AGREE REALTY CORP

Listed Company

ADC-PACIK 0000917251NYSELarge AcceleratedReal Estate Investment TrustsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$718.40M

Net Income

$204.35M

Total Assets

$9.80B

Equity

$6.27B

Shares Out

120.10M

Op. Cash Flow

$504.14M

Business

AGREE REALTY CORP is a fully integrated real estate investment trust that owns, acquires, develops and manages retail properties net leased to industry-leading tenants. It provides long-term net-leased retail real estate, build-to-suit development services, a Developer Funding Platform, leasing and asset management services, and financing and capital markets solutions. Its operating platforms include development, the Developer Funding Platform (DFP), acquisitions, asset management and financing activities. The Company operates across the United States, leasing primarily to national and large regional retailers under long-term net leases.

Summary from filing dated 2025-02-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental income	718	617	537	430	339
Other	235,000	273,000	92,000	182,000	256,000
Total Revenues	718	617	537	430	339
Real estate taxes	52	47	40	32	26
Property operating expenses	34	26	25	19	14
Land lease expense	2	2	2	2	2
General and administrative	44	37	35	30	25
Depreciation and amortization	239	207	176	134	96
Provision for impairment	12	7	7	1	2
Total Operating Expenses	383	326	285	217	164
Gain on sale of assets, net	5	12	2	5	15
Loss on involuntary conversion, net	−30,000	−67,000	0	−83,000	170,000
Income from Operations	340	302	254	218	190
Interest expense, net	−135	−109	−81	−63	—
Income and other tax expense	−2	−4	−3	−3	−2
Other income	941,000	799,000	189,000	1	0
Net Income	205	190	171	153	123
Less net income attributable to non-controlling interest	640,000	635,000	588,000	598,000	603,000
Net income attributable to Agree Realty Corporation	204	189	170	152	122
Less Series A preferred stock dividends	7	7	7	7	2
Net Income Attributable to Common Stockholders	197	182	163	145	120
Basic (in USD per share)	1.77	1.79	1.7	1.84	1.79
Diluted (in USD per share)	1.77	1.78	1.7	1.83	1.78
Amortization of interest rate swaps	−4	−3	−3	−684,000	950,000
Change in fair value and settlement of interest rate swaps	−816,000	26	−5	30	30
Total comprehensive income	200	213	164	182	154
Less comprehensive income attributable to non-controlling interest	624,000	715,000	565,000	741,000	770,000
Comprehensive Income Attributable to Agree Realty Corporation	200	213	163	181	153
Weighted Average Number of Common Shares Outstanding - Basic, (in shares)	111	101	95	79	67
Weighted Average Number of Common Shares Outstanding - Diluted, (in shares)	111	102	95	79	67

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-05-31	FY 2025 2025-04-30	FY 2024 2024-12-31	FY 2023 2023-12-31
Land	2,895	—	—	2,514	2,282
Buildings	6,330	—	—	5,413	4,862
Less accumulated depreciation	−716	—	—	−564	−434
Real estate investments excluding property under development	8,510	—	—	7,362	6,710
Property under development	63	—	—	56	33
Net real estate investments	8,570	—	—	7,420	6,740
Cash and cash equivalents	16	—	—	6	11
Cash held in escrow	4	—	—	0	4
Accounts receivable - tenants, net	122	—	—	106	83
Lease intangibles, net of accumulated amortization of $576,945 and $461,419 at December 31, 2025 and December 31, 2024, respectively	1,001	—	—	865	854
Other assets, net	81	—	—	91	76
Total Assets	9,798	—	—	8,486	7,775
Mortgage notes payable, net	42	—	—	42	43
Unsecured term loan, net	348	—	—	347	347
Senior unsecured notes, net	2,585	—	—	2,238	1,794
Unsecured revolving credit facility and commercial paper notes	321	—	—	158	—
Dividends and distributions payable	32	—	—	28	26
Accounts payable, accrued expenses, and other liabilities	139	—	—	116	101
Lease intangibles, net of accumulated amortization of $49,797 and $46,003 at December 31, 2025 and December 31, 2024, respectively	60	—	—	46	37
Total Liabilities	3,526	—	—	2,976	2,575
Commitments and contingencies (Note 11)	—	—	—	—	—
Preferred stock, $.0001 par value per share, 4,000,000 shares authorized, 7,000 shares Series A outstanding, at stated liquidation value of $25,000 per share, at December 31, 2025 and December 31, 2024	175	—	—	175	175
Common stock, $.0001 par value, 360,000,000 and 180,000,000 shares authorized, 120,028,406 and 107,248,705 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	12,000	—	—	10,000	10,000
Additional paid-in-capital	6,679	—	—	5,766	5,354
Dividends in excess of net income	−619	—	—	−471	−346
Accumulated other comprehensive income	36	—	—	40	17
Total equity - Agree Realty Corporation	6,271	—	—	5,510	5,199
Non-controlling interest	168,000	—	—	615,000	942,000
Total Equity	6,271	—	—	5,511	5,200
Total Liabilities and Equity	9,798	—	—	8,486	7,775
Common Stock, Shares Authorized	360	360	180	180	180

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization from above (below) market lease intangibles, net	36	33	33	33	24
Amortization from financing costs, credit facility costs and debt discount	7	6	5	4	2
Stock-based compensation	13	11	8	6	5
Straight-line accrued rent	−17	−13	−12	−13	−12
Settlement of interest rate swaps	14	4	0	28	17
Gain on sale of assets	−5	−12	−2	−5	−15
Change in accounts receivable	1	−12	−5	799,000	−4
Change in other assets	−7	−5	121,000	5	−3
Change in accounts payable, accrued expenses, and other liabilities	6	14	10	15	11
Net Cash Provided by Operating Activities	504	432	392	362	246
Acquisition of real estate investments and other assets	−1,438	−877	−1,206	−1,579	−1,401
Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $2,027 in 2025, $1,599 in 2024 and $1,957 in 2023)	−145	−100	−82	—	—
Payment of leasing costs	−2	−2	−447,000	−503,000	−468,000
Net proceeds from sale of assets	42	94	14	45	56
Net Cash Used in Investing Activities	−1,543	−885	−1,275	−1,616	−1,387
Proceeds from common stock offerings, net	904	403	690	1,258	745
Repurchase of common shares	−4	−2	−3	−2	−2
Unsecured revolving credit facility and commercial paper notes borrowings	28,958	1,072	1,231	1,035	594
Unsecured revolving credit facility and commercial paper notes repayments	−28,796	−1,141	−1,104	−1,095	−526
Payments of mortgage notes payable	−1	−963,000	−6	−24	−799,000
Proceeds from unsecured term loan	0	0	350	0	0
Proceeds from senior unsecured notes	397	445	0	298	641
Payments of senior unsecured notes	−50	0	0	0	−240
Payment of Series A preferred dividends	−7	−7	−7	−7	−2
Payment of common stock dividends	−341	−304	−278	−220	−194
Distributions to non-controlling interest	−1	−1	−1	−971,000	−1
Payments for financing lease liability	0	−6	0	0	—
Payments for financing costs	−7	−12	−4	−3	−7
Net Cash Provided by Financing Activities	1,053	445	869	1,238	1,178
Change in Cash and Cash Equivalents and Cash Held in Escrow	14	−8	−14	−16	37
Cash paid for interest (net of amounts capitalized)	129	102	71	59	56
Cash paid for income and other tax, net of refunds	2	4	3	2	2
Lease right of use assets added under new ground leases	3	3	0	2	6
Lease right of use assets removed as a result of acquisition of real property	−3	−15	0	0	—
Change in accrual of development, construction and other real estate investment costs	14	7	3	3	−6

Filings

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