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Agree Realty (ADC) Financials

Agree Realty logo
$76.58 +0.63 (+0.83%)
Closing price 03:59 PM Eastern
Extended Trading
$76.52 -0.06 (-0.08%)
As of 06:19 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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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 2025
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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 39 45 58 58 80 91 120 145 163 182 197
Consolidated Net Income / (Loss)		 40 46 59 59 81 92 123 153 171 190 205
Net Income / (Loss) Continuing Operations		 40 46 59 59 81 92 123 153 171 190 205
Total Pre-Tax Income 		40 52 63 73 114 133 190 218 254 302 340
Total Revenue		 70 92 112 137 201 257 354 435 539 617 718
Net Interest Income / (Expense)		 0.00 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 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 0.00
Total Non-Interest Income		 70 92 112 137 201 257 354 435 539 617 718
Other Non-Interest Income		 70 91 112 137 187 249 339 430 537 617 718
Total Non-Interest Expense		 30 40 49 64 86 123 164 217 285 315 378
Net Occupancy & Equipment Expense		 2.37 3.14 3.61 5.65 6.75 9.02 14 19 25 26 34
Other Operating Expenses		 11 13 18 23 32 44 52 64 77 86 98
Depreciation Expense		 16 23 27 33 46 67 96 134 176 207 239
Impairment Charge		 - 0.00 0.00 2.32 1.61 4.14 1.92 1.02 7.18 7.22 12
Other Special Charges		 - - - - - - - - - -12 -5.42
Income Tax Expense		 - 0.15 0.23 0.52 0.54 1.09 2.40 2.86 2.91 4.31 1.74
Other Gains / (Losses), net		 -0.35 -5.71 -3.94 -14 -33 -40 -65 -62 -81 -108 -134
Preferred Stock Dividends Declared		 - - - - 0.00 0.00 2.15 7.44 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 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 $1.77
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 110.72M
Diluted Earnings per Share		 $2.16 $1.97 $2.08 $1.78 $1.93 $1.74 $1.78 $1.83 $1.70 $1.78 $1.77
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 111.20M
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 120.03M
Cash Dividends to Common per Share		 - - - - - - $2.41 $2.81 $2.67 $2.99 $3.07

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 40 44 43 53 43 43 45 47 50 54 60
Consolidated Net Income / (Loss)		 42 46 45 55 45 45 47 49 52 56 62
Net Income / (Loss) Continuing Operations		 42 46 45 55 45 45 47 49 52 56 62
Total Pre-Tax Income 		63 69 70 82 74 75 79 82 87 92 99
Total Revenue		 137 146 152 160 156 161 169 177 184 187 201
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		 137 146 152 160 156 161 169 177 184 187 201
Other Non-Interest Income		 137 144 149 153 154 161 169 176 183 190 201
Total Non-Interest Expense		 74 77 81 78 82 86 90 95 97 95 102
Net Occupancy & Equipment Expense		 5.52 6.84 7.37 6.49 6.02 6.47 8.38 8.42 8.24 8.73 9.64
Other Operating Expenses		 19 20 21 21 22 23 23 25 24 26 27
Depreciation Expense		 46 47 48 50 52 57 56 59 61 63 67
Impairment Charge		 3.20 2.67 4.53 0.00 2.69 - 4.33 2.96 2.98 1.60 1.40
Other Special Charges		 - - - - - - -0.77 - - - -2.23
Income Tax Expense		 0.71 0.71 1.15 1.00 1.08 1.08 0.83 0.43 0.23 0.26 0.50
Other Gains / (Losses), net		 -21 -22 -24 -26 -29 -29 -31 -32 -35 -36 -36
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		 0.14 0.15 0.16 0.19 0.15 0.14 0.15 0.16 0.16 0.17 0.18
Basic Earnings per Share		 $0.41 $0.43 $0.43 $0.53 $0.42 $0.41 $0.42 $0.43 $0.45 $0.47 $0.50
Weighted Average Basic Shares Outstanding		 97.26M 95.19M 100.28M 100.35M 100.38M 101.10M 107.05M 109.76M 111.28M 110.72M 119.86M
Diluted Earnings per Share		 $0.41 $0.43 $0.43 $0.52 $0.42 $0.41 $0.42 $0.43 $0.45 $0.47 $0.50
Weighted Average Diluted Shares Outstanding		 97.35M 95.44M 100.34M 100.45M 101.72M 101.88M 107.55M 110.38M 111.51M 111.20M 120.38M
Weighted Average Basic & Diluted Shares Outstanding		 100.52M 100.52M 100.63M 100.62M 103.52M 107.25M 110.02M 110.67M 114.93M 120.03M 120.10M
Cash Dividends to Common per Share		 $0.73 - $0.74 $0.75 $0.75 - $0.76 $0.77 $0.77 - $0.79

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 2025
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 12/31/2025
Net Change in Cash & Equivalents		 -2.69 31 25 -4.81 -12 -34 37 -16 -14 -8.13 14
Net Cash From Operating Activities		 45 62 82 93 127 143 246 362 392 432 504
Net Cash From Continuing Operating Activities		 45 62 82 93 127 143 246 362 392 432 504
Net Income / (Loss) Continuing Operations		 40 46 59 59 81 92 123 153 171 190 205
Consolidated Net Income / (Loss)		 40 46 59 59 81 92 123 153 171 190 205
Depreciation Expense		 12 15 27 33 46 67 96 134 176 207 239
Amortization Expense		 5.65 8.85 6.07 12 15 17 27 37 38 40 44
Non-Cash Adjustments to Reconcile Net Income		 -9.96 -7.37 -12 -8.23 -8.54 -34 -2.08 17 1.52 -1.77 16
Changes in Operating Assets and Liabilities, net		 -2.30 -0.82 2.48 -4.39 -7.62 -3.45 3.15 21 5.42 -2.64 0.34
Net Cash From Investing Activities		 -203 -298 -319 -568 -668 -1,300 -1,387 -1,616 -1,275 -885 -1,543
Net Cash From Continuing Investing Activities		 -203 -298 -319 -568 -668 -1,300 -1,387 -1,616 -1,275 -885 -1,543
Purchase of Investment Securities		 -231 -326 -363 -634 -733 -1,348 -1,443 -1,661 -1,206 -880 -1,440
Sale and/or Maturity of Investments		 28 29 44 66 65 48 56 45 14 94 42
Other Investing Activities, net		 - - - - - - - - -82 -100 -145
Net Cash From Financing Activities		 155 267 262 470 529 1,123 1,178 1,238 869 445 1,053
Net Cash From Continuing Financing Activities		 155 267 262 470 529 1,123 1,178 1,238 869 445 1,053
Issuance of Debt		 261 372 100 230 195 1,093 1,235 1,333 1,581 1,517 29,355
Issuance of Common Equity		 92 228 223 340 473 896 745 1,258 690 403 904
Repayment of Debt		 -163 -288 -3.15 -28 -43 -744 -767 -1,119 -1,110 -1,148 -28,847
Repurchase of Common Equity		 0.00 -0.71 -1.11 -1.15 -1.41 -1.64 -1.81 -1.91 -2.68 -2.28 -3.74
Payment of Dividends		 -33 -42 -55 -68 -90 -116 -196 -228 -285 -311 -348
Other Financing Activities, Net		 -1.53 -3.21 -1.00 -2.56 -4.14 -4.74 -7.75 -3.68 -4.56 -13 -7.93
Cash Interest Paid		 12 14 17 23 30 38 56 59 71 102 129
Cash Income Taxes Paid		 0.16 0.15 0.26 0.45 0.67 1.15 1.82 2.40 3.07 3.71 1.61

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -5.86 8.14 0.91 8.82 -11 -6.84 4.77 -2.26 7.97 3.74 11
Net Cash From Operating Activities		 110 98 99 97 140 91 127 120 147 111 145
Net Cash From Continuing Operating Activities		 110 98 99 97 140 91 127 120 147 111 145
Net Income / (Loss) Continuing Operations		 42 46 45 55 45 45 47 49 52 56 62
Consolidated Net Income / (Loss)		 42 46 45 55 45 45 47 49 52 56 62
Depreciation Expense		 46 47 48 50 52 57 56 59 61 63 67
Amortization Expense		 9.54 8.75 9.56 9.68 10 10 10 10 11 12 13
Non-Cash Adjustments to Reconcile Net Income		 -0.60 4.58 2.01 -7.86 1.95 6.59 2.68 14 0.39 -1.86 -2.23
Changes in Operating Assets and Liabilities, net		 10 -4.17 -5.90 -10 30 -20 11 -13 21 -18 5.69
Net Cash From Investing Activities		 -420 -191 -122 -164 -247 -348 -381 -345 -444 -373 -430
Net Cash From Continuing Investing Activities		 -420 -191 -122 -164 -247 -348 -381 -345 -444 -373 -430
Purchase of Investment Securities		 -421 -202 -129 -200 -254 -379 -360 -326 -405 -349 -413
Sale and/or Maturity of Investments		 0.20 11 21 36 6.89 31 2.38 5.78 15 19 11
Other Investing Activities, net		 - - -14 - - - -23 -24 -54 -43 -29
Net Cash From Financing Activities		 305 101 24 76 95 250 259 223 306 265 296
Net Cash From Continuing Financing Activities		 305 101 24 76 95 250 259 223 306 265 296
Issuance of Debt		 719 226 200 570 273 474 474 6,274 12,801 9,806 12,791
Issuance of Common Equity		 290 -0.09 0.00 - 175 228 183 41 252 428 0.00
Repayment of Debt		 -628 -48 -97 -412 -267 -371 -310 -6,003 -12,659 -9,875 -12,392
Repurchase of Common Equity		 -0.06 -0.01 -2.18 -0.01 -0.07 -0.02 -3.65 -0.01 -0.06 -0.03 -6.06
Payment of Dividends		 -72 -76 -77 -77 -77 -80 -84 -86 -87 -91 -97
Other Financing Activities, Net		 -3.89 -0.30 -0.29 -4.33 -8.13 -0.24 -0.50 -3.96 -0.75 -2.72 -0.44
Cash Interest Paid		 0.78 40 12 44 6.52 61 12 47 13 57 14
Cash Income Taxes Paid		 0.03 0.02 2.69 1.41 -0.40 0.02 0.76 1.83 -1.31 0.33 -0.04

Annual Balance Sheets for Agree Realty

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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 12/31/2025
Total Assets		 790 1,142 1,495 2,028 2,665 3,886 5,227 6,713 7,775 8,486 9,798
Cash and Due from Banks		 2.71 33 51 54 16 6.14 43 28 11 6.40 16
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 0.00
Premises and Equipment, Net		 699 950 1,214 1,661 2,219 3,304 4,367 5,741 6,743 7,418 8,573
Intangible Assets		 77 140 195 280 344 474 672 799 854 865 1,001
Other Assets		 9.99 16 32 33 87 102 145 145 167 197 208
Total Liabilities & Shareholders' Equity		 790 1,142 1,495 2,028 2,665 3,886 5,227 6,713 7,775 8,486 9,798
Total Liabilities		 336 456 583 790 973 1,360 1,808 2,083 2,575 2,976 3,526
Short-Term Debt		 18 14 14 19 89 92 160 100 227 158 321
Other Short-Term Payables		 13 18 27 42 74 106 87 106 127 144 172
Long-Term Debt		 299 387 506 701 783 1,126 1,528 1,840 2,184 2,627 2,974
Other Long-Term Liabilities		 5.84 35 33 27 27 36 33 37 37 46 60
Total Equity & Noncontrolling Interests		 454 686 911 1,238 1,692 2,526 3,419 4,630 5,200 5,511 6,271
Total Preferred & Common Equity		 451 683 909 1,236 1,689 2,524 3,418 4,629 5,199 5,510 6,271
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 175 175 175 175 175
Total Common Equity		 451 683 909 1,236 1,689 2,524 3,243 4,454 5,024 5,335 6,096
Common Stock		 483 712 936 1,278 1,753 2,652 3,396 4,659 5,354 5,766 6,679
Accumulated Other Comprehensive Income / (Loss)		 -3.13 -0.54 1.38 1.42 -6.49 -36 -5.50 24 17 40 36
Other Equity Adjustments		 -28 -29 -29 -43 -57 -91 -147 -228 -346 -471 -619
Noncontrolling Interest		 2.50 2.53 2.53 2.41 2.23 1.76 1.63 1.39 0.94 0.62 0.17

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 Q2 2025 Q3 2025 Q1 2026
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 6/30/2025 9/30/2025 3/31/2026
Total Assets		 6,556 6,986 7,272 7,647 7,869 8,001 8,184 8,801 9,085 9,484 10,180
Cash and Due from Banks		 250 12 8.07 6.38 6.31 9.64 13 7.92 5.82 14 25
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 0.00
Premises and Equipment, Net		 5,391 6,012 6,274 6,614 6,821 6,953 7,128 7,697 7,959 8,297 8,886
Intangible Assets		 763 804 826 849 841 838 838 897 923 967 1,033
Other Assets		 151 159 164 177 200 201 205 199 197 206 236
Total Liabilities & Shareholders' Equity		 6,556 6,986 7,272 7,647 7,869 8,001 8,184 8,801 9,085 9,484 10,180
Total Liabilities		 2,007 2,189 2,294 2,402 2,689 2,838 2,890 3,156 3,430 3,611 3,941
Short-Term Debt		 0.00 196 303 49 330 43 49 322 247 389 470
Other Short-Term Payables		 107 116 112 132 138 132 169 158 - 192 186
Long-Term Debt		 1,863 1,840 1,841 2,183 2,184 2,626 2,627 2,628 2,973 2,973 3,224
Other Long-Term Liabilities		 37 36 38 37 37 37 45 47 211 57 62
Total Equity & Noncontrolling Interests		 4,549 4,798 4,978 5,245 5,179 5,163 5,295 5,645 5,654 5,873 6,239
Total Preferred & Common Equity		 4,547 4,797 4,977 5,244 5,179 5,162 5,294 5,644 5,654 5,873 6,239
Preferred Stock		 175 175 175 175 175 175 175 175 175 175 175
Total Common Equity		 4,372 4,622 4,802 5,069 5,004 4,987 5,119 5,469 5,479 5,698 6,064
Common Stock		 4,551 4,853 5,060 5,352 5,354 5,357 5,535 5,948 5,993 6,248 6,677
Accumulated Other Comprehensive Income / (Loss)		 24 23 26 33 27 31 18 29 32 32 41
Other Equity Adjustments		 -203 -254 -284 -316 -378 -401 -434 -508 -545 -581 -653
Noncontrolling Interest		 1.53 1.30 1.21 1.11 0.88 0.82 0.67 0.47 0.36 0.26 0.09

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 2025
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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
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 $1.77
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 110.72M
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 $1.77
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 111.20M
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		 20.70M 26.15M 30.99M 37.54M 45.57M 63.47M 71.29M 90.17M 100.52M 107.25M 120.03M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 120,028,299.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 120,028,299.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.52
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 20.99% 25.03% 19.69% 22.66% 14.17% 10.59% 12.13% 10.83% 17.90% - 18.71%
EBITDA Growth		 16.03% 19.23% 15.92% 24.43% 15.19% 13.41% 12.58% 6.45% 17.26% - 23.03%
EBIT Growth		 10.05% 20.32% 16.51% 33.00% 18.02% 8.90% 11.63% 0.05% 17.22% - 25.23%
NOPAT Growth		 10.20% 20.61% 16.11% 32.90% 17.64% 8.46% 12.29% 0.76% 18.63% - 25.92%
Net Income Growth		 5.26% 12.33% 7.76% 33.89% 6.89% -1.57% 4.74% -10.13% 17.41% - 31.99%
EPS Growth		 -10.87% -2.27% -2.27% 23.81% 2.44% -4.65% -2.33% -17.31% 7.14% - 19.05%
Operating Cash Flow Growth		 -7.57% 5.19% 9.53% 8.29% 27.85% -6.75% 27.74% 6.06% 13.92% - 14.61%
Free Cash Flow Firm Growth		 32.49% 30.89% 36.82% 45.25% 58.24% 37.18% -4.16% -52.69% -181.15% - -50.53%
Invested Capital Growth		 16.62% 15.84% 12.58% 9.97% 6.59% 9.00% 11.71% 13.30% 15.88% - 15.56%
Revenue Q/Q Growth		 5.05% 6.52% 4.00% 5.40% -2.22% 3.18% 5.46% 4.18% 4.02% - 7.22%
EBITDA Q/Q Growth		 3.53% 5.88% 2.67% 10.57% -4.16% 4.24% 1.92% 4.54% 5.58% - 6.05%
EBIT Q/Q Growth		 2.35% 9.67% 1.91% 16.27% -9.18% 1.20% 4.46% 4.21% 6.41% - 6.62%
NOPAT Q/Q Growth		 2.37% 9.78% 1.29% 16.75% -9.38% 1.22% 4.86% 4.76% 6.69% - 6.38%
Net Income Q/Q Growth		 1.57% 10.67% -2.36% 21.99% -18.91% 1.91% 3.90% 4.68% 5.93% - 10.71%
EPS Q/Q Growth		 -2.38% 4.88% 0.00% 20.93% -19.23% -2.38% 2.44% 2.38% 4.65% - 6.38%
Operating Cash Flow Q/Q Growth		 22.67% -10.79% 5.24% -5.98% 44.83% -34.93% 38.58% -5.54% 22.46% - 30.40%
Free Cash Flow Firm Q/Q Growth		 12.65% 3.12% 18.71% 20.41% 33.37% -45.73% -34.79% -16.67% -22.68% - -5.23%
Invested Capital Q/Q Growth		 5.00% 1.78% 1.09% 1.79% 1.77% 4.09% 3.60% 3.25% 4.07% - 3.83%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 86.43% 85.91% 84.81% 88.96% 87.20% 88.10% 85.15% 85.44% 86.73% - 88.65%
EBIT Margin		 46.11% 47.47% 46.52% 51.32% 47.66% 46.75% 46.31% 46.32% 47.39% - 49.08%
Profit (Net Income) Margin		 30.45% 31.64% 29.70% 34.38% 28.51% 28.16% 27.75% 27.88% 28.39% - 30.99%
Tax Burden Percent		 66.04% 66.64% 63.85% 66.99% 59.81% 60.23% 59.91% 60.18% 59.91% - 63.14%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Effective Tax Rate		 1.12% 1.02% 1.63% 1.22% 1.45% 1.43% 1.05% 0.52% 0.26% - 0.51%
Return on Invested Capital (ROIC)		 3.35% 3.57% 3.55% 4.03% 3.73% 3.64% 3.64% 3.66% 3.80% - 3.95%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.34% 2.55% 2.49% 2.94% 2.55% 2.53% 2.52% 2.57% 2.65% - 2.88%
Return on Net Nonoperating Assets (RNNOA)		 0.98% 1.13% 1.13% 1.40% 1.19% 1.23% 1.27% 1.40% 1.43% - 1.61%
Return on Equity (ROE)		 4.33% 4.70% 4.69% 5.42% 4.92% 4.87% 4.91% 5.06% 5.24% - 5.56%
Cash Return on Invested Capital (CROIC)		 -11.89% -11.13% -8.24% -5.74% -2.59% -4.87% -7.30% -8.80% -10.98% - -10.56%
Operating Return on Assets (OROA)		 3.31% 3.53% 3.53% 3.99% 3.69% 3.61% 3.59% 3.60% 3.71% - 3.88%
Return on Assets (ROA)		 2.19% 2.36% 2.26% 2.67% 2.21% 2.18% 2.15% 2.17% 2.22% - 2.45%
Return on Common Equity (ROCE)		 4.17% 4.53% 4.52% 5.23% 4.75% 4.71% 4.75% 4.90% 5.07% - 5.40%
Return on Equity Simple (ROE_SIMPLE)		 3.16% 0.00% 3.36% 3.64% 3.60% 0.00% 3.40% 3.30% 3.31% - 3.53%
Net Operating Profit after Tax (NOPAT)		 62 68 69 81 73 74 78 82 87 - 98
NOPAT Margin		 45.59% 46.99% 45.76% 50.69% 46.97% 46.08% 45.82% 46.08% 47.26% - 48.83%
Net Nonoperating Expense Percent (NNEP)		 1.01% 1.03% 1.07% 1.08% 1.18% 1.11% 1.12% 1.09% 1.15% - 1.08%
SG&A Expenses to Revenue		 4.03% 4.69% 4.87% 4.06% 3.85% 4.02% 4.93% 4.75% 4.48% - 4.80%
Operating Expenses to Revenue		 53.89% 52.53% 53.48% 48.68% 52.34% 53.25% 53.69% 53.68% 52.61% - 50.92%
Earnings before Interest and Taxes (EBIT)		 63 69 70 82 74 75 79 82 87 - 99
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 118 125 129 142 136 142 145 151 160 - 178
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.00 1.20 1.13 1.25 1.48 1.36 1.51 1.46 1.38 - 1.49
Price to Tangible Book Value (P/TBV)		 1.20 1.44 1.36 1.50 1.77 1.63 1.81 1.76 1.66 - 1.80
Price to Revenue (P/Rev)		 9.93 11.16 10.01 10.46 12.36 11.56 12.80 12.06 11.36 - 12.06
Price to Earnings (P/E)		 32.17 37.05 34.08 34.57 41.54 39.99 45.02 44.90 42.24 - 42.68
Dividend Yield		 5.51% 4.87% 5.23% 4.80% 3.96% 4.27% 3.91% 4.17% 4.30% - 4.12%
Earnings Yield		 3.11% 2.70% 2.93% 2.89% 2.41% 2.50% 2.22% 2.23% 2.37% - 2.34%
Enterprise Value to Invested Capital (EV/IC)		 1.00 1.13 1.08 1.15 1.31 1.23 1.33 1.28 1.23 - 1.30
Enterprise Value to Revenue (EV/Rev)		 14.64 15.94 14.77 15.23 16.99 16.26 17.61 17.16 16.45 - 17.19
Enterprise Value to EBITDA (EV/EBITDA)		 16.66 18.35 17.14 17.60 19.58 18.63 20.17 19.85 19.05 - 19.63
Enterprise Value to EBIT (EV/EBIT)		 30.77 33.80 31.52 31.77 35.19 33.82 36.71 36.71 35.22 - 35.78
Enterprise Value to NOPAT (EV/NOPAT)		 31.14 34.19 31.92 32.17 35.66 34.31 37.19 37.12 35.50 - 35.92
Enterprise Value to Operating Cash Flow (EV/OCF)		 19.31 21.95 20.80 22.17 23.75 23.66 24.80 24.44 23.51 - 24.67
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		 0.43 0.46 0.49 0.52 0.51 0.51 0.52 0.57 0.57 - 0.59
Long-Term Debt to Equity		 0.42 0.42 0.42 0.51 0.50 0.48 0.47 0.53 0.51 - 0.52
Financial Leverage		 0.42 0.44 0.46 0.47 0.47 0.49 0.50 0.54 0.54 - 0.56
Leverage Ratio		 1.45 1.47 1.49 1.51 1.50 1.52 1.54 1.58 1.58 - 1.60
Compound Leverage Factor		 1.45 1.47 1.49 1.51 1.50 1.52 1.54 1.58 1.58 - 1.60
Debt to Total Capital		 29.85% 31.68% 32.68% 34.08% 33.57% 33.58% 34.32% 36.28% 36.41% - 37.19%
Short-Term Debt to Total Capital		 0.66% 2.98% 4.29% 0.55% 0.61% 1.90% 3.75% 2.78% 4.21% - 4.73%
Long-Term Debt to Total Capital		 29.20% 28.69% 28.39% 33.53% 32.96% 31.67% 30.58% 33.50% 32.19% - 32.46%
Preferred Equity to Total Capital		 2.34% 2.30% 2.27% 2.23% 2.20% 2.11% 2.04% 1.97% 1.89% - 1.76%
Noncontrolling Interests to Total Capital		 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 67.79% 66.01% 65.03% 63.68% 64.23% 64.31% 63.64% 61.74% 61.70% - 61.05%
Debt to EBITDA		 4.98 5.15 5.17 5.19 5.03 5.08 5.22 5.61 5.63 - 5.62
Net Debt to EBITDA		 4.97 5.12 5.16 5.17 5.00 5.06 5.21 5.60 5.60 - 5.58
Long-Term Debt to EBITDA		 4.87 4.66 4.49 5.11 4.94 4.79 4.65 5.18 4.98 - 4.91
Debt to NOPAT		 9.31 9.59 9.63 9.49 9.16 9.35 9.63 10.48 10.48 - 10.29
Net Debt to NOPAT		 9.28 9.54 9.61 9.46 9.11 9.33 9.60 10.47 10.44 - 10.22
Long-Term Debt to NOPAT		 9.11 8.68 8.37 9.34 8.99 8.82 8.58 9.68 9.27 - 8.98
Noncontrolling Interest Sharing Ratio		 3.60% 3.58% 3.53% 3.47% 3.34% 3.28% 3.25% 3.25% 3.14% - 2.95%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,003 -972 -790 -629 -419 -611 -823 -960 -1,178 - -1,239
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		 0.07 0.07 0.08 0.08 0.08 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
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 7,478 7,611 7,694 7,832 7,970 8,296 8,595 8,874 9,236 - 9,932
Invested Capital Turnover		 0.07 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 - 0.08
Increase / (Decrease) in Invested Capital		 1,066 1,041 860 710 492 685 901 1,042 1,265 - 1,337
Enterprise Value (EV)		 7,468 8,597 8,334 9,045 10,418 10,223 11,396 11,399 11,386 - 12,891
Market Capitalization		 5,066 6,022 5,650 6,210 7,580 7,268 8,279 8,010 7,862 - 9,048
Book Value per Share		 $52.66 $49.98 $49.89 $49.56 $50.87 $51.54 $51.00 $49.80 $51.49 - $50.52
Tangible Book Value per Share		 $43.84 $41.49 $41.51 $41.23 $42.55 $43.18 $42.63 $41.41 $42.75 - $41.91
Total Capital		 7,478 7,611 7,694 7,832 7,970 8,296 8,595 8,874 9,236 - 9,932
Total Debt		 2,232 2,411 2,514 2,669 2,676 2,785 2,950 3,220 3,362 - 3,693
Total Long-Term Debt		 2,183 2,184 2,184 2,626 2,627 2,627 2,628 2,973 2,973 - 3,224
Net Debt		 2,226 2,400 2,508 2,659 2,662 2,779 2,942 3,214 3,349 - 3,668
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)		 21 22 24 26 29 29 31 32 35 - 36
Net Nonoperating Obligations (NNO)		 2,232 2,411 2,514 2,669 2,676 2,785 2,950 3,220 3,362 - 3,693
Total Depreciation and Amortization (D&A)		 55 56 58 60 62 67 66 69 72 - 79
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.41 $0.43 $0.43 $0.53 $0.42 $0.41 $0.42 $0.43 $0.45 $0.47 $0.50
Adjusted Weighted Average Basic Shares Outstanding		 97.26M 95.19M 100.28M 100.35M 100.38M 101.10M 107.05M 109.76M 111.28M 110.72M 119.86M
Adjusted Diluted Earnings per Share		 $0.41 $0.43 $0.43 $0.52 $0.42 $0.41 $0.42 $0.43 $0.45 $0.47 $0.50
Adjusted Weighted Average Diluted Shares Outstanding		 97.35M 95.44M 100.34M 100.45M 101.72M 101.88M 107.55M 110.38M 111.51M 111.20M 120.38M
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		 100.52M 100.52M 100.63M 100.62M 103.52M 107.25M 110.02M 110.67M 114.93M 120.03M 120.10M
Normalized Net Operating Profit after Tax (NOPAT)		 66 71 74 81 76 74 82 85 90 - 97
Normalized NOPAT Margin		 47.90% 48.80% 48.70% 50.69% 48.67% 46.08% 48.35% 47.75% 48.88% - 48.42%
Pre Tax Income Margin		 46.11% 47.47% 46.52% 51.32% 47.66% 46.75% 46.31% 46.32% 47.39% - 49.08%
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		 165.74% 167.18% 170.60% 160.84% 161.03% 163.85% 165.76% 175.53% 173.51% - 164.10%
Augmented Payout Ratio		 167.37% 168.75% 171.90% 162.04% 162.23% 165.05% 167.71% 177.54% 175.44% - 166.90%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, four-year trend view of Agree Realty (NYSE: ADC) using the quarterly statements provided (Q1 2023 through Q4 2025). The focus is on points that may impact retail investors.

  • Total revenue has trended up over the period, rising from about $126.6 million in Q1 2025 to $187.3 million in Q4 2025, and from $161.1 million in Q4 2024 to $187.3 million in Q4 2025. This indicates growing topline scale and leasing activity.
  • Net income and diluted earnings per share have improved in the latest year, with Q4 2025 net income of $56.2 million and diluted EPS of $0.47, up from roughly $45.4 million and $0.43 in Q4 2024.
  • Cash flow from continuing operating activities strengthened in Q4 2025 (about $111.3 million) versus Q4 2024 (about $91.3 million), signaling stronger cash generation from core operations.
  • Total assets have grown notably, rising from roughly $7.87 billion in 2024 to about $9.48 billion in mid‑2025, reflecting expansion of the real estate portfolio and related assets.
  • The company’s equity base is sizable and has grown, with total equity and noncontrolling interests around $5.87 billion in 2025 (Q3), indicating solid capitalization to support ongoing growth.
  • Cash dividends per share have remained steady, around $0.75–$0.768 per share in recent quarters, providing a consistent income stream for investors.
  • Net interest income/expense has been minimal to flat across periods (e.g., Total interest income and expense near zero in several quarters), making the REIT’s core earnings largely driven by rental and non-interest income rather than net interest activity.
  • Impairment charges and other non-cash adjustments have remained modest and variable, with no recurrent large impairments observed in the more recent periods, suggesting limited downside from asset impairment in the near term.
  • Leverage has increased, with long-term debt rising toward the upper end of the recent range (long-term debt around $2.6–$3.0 billion across 2023–2025), which could pressure interest expense and financing flexibility if rates rise or if rental demand slows.
  • Net cash from investing activities has been consistently negative in several periods due to purchases of investment securities and other capital deployments, reducing near-term free cash flow even as operating cash flow strengthens.
05/06/26 06:56 PM ETAI Generated. May Contain Errors.

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 2025 ended on December 31, 2025.

How has Agree Realty's net income changed over the last 10 years?

Agree Realty's net income appears to be on an upward trend, with a most recent value of $204.99 million in 2025, rising from $39.76 million in 2015. The previous period was $189.83 million in 2024. View Agree Realty's forecast to see where analysts expect Agree Realty to go next.

How has Agree Realty's revenue changed over the last 10 years?

Over the last 10 years, Agree Realty's total revenue changed from $69.97 million in 2015 to $718.40 million in 2025, a change of 926.8%.

How much debt does Agree Realty have?

Agree Realty's total liabilities were at $3.53 billion at the end of 2025, a 18.5% increase from 2024, and a 948.6% increase since 2015.

How much cash does Agree Realty have?

In the past 10 years, Agree Realty's cash and equivalents has ranged from $2.71 million in 2015 to $53.96 million in 2018, and is currently $16.30 million as of their latest financial filing in 2025.


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Financial statements for NYSE:ADC last updated on 4/22/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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