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Agree Realty (ADC) Financials

Agree Realty logo
$74.42 -0.89 (-1.18%)
Closing price 03:59 PM Eastern
Extended Trading
$74.40 -0.02 (-0.03%)
As of 06:52 PM Eastern
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Annual Income Statements for Agree Realty

Annual Income Statements for Agree Realty

This table shows Agree Realty's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Net Income / (Loss) Attributable to Common Shareholders		 182 163 145 120 91 80 58 58 45 39
Consolidated Net Income / (Loss)		 190 171 153 123 92 81 59 59 46 40
Net Income / (Loss) Continuing Operations		 190 171 153 123 92 81 59 59 46 40
Total Pre-Tax Income 		302 254 218 190 133 114 73 63 52 40
Total Revenue		 629 539 435 354 257 201 137 112 92 70
Net Interest Income / (Expense)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Non-Interest Income		 629 539 435 354 257 201 137 112 92 70
Net Realized & Unrealized Capital Gains on Investments		 12 1.85 5.34 15 8.00 13 - - - -
Other Non-Interest Income		 617 537 430 339 249 187 137 112 91 70
Total Non-Interest Expense		 326 285 217 164 123 86 64 49 40 30
Net Occupancy & Equipment Expense		 26 25 19 14 9.02 6.75 5.65 3.61 3.14 2.37
Other Operating Expenses		 86 77 64 52 44 32 23 18 13 11
Depreciation Expense		 207 176 134 96 67 46 33 27 23 16
Impairment Charge		 7.22 7.18 1.02 1.92 4.14 1.61 2.32 0.00 0.00 -
Income Tax Expense		 4.31 2.91 2.86 2.40 1.09 0.54 0.52 0.23 0.15 -
Other Gains / (Losses), net		 -108 -81 -62 -65 -40 -33 -14 -3.94 -5.71 -0.35
Preferred Stock Dividends Declared		 7.44 7.44 7.44 2.15 0.00 0.00 - - - -
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.64 0.59 0.60 0.60 0.59 0.68 0.63 0.68 0.68 0.74
Basic Earnings per Share		 $1.79 $1.70 $1.84 $1.79 $1.76 $1.96 $1.80 $2.09 $1.97 $2.17
Weighted Average Basic Shares Outstanding		 101.10M 95.19M 78.66M 66.80M 51.84M 40.58M 32.07M 27.63M 22.87M 18.00M
Diluted Earnings per Share		 $1.78 $1.70 $1.83 $1.78 $1.74 $1.93 $1.78 $2.08 $1.97 $2.16
Weighted Average Diluted Shares Outstanding		 101.88M 95.44M 79.16M 67.14M 52.40M 41.22M 32.40M 27.70M 22.96M 18.07M
Weighted Average Basic & Diluted Shares Outstanding		 107.25M 100.52M 90.17M 71.29M 63.47M 45.57M 32.30M 27.80M 22.90M 18M
Cash Dividends to Common per Share		 $2.99 $2.67 $2.81 $2.41 - - - - - -

Quarterly Income Statements for Agree Realty

This table shows Agree Realty's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Net Income / (Loss) Attributable to Common Shareholders		 45 43 43 53 43 44 40 39 40 39 38
Consolidated Net Income / (Loss)		 47 45 45 55 45 46 42 41 42 41 40
Net Income / (Loss) Continuing Operations		 47 45 45 55 45 46 42 41 42 41 40
Total Pre-Tax Income 		79 75 74 82 70 69 63 62 61 57 57
Total Revenue		 170 161 156 160 152 146 137 130 127 117 113
Net Interest Income / (Expense)		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 170 161 156 160 152 146 137 130 127 117 113
Net Realized & Unrealized Capital Gains on Investments		 0.77 0.41 1.85 7.16 2.10 1.55 -0.02 0.32 0.00 0.01 3.00
Other Non-Interest Income		 169 161 154 153 149 144 137 130 127 117 110
Total Non-Interest Expense		 91 86 82 78 81 77 74 69 66 59 56
Net Occupancy & Equipment Expense		 8.38 6.47 6.02 6.49 7.37 6.84 5.52 5.82 6.78 5.01 4.56
Other Operating Expenses		 23 23 22 21 21 20 19 19 19 16 16
Depreciation Expense		 56 57 52 50 48 47 46 43 41 38 35
Impairment Charge		 4.33 - 2.69 0.00 4.53 2.67 3.20 1.32 0.00 - 0.00
Income Tax Expense		 0.83 1.08 1.08 1.00 1.15 0.71 0.71 0.71 0.78 0.72 0.72
Other Gains / (Losses), net		 -31 -29 -29 -26 -24 -22 -21 -20 -18 -16 -17
Preferred Stock Dividends Declared		 1.86 1.86 1.86 1.86 1.86 1.86 1.86 1.86 1.86 1.86 1.86
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.15 0.14 0.15 0.19 0.16 0.15 0.14 0.15 0.16 0.11 0.15
Basic Earnings per Share		 $0.42 $0.41 $0.42 $0.53 $0.43 $0.43 $0.41 $0.42 $0.44 $0.44 $0.47
Weighted Average Basic Shares Outstanding		 107.05M 101.10M 100.38M 100.35M 100.28M 95.19M 97.26M 93.05M 90.03M 78.66M 79.70M
Diluted Earnings per Share		 $0.42 $0.41 $0.42 $0.52 $0.43 $0.43 $0.41 $0.42 $0.44 $0.44 $0.46
Weighted Average Diluted Shares Outstanding		 107.55M 101.88M 101.72M 100.45M 100.34M 95.44M 97.35M 93.13M 90.55M 79.16M 80.59M
Weighted Average Basic & Diluted Shares Outstanding		 110.02M 107.25M 103.52M 100.62M 100.63M 100.52M 100.52M 96.27M 93.20M 90.17M 88.57M
Cash Dividends to Common per Share		 $0.76 - $0.75 $0.75 - - $0.73 $0.73 - - -

Annual Cash Flow Statements for Agree Realty

This table details how cash moves in and out of Agree Realty's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Net Change in Cash & Equivalents		 -8.13 -14 -16 37 -34 -12 -4.81 25 31 -2.69
Net Cash From Operating Activities		 432 392 362 246 143 127 93 82 62 45
Net Cash From Continuing Operating Activities		 432 392 362 246 143 127 93 82 62 45
Net Income / (Loss) Continuing Operations		 190 171 153 123 92 81 59 59 46 40
Consolidated Net Income / (Loss)		 190 171 153 123 92 81 59 59 46 40
Depreciation Expense		 207 176 134 96 67 46 33 27 15 12
Amortization Expense		 40 38 37 27 17 15 12 6.07 8.85 5.65
Non-Cash Adjustments to Reconcile Net Income		 -1.84 1.52 17 -2.08 -34 -8.54 -8.23 -12 -7.37 -9.96
Changes in Operating Assets and Liabilities, net		 -2.57 5.42 21 3.15 -3.45 -7.62 -4.39 2.48 -0.82 -2.30
Net Cash From Investing Activities		 -885 -1,275 -1,616 -1,387 -1,300 -668 -568 -319 -298 -203
Net Cash From Continuing Investing Activities		 -885 -1,275 -1,616 -1,387 -1,300 -668 -568 -319 -298 -203
Purchase of Investment Securities		 -980 -1,289 -1,661 -1,443 -1,348 -733 -634 -363 -326 -231
Sale and/or Maturity of Investments		 94 14 45 56 48 65 66 44 29 28
Net Cash From Financing Activities		 445 869 1,238 1,178 1,123 529 470 262 267 155
Net Cash From Continuing Financing Activities		 445 869 1,238 1,178 1,123 529 470 262 267 155
Issuance of Debt		 1,517 1,581 1,333 1,235 1,093 195 230 100 372 261
Issuance of Common Equity		 403 690 1,258 745 896 473 340 223 228 92
Repayment of Debt		 -1,148 -1,110 -1,119 -767 -744 -43 -28 -3.15 -288 -163
Repurchase of Common Equity		 -2.28 -2.68 -1.91 -1.81 -1.64 -1.41 -1.15 -1.11 -0.71 0.00
Payment of Dividends		 -311 -285 -228 -196 -116 -90 -68 -55 -42 -33
Other Financing Activities, Net		 -13 -4.56 -3.68 -7.75 -4.74 -4.14 -2.56 -1.00 -3.21 -1.53
Cash Interest Paid		 124 87 59 56 38 30 23 17 14 12
Cash Income Taxes Paid		 3.71 3.07 2.40 1.82 1.15 0.67 0.45 0.26 0.15 0.16

Quarterly Cash Flow Statements for Agree Realty

This table details how cash moves in and out of Agree Realty's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Net Change in Cash & Equivalents		 4.77 -6.84 -11 8.82 0.91 8.14 -5.86 -0.69 -16 -223 224
Net Cash From Operating Activities		 127 91 140 97 103 98 110 90 94 93 119
Net Cash From Continuing Operating Activities		 127 91 140 97 103 98 110 90 94 93 119
Net Income / (Loss) Continuing Operations		 47 45 45 55 45 46 42 41 42 41 40
Consolidated Net Income / (Loss)		 47 45 45 55 45 46 42 41 42 41 40
Depreciation Expense		 56 57 52 50 48 47 46 43 41 38 35
Amortization Expense		 10 10 10 9.68 9.56 8.75 9.54 9.82 9.72 9.60 9.43
Non-Cash Adjustments to Reconcile Net Income		 2.68 6.59 1.95 -7.86 -2.52 4.58 -0.60 -1.25 -1.21 -1.19 24
Changes in Operating Assets and Liabilities, net		 11 -20 30 -10 -1.91 -4.17 10 -4.10 3.24 6.83 11
Net Cash From Investing Activities		 -381 -348 -247 -164 -126 -191 -420 -332 -331 -432 -362
Net Cash From Continuing Investing Activities		 -381 -348 -247 -164 -126 -191 -420 -332 -331 -432 -362
Purchase of Investment Securities		 -360 -379 -254 -200 -147 -202 -421 -335 -331 -433 -382
Sale and/or Maturity of Investments		 2.38 31 6.89 36 21 11 0.20 3.07 0.00 0.99 20
Other Investing Activities, net		 -23 - - - - - - - - - -
Net Cash From Financing Activities		 259 250 95 76 24 101 305 242 221 117 468
Net Cash From Continuing Financing Activities		 259 250 95 76 24 101 305 240 223 117 468
Issuance of Debt		 474 474 273 570 200 226 719 251 385 110 543
Issuance of Common Equity		 183 228 175 - 0.00 -0.09 290 205 195 106 601
Repayment of Debt		 -310 -371 -267 -412 -97 -48 -628 -144 -289 -34 -615
Repurchase of Common Equity		 -3.65 -0.02 -0.07 -0.01 -2.18 -0.01 -0.06 -0.01 -2.61 -0.03 -0.07
Payment of Dividends		 -84 -80 -77 -77 -77 -76 -72 -72 -65 -65 -58
Other Financing Activities, Net		 -0.50 -0.24 -8.13 -4.33 -0.29 -0.30 -3.89 -0.08 -0.28 -0.31 -2.87
Cash Interest Paid		 12 61 6.52 44 12 40 0.78 40 7.04 13 17
Cash Income Taxes Paid		 0.76 0.02 -0.40 1.41 2.69 0.02 0.03 2.74 0.28 0.02 0.04

Annual Balance Sheets for Agree Realty

This table presents Agree Realty's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Total Assets		 8,486 7,775 6,713 5,227 3,886 2,665 2,028 1,495 1,142 790
Cash and Due from Banks		 6.40 11 28 43 6.14 16 54 51 33 2.71
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 7,418 6,743 5,741 4,367 3,304 2,219 1,661 1,214 950 699
Intangible Assets		 865 854 799 672 474 344 280 195 140 77
Other Assets		 197 167 145 145 102 87 33 32 16 9.99
Total Liabilities & Shareholders' Equity		 8,486 7,775 6,713 5,227 3,886 2,665 2,028 1,495 1,142 790
Total Liabilities		 2,976 2,575 2,083 1,808 1,360 973 790 583 456 336
Short-Term Debt		 158 227 100 160 92 89 19 14 14 18
Other Short-Term Payables		 144 127 106 87 106 74 42 27 18 13
Long-Term Debt		 2,627 2,184 1,840 1,528 1,126 783 701 506 387 299
Other Long-Term Liabilities		 46 37 37 33 36 27 27 33 35 5.84
Commitments & Contingencies		 0.00 0.00 - - - - - - - -
Total Equity & Noncontrolling Interests		 5,511 5,200 4,630 3,419 2,526 1,692 1,238 911 686 454
Total Preferred & Common Equity		 5,510 5,199 4,629 3,418 2,524 1,689 1,236 909 683 451
Preferred Stock		 175 175 175 175 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 5,335 5,024 4,454 3,243 2,524 1,689 1,236 909 683 451
Common Stock		 5,766 5,354 4,659 3,396 2,652 1,753 1,278 936 712 483
Accumulated Other Comprehensive Income / (Loss)		 40 17 24 -5.50 -36 -6.49 1.42 1.38 -0.54 -3.13
Other Equity Adjustments		 -471 -346 -228 -147 -91 -57 -43 -29 -29 -28
Noncontrolling Interest		 0.62 0.94 1.39 1.63 1.76 2.23 2.41 2.53 2.53 2.50

Quarterly Balance Sheets for Agree Realty

This table presents Agree Realty's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2025 Q3 2024 Q2 2024 Q1 2024 Q3 2023 Q2 2023 Q1 2023 Q3 2022
Period end date 3/31/2025 9/30/2024 6/30/2024 3/31/2024 9/30/2023 6/30/2023 3/31/2023 9/30/2022
Total Assets		 8,801 8,184 8,001 7,869 7,647 7,272 6,986 6,556
Cash and Due from Banks		 7.92 13 9.64 6.31 6.38 8.07 12 250
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 7,697 7,128 6,953 6,821 6,614 6,274 6,012 5,391
Intangible Assets		 897 838 838 841 849 826 804 763
Other Assets		 199 205 201 200 177 164 159 151
Total Liabilities & Shareholders' Equity		 8,801 8,184 8,001 7,869 7,647 7,272 6,986 6,556
Total Liabilities		 3,156 2,890 2,838 2,689 2,402 2,294 2,189 2,007
Short-Term Debt		 322 49 43 330 49 303 196 0.00
Other Short-Term Payables		 158 169 132 138 132 112 116 107
Long-Term Debt		 2,628 2,627 2,626 2,184 2,183 1,841 1,840 1,863
Other Long-Term Liabilities		 47 45 37 37 37 38 36 37
Commitments & Contingencies		 0.00 - - - - - - -
Total Equity & Noncontrolling Interests		 5,645 5,295 5,163 5,179 5,245 4,978 4,798 4,549
Total Preferred & Common Equity		 5,644 5,294 5,162 5,179 5,244 4,977 4,797 4,547
Preferred Stock		 175 175 175 175 175 175 175 175
Total Common Equity		 5,469 5,119 4,987 5,004 5,069 4,802 4,622 4,372
Common Stock		 5,948 5,535 5,357 5,354 5,352 5,060 4,853 4,551
Accumulated Other Comprehensive Income / (Loss)		 29 18 31 27 33 26 23 24
Other Equity Adjustments		 -508 -434 -401 -378 -316 -284 -254 -203
Noncontrolling Interest		 0.47 0.67 0.82 0.88 1.11 1.21 1.30 1.53

Annual Metrics And Ratios for Agree Realty

This table displays calculated financial ratios and metrics derived from Agree Realty's official financial filings.

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 16.55% 23.94% 22.83% 38.08% 27.79% 46.43% 22.96% 21.84% 30.82% 30.63%
EBITDA Growth		 17.14% 20.42% 24.44% 43.93% 24.21% 48.51% 23.06% 26.26% 32.29% 43.42%
EBIT Growth		 18.81% 16.65% 14.62% 42.92% 16.38% 56.69% 15.95% 21.87% 28.79% 43.82%
NOPAT Growth		 18.47% 16.84% 14.56% 42.27% 15.98% 57.07% 15.55% 21.79% 28.41% 43.82%
Net Income Growth		 11.31% 11.44% 24.54% 33.60% 13.88% 37.36% 0.01% 28.37% 15.18% 110.24%
EPS Growth		 4.71% -7.10% 2.81% 2.30% -9.84% 8.43% -14.42% 5.58% -8.80% 74.19%
Operating Cash Flow Growth		 10.31% 8.14% 47.02% 72.30% 12.82% 35.88% 13.44% 33.15% 38.17% 27.84%
Free Cash Flow Firm Growth		 50.95% 36.78% -6.28% -12.00% -113.53% -7.78% -61.82% -6.52% -73.18% -53.74%
Invested Capital Growth		 9.00% 15.84% 28.66% 36.38% 46.05% 30.88% 36.91% 31.69% 40.99% 33.36%
Revenue Q/Q Growth		 2.52% 5.72% 5.68% 4.33% 5.35% 16.12% 8.80% 1.08% 7.20% 7.42%
EBITDA Q/Q Growth		 3.15% 4.50% 6.30% 5.06% 3.85% 17.88% 5.31% 5.53% 8.61% 6.66%
EBIT Q/Q Growth		 2.08% 4.81% 5.09% 2.43% 0.49% 23.45% 3.90% 4.43% 6.83% 7.78%
NOPAT Q/Q Growth		 1.98% 4.88% 5.05% 2.32% 0.54% 23.31% 3.53% 4.06% 6.51% 7.78%
Net Income Q/Q Growth		 -0.38% 3.06% 5.32% 8.42% 1.12% 13.18% -5.37% 6.84% 12.20% 5.87%
EPS Q/Q Growth		 -1.11% -0.58% 0.00% 1.14% -5.43% 9.04% -9.18% 0.97% 6.49% 1.89%
Operating Cash Flow Q/Q Growth		 -1.51% 1.25% 9.97% 3.46% 10.80% 7.80% 2.17% 15.64% 9.91% 1.56%
Free Cash Flow Firm Q/Q Growth		 -93.23% 4.46% 6.72% 7.78% -21.74% 23.37% -47.92% -18.81% -13.43% 15.64%
Invested Capital Q/Q Growth		 4.09% 1.78% 2.47% 4.89% 9.76% 5.99% 16.20% 9.41% 7.53% 5.70%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 87.30% 86.86% 89.41% 88.25% 84.66% 87.10% 85.88% 85.81% 82.81% 81.88%
EBIT Margin		 48.08% 47.17% 50.12% 53.71% 51.89% 56.97% 53.24% 56.46% 56.44% 57.33%
Profit (Net Income) Margin		 30.20% 31.62% 35.17% 34.68% 35.85% 40.22% 42.88% 52.72% 50.04% 56.83%
Tax Burden Percent		 62.81% 67.04% 70.17% 64.58% 69.08% 70.60% 80.54% 93.38% 88.65% 99.13%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 1.42% 1.14% 1.31% 1.26% 0.82% 0.47% 0.71% 0.36% 0.30% 0.00%
Return on Invested Capital (ROIC)		 3.75% 3.55% 3.69% 4.24% 4.19% 5.03% 4.28% 4.98% 5.55% 5.95%
ROIC Less NNEP Spread (ROIC-NNEP)		 -0.41% -0.17% 0.26% -0.23% 0.35% 0.88% 2.07% 4.13% 3.96% 5.82%
Return on Net Nonoperating Assets (RNNOA)		 -0.20% -0.08% 0.12% -0.11% 0.17% 0.48% 1.19% 2.38% 2.49% 3.87%
Return on Equity (ROE)		 3.54% 3.47% 3.80% 4.13% 4.36% 5.51% 5.47% 7.36% 8.04% 9.82%
Cash Return on Invested Capital (CROIC)		 -4.87% -11.13% -21.38% -26.54% -33.25% -21.72% -26.88% -22.37% -28.47% -22.64%
Operating Return on Assets (OROA)		 3.72% 3.51% 3.65% 4.18% 4.06% 4.88% 4.14% 4.78% 5.35% 5.80%
Return on Assets (ROA)		 2.33% 2.35% 2.56% 2.70% 2.81% 3.44% 3.34% 4.46% 4.74% 5.75%
Return on Common Equity (ROCE)		 3.43% 3.35% 3.64% 4.01% 4.36% 5.50% 5.46% 7.34% 8.01% 9.76%
Return on Equity Simple (ROE_SIMPLE)		 3.45% 3.28% 3.31% 3.60% 3.64% 4.78% 4.76% 6.47% 6.71% 8.81%
Net Operating Profit after Tax (NOPAT)		 298 251 215 188 132 114 72 63 52 40
NOPAT Margin		 47.40% 46.63% 49.46% 53.03% 51.47% 56.71% 52.87% 56.26% 56.28% 57.33%
Net Nonoperating Expense Percent (NNEP)		 4.16% 3.72% 3.43% 4.47% 3.83% 4.16% 2.21% 0.86% 1.59% 0.13%
SG&A Expenses to Revenue		 4.19% 4.63% 4.27% 3.95% 3.52% 3.36% 4.12% 3.24% 3.43% 3.39%
Operating Expenses to Revenue		 51.92% 52.83% 49.88% 46.29% 48.11% 43.03% 46.76% 43.54% 43.56% 42.67%
Earnings before Interest and Taxes (EBIT)		 302 254 218 190 133 114 73 63 52 40
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 549 468 389 313 217 175 118 96 76 57
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 1.36 1.20 1.28 1.37 1.25 1.45 1.32 1.27 1.19 1.00
Price to Tangible Book Value (P/TBV)		 1.63 1.44 1.56 1.73 1.54 1.83 1.70 1.61 1.50 1.21
Price to Revenue (P/Rev)		 11.56 11.16 13.12 12.52 12.33 12.24 11.87 10.33 8.91 6.47
Price to Earnings (P/E)		 39.99 37.05 39.38 36.93 34.62 30.69 27.99 19.82 18.07 11.59
Dividend Yield		 4.27% 4.87% 4.35% 4.10% 4.21% 3.94% 4.56% 5.14% 5.67% 7.70%
Earnings Yield		 2.50% 2.70% 2.54% 2.71% 2.89% 3.26% 3.57% 5.04% 5.54% 8.63%
Enterprise Value to Invested Capital (EV/IC)		 1.23 1.13 1.19 1.23 1.17 1.29 1.17 1.13 1.09 1.00
Enterprise Value to Revenue (EV/Rev)		 16.26 15.94 17.92 17.66 17.06 16.52 16.75 14.56 12.95 10.99
Enterprise Value to EBITDA (EV/EBITDA)		 18.63 18.35 20.04 20.01 20.15 18.96 19.51 16.96 15.64 13.42
Enterprise Value to EBIT (EV/EBIT)		 33.82 33.80 35.76 32.89 32.88 28.99 31.46 25.78 22.94 19.17
Enterprise Value to NOPAT (EV/NOPAT)		 34.31 34.19 36.23 33.31 33.15 29.13 31.69 25.88 23.01 19.17
Enterprise Value to Operating Cash Flow (EV/OCF)		 23.66 21.95 21.54 25.40 30.62 26.17 24.63 19.75 19.20 17.21
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.51 0.46 0.42 0.49 0.48 0.52 0.58 0.57 0.58 0.70
Long-Term Debt to Equity		 0.48 0.42 0.40 0.45 0.45 0.46 0.57 0.55 0.56 0.66
Financial Leverage		 0.49 0.44 0.45 0.49 0.50 0.54 0.58 0.58 0.63 0.67
Leverage Ratio		 1.52 1.47 1.48 1.53 1.55 1.60 1.64 1.65 1.70 1.71
Compound Leverage Factor		 1.52 1.47 1.48 1.53 1.55 1.60 1.64 1.65 1.70 1.71
Debt to Total Capital		 33.58% 31.68% 29.53% 33.05% 32.54% 34.02% 36.78% 36.31% 36.90% 41.13%
Short-Term Debt to Total Capital		 1.90% 2.98% 1.52% 3.13% 2.46% 3.47% 0.97% 0.98% 1.29% 2.34%
Long-Term Debt to Total Capital		 31.67% 28.69% 28.00% 29.91% 30.08% 30.55% 35.81% 35.34% 35.61% 38.80%
Preferred Equity to Total Capital		 2.11% 2.30% 2.66% 3.43% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.01% 0.01% 0.02% 0.03% 0.05% 0.09% 0.12% 0.18% 0.23% 0.32%
Common Equity to Total Capital		 64.31% 66.01% 67.79% 63.50% 67.42% 65.89% 63.10% 63.51% 62.86% 58.54%
Debt to EBITDA		 5.08 5.15 4.99 5.40 5.61 4.99 6.12 5.43 5.29 5.53
Net Debt to EBITDA		 5.06 5.12 4.92 5.26 5.58 4.90 5.66 4.90 4.85 5.49
Long-Term Debt to EBITDA		 4.79 4.66 4.73 4.89 5.19 4.48 5.96 5.28 5.11 5.22
Debt to NOPAT		 9.35 9.59 9.01 8.98 9.23 7.66 9.94 8.28 7.78 7.90
Net Debt to NOPAT		 9.33 9.54 8.88 8.75 9.18 7.52 9.19 7.47 7.14 7.83
Long-Term Debt to NOPAT		 8.82 8.68 8.55 8.13 8.53 6.88 9.68 8.06 7.51 7.45
Noncontrolling Interest Sharing Ratio		 3.28% 3.58% 4.39% 3.00% 0.09% 0.16% 0.23% 0.32% 0.44% 0.61%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -387 -789 -1,248 -1,175 -1,049 -491 -456 -282 -264 -153
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.08 0.07 0.07 0.08 0.08 0.09 0.08 0.08 0.09 0.10
Fixed Asset Turnover		 0.09 0.09 0.09 0.09 0.09 0.10 0.10 0.10 0.11 0.11
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 8,296 7,611 6,570 5,107 3,745 2,564 1,959 1,431 1,086 771
Invested Capital Turnover		 0.08 0.08 0.07 0.08 0.08 0.09 0.08 0.09 0.10 0.10
Increase / (Decrease) in Invested Capital		 685 1,041 1,463 1,362 1,181 605 528 344 316 193
Enterprise Value (EV)		 10,223 8,597 7,798 6,257 4,377 3,316 2,297 1,623 1,185 769
Market Capitalization		 7,268 6,022 5,710 4,436 3,163 2,457 1,628 1,152 815 452
Book Value per Share		 $51.54 $49.98 $50.29 $46.47 $45.59 $39.83 $35.85 $31.10 $28.38 $23.88
Tangible Book Value per Share		 $43.18 $41.49 $41.26 $36.84 $37.04 $31.73 $27.72 $24.42 $22.57 $19.83
Total Capital		 8,296 7,611 6,570 5,107 3,745 2,564 1,959 1,431 1,086 771
Total Debt		 2,785 2,411 1,940 1,688 1,218 872 720 520 401 317
Total Long-Term Debt		 2,627 2,184 1,840 1,528 1,126 783 701 506 387 299
Net Debt		 2,779 2,400 1,912 1,644 1,212 857 666 469 368 314
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 108 81 62 65 40 33 14 3.94 5.71 0.35
Net Nonoperating Obligations (NNO)		 2,785 2,411 1,940 1,688 1,218 872 720 520 401 317
Total Depreciation and Amortization (D&A)		 247 214 171 122 84 60 45 33 24 17
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.79 $1.70 $1.84 $1.79 $1.76 $1.96 $1.80 $2.09 $1.97 $2.17
Adjusted Weighted Average Basic Shares Outstanding		 101.10M 95.19M 78.66M 66.80M 51.84M 40.58M 32.07M 27.63M 22.87M 18.00M
Adjusted Diluted Earnings per Share		 $1.78 $1.70 $1.83 $1.78 $1.74 $1.93 $1.78 $2.08 $1.97 $2.16
Adjusted Weighted Average Diluted Shares Outstanding		 101.88M 95.44M 79.16M 67.14M 52.40M 41.22M 32.40M 27.70M 22.96M 18.07M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 107.25M 100.52M 90.17M 71.29M 63.47M 45.57M 37.54M 30.99M 26.15M 20.70M
Normalized Net Operating Profit after Tax (NOPAT)		 305 259 216 190 136 115 75 63 52 28
Normalized NOPAT Margin		 48.53% 47.94% 49.69% 53.57% 53.06% 57.50% 54.54% 56.26% 56.28% 40.13%
Pre Tax Income Margin		 48.08% 47.17% 50.12% 53.71% 51.89% 56.97% 53.24% 56.46% 56.44% 57.33%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 163.85% 167.18% 148.82% 159.37% 126.25% 111.76% 115.03% 93.80% 91.84% 82.97%
Augmented Payout Ratio		 165.05% 168.75% 150.07% 160.84% 128.03% 113.50% 116.98% 95.69% 93.39% 82.97%

Quarterly Metrics And Ratios for Agree Realty

This table displays calculated financial ratios and metrics derived from Agree Realty's official financial filings.

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 12.13% 10.59% 14.17% 22.66% 19.69% 25.03% 20.99% 24.14% 25.80% 25.09% 24.24%
EBITDA Growth		 12.58% 13.41% 15.19% 24.43% 15.92% 19.23% 16.03% 22.24% 24.95% 28.15% 24.23%
EBIT Growth		 11.63% 8.90% 18.02% 33.00% 16.51% 20.32% 10.05% 17.75% 18.78% 22.50% 13.98%
NOPAT Growth		 12.29% 8.46% 17.64% 32.90% 16.11% 20.61% 10.20% 17.97% 18.92% 22.30% 13.42%
Net Income Growth		 4.74% -1.57% 6.89% 33.89% 7.76% 12.33% 5.26% 13.52% 15.11% 23.21% 7.46%
EPS Growth		 -2.33% -4.65% 2.44% 23.81% -2.27% -2.27% -10.87% -6.67% -8.33% 0.00% -11.54%
Operating Cash Flow Growth		 27.74% -6.75% 27.85% 8.29% 9.53% 5.19% -7.57% 1.06% 53.21% 54.40% 74.73%
Free Cash Flow Firm Growth		 -4.16% 37.18% 58.24% 45.25% 36.82% 30.89% 32.49% 5.30% 4.45% -6.89% -5.61%
Invested Capital Growth		 11.71% 9.00% 6.59% 9.97% 12.58% 15.84% 16.62% 20.46% 23.73% 28.66% 31.69%
Revenue Q/Q Growth		 5.46% 3.18% -2.22% 5.40% 4.00% 6.52% 5.05% 2.84% 8.64% 3.08% 7.79%
EBITDA Q/Q Growth		 1.92% 4.24% -4.16% 10.57% 2.67% 5.88% 3.53% 3.00% 5.60% 3.04% 9.07%
EBIT Q/Q Growth		 4.46% 1.20% -9.18% 16.27% 1.91% 9.67% 2.35% 1.85% 5.24% 0.31% 9.50%
NOPAT Q/Q Growth		 4.86% 1.22% -9.38% 16.75% 1.29% 9.78% 2.37% 2.00% 5.21% 0.31% 9.59%
Net Income Q/Q Growth		 3.90% 1.91% -18.91% 21.99% -2.36% 10.67% 1.57% -1.82% 1.79% 3.69% 9.54%
EPS Q/Q Growth		 2.44% -2.38% -19.23% 20.93% 0.00% 4.88% -2.38% -4.55% 0.00% -4.35% 2.22%
Operating Cash Flow Q/Q Growth		 38.58% -34.93% 44.83% -5.98% 5.24% -10.79% 22.67% -4.90% 1.07% -21.61% 34.12%
Free Cash Flow Firm Q/Q Growth		 -34.79% -45.73% 33.37% 20.41% 18.71% 3.12% 12.65% 8.16% 11.07% 5.36% -22.52%
Invested Capital Q/Q Growth		 3.60% 4.09% 1.77% 1.79% 1.09% 1.78% 5.00% 4.21% 4.02% 2.47% 8.45%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 85.15% 88.10% 87.20% 88.96% 84.81% 85.91% 86.43% 87.70% 87.57% 90.09% 90.12%
EBIT Margin		 46.31% 46.75% 47.66% 51.32% 46.52% 47.47% 46.11% 47.33% 47.79% 49.33% 50.69%
Profit (Net Income) Margin		 27.75% 28.16% 28.51% 34.38% 29.70% 31.64% 30.45% 31.50% 32.99% 35.21% 35.00%
Tax Burden Percent		 59.91% 60.23% 59.81% 66.99% 63.85% 66.64% 66.04% 66.55% 69.04% 71.38% 69.05%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 1.05% 1.43% 1.45% 1.22% 1.63% 1.02% 1.12% 1.15% 1.29% 1.26% 1.26%
Return on Invested Capital (ROIC)		 3.64% 3.64% 3.73% 4.03% 3.55% 3.57% 3.35% 3.49% 3.52% 3.63% 3.65%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.52% 2.53% 2.55% 2.94% 2.49% 2.55% 2.34% 2.52% 2.60% 2.76% 2.65%
Return on Net Nonoperating Assets (RNNOA)		 1.27% 1.23% 1.19% 1.40% 1.13% 1.13% 0.98% 1.15% 1.19% 1.25% 1.14%
Return on Equity (ROE)		 4.91% 4.87% 4.92% 5.42% 4.69% 4.70% 4.33% 4.64% 4.71% 4.88% 4.79%
Cash Return on Invested Capital (CROIC)		 -7.30% -4.87% -2.59% -5.74% -8.24% -11.13% -11.89% -14.97% -17.57% -21.38% -23.72%
Operating Return on Assets (OROA)		 3.59% 3.61% 3.69% 3.99% 3.53% 3.53% 3.31% 3.46% 3.49% 3.60% 3.61%
Return on Assets (ROA)		 2.15% 2.18% 2.21% 2.67% 2.26% 2.36% 2.19% 2.30% 2.41% 2.57% 2.50%
Return on Common Equity (ROCE)		 4.75% 4.71% 4.75% 5.23% 4.52% 4.53% 4.17% 4.46% 4.51% 4.66% 4.58%
Return on Equity Simple (ROE_SIMPLE)		 3.40% 0.00% 3.60% 3.64% 3.36% 0.00% 3.16% 3.28% 3.30% 0.00% 3.20%
Net Operating Profit after Tax (NOPAT)		 78 74 73 81 69 68 62 61 60 57 57
NOPAT Margin		 45.82% 46.08% 46.97% 50.69% 45.76% 46.99% 45.59% 46.78% 47.17% 48.71% 50.05%
Net Nonoperating Expense Percent (NNEP)		 1.12% 1.11% 1.18% 1.08% 1.07% 1.03% 1.01% 0.98% 0.92% 0.87% 1.00%
SG&A Expenses to Revenue		 4.93% 4.02% 3.85% 4.06% 4.87% 4.69% 4.03% 4.47% 5.36% 4.30% 4.03%
Operating Expenses to Revenue		 53.69% 53.25% 52.34% 48.68% 53.48% 52.53% 53.89% 52.67% 52.21% 50.67% 49.31%
Earnings before Interest and Taxes (EBIT)		 79 75 74 82 70 69 63 62 61 57 57
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 145 142 136 142 129 125 118 114 111 105 102
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.51 1.36 1.48 1.25 1.13 1.20 1.00 1.20 1.25 1.28 1.13
Price to Tangible Book Value (P/TBV)		 1.81 1.63 1.77 1.50 1.36 1.44 1.20 1.45 1.52 1.56 1.37
Price to Revenue (P/Rev)		 12.80 11.56 12.36 10.46 10.01 11.16 9.93 11.87 12.57 13.12 12.03
Price to Earnings (P/E)		 45.02 39.99 41.54 34.57 34.08 37.05 32.17 37.16 38.52 39.38 36.09
Dividend Yield		 3.91% 4.27% 3.96% 4.80% 5.23% 4.87% 5.51% 4.63% 4.42% 4.35% 4.46%
Earnings Yield		 2.22% 2.50% 2.41% 2.89% 2.93% 2.70% 3.11% 2.69% 2.60% 2.54% 2.77%
Enterprise Value to Invested Capital (EV/IC)		 1.33 1.23 1.31 1.15 1.08 1.13 1.00 1.14 1.17 1.19 1.05
Enterprise Value to Revenue (EV/Rev)		 17.61 16.26 16.99 15.23 14.77 15.94 14.64 16.63 17.35 17.92 16.37
Enterprise Value to EBITDA (EV/EBITDA)		 20.17 18.63 19.58 17.60 17.14 18.35 16.66 18.72 19.45 20.04 18.42
Enterprise Value to EBIT (EV/EBIT)		 36.71 33.82 35.19 31.77 31.52 33.80 30.77 34.13 35.14 35.76 32.49
Enterprise Value to NOPAT (EV/NOPAT)		 37.19 34.31 35.66 32.17 31.92 34.19 31.14 34.56 35.59 36.23 32.91
Enterprise Value to Operating Cash Flow (EV/OCF)		 24.80 23.66 23.75 22.17 20.80 21.95 19.31 20.43 20.26 21.54 20.47
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.52 0.51 0.51 0.52 0.49 0.46 0.43 0.43 0.42 0.42 0.41
Long-Term Debt to Equity		 0.47 0.48 0.50 0.51 0.42 0.42 0.42 0.37 0.38 0.40 0.41
Financial Leverage		 0.50 0.49 0.47 0.47 0.46 0.44 0.42 0.46 0.46 0.45 0.43
Leverage Ratio		 1.54 1.52 1.50 1.51 1.49 1.47 1.45 1.49 1.49 1.48 1.46
Compound Leverage Factor		 1.54 1.52 1.50 1.51 1.49 1.47 1.45 1.49 1.49 1.48 1.46
Debt to Total Capital		 34.32% 33.58% 33.57% 34.08% 32.68% 31.68% 29.85% 30.10% 29.80% 29.53% 29.06%
Short-Term Debt to Total Capital		 3.75% 1.90% 0.61% 0.55% 4.29% 2.98% 0.66% 4.25% 2.87% 1.52% 0.00%
Long-Term Debt to Total Capital		 30.58% 31.67% 32.96% 33.53% 28.39% 28.69% 29.20% 25.85% 26.93% 28.00% 29.06%
Preferred Equity to Total Capital		 2.04% 2.11% 2.20% 2.23% 2.27% 2.30% 2.34% 2.46% 2.56% 2.66% 2.73%
Noncontrolling Interests to Total Capital		 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.02% 0.02% 0.02% 0.02%
Common Equity to Total Capital		 63.64% 64.31% 64.23% 63.68% 65.03% 66.01% 67.79% 67.42% 67.62% 67.79% 68.19%
Debt to EBITDA		 5.22 5.08 5.03 5.19 5.17 5.15 4.98 4.96 4.95 4.99 5.09
Net Debt to EBITDA		 5.21 5.06 5.00 5.17 5.16 5.12 4.97 4.94 4.92 4.92 4.41
Long-Term Debt to EBITDA		 4.65 4.79 4.94 5.11 4.49 4.66 4.87 4.26 4.48 4.73 5.09
Debt to NOPAT		 9.63 9.35 9.16 9.49 9.63 9.59 9.31 9.16 9.06 9.01 9.09
Net Debt to NOPAT		 9.60 9.33 9.11 9.46 9.61 9.54 9.28 9.13 9.01 8.88 7.87
Long-Term Debt to NOPAT		 8.58 8.82 8.99 9.34 8.37 8.68 9.11 7.87 8.19 8.55 9.09
Noncontrolling Interest Sharing Ratio		 3.25% 3.28% 3.34% 3.47% 3.53% 3.58% 3.60% 3.94% 4.17% 4.39% 4.48%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -823 -611 -419 -629 -790 -972 -1,003 -1,149 -1,251 -1,407 -1,486
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.08 0.08 0.08 0.08 0.08 0.07 0.07 0.07 0.07 0.07 0.07
Fixed Asset Turnover		 0.09 0.09 0.09 0.09 0.09 0.09 0.09 0.09 0.09 0.09 0.09
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 8,595 8,296 7,970 7,832 7,694 7,611 7,478 7,122 6,834 6,570 6,412
Invested Capital Turnover		 0.08 0.08 0.08 0.08 0.08 0.08 0.07 0.07 0.07 0.07 0.07
Increase / (Decrease) in Invested Capital		 901 685 492 710 860 1,041 1,066 1,210 1,311 1,463 1,543
Enterprise Value (EV)		 11,396 10,223 10,418 9,045 8,334 8,597 7,468 8,087 7,999 7,798 6,742
Market Capitalization		 8,279 7,268 7,580 6,210 5,650 6,022 5,066 5,775 5,798 5,710 4,953
Book Value per Share		 $51.00 $51.54 $50.87 $49.56 $49.89 $49.98 $52.66 $51.52 $51.25 $50.29 $54.77
Tangible Book Value per Share		 $42.63 $43.18 $42.55 $41.23 $41.51 $41.49 $43.84 $42.66 $42.34 $41.26 $45.20
Total Capital		 8,595 8,296 7,970 7,832 7,694 7,611 7,478 7,122 6,834 6,570 6,412
Total Debt		 2,950 2,785 2,676 2,669 2,514 2,411 2,232 2,144 2,036 1,940 1,863
Total Long-Term Debt		 2,628 2,627 2,627 2,626 2,184 2,184 2,183 1,841 1,840 1,840 1,863
Net Debt		 2,942 2,779 2,662 2,659 2,508 2,400 2,226 2,136 2,025 1,912 1,613
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 31 29 29 26 24 22 21 20 18 16 17
Net Nonoperating Obligations (NNO)		 2,950 2,785 2,676 2,669 2,514 2,411 2,232 2,144 2,036 1,940 1,863
Total Depreciation and Amortization (D&A)		 66 67 62 60 58 56 55 53 50 48 45
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.42 $0.41 $0.42 $0.53 $0.43 $0.43 $0.41 $0.42 $0.44 $0.44 $0.47
Adjusted Weighted Average Basic Shares Outstanding		 107.05M 101.10M 100.38M 100.35M 100.28M 95.19M 97.26M 93.05M 90.03M 78.66M 79.70M
Adjusted Diluted Earnings per Share		 $0.42 $0.41 $0.42 $0.52 $0.43 $0.43 $0.41 $0.42 $0.44 $0.44 $0.46
Adjusted Weighted Average Diluted Shares Outstanding		 107.55M 101.88M 101.72M 100.45M 100.34M 95.44M 97.35M 93.13M 90.55M 79.16M 80.59M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 110.02M 107.25M 103.52M 100.62M 100.63M 100.52M 100.52M 96.27M 93.20M 90.17M 88.57M
Normalized Net Operating Profit after Tax (NOPAT)		 82 74 76 81 74 71 66 62 60 57 57
Normalized NOPAT Margin		 48.35% 46.08% 48.67% 50.69% 48.70% 48.80% 47.90% 47.78% 47.17% 48.71% 50.05%
Pre Tax Income Margin		 46.31% 46.75% 47.66% 51.32% 46.52% 47.47% 46.11% 47.33% 47.79% 49.33% 50.69%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 165.76% 163.85% 161.03% 160.84% 170.60% 167.18% 165.74% 159.01% 152.86% 148.82% 145.44%
Augmented Payout Ratio		 167.71% 165.05% 162.23% 162.04% 171.90% 168.75% 167.37% 160.67% 154.61% 150.07% 146.75%

Frequently Asked Questions About Agree Realty's Financials

When does Agree Realty's fiscal year end?

According to the most recent income statement we have on file, Agree Realty's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Agree Realty's net income changed over the last 9 years?

Agree Realty's net income appears to be on an upward trend, with a most recent value of $189.83 million in 2024, rising from $39.76 million in 2015. The previous period was $170.55 million in 2023. View Agree Realty's forecast to see where analysts expect Agree Realty to go next.

How has Agree Realty revenue changed over the last 9 years?

Over the last 9 years, Agree Realty's total revenue changed from $69.97 million in 2015 to $628.60 million in 2024, a change of 798.4%.

How much debt does Agree Realty have?

Agree Realty's total liabilities were at $2.98 billion at the end of 2024, a 15.6% increase from 2023, and a 784.9% increase since 2015.

How much cash does Agree Realty have?

In the past 9 years, Agree Realty's cash and equivalents has ranged from $2.71 million in 2015 to $53.96 million in 2018, and is currently $6.40 million as of their latest financial filing in 2024.

How has Agree Realty's book value per share changed over the last 9 years?

Over the last 9 years, Agree Realty's book value per share changed from 23.88 in 2015 to 51.54 in 2024, a change of 115.8%.


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This page (NYSE:ADC) was last updated on 5/29/2025 by MarketBeat.com Staff
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