Agree Realty (ADC) Financials

$73.67 +1.97 (+2.75%)

Closing price 08/1/2025 03:59 PM Eastern

Extended Trading

$72.34 -1.33 (-1.81%)

As of 04:05 AM Eastern

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

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
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
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

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
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
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

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
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
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

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
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
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

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
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
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

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
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
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%

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
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
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) Financial Analysis Summary:

Agree Realty has demonstrated consistent revenue growth and profitability improvements over the past several years through Q1 2025. Below are the key trends and points of note observed from the last four years of quarterly financial data:

Steady increase in total revenue: from $116.5M in Q4 2022 to $169.9M in Q1 2025, showing strong top-line growth driven by rising non-interest income.
Consistent net income growth: net income attributable to common shareholders grew from $39.1M in Q4 2022 to $45.1M in Q1 2025.
Increasing EPS: Basic/diluted EPS increased from $0.44/$0.44 in Q4 2022 to $0.42/$0.42 in Q1 2025 while weighted shares outstanding increased moderately, indicating earnings growth outpacing share dilution.
Strong operating cash flow generation: latest reported operating cash flow in Q1 2025 was $126.7M, up from $93.2M in Q4 2022, supporting investments and returns to shareholders.
Increasing total assets and equity: total assets rose from $6.56B in Q3 2022 to $8.8B in Q1 2025; total equity also increased indicating balance sheet strength and growth.
Issuance of common equity and debt aimed at ongoing growth: substantial equity raises and debt issuances were used to finance acquisitions and operations, supporting expansion.

Stable dividend payout: Dividends per common share remained steady around $0.72-$0.76 quarterly, reflecting a steady shareholder return policy.
Relatively stable capital expenditures: investment in premises and equipment steadily increased, supporting asset base expansion.
Consistent impairment charges averaging around $3M to $4M per quarter, potentially linked to asset revaluation, a normal real estate industry practice.

Declining other gains/losses, net: Negative non-operating gains/losses continue to impact overall profitability, with large net losses in Q1 2025 (-$30.7M) and prior quarters.
Increasing liabilities: total liabilities increased significantly, including rising short-term and long-term debt, raising leverage and financial risk.

Overall, Agree Realty shows a positive growth trajectory with expanding revenues, net income, and asset base supported by strong operating cash flows. The company continues to invest in expanding its real estate portfolio funded by equity and debt issuances. While stable dividend payments and EPS growth enhance shareholder value, some caution is warranted due to rising liabilities and recurring negative other losses impacting net profitability. Investors should monitor debt levels and market conditions affecting real estate investments.

08/04/25 03:05 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Agree Realty's Financials

When does Agree Realty's financial year end?

According to the most recent income statement we have on file, Agree Realty's fiscal year ends in December. Their fiscal 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. Check out Agree Realty's forecast to explore projected trends and price targets.

How has Agree Realty's 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 8/4/2025 by MarketBeat.com Staff

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Agree Realty (ADC) Financials

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Agree Realty (ADC) Financials

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