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.
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 |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Net Income / (Loss) Attributable to Common Shareholders |
|
38 |
39 |
40 |
39 |
40 |
44 |
43 |
53 |
43 |
43 |
45 |
Consolidated Net Income / (Loss) |
|
40 |
41 |
42 |
41 |
42 |
46 |
45 |
55 |
45 |
45 |
47 |
Net Income / (Loss) Continuing Operations |
|
40 |
41 |
42 |
41 |
42 |
46 |
45 |
55 |
45 |
45 |
47 |
Total Pre-Tax Income |
|
57 |
57 |
61 |
62 |
63 |
69 |
70 |
82 |
74 |
75 |
79 |
Total Revenue |
|
113 |
117 |
127 |
130 |
137 |
146 |
152 |
160 |
156 |
161 |
170 |
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 |
|
113 |
117 |
127 |
130 |
137 |
146 |
152 |
160 |
156 |
161 |
170 |
Net Realized & Unrealized Capital Gains on Investments |
|
3.00 |
0.01 |
0.00 |
0.32 |
-0.02 |
1.55 |
2.10 |
7.16 |
1.85 |
0.41 |
0.77 |
Other Non-Interest Income |
|
110 |
117 |
127 |
130 |
137 |
144 |
149 |
153 |
154 |
161 |
169 |
Total Non-Interest Expense |
|
56 |
59 |
66 |
69 |
74 |
77 |
81 |
78 |
82 |
86 |
91 |
Net Occupancy & Equipment Expense |
|
4.56 |
5.01 |
6.78 |
5.82 |
5.52 |
6.84 |
7.37 |
6.49 |
6.02 |
6.47 |
8.38 |
Other Operating Expenses |
|
16 |
16 |
19 |
19 |
19 |
20 |
21 |
21 |
22 |
23 |
23 |
Depreciation Expense |
|
35 |
38 |
41 |
43 |
46 |
47 |
48 |
50 |
52 |
57 |
56 |
Impairment Charge |
|
0.00 |
- |
0.00 |
1.32 |
3.20 |
2.67 |
4.53 |
0.00 |
2.69 |
- |
4.33 |
Income Tax Expense |
|
0.72 |
0.72 |
0.78 |
0.71 |
0.71 |
0.71 |
1.15 |
1.00 |
1.08 |
1.08 |
0.83 |
Other Gains / (Losses), net |
|
-17 |
-16 |
-18 |
-20 |
-21 |
-22 |
-24 |
-26 |
-29 |
-29 |
-31 |
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 |
0.11 |
0.16 |
0.15 |
0.14 |
0.15 |
0.16 |
0.19 |
0.15 |
0.14 |
0.15 |
Basic Earnings per Share |
|
$0.47 |
$0.44 |
$0.44 |
$0.42 |
$0.41 |
$0.43 |
$0.43 |
$0.53 |
$0.42 |
$0.41 |
$0.42 |
Weighted Average Basic Shares Outstanding |
|
79.70M |
78.66M |
90.03M |
93.05M |
97.26M |
95.19M |
100.28M |
100.35M |
100.38M |
101.10M |
107.05M |
Diluted Earnings per Share |
|
$0.46 |
$0.44 |
$0.44 |
$0.42 |
$0.41 |
$0.43 |
$0.43 |
$0.52 |
$0.42 |
$0.41 |
$0.42 |
Weighted Average Diluted Shares Outstanding |
|
80.59M |
79.16M |
90.55M |
93.13M |
97.35M |
95.44M |
100.34M |
100.45M |
101.72M |
101.88M |
107.55M |
Weighted Average Basic & Diluted Shares Outstanding |
|
88.57M |
90.17M |
93.20M |
96.27M |
100.52M |
100.52M |
100.63M |
100.62M |
103.52M |
107.25M |
110.02M |
Cash Dividends to Common per Share |
|
- |
- |
- |
$0.73 |
$0.73 |
- |
- |
$0.75 |
$0.75 |
- |
$0.76 |
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 |
|
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Net Change in Cash & Equivalents |
|
-2.69 |
31 |
25 |
-4.81 |
-12 |
-34 |
37 |
-16 |
-14 |
-8.13 |
Net Cash From Operating Activities |
|
45 |
62 |
82 |
93 |
127 |
143 |
246 |
362 |
392 |
432 |
Net Cash From Continuing Operating Activities |
|
45 |
62 |
82 |
93 |
127 |
143 |
246 |
362 |
392 |
432 |
Net Income / (Loss) Continuing Operations |
|
40 |
46 |
59 |
59 |
81 |
92 |
123 |
153 |
171 |
190 |
Consolidated Net Income / (Loss) |
|
40 |
46 |
59 |
59 |
81 |
92 |
123 |
153 |
171 |
190 |
Depreciation Expense |
|
12 |
15 |
27 |
33 |
46 |
67 |
96 |
134 |
176 |
207 |
Amortization Expense |
|
5.65 |
8.85 |
6.07 |
12 |
15 |
17 |
27 |
37 |
38 |
40 |
Non-Cash Adjustments to Reconcile Net Income |
|
-9.96 |
-7.37 |
-12 |
-8.23 |
-8.54 |
-34 |
-2.08 |
17 |
1.52 |
-1.84 |
Changes in Operating Assets and Liabilities, net |
|
-2.30 |
-0.82 |
2.48 |
-4.39 |
-7.62 |
-3.45 |
3.15 |
21 |
5.42 |
-2.57 |
Net Cash From Investing Activities |
|
-203 |
-298 |
-319 |
-568 |
-668 |
-1,300 |
-1,387 |
-1,616 |
-1,275 |
-885 |
Net Cash From Continuing Investing Activities |
|
-203 |
-298 |
-319 |
-568 |
-668 |
-1,300 |
-1,387 |
-1,616 |
-1,275 |
-885 |
Purchase of Investment Securities |
|
-231 |
-326 |
-363 |
-634 |
-733 |
-1,348 |
-1,443 |
-1,661 |
-1,289 |
-980 |
Sale and/or Maturity of Investments |
|
28 |
29 |
44 |
66 |
65 |
48 |
56 |
45 |
14 |
94 |
Net Cash From Financing Activities |
|
155 |
267 |
262 |
470 |
529 |
1,123 |
1,178 |
1,238 |
869 |
445 |
Net Cash From Continuing Financing Activities |
|
155 |
267 |
262 |
470 |
529 |
1,123 |
1,178 |
1,238 |
869 |
445 |
Issuance of Debt |
|
261 |
372 |
100 |
230 |
195 |
1,093 |
1,235 |
1,333 |
1,581 |
1,517 |
Issuance of Common Equity |
|
92 |
228 |
223 |
340 |
473 |
896 |
745 |
1,258 |
690 |
403 |
Repayment of Debt |
|
-163 |
-288 |
-3.15 |
-28 |
-43 |
-744 |
-767 |
-1,119 |
-1,110 |
-1,148 |
Repurchase of Common Equity |
|
0.00 |
-0.71 |
-1.11 |
-1.15 |
-1.41 |
-1.64 |
-1.81 |
-1.91 |
-2.68 |
-2.28 |
Payment of Dividends |
|
-33 |
-42 |
-55 |
-68 |
-90 |
-116 |
-196 |
-228 |
-285 |
-311 |
Other Financing Activities, Net |
|
-1.53 |
-3.21 |
-1.00 |
-2.56 |
-4.14 |
-4.74 |
-7.75 |
-3.68 |
-4.56 |
-13 |
Cash Interest Paid |
|
12 |
14 |
17 |
23 |
30 |
38 |
56 |
59 |
87 |
124 |
Cash Income Taxes Paid |
|
0.16 |
0.15 |
0.26 |
0.45 |
0.67 |
1.15 |
1.82 |
2.40 |
3.07 |
3.71 |
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 |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Net Change in Cash & Equivalents |
|
224 |
-223 |
-16 |
-0.69 |
-5.86 |
8.14 |
0.91 |
8.82 |
-11 |
-6.84 |
4.77 |
Net Cash From Operating Activities |
|
119 |
93 |
94 |
90 |
110 |
98 |
103 |
97 |
140 |
91 |
127 |
Net Cash From Continuing Operating Activities |
|
119 |
93 |
94 |
90 |
110 |
98 |
103 |
97 |
140 |
91 |
127 |
Net Income / (Loss) Continuing Operations |
|
40 |
41 |
42 |
41 |
42 |
46 |
45 |
55 |
45 |
45 |
47 |
Consolidated Net Income / (Loss) |
|
40 |
41 |
42 |
41 |
42 |
46 |
45 |
55 |
45 |
45 |
47 |
Depreciation Expense |
|
35 |
38 |
41 |
43 |
46 |
47 |
48 |
50 |
52 |
57 |
56 |
Amortization Expense |
|
9.43 |
9.60 |
9.72 |
9.82 |
9.54 |
8.75 |
9.56 |
9.68 |
10 |
10 |
10 |
Non-Cash Adjustments to Reconcile Net Income |
|
24 |
-1.19 |
-1.21 |
-1.25 |
-0.60 |
4.58 |
-2.52 |
-7.86 |
1.95 |
6.59 |
2.68 |
Changes in Operating Assets and Liabilities, net |
|
11 |
6.83 |
3.24 |
-4.10 |
10 |
-4.17 |
-1.91 |
-10 |
30 |
-20 |
11 |
Net Cash From Investing Activities |
|
-362 |
-432 |
-331 |
-332 |
-420 |
-191 |
-126 |
-164 |
-247 |
-348 |
-381 |
Net Cash From Continuing Investing Activities |
|
-362 |
-432 |
-331 |
-332 |
-420 |
-191 |
-126 |
-164 |
-247 |
-348 |
-381 |
Purchase of Investment Securities |
|
-382 |
-433 |
-331 |
-335 |
-421 |
-202 |
-147 |
-200 |
-254 |
-379 |
-360 |
Sale and/or Maturity of Investments |
|
20 |
0.99 |
0.00 |
3.07 |
0.20 |
11 |
21 |
36 |
6.89 |
31 |
2.38 |
Other Investing Activities, net |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
-23 |
Net Cash From Financing Activities |
|
468 |
117 |
221 |
242 |
305 |
101 |
24 |
76 |
95 |
250 |
259 |
Net Cash From Continuing Financing Activities |
|
468 |
117 |
223 |
240 |
305 |
101 |
24 |
76 |
95 |
250 |
259 |
Issuance of Debt |
|
543 |
110 |
385 |
251 |
719 |
226 |
200 |
570 |
273 |
474 |
474 |
Issuance of Common Equity |
|
601 |
106 |
195 |
205 |
290 |
-0.09 |
0.00 |
- |
175 |
228 |
183 |
Repayment of Debt |
|
-615 |
-34 |
-289 |
-144 |
-628 |
-48 |
-97 |
-412 |
-267 |
-371 |
-310 |
Repurchase of Common Equity |
|
-0.07 |
-0.03 |
-2.61 |
-0.01 |
-0.06 |
-0.01 |
-2.18 |
-0.01 |
-0.07 |
-0.02 |
-3.65 |
Payment of Dividends |
|
-58 |
-65 |
-65 |
-72 |
-72 |
-76 |
-77 |
-77 |
-77 |
-80 |
-84 |
Other Financing Activities, Net |
|
-2.87 |
-0.31 |
-0.28 |
-0.08 |
-3.89 |
-0.30 |
-0.29 |
-4.33 |
-8.13 |
-0.24 |
-0.50 |
Cash Interest Paid |
|
17 |
13 |
7.04 |
40 |
0.78 |
40 |
12 |
44 |
6.52 |
61 |
12 |
Cash Income Taxes Paid |
|
0.04 |
0.02 |
0.28 |
2.74 |
0.03 |
0.02 |
2.69 |
1.41 |
-0.40 |
0.02 |
0.76 |
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 |
|
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Total Assets |
|
790 |
1,142 |
1,495 |
2,028 |
2,665 |
3,886 |
5,227 |
6,713 |
7,775 |
8,486 |
Cash and Due from Banks |
|
2.71 |
33 |
51 |
54 |
16 |
6.14 |
43 |
28 |
11 |
6.40 |
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 |
|
699 |
950 |
1,214 |
1,661 |
2,219 |
3,304 |
4,367 |
5,741 |
6,743 |
7,418 |
Intangible Assets |
|
77 |
140 |
195 |
280 |
344 |
474 |
672 |
799 |
854 |
865 |
Other Assets |
|
9.99 |
16 |
32 |
33 |
87 |
102 |
145 |
145 |
167 |
197 |
Total Liabilities & Shareholders' Equity |
|
790 |
1,142 |
1,495 |
2,028 |
2,665 |
3,886 |
5,227 |
6,713 |
7,775 |
8,486 |
Total Liabilities |
|
336 |
456 |
583 |
790 |
973 |
1,360 |
1,808 |
2,083 |
2,575 |
2,976 |
Short-Term Debt |
|
18 |
14 |
14 |
19 |
89 |
92 |
160 |
100 |
227 |
158 |
Other Short-Term Payables |
|
13 |
18 |
27 |
42 |
74 |
106 |
87 |
106 |
127 |
144 |
Long-Term Debt |
|
299 |
387 |
506 |
701 |
783 |
1,126 |
1,528 |
1,840 |
2,184 |
2,627 |
Other Long-Term Liabilities |
|
5.84 |
35 |
33 |
27 |
27 |
36 |
33 |
37 |
37 |
46 |
Commitments & Contingencies |
|
- |
- |
- |
- |
- |
- |
- |
- |
0.00 |
0.00 |
Total Equity & Noncontrolling Interests |
|
454 |
686 |
911 |
1,238 |
1,692 |
2,526 |
3,419 |
4,630 |
5,200 |
5,511 |
Total Preferred & Common Equity |
|
451 |
683 |
909 |
1,236 |
1,689 |
2,524 |
3,418 |
4,629 |
5,199 |
5,510 |
Preferred Stock |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
175 |
175 |
175 |
175 |
Total Common Equity |
|
451 |
683 |
909 |
1,236 |
1,689 |
2,524 |
3,243 |
4,454 |
5,024 |
5,335 |
Common Stock |
|
483 |
712 |
936 |
1,278 |
1,753 |
2,652 |
3,396 |
4,659 |
5,354 |
5,766 |
Accumulated Other Comprehensive Income / (Loss) |
|
-3.13 |
-0.54 |
1.38 |
1.42 |
-6.49 |
-36 |
-5.50 |
24 |
17 |
40 |
Other Equity Adjustments |
|
-28 |
-29 |
-29 |
-43 |
-57 |
-91 |
-147 |
-228 |
-346 |
-471 |
Noncontrolling Interest |
|
2.50 |
2.53 |
2.53 |
2.41 |
2.23 |
1.76 |
1.63 |
1.39 |
0.94 |
0.62 |
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 |
|
Q3 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q1 2025 |
Total Assets |
|
6,556 |
6,986 |
7,272 |
7,647 |
7,869 |
8,001 |
8,184 |
8,801 |
Cash and Due from Banks |
|
250 |
12 |
8.07 |
6.38 |
6.31 |
9.64 |
13 |
7.92 |
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 |
|
5,391 |
6,012 |
6,274 |
6,614 |
6,821 |
6,953 |
7,128 |
7,697 |
Intangible Assets |
|
763 |
804 |
826 |
849 |
841 |
838 |
838 |
897 |
Other Assets |
|
151 |
159 |
164 |
177 |
200 |
201 |
205 |
199 |
Total Liabilities & Shareholders' Equity |
|
6,556 |
6,986 |
7,272 |
7,647 |
7,869 |
8,001 |
8,184 |
8,801 |
Total Liabilities |
|
2,007 |
2,189 |
2,294 |
2,402 |
2,689 |
2,838 |
2,890 |
3,156 |
Short-Term Debt |
|
0.00 |
196 |
303 |
49 |
330 |
43 |
49 |
322 |
Other Short-Term Payables |
|
107 |
116 |
112 |
132 |
138 |
132 |
169 |
158 |
Long-Term Debt |
|
1,863 |
1,840 |
1,841 |
2,183 |
2,184 |
2,626 |
2,627 |
2,628 |
Other Long-Term Liabilities |
|
37 |
36 |
38 |
37 |
37 |
37 |
45 |
47 |
Commitments & Contingencies |
|
- |
- |
- |
- |
- |
- |
- |
0.00 |
Total Equity & Noncontrolling Interests |
|
4,549 |
4,798 |
4,978 |
5,245 |
5,179 |
5,163 |
5,295 |
5,645 |
Total Preferred & Common Equity |
|
4,547 |
4,797 |
4,977 |
5,244 |
5,179 |
5,162 |
5,294 |
5,644 |
Preferred Stock |
|
175 |
175 |
175 |
175 |
175 |
175 |
175 |
175 |
Total Common Equity |
|
4,372 |
4,622 |
4,802 |
5,069 |
5,004 |
4,987 |
5,119 |
5,469 |
Common Stock |
|
4,551 |
4,853 |
5,060 |
5,352 |
5,354 |
5,357 |
5,535 |
5,948 |
Accumulated Other Comprehensive Income / (Loss) |
|
24 |
23 |
26 |
33 |
27 |
31 |
18 |
29 |
Other Equity Adjustments |
|
-203 |
-254 |
-284 |
-316 |
-378 |
-401 |
-434 |
-508 |
Noncontrolling Interest |
|
1.53 |
1.30 |
1.21 |
1.11 |
0.88 |
0.82 |
0.67 |
0.47 |
Annual Metrics And Ratios for Agree Realty
This table displays calculated financial ratios and metrics derived from Agree Realty's official financial filings.
Metric |
|
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
30.63% |
30.82% |
21.84% |
22.96% |
46.43% |
27.79% |
38.08% |
22.83% |
23.94% |
16.55% |
EBITDA Growth |
|
43.42% |
32.29% |
26.26% |
23.06% |
48.51% |
24.21% |
43.93% |
24.44% |
20.42% |
17.14% |
EBIT Growth |
|
43.82% |
28.79% |
21.87% |
15.95% |
56.69% |
16.38% |
42.92% |
14.62% |
16.65% |
18.81% |
NOPAT Growth |
|
43.82% |
28.41% |
21.79% |
15.55% |
57.07% |
15.98% |
42.27% |
14.56% |
16.84% |
18.47% |
Net Income Growth |
|
110.24% |
15.18% |
28.37% |
0.01% |
37.36% |
13.88% |
33.60% |
24.54% |
11.44% |
11.31% |
EPS Growth |
|
74.19% |
-8.80% |
5.58% |
-14.42% |
8.43% |
-9.84% |
2.30% |
2.81% |
-7.10% |
4.71% |
Operating Cash Flow Growth |
|
27.84% |
38.17% |
33.15% |
13.44% |
35.88% |
12.82% |
72.30% |
47.02% |
8.14% |
10.31% |
Free Cash Flow Firm Growth |
|
-53.74% |
-73.18% |
-6.52% |
-61.82% |
-7.78% |
-113.53% |
-12.00% |
-6.28% |
36.78% |
50.95% |
Invested Capital Growth |
|
33.36% |
40.99% |
31.69% |
36.91% |
30.88% |
46.05% |
36.38% |
28.66% |
15.84% |
9.00% |
Revenue Q/Q Growth |
|
7.42% |
7.20% |
1.08% |
8.80% |
16.12% |
5.35% |
4.33% |
5.68% |
5.72% |
2.52% |
EBITDA Q/Q Growth |
|
6.66% |
8.61% |
5.53% |
5.31% |
17.88% |
3.85% |
5.06% |
6.30% |
4.50% |
3.15% |
EBIT Q/Q Growth |
|
7.78% |
6.83% |
4.43% |
3.90% |
23.45% |
0.49% |
2.43% |
5.09% |
4.81% |
2.08% |
NOPAT Q/Q Growth |
|
7.78% |
6.51% |
4.06% |
3.53% |
23.31% |
0.54% |
2.32% |
5.05% |
4.88% |
1.98% |
Net Income Q/Q Growth |
|
5.87% |
12.20% |
6.84% |
-5.37% |
13.18% |
1.12% |
8.42% |
5.32% |
3.06% |
-0.38% |
EPS Q/Q Growth |
|
1.89% |
6.49% |
0.97% |
-9.18% |
9.04% |
-5.43% |
1.14% |
0.00% |
-0.58% |
-1.11% |
Operating Cash Flow Q/Q Growth |
|
1.56% |
9.91% |
15.64% |
2.17% |
7.80% |
10.80% |
3.46% |
9.97% |
1.25% |
-1.51% |
Free Cash Flow Firm Q/Q Growth |
|
15.64% |
-13.43% |
-18.81% |
-47.92% |
23.37% |
-21.74% |
7.78% |
6.72% |
4.46% |
-93.23% |
Invested Capital Q/Q Growth |
|
5.70% |
7.53% |
9.41% |
16.20% |
5.99% |
9.76% |
4.89% |
2.47% |
1.78% |
4.09% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
81.88% |
82.81% |
85.81% |
85.88% |
87.10% |
84.66% |
88.25% |
89.41% |
86.86% |
87.30% |
EBIT Margin |
|
57.33% |
56.44% |
56.46% |
53.24% |
56.97% |
51.89% |
53.71% |
50.12% |
47.17% |
48.08% |
Profit (Net Income) Margin |
|
56.83% |
50.04% |
52.72% |
42.88% |
40.22% |
35.85% |
34.68% |
35.17% |
31.62% |
30.20% |
Tax Burden Percent |
|
99.13% |
88.65% |
93.38% |
80.54% |
70.60% |
69.08% |
64.58% |
70.17% |
67.04% |
62.81% |
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 |
|
0.00% |
0.30% |
0.36% |
0.71% |
0.47% |
0.82% |
1.26% |
1.31% |
1.14% |
1.42% |
Return on Invested Capital (ROIC) |
|
5.95% |
5.55% |
4.98% |
4.28% |
5.03% |
4.19% |
4.24% |
3.69% |
3.55% |
3.75% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
5.82% |
3.96% |
4.13% |
2.07% |
0.88% |
0.35% |
-0.23% |
0.26% |
-0.17% |
-0.41% |
Return on Net Nonoperating Assets (RNNOA) |
|
3.87% |
2.49% |
2.38% |
1.19% |
0.48% |
0.17% |
-0.11% |
0.12% |
-0.08% |
-0.20% |
Return on Equity (ROE) |
|
9.82% |
8.04% |
7.36% |
5.47% |
5.51% |
4.36% |
4.13% |
3.80% |
3.47% |
3.54% |
Cash Return on Invested Capital (CROIC) |
|
-22.64% |
-28.47% |
-22.37% |
-26.88% |
-21.72% |
-33.25% |
-26.54% |
-21.38% |
-11.13% |
-4.87% |
Operating Return on Assets (OROA) |
|
5.80% |
5.35% |
4.78% |
4.14% |
4.88% |
4.06% |
4.18% |
3.65% |
3.51% |
3.72% |
Return on Assets (ROA) |
|
5.75% |
4.74% |
4.46% |
3.34% |
3.44% |
2.81% |
2.70% |
2.56% |
2.35% |
2.33% |
Return on Common Equity (ROCE) |
|
9.76% |
8.01% |
7.34% |
5.46% |
5.50% |
4.36% |
4.01% |
3.64% |
3.35% |
3.43% |
Return on Equity Simple (ROE_SIMPLE) |
|
8.81% |
6.71% |
6.47% |
4.76% |
4.78% |
3.64% |
3.60% |
3.31% |
3.28% |
3.45% |
Net Operating Profit after Tax (NOPAT) |
|
40 |
52 |
63 |
72 |
114 |
132 |
188 |
215 |
251 |
298 |
NOPAT Margin |
|
57.33% |
56.28% |
56.26% |
52.87% |
56.71% |
51.47% |
53.03% |
49.46% |
46.63% |
47.40% |
Net Nonoperating Expense Percent (NNEP) |
|
0.13% |
1.59% |
0.86% |
2.21% |
4.16% |
3.83% |
4.47% |
3.43% |
3.72% |
4.16% |
SG&A Expenses to Revenue |
|
3.39% |
3.43% |
3.24% |
4.12% |
3.36% |
3.52% |
3.95% |
4.27% |
4.63% |
4.19% |
Operating Expenses to Revenue |
|
42.67% |
43.56% |
43.54% |
46.76% |
43.03% |
48.11% |
46.29% |
49.88% |
52.83% |
51.92% |
Earnings before Interest and Taxes (EBIT) |
|
40 |
52 |
63 |
73 |
114 |
133 |
190 |
218 |
254 |
302 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
57 |
76 |
96 |
118 |
175 |
217 |
313 |
389 |
468 |
549 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
1.00 |
1.19 |
1.27 |
1.32 |
1.45 |
1.25 |
1.37 |
1.28 |
1.20 |
1.36 |
Price to Tangible Book Value (P/TBV) |
|
1.21 |
1.50 |
1.61 |
1.70 |
1.83 |
1.54 |
1.73 |
1.56 |
1.44 |
1.63 |
Price to Revenue (P/Rev) |
|
6.47 |
8.91 |
10.33 |
11.87 |
12.24 |
12.33 |
12.52 |
13.12 |
11.16 |
11.56 |
Price to Earnings (P/E) |
|
11.59 |
18.07 |
19.82 |
27.99 |
30.69 |
34.62 |
36.93 |
39.38 |
37.05 |
39.99 |
Dividend Yield |
|
7.70% |
5.67% |
5.14% |
4.56% |
3.94% |
4.21% |
4.10% |
4.35% |
4.87% |
4.27% |
Earnings Yield |
|
8.63% |
5.54% |
5.04% |
3.57% |
3.26% |
2.89% |
2.71% |
2.54% |
2.70% |
2.50% |
Enterprise Value to Invested Capital (EV/IC) |
|
1.00 |
1.09 |
1.13 |
1.17 |
1.29 |
1.17 |
1.23 |
1.19 |
1.13 |
1.23 |
Enterprise Value to Revenue (EV/Rev) |
|
10.99 |
12.95 |
14.56 |
16.75 |
16.52 |
17.06 |
17.66 |
17.92 |
15.94 |
16.26 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
13.42 |
15.64 |
16.96 |
19.51 |
18.96 |
20.15 |
20.01 |
20.04 |
18.35 |
18.63 |
Enterprise Value to EBIT (EV/EBIT) |
|
19.17 |
22.94 |
25.78 |
31.46 |
28.99 |
32.88 |
32.89 |
35.76 |
33.80 |
33.82 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
19.17 |
23.01 |
25.88 |
31.69 |
29.13 |
33.15 |
33.31 |
36.23 |
34.19 |
34.31 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
17.21 |
19.20 |
19.75 |
24.63 |
26.17 |
30.62 |
25.40 |
21.54 |
21.95 |
23.66 |
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 |
|
0.70 |
0.58 |
0.57 |
0.58 |
0.52 |
0.48 |
0.49 |
0.42 |
0.46 |
0.51 |
Long-Term Debt to Equity |
|
0.66 |
0.56 |
0.55 |
0.57 |
0.46 |
0.45 |
0.45 |
0.40 |
0.42 |
0.48 |
Financial Leverage |
|
0.67 |
0.63 |
0.58 |
0.58 |
0.54 |
0.50 |
0.49 |
0.45 |
0.44 |
0.49 |
Leverage Ratio |
|
1.71 |
1.70 |
1.65 |
1.64 |
1.60 |
1.55 |
1.53 |
1.48 |
1.47 |
1.52 |
Compound Leverage Factor |
|
1.71 |
1.70 |
1.65 |
1.64 |
1.60 |
1.55 |
1.53 |
1.48 |
1.47 |
1.52 |
Debt to Total Capital |
|
41.13% |
36.90% |
36.31% |
36.78% |
34.02% |
32.54% |
33.05% |
29.53% |
31.68% |
33.58% |
Short-Term Debt to Total Capital |
|
2.34% |
1.29% |
0.98% |
0.97% |
3.47% |
2.46% |
3.13% |
1.52% |
2.98% |
1.90% |
Long-Term Debt to Total Capital |
|
38.80% |
35.61% |
35.34% |
35.81% |
30.55% |
30.08% |
29.91% |
28.00% |
28.69% |
31.67% |
Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
3.43% |
2.66% |
2.30% |
2.11% |
Noncontrolling Interests to Total Capital |
|
0.32% |
0.23% |
0.18% |
0.12% |
0.09% |
0.05% |
0.03% |
0.02% |
0.01% |
0.01% |
Common Equity to Total Capital |
|
58.54% |
62.86% |
63.51% |
63.10% |
65.89% |
67.42% |
63.50% |
67.79% |
66.01% |
64.31% |
Debt to EBITDA |
|
5.53 |
5.29 |
5.43 |
6.12 |
4.99 |
5.61 |
5.40 |
4.99 |
5.15 |
5.08 |
Net Debt to EBITDA |
|
5.49 |
4.85 |
4.90 |
5.66 |
4.90 |
5.58 |
5.26 |
4.92 |
5.12 |
5.06 |
Long-Term Debt to EBITDA |
|
5.22 |
5.11 |
5.28 |
5.96 |
4.48 |
5.19 |
4.89 |
4.73 |
4.66 |
4.79 |
Debt to NOPAT |
|
7.90 |
7.78 |
8.28 |
9.94 |
7.66 |
9.23 |
8.98 |
9.01 |
9.59 |
9.35 |
Net Debt to NOPAT |
|
7.83 |
7.14 |
7.47 |
9.19 |
7.52 |
9.18 |
8.75 |
8.88 |
9.54 |
9.33 |
Long-Term Debt to NOPAT |
|
7.45 |
7.51 |
8.06 |
9.68 |
6.88 |
8.53 |
8.13 |
8.55 |
8.68 |
8.82 |
Noncontrolling Interest Sharing Ratio |
|
0.61% |
0.44% |
0.32% |
0.23% |
0.16% |
0.09% |
3.00% |
4.39% |
3.58% |
3.28% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
-153 |
-264 |
-282 |
-456 |
-491 |
-1,049 |
-1,175 |
-1,248 |
-789 |
-387 |
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 |
|
0.10 |
0.09 |
0.08 |
0.08 |
0.09 |
0.08 |
0.08 |
0.07 |
0.07 |
0.08 |
Fixed Asset Turnover |
|
0.11 |
0.11 |
0.10 |
0.10 |
0.10 |
0.09 |
0.09 |
0.09 |
0.09 |
0.09 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
771 |
1,086 |
1,431 |
1,959 |
2,564 |
3,745 |
5,107 |
6,570 |
7,611 |
8,296 |
Invested Capital Turnover |
|
0.10 |
0.10 |
0.09 |
0.08 |
0.09 |
0.08 |
0.08 |
0.07 |
0.08 |
0.08 |
Increase / (Decrease) in Invested Capital |
|
193 |
316 |
344 |
528 |
605 |
1,181 |
1,362 |
1,463 |
1,041 |
685 |
Enterprise Value (EV) |
|
769 |
1,185 |
1,623 |
2,297 |
3,316 |
4,377 |
6,257 |
7,798 |
8,597 |
10,223 |
Market Capitalization |
|
452 |
815 |
1,152 |
1,628 |
2,457 |
3,163 |
4,436 |
5,710 |
6,022 |
7,268 |
Book Value per Share |
|
$23.88 |
$28.38 |
$31.10 |
$35.85 |
$39.83 |
$45.59 |
$46.47 |
$50.29 |
$49.98 |
$51.54 |
Tangible Book Value per Share |
|
$19.83 |
$22.57 |
$24.42 |
$27.72 |
$31.73 |
$37.04 |
$36.84 |
$41.26 |
$41.49 |
$43.18 |
Total Capital |
|
771 |
1,086 |
1,431 |
1,959 |
2,564 |
3,745 |
5,107 |
6,570 |
7,611 |
8,296 |
Total Debt |
|
317 |
401 |
520 |
720 |
872 |
1,218 |
1,688 |
1,940 |
2,411 |
2,785 |
Total Long-Term Debt |
|
299 |
387 |
506 |
701 |
783 |
1,126 |
1,528 |
1,840 |
2,184 |
2,627 |
Net Debt |
|
314 |
368 |
469 |
666 |
857 |
1,212 |
1,644 |
1,912 |
2,400 |
2,779 |
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) |
|
0.35 |
5.71 |
3.94 |
14 |
33 |
40 |
65 |
62 |
81 |
108 |
Net Nonoperating Obligations (NNO) |
|
317 |
401 |
520 |
720 |
872 |
1,218 |
1,688 |
1,940 |
2,411 |
2,785 |
Total Depreciation and Amortization (D&A) |
|
17 |
24 |
33 |
45 |
60 |
84 |
122 |
171 |
214 |
247 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$2.17 |
$1.97 |
$2.09 |
$1.80 |
$1.96 |
$1.76 |
$1.79 |
$1.84 |
$1.70 |
$1.79 |
Adjusted Weighted Average Basic Shares Outstanding |
|
18.00M |
22.87M |
27.63M |
32.07M |
40.58M |
51.84M |
66.80M |
78.66M |
95.19M |
101.10M |
Adjusted Diluted Earnings per Share |
|
$2.16 |
$1.97 |
$2.08 |
$1.78 |
$1.93 |
$1.74 |
$1.78 |
$1.83 |
$1.70 |
$1.78 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
18.07M |
22.96M |
27.70M |
32.40M |
41.22M |
52.40M |
67.14M |
79.16M |
95.44M |
101.88M |
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 |
|
20.70M |
26.15M |
30.99M |
37.54M |
45.57M |
63.47M |
71.29M |
90.17M |
100.52M |
107.25M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
28 |
52 |
63 |
75 |
115 |
136 |
190 |
216 |
259 |
305 |
Normalized NOPAT Margin |
|
40.13% |
56.28% |
56.26% |
54.54% |
57.50% |
53.06% |
53.57% |
49.69% |
47.94% |
48.53% |
Pre Tax Income Margin |
|
57.33% |
56.44% |
56.46% |
53.24% |
56.97% |
51.89% |
53.71% |
50.12% |
47.17% |
48.08% |
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 |
|
82.97% |
91.84% |
93.80% |
115.03% |
111.76% |
126.25% |
159.37% |
148.82% |
167.18% |
163.85% |
Augmented Payout Ratio |
|
82.97% |
93.39% |
95.69% |
116.98% |
113.50% |
128.03% |
160.84% |
150.07% |
168.75% |
165.05% |
Quarterly Metrics And Ratios for Agree Realty
This table displays calculated financial ratios and metrics derived from Agree Realty's official financial filings.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
24.24% |
25.09% |
25.80% |
24.14% |
20.99% |
25.03% |
19.69% |
22.66% |
14.17% |
10.59% |
12.13% |
EBITDA Growth |
|
24.23% |
28.15% |
24.95% |
22.24% |
16.03% |
19.23% |
15.92% |
24.43% |
15.19% |
13.41% |
12.58% |
EBIT Growth |
|
13.98% |
22.50% |
18.78% |
17.75% |
10.05% |
20.32% |
16.51% |
33.00% |
18.02% |
8.90% |
11.63% |
NOPAT Growth |
|
13.42% |
22.30% |
18.92% |
17.97% |
10.20% |
20.61% |
16.11% |
32.90% |
17.64% |
8.46% |
12.29% |
Net Income Growth |
|
7.46% |
23.21% |
15.11% |
13.52% |
5.26% |
12.33% |
7.76% |
33.89% |
6.89% |
-1.57% |
4.74% |
EPS Growth |
|
-11.54% |
0.00% |
-8.33% |
-6.67% |
-10.87% |
-2.27% |
-2.27% |
23.81% |
2.44% |
-4.65% |
-2.33% |
Operating Cash Flow Growth |
|
74.73% |
54.40% |
53.21% |
1.06% |
-7.57% |
5.19% |
9.53% |
8.29% |
27.85% |
-6.75% |
27.74% |
Free Cash Flow Firm Growth |
|
-5.61% |
-6.89% |
4.45% |
5.30% |
32.49% |
30.89% |
36.82% |
45.25% |
58.24% |
37.18% |
-4.16% |
Invested Capital Growth |
|
31.69% |
28.66% |
23.73% |
20.46% |
16.62% |
15.84% |
12.58% |
9.97% |
6.59% |
9.00% |
11.71% |
Revenue Q/Q Growth |
|
7.79% |
3.08% |
8.64% |
2.84% |
5.05% |
6.52% |
4.00% |
5.40% |
-2.22% |
3.18% |
5.46% |
EBITDA Q/Q Growth |
|
9.07% |
3.04% |
5.60% |
3.00% |
3.53% |
5.88% |
2.67% |
10.57% |
-4.16% |
4.24% |
1.92% |
EBIT Q/Q Growth |
|
9.50% |
0.31% |
5.24% |
1.85% |
2.35% |
9.67% |
1.91% |
16.27% |
-9.18% |
1.20% |
4.46% |
NOPAT Q/Q Growth |
|
9.59% |
0.31% |
5.21% |
2.00% |
2.37% |
9.78% |
1.29% |
16.75% |
-9.38% |
1.22% |
4.86% |
Net Income Q/Q Growth |
|
9.54% |
3.69% |
1.79% |
-1.82% |
1.57% |
10.67% |
-2.36% |
21.99% |
-18.91% |
1.91% |
3.90% |
EPS Q/Q Growth |
|
2.22% |
-4.35% |
0.00% |
-4.55% |
-2.38% |
4.88% |
0.00% |
20.93% |
-19.23% |
-2.38% |
2.44% |
Operating Cash Flow Q/Q Growth |
|
34.12% |
-21.61% |
1.07% |
-4.90% |
22.67% |
-10.79% |
5.24% |
-5.98% |
44.83% |
-34.93% |
38.58% |
Free Cash Flow Firm Q/Q Growth |
|
-22.52% |
5.36% |
11.07% |
8.16% |
12.65% |
3.12% |
18.71% |
20.41% |
33.37% |
-45.73% |
-34.79% |
Invested Capital Q/Q Growth |
|
8.45% |
2.47% |
4.02% |
4.21% |
5.00% |
1.78% |
1.09% |
1.79% |
1.77% |
4.09% |
3.60% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
90.12% |
90.09% |
87.57% |
87.70% |
86.43% |
85.91% |
84.81% |
88.96% |
87.20% |
88.10% |
85.15% |
EBIT Margin |
|
50.69% |
49.33% |
47.79% |
47.33% |
46.11% |
47.47% |
46.52% |
51.32% |
47.66% |
46.75% |
46.31% |
Profit (Net Income) Margin |
|
35.00% |
35.21% |
32.99% |
31.50% |
30.45% |
31.64% |
29.70% |
34.38% |
28.51% |
28.16% |
27.75% |
Tax Burden Percent |
|
69.05% |
71.38% |
69.04% |
66.55% |
66.04% |
66.64% |
63.85% |
66.99% |
59.81% |
60.23% |
59.91% |
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 |
|
1.26% |
1.26% |
1.29% |
1.15% |
1.12% |
1.02% |
1.63% |
1.22% |
1.45% |
1.43% |
1.05% |
Return on Invested Capital (ROIC) |
|
3.65% |
3.63% |
3.52% |
3.49% |
3.35% |
3.57% |
3.55% |
4.03% |
3.73% |
3.64% |
3.64% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
2.65% |
2.76% |
2.60% |
2.52% |
2.34% |
2.55% |
2.49% |
2.94% |
2.55% |
2.53% |
2.52% |
Return on Net Nonoperating Assets (RNNOA) |
|
1.14% |
1.25% |
1.19% |
1.15% |
0.98% |
1.13% |
1.13% |
1.40% |
1.19% |
1.23% |
1.27% |
Return on Equity (ROE) |
|
4.79% |
4.88% |
4.71% |
4.64% |
4.33% |
4.70% |
4.69% |
5.42% |
4.92% |
4.87% |
4.91% |
Cash Return on Invested Capital (CROIC) |
|
-23.72% |
-21.38% |
-17.57% |
-14.97% |
-11.89% |
-11.13% |
-8.24% |
-5.74% |
-2.59% |
-4.87% |
-7.30% |
Operating Return on Assets (OROA) |
|
3.61% |
3.60% |
3.49% |
3.46% |
3.31% |
3.53% |
3.53% |
3.99% |
3.69% |
3.61% |
3.59% |
Return on Assets (ROA) |
|
2.50% |
2.57% |
2.41% |
2.30% |
2.19% |
2.36% |
2.26% |
2.67% |
2.21% |
2.18% |
2.15% |
Return on Common Equity (ROCE) |
|
4.58% |
4.66% |
4.51% |
4.46% |
4.17% |
4.53% |
4.52% |
5.23% |
4.75% |
4.71% |
4.75% |
Return on Equity Simple (ROE_SIMPLE) |
|
3.20% |
0.00% |
3.30% |
3.28% |
3.16% |
0.00% |
3.36% |
3.64% |
3.60% |
0.00% |
3.40% |
Net Operating Profit after Tax (NOPAT) |
|
57 |
57 |
60 |
61 |
62 |
68 |
69 |
81 |
73 |
74 |
78 |
NOPAT Margin |
|
50.05% |
48.71% |
47.17% |
46.78% |
45.59% |
46.99% |
45.76% |
50.69% |
46.97% |
46.08% |
45.82% |
Net Nonoperating Expense Percent (NNEP) |
|
1.00% |
0.87% |
0.92% |
0.98% |
1.01% |
1.03% |
1.07% |
1.08% |
1.18% |
1.11% |
1.12% |
SG&A Expenses to Revenue |
|
4.03% |
4.30% |
5.36% |
4.47% |
4.03% |
4.69% |
4.87% |
4.06% |
3.85% |
4.02% |
4.93% |
Operating Expenses to Revenue |
|
49.31% |
50.67% |
52.21% |
52.67% |
53.89% |
52.53% |
53.48% |
48.68% |
52.34% |
53.25% |
53.69% |
Earnings before Interest and Taxes (EBIT) |
|
57 |
57 |
61 |
62 |
63 |
69 |
70 |
82 |
74 |
75 |
79 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
102 |
105 |
111 |
114 |
118 |
125 |
129 |
142 |
136 |
142 |
145 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
1.13 |
1.28 |
1.25 |
1.20 |
1.00 |
1.20 |
1.13 |
1.25 |
1.48 |
1.36 |
1.51 |
Price to Tangible Book Value (P/TBV) |
|
1.37 |
1.56 |
1.52 |
1.45 |
1.20 |
1.44 |
1.36 |
1.50 |
1.77 |
1.63 |
1.81 |
Price to Revenue (P/Rev) |
|
12.03 |
13.12 |
12.57 |
11.87 |
9.93 |
11.16 |
10.01 |
10.46 |
12.36 |
11.56 |
12.80 |
Price to Earnings (P/E) |
|
36.09 |
39.38 |
38.52 |
37.16 |
32.17 |
37.05 |
34.08 |
34.57 |
41.54 |
39.99 |
45.02 |
Dividend Yield |
|
4.46% |
4.35% |
4.42% |
4.63% |
5.51% |
4.87% |
5.23% |
4.80% |
3.96% |
4.27% |
3.91% |
Earnings Yield |
|
2.77% |
2.54% |
2.60% |
2.69% |
3.11% |
2.70% |
2.93% |
2.89% |
2.41% |
2.50% |
2.22% |
Enterprise Value to Invested Capital (EV/IC) |
|
1.05 |
1.19 |
1.17 |
1.14 |
1.00 |
1.13 |
1.08 |
1.15 |
1.31 |
1.23 |
1.33 |
Enterprise Value to Revenue (EV/Rev) |
|
16.37 |
17.92 |
17.35 |
16.63 |
14.64 |
15.94 |
14.77 |
15.23 |
16.99 |
16.26 |
17.61 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
18.42 |
20.04 |
19.45 |
18.72 |
16.66 |
18.35 |
17.14 |
17.60 |
19.58 |
18.63 |
20.17 |
Enterprise Value to EBIT (EV/EBIT) |
|
32.49 |
35.76 |
35.14 |
34.13 |
30.77 |
33.80 |
31.52 |
31.77 |
35.19 |
33.82 |
36.71 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
32.91 |
36.23 |
35.59 |
34.56 |
31.14 |
34.19 |
31.92 |
32.17 |
35.66 |
34.31 |
37.19 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
20.47 |
21.54 |
20.26 |
20.43 |
19.31 |
21.95 |
20.80 |
22.17 |
23.75 |
23.66 |
24.80 |
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 |
|
0.41 |
0.42 |
0.42 |
0.43 |
0.43 |
0.46 |
0.49 |
0.52 |
0.51 |
0.51 |
0.52 |
Long-Term Debt to Equity |
|
0.41 |
0.40 |
0.38 |
0.37 |
0.42 |
0.42 |
0.42 |
0.51 |
0.50 |
0.48 |
0.47 |
Financial Leverage |
|
0.43 |
0.45 |
0.46 |
0.46 |
0.42 |
0.44 |
0.46 |
0.47 |
0.47 |
0.49 |
0.50 |
Leverage Ratio |
|
1.46 |
1.48 |
1.49 |
1.49 |
1.45 |
1.47 |
1.49 |
1.51 |
1.50 |
1.52 |
1.54 |
Compound Leverage Factor |
|
1.46 |
1.48 |
1.49 |
1.49 |
1.45 |
1.47 |
1.49 |
1.51 |
1.50 |
1.52 |
1.54 |
Debt to Total Capital |
|
29.06% |
29.53% |
29.80% |
30.10% |
29.85% |
31.68% |
32.68% |
34.08% |
33.57% |
33.58% |
34.32% |
Short-Term Debt to Total Capital |
|
0.00% |
1.52% |
2.87% |
4.25% |
0.66% |
2.98% |
4.29% |
0.55% |
0.61% |
1.90% |
3.75% |
Long-Term Debt to Total Capital |
|
29.06% |
28.00% |
26.93% |
25.85% |
29.20% |
28.69% |
28.39% |
33.53% |
32.96% |
31.67% |
30.58% |
Preferred Equity to Total Capital |
|
2.73% |
2.66% |
2.56% |
2.46% |
2.34% |
2.30% |
2.27% |
2.23% |
2.20% |
2.11% |
2.04% |
Noncontrolling Interests to Total Capital |
|
0.02% |
0.02% |
0.02% |
0.02% |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
Common Equity to Total Capital |
|
68.19% |
67.79% |
67.62% |
67.42% |
67.79% |
66.01% |
65.03% |
63.68% |
64.23% |
64.31% |
63.64% |
Debt to EBITDA |
|
5.09 |
4.99 |
4.95 |
4.96 |
4.98 |
5.15 |
5.17 |
5.19 |
5.03 |
5.08 |
5.22 |
Net Debt to EBITDA |
|
4.41 |
4.92 |
4.92 |
4.94 |
4.97 |
5.12 |
5.16 |
5.17 |
5.00 |
5.06 |
5.21 |
Long-Term Debt to EBITDA |
|
5.09 |
4.73 |
4.48 |
4.26 |
4.87 |
4.66 |
4.49 |
5.11 |
4.94 |
4.79 |
4.65 |
Debt to NOPAT |
|
9.09 |
9.01 |
9.06 |
9.16 |
9.31 |
9.59 |
9.63 |
9.49 |
9.16 |
9.35 |
9.63 |
Net Debt to NOPAT |
|
7.87 |
8.88 |
9.01 |
9.13 |
9.28 |
9.54 |
9.61 |
9.46 |
9.11 |
9.33 |
9.60 |
Long-Term Debt to NOPAT |
|
9.09 |
8.55 |
8.19 |
7.87 |
9.11 |
8.68 |
8.37 |
9.34 |
8.99 |
8.82 |
8.58 |
Noncontrolling Interest Sharing Ratio |
|
4.48% |
4.39% |
4.17% |
3.94% |
3.60% |
3.58% |
3.53% |
3.47% |
3.34% |
3.28% |
3.25% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
-1,486 |
-1,407 |
-1,251 |
-1,149 |
-1,003 |
-972 |
-790 |
-629 |
-419 |
-611 |
-823 |
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 |
|
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.08 |
0.08 |
0.08 |
0.08 |
0.08 |
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 |
|
6,412 |
6,570 |
6,834 |
7,122 |
7,478 |
7,611 |
7,694 |
7,832 |
7,970 |
8,296 |
8,595 |
Invested Capital Turnover |
|
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.08 |
0.08 |
0.08 |
0.08 |
0.08 |
0.08 |
Increase / (Decrease) in Invested Capital |
|
1,543 |
1,463 |
1,311 |
1,210 |
1,066 |
1,041 |
860 |
710 |
492 |
685 |
901 |
Enterprise Value (EV) |
|
6,742 |
7,798 |
7,999 |
8,087 |
7,468 |
8,597 |
8,334 |
9,045 |
10,418 |
10,223 |
11,396 |
Market Capitalization |
|
4,953 |
5,710 |
5,798 |
5,775 |
5,066 |
6,022 |
5,650 |
6,210 |
7,580 |
7,268 |
8,279 |
Book Value per Share |
|
$54.77 |
$50.29 |
$51.25 |
$51.52 |
$52.66 |
$49.98 |
$49.89 |
$49.56 |
$50.87 |
$51.54 |
$51.00 |
Tangible Book Value per Share |
|
$45.20 |
$41.26 |
$42.34 |
$42.66 |
$43.84 |
$41.49 |
$41.51 |
$41.23 |
$42.55 |
$43.18 |
$42.63 |
Total Capital |
|
6,412 |
6,570 |
6,834 |
7,122 |
7,478 |
7,611 |
7,694 |
7,832 |
7,970 |
8,296 |
8,595 |
Total Debt |
|
1,863 |
1,940 |
2,036 |
2,144 |
2,232 |
2,411 |
2,514 |
2,669 |
2,676 |
2,785 |
2,950 |
Total Long-Term Debt |
|
1,863 |
1,840 |
1,840 |
1,841 |
2,183 |
2,184 |
2,184 |
2,626 |
2,627 |
2,627 |
2,628 |
Net Debt |
|
1,613 |
1,912 |
2,025 |
2,136 |
2,226 |
2,400 |
2,508 |
2,659 |
2,662 |
2,779 |
2,942 |
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) |
|
17 |
16 |
18 |
20 |
21 |
22 |
24 |
26 |
29 |
29 |
31 |
Net Nonoperating Obligations (NNO) |
|
1,863 |
1,940 |
2,036 |
2,144 |
2,232 |
2,411 |
2,514 |
2,669 |
2,676 |
2,785 |
2,950 |
Total Depreciation and Amortization (D&A) |
|
45 |
48 |
50 |
53 |
55 |
56 |
58 |
60 |
62 |
67 |
66 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$0.47 |
$0.44 |
$0.44 |
$0.42 |
$0.41 |
$0.43 |
$0.43 |
$0.53 |
$0.42 |
$0.41 |
$0.42 |
Adjusted Weighted Average Basic Shares Outstanding |
|
79.70M |
78.66M |
90.03M |
93.05M |
97.26M |
95.19M |
100.28M |
100.35M |
100.38M |
101.10M |
107.05M |
Adjusted Diluted Earnings per Share |
|
$0.46 |
$0.44 |
$0.44 |
$0.42 |
$0.41 |
$0.43 |
$0.43 |
$0.52 |
$0.42 |
$0.41 |
$0.42 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
80.59M |
79.16M |
90.55M |
93.13M |
97.35M |
95.44M |
100.34M |
100.45M |
101.72M |
101.88M |
107.55M |
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 |
|
88.57M |
90.17M |
93.20M |
96.27M |
100.52M |
100.52M |
100.63M |
100.62M |
103.52M |
107.25M |
110.02M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
57 |
57 |
60 |
62 |
66 |
71 |
74 |
81 |
76 |
74 |
82 |
Normalized NOPAT Margin |
|
50.05% |
48.71% |
47.17% |
47.78% |
47.90% |
48.80% |
48.70% |
50.69% |
48.67% |
46.08% |
48.35% |
Pre Tax Income Margin |
|
50.69% |
49.33% |
47.79% |
47.33% |
46.11% |
47.47% |
46.52% |
51.32% |
47.66% |
46.75% |
46.31% |
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 |
|
145.44% |
148.82% |
152.86% |
159.01% |
165.74% |
167.18% |
170.60% |
160.84% |
161.03% |
163.85% |
165.76% |
Augmented Payout Ratio |
|
146.75% |
150.07% |
154.61% |
160.67% |
167.37% |
168.75% |
171.90% |
162.04% |
162.23% |
165.05% |
167.71% |
Key Financial Trends
Agree Realty (NYSE:ADC) has demonstrated steady financial growth over the past four years, highlighted by solid income, strong cash flow from operations, and a growing asset base.
- Net Income attributable to common shareholders has shown consistent growth from approximately $39.0 million in Q4 2022 to $45.1 million in Q1 2025, indicating improving profitability.
- Diluted Earnings Per Share (EPS) rose from $0.42 in Q4 2022 up to $0.42 in Q1 2025, with a generally upward trend supporting steady earnings power despite share dilution.
- Total Revenue increased from $116.5 million in Q4 2022 to nearly $170.0 million in Q1 2025, driven by rising other non-interest income which grew from around $116.5 million to $169.2 million over the same period.
- Net cash from continuing operating activities increased significantly, from around $93.2 million in Q4 2022 to approximately $126.7 million in Q1 2025, reflecting improved cash-generating ability.
- Total assets have grown steadily from about $6.56 billion in Q3 2022 to $8.80 billion in Q1 2025, indicating an expanding asset base largely driven by premises and equipment and intangible assets.
- Long-term debt has increased but remains well-covered by growing equity, with total equity-plus-noncontrolling interests rising from $4.55 billion in Q3 2022 to $5.64 billion in Q1 2025, supporting a solid capital structure.
- Cash and cash equivalents fluctuated over quarters but increased substantially from $25 million in Q3 2022 to $7.9 million in Q1 2025, which is relatively small in proportion to total assets.
- The company consistently pays preferred stock dividends of approximately $1.85 million per quarter, which slightly reduces net income attributable to common shareholders.
- Other gains/losses net have been negative consistently (e.g., -$30.7 million in Q1 2025), which partly offsets pre-tax income but does not prevent net profitability.
- There has been consistent share issuance and modest repurchase activities; share count increased from about 79 million basic shares in early 2022 to over 107 million basic shares in early 2025, diluting EPS slightly but supporting financing growth.
- Total Non-Interest Expense increased from $59.1 million in Q4 2022 to over $91.2 million in Q1 2025, driven by higher depreciation expense (up from $37.9 million to $55.7 million) and impairment charges, which pressure margins.
- Cash interest paid increased sharply to $12.3 million in Q1 2025 from $7.8 million in Q3 2022, indicating rising interest costs likely due to increased long-term debt.
Overall, Agree Realty has exhibited a positive financial trajectory, with consistent growth in revenues, net income, and operating cash flows while expanding its asset base. However, rising expenses related to depreciation, interest, and impairments warrant monitoring as they could pressure profitability if not managed effectively.
08/25/25 01:17 AMAI Generated. May Contain Errors.