NYSE : ADC
Agree Realty Corporation — Financial statements
Real Estate · REIT - Retail · United States
Last price 68.48 USD (Nov 2, 2026, 4:00 PM EST) · Market cap 8.92B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 809.92M | 718.16M | 616.82M | 537.40M | 429.63M | 339.07M |
| Other Revenue | 355.00K | 235.00K | 273.00K | 92.00K | 182.00K | 256.00K |
| Total Revenue | 810.28M | 718.40M | 617.10M | 537.50M | 429.81M | 339.32M |
| Property Expenses | 100.56M | 88.15M | 74.85M | 66.72M | 52.28M | 41.06M |
| Selling, General & Administrative | 46.90M | 44.06M | 37.23M | 34.79M | 30.12M | 25.46M |
| Depreciation & Amortization | 271.14M | 239.31M | 206.99M | 176.28M | 133.57M | 95.73M |
| Total Operating Expenses | 418.61M | 371.52M | 319.07M | 277.78M | 215.97M | 162.25M |
| Operating Income | 391.68M | 346.88M | 298.03M | 259.71M | 213.84M | 177.08M |
| Interest Expense | -153.61M | -134.61M | -108.90M | -81.12M | -63.44M | -50.38M |
| Other Non-Operating Income | 1.04M | 941.00K | 799.00K | 189.00K | 1.25M | |
| EBT Excluding Unusual Items | 239.10M | 213.21M | 189.92M | 178.78M | 151.65M | 126.70M |
| Gain (Loss) on Sale of Assets | 13.10M | 5.39M | 11.44M | 1.85M | 5.26M | 15.11M |
| Asset Writedown | -8.90M | -11.87M | -7.22M | -7.17M | -1.01M | -1.92M |
| Other Unusual Items | -14.61M | |||||
| Pretax Income | 243.30M | 206.72M | 194.14M | 173.46M | 155.90M | 125.28M |
| Income Tax Expense | 1.51M | 1.74M | 4.31M | 2.91M | 2.86M | 2.40M |
| Earnings From Continuing Operations | 241.79M | 204.99M | 189.83M | 170.55M | 153.03M | 122.88M |
| Minority Interest in Earnings | -700.00K | -640.00K | -635.00K | -588.00K | -598.00K | -603.00K |
| Net Income | 241.09M | 204.35M | 189.20M | 169.96M | 152.44M | 122.27M |
| Preferred Dividends & Other Adjustments | 7.85M | 7.88M | 7.92M | 7.84M | 7.81M | 2.52M |
| Net Income to Common | 233.25M | 196.47M | 181.28M | 162.12M | 144.62M | 119.76M |
| Basic Shares Outstanding | 119.75M | 110.72M | 101.10M | 95.19M | 78.66M | 66.80M |
| Diluted Shares Outstanding | 120.20M | 111.20M | 101.88M | 95.44M | 79.16M | 67.14M |
| EPS (Basic) | 1.95 | 1.77 | 1.79 | 1.70 | 1.84 | 1.79 |
| EPS (Diluted) | 1.94 | 1.77 | 1.78 | 1.70 | 1.83 | 1.78 |
| Dividend Per Share | 3.17 | 3.08 | 3.00 | 2.92 | 2.81 | 2.60 |
| Operating Margin | 48.34% | 48.28% | 48.30% | 48.32% | 49.75% | 52.19% |
| Profit Margin | 28.79% | 27.35% | 29.38% | 30.16% | 33.65% | 35.29% |
| EBITDA | 703.37M | 619.75M | 536.07M | 466.81M | 378.60M | 269.26M |
| EBITDA Margin | 86.81% | 86.27% | 86.87% | 86.85% | 88.08% | 79.35% |
| D&A For Ebitda | 311.70M | 272.87M | 238.04M | 207.10M | 164.75M | 92.19M |
| EBIT | 391.68M | 346.88M | 298.03M | 259.71M | 213.84M | 177.08M |
| EBIT Margin | 48.34% | 48.28% | 48.30% | 48.32% | 49.75% | 52.19% |
| Funds From Operations (FFO) | 498.53M | 441.02M | 383.14M | 343.02M | 274.15M | 202.65M |
| FFO Per Share | 4.14 | 3.95 | 3.75 | 3.58 | 3.45 | 3.00 |
| Adjusted Funds From Operations (AFFO) | 547.88M | 482.80M | 422.82M | 378.74M | 304.92M | 236.97M |
| AFFO Per Share | 4.54 | 4.33 | 4.14 | 3.95 | 3.83 | 3.51 |
| FFO Payout Ratio | 76.15% | 77.24% | 79.24% | 80.95% | 80.36% | 95.88% |
| Effective Tax Rate | 0.62% | 0.84% | 2.22% | 1.68% | 1.84% | 1.92% |
| Revenue as Reported | 810.28M | 718.40M | 617.10M | 537.50M | 429.81M | 339.32M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 9.56B | 8.62B | 7.47B | 6.80B | 5.80B | 4.43B |
| Cash & Equivalents | 80.56M | 16.30M | 6.40M | 10.91M | 27.76M | 43.25M |
| Accounts Receivable | 140.71M | 122.48M | 106.42M | 82.95M | 65.84M | 53.44M |
| Other Intangible Assets | 1.08B | 1.00B | 864.94M | 799.45M | ||
| Restricted Cash | 10.92M | 4.33M | 3.62M | 1.15M | 2.00M | |
| Other Current Assets | 2.30M | 3.64M | 5.68M | |||
| Trading Asset Securities | 29.57M | 5.97M | 17.53M | 1.87M | ||
| Deferred Long-Term Charges | 854.09M | 672.02M | ||||
| Other Long-Term Assets | 39.88M | 28.37M | 25.56M | 16.11M | 17.02M | 21.84M |
| Total Assets | 10.95B | 9.80B | 8.49B | 7.77B | 6.71B | 5.23B |
| Current Portion of Long-Term Debt | 628.00K | 50.00M | 4.62M | |||
| Current Portion of Leases | 264.00K | 995.00K | ||||
| Long-Term Debt | 3.72B | 2.98B | 2.74B | 2.42B | 1.94B | 1.69B |
| Long-Term Leases | 24.30M | 22.28M | 21.00M | 23.00M | 23.60M | 24.10M |
| Accounts Payable | 125.45M | 77.09M | 62.17M | 52.00M | 42.02M | 29.07M |
| Other Current Liabilities | 37.11M | 38.21M | 27.84M | 25.53M | 22.34M | 16.88M |
| Long-Term Unearned Revenue | 33.60M | 36.20M | 33.10M | 21.90M | 18.10M | 13.50M |
| Other Long-Term Liabilities | 72.28M | 54.14M | 46.25M | 36.83M | 36.71M | 33.08M |
| Total Liabilities | 4.01B | 3.53B | 2.98B | 2.57B | 2.08B | 1.81B |
| Preferred Stock, Redeemable | 175.00M | 175.00M | 175.00M | 175.00M | 175.00M | 175.00M |
| Common Stock | 13.00K | 12.00K | 10.00K | 10.00K | 9.00K | 7.00K |
| Additional Paid-In Capital | 7.42B | 6.68B | 5.77B | 5.35B | 4.66B | 3.40B |
| Distributions in Excess of Earnings | -732.65M | -618.67M | -470.62M | -346.47M | -228.13M | -147.37M |
| Comprehensive Income & Other | 77.91M | 35.51M | 40.08M | 16.55M | 23.55M | -5.50M |
| Total Common Equity | 6.77B | 6.10B | 5.34B | 5.02B | 4.45B | 3.24B |
| Minority Interest | -15.00K | 168.00K | 615.00K | 942.00K | 1.39M | 1.63M |
| Shareholders' Equity | 6.94B | 6.27B | 5.51B | 5.20B | 4.63B | 3.42B |
| Total Liabilities & Equity | 10.95B | 9.80B | 8.49B | 7.77B | 6.71B | 5.23B |
| Total Debt | 3.74B | 3.32B | 2.81B | 2.44B | 1.96B | 1.72B |
| Net Cash (Debt) | -3.63B | -3.30B | -2.78B | -2.43B | -1.94B | -1.67B |
| Net Cash Per Share | -30.20 | -29.66 | -27.31 | -25.44 | -24.45 | -24.87 |
| Filing Date Shares Outstanding | 129.92M | 119.84M | 107.03M | 100.33M | 89.99M | 71.11M |
| Total Common Shares Outstanding | 129.92M | 119.84M | 107.03M | 100.33M | 89.99M | 71.11M |
| Book Value Per Share | 52.09 | 50.87 | 49.85 | 50.08 | 49.49 | 45.60 |
| Tangible Book Value | 5.68B | 5.10B | 4.47B | 5.02B | 3.65B | 3.24B |
| Tangible Book Value Per Share | 43.74 | 42.52 | 41.76 | 50.08 | 40.61 | 45.60 |
| Land | 3.24B | 2.90B | 2.51B | 2.28B | 1.94B | 1.56B |
| Buildings | 7.05B | 6.33B | 5.41B | 4.86B | 4.05B | 3.03B |
| Construction In Progress | 73.66M | 62.69M | 55.81M | 33.23M | 65.93M | 7.15M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 241.09M | 204.35M | 189.20M | 169.96M | 152.44M | 122.27M |
| Depreciation & Amortization | 314.00M | 274.97M | 239.64M | 208.80M | 166.35M | 92.19M |
| Other Amortization | 9.28M | 8.16M | 6.91M | 5.31M | 4.62M | 31.44M |
| Gain (Loss) on Sale of Assets | -11.31M | -5.39M | -11.44M | -1.85M | -5.34M | -14.94M |
| Gain (Loss) on Sale of Investments | 19.38M | 13.55M | 4.36M | 28.41M | 16.75M | |
| Asset Writedown | 8.90M | 11.87M | 7.22M | 7.17M | 1.01M | 1.92M |
| Stock-Based Compensation | 14.26M | 12.99M | 10.80M | 8.34M | 6.46M | 4.80M |
| Change in Accounts Receivable | -4.58M | 1.18M | -12.09M | -5.09M | 799.00K | -4.45M |
| Change in Accounts Payable | 6.87M | 5.74M | 14.25M | 10.38M | 15.05M | 10.83M |
| Change in Other Net Operating Assets | -4.82M | -6.58M | -4.80M | 121.00K | 4.89M | -3.23M |
| Other Operating Activities | -21.03M | -16.72M | -12.08M | -11.55M | -12.58M | -11.25M |
| Operating Cash Flow | 572.04M | 504.14M | 431.97M | 391.60M | 362.12M | 246.31M |
| Acquisition of Real Estate Assets | -1.70B | -1.58B | -977.33M | -1.29B | -1.66B | -1.44B |
| Sale of Real Estate Assets | 84.03M | 42.07M | 94.33M | 13.84M | 44.91M | 56.00M |
| Net Sale / Acq. of Real Estate Assets | -1.62B | -1.54B | -883.00M | -1.27B | -1.62B | -1.39B |
| Investing Cash Flow | -1.62B | -1.54B | -885.41M | -1.27B | -1.62B | -1.39B |
| Long-Term Debt Issued | 29.36B | 1.52B | 1.58B | 1.33B | 1.23B | |
| Long-Term Debt Repaid | -28.85B | -1.15B | -1.11B | -1.12B | -766.80M | |
| Net Debt Issued (Repaid) | 354.10M | 508.66M | 368.68M | 471.47M | 213.02M | 467.82M |
| Issuance of Common Stock | 1.17B | 904.31M | 402.94M | 689.90M | 1.26B | 744.85M |
| Repurchase of Common Stock | -6.18M | -3.74M | -2.28M | -2.68M | -1.91M | -1.81M |
| Preferred Stock Issued | 170.31M | |||||
| Common Dividends Paid | -379.62M | -340.65M | -303.60M | -277.68M | -220.30M | -194.30M |
| Preferred Dividends Paid | -7.44M | -7.44M | -7.44M | -7.44M | -7.44M | -1.53M |
| Total Dividends Paid | -387.06M | -348.09M | -311.04M | -285.11M | -227.74M | -195.82M |
| Other Financing Activities | -6.82M | -7.92M | -12.99M | -4.56M | -3.68M | -7.75M |
| Net Cash Flow | 74.61M | 14.22M | -8.12M | -14.38M | -16.34M | 37.30M |
| Levered Free Cash Flow | 478.11M | 433.69M | 371.83M | 324.01M | 283.99M | 162.29M |
| Unlevered Free Cash Flow | 565.68M | 510.41M | 433.57M | 369.97M | 319.57M | 190.16M |
| Cash Interest Paid | 142.72M | 129.15M | 101.81M | 70.79M | 58.78M | 56.15M |
| Cash Income Tax Paid | 1.44M | 1.61M | 3.71M | 3.06M | 2.40M | 1.82M |
| Change in Working Capital | -2.53M | 344.00K | -2.64M | 5.42M | 20.74M | 3.15M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 8.92B | 8.26B | 7.28B | 6.32B | 6.27B | 5.43B |
| Enterprise Value | 12.55B | 11.81B | 10.14B | 8.73B | 8.08B | 7.07B |
| Last Close Price | 68.48 | 69.48 | 65.17 | 55.60 | 59.84 | 57.81 |
| Price/FFO Ratio | 16.09 | 17.59 | 17.38 | 15.53 | 17.34 | 19.27 |
| Price/AFFO Ratio | 14.65 | 16.05 | 15.74 | 14.08 | 15.62 | 16.47 |
| PE Ratio | 35.31 | 42.07 | 40.15 | 38.95 | 43.35 | 45.35 |
| PS Ratio | 11.01 | 11.50 | 11.79 | 11.75 | 14.59 | 16.01 |
| PB Ratio | 1.31 | 1.32 | 1.32 | 1.21 | 1.35 | 1.59 |
| P/OCF Ratio | 15.59 | 16.39 | 16.85 | 16.13 | 17.31 | 22.05 |
| EV/Sales Ratio | 15.49 | 16.44 | 16.44 | 16.24 | 18.80 | 20.83 |
| EV/EBITDA Ratio | 17.84 | 19.06 | 18.92 | 18.70 | 21.35 | 26.25 |
| EV/EBIT Ratio | 32.04 | 34.05 | 34.04 | 33.61 | 37.80 | 39.92 |
| Debt / Equity Ratio | 0.54 | 0.53 | 0.51 | 0.47 | 0.42 | 0.50 |
| Debt / EBITDA Ratio | 5.30 | 5.34 | 5.22 | 5.20 | 5.16 | 6.33 |
| Net Debt / Equity Ratio | 0.52 | 0.53 | 0.51 | 0.47 | 0.42 | 0.49 |
| Net Debt / EBITDA Ratio | 5.16 | 5.32 | 5.19 | 5.20 | 5.11 | 6.20 |
| Asset Turnover | 0.08 | 0.08 | 0.08 | 0.07 | 0.07 | 0.07 |
| Quick Ratio | 1.54 | 0.33 | 0.93 | 1.21 | 1.36 | 2.15 |
| Current Ratio | 1.62 | 0.34 | 0.93 | 1.30 | 1.37 | 2.31 |
| Return on Equity (ROE) | 3.77% | 3.48% | 3.55% | 3.47% | 3.80% | 4.13% |
| Return on Assets (ROA) | 2.40% | 2.37% | 2.29% | 2.24% | 2.24% | 2.43% |
| Return on Invested Capital (ROIC) | 3.70% | 3.84% | 3.65% | 3.59% | 3.58% | 3.90% |
| Earnings Yield | 2.83% | 2.47% | 2.60% | 2.69% | 2.43% | 2.25% |
| Dividend Yield | 4.75% | 4.47% | 4.41% | 4.64% | 4.03% | 3.41% |
| Payout Ratio | 167.66% | 170.34% | 164.40% | 167.75% | 149.40% | 160.15% |
| Buyback Yield / Dilution | -10.66% | -9.15% | -6.75% | -20.56% | -17.91% | -28.14% |
| Total Shareholder Return | -5.92% | -4.69% | -2.33% | -15.92% | -13.88% | -24.73% |