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Agree Realty (ADC) Financials

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$76.97 +0.55 (+0.71%)
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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 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

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
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

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
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

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
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

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
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

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
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

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
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%

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
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%

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 5/6/2025 by MarketBeat.com Staff
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