2,109,360

 —

 964,627

 2,109,360

 3,073,987

 175,780

 2020

 —

 405,135

 1,122,908

 21,750

 405,135

 1,144,659

 1,549,794

 94,142

 2020

 —

 3,213,710

 10,021,579

 89,947

 3,213,710

 10,111,526

 13,325,236

 814,356

 2020

 —

 295,296

 1,426,015

 22,196

 295,296

 1,448,211

 1,743,507

 108,162

 2020

 Kinston, NC

 —

 358,915

 1,016,305

 —

 358,915

 1,016,305

 1,375,220

 84,692

 2020

 Knotts Island, NC

 —

 129,285

 1,232,265

 —

 129,285

 1,232,265

 1,361,550

 102,689

 2020

 Morehead City, NC

 —

 201,436

 934,453

 —

 201,436

 934,453

 1,135,889

 77,871

 2020

 Randleman, NC

 —

 1,368,987

 8,954,905

 30,453

 1,368,987

 8,985,357

 10,354,344

 877,976

 2020

 Randleman, NC

 —

 1,834,106

 —

 19,174

 1,853,280

 —

 1,853,280

 —

 2020

 Rocky Mount, NC

 —

 305,766

 1,114,117

 —

 305,766

 1,114,117

 1,419,883

 92,843

 2020

 Rocky Mount, NC

 —

 206,675

 960,873

 —

 206,675

 960,873

 1,167,548

 80,073

 2020

 Salisbury, NC

 —

 990,303

 1,019,025

 7,993

 990,303

 1,027,018

 2,017,321

 76,976

 2020

 Salter Path, NC

 —

 245,172

 1,012,413

 —

 245,172

 1,012,413

 1,257,585

 84,368

 2020

 Smithfield, NC

 —

 270,560

 1,201,146

 —

 270,560

 1,201,146

 1,471,706

 100,096

 2020

 Sylva, NC

 —

 1,776,968

 12,026,284

 6,068

 1,776,968

 12,032,353

 13,809,321

 1,128,002

 2020

 Waves, NC

 —

 320,928

 1,092,703

 —

 320,928

 1,092,703

 1,413,631

 91,058

 2020

 Waxhaw, NC

 —

 679,943

 2,377,641

 679,943

 2,378,071

 3,058,014

 188,175

 2020

 Winston Salem, NC

 —

 232,299

 1,069,191

 —

 232,299

 1,069,191

 1,301,490

 89,099

 2020

 Winston-Salem, NC

 —

 282,142

 1,316,279

 12,095

 282,142

 1,328,374

 1,610,516

 99,553

 2020

 Winterville, NC

 —

 312,123

 1,271,222

 —

 312,123

 1,271,222

 1,583,345

 105,935

 2020

 Stanley, ND

 —

 346,030

 3,299,205

 11,401

 346,030

 3,310,605

 3,656,635

 309,816

 2020

 Lebanon, NH

 —

 694,609

 3,892,685

 61,494

 694,609

 3,954,179

 4,648,788

 360,303

 2020

 Budd Lake, NJ

 —

 2,771,964

 —

 20,750

 2,792,714

 —

 2,792,714

 —

 2020

 Fairfield, NJ

 —

 2,358,323

 —

 24,454

 2,382,777

 —

 2,382,777

 —

 2020

 Paterson, NJ

 —

 —

 —

 —

 —

 2020

 Clovis, NM

 —

 74,256

 943,641

 11,850

 74,256

 955,492

 1,029,748

 73,533

 2020

 Albany, NY

 —

 539,308

 1,123,766

 —

 539,308

 1,123,766

 1,663,074

 93,538

 2020

 Bemus Point, NY

 —

 49,293

 980,218

 ( 53,366)

 49,293

 926,851

 976,144

 82,723

 2020

 Candor, NY

 —

 271,132

 1,012,522

 ( 53,366)

 271,132

 959,155

 1,230,287

 85,582

 2020

 Conklin, NY

 —

 247,429

 939,529

 ( 53,367)

 247,429

 886,162

 1,133,591

 79,195

 2020

 Greene, NY

 —

 449,997

 1,173,666

 —

 449,997

 1,173,666

 1,623,663

 102,684

 2020

 Hamburg, NY

 —

 526,596

 561,841

 4,891

 526,596

 566,732

 1,093,328

 42,474

 2020

 Masonville, NY

 —

 222,228

 1,059,364

 —

 222,228

 1,059,364

 1,281,592

 92,683

 2020

 Medford, NY

 —

 1,211,908

 3,751,279

 1,211,908

 3,751,353

 4,963,261

 304,648

 2020

 Mount Upton, NY

 —

 152,379

 918,162

 —

 152,379

 918,162

 1,070,541

 80,339

 2020

 Olean, NY

 —

 1,224,360

 12,197,768

 181,275

 1,224,360

 12,379,043

 13,603,403

 1,167,421

 2020

 Pompey, NY

 —

 774,544

 1,437,312

 —

 774,544

 1,437,312

 2,211,856

 125,765

 2020

 Ripley, NY

 —

 110,279

 756,748

 —

 110,279

 756,748

 867,027

 66,215

 2020

 —

 2,391,104

 13,146,442

 2,391,104

 13,147,003

 15,538,107

 1,067,971

 2020

 Syracuse, NY

 —

 1,432,858

 6,115,247

 —

 1,432,858

 6,115,247

 7,548,105

 573,090

 2020

 Wainscott, NY

 —

 4,544,060

 4,084,794

 —

 4,544,060

 4,084,794

 8,628,854

 382,816

 2020

 Watertown, NY

 —

 523,013

 1,323,771

 17,365

 523,013

 1,341,136

 1,864,149

 108,690

 2020

 Boardman, OH

 —

 483,754

 1,817,047

 —

 483,754

 1,817,047

 2,300,801

 155,147

 2020

 Carrollton, OH

 —

 251,046

 1,593,367

 —

 251,046

 1,593,367

 1,844,413

 149,133

 2020

 Chillicothe, OH

 —

 760,959

 10,507,546

 —

 760,959

 10,507,546

 11,268,505

 984,911

 2020

 Cincinnati, OH

 —

 381,550

 1,651,643

 —

 381,550

 1,651,643

 2,033,193

 141,018

 2020

 —

 1,689,259

 6,937,214

 7,998

 1,689,259

 6,945,212

 8,634,471

 676,375

 2020

 Defiance, OH

 —

 127,517

 1,407,734

 ( 63,631)

 127,517

 1,344,103

 1,471,620

 100,425

 2020

 Dunkirk, OH

 —

 230,958

 1,069,772

 4,509

 230,958

 1,074,280

 1,305,238

 96,070

 2020

 Hudson, OH

 —

 548,279

 763,934

 4,891

 548,279

 768,825

 1,317,104

 57,631

 2020

 Mason, OH

 —

 4,470,714

 11,479,943

 7,630

 4,470,714

 11,487,573

 15,958,287

 957,019

 2020

 Massillon, OH

 —

 118,153

 1,177,205

 7,993

 118,153

 1,185,197

 1,303,350

 88,840

 2020

 Mayfield Heights, OH

 —

 696,965

 987,268

 4,891

 696,965

 992,159

 1,689,124

 74,381

 2020

 Oregon, OH

 —

 4,915,676

 11,980,299

 —

 4,915,676

 11,980,299

 16,895,975

 948,299

 2020

 Parma, OH

 —

 1,301,846

 —

 —

 1,301,846

 —

 1,301,846

 —

 2020

 —

 8,645,091

 30,638

 ( 1,550)

 8,674,179

 —

 8,674,179

 —

 2020

 —

 4,950,900

 8,979,618

 —

 4,950,900

 8,979,618

 13,930,518

 710,824

 2020

 Westerville, OH

 —

 946,988

 1,786,197

 4,891

 946,988

 1,791,088

 2,738,076

 134,301

 2020

 Westerville, OH

 —

 690,653

 1,402,190

 832,471

 690,653

 2,234,661

 2,925,314

 160,934

 2020

 Which

 Costs

 Land

 Land

 Total

 Checotah, OK

 —

 151,906

 862,730

 40,850

 151,906

 903,580

 1,055,486

 82,415

 2020

 Elk City, OK

 —

 507,204

 3,969,937

 —

 507,204

 3,969,937

 4,477,141

 347,238

 2020

 Moore, OK

 —

 1,649,938

 1,480,239

 7,993

 1,649,938

 1,488,232

 3,138,170

 111,567

 2020

 Oklahoma City, OK

 —

 356,795

 1,349,469

 —

 356,795

 1,349,469

 1,706,264

 115,208

 2020

 Eugene, OR

 —

 4,253,602

 7,543,456

 —

 4,253,602

 7,543,456

 11,797,058

 612,812

 2020

 Seaside, OR

 —

 376,612

 5,093,532

 2,614

 376,612

 5,096,147

 5,472,759

 445,705

 2020

 Bristol, PA

 —

 1,201,361

 9,382

 —

 1,210,743

 —

 1,210,743

 —

 2020

 Lawrence Township, PA

 —

 225,955

 1,552,979

 16,801

 225,955

 1,569,779

 1,795,734

 141,361

 2020

 Nescopeck, PA

 —

 428,452

 1,362,404

 —

 428,452

 1,362,404

 1,790,856

 116,372

 2020

 New Milford, PA

 —

 206,824

 1,139,407

 4,509

 206,824

 1,143,916

 1,350,740

 102,308

 2020

 Orangeville, PA

 —

 201,441

 1,065,583

 —

 201,441

 1,065,583

 1,267,024

 86,579

 2020

 Port Trevorton, PA

 —

 143,540

 955,027

 4,508

 143,540

 959,535

 1,103,075

 85,791

 2020

 Tobyhanna, PA

 —

 181,003

 1,066,380

 4,508

 181,003

 1,070,889

 1,251,892

 95,766

 2020

 Wellsboro, PA

 —

 165,062

 1,091,790

 —

 165,062

 1,091,790

 1,256,852

 81,884

 2020

 Whitehall, PA

 —

 1,139,318

 2,964,839

 697,122

 1,139,318

 3,661,960

 4,801,278

 374,768

 2020

 Chapin, SC

 —

 237,432

 1,540,336

 —

 237,432

 1,540,336

 1,777,768

 131,440

 2020

 Clemson, SC

 —

 501,288

 1,898,545

 6,845

 501,288

 1,905,390

 2,406,678

 174,397

 2020

 —

 1,233,052

 5,532,637

 —

 1,233,052

 5,532,637

 6,765,689

 518,445

 2020

 —

 354,953

 1,670,857

 —

 354,953

 1,670,857

 2,025,810

 135,684

 2020

 Greer, SC

 —

 426,062

 1,800,058

 29,426

 426,062

 1,829,484

 2,255,546

 177,445

 2020

 Irmo, SC

 —

 274,327

 729,177

 —

 274,327

 729,177

 1,003,504

 59,246

 2020

 Myrtle Beach, SC

 —

 858,941

 1,377,893

 —

 858,941

 1,377,893

 2,236,834

 134,919

 2020

 Myrtle Beach, SC

 —

 389,784

 915,150

 7,993

 389,784

 923,143

 1,312,927

 69,186

 2020

 Pageland, SC

 —

 305,018

 2,185,114

 24,897

 305,018

 2,210,011

 2,515,029

 169,998

 2020

 Vermillion, SD

 —

 182,981

 1,352,667

 209,679

 182,981

 1,562,346

 1,745,327

 147,468

 2020

 Yankton, SD

 —

 197,328

 985,756

 7,993

 197,328

 993,749

 1,191,077

 74,481

 2020

 Cleveland, TN

 —

 1,060,966

 1,508,917

 ( 4,999)

 1,055,966

 1,508,917

 2,564,883

 147,748

 2020

 Henderson, TN

 —

 109,252

 705,187

 —

 109,252

 705,187

 814,439

 57,242

 2020

 Kimball, TN

 —

 1,509,366

 11,782,512

 —

 1,509,366

 11,782,512

 13,291,878

 1,030,756

 2020

 —

 4,110,394

 12,554,772

 4,110,394

 12,555,636

 16,666,030

 1,098,439

 2020

 —

 210,544

 1,396,261

 —

 210,544

 1,396,261

 1,606,805

 113,328

 2020

 Lakeland, TN

 —

 237,682

 795,446

 —

 237,682

 795,446

 1,033,128

 64,576

 2020

 Nashville, TN

 —

 556,406

 980,902

 ( 980,902)

 556,406

 —

 556,406

 —

 2020

 Nashville, TN

 —

 355,577

 1,331,745

 177,020

 355,577

 1,508,765

 1,864,342

 113,940

 2020

 Seymour, TN

 —

 187,929

 1,302,250

 —

 187,929

 1,302,250

 1,490,179

 111,154

 2020

 Tullahoma, TN

 —

 1,206,870

 9,840,853

 12,759

 1,206,870

 9,853,611

 11,060,481

 759,427

 2020

 Belton, TX

 —

 587,479

 2,228,889

 —

 587,479

 2,228,889

 2,816,368

 176,380

 2020

 Comanche, TX

 —

 93,935

 1,213,190

 —

 93,935

 1,213,190

 1,307,125

 121,319

 2020

 Conroe, TX

 —

 1,227,703

 —

 4,880

 1,232,583

 —

 1,232,583

 —

 2020

 Converse, TX

 —

 1,425,000

 471,349

 —

 1,425,000

 471,349

 1,896,349

 40,091

 2020

 Converse, TX

 —

 200,802

 1,642,854

 8,674

 200,802

 1,651,528

 1,852,330

 127,084

 2020

 Cuero, TX

 —

 361,553

 2,937,261

 —

 361,553

 2,937,261

 3,298,814

 238,597

 2020

 Dayton, TX

 —

 167,367

 1,222,272

 11,342

 167,367

 1,233,614

 1,400,981

 92,357

 2020

 Devine, TX

 —

 307,379

 1,194,057

 —

 307,379

 1,194,057

 1,501,436

 97,017

 2020

 —

 5,085,368

 9,188,052

 33,706

 5,085,368

 9,221,758

 14,307,126

 843,785

 2020

 Euless, TX

 —

 802,881

 1,599,698

 —

 802,881

 1,599,698

 2,402,579

 139,973

 2020

 Gonzales, TX

 —

 382,828

 2,667,952

 —

 382,828

 2,667,952

 3,050,780

 216,711

 2020

 Harker Heights, TX

 —

 659,665

 863,417

 —

 659,665

 863,417

 1,523,082

 70,153

 2020

 Harker Heights, TX

 —

 1,564,673

 806,551

 12,204

 1,564,673

 818,755

 2,383,428

 61,673

 2020

 Harlingen, TX

 —

 231,002

 2,423,937

 197,853

 231,002

 2,621,790

 2,852,792

 210,141

 2020

 —

 5,229,809

 6,223,821

 22,180

 5,229,809

 6,246,000

 11,475,809

 532,283

 2020

 —

 812,409

 2,365,951

 —

 812,409

 2,365,951

 3,178,360

 192,170

 2020

 —

 835,464

 5,596

 17,094

 858,154

 —

 858,154

 —

 2020

 Humble, TX

 —

 595,712

 2,044,118

 ( 83,862)

 511,850

 2,044,118

 2,555,968

 183,019

 2020

 La Feria, TX

 —

 44,473

 1,170,246

 6,975

 44,473

 1,177,221

 1,221,694

 93,124

 2020

 Lake Jackson, TX

 —

 898,275

 1,791,093

 7,992

 898,275

 1,799,085

 2,697,360

 134,881

 2020

 Lewisville, TX

 —

 1,033,074

 1,746,113

 —

 1,033,074

 1,746,113

 2,779,187

 152,785

 2020

 —

 332,773

 933,072

 4,891

 332,773

 937,963

 1,270,736

 70,317

 2020

 —

 1,884,836

 5,897,417

 38,387

 1,884,836

 5,935,804

 7,820,640

 444,898

 2020

 Mansfield, TX

 —

 1,116,200

 1,554,255

 7,992

 1,116,200

 1,562,247

 2,678,447

 117,119

 2020

 Mckinney, TX

 —

 2,304,155

 1,862,729

 7,993

 2,304,155

 1,870,722

 4,174,877

 140,254

 2020

 Rhome, TX

 —

 477,504

 2,267,040

 43,781

 477,504

 2,310,821

 2,788,325

 172,175

 2020

 Saginaw, TX

 —

 318,799

 734,538

 1,020

 318,799

 735,558

 1,054,357

 59,654

 2020

 San Antonio, TX

 —

 947,884

 884,952

 7,993

 947,884

 892,945

 1,840,829

 66,921

 2020

 Terrell, TX

 —

 1,065,186

 3,244,273

 —

 1,065,186

 3,244,273

 4,309,459

 324,427

 2020

 Tomball, TX

 —

 789,415

 1,258,695

 7,993

 789,415

 1,266,687

 2,056,102

 94,952

 2020

 Weslaco, TX

 —

 921,078

 2,179,132

 ( 36,040)

 921,078

 2,143,092

 3,064,170

 162,751

 2020

 Chester, VA

 —

 389,357

 —

 37,083

 426,440

 —

 426,440

 —

 2020

 Galax, VA

 —

 160,074

 1,185,312

 32,976

 160,074

 1,218,288

 1,378,362

 93,733

 2020

 Henrico, VA

 —

 439,174

 1,681,279

 36,356

 439,174

 1,717,635

 2,156,809

 131,031

 2020

 Lynchburg, VA

 —

 241,396

 890,833

 12,097

 241,396

 902,930

 1,144,326

 67,644

 2020

 Burlington, WI

 —

 1,121,515

 3,220,272

 7,994

 1,121,515

 3,228,266

 4,349,781

 242,070

 2020

 Germantown, WI

 —

 617,945

 1,199,846

 7,994

 617,945

 1,207,840

 1,825,785

 90,538

 2020

 Which

 Costs

 Land

 Land

 Total

 Minocqua, WI

 —

 226,898

 2,866,258

 226,898

 2,866,939

 3,093,837

 226,828

 2020

 Mt. Pleasant, WI

 —

 1,705,035

 14,386,316

 —

 1,705,035

 14,386,316

 16,091,351

 1,168,742

 2020

 Portage, WI

 —

 800,764

 3,052,566

 17,061

 800,764

 3,069,627

 3,870,391

 255,083

 2020

 Vienna, WV

 —

 141,299

 1,283,342

 —

 141,298

 1,283,343

 1,424,641

 128,334

 2020

 Cheyenne, WY

 —

 884,988

 2,104,537

 210,757

 884,987

 2,315,295

 3,200,282

 177,401

 2020

 Gadsden, AL

 —

 1,516,549

 —

 18,095

 1,534,644

 —

 1,534,644

 —

 2021

 Jasper, AL

 —

 733,824

 5,508,628

 —

 733,824

 5,508,628

 6,242,452

 309,791

 2021

 Pelham, AL

 —

 919,330

 2,327,831

 —

 919,330

 2,327,831

 3,247,161

 169,738

 2021

 Theodore, AL

 —

 121,550

 1,211,283

 14,504

 121,550

 1,225,787

 1,347,337

 61,199

 2021

 Bentonville, AR

 —

 2,278,930

 1,199,562

 —

 2,278,930

 1,199,562

 3,478,492

 82,455

 2021

 Jonesboro, AR

 —

 345,738

 1,279,134

 9,749

 345,738

 1,288,883

 1,634,621

 64,383

 2021

 Little Rock, AR

 —

 2,050,887

 1,527,796

 —

 2,050,887

 1,527,796

 3,578,683

 95,348

 2021

 Springdale, AR

 —

 1,331,671

 1,696,714

 —

 1,331,671

 1,696,714

 3,028,385

 98,959

 2021

 Avondale, AZ

 —

 399,574

 2,237,087

 12,740

 399,574

 2,249,828

 2,649,402

 112,412

 2021

 Winslow, AZ

 —

 375,135

 999,436

 —

 375,135

 999,436

 1,374,571

 62,366

 2021

 Colton, CA

 —

 2,917,244

 6,274,140

 2,917,244

 6,274,355

 9,191,599

 457,463

 2021

 Colton, CA

 —

 904,398

 —

 904,612

 —

 904,612

 —

 2021

 Elk Grove, CA

 —

 1,692,244

 3,387,901

 —

 1,692,244

 3,387,901

 5,080,145

 247,034

 2021

 Pleasant Hill, CA

 —

 17,618,136

 —

 —

 17,618,136

 —

 17,618,136

 —

 2021

 Sacramento, CA

 —

 2,962,751

 14,367,331

 4,194

 2,962,751

 14,371,525

 17,334,276

 748,371

 2021

 Van Nuys, CA

 —

 10,821,454

 6,196,785

 123,312

 10,821,454

 6,320,098

 17,141,552

 321,825

 2021

 Silverthorne, CO

 —

 4,368,862

 6,781,801

 440,130

 4,368,862

 7,221,931

 11,590,793

 349,017

 2021

 Colchester, CT

 —

 503,706

 5,280,982

 —

 503,706

 5,280,982

 5,784,688

 352,066

 2021

 Orange, CT

 —

 2,155,182

 2,723,325

 3,000

 2,155,182

 2,726,325

 4,881,507

 167,539

 2021

 Stratford, CT

 —

 993,610

 6,285,488

 —

 993,610

 6,285,488

 7,279,098

 353,508

 2021

 Wallingford, CT

 —

 4,598,776

 19,587,021

 2,205

 4,598,776

 19,589,226

 24,188,002

 1,183,334

 2021

 Wallingford, CT

 —

 13,491,385

 4,628,672

 1,939

 13,491,385

 4,630,612

 18,121,997

 242,921

 2021

 Bridgeville, DE

 —

 2,496,605

 —

 —

 2,496,605

 —

 2,496,605

 —

 2021

 Daytona Beach, FL

 —

 3,248,529

 —

 —

 3,248,529

 —

 3,248,529

 —

 2021

 Daytona Beach, FL

 —

 2,949,873

 7,123,762

 1,834

 2,949,873

 7,125,597

 10,075,470

 385,801

 2021

 Fort Walton Beach, FL

 —

 691,891

 1,034,268

 18,145

 691,891

 1,052,413

 1,744,304

 81,057

 2021

 Hialeah, FL

 —

 4,971,380

 —

 5,191

 4,976,571

 —

 4,976,571

 —

 2021

 Hollywood, FL

 —

 804,622

 3,907,841

 804,622

 3,908,126

 4,712,748

 244,071

 2021

 Homestead, FL

 —

 545,581

 1,461,745

 —

 545,581

 1,461,745

 2,007,326

 109,416

 2021

 —

 1,072,558

 756,285

 —

 1,072,558

 756,285

 1,828,843

 51,872

 2021

 Merritt Island, FL

 —

 422,211

 2,372,216

 —

 422,211

 2,372,216

 2,794,427

 133,377

 2021

 Naples, FL

 —

 1,453,431

 —

 —

 1,453,431

 —

 1,453,431

 —

 2021

 Naples, FL

 —

 1,190,857

 —

 —

 1,190,857

 —

 1,190,857

 —

 2021

 Naples, FL

 —

 8,035,701

 10,505,521

 36,672

 8,041,301

 10,536,593

 18,577,894

 591,672

 2021

 Orlando, FL

 —

 1,039,722

 —

 —

 1,039,722

 —

 1,039,722

 —

 2021

 Pembroke Pines, FL

 —

 2,285,774

 —

 —

 2,285,774

 —

 2,285,774

 —

 2021

 Sarasota, FL

 —

 1,178,923

 922,936

 —

 1,178,923

 922,936

 2,101,859

 53,822

 2021

 Tampa, FL

 —

 439,430

 —

 44,294

 483,724

 —

 483,724

 —

 2021

 Vero Beach, FL

 —

 1,046,780

 —

 —

 1,046,780

 —

 1,046,780

 —

 2021

 Yulee, FL

 —

 2,262,371

 7,246,236

 —

 2,262,371

 7,246,236

 9,508,607

 452,317

 2021

 Athens, GA

 —

 68,943

 6,048,020

 28,018

 68,943

 6,076,038

 6,144,981

 392,980

 2021

 Buford, GA

 —

 933,105

 1,460,129

 933,105

 1,460,265

 2,393,370

 90,643

 2021

 Conyers, GA

 —

 347,441

 2,622,249

 12,604

 347,441

 2,634,853

 2,982,294

 131,664

 2021

 Dublin, GA

 —

 217,337

 605,199

 44,294

 217,337

 649,493

 866,830

 34,919

 2021

 Gray, GA

 —

 148,268

 1,074,924

 —

 148,268

 1,074,924

 1,223,192

 71,634

 2021

 Jefferson, GA

 —

 527,074

 931,010

 1,836

 527,074

 932,845

 1,459,919

 50,414

 2021

 Jonesboro, GA

 —

 344,270

 1,576,064

 11,550

 344,270

 1,587,614

 1,931,884

 82,540

 2021

 Kingsland, GA

 —

 185,047

 2,599,400

 —

 185,047

 2,599,400

 2,784,447

 151,558

 2021

 —

 1,177,865

 1,833,593

 10,875

 1,177,865

 1,844,468

 3,022,333

 133,971

 2021

 Rome, GA

 —

 1,380,532

 —

 25,716

 1,406,248

 —

 1,406,248

 —

 2021

 Stockbridge, GA

 —

 278,080

 1,479,158

 46,794

 278,080

 1,525,952

 1,804,032

 74,944

 2021

 Thomson, GA

 —

 257,455

 1,291,280

 14,423

 257,455

 1,305,703

 1,563,158

 65,195

 2021

 Centerville, IA

 —

 182,203

 2,115,086

 —

 182,203

 2,115,086

 2,297,289

 136,426

 2021

 Des Moines, IA

 —

 902,749

 —

 44,294

 947,043

 —

 947,043

 —

 2021

 Mason City, IA

 —

 869,564

 3,270,795

 62,237

 869,564

 3,333,032

 4,202,596

 225,199

 2021

 Nampa, ID

 —

 229,425

 1,558,507

 —

 229,425

 1,558,507

 1,787,932

 94,140

 2021

 Bloomingdale, IL

 —

 5,377,240

 9,661,090

 48,794

 5,377,240

 9,709,883

 15,087,123

 664,905

 2021

 Bloomington, IL

 —

 239,089

 1,826,238

 —

 239,089

 1,826,238

 2,065,327

 110,315

 2021

 Bourbonnais, IL

 —

 1,593,823

 1,525,782

 1,836

 1,593,823

 1,527,618

 3,121,441

 79,512

 2021

 Carbondale, IL

 —

 496,342

 1,025,021

 8,125

 496,342

 1,033,146

 1,529,488

 60,477

 2021

 Champaign, IL

 —

 3,112,523

 4,504,390

 —

 3,112,523

 4,504,390

 7,616,913

 253,120

 2021

 Charleston, IL

 —

 2,650,341

 —

 25,533

 2,675,874

 —

 2,675,874

 —

 2021

 —

 698,854

 1,412,178

 —

 698,854

 1,412,178

 2,111,032

 102,832

 2021

 Coal City, IL

 —

 453,744

 1,080,622

 —

 453,744

 1,080,622

 1,534,366

 74,120

 2021

 East Dundee, IL

 —

 1,567,806

 —

 —

 1,567,806

 —

 1,567,806

 —

 2021

 East Peoria, IL

 —

 2,404,155

 —

 25,533

 2,429,688

 —

 2,429,688

 —

 2021

 Hampshire, IL

 —

 3,866,229

 —

 1,836

 3,868,065

 —

 3,868,065

 —

 2021

 Huntley, IL

 —

 2,089,500

 —

 1,835

 2,091,335

 —

 2,091,335

 —

 2021

 Which

 Costs

 Land

 Land

 Total

 Joliet, IL

 —

 536,897

 3,011,274

 —

 536,897

 3,011,274

 3,548,171

 212,929

 2021

 Lakemoor, IL

 —

 987,967

 —

 —

 987,967

 —

 987,967

 —

 2021

 Lombard, IL

 —

 5,480,904

 —

 1,836

 5,482,740

 —

 5,482,740

 —

 2021

 Mount Prospect, IL

 —

 885,540

 —

 886,474

 —

 886,474

 —

 2021

 Naperville, IL

 —

 3,973,788

 12,799,047

 ( 403,423)

 3,973,788

 12,395,624

 16,369,412

 716,938

 2021

 Rockford, IL

 —

 563,262

 1,471,698

 —

 563,262

 1,471,698

 2,034,960

 100,946

 2021

 Romeoville, IL

 —

 4,835,683

 —

 48,960

 4,884,643

 —

 4,884,643

 —

 2021

 Schiller Park, IL

 —

 2,585,445

 —

 21,801

 2,607,246

 —

 2,607,246

 —

 2021

 Sheffield, IL

 —

 217,455

 998,824

 2,249

 217,455

 1,001,073

 1,218,528

 52,093

 2021

 South Chicago Heights, IL

 —

 205,849

 1,452,724

 24,942

 205,849

 1,477,667

 1,683,516

 88,218

 2021

 South Elgin, IL

 —

 648,899

 3,916,025

 2,359

 648,899

 3,918,384

 4,567,283

 203,981

 2021

 South Elgin, IL

 —

 985,408

 2,746,744

 499,999

 985,408

 3,246,744

 4,232,152

 201,404

 2021

 Streator, IL

 —

 203,924

 1,040,180

 2,249

 203,924

 1,042,429

 1,246,353

 54,247

 2021

 Westchester, IL

 —

 296,452

 1,252,538

 —

 296,452

 1,252,538

 1,548,990

 73,065

 2021

 Westmont, IL

 —

 2,284,013

 8,912,960

 —

 2,284,013

 8,912,960

 11,196,973

 630,974

 2021

 Bedford, IN

 —

 239,065

 956,272

 2,249

 239,065

 958,521

 1,197,586

 49,877

 2021

 Brownsburg, IN

 —

 329,868

 3,033,286

 —

 329,868

 3,033,286

 3,363,154

 221,177

 2021

 Fort Wayne, IN

 —

 329,123

 1,521,763

 10,772

 329,123

 1,532,535

 1,861,658

 79,703

 2021

 Granger, IN

 —

 406,211

 1,459,388

 —

 406,211

 1,459,388

 1,865,599

 97,292

 2021

 —

 362,907

 2,710,927

 —

 362,907

 2,710,927

 3,073,834

 163,765

 2021

 Atchison, KS

 —

 298,258

 1,193,243

 12,752

 298,258

 1,205,996

 1,504,254

 62,672

 2021

 Kiowa, KS

 —

 20,642

 1,469,150

 19,726

 20,642

 1,488,876

 1,509,518

 80,713

 2021

 Liberal, KS

 —

 418,695

 6,919,579

 —

 418,695

 6,919,579

 7,338,274

 418,038

 2021

 Manhattan, KS

 —

 1,419,099

 —

 1,835

 1,420,934

 —

 1,420,934

 —

 2021

 Merriam, KS

 —

 1,688,893

 6,844,926

 —

 1,688,893

 6,844,926

 8,533,819

 470,442

 2021

 —

 1,716,439

 10,797,925

 25,114

 1,716,439

 10,823,039

 12,539,478

 540,995

 2021

 Bossier City, LA

 —

 695,883

 1,918,101

 695,883

 1,918,440

 2,614,323

 135,593

 2021

 Chalmette, LA

 —

 1,041,287

 1,521,346

 —

 1,041,287

 1,521,346

 2,562,633

 85,460

 2021

 Clinton, LA

 —

 164,982

 1,057,099

 —

 164,982

 1,057,099

 1,222,081

 77,080

 2021

 Independence, LA

 —

 273,598

 1,022,901

 19,305

 273,598

 1,042,207

 1,315,805

 51,990

 2021

 —

 976,288

 2,744,759

 —

 976,288

 2,744,759

 3,721,047

 194,255

 2021

 Pineville, LA

 —

 136,853

 1,307,116

 —

 136,853

 1,307,116

 1,443,969

 96,123

 2021

 Walker, LA

 —

 90,393

 1,383,507

 —

 90,393

 1,383,507

 1,473,900

 86,389

 2021

 Abington, MA

 —

 8,465,529

 —

 —

 8,465,529

 —

 8,465,529

 —

 2021

 Fall River, MA

 —

 721,506

 5,380,883

 —

 721,506

 5,380,883

 6,102,389

 358,479

 2021

 Pittsfield, MA

 —

 1,514,648

 16,947,554

 —

 1,514,648

 16,947,554

 18,462,202

 988,591

 2021

 Springfield, MA

 —

 4,451,982

 —

 —

 4,451,982

 —

 4,451,982

 —

 2021

 —

 1,393,361

 2,819,672

 12,398

 1,393,361

 2,832,070

 4,225,431

 147,390

 2021

 Baltimore (Gwynn Oak), MD

 —

 1,225,061

 —

 —

 1,225,061

 —

 1,225,061

 —

 2021

 Bel Air, MD

 —

 499,309

 —

 —

 499,309

 —

 499,309

 —

 2021

 Dundalk, MD

 —

 746,235

 1,564,948

 —

 746,235

 1,564,948

 2,311,183

 117,157

 2021

 Battle Creek, MI

 —

 101,794

 1,083,512

 —

 101,794

 1,083,512

 1,185,306

 67,491

 2021

 Battle Creek, MI

 —

 271,928

 1,143,856

 1,836

 271,928

 1,145,692

 1,417,620

 59,635

 2021

 Grand Rapids, MI

 —

 925,205

 5,848,684

 28,275

 925,205

 5,876,959

 6,802,164

 382,739

 2021

 Lansing, MI

 —

 7,204,001

 —

 7,204,410

 —

 7,204,410

 —

 2021

 Lansing, MI

 —

 4,285,184

 —

 4,286,006

 —

 4,286,006

 —

 2021

 Okemos, MI

 —

 4,607,749

 5,825,877

 —

 4,607,749

 5,825,877

 10,433,626

 376,121

 2021

 Saginaw, MI

 —

 285,004

 896,731

 8,898

 285,004

 905,629

 1,190,633

 45,226

 2021

 Saginaw, MI

 —

 1,859,019

 —

 —

 1,859,019

 —

 1,859,019

 —

 2021

 Saginaw, MI

 —

 855,000

 1,267,920

 353,203

 855,000

 1,621,123

 2,476,123

 76,287

 2021

 Sterling Heights, MI

 —

 484,463

 2,991,098

 148,901

 484,463

 3,140,000

 3,624,463

 205,468

 2021

 Taylor, MI

 —

 403,176

 1,862,968

 —

 403,176

 1,862,968

 2,266,144

 116,339

 2021

 Brooklyn Park, MN

 —

 2,386,951

 2,002,599

 —

 2,386,951

 2,002,599

 4,389,550

 141,851

 2021

 Burnsville, MN

 —

 588,062

 1,977,978

 19,419

 588,062

 1,997,397

 2,585,459

 99,749

 2021

 Fridley, MN

 —

 4,775,640

 —

 12,102

 4,787,742

 —

 4,787,742

 —

 2021

 Lakeville, MN

 —

 1,566,580

 2,730,817

 —

 1,566,580

 2,730,817

 4,297,397

 193,351

 2021

 Oakdale, MN

 —

 4,800,338

 12,814,387

 —

 4,800,338

 12,814,387

 17,614,725

 880,738

 2021

 Savage, MN

 —

 1,470,298

 1,283,392

 —

 1,470,298

 1,283,392

 2,753,690

 90,825

 2021

 California, MO

 —

 62,996

 1,479,867

 —

 62,996

 1,479,867

 1,542,863

 98,589

 2021

 Marshfield, MO

 —

 795,252

 4,724,969

 —

 795,252

 4,724,969

 5,520,221

 314,782

 2021

 Pevely, MO

 —

 724,554

 1,130,540

 —

 724,554

 1,130,540

 1,855,094

 80,032

 2021

 Sugar Creek, MO

 —

 488,219

 1,038,408

 —

 488,219

 1,038,408

 1,526,627

 69,159

 2021

 Byhalia, MS

 —

 150,179

 1,417,039

 4,402

 150,179

 1,421,441

 1,571,620

 73,956

 2021

 Byram, MS

 —

 5,279,846

 10,832,879

 —

 5,279,846

 10,832,879

 16,112,725

 699,490

 2021

 Vicksburg, MS

 —

 705,202

 825,075

 —

 705,202

 825,075

 1,530,277

 46,315

 2021

 Sidney, MT

 —

 190,517

 3,935,720

 —

 190,517

 3,935,720

 4,126,237

 221,315

 2021

 Cary, NC

 —

 1,972,755

 —

 —

 1,972,755

 —

 1,972,755

 —

 2021

 Cary, NC

 —

 810,927

 —

 —

 810,927

 —

 810,927

 —

 2021

 —

 1,344,585

 —

 —

 1,344,585

 —

 1,344,585

 —

 2021

 Denver, NC

 —

 199,637

 1,323,072

 —

 199,637

 1,323,072

 1,522,709

 85,424

 2021

 Denver, NC

 —

 188,155

 702,254

 —

 188,155

 702,254

 890,409

 45,330

 2021

 Garner, NC

 —

 545,483

 2,714,833

 —

 545,483

 2,714,833

 3,260,316

 197,957

 2021

 Gastonia, NC

 —

 261,641

 1,033,980

 73,894

 261,641

 1,107,875

 1,369,516

 84,938

 2021

 Which

 Costs

 Land

 Land

 Total

 Hickory, NC

 —

 417,127

 1,548,699

 5,836

 417,127

 1,554,535

 1,971,662

 84,005

 2021

 High Point, NC

 —

 367,561

 1,427,032

 69,492

 367,561

 1,496,524

 1,864,085

 114,437

 2021

 —

 1,298,760

 —

 —

 1,298,760

 —

 1,298,760

 —

 2021

 —

 996,275

 —

 —

 996,275

 —

 996,275

 —

 2021

 —

 1,200,518

 —

 —

 1,200,518

 —

 1,200,518

 —

 2021

 —

 1,024,340

 —

 —

 1,024,340

 —

 1,024,340

 —

 2021

 —

 1,405,020

 —

 —

 1,405,020

 —

 1,405,020

 —

 2021

 —

 1,611,871

 —

 —

 1,611,871

 —

 1,611,871

 —

 2021

 Mt. Airy, NC

 —

 188,167

 1,318,013

 116,056

 188,167

 1,434,069

 1,622,236

 81,711

 2021

 —

 1,073,746

 6,186,151

 6,965

 1,073,746

 6,193,116

 7,266,862

 464,266

 2021

 —

 742,521

 1,547,361

 44,293

 742,521

 1,591,655

 2,334,176

 87,916

 2021

 Wilmington, NC

 —

 1,387,879

 —

 —

 1,387,879

 —

 1,387,879

 —

 2021

 Bottineau, ND

 —

 680,781

 2,851,784

 22,314

 680,781

 2,874,097

 3,554,878

 149,500

 2021

 Blair, NE

 —

 65,927

 1,171,950

 —

 65,927

 1,171,950

 1,237,877

 68,261

 2021

 Crete, NE

 —

 283,765

 4,583,875

 1,835

 283,765

 4,585,710

 4,869,475

 248,278

 2021

 Valentine, NE

 —

 30,526

 1,276,252

 2,500

 30,526

 1,278,752

 1,309,278

 66,550

 2021

 Wayne, NE

 —

 24,660

 1,211,103

 —

 24,660

 1,211,103

 1,235,763

 70,545

 2021

 Hooksett, NH

 —

 2,474,821

 —

 —

 2,474,821

 —

 2,474,821

 —

 2021

 Hooksett, NH

 —

 3,660,471

 —

 —

 3,660,471

 —

 3,660,471

 —

 2021

 Bellmawr, NJ

 —

 3,517,630

 —

 —

 3,517,630

 —

 3,517,630

 —

 2021

 East Hanover, NJ

 —

 2,424,060

 —

 2,424,213

 —

 2,424,213

 —

 2021

 East Hanover, NJ

 —

 6,185,969

 6,748,014

 6,185,969

 6,748,167

 12,934,136

 484,688

 2021

 Eatontown, NJ

 —

 4,073,886

 —

 —

 4,073,886

 —

 4,073,886

 —

 2021

 Elizabeth, NJ

 —

 1,389,441

 —

 —

 1,389,441

 —

 1,389,441

 —

 2021

 Hammonton, NJ

 —

 4,231,954

 —

 —

 4,231,954

 —

 4,231,954

 —

 2021

 —

 —

 —

 —

 —

 2021

 —

 12,118

 —

 ( 88,104)

 ( 75,986)

 —

 ( 75,986)

 —

 2021

 —

 —

 1,111,855

 —

 —

 1,111,855

 1,111,855

 78,562

 2021

 —

 —

 —

 —

 —

 2021

 —

 —

 —

 —

 —

 2021

 North Plainfield, NJ

 —

 1,189,310

 1,655,062

 —

 1,189,310

 1,655,062

 2,844,372

 113,697

 2021

 Parsippany, NJ

 —

 4,683,017

 —

 —

 4,683,017

 —

 4,683,017

 —

 2021

 Parsippany, NJ

 —

 896,104

 1,977,903

 —

 896,104

 1,977,903

 2,874,007

 123,619

 2021

 Parsippany, NJ

 —

 20,901,499

 —

 11,676

 20,901,499

 11,676

 20,913,175

 1,168

 2021

 Pennsauken, NJ

 —

 3,731,685

 —

 ( 74,044)

 3,657,641

 —

 3,657,641

 —

 2021

 Randolph, NJ

 —

 3,550,608

 —

 —

 3,550,608

 —

 3,550,608

 —

 2021

 Upper Deerfield, NJ

 —

 194,607

 1,729,659

 12,085

 194,607

 1,741,743

 1,936,350

 101,408

 2021

 Whippany, NJ

 —

 3,557,958

 —

 —

 3,557,958

 —

 3,557,958

 —

 2021

 Woodbine, NJ

 —

 354,591

 1,545,735

 —

 354,591

 1,545,735

 1,900,326

 115,716

 2021

 Woodbridge, NJ

 —

 737,212

 2,644,765

 —

 737,212

 2,644,765

 3,381,977

 182,854

 2021

 Albuquerque, NM

 —

 2,812,052

 —

 —

 2,812,052

 —

 2,812,052

 —

 2021

 Albuquerque, NM

 —

 433,221

 1,163,623

 —

 433,221

 1,163,623

 1,596,844

 72,591

 2021

 Albuquerque, NM

 —

 698,506

 3,183,377

 22,723

 698,506

 3,206,100

 3,904,606

 166,794

 2021

 Espanola, NM

 —

 5,630,895

 —

 1,835

 5,632,730

 —

 5,632,730

 —

 2021

 Kingston, NY

 —

 515,184

 3,795,511

 81,585

 515,184

 3,877,096

 4,392,280

 223,076

 2021

 New Rochelle, NY

 —

 14,519,339

 21,244,741

 ( 175)

 14,519,339

 21,244,566

 35,763,905

 1,375,941

 2021

 Niagara Falls, NY

 —

 353,653

 6,062,345

 —

 353,653

 6,062,345

 6,415,998

 416,600

 2021

 North Babylon, NY

 —

 2,090,724

 —

 14,709

 2,105,433

 —

 2,105,433

 ( 3)

 2021

 Plattsburgh, NY

 —

 161,089

 2,240,530

 9,796

 161,089

 2,250,327

 2,411,416

 126,458

 2021

 —

 1,097,316

 7,362,973

 —

 1,097,316

 7,362,973

 8,460,289

 505,847

 2021

 Scarsdale, NY

 —

 886,492

 1,108,577

 —

 886,492

 1,108,577

 1,995,069

 62,277

 2021

 Wappingers Falls, NY

 —

 595,962

 3,792,944

 —

 595,962

 3,792,944

 4,388,906

 252,863

 2021

 Bedford, OH

 —

 222,469

 1,643,801

 —

 222,469

 1,643,801

 1,866,270

 95,709

 2021

 Canton, OH

 —

 289,416

 1,625,007

 4,401

 289,416

 1,629,409

 1,918,825

 84,788

 2021

 Chesapeake, OH

 —

 314,084

 2,102,730

 96,500

 314,084

 2,199,230

 2,513,314

 162,872

 2021

 —

 1,009,008

 —

 —

 1,009,008

 —

 1,009,008

 —

 2021

 Dayton, OH

 —

 168,736

 1,738,910

 —

 168,736

 1,738,910

 1,907,646

 97,697

 2021

 Fairview Park, OH

 —

 1,445,514

 5,043,700

 144,115

 1,445,514

 5,187,814

 6,633,328

 263,890

 2021

 Gallipolis, OH

 —

 818,390

 2,159,967

 —

 818,390

 2,159,967

 2,978,357

 157,395

 2021

 Geneva, OH

 —

 193,381

 1,317,460

 —

 193,381

 1,317,460

 1,510,841

 76,726

 2021

 Groveport, OH

 —

 386,687

 1,166,510

 386,687

 1,167,178

 1,553,865

 77,652

 2021

 —

 1,030,560

 —

 —

 1,030,560

 —

 1,030,560

 —

 2021

 —

 1,152,478

 —

 —

 1,152,478

 —

 1,152,478

 —

 2021

 —

 1,041,080

 —

 —

 1,041,080

 —

 1,041,080

 —

 2021

 —

 707,910

 —

 ( 68)

 707,842

 —

 707,842

 —

 2021

 —

 1,428,428

 —

 —

 1,428,428

 —

 1,428,428

 —

 2021

 Mentor, OH

 —

 484,808

 2,222,441

 10,946

 484,808

 2,233,387

 2,718,195

 111,601

 2021

 Milford Center, OH

 —

 193,215

 924,186

 12,483

 193,215

 936,670

 1,129,885

 46,756

 2021

 New Lexington, OH

 —

 670,811

 2,171,553

 —

 670,811

 2,171,553

 2,842,364

 158,240

 2021

 Octa, OH

 —

 3,303,590

 —

 1,835

 3,305,425

 —

 3,305,425

 —

 2021

 Pataskala, OH

 —

 626,985

 1,071,479

 —

 626,985

 1,071,479

 1,698,464

 62,411

 2021

 Reynoldsburg, OH

 —

 1,986,486

 —

 5,881

 1,992,367

 —

 1,992,367

 —

 2021

 Rocky River, OH

 —

 4,045,087

 —

 —

 4,045,087

 —

 4,045,087

 —

 2021

 Which

 Costs

 Land

 Land

 Total

 Rocky River, OH

 —

 2,151,951

 —

 20,215

 2,172,166

 —

 2,172,166

 —

 2021

 Rocky River, OH

 —

 1,372,577

 —

 20,215

 1,392,792

 —

 1,392,792

 —

 2021

 Sidney, OH

 —

 45,594

 1,562,442

 —

 45,594

 1,562,442

 1,608,036

 91,051

 2021

 Streetsboro, OH

 —

 199,026

 975,438

 10,947

 199,026

 986,385

 1,185,411

 49,251

 2021

 —

 4,839,262

 6,842,158

 —

 4,839,262

 6,842,158

 11,681,420

 441,756

 2021

 Urbana, OH

 —

 4,690,277

 6,963,348

 —

 4,690,277

 6,963,348

 11,653,625

 449,582

 2021

 Winchester, OH

 —

 259,544

 1,236,805

 4,402

 259,544

 1,241,207

 1,500,751

 64,569

 2021

 Atoka, OK

 —

 335,303

 3,504,781

 —

 335,303

 3,504,781

 3,840,084

 197,074

 2021

 Stillwater, OK

 —

 501,114

 3,252,177

 —

 501,114

 3,252,177

 3,753,291

 182,850

 2021

 Tillamook, OR

 —

 1,491,707

 5,261,299

 —

 1,491,707

 5,261,299

 6,753,006

 328,761

 2021

 Cranberry, PA

 —

 1,677,064

 —

 —

 1,677,064

 —

 1,677,064

 —

 2021

 Dunmore, PA

 —

 2,386,896

 —

 —

 2,386,896

 —

 2,386,896

 —

 2021

 Erie, PA

 —

 1,545,236

 20,023,873

 8,447

 1,545,236

 20,032,320

 21,577,556

 1,084,981

 2021

 Greenville, PA

 —

 1,117,096

 10,381,185

 25,171

 1,117,096

 10,406,356

 11,523,452

 520,161

 2021

 Harrisburg, PA

 —

 1,276,788

 —

 48,225

 1,325,013

 —

 1,325,013

 —

 2021

 Philadelphia, PA

 —

 547,237

 1,503,662

 —

 547,237

 1,503,662

 2,050,899

 103,299

 2021

 Quakertown, PA

 —

 1,763,324

 —

 30,834

 1,794,158

 —

 1,794,158

 —

 2021

 West Mifflin, PA

 —

 1,275,400

 —

 —

 1,275,400

 —

 1,275,400

 —

 2021

 Anderson, SC

 —

 1,327,346

 5,564,166

 331,189

 1,327,346

 5,895,355

 7,222,701

 345,082

 2021

 Bluffton, SC

 —

 473,900

 3,740,291

 —

 473,900

 3,740,291

 4,214,191

 210,281

 2021

 —

 307,888

 2,411,359

 —

 307,888

 2,411,359

 2,719,247

 135,568

 2021

 Fort Mill, SC

 —

 1,675,276

 5,987,483

 29,821

 1,675,276

 6,017,305

 7,692,581

 325,627

 2021

 Lancaster, SC

 —

 187,595

 991,659

 52,829

 187,595

 1,044,489

 1,232,084

 60,997

 2021

 Olanta, SC

 —

 81,182

 820,443

 —

 81,182

 820,443

 901,625

 46,083

 2021

 Sumter, SC

 —

 305,903

 571,538

 68,009

 305,903

 639,547

 945,450

 39,200

 2021

 Pierre, SD

 —

 181,579

 2,071,921

 —

 181,579

 2,071,921

 2,253,500

 129,414

 2021

 Watertown, SD

 —

 561,618

 1,596,716

 8,458

 561,618

 1,605,174

 2,166,792

 80,206

 2021

 Antioch, TN

 —

 935,614

 —

 —

 935,614

 —

 935,614

 —

 2021

 Clarksville, TN

 —

 238,147

 1,331,623

 8,200

 238,147

 1,339,823

 1,577,970

 97,485

 2021

 Crossville, TN

 —

 691,538

 2,633,769

 21,858

 691,538

 2,655,627

 3,347,165

 141,249

 2021

 Hendersonville, TN

 —

 1,724,979

 —

 —

 1,724,979

 —

 1,724,979

 —

 2021

 Hermitage, TN

 —

 722,734

 —

 —

 722,734

 —

 722,734

 —

 2021

 Jackson, TN

 —

 1,730,483

 3,100,154

 2,500

 1,730,483

 3,102,654

 4,833,137

 174,305

 2021

 —

 1,762,166

 3,753,566

 —

 1,762,166

 3,753,566

 5,515,732

 234,575

 2021

 Lakesite, TN

 —

 834,052

 999,412

 —

 834,052

 999,412

 1,833,464

 68,637

 2021

 Madison, TN

 —

 797,234

 —

 —

 797,234

 —

 797,234

 —

 2021

 Murfreesboro, TN

 —

 1,191,176

 —

 —

 1,191,176

 —

 1,191,176

 —

 2021

 Nashville, TN

 —

 669,035

 —

 —

 669,035

 —

 669,035

 —

 2021

 Smyrna, TN

 —

 2,059,771

 —

 —

 2,059,771

 —

 2,059,771

 —

 2021

 Amarillo, TX

 —

 1,479,874

 3,920,015

 30,414

 1,479,874

 3,950,429

 5,430,303

 213,434

 2021

 Baytown, TX

 —

 5,245,019

 13,452,319

 —

 5,245,019

 13,452,319

 18,697,338

 868,662

 2021

 Burleson, TX

 —

 1,899,691

 1,955,961

 —

 1,899,691

 1,955,961

 3,855,652

 130,370

 2021

 Cypress, TX

 —

 621,351

 —

 —

 621,351

 —

 621,351

 —

 2021

 —

 1,290,305

 4,701,339

 —

 1,290,305

 4,701,339

 5,991,644

 332,825

 2021

 —

 4,640,263

 —

 —

 4,640,263

 —

 4,640,263

 —

 2021

 Kerrville, TX

 —

 629,024

 2,862,560

 27,659

 629,024

 2,890,219

 3,519,243

 178,910

 2021

 Midland, TX

 —

 3,506,179

 1,938,388

 —

 3,506,179

 1,938,388

 5,444,567

 121,125

 2021

 Monahans, TX

 —

 783,242

 2,930,495

 2,500

 783,242

 2,932,995

 3,716,237

 146,634

 2021

 Odessa, TX

 —

 2,378,043

 1,905,793

 —

 2,378,043

 1,905,793

 4,283,836

 119,088

 2021

 Odessa, TX

 —

 2,256,629

 1,689,906

 —

 2,256,629

 1,689,906

 3,946,535

 105,595

 2021

 Odessa, TX

 —

 2,365,571

 1,566,637

 —

 2,365,571

 1,566,637

 3,932,208

 97,891

 2021

 Richmond, TX

 —

 478,530

 2,624,852

 —

 478,530

 2,624,852

 3,103,382

 158,565

 2021

 Shenandoah, TX

 —

 2,293,709

 —

 —

 2,293,709

 —

 2,293,709

 —

 2021

 Spring, TX

 —

 1,886,748

 1,930,279

 —

 1,886,748

 1,930,279

 3,817,027

 112,600

 2021

 Texarkana, TX

 —

 1,312,692

 2,124,343

 12,218

 1,312,692

 2,136,561

 3,449,253

 145,720

 2021

 White Oak, TX

 —

 120,160

 1,224,831

 120,160

 1,225,299

 1,345,459

 76,321

 2021

 Orem, UT

 —

 764,062

 2,054,014

 —

 764,062

 2,054,014

 2,818,076

 149,772

 2021

 Charlottesville, VA

 —

 1,364,219

 —

 —

 1,364,219

 —

 1,364,219

 —

 2021

 Chester, VA

 —

 646,751

 4,938,519

 —

 646,751

 4,938,519

 5,585,270

 339,441

 2021

 Lynchburg, VA

 —

 2,102,839

 6,892,262

 —

 2,102,839

 6,892,262

 8,995,101

 472,681

 2021

 Manassas, VA

 —

 3,659,187

 3,746,418

 —

 3,659,187

 3,746,418

 7,405,605

 249,761

 2021

 Newport News, VA

 —

 287,461

 2,086,888

 11,460

 287,461

 2,098,348

 2,385,809

 104,846

 2021

 Wytheville, VA

 —

 450,045

 —

 —

 450,045

 —

 450,045

 —

 2021

 Lakewood, WA

 —

 788,705

 2,937,767

 —

 788,705

 2,937,767

 3,726,472

 184,243

 2021

 Port Angeles, WA

 —

 476,652

 5,940,135

 —

 476,652

 5,940,135

 6,416,787

 364,127

 2021

 Puyallup, WA

 —

 1,626,445

 2,757,598

 —

 1,626,445

 2,757,598

 4,384,043

 172,225

 2021

 Roy, WA

 —

 327,278

 1,862,388

 —

 327,278

 1,862,388

 2,189,666

 116,348

 2021

 Antigo, WI

 —

 150,406

 907,287

 1,835

 150,406

 909,122

 1,059,528

 49,124

 2021

 Brown Deer, WI

 —

 413,053

 2,893,299

 25,988

 413,053

 2,919,287

 3,332,340

 145,802

 2021

 Eau Claire, WI

 —

 2,897,122

 6,600,361

 —

 2,897,122

 6,600,361

 9,497,483

 454,708

 2021

 Milwaukee, WI

 —

 63,728

 1,834,352

 —

 63,728

 1,834,352

 1,898,080

 110,768

 2021

 Sheboygan, WI

 —

 373,040

 3,470,250

 8,476

 373,040

 3,478,726

 3,851,766

 188,278

 2021

 Athens, WV

 —

 416,517

 1,472,494

 —

 416,517

 1,472,494

 1,889,011

 107,267

 2021

 Which

 Costs

 Land

 Land

 Total

 Beckley, WV

 —

 663,138

 2,263,526

 —

 663,138

 2,263,526

 2,926,664

 167,814

 2021

 Buckhannon, WV

 —

 469,129

 1,853,528

 151,900

 469,129

 2,005,428

 2,474,557

 150,241

 2021

 Elkins, WV

 —

 397,225

 1,832,516

 —

 397,225

 1,832,516

 2,229,741

 133,518

 2021

 Huntington, WV

 —

 447,207

 1,851,268

 —

 447,207

 1,851,268

 2,298,475

 137,143

 2021

 Huntington, WV

 —

 572,162

 1,386,007

 —

 572,162

 1,386,007

 1,958,169

 103,633

 2021

 Princeton, WV

 —

 778,229

 2,357,830

 —

 778,229

 2,357,830

 3,136,059

 171,823

 2021

 Princeton, WV

 —

 233,205

 1,245,497

 —

 233,205

 1,245,497

 1,478,702

 75,229

 2021

 Bessemer, AL

 —

 319,436

 1,007,258

 —

 319,436

 1,007,258

 1,326,694

 44,067

 2022

 Blountsville, AL

 —

 231,165

 1,316,448

 —

 231,165

 1,316,448

 1,547,613

 46,117

 2022

 Clayton, AL

 —

 305,323

 1,199,107

 3,009

 305,323

 1,202,116

 1,507,439

 42,614

 2022

 Foley, AL

 —

 876,745

 1,662,760

 —

 876,745

 1,662,760

 2,539,505

 63,445

 2022

 Grant, AL

 —

 77,433

 1,188,768

 —

 77,433

 1,188,768

 1,266,201

 43,339

 2022

 Hoover, AL

 —

 1,548,554

 1,351,397

 —

 1,548,554

 1,351,397

 2,899,951

 38,743

 2022

 Madison, AL

 —

 1,317,052

 1,381,193

 —

 1,317,052

 1,381,193

 2,698,245

 42,407

 2022

 Mobile, AL

 —

 81,304

 1,526,990

 —

 81,304

 1,526,990

 1,608,294

 66,914

 2022

 Talladega, AL

 —

 903,998

 2,044,842

 35,677

 907,712

 2,076,805

 2,984,517

 58,025

 2022

 Springdale, AR

 —

 568,164

 3,133,875

 —

 568,164

 3,133,875

 3,702,039

 137,107

 2022

 Coal Hill, AR

 —

 134,620

 1,378,371

 7,300

 134,620

 1,385,671

 1,520,291

 57,992

 2022

 Conway, AR

 —

 357,768

 2,955,854

 —

 357,768

 2,955,854

 3,313,622

 106,922

 2022

 Fort Smith, AR

 —

 50,300

 2,378,776

 26,235

 50,300

 2,405,011

 2,455,311

 89,363

 2022

 Lincoln, AR

 —

 318,811

 1,269,472

 —

 318,811

 1,269,472

 1,588,283

 40,978

 2022

 Little Rock, AR

 —

 369,985

 4,260,606

 12,795

 369,985

 4,273,401

 4,643,386

 159,808

 2022

 Pine Bluff, AR

 —

 216,373

 391,093

 —

 216,373

 391,093

 607,466

 14,666

 2022

 Russellville, AR

 —

 176,925

 481,057

 176,925

 481,072

 657,997

 17,957

 2022

 Springdale, AR

 —

 1,333,032

 2,929,959

 15,074

 1,333,032

 2,945,032

 4,278,064

 109,929

 2022

 Glendale, AZ

 —

 3,552,730

 3,229,514

 8,381

 3,552,730

 3,237,895

 6,790,625

 109,929

 2022

 Phoenix, AZ

 —

 1,393,147

 3,822,282

 48,359

 1,393,147

 3,870,640

 5,263,787

 143,698

 2022

 Tolleson, AZ

 —

 2,091,545

 4,359,819

 21,687

 2,091,545

 4,381,506

 6,473,051

 137,595

 2022

 Bakersfield, CA

 —

 1,205,283

 3,010,596

 12,716

 1,205,283

 3,023,312

 4,228,595

 97,569

 2022

 La Ca ada, CA

 —

 1,921,417

 457,495

 1,921,417

 457,509

 2,378,926

 17,073

 2022

 Ontario, CA

 —

 3,173,695

 2,567,059

 3,173,695

 2,567,074

 5,740,769

 96,182

 2022

 Riverside, CA

 —

 3,081,078

 14,365,552

 34,500

 3,081,078

 14,400,052

 17,481,130

 600,036

 2022

 Stockton, CA

 —

 1,275,187

 945,420

 —

 1,275,187

 945,420

 2,220,607

 43,553

 2022

 Turlock, CA

 —

 487,463

 2,212,222

 —

 487,463

 2,212,222

 2,699,685

 71,041

 2022

 Turlock, CA

 —

 1,200,474

 4,510,849

 —

 1,200,474

 4,510,849

 5,711,323

 137,441

 2022

 Turlock, CA

 —

 1,086,480

 5,124,804

 —

 1,086,480

 5,124,804

 6,211,284

 193,536

 2022

 Vallejo, CA

 —

 2,769,671

 2,513,905

 —

 2,769,671

 2,513,905

 5,283,576

 112,361

 2022

 Windsor Hill, CA

 —

 3,332,206

 2,100,596

 —

 3,332,206

 2,100,596

 5,432,802

 102,777

 2022

 Middletown, CT

 —

 2,143,995

 2,943,499

 —

 2,143,995

 2,943,499

 5,087,494

 140,730

 2022

 Waterbury, CT

 —

 972,505

 2,058,031

 —

 972,505

 2,058,031

 3,030,536

 80,321

 2022

 West Hartford, CT

 —

 852,020

 5,066,206

 234,600

 852,020

 5,300,806

 6,152,826

 225,799

 2022

 West Hartford, CT

 —

 4,044,465

 14,245,446

 4,996

 4,044,465

 14,250,442

 18,294,907

 600,959

 2022

 Wethersfield, CT

 —

 553,394

 1,132,300

 —

 553,394

 1,132,300

 1,685,694

 42,461

 2022

 Wethersfield, CT

 —

 933,446

 1,502,866

 933,446

 1,502,895

 2,436,341

 56,192

 2022

 Millsboro, DE

 —

 6,857,716

 —

 —

 6,857,716

 —

 6,857,716

 —

 2022

 Ocala, FL

 —

 204,589

 1,703,533

 —

 204,589

 1,703,533

 1,908,122

 74,529

 2022

 Palm Coast, FL

 —

 479,504

 984,850

 —

 479,504

 984,850

 1,464,354

 47,118

 2022

 Panama City, FL

 —

 1,998,986

 1,409,662

 —

 1,998,986

 1,409,662

 3,408,648

 61,673

 2022

 Sanford, FL

 —

 3,590,819

 2,515,568

 —

 3,590,819

 2,515,568

 6,106,387

 110,056

 2022

 Trenton, FL

 —

 430,460

 2,288,147

 15,700

 430,460

 2,303,847

 2,734,307

 100,412

 2022

 Chiefland, FL

 —

 489,309

 1,306,132

 225,812

 489,309

 1,531,945

 2,021,254

 72,880

 2022

 Coral Gables, FL

 —

 3,127,647

 272,255

 3,127,647

 272,270

 3,399,917

 10,127

 2022

 Crestview, FL

 —

 961,109

 1,044,147

 —

 961,109

 1,044,147

 2,005,256

 38,323

 2022

 Destin, FL

 —

 1,830,319

 780,173

 —

 1,830,319

 780,173

 2,610,492

 24,172

 2022

 Gainesville, FL

 —

 1,173,553

 517,450

 1,173,553

 517,465

 1,691,018

 19,322

 2022

 Gainesville, FL

 —

 2,544,415

 5,881,080

 16,562

 2,544,415

 5,897,642

 8,442,057

 186,425

 2022

 Hollywood, FL

 —

 927,500

 1,351,709

 927,500

 1,351,724

 2,279,224

 50,607

 2022

 Homestead, FL

 —

 1,021,155

 735,752

 1,021,155

 735,767

 1,756,922

 27,508

 2022

 Jacksonville Beach, FL

 —

 1,130,336

 991,755

 1,130,336

 991,770

 2,122,106

 37,108

 2022

 —

 1,057,416

 1,007,440

 —

 1,057,416

 1,007,440

 2,064,856

 37,779

 2022

 —

 1,185,978

 1,025,426

 —

 1,185,978

 1,025,426

 2,211,404

 38,453

 2022

 —

 235,155

 3,784,135

 151,789

 235,155

 3,935,924

 4,171,079

 143,302

 2022

 —

 216,803

 1,400,601

 —

 216,803

 1,400,601

 1,617,404

 54,799

 2022

 —

 415,780

 1,668,994

 —

 415,780

 1,668,994

 2,084,774

 60,329

 2022

 Lake Butler, FL

 —

 503,163

 1,360,333

 —

 503,163

 1,360,333

 1,863,496

 52,508

 2022

 Marco Island, FL

 —

 1,350,573

 504,251

 23,968

 1,350,573

 528,219

 1,878,792

 18,467

 2022

 Melbourne, FL

 —

 653,912

 961,132

 —

 653,912

 961,132

 1,615,044

 34,673

 2022

 Miami, FL

 —

 2,700,553

 1,142,400

 2,700,553

 1,142,414

 3,842,967

 42,757

 2022

 North Palm Beach, FL

 —

 662,025

 950,514

 662,025

 950,529

 1,612,554

 35,562

 2022

 —

 536,059

 1,628,848

 —

 536,059

 1,628,848

 2,164,907

 54,165

 2022

 Tallahassee, FL

 —

 336,533

 2,677,778

 3,740

 336,533

 2,681,517

 3,018,050

 69,793

 2022

 Vero Beach, FL

 —

 1,037,380

 1,397,227

 1,037,380

 1,397,242

 2,434,622

 52,313

 2022

 West Palm Beach, FL

 —

 2,925,553

 264,350

 2,925,553

 264,364

 3,189,917

 9,830

 2022

 Which

 Costs

 Land

 Land

 Total

 Winter Springs, FL

 —

 1,606,141

 873,427

 1,606,141

 873,441

 2,479,582

 32,671

 2022

 New Port Richey, FL

 —

 791,096

 2,857,431

 ( 645,627)

 145,469

 2,857,431

 3,002,900

 92,259

 2022

 Calhoun, GA

 —

 370,237

 1,896,447

 —

 370,237

 1,896,447

 2,266,684

 90,781

 2022

 Chula, GA

 —

 316,673

 949,483

 —

 316,673

 949,483

 1,266,156

 45,405

 2022

 Perry, GA

 —

 567,281

 11,880,078

 —

 567,281

 11,880,078

 12,447,359

 519,465

 2022

 Surrency, GA

 —

 399,599

 853,287

 —

 399,599

 853,287

 1,252,886

 40,809

 2022

 Swainsboro, GA

 —

 113,339

 2,874,987

 15,400

 113,339

 2,890,387

 3,003,726

 125,909

 2022

 Augusta, GA

 —

 72,851

 1,604,212

 72,851

 1,604,226

 1,677,077

 60,075

 2022

 Augusta, GA

 —

 199,100

 1,794,406

 —

 199,100

 1,794,406

 1,993,506

 64,957

 2022

 Bremen, GA

 —

 203,102

 5,264,118

 —

 203,102

 5,264,118

 5,467,220

 182,475

 2022

 Canton, GA

 —

 3,078,088

 6,862,199

 —

 3,078,088

 6,862,199

 9,940,287

 235,694

 2022

 Dawsonville, GA

 —

 264,759

 1,005,563

 —

 264,759

 1,005,563

 1,270,322

 32,400

 2022

 Edison, GA

 —

 397,493

 1,253,203

 3,009

 397,493

 1,256,213

 1,653,706

 40,410

 2022

 Hephzibah, GA

 —

 109,510

 1,460,599

 —

 109,510

 1,460,599

 1,570,109

 57,281

 2022

 Newman, GA

 —

 1,619,186

 5,272,513

 —

 1,619,186

 5,272,513

 6,891,699

 190,733

 2022

 Pooler, GA

 —

 736,451

 2,777,892

 —

 736,451

 2,777,892

 3,514,343

 108,845

 2022

 Statesboro, GA

 —

 723,713

 1,146,114

 —

 723,713

 1,146,114

 1,869,827

 42,001

 2022

 Bettendorf, IA

 —

 1,314,298

 3,229,705

 3,734

 1,318,012

 3,229,725

 4,547,737

 107,752

 2022

 Bettendorf, IA

 —

 280,575

 1,114,056

 3,734

 284,289

 1,114,076

 1,398,365

 30,940

 2022

 Bettendorf, IA

 —

 248,576

 —

 3,734

 252,311

 —

 252,311

 —

 2022

 Corning, IA

 —

 30,145

 1,365,946

 2,204

 30,145

 1,368,151

 1,398,296

 49,938

 2022

 Fredericksburg, IA

 —

 30,004

 1,280,340

 2,204

 30,004

 1,282,544

 1,312,548

 46,411

 2022

 Weiser, ID

 —

 76,942

 1,488,028

 —

 76,942

 1,488,028

 1,564,970

 46,672

 2022

 Hainesville, IL

 —

 3,130,195

 1,216,373

 5,000

 3,130,195

 1,221,373

 4,351,568

 60,777

 2022

 O'Fallon, IL

 —

 893,771

 2,322,875

 —

 893,771

 2,322,875

 3,216,646

 111,184

 2022

 Plainfield, IL

 —

 634,629

 959,057

 —

 634,629

 959,057

 1,593,686

 41,907

 2022

 Bellwood, IL

 —

 1,441,254

 —

 —

 1,441,254

 —

 1,441,254

 —

 2022

 Calumet City, IL

 —

 434,232

 939,480

 23,400

 434,232

 962,880

 1,397,112

 28,074

 2022

 —

 673,631

 950,418

 —

 673,631

 950,418

 1,624,049

 32,093

 2022

 Cicero, IL

 —

 371,928

 1,410,440

 —

 371,928

 1,410,440

 1,782,368

 49,709

 2022

 Elgin, IL

 —

 860,328

 1,964,892

 —

 860,328

 1,964,892

 2,825,220

 62,115

 2022

 Franklin Park, IL

 —

 444,444

 1,411,881

 —

 444,444

 1,411,881

 1,856,325

 45,194

 2022

 Hoffman Estates, IL

 —

 529,309

 3,946,239

 67,180

 529,309

 4,013,419

 4,542,728

 134,694

 2022

 Lansing, IL

 —

 200,857

 2,082,566

 200,857

 2,083,016

 2,283,873

 71,453

 2022

 Lynwood, IL

 —

 97,956

 1,148,587

 1,119

 97,956

 1,149,706

 1,247,662

 33,951

 2022

 Markham, IL

 —

 2,638,402

 —

 —

 2,638,402

 —

 2,638,402

 —

 2022

 Naperville, IL

 —

 3,749,690

 —

 —

 3,749,690

 —

 3,749,690

 —

 2022

 Pecatonica, IL

 —

 187,658

 1,302,630

 1,119

 187,658

 1,303,749

 1,491,407

 38,571

 2022

 Romeoville, IL

 —

 3,564,144

 3,088,724

 —

 3,564,144

 3,088,724

 6,652,868

 103,205

 2022

 Round Lake Beach, IL

 —

 625,866

 2,657,522

 9,542

 625,866

 2,667,064

 3,292,930

 90,728

 2022

 Roxana, IL

 —

 391,797

 1,575,658

 26,996

 391,797

 1,602,654

 1,994,451

 41,569

 2022

 South Elgin, IL

 —

 618,840

 2,908,118

 2,233,033

 650,936

 5,109,054

 5,759,990

 107,722

 2022

 Tinley Park, IL

 —

 408,954

 1,262,396

 47,005

 408,954

 1,309,401

 1,718,355

 82,745

 2022

 Waukegan, IL

 —

 883,882

 1,323,127

 9,917

 883,882

 1,333,044

 2,216,926

 36,807

 2022

 Greenfield, IN

 —

 366,213

 651,652

 —

 366,213

 651,652

 1,017,865

 28,376

 2022

 Winchester, IN

 —

 91,925

 2,351,576

 155,700

 91,925

 2,507,276

 2,599,201

 121,937

 2022

 Attica, IN

 —

 475,447

 1,730,232

 12,165

 475,447

 1,742,397

 2,217,844

 49,157

 2022

 Boswell, IN

 —

 78,218

 1,268,380

 2,364

 78,218

 1,270,744

 1,348,962

 46,296

 2022

 DeMotte, IN

 —

 421,240

 1,318,829

 —

 421,240

 1,318,829

 1,740,069

 55,762

 2022

 Evansville, IN

 —

 140,334

 810,428

 —

 140,334

 810,428

 950,762

 42,324

 2022

 —

 432,264

 3,657,559

 270,809

 435,978

 3,924,654

 4,360,632

 115,116

 2022

 Kentland, IN

 —

 60,638

 1,336,242

 —

 60,638

 1,336,242

 1,396,880

 42,622

 2022

 Merrillville, IN

 —

 202,967

 1,406,373

 —

 202,967

 1,406,373

 1,609,340

 46,198

 2022

 Switz City, IN

 —

 78,568

 1,355,225

 2,364

 78,568

 1,357,589

 1,436,157

 49,416

 2022

 Lansing, KS

 —

 626,782

 2,546,877

 —

 626,782

 2,546,877

 3,173,659

 116,657

 2022

 Goddard, KS

 —

 590,138

 3,000,737

 90,458

 590,138

 3,091,194

 3,681,332

 105,245

 2022

 Kansas City, KS

 —

 175,008

 624,234

 84,823

 175,008

 709,057

 884,065

 24,107

 2022

 Lawrence, KS

 —

 1,205,052

 1,279,300

 —

 1,205,052

 1,279,300

 2,484,352

 60,735

 2022

 Topeka, KS

 —

 1,434,423

 —

 —

 1,434,423

 —

 1,434,423

 —

 2022

 —

 419,468

 1,034,134

 7,812

 419,468

 1,041,945

 1,461,413

 31,765

 2022

 Edmonton, KY

 —

 298,674

 2,629,815

 —

 298,674

 2,629,815

 2,928,489

 114,999

 2022

 Brandenburg, KY

 —

 729,975

 1,751,191

 —

 729,975

 1,751,191

 2,481,166

 90,681

 2022

 Coldiron, KY

 —

 318,829

 1,298,446

 3,009

 318,829

 1,301,455

 1,620,284

 41,896

 2022

 —

 356,816

 1,154,276

 11,555

 356,816

 1,165,830

 1,522,646

 32,465

 2022

 Morganfield, KY

 —

 85,769

 1,298,550

 —

 85,769

 1,298,550

 1,384,319

 52,172

 2022

 —

 1,198,858

 3,163,251

 —

 1,198,858

 3,163,251

 4,362,109

 144,894

 2022

 Donaldsonville, LA

 —

 1,007,428

 2,228,224

 —

 1,007,428

 2,228,224

 3,235,652

 97,485

 2022

 Gretna, LA

 —

 636,981

 3,081,276

 —

 636,981

 3,081,276

 3,718,257

 135,545

 2022

 Plain Dealing, LA

 —

 120,709

 1,234,522

 7,300

 120,709

 1,241,822

 1,362,531

 53,792

 2022

 Bogalusa, LA

 —

 2,009,203

 2,772,165

 —

 2,009,203

 2,772,165

 4,781,368

 121,282

 2022

 Campti, LA

 —

 146,784

 1,068,283

 —

 146,784

 1,068,283

 1,215,067

 47,605

 2022

 Center Point, LA

 —

 9,988

 991,058

 —

 9,988

 991,058

 1,001,046

 44,837

 2022

 Denham Springs, LA

 —

 261,591

 1,084,538

 261,591

 1,105,750

 1,367,341

 33,349

 2022

 Which

 Costs

 Land

 Land

 Total

 Erwinville, LA

 —

 146,236

 575,669

 25,582

 146,236

 601,251

 747,487

 23,913

 2022

 Lafayette/Scott, LA

 —

 350,159

 1,102,175

 1,119

 350,159

 1,103,294

 1,453,453

 36,194

 2022

 Livingston, LA

 —

 362,592

 952,241

 362,592

 973,453

 1,336,045

 29,279

 2022

 Minden, LA

 —

 126,902

 969,983

 8,750

 126,902

 978,733

 1,105,635

 42,825

 2022

 Montegut, LA

 —

 479,549

 913,248

 479,549

 934,460

 1,414,009

 28,297

 2022

 Morganza, LA

 —

 213,888

 1,108,087

 1,119

 213,888

 1,109,206

 1,323,094

 33,443

 2022

 New Iberia, LA

 —

 314,985

 1,072,523

 1,119

 314,985

 1,073,642

 1,388,627

 32,892

 2022

 St. Martinville, LA

 —

 415,223

 1,056,403

 1,119

 415,223

 1,057,522

 1,472,745

 34,578

 2022

 Danvers, MA

 —

 6,043,876

 —

 6,538

 6,050,413

 —

 6,050,413

 —

 2022

 Leominster, MA

 —

 1,975,829

 5,144,054

 11,300

 1,975,829

 5,155,354

 7,131,183

 210,905

 2022

 Saugus, MA

 —

 3,927,594

 1,374,841

 13,021

 3,927,594

 1,387,862

 5,315,456

 49,477

 2022

 Worcester, MA

 —

 7,944,877

 —

 ( 105)

 7,944,772

 —

 7,944,772

 —

 2022

 Boonsboro, MD

 —

 689,063

 1,248,800

 —

 689,063

 1,248,800

 1,937,863

 54,635

 2022

 Cumberland, MD

 —

 485,641

 1,377,264

 —

 485,641

 1,377,264

 1,862,905

 60,255

 2022

 Germantown, MD

 —

 4,341,903

 1,717,868

 —

 4,341,903

 1,717,868

 6,059,771

 82,224

 2022

 Hagerstown, MD

 —

 599,602

 1,224,097

 —

 599,602

 1,224,097

 1,823,699

 53,517

 2022

 Joppa, MD

 —

 1,911,100

 2,626,946

 —

 1,911,100

 2,626,946

 4,538,046

 137,442

 2022

 Lonaconing, MD

 —

 440,782

 1,388,381

 —

 440,782

 1,388,381

 1,829,163

 60,742

 2022

 Rockville, MD

 —

 4,685,563

 1,554,020

 —

 4,685,563

 1,554,020

 6,239,583

 74,373

 2022

 Westover, MD

 —

 167,135

 1,304,045

 —

 167,135

 1,304,045

 1,471,180

 62,395

 2022

 Glen Burnie, MD

 —

 1,090,535

 —

 3,726

 1,094,261

 —

 1,094,261

 —

 2022

 Glen Burnie, MD

 —

 1,709,572

 —

 —

 1,709,572

 —

 1,709,572

 —

 2022

 Timonium, MD

 —

 5,253,016

 9,838,428

 —

 5,253,016

 9,838,428

 15,091,444

 476,200

 2022

 Van Buren, ME

 —

 82,988

 1,175,321

 1,600

 82,988

 1,176,921

 1,259,909

 68,434

 2022

 DeWitt, MI

 —

 440,264

 1,732,240

 13,521

 440,264

 1,745,761

 2,186,025

 75,817

 2022

 Whitmore Lake, MI

 —

 2,197,350

 —

 —

 2,197,350

 —

 2,197,350

 —

 2022

 Lenox, MI

 —

 107,860

 1,244,579

 —

 107,860

 1,244,579

 1,352,439

 57,000

 2022

 St. Helen, MI

 —

 70,353

 1,396,479

 —

 70,353

 1,396,479

 1,466,832

 64,005

 2022

 Boyne City, MI

 —

 486,215

 3,184,228

 5,600

 486,215

 3,189,828

 3,676,043

 113,937

 2022

 Brimley, MI

 —

 62,229

 820,252

 —

 62,229

 820,252

 882,481

 39,021

 2022

 Clawson, MI

 —

 860,422

 1,382,251

 —

 860,422

 1,382,251

 2,242,673

 47,859

 2022

 Davisburg, MI

 —

 120,838

 1,515,277

 120,838

 1,515,564

 1,636,402

 53,685

 2022

 East China, MI

 —

 59,309

 1,577,989

 59,309

 1,578,148

 1,637,457

 56,741

 2022

 Grandville, MI

 —

 706,193

 7,506,131

 24,174

 706,193

 7,530,305

 8,236,498

 235,875

 2022

 Grandville, MI

 —

 3,938,089

 4,173,417

 11,644

 3,941,803

 4,181,346

 8,123,149

 108,855

 2022

 Grayling, MI

 —

 101,381

 1,355,174

 2,204

 101,381

 1,357,378

 1,458,759

 49,803

 2022

 Kingsford Heights, MI

 —

 201,983

 1,408,945

 201,983

 1,409,232

 1,611,215

 51,268

 2022

 Lake Orion, MI

 —

 508,462

 1,373,650

 59,658

 508,462

 1,433,308

 1,941,770

 49,179

 2022

 Lansing, MI

 —

 908,568

 793,444

 44,294

 908,568

 837,738

 1,746,306

 37,381

 2022

 Lincoln Park, MI

 —

 335,839

 1,255,710

 28,726

 335,839

 1,284,435

 1,620,274

 35,273

 2022

 Marquette, MI

 —

 209,677

 2,188,590

 7,600

 209,677

 2,196,190

 2,405,867

 66,501

 2022

 Midland, MI

 —

 71,784

 1,569,727

 71,784

 1,570,014

 1,641,798

 56,682

 2022

 Montrose, MI

 —

 97,689

 1,934,430

 158,790

 97,689

 2,093,220

 2,190,909

 69,485

 2022

 Novi, MI

 —

 2,090,447

 18,266,009

 83,999

 2,090,447

 18,350,008

 20,440,455

 733,185

 2022

 Otter Lake, MI

 —

 154,390

 1,405,532

 154,390

 1,405,692

 1,560,082

 51,443

 2022

 Sault Ste Marie, MI

 —

 239,906

 1,007,077

 —

 239,906

 1,007,077

 1,246,983

 48,499

 2022

 Sebewaing, MI

 —

 60,259

 1,452,542

 —

 60,259

 1,452,542

 1,512,801

 73,486

 2022

 Walker, MI

 —

 2,527,449

 3,983,896

 11,644

 2,531,164

 3,991,826

 6,522,990

 103,920

 2022

 Weidman, MI

 —

 67,968

 1,400,386

 7,317

 67,968

 1,407,703

 1,475,671

 44,634

 2022

 Wyoming, MI

 —

 3,194,618

 4,816,878

 11,644

 3,198,332

 4,824,808

 8,023,140

 125,612

 2022

 Eagan, MN

 —

 1,297,596

 2,033,325

 —

 1,297,596

 2,033,325

 3,330,921

 88,898

 2022

 Maple Grove, MN

 —

 760,163

 9,863,462

 54,822

 760,163

 9,918,284

 10,678,447

 290,860

 2022

 Mora, MN

 —

 19,524

 1,272,308

 2,204

 19,524

 1,274,513

 1,294,037

 46,025

 2022

 Winona, MN

 —

 1,562,225

 6,867,512

 9,517

 1,562,225

 6,877,029

 8,439,254

 257,536

 2022

 Farmington, MO

 —

 314,078

 2,423,544

 —

 314,078

 2,423,544

 2,737,622

 110,978

 2022

 Excelsior Springs, MO

 —

 78,699

 1,265,762

 1,119

 78,699

 1,266,881

 1,345,580

 40,729

 2022

 Freeburg, MO

 —

 72,490

 1,213,203

 2,364

 72,490

 1,215,567

 1,288,057

 45,176

 2022

 Helena, MO

 —

 67,324

 1,237,062

 1,119

 67,324

 1,238,181

 1,305,505

 39,690

 2022

 Jefferson City, MO

 —

 1,195,039

 3,759,032

 12,818

 1,195,039

 3,771,850

 4,966,889

 140,074

 2022

 —

 441,710

 2,041,893

 27,157

 441,710

 2,069,049

 2,510,759

 76,738

 2022

 —

 108,268

 1,980,280

 —

 108,268

 1,980,280

 2,088,548

 60,820

 2022

 Lake Lafayette, MO

 —

 106,627

 1,178,416

 1,119

 106,627

 1,179,535

 1,286,162

 38,148

 2022

 Lincoln, MO

 —

 138,746

 1,413,644

 5,214

 138,746

 1,418,858

 1,557,604

 57,254

 2022

 —

 1,001,257

 5,420,536

 1,001,257

 5,420,550

 6,421,807

 203,187

 2022

 Clarksdale, MS

 —

 111,726

 1,299,141

 —

 111,726

 1,299,141

 1,410,867

 62,160

 2022

 De Kalb, MS

 —

 111,394

 981,026

 8,650

 111,394

 989,676

 1,101,070

 42,796

 2022

 Tupelo, MS

 —

 443,321

 3,834,665

 —

 443,321

 3,834,665

 4,277,986

 167,766

 2022

 Ashland, MS

 —

 38,697

 1,427,252

 —

 38,697

 1,427,252

 1,465,949

 71,945

 2022

 Baldwyn, MS

 —

 29,404

 908,970

 —

 29,404

 908,970

 938,374

 57,886

 2022

 Belzoni, MS

 —

 67,668

 1,137,472

 —

 67,668

 1,137,472

 1,205,140

 70,828

 2022

 Cleveland, MS

 —

 —

 5,635,242

 —

 —

 5,635,242

 5,635,242

 181,971

 2022

 Dora, MS

 —

 77,349

 1,277,800

 —

 77,349

 1,277,800

 1,355,149

 40,807

 2022

 Edinburg - Carthage, MS

 —

 114,642

 1,291,451

 —

 114,642

 1,291,451

 1,406,093

 52,500

 2022

 Which

 Costs

 Land

 Land

 Total

 Ellisville, MS

 —

 313,192

 1,053,746

 313,192

 1,074,958

 1,388,150

 32,267

 2022

 Greenville, MS

 —

 193,378

 1,282,104

 12,165

 193,378

 1,294,269

 1,487,647

 39,062

 2022

 Richland, MS

 —

 851,944

 8,905,221

 851,944

 8,906,164

 9,758,108

 287,567

 2022

 Sardis, MS

 —

 362,033

 816,187

 —

 362,033

 816,187

 1,178,220

 38,809

 2022

 Silver Creek, MS

 —

 307,453

 1,045,870

 307,453

 1,067,083

 1,374,536

 32,092

 2022

 Southaven, MS

 —

 212,377

 1,962,757

 —

 212,377

 1,962,757

 2,175,134

 63,352

 2022

 Aulander, NC

 —

 195,098

 984,103

 —

 195,098

 984,103

 1,179,201

 47,064

 2022

 Fayetteville, NC

 —

 1,605,366

 2,566,208

 —

 1,605,366

 2,566,208

 4,171,574

 133,155

 2022

 Garner, NC

 —

 2,718,172

 2,763,915

 —

 2,718,172

 2,763,915

 5,482,087

 132,347

 2022

 Garner, NC

 —

 874,423

 1,550,116

 —

 874,423

 1,550,116

 2,424,539

 73,804

 2022

 Greenville, NC

 —

 243,002

 2,160,494

 —

 243,002

 2,160,494

 2,403,496

 103,433

 2022

 Kings Mountain, NC

 —

 509,102

 2,258,512

 —

 509,102

 2,258,512

 2,767,614

 112,623

 2022

 Roxboro, NC

 —

 256,768

 1,218,469

 —

 256,768

 1,218,469

 1,475,237

 58,294

 2022

 Southern Pines, NC

 —

 805,577

 1,231,351

 —

 805,577

 1,231,351

 2,036,928

 53,872

 2022

 Angier, NC

 —

 672,850

 1,349,207

 —

 672,850

 1,349,207

 2,022,057

 47,641

 2022

 Asheboro, NC

 —

 1,562,706

 17,355,572

 —

 1,562,706

 17,355,572

 18,918,278

 771,481

 2022

 Castalia, NC

 —

 139,549

 1,366,925

 —

 139,549

 1,366,925

 1,506,474

 47,696

 2022

 Concord, NC

 —

 1,289,337

 15,972,978

 —

 1,289,337

 15,972,978

 17,262,315

 716,340

 2022

 Flat Rock, NC

 —

 150,439

 846,253

 —

 150,439

 846,253

 996,692

 30,247

 2022

 North Wilkesboro, NC

 —

 148,134

 1,013,906

 3,383

 148,134

 1,017,289

 1,165,423

 34,788

 2022

 Salisbury, NC

 —

 571,426

 3,687,049

 38,221

 571,426

 3,725,270

 4,296,696

 138,533

 2022

 —

 1,159,344

 2,580,515

 2,296

 1,159,344

 2,582,811

 3,742,155

 99,074

 2022

 Tabor City, NC

 —

 20,939

 1,495,256

 9,665

 20,939

 1,504,921

 1,525,860

 47,606

 2022

 Wilkesboro, NC

 —

 509,859

 2,478,770

 —

 509,859

 2,478,770

 2,988,629

 144,556

 2022

 Windsor, NC

 —

 175,633

 1,346,774

 —

 175,633

 1,346,774

 1,522,407

 53,353

 2022

 Winton - Salem, NC

 —

 1,772,410

 6,666,783

 —

 1,772,410

 6,666,783

 8,439,193

 310,031

 2022

 West Fargo, ND

 —

 722,425

 776,925

 —

 722,425

 776,924

 1,499,349

 33,919

 2022

 Lincoln, NE

 —

 2,350,709

 11,189,814

 —

 2,350,709

 11,189,814

 13,540,523

 489,555

 2022

 Chappell, NE

 —

 228,961

 1,027,400

 7,470

 228,961

 1,034,870

 1,263,831

 31,216

 2022

 Juniata, NE

 —

 90,602

 1,127,483

 7,470

 90,602

 1,134,953

 1,225,555

 34,409

 2022

 Pleasantville, NJ

 —

 872,737

 4,130,042

 —

 872,737

 4,130,042

 5,002,779

 183,646

 2022

 Wrightstown, NJ

 —

 5,051,058

 —

 —

 5,051,058

 —

 5,051,058

 —

 2022

 Deptford, NJ

 —

 4,637,926

 10,426,984

 —

 4,637,926

 10,426,984

 15,064,910

 463,621

 2022

 Galloway, NJ

 —

 258,312

 1,774,767

 1,119

 258,312

 1,775,886

 2,034,198

 51,240

 2022

 Mullica Hill, NJ

 —

 648,435

 1,265,179

 1,119

 648,435

 1,266,298

 1,914,733

 36,871

 2022

 Newfield, NJ

 —

 278,914

 1,624,710

 1,119

 278,914

 1,625,829

 1,904,743

 46,563

 2022

 Toms River, NJ

 —

 1,785,123

 835,695

 15,740

 1,785,123

 851,436

 2,636,559

 23,858

 2022

 Vineland, NJ

 —

 833,473

 —

 —

 833,473

 —

 833,473

 —

 2022

 Wayne, NJ

 —

 3,162,613

 3,288,907

 6,400

 3,162,613

 3,295,307

 6,457,920

 145,565

 2022

 Turnersville, NJ

 —

 1,795,330

 2,978,086

 406,651

 1,796,052

 3,384,014

 5,180,066

 96,888

 2022

 Santa Fe, NM

 —

 835,775

 1,151,399

 —

 835,775

 1,151,399

 1,987,174

 52,725

 2022

 Las Cruces, NM

 —

 598,909

 4,180,398

 4,200

 598,909

 4,184,598

 4,783,507

 188,224

 2022

 Tse Bonito, NM

 —

 126,882

 1,633,674

 11,889

 126,882

 1,645,562

 1,772,444

 53,211

 2022

 South Corning, NY

 —

 120,453

 1,623,218

 120,453

 1,623,818

 1,744,271

 75,737

 2022

 Schenectady, NY

 —

 393,418

 2,018,314

 —

 393,418

 2,018,314

 2,411,732

 88,011

 2022

 Bergen, NY

 —

 92,953

 916,917

 —

 92,953

 916,917

 1,009,870

 49,038

 2022

 Buffalo, NY

 —

 927,338

 403,208

 927,338

 403,223

 1,330,561

 15,038

 2022

 Canandaigua, NY

 —

 91,579

 1,470,852

 —

 91,579

 1,470,852

 1,562,431

 75,523

 2022

 Canastota, NY

 —

 108,348

 1,371,590

 1,119

 108,348

 1,372,709

 1,481,057

 40,400

 2022

 Elmira, NY

 —

 41,281

 915,575

 41,281

 915,590

 956,871

 34,251

 2022

 Frankfort, NY

 —

 317,533

 1,167,754

 1,119

 317,533

 1,168,873

 1,486,406

 34,938

 2022

 Friendship, NY

 —

 97,367

 1,295,401

 —

 97,367

 1,295,401

 1,392,768

 45,083

 2022

 Hastings, NY

 —

 68,941

 1,285,557

 1,119

 68,941

 1,286,676

 1,355,617

 38,304

 2022

 Liverpool, NY

 —

 527,708

 1,268,846

 —

 527,708

 1,268,846

 1,796,554

 56,606

 2022

 Medford, NY

 —

 695,815

 2,164,666

 —

 695,815

 2,164,666

 2,860,481

 95,999

 2022

 Newport, NY

 —

 108,474

 1,359,693

 —

 108,474

 1,359,693

 1,468,167

 40,077

 2022

 North Rose, NY

 —

 86,206

 1,320,796

 1,119

 86,206

 1,321,915

 1,408,121

 41,552

 2022

 Red Creek, NY

 —

 39,875

 1,347,504

 1,119

 39,875

 1,348,623

 1,388,498

 39,913

 2022

 Riverhead, NY

 —

 538,226

 1,569,184

 —

 538,226

 1,569,184

 2,107,410

 68,616

 2022

 —

 455,606

 1,080,523

 —

 455,606

 1,080,523

 1,536,129

 62,944

 2022

 —

 182,135

 1,927,563

 —

 182,135

 1,927,563

 2,109,698

 108,550

 2022

 Sennett, NY

 —

 2,400,380

 6,427,546

 —

 2,400,380

 6,427,546

 8,827,926

 193,165

 2022

 Star Lake, NY

 —

 195,082

 1,238,915

 1,119

 195,082

 1,240,034

 1,435,116

 37,051

 2022

 West Henrietta, NY

 —

 436,838

 1,631,322

 —

 436,838

 1,631,322

 2,068,160

 92,564

 2022

 West Seneca, NY

 —

 614,219

 17,967,840

 —

 614,219

 17,967,840

 18,582,059

 769,580

 2022

 Yonkers, NY

 —

 3,911,416

 4,262,152

 ( 8,258)

 3,911,416

 4,253,894

 8,165,310

 146,257

 2022

 Holland, OH

 —

 86,884

 4,996,831

 —

 86,884

 4,996,831

 5,083,715

 221,320

 2022

 McArthur, OH

 —

 210,094

 1,836,031

 7,017

 210,094

 1,843,048

 2,053,142

 80,435

 2022

 Strongsville, OH

 —

 412,105

 6,461,470

 —

 412,105

 6,461,470

 6,873,575

 309,299

 2022

 Zanesville, OH

 —

 336,258

 1,136,178

 —

 336,258

 1,136,178

 1,472,436

 49,666

 2022

 Apple Creek, OH

 —

 335,713

 1,081,077

 1,119

 335,713

 1,082,196

 1,417,909

 32,686

 2022

 Austinburg, OH

 —

 105,423

 1,141,236

 —

 105,423

 1,141,236

 1,246,659

 45,580

 2022

 Bellefontaine, OH

 —

 1,348,236

 —

 —

 1,348,236

 —

 1,348,236

 —

 2022

 Which

 Costs

 Land

 Land

 Total

 Cincinnati, OH

 —

 1,070,525

 270,651

 1,070,525

 270,666

 1,341,191

 10,067

 2022

 —

 2,559,388

 8,602,145

 28,112

 2,563,103

 8,626,542

 11,189,645

 272,417

 2022

 —

 1,176,215

 2,934,082

 17,430

 1,179,930

 2,947,798

 4,127,728

 76,704

 2022

 Conneaut, OH

 —

 69,163

 1,516,980

 69,163

 1,517,147

 1,586,310

 54,889

 2022

 Dayton, OH

 —

 431,934

 1,507,682

 208,851

 431,934

 1,716,534

 2,148,468

 49,913

 2022

 Grovepoint, OH

 —

 3,851,484

 —

 —

 3,851,484

 —

 3,851,484

 —

 2022

 Heppner, OH

 —

 135,937

 1,433,459

 135,937

 1,433,618

 1,569,555

 51,281

 2022

 Louisville, OH

 —

 208,868

 1,182,011

 1,119

 208,868

 1,183,130

 1,391,998

 35,274

 2022

 New Philadelphia, OH

 —

 176,310

 1,170,154

 1,119

 176,310

 1,171,273

 1,347,583

 38,252

 2022

 North Olmsted, OH

 —

 1,791,441

 2,654,170

 —

 1,791,441

 2,654,170

 4,445,611

 78,230

 2022

 Otway, OH

 —

 351,675

 1,147,001

 —

 351,675

 1,147,001

 1,498,676

 41,793

 2022

 Port Washington, OH

 —

 419,686

 879,455

 1,119

 419,686

 880,573

 1,300,259

 28,928

 2022

 Republic, OH

 —

 141,246

 1,497,976

 141,246

 1,498,136

 1,639,382

 53,383

 2022

 Rock Creek, OH

 —

 126,770

 1,505,669

 126,770

 1,505,820

 1,632,590

 54,324

 2022

 Shelby, OH

 —

 92,254

 1,101,734

 —

 92,254

 1,101,734

 1,193,988

 46,462

 2022

 Sinking Spring, OH

 —

 49,881

 1,278,876

 10,135

 49,881

 1,289,010

 1,338,891

 45,202

 2022

 Springfield, OH

 —

 216,253

 1,352,319

 306,855

 216,253

 1,659,174

 1,875,427

 60,140

 2022

 Thornville, OH

 —

 110,395

 1,314,956

 9,809

 110,395

 1,324,765

 1,435,160

 60,561

 2022

 Tiffin, OH

 —

 119,687

 1,501,037

 25,600

 119,687

 1,526,637

 1,646,324

 77,234

 2022

 —

 119,897

 1,403,558

 —

 119,897

 1,403,558

 1,523,455

 43,031

 2022

 Valley City, OH

 —

 128,015

 1,486,157

 128,015

 1,486,316

 1,614,331

 53,905

 2022

 Zanesville, OH

 —

 234,595

 1,177,014

 1,119

 234,595

 1,178,133

 1,412,728

 35,253

 2022

 Lawton, OK

 —

 1,828,658

 2,152,285

 —

 1,828,658

 2,152,285

 3,980,943

 103,130

 2022

 Moore, OK

 —

 901,884

 7,979,738

 —

 901,884

 7,979,738

 8,881,622

 348,955

 2022

 Chickasha, OK

 —

 98,335

 1,291,170

 —

 98,335

 1,291,170

 1,389,505

 52,711

 2022

 Langley, OK

 —

 30,156

 1,646,990

 —

 30,156

 1,646,990

 1,677,146

 80,539

 2022

 Maud, OK

 —

 202,967

 1,281,551

 3,009

 202,967

 1,284,561

 1,487,528

 42,005

 2022

 Pauls Valley, OK

 —

 245,017

 1,360,881

 47,048

 245,017

 1,407,928

 1,652,945

 47,865

 2022

 Talihina, OK

 —

 70,366

 1,610,311

 —

 70,366

 1,610,311

 1,680,677

 81,261

 2022

 Tulsa, OK

 —

 1,402,904

 2,835,532

 18,053

 1,402,904

 2,853,584

 4,256,488

 100,270

 2022

 Wagoner, OK

 —

 332,347

 1,912,388

 —

 332,347

 1,912,388

 2,244,735

 118,656

 2022

 Warner, OK

 —

 243,393

 1,248,350

 3,009

 243,393

 1,251,359

 1,494,752

 44,586

 2022

 Pilot Rock, OR

 —

 158,987

 1,405,393

 158,987

 1,405,679

 1,564,666

 51,241

 2022

 Salem, OR

 —

 522,007

 1,371,132

 24,473

 522,007

 1,395,605

 1,917,612

 56,046

 2022

 Breezewood, PA

 —

 193,091

 1,408,906

 —

 193,091

 1,408,906

 1,601,997

 67,420

 2022

 Dover, PA

 —

 2,754,584

 2,385,674

 2,754,584

 2,386,051

 5,140,635

 104,170

 2022

 Latrobe, PA

 —

 255,918

 2,193,454

 —

 255,918

 2,193,454

 2,449,372

 105,008

 2022

 McConnellsburg, PA

 —

 581,054

 2,956,295

 —

 581,054

 2,956,295

 3,537,349

 141,565

 2022

 Natrona Heights, PA

 —

 550,226

 3,327,228

 9,615

 550,226

 3,336,843

 3,887,069

 150,218

 2022

 Pine Grove, PA

 —

 1,079,176

 3,194,973

 —

 1,079,176

 3,194,973

 4,274,149

 153,002

 2022

 Red Lion, PA

 —

 1,018,707

 3,289,563

 —

 1,018,707

 3,289,563

 4,308,270

 157,534

 2022

 Allentown, PA

 —

 1,365,945

 3,258,839

 17,430

 1,369,660

 3,272,555

 4,642,215

 85,161

 2022

 Bath, PA

 —

 1,719,426

 663,133

 —

 1,719,426

 663,133

 2,382,559

 32,655

 2022

 Bethel Park, PA

 —

 681,235

 8,979,837

 —

 681,235

 8,979,837

 9,661,072

 388,014

 2022

 Easton, PA

 —

 540,714

 2,112,447

 —

 540,714

 2,112,447

 2,653,161

 89,067

 2022

 Brookville, PA

 —

 311,983

 1,431,919

 —

 311,983

 1,431,919

 1,743,902

 61,527

 2022

 Burnham, PA

 —

 694,983

 2,879,011

 12,165

 694,983

 2,891,176

 3,586,159

 80,016

 2022

 Chambersburg, PA

 —

 99,647

 1,405,127

 1,119

 99,647

 1,406,245

 1,505,892

 41,313

 2022

 Cranberry, PA

 —

 348,328

 12,833,619

 —

 348,328

 12,833,619

 13,181,947

 579,035

 2022

 Fogelsville, PA

 —

 1,611,621

 2,617,623

 —

 1,611,621

 2,617,623

 4,229,244

 111,993

 2022

 Glassport, PA

 —

 130,234

 2,810,530

 —

 130,234

 2,810,530

 2,940,764

 116,006

 2022

 Lancaster, PA

 —

 1,541,745

 —

 ( 695)

 1,541,745

 ( 695)

 1,541,050

 ( 8)

 2022

 Lancaster, PA

 —

 5,553,054

 2,222,786

 ( 1,380)

 5,553,054

 2,221,406

 7,774,460

 74,308

 2022

 Meadville, PA

 —

 867,819

 2,147,667

 —

 867,819

 2,147,667

 3,015,486

 76,535

 2022

 Pen Argyl, PA

 —

 504,828

 705,552

 —

 504,828

 705,552

 1,210,380

 29,884

 2022

 —

 567,111

 1,534,029

 14,317

 570,826

 1,544,632

 2,115,458

 44,435

 2022

 —

 885,493

 478,181

 14,317

 889,207

 488,783

 1,377,990

 16,687

 2022

 —

 145,180

 1,858,387

 —

 145,180

 1,858,387

 2,003,567

 75,800

 2022

 Wyomissing, PA

 —

 2,302,182

 6,811,158

 —

 2,302,182

 6,811,158

 9,113,340

 306,816

 2022

 Cheraw, SC

 —

 82,917

 1,425,081

 —

 82,917

 1,425,081

 1,507,998

 68,194

 2022

 Conway, SC

 —

 487,563

 1,301,332

 —

 487,563

 1,301,332

 1,788,895

 56,933

 2022

 Greer, SC

 —

 461,522

 3,143,208

 67,442

 461,522

 3,210,651

 3,672,173

 144,251

 2022

 Hardeeville, SC

 —

 338,184

 993,814

 —

 338,184

 993,814

 1,331,998

 43,479

 2022

 York, SC

 —

 779,888

 11,701,659

 —

 779,888

 11,701,659

 12,481,547

 511,944

 2022

 Blackville, SC

 —

 88,814

 1,342,142

 —

 88,814

 1,342,142

 1,430,956

 56,652

 2022

 Bowman, SC

 —

 150,034

 1,324,966

 5,850

 150,034

 1,330,816

 1,480,850

 56,433

 2022

 Green Sea, SC

 —

 30,158

 1,540,522

 12,663

 30,158

 1,553,185

 1,583,343

 48,663

 2022

 Greenville, SC

 —

 1,472,814

 8,002,345

 ( 22,944)

 1,472,814

 7,979,401

 9,452,215

 378,533

 2022

 Johnston, SC

 —

 207,425

 1,305,786

 —

 207,425

 1,305,786

 1,513,211

 52,366

 2022

 Lake View, SC

 —

 19,682

 1,486,376

 7,010

 19,682

 1,493,386

 1,513,068

 46,742

 2022

 Lancaster, SC

 —

 239,276

 1,688,550

 20,484

 239,276

 1,709,034

 1,948,310

 61,482

 2022

 —

 1,153,766

 10,959,443

 —

 1,153,766

 10,959,443

 12,113,209

 394,460

 2022

 Spartansburg, SC

 —

 227,760

 1,695,984

 94,609

 227,760

 1,790,593

 2,018,353

 52,838

 2022

 Which

 Costs

 Land

 Land

 Total

 Reliance, SD

 —

 240,024

 1,130,606

 7,996

 240,024

 1,138,602

 1,378,626

 54,450

 2022

 Hendersonville, TN

 —

 383,715

 2,561,679

 —

 383,715

 2,561,679

 2,945,394

 117,200

 2022

 Red Boiling Springs, TN

 —

 156,751

 1,010,884

 —

 156,751

 1,010,884

 1,167,635

 48,347

 2022

 Smyrna, TN

 —

 1,354,350

 1,329,642

 27,531

 1,354,350

 1,357,173

 2,711,523

 63,698

 2022

 Waverly, TN

 —

 150,519

 2,865,694

 —

 150,519

 2,865,694

 3,016,213

 125,374

 2022

 Camden, TN

 —

 100,415

 920,173

 1,800

 100,415

 921,973

 1,022,388

 53,187

 2022

 Morrison, TN

 —

 62,277

 1,354,709

 —

 62,277

 1,354,709

 1,416,986

 47,740

 2022

 Abilene, TX

 —

 2,776,008

 1,460,146

 —

 2,776,008

 1,460,146

 4,236,154

 72,827

 2022

 —

 1,233,238

 2,142,229

 —

 1,233,238

 2,142,229

 3,375,467

 103,106

 2022

 Fort Worth, TX

 —

 1,974,780

 3,140,537

 —

 1,974,780

 3,140,537

 5,115,317

 158,276

 2022

 Fort Worth, TX

 —

 1,537,608

 3,897,778

 —

 1,537,608

 3,897,778

 5,435,386

 170,462

 2022

 Hallettsville, TX

 —

 1,698,504

 2,489,154

 —

 1,698,504

 2,489,154

 4,187,658

 119,181

 2022

 Midland, TX

 —

 775,334

 1,537,915

 —

 775,334

 1,537,915

 2,313,249

 73,601

 2022

 Atascocita, TX

 —

 265,212

 3,238,853

 —

 265,212

 3,238,853

 3,504,065

 103,945

 2022

 Baytown, TX

 —

 852,215

 4,184,162

 —

 852,215

 4,184,162

 5,036,377

 187,652

 2022

 Beaumont, TX

 —

 252,810

 1,793,672

 252,810

 1,793,687

 2,046,497

 67,180

 2022

 Beaumont, TX

 —

 866,155

 3,558,993

 12,165

 866,155

 3,571,158

 4,437,313

 100,425

 2022

 Brenham, TX

 —

 1,436,571

 16,209,074

 4,017

 1,436,571

 16,213,091

 17,649,662

 643,949

 2022

 Brownsville, TX

 —

 474,602

 686,668

 —

 474,602

 686,668

 1,161,270

 19,415

 2022

 Daisetta, TX

 —

 264,096

 1,251,335

 16,609

 264,096

 1,267,943

 1,532,039

 41,372

 2022

 Dallas, TX

 —

 2,702,569

 2,780,002

 11,231

 2,702,569

 2,791,232

 5,493,801

 104,271

 2022

 Dallas, TX

 —

 1,603,859

 7,908,697

 10,236

 1,603,859

 7,918,934

 9,522,793

 301,264

 2022

 Ennis, TX

 —

 117,760

 1,294,827

 —

 117,760

 1,294,827

 1,412,587

 47,455

 2022

 Hempstead, TX

 —

 517,067

 1,138,654

 17,045

 517,067

 1,155,699

 1,672,766

 35,305

 2022

 Killeen, TX

 —

 1,057,720

 3,009,308

 428,502

 1,057,720

 3,437,810

 4,495,530

 130,423

 2022

 League City, TX

 —

 233,323

 1,056,145

 233,323

 1,056,160

 1,289,483

 39,523

 2022

 Livingston, TX

 —

 291,190

 1,955,276

 —

 291,190

 1,955,276

 2,246,466

 138,979

 2022

 Sachse, TX

 —

 1,486,211

 3,133,939

 1,486,211

 3,134,063

 4,620,274

 107,998

 2022

 San Antonio, TX

 —

 1,844,251

 1,600,804

 6,038

 1,844,251

 1,606,842

 3,451,093

 59,920

 2022

 San Antonio, TX

 —

 456,278

 4,092,103

 —

 456,278

 4,092,103

 4,548,381

 153,454

 2022

 San Antonio, TX

 —

 8,225,612

 —

 —

 8,225,612

 —

 8,225,612

 —

 2022

 Whitehouse, TX

 —

 249,151

 2,378,143

 2,506

 249,151

 2,380,649

 2,629,800

 94,812

 2022

 West Jordan, UT

 —

 4,852,556

 5,290,602

 4,852,556

 5,291,421

 10,143,977

 170,842

 2022

 Abington, VA

 —

 120,721

 1,269,056

 —

 120,721

 1,269,056

 1,389,777

 60,718

 2022

 Danville, VA

 —

 1,487,674

 2,911,596

 —

 1,487,674

 2,911,596

 4,399,270

 127,382

 2022

 Dinwiddie, VA

 —

 285,046

 3,478,289

 11,150

 285,046

 3,489,439

 3,774,485

 152,640

 2022

 Farnham, VA

 —

 117,517

 1,356,942

 —

 117,517

 1,356,942

 1,474,459

 64,930

 2022

 Fredericksburg, VA

 —

 619,961

 1,100,715

 7,161

 619,961

 1,107,876

 1,727,837

 48,193

 2022

 Fredericksburg, VA

 —

 703,119

 —

 7,162

 710,280

 —

 710,280

 —

 2022

 Pulaski, VA

 —

 100,420

 1,518,702

 —

 100,420

 1,518,702

 1,619,122

 72,665

 2022

 Stuart, VA

 —

 797,955

 2,698,524

 —

 797,955

 2,698,524

 3,496,479

 129,214

 2022

 Suffolk, VA

 —

 265,887

 3,462,367

 —

 265,887

 3,462,367

 3,728,254

 151,478

 2022

 Warrenton, VA

 —

 3,395,581

 2,914,723

 —

 3,395,581

 2,914,723

 6,310,304

 127,519

 2022

 Amissville, VA

 —

 3,431,638

 593,963

 16,654

 3,431,638

 610,616

 4,042,254

 16,550

 2022

 Blackstone, VA

 —

 89,165

 960,237

 13,893

 89,165

 974,130

 1,063,295

 33,333

 2022

 Clintwood, VA

 —

 113,165

 1,129,975

 —

 113,165

 1,129,975

 1,243,140

 46,601

 2022

 Drakes Branch, VA

 —

 289,986

 857,204

 —

 289,986

 857,204

 1,147,190

 39,318

 2022

 Elkton, VA

 —

 77,727

 918,853

 —

 77,727

 918,853

 996,580

 31,733

 2022

 Front Royal, VA

 —

 521,787

 955,502

 —

 521,787

 955,502

 1,477,289

 32,921

 2022

 Harrisonburg, VA

 —

 268,145

 901,845

 —

 268,145

 901,845

 1,169,990

 31,100

 2022

 Portsmouth, VA

 —

 245,186

 945,199

 1,800

 245,186

 946,999

 1,192,185

 50,401

 2022

 Richlands, VA

 —

 168,804

 1,139,417

 —

 168,804

 1,139,417

 1,308,221

 50,223

 2022

 Roanoke, VA

 —

 1,674,947

 3,365,215

 17,430

 1,678,661

 3,378,931

 5,057,592

 87,931

 2022

 Timberville, VA

 —

 246,509

 1,088,525

 —

 246,509

 1,088,525

 1,335,034

 37,635

 2022

 Bradford, VT

 —

 428,378

 3,997,371

 —

 428,378

 3,997,371

 4,425,749

 135,062

 2022

 Manchester, VT

 —

 455,477

 2,064,534

 —

 455,477

 2,064,534

 2,520,011

 89,263

 2022

 Longview, WA

 —

 782,602

 2,480,990

 9,050

 782,602

 2,490,040

 3,272,642

 113,876

 2022

 Springdale, WA

 —

 147,170

 1,641,471

 —

 147,170

 1,641,471

 1,788,641

 51,131

 2022

 Yakima, WA

 —

 883,736

 2,466,259

 —

 883,736

 2,466,259

 3,349,995

 101,709

 2022

 Janesville, WI

 —

 796,925

 1,191,970

 9,791

 803,521

 1,195,165

 1,998,686

 39,951

 2022

 Appleton, WI

 —

 340,803

 1,904,812

 —

 340,803

 1,904,812

 2,245,615

 83,254

 2022

 Cumberland, WI

 —

 270,296

 1,144,054

 —

 270,296

 1,144,054

 1,414,350

 54,802

 2022

 Winter, WI

 —

 170,499

 1,270,767

 —

 170,499

 1,270,767

 1,441,266

 60,770

 2022

 Kimberly, WI

 —

 1,312,245

 2,811,473

 ( 19,305)

 1,319,003

 2,785,410

 4,104,413

 75,068

 2022

 Menomonee Falls, WI

 —

 976,214

 4,312,547

 —

 976,214

 4,312,547

 5,288,761

 179,617

 2022

 Menomonee Falls, WI

 —

 988,153

 —

 —

 988,153

 —

 988,153

 —

 2022

 New Lisbon, WI

 —

 76,725

 1,227,288

 1,119

 76,725

 1,228,407

 1,305,132

 36,493

 2022

 Plover, WI

 —

 67,127

 1,770,000

 11,889

 67,127

 1,781,889

 1,849,016

 49,416

 2022

 West Bend, WI

 —

 286,709

 1,696,761

 —

 286,709

 1,696,761

 1,983,470

 90,039

 2022

 Whitewater, WI

 —

 822,920

 3,021,878

 28,112

 826,634

 3,046,276

 3,872,910

 103,674

 2022

 Charleston, WV

 —

 144,019

 858,224

 36,642

 144,019

 894,866

 1,038,885

 47,051

 2022

 Morgantown, WV

 —

 563,100

 1,952,862

 —

 563,100

 1,952,862

 2,515,962

 89,272

 2022

 Ranson, WV

 —

 800,605

 —

 —

 800,605

 —

 800,605

 —

 2022

 Which

 Costs

 Land

 Land

 Total

 Westover, WV

 —

 2,902,457

 3,819,875

 —

 2,902,457

 3,819,875

 6,722,332

 167,119

 2022

 Williamstown, WV

 —

 328,040

 1,293,550

 —

 328,040

 1,293,550

 1,621,590

 56,537

 2022

 Barboursville, WV

 —

 703,425

 3,654,262

 29,238

 703,425

 3,683,500

 4,386,925

 131,913

 2022

 Morgantown, WV

 —

 2,162,116

 —

 81,892

 2,188,023

 55,985

 2,244,008

 2022

 Morgantown, WV

 —

 816,836

 —

 —

 816,836

 —

 816,836

 —

 2022

 Morgantown, WV

 —

 862,215

 1,187,338

 —

 862,215

 1,187,338

 2,049,553

 51,908

 2022

 Weirton, WV

 —

 295,802

 1,389,355

 19,140

 295,802

 1,408,496

 1,704,298

 39,945

 2022

 Casper, WY

 —

 860,483

 986,975

 860,483

 986,990

 1,847,473

 36,929

 2022

 Eagle River, AK

 —

 1,496,010

 1,038,294

 —

 1,496,010

 1,038,294

 2,534,304

 14,933

 2023

 Atmore, AL

 —

 71,526

 841,253

 —

 71,526

 841,253

 912,779

 19,022

 2023

 Bessemer, AL

 —

 653,431

 564,626

 —

 653,431

 564,626

 1,218,057

 12,386

 2023

 Cherokee, AL

 —

 74,238

 1,375,131

 —

 74,238

 1,375,131

 1,449,369

 33,954

 2023

 Creola, AL

 —

 558,482

 1,985,719

 —

 558,482

 1,985,719

 2,544,201

 34,430

 2023

 Florence, AL

 —

 156,040

 1,168,090

 —

 156,040

 1,168,090

 1,324,130

 29,196

 2023

 Fort Mitchell, AL

 —

 70,408

 1,506,853

 —

 70,408

 1,506,853

 1,577,261

 5,713

 2023

 Glencoe, AL

 —

 199,230

 1,252,206

 —

 199,230

 1,252,206

 1,451,436

 10,080

 2023

 Montgomery, AL

 —

 720,048

 575,608

 —

 720,048

 575,608

 1,295,656

 18,233

 2023

 Prattville, AL

 —

 585,717

 136,254

 —

 585,717

 136,254

 721,971

 1,245

 2023

 Sylacauga, AL

 —

 2,301,743

 —

 —

 2,301,743

 —

 2,301,743

 —

 2023

 Tuscumbia, AL

 —

 244,809

 1,944,563

 —

 244,809

 1,944,563

 2,189,372

 45,961

 2023

 Dover, AR

 —

 117,697

 1,356,901

 —

 117,697

 1,356,901

 1,474,598

 33,071

 2023

 Rogers, AR

 —

 1,801,475

 5,718,794

 —

 1,801,475

 5,718,794

 7,520,269

 53,591

 2023

 Searcy, AR

 —

 104,246

 2,277,293

 —

 104,246

 2,277,293

 2,381,539

 27,753

 2023

 Kingman, AZ

 —

 546,717

 3,279,531

 —

 546,717

 3,279,531

 3,826,248

 49,054

 2023

 Show Low, AZ

 —

 288,314

 1,668,984

 —

 288,314

 1,668,984

 1,957,298

 30,992

 2023

 Yuma, AZ

 —

 379,684

 893,425

 —

 379,684

 893,425

 1,273,109

 2,953

 2023

 Fontana, CA

 —

 1,337,717

 1,012,730

 —

 1,337,717

 1,012,730

 2,350,447

 20,121

 2023

 Murrieta, CA

 —

 1,546,553

 1,350,113

 —

 1,546,553

 1,350,113

 2,896,666

 30,441

 2023

 Paradise, CA

 —

 386,926

 1,049,431

 —

 386,926

 1,049,431

 1,436,357

 7,942

 2023

 Pleasant Hill, CA

 —

 8,366,775

 —

 —

 8,366,775

 —

 8,366,775

 —

 2023

 Vacaville, CA

 —

 641,411

 1,586,489

 —

 641,411

 1,586,489

 2,227,900

 29,049

 2023

 Vacaville, CA

 —

 1,009,383

 2,952,663

 —

 1,009,383

 2,952,663

 3,962,046

 35,121

 2023

 Delta, CO

 —

 816,826

 3,802,927

 —

 816,826

 3,802,927

 4,619,753

 35,608

 2023

 Rifle, CO

 —

 1,454,956

 2,182,762

 —

 1,454,956

 2,182,762

 3,637,718

 6,959

 2023

 Meriden, CT

 —

 213,799

 1,946,087

 —

 213,799

 1,946,087

 2,159,886

 27,532

 2023

 Brooksville, FL

 —

 371,478

 2,171,428

 —

 371,478

 2,171,428

 2,542,906

 50,911

 2023

 Florida City, FL

 —

 734,330

 781,628

 —

 734,330

 781,628

 1,515,958

 15,761

 2023

 Fort Lauderdale, FL

 —

 1,419,090

 1,359,401

 —

 1,419,090

 1,359,401

 2,778,491

 21,110

 2023

 High Springs, FL

 —

 571,750

 3,362,328

 —

 571,750

 3,362,328

 3,934,078

 47,434

 2023

 —

 827,034

 1,417,515

 —

 827,034

 1,417,515

 2,244,549

 20,788

 2023

 —

 6,666,982

 12,592,838

 —

 6,666,982

 12,592,838

 19,259,820

 185,906

 2023

 Jonesville, FL

 —

 1,993,989

 2,233,481

 —

 1,993,989

 2,233,481

 4,227,470

 32,361

 2023

 Kissimmee, FL

 —

 907,575

 1,637,075

 —

 907,575

 1,637,075

 2,544,650

 13,020

 2023

 Labelle, FL

 —

 149,091

 959,309

 —

 149,091

 959,309

 1,108,400

 20,985

 2023

 Lake Park, FL

 —

 1,123,321

 1,336,168

 —

 1,123,321

 1,336,168

 2,459,489

 9,779

 2023

 Land O'Lakes, FL

 —

 1,544,181

 1,290,714

 —

 1,544,181

 1,290,714

 2,834,895

 27,979

 2023

 Live Oak, FL

 —

 1,994,802

 3,028,612

 —

 1,994,802

 3,028,612

 5,023,414

 28,349

 2023

 Naples, FL

 —

 610,067

 1,674,205

 —

 610,067

 1,674,205

 2,284,272

 23,998

 2023

 Ocala, FL

 —

 1,011,142

 1,401,019

 —

 1,011,142

 1,401,019

 2,412,161

 54,409

 2023

 Palm Harbor, FL

 —

 2,435,739

 8,235,223

 —

 2,435,739

 8,235,223

 10,670,962

 10,090

 2023

 Panama City, FL

 —

 1,328,041

 14,823,857

 —

 1,328,041

 14,823,857

 16,151,898

 168,071

 2023

 —

 616,285

 965,620

 —

 616,285

 965,620

 1,581,905

 22,549

 2023

 Port St. Joe, FL

 —

 1,678,568

 2,246,346

 —

 1,678,568

 2,246,346

 3,924,914

 17,943

 2023

 St. Augustine, FL

 —

 1,015,143

 567,058

 —

 1,015,143

 567,058

 1,582,201

 11,919

 2023

 Tarpon Springs, FL

 —

 1,490,471

 3,155,387

 —

 1,490,471

 3,155,387

 4,645,858

 71,585

 2023

 Venice, FL

 —

 1,491,079

 2,326,845

 —

 1,491,079

 2,326,845

 3,817,924

 45,990

 2023

 —

 149,753

 1,245,539

 —

 149,753

 1,245,539

 1,395,292

 19,294

 2023

 Chatsworth, GA

 —

 1,153,708

 4,535,359

 —

 1,153,708

 4,535,359

 5,689,067

 14,172

 2023

 Commerce, GA

 —

 727,292

 2,034,999

 —

 727,292

 2,034,999

 2,762,291

 66,204

 2023

 Douglas, GA

 —

 166,295

 6,583,588

 —

 166,295

 6,583,588

 6,749,883

 160,442

 2023

 Douglas, GA

 —

 177,643

 2,347,052

 —

 177,643

 2,347,052

 2,524,695

 8,790

 2023

 Douglasville, GA

 —

 556,078

 4,410,887

 —

 556,078

 4,410,887

 4,966,965

 97,167

 2023

 Fort Gaines, GA

 —

 29,308

 1,600,808

 —

 29,308

 1,600,808

 1,630,116

 5,962

 2023

 Glennville, GA

 —

 200,641

 1,381,501

 —

 200,641

 1,381,501

 1,582,142

 33,580

 2023

 LaGrange, GA

 —

 192,840

 1,476,001

 —

 192,840

 1,476,001

 1,668,841

 22,689

 2023

 LaGrange, GA

 —

 211,020

 1,277,849

 —

 211,020

 1,277,849

 1,488,869

 20,000

 2023

 Lawrenceville, GA

 —

 405,255

 1,152,039

 —

 405,255

 1,152,039

 1,557,294

 19,316

 2023

 Lilburn, GA

 —

 1,184,610

 1,181,635

 —

 1,184,610

 1,181,635

 2,366,245

 6,548

 2023

 Lumpkin, GA

 —

 39,403

 1,438,663

 —

 39,403

 1,438,663

 1,478,066

 5,473

 2023

 Morrow, GA

 —

 797,482

 1,231,217

 —

 797,482

 1,231,217

 2,028,699

 25,128

 2023

 Perry, GA

 —

 301,806

 1,202,858

 —

 301,806

 1,202,858

 1,504,664

 26,315

 2023

 Pooler, GA

 —

 381,482

 2,646,073

 —

 381,482

 2,646,073

 3,027,555

 22,210

 2023

 Reidsville, GA

 —

 120,421

 1,321,925

 —

 120,421

 1,321,925

 1,442,346

 20,325

 2023

 Which

 Costs

 Land

 Land

 Total

 Riceboro, GA

 —

 86,062

 1,309,280

 —

 86,062

 1,309,280

 1,395,342

 20,050

 2023

 Rome, GA

 —

 379,158

 541,671

 —

 379,158

 541,671

 920,829

 12,338

 2023

 Sharpsburg, GA

 —

 538,166

 1,483,569

 —

 538,166

 1,483,569

 2,021,735

 29,260

 2023

 Thomaston, GA

 —

 110,892

 1,343,781

 —

 110,892

 1,343,781

 1,454,673

 20,662

 2023

 Thomasville, GA

 —

 229,300

 1,210,294

 —

 229,300

 1,210,294

 1,439,594

 18,727

 2023

 Vidalia, GA

 —

 283,117

 2,002,472

 —

 283,117

 2,002,472

 2,285,589

 29,295

 2023

 Warner Robins, GA

 —

 1,599,751

 1,518,417

 —

 1,599,751

 1,518,417

 3,118,168

 1,582

 2023

 Fairfield, IA

 —

 433,650

 1,861,993

 —

 433,650

 1,861,993

 2,295,643

 42,292

 2023

 Iowa City, IA

 —

 497,431

 928,323

 —

 497,431

 928,323

 1,425,754

 14,420

 2023

 Lime Springs, IA

 —

 69,547

 1,523,213

 —

 69,547

 1,523,213

 1,592,760

 1,772

 2023

 Washington, IA

 —

 320,353

 1,254,387

 —

 320,353

 1,254,387

 1,574,740

 41,560

 2023

 Aurora, IL

 —

 505,175

 1,045,666

 —

 505,175

 1,045,666

 1,550,841

 22,727

 2023

 Bridgeview, IL

 —

 1,665,640

 —

 —

 1,665,640

 —

 1,665,640

 —

 2023

 Champaign, IL

 —

 247,591

 968,124

 —

 247,591

 968,124

 1,215,715

 19,071

 2023

 —

 501,240

 1,100,889

 —

 501,240

 1,100,889

 1,602,129

 25,290

 2023

 —

 486,636

 1,052,415

 —

 486,636

 1,052,415

 1,539,051

 16,314

 2023

 —

 771,442

 1,503,279

 —

 771,442

 1,503,279

 2,274,721

 4,961

 2023

 —

 1,673,732

 —

 —

 1,673,732

 —

 1,673,732

 —

 2023

 Creve Coeur, IL

 —

 210,394

 1,591,118

 —

 210,394

 1,591,118

 1,801,512

 1,869

 2023

 Geneva, IL

 —

 2,610,458

 —

 —

 2,610,458

 —

 2,610,458

 —

 2023

 Huntley, IL

 —

 611,482

 2,905,566

 —

 611,482

 2,905,566

 3,517,048

 22,208

 2023

 Lisle, IL

 —

 640,978

 1,148,863

 —

 640,978

 1,148,863

 1,789,841

 26,604

 2023

 Lockport, IL

 —

 2,824,591

 —

 —

 2,824,591

 —

 2,824,591

 —

 2023

 Lombard, IL

 —

 2,946,768

 —

 —

 2,946,768

 —

 2,946,768

 —

 2023

 Orland Park, IL

 —

 3,843,576

 12,469,586

 —

 3,843,576

 12,469,586

 16,313,162

 107,200

 2023

 Riverside, IL

 —

 1,133,763

 794,728

 —

 1,133,763

 794,728

 1,928,491

 6,528

 2023

 Rochelle, IL

 —

 427,051

 1,099,148

 —

 427,051

 1,099,148

 1,526,199

 21,884

 2023

 Woodridge, IL

 —

 2,846,291

 —

 —

 2,846,291

 —

 2,846,291

 —

 2023

 Woodstock, IL

 —

 799,371

 1,361,043

 —

 799,371

 1,361,043

 2,160,414

 15,213

 2023

 Brookston, IN

 —

 77,375

 1,217,616

 —

 77,375

 1,217,616

 1,294,991

 30,451

 2023

 Fort Wayne, IN

 —

 769,226

 1,602,780

 —

 769,226

 1,602,780

 2,372,006

 12,470

 2023

 Greenwood, IN

 —

 465,241

 1,685,402

 —

 465,241

 1,685,402

 2,150,643

 40,830

 2023

 Greenwood, IN

 —

 1,419,024

 678,671

 —

 1,419,024

 678,671

 2,097,695

 2023

 Greenwood, IN

 —

 909,561

 —

 —

 909,561

 —

 909,561

 —

 2023

 Knox, IN

 —

 261,831

 1,042,120

 —

 261,831

 1,042,120

 1,303,951

 22,616

 2023

 Kokomo, IN

 —

 133,015

 1,286,615

 —

 133,015

 1,286,615

 1,419,630

 10,176

 2023

 Muncie, IN

 —

 293,266

 2,258,466

 —

 293,266

 2,258,466

 2,551,732

 52,854

 2023

 Valparaiso, IN

 —

 3,372,667

 4,043,020

 —

 3,372,667

 4,043,020

 7,415,687

 37,859

 2023

 Vincennes, IN

 —

 612,871

 6,569,716

 —

 612,871

 6,569,716

 7,182,587

 109,948

 2023

 —

 176,561

 1,382,256

 —

 176,561

 1,382,256

 1,558,817

 43,632

 2023

 —

 122,695

 926,287

 —

 122,695

 926,287

 1,048,982

 24,686

 2023

 —

 62,320

 12,050,193

 —

 62,320

 12,050,193

 12,112,513

 20,153

 2023

 —

 114,625

 ( 9,123,955)

 —

 114,625

 ( 9,123,955)

 ( 9,009,330)

 33,498

 2023

 —

 108,807

 2,289,291

 —

 108,807

 2,289,291

 2,398,098

 39,192

 2023

 —

 234,462

 4,204,694

 —

 234,462

 4,204,694

 4,439,156

 72,359

 2023

 Hutchinson, KS

 —

 407,556

 4,716,475

 —

 407,556

 4,716,475

 5,124,031

 142,086

 2023

 Kansas City, KS

 —

 897,693

 9,394,357

 —

 897,693

 9,394,357

 10,292,050

 72,758

 2023

 Olathe, KS

 —

 5,056,272

 16,769,196

 —

 5,056,272

 16,769,196

 21,825,468

 331,866

 2023

 Olathe, KS

 —

 1,664,774

 6,889,116

 —

 1,664,774

 6,889,116

 8,553,890

 62,407

 2023

 Salina, KS

 —

 936,164

 4,758,269

 —

 936,164

 4,758,269

 5,694,433

 6,213

 2023

 —

 421,521

 6,354,013

 —

 421,521

 6,354,013

 6,775,534

 125,742

 2023

 Frankfort, KY

 —

 2,524,753

 2,469,364

 —

 2,524,753

 2,469,364

 4,994,117

 23,106

 2023

 Irvington, KY

 —

 152,562

 1,064,042

 —

 152,562

 1,064,042

 1,216,604

 1,306

 2023

 —

 549,357

 1,033,316

 —

 549,357

 1,033,316

 1,582,673

 1,236

 2023

 Madisonville, KY

 —

 85,619

 1,253,974

 —

 85,619

 1,253,974

 1,339,593

 1,490

 2023

 Princeton, KY

 —

 168,644

 1,202,504

 —

 168,644

 1,202,504

 1,371,148

 1,457

 2023

 Richmond, KY

 —

 226,350

 1,729,049

 —

 226,350

 1,729,049

 1,955,399

 47,664

 2023

 Shelbyville, KY

 —

 1,622,962

 4,714,584

 —

 1,622,962

 4,714,584

 6,337,546

 14,732

 2023

 Basile, LA

 —

 136,575

 1,282,322

 —

 136,575

 1,282,322

 1,418,897

 31,817

 2023

 —

 240,880

 743,644

 —

 240,880

 743,644

 984,524

 12,839

 2023

 Crowley, LA

 —

 1,058,442

 3,005,302

 —

 1,058,442

 3,005,302

 4,063,744

 28,131

 2023

 Donaldsonville, LA

 —

 591,985

 1,223,694

 —

 591,985

 1,223,694

 1,815,679

 13,992

 2023

 —

 305,882

 1,344,712

 —

 305,882

 1,344,712

 1,650,594

 19,796

 2023

 —

 1,738,223

 6,843,220

 —

 1,738,223

 6,843,220

 8,581,443

 106,502

 2023

 —

 565,276

 1,445,880

 —

 565,276

 1,445,880

 2,011,156

 22,222

 2023

 Metairie, LA

 —

 4,284,004

 7,310,189

 —

 4,284,004

 7,310,189

 11,594,193

 61,604

 2023

 Opelousas, LA

 —

 2,183,038

 2,933,100

 —

 2,183,038

 2,933,100

 5,116,138

 9,165

 2023

 Ponchatoula, LA

 —

 719,750

 959,034

 —

 719,750

 959,034

 1,678,784

 7,835

 2023

 Zachary, LA

 —

 3,998,332

 2,589,899

 —

 3,998,332

 2,589,899

 6,588,231

 24,236

 2023

 Centerville, MA

 —

 1,927,046

 2,830,876

 —

 1,927,046

 2,830,876

 4,757,922

 39,732

 2023

 Framingham, MA

 —

 11,790,877

 13,167,251

 —

 11,790,877

 13,167,251

 24,958,128

 103,413

 2023

 —

 3,958,684

 —

 —

 3,958,684

 —

 3,958,684

 —

 2023

 Lexington Park, MD

 —

 2,058,580

 2,796,986

 —

 2,058,580

 2,796,986

 4,855,566

 32,817

 2023

 Which

 Costs

 Land

 Land

 Total

 Silver Springs, MD

 —

 7,519,250

 4,312,715

 —

 7,519,250

 4,312,715

 11,831,965

 5,386

 2023

 Westbrook, ME

 —

 510,631

 1,300,481

 —

 510,631

 1,300,481

 1,811,112

 1,467

 2023

 Battle Creek, MI

 —

 257,967

 930,126

 —

 257,967

 930,126

 1,188,093

 25,424

 2023

 Battle Creek, MI

 —

 164,067

 1,124,956

 —

 164,067

 1,124,956

 1,289,023

 1,326

 2023

 Commerce Township, MI

 —

 677,204

 2,146,040

 —

 677,204

 2,146,040

 2,823,244

 17,420

 2023

 Escanaba, MI

 —

 910,022

 1,977,597

 —

 910,022

 1,977,597

 2,887,619

 45,057

 2023

 Gaylord, MI

 —

 155,528

 1,244,487

 —

 155,528

 1,244,487

 1,400,015

 28,244

 2023

 Gladwin, MI

 —

 80,254

 1,663,490

 —

 80,254

 1,663,490

 1,743,744

 13,556

 2023

 Grandville, MI

 —

 1,789,008

 6,428,846

 —

 1,789,008

 6,428,846

 8,217,854

 60,248

 2023

 Holland, MI

 —

 530,631

 885,312

 —

 530,631

 885,312

 1,415,943

 13,304

 2023

 Midland, MI

 —

 138,007

 1,501,849

 —

 138,007

 1,501,849

 1,639,856

 25,836

 2023

 Monroe, MI

 —

 187,241

 506,925

 —

 187,241

 506,925

 694,166

 7,791

 2023

 Muskegon, MI

 —

 374,687

 3,254,233

 —

 374,687

 3,254,233

 3,628,920

 2,750

 2023

 Royal Oak, MI

 —

 944,796

 855,063

 —

 944,796

 855,063

 1,799,859

 13,895

 2023

 Royal Oak, MI

 —

 3,316,620

 23,293,901

 —

 3,316,620

 23,293,901

 26,610,521

 262,259

 2023

 Whitmore Lake, MI

 —

 1,365,345

 3,007,861

 —

 1,365,345

 3,007,861

 4,373,206

 67,223

 2023

 Baxter, MN

 —

 446,629

 8,424,170

 —

 446,629

 8,424,170

 8,870,799

 146,170

 2023

 Coon Rapids, MN

 —

 2,268,163

 3,381,734

 —

 2,268,163

 3,381,734

 5,649,897

 32,209

 2023

 Eagan, MN

 —

 894,229

 4,057,578

 —

 894,229

 4,057,578

 4,951,807

 57,131

 2023

 Lakeville, MN

 —

 2,167,767

 3,428,543

 —

 2,167,767

 3,428,543

 5,596,310

 32,646

 2023

 Maplewood, MN

 —

 1,228,008

 —

 —

 1,228,008

 —

 1,228,008

 —

 2023

 Oakdale, MN

 —

 1,999,873

 3,372,396

 —

 1,999,873

 3,372,396

 5,372,269

 32,126

 2023

 Willmar, MN

 —

 879,088

 3,298,249

 —

 879,088

 3,298,249

 4,177,337

 51,663

 2023

 Willmar, MN

 —

 563,842

 3,466,631

 —

 563,842

 3,466,631

 4,030,473

 30,573

 2023

 Woodbury, MN

 —

 2,761,790

 3,570,604

 —

 2,761,790

 3,570,604

 6,332,394

 33,995

 2023

 Aurora, MO

 —

 1,522,425

 5,995,297

 —

 1,522,425

 5,995,297

 7,517,722

 56,183

 2023

 Gladstone, MO

 —

 2,593,334

 18,004,544

 —

 2,593,334

 18,004,544

 20,597,878

 356,291

 2023

 Jefferson City, MO

 —

 568,949

 5,535,918

 —

 568,949

 5,535,918

 6,104,867

 109,551

 2023

 —

 942,416

 1,848,833

 —

 942,416

 1,848,833

 2,791,249

 15,760

 2023

 Mansfield, MO

 —

 118,819

 1,223,028

 —

 118,819

 1,223,028

 1,341,847

 30,230

 2023

 —

 2,274,742

 ( 2,256,157)

 —

 2,274,742

 ( 2,256,157)

 18,585

 53,818

 2023

 —

 38,540

 3,140,073

 —

 38,540

 3,140,073

 3,178,613

 3,271

 2023

 St. Louis, MO

 —

 924,702

 1,939,919

 —

 924,702

 1,939,919

 2,864,621

 24,857

 2023

 Unionville, MO

 —

 69,653

 1,213,776

 —

 69,653

 1,213,776

 1,283,429

 30,448

 2023

 Wentzville, MO

 —

 670,822

 4,857,142

 —

 670,822

 4,857,142

 5,527,964

 34,146

 2023

 Booneville, MS

 —

 253,319

 1,286,243

 —

 253,319

 1,286,243

 1,539,562

 10,775

 2023

 Bruce, MS

 —

 245,529

 1,339,545

 —

 245,529

 1,339,545

 1,585,074

 11,116

 2023

 —

 Ecru, MS

 —

 518,873

 1,189,128

 —

 518,873

 1,189,128

 1,708,001

 9,945

 2023

 —

 388,057

 661,883

 —

 388,057

 661,883

 1,049,940

 13,683

 2023

 McComb, MS

 —

 1,685,118

 3,619,152

 —

 1,685,118

 3,619,152

 5,304,270

 33,886

 2023

 Pontotoc, MS

 —

 137,504

 1,212,925

 —

 137,504

 1,212,925

 1,350,429

 10,150

 2023

 Richland, MS

 —

 532,562

 3,029,916

 —

 532,562

 3,029,916

 3,562,478

 62,259

 2023

 Sledge, MS

 —

 212,071

 1,208,619

 —

 212,071

 1,208,619

 1,420,690

 12,985

 2023

 Thyatira, MS

 —

 141,335

 1,183,130

 —

 141,335

 1,183,130

 1,324,465

 12,765

 2023

 Burlington, NC

 —

 1,426,614

 2,241,537

 —

 1,426,614

 2,241,537

 3,668,151

 17,053

 2023

 —

 712,025

 820,195

 —

 712,025

 820,195

 1,532,220

 17,060

 2023

 —

 3,176,091

 2,229,215

 —

 3,176,091

 2,229,215

 5,405,306

 30,961

 2023

 —

 2,577,766

 2,289,630

 —

 2,577,766

 2,289,630

 4,867,396

 32,323

 2023

 —

 1,597,777

 1,840,583

 —

 1,597,777

 1,840,583

 3,438,360

 25,703

 2023

 —

 1,365,528

 2,144,775

 —

 1,365,528

 2,144,775

 3,510,303

 29,855

 2023

 —

 —

 1,848,911

 1,335,958

 —

 1,848,911

 1,335,958

 3,184,869

 18,653

 2023

 —

 —

 1,604,085

 1,598,677

 —

 1,604,085

 1,598,677

 3,202,762

 15,745

 2023

 —

 1,249,515

 1,891,157

 —

 1,249,515

 1,891,157

 3,140,672

 18,514

 2023

 —

 1,052,922

 852,414

 —

 1,052,922

 852,414

 1,905,336

 8,403

 2023

 —

 666,753

 4,597,681

 —

 666,753

 4,597,681

 5,264,434

 5,143

 2023

 Clemmons, NC

 —

 1,889,699

 9,638,522

 —

 1,889,699

 9,638,522

 11,528,221

 12,432

 2023

 Denver, NC

 —

 3,259,088

 3,327,835

 —

 3,259,088

 3,327,835

 6,586,923

 31,154

 2023

 Granite Falls, NC

 —

 561,420

 1,388,647

 —

 561,420

 1,388,647

 1,950,067

 11,112

 2023

 Lexington, NC

 —

 160,671

 1,289,244

 —

 160,671

 1,289,244

 1,449,915

 19,923

 2023

 Matthews, NC

 —

 962,409

 1,924,570

 —

 962,409

 1,924,570

 2,886,979

 26,769

 2023

 Mount Airy, NC

 —

 119,892

 1,306,260

 —

 119,892

 1,306,260

 1,426,152

 20,142

 2023

 Peachland, NC

 —

 138,576

 1,319,115

 —

 138,576

 1,319,115

 1,457,691

 20,283

 2023

 Pine Hall, NC

 —

 76,013

 1,216,748

 —

 76,013

 1,216,748

 1,292,761

 18,738

 2023

 Rocky Mount, NC

 —

 195,852

 1,117,316

 —

 195,852

 1,117,316

 1,313,168

 18,131

 2023

 —

 366,289

 1,203,067

 —

 366,289

 1,203,067

 1,569,356

 18,821

 2023

 —

 1,430,555

 2,249,392

 —

 1,430,555

 2,249,392

 3,679,947

 33,178

 2023

 Winterville, NC

 —

 485,409

 2,700,424

 —

 485,409

 2,700,424

 3,185,833

 38,022

 2023

 Fremont, NE

 —

 431,520

 1,320,260

 —

 431,520

 1,320,260

 1,751,780

 4,917

 2023

 Tilton, NH

 —

 183,534

 3,832,627

 —

 183,534

 3,832,627

 4,016,161

 4,496

 2023

 Absecon, NJ

 —

 1,374,061

 1,631,228

 —

 1,374,061

 1,631,228

 3,005,289

 27,159

 2023

 Sicklerville, NJ

 —

 1,692,765

 —

 —

 1,692,765

 —

 1,692,765

 —

 2023

 Toms River, NJ

 —

 3,850,142

 3,082,035

 —

 3,850,142

 3,082,035

 6,932,177

 32,122

 2023

 El Prado, NM

 —

 2,480,000

 3,100,561

 —

 2,480,000

 3,100,561

 5,580,561

 23,096

 2023

 Which

 Costs

 Land

 Land

 Total

 Albany, NY

 —

 105,489

 815,749

 —

 105,489

 815,749

 921,238

 12,616

 2023

 Albion, NY

 —

 100,313

 720,599

 —

 100,313

 720,599

 820,912

 5,254

 2023

 Depew, NY

 —

 721,883

 831,547

 —

 721,883

 831,547

 1,553,430

 16,868

 2023

 Gates, NY

 —

 532,363

 665,024

 —

 532,363

 665,024

 1,197,387

 2,293

 2023

 Hamburg, NY

 —

 1,691,131

 4,396,424

 —

 1,691,131

 4,396,424

 6,087,555

 41,172

 2023

 Johnson City, NY

 —

 174,807

 2,072,196

 —

 174,807

 2,072,196

 2,247,003

 49,733

 2023

 Johnson City, NY

 —

 9,439,030

 —

 —

 9,439,030

 —

 9,439,030

 —

 2023

 N Syracuse, NY

 —

 380,662

 2,604,672

 —

 380,662

 2,604,672

 2,985,334

 56,556

 2023

 Stamford, NY

 —

 124,923

 3,368,082

 —

 124,923

 3,368,082

 3,493,005

 65,261

 2023

 Bucyrus, OH

 —

 195,999

 5,077,644

 —

 195,999

 5,077,644

 5,273,643

 100,481

 2023

 Defiance, OH

 —

 541,262

 3,571,710

 —

 541,262

 3,571,710

 4,112,972

 70,676

 2023

 Franklin, OH

 —

 1,034,113

 1,940,797

 —

 1,034,113

 1,940,797

 2,974,910

 27,519

 2023

 —

 769,622

 1,426,246

 —

 769,622

 1,426,246

 2,195,868

 20,513

 2023

 Hillsboro, OH

 —

 996,059

 2,785,718

 —

 996,059

 2,785,718

 3,781,777

 8,705

 2023

 Lima, OH

 —

 1,140,068

 3,248,907

 —

 1,140,068

 3,248,907

 4,388,975

 87,138

 2023

 Lima, OH

 —

 508,542

 1,534,969

 —

 508,542

 1,534,969

 2,043,511

 11,999

 2023

 Monroe, OH

 —

 245,925

 1,496,706

 —

 245,925

 1,496,706

 1,742,631

 11,828

 2023

 Sharonville, OH

 —

 1,453,858

 4,179,350

 —

 1,453,858

 4,179,350

 5,633,208

 4,910

 2023

 —

 606,513

 2,602,791

 —

 606,513

 2,602,791

 3,209,304

 22,048

 2023

 Wakeman, OH

 —

 91,669

 1,215,754

 —

 91,669

 1,215,754

 1,307,423

 24,001

 2023

 Allen, OK

 —

 62,626

 1,225,838

 —

 62,626

 1,225,838

 1,288,464

 1,632

 2023

 Blackwell, OK

 —

 93,533

 1,019,298

 —

 93,533

 1,019,298

 1,112,831

 1,359

 2023

 Broken Arrow, OK

 —

 2,100,860

 5,418,091

 —

 2,100,860

 5,418,091

 7,518,951

 50,772

 2023

 Chickasha, OK

 —

 1,130,176

 —

 —

 1,130,176

 —

 1,130,176

 —

 2023

 Lawton, OK

 —

 1,924,571

 3,356,356

 —

 1,924,571

 3,356,356

 5,280,927

 25,340

 2023

 Oklahoma, OK

 —

 2,037,061

 3,712,975

 —

 2,037,061

 3,712,975

 5,750,036

 38,341

 2023

 Owasso, OK

 —

 384,877

 1,339,624

 —

 384,877

 1,339,624

 1,724,501

 19,323

 2023

 Pauls Valley, OK

 —

 195,652

 1,561,153

 —

 195,652

 1,561,153

 1,756,805

 18,632

 2023

 Purcell, OK

 —

 382,358

 1,513,311

 —

 382,358

 1,513,311

 1,895,669

 17,954

 2023

 Yukon, OK

 —

 518,955

 5,023,556

 —

 518,955

 5,023,556

 5,542,511

 79,151

 2023

 Carlisle, PA

 —

 1,748,925

 2,596,167

 —

 1,748,925

 2,596,167

 4,345,092

 19,422

 2023

 Chester Springs, PA

 —

 1,585,049

 4,074,926

 —

 1,585,049

 4,074,926

 5,659,975

 31,634

 2023

 Forks, PA

 —

 1,045,325

 1,385,755

 —

 1,045,325

 1,385,755

 2,431,080

 10,474

 2023

 Lebanon, PA

 —

 212,037

 1,527,874

 —

 212,037

 1,527,874

 1,739,911

 5,034

 2023

 Mechanicsburg, PA

 —

 4,005,779

 4,735,107

 —

 4,005,779

 4,735,107

 8,740,886

 79,643

 2023

 New Castle, PA

 —

 727,785

 1,855,089

 —

 727,785

 1,855,089

 2,582,874

 3,249

 2023

 Palmyra, PA

 —

 422,549

 1,613,655

 —

 422,549

 1,613,655

 2,036,204

 5,297

 2023

 Plymouth Meeting, PA

 —

 7,087,849

 17,423,078

 —

 7,087,849

 17,423,078

 24,510,927

 430,197

 2023

 Bristol, RI

 —

 4,129,728

 17,456,072

 —

 4,129,728

 17,456,072

 21,585,800

 97,531

 2023

 North Providence, RI

 —

 7,557,758

 —

 —

 7,557,758

 —

 7,557,758

 —

 2023

 Barnwell, SC

 —

 760,049

 6,362,704

 —

 760,049

 6,362,704

 7,122,753

 104,553

 2023

 Bennettsville, SC

 —

 280,266

 1,799,382

 —

 280,266

 1,799,382

 2,079,648

 26,697

 2023

 Effingham, SC

 —

 57,620

 1,360,392

 —

 57,620

 1,360,392

 1,418,012

 32,879

 2023

 Fort Mill, SC

 —

 2,971,923

 1,575,674

 —

 2,971,923

 1,575,674

 4,547,597

 21,939

 2023

 Wagener, SC

 —

 40,799

 1,407,005

 —

 40,799

 1,407,005

 1,447,804

 5,343

 2023

 Milbank, SD

 —

 96,069

 1,603,473

 —

 96,069

 1,603,473

 1,699,542

 53,733

 2023

 Redfield, SD

 —

 239,453

 1,313,238

 —

 239,453

 1,313,238

 1,552,691

 21,840

 2023

 Sioux Falls, SD

 —

 222,895

 1,340,772

 —

 222,895

 1,340,772

 1,563,667

 19,350

 2023

 Columbia, TN

 —

 1,005,897

 3,490,295

 —

 1,005,897

 3,490,295

 4,496,192

 12,673

 2023

 Crump, TN

 —

 49,423

 1,051,000

 —

 49,423

 1,051,000

 1,100,423

 1,290

 2023

 Harriman, TN

 —

 538,425

 1,183,084

 —

 538,425

 1,183,084

 1,721,509

 17,579

 2023

 Johnson City, TN

 —

 797,083

 1,655,340

 —

 797,083

 1,655,340

 2,452,423

 24,242

 2023

 Lexington, TN

 —

 69,699

 1,034,888

 —

 69,699

 1,034,888

 1,104,587

 1,267

 2023

 Mountain City, TN

 —

 303,224

 1,303,211

 —

 303,224

 1,303,211

 1,606,435

 22,172

 2023

 Nashville, TN

 —

 2,510,007

 693,564

 —

 2,510,007

 693,564

 3,203,571

 16,631

 2023

 Spring Hill, TN

 —

 511,449

 2,129,701

 —

 511,449

 2,129,701

 2,641,150

 2,461

 2023

 Austin, TX

 —

 752,403

 271,887

 —

 752,403

 271,887

 1,024,290

 3,584

 2023

 Baytown, TX

 —

 347,353

 3,342,203

 —

 347,353

 3,342,203

 3,689,556

 75,788

 2023

 Brenham, TX

 —

 149,300

 5,282,327

 —

 149,300

 5,282,327

 5,431,627

 6,105

 2023

 Buna, TX

 —

 206,332

 1,267,829

 —

 206,332

 1,267,829

 1,474,161

 18,797

 2023

 Crosby, TX

 —

 2,392,756

 3,893,594

 —

 2,392,756

 3,893,594

 6,286,350

 36,458

 2023

 Eagle Pass, TX

 —

 275,989

 3,545,249

 —

 275,989

 3,545,249

 3,821,238

 80,149

 2023

 —

 1,149,820

 2,436,863

 —

 1,149,820

 2,436,863

 3,586,683

 3,812

 2023

 —

 2,089,325

 4,926,489

 —

 2,089,325

 4,926,489

 7,015,814

 107,764

 2023

 —

 1,211,812

 3,345,728

 —

 1,211,812

 3,345,728

 4,557,540

 53,553

 2023

 League City, TX

 —

 1,762,616

 5,624,013

 —

 1,762,616

 5,624,013

 7,386,629

 123,023

 2023

 Longview, TX

 —

 641,613

 2,710,240

 —

 641,613

 2,710,240

 3,351,853

 53,640

 2023

 —

 838,994

 3,278,938

 —

 838,994

 3,278,938

 4,117,932

 59,229

 2023

 Mercedes, TX

 —

 721,575

 1,359,169

 —

 721,575

 1,359,169

 2,080,744

 10,374

 2023

 Normangee, TX

 —

 123,404

 1,242,768

 —

 123,404

 1,242,768

 1,366,172

 30,873

 2023

 Pearsall, TX

 —

 168,396

 1,047,514

 —

 168,396

 1,047,514

 1,215,910

 22,497

 2023

 Richardson, TX

 —

 5,317,097

 5,142,081

 —

 5,317,097

 5,142,081

 10,459,178

 6,796

 2023

 Richardson, TX

 —

 1,610,028

 —

 —

 1,610,028

 —

 1,610,028

 —

 2023

 Which

 Costs

 Land

 Land

 Total

 Stafford, TX

 —

 677,550

 729,300

 —

 677,550

 729,300

 1,406,850

 14,802

 2023

 Temple, TX

 —

 1,795,552

 4,242,556

 —

 1,795,552

 4,242,556

 6,038,108

 13,257

 2023

 Warren, TX

 —

 152,485

 1,245,867

 —

 152,485

 1,245,867

 1,398,352

 31,036

 2023

 Danville, VA

 —

 425,025

 948,705

 —

 425,025

 948,705

 1,373,730

 15,851

 2023

 Fredericksburg, VA

 —

 1,764,786

 —

 —

 1,764,786

 —

 1,764,786

 —

 2023

 Midlothian, VA

 —

 317,313

 1,207,183

 —

 317,313

 1,207,183

 1,524,496

 23,347

 2023

 Portsmouth, VA

 —

 260,183

 1,718,446

 —

 260,183

 1,718,446

 1,978,629

 40,837

 2023

 Stafford, VA

 —

 796,500

 2,175,477

 —

 796,500

 2,175,477

 2,971,977

 23,540

 2023

 Puyallup, WA

 —

 674,340

 796,624

 —

 674,340

 796,624

 1,470,964

 17,412

 2023

 Tacoma, WA

 —

 749,693

 1,002,374

 —

 749,693

 1,002,374

 1,752,067

 5,523

 2023

 Vancouver, WA

 —

 663,929

 884,896

 —

 663,929

 884,896

 1,548,825

 18,132

 2023

 Ashwaubenon, WI

 —

 3,545,375

 26,018,158

 —

 3,545,375

 26,018,158

 29,563,533

 514,918

 2023

 Manitowoc, WI

 —

 547,959

 7,964,601

 —

 547,959

 7,964,601

 8,512,560

 186,497

 2023

 Milwaukee, WI

 —

 3,209,988

 —

 —

 3,209,988

 —

 3,209,988

 —

 2023

 Onalaska, WI

 —

 4,908,249

 12,193,217

 —

 4,908,249

 12,193,217

 17,101,466

 73,893

 2023

 Sparta, WI

 —

 484,147

 1,090,863

 —

 484,147

 1,090,863

 1,575,010

 10,847

 2023

 Charleston, WV

 —

 708,781

 4,431,128

 —

 708,781

 4,431,128

 5,139,909

 96,928

 2023

 Pennsboro, WV

 —

 1,976,641

 722,606

 —

 1,976,641

 722,606

 2,699,247

 13,159

 2023

 Ripley, WV

 —

 1,257,822

 6,166,075

 —

 1,257,820

 6,166,061

 7,423,881

 134,875

 2023

 Subtotal

 32,634,841

 2,288,976,437

 4,793,822,802

 61,246,776

 2,282,353,521

 4,861,692,489

 7,144,046,010

 433,957,769

 Property Under Development

 Various

 —

 —

 —

 —

 —

 Sub Total

 —

 —

 —

 —

 —

 Total

 $

 32,634,841

 $

 2,288,976,437

 $

 4,827,054,970

 $

 61,246,776

 $

 2,282,353,521

 $

 4,894,924,657

 $

 7,177,278,178

 $

 433,957,769

 1. Reconciliation of Real Estate Properties
 The following table reconciles the Real Estate Properties from January 1, 2021 to December 31, 2023.

 2023

 2022

 2021

 Balance at January 1

 $

 6,062,209,367

 $

 4,605,458,035

 $

 3,478,088,144

 Construction, acquisition and other costs

 1,135,848,799

 1,499,979,100

 1,172,183,773

 Impairment charge

 ( 9,555,945)

 ( 1,165,524)

 ( 2,905,125)

 Disposition of real estate

 ( 11,224,043)

 ( 42,062,244)

 ( 41,908,757)

 Balance at December 31

 $

 7,177,278,178

 $

 6,062,209,367

 $

 4,605,458,035

 2. Reconciliation of Accumulated Depreciation
 The following table reconciles the Real Estate Properties from January 1, 2021 to December 31, 2023.

 2023

 2022

 2021

 Balance at January 1

 $

 321,141,833

 $

 233,861,792

 $

 172,698,378

 Current year depreciation expense

 115,969,605

 88,892,382

 67,019,106

 Impairment charge

 ( 2,425,088)

 ( 150,523)

 ( 986,221)

 Disposition of real estate

 ( 728,581)

 ( 1,461,818)

 ( 4,869,471)

 Balance at December 31

 $

 433,957,769

 $

 321,141,833

 $

 233,861,792

 3. Tax Basis
 The aggregate cost of our real estate assets for federal income tax purposes is approximately $ 8.28 billion at December 31, 2023.

 SIGNATURES
 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 By:

 /s/ Joel N. Agree

 Joel N. Agree

 President and Chief Executive Officer

 KNOW ALL PERSONS BY THESE PRESENTS, that we, the undersigned officers and directors of Agree Realty Corporation, hereby severally constitute Richard Agree, Joel N. Agree and Peter Coughenour, and each of them singly, our true and lawful attorneys with full power to them, and each of them singly, to sign for us and in our names in the capacities indicated below, the Annual Report on Form 10-K filed herewith and any and all amendments to said Annual Report on Form 10-K, and generally to do all such things in our names and in our capacities as officers and directors to enable Agree Realty Corporation to comply with the provisions of the Securities Exchange Act of 1934, as amended and all requirements of the Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by our said attorneys, or any of them, to said Annual Report on Form 10-K and any and all amendments thereto.
 PURSUANT to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 By:

 /s/ Richard Agree

 Richard Agree

 Executive Chairman of the Board of Directors

 By:

 /s/ Joel N. Agree

 Joel N. Agree

 President, Chief Executive Officer and Director

 (Principal Executive Officer)

 By:

 /s/ Peter Coughenour

 Peter Coughenour

 Chief Financial Officer and Secretary

 (Principal Financial Officer)

 By:

 /s/ Stephen Breslin

 Stephen Breslin

 Chief Accounting Officer

 (Principal Accounting Officer)

 By:

 /s/ Karen Dearing

 Karen Dearing

 By:

 /s/ Merrie S. Frankel

 Merrie S. Frankel

 By:

 /s/ Mike Hollman

 Mike Hollman

 By:

 /s/ Michael Judlowe

 Michael Judlowe

 By:

 /s/ Linglong He

 Linglong He

 By:

 /s/ Greg Lehmkuhl

 Greg Lehmkuhl

 By:

 /s/ John Rakolta

 John Rakolta

 By:

 /s/ Jerome Rossi

 Jerome Rossi