Agree Realty Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Agree Realty Corp reported revenue of $718.4M (+16.4% year on year) and net income of $205.0M (+8.0% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Rental income | $718.2M | $616.8M | $537.4M | $429.6M |
| Other | $235.0K | $273.0K | $92.0K | $182.0K |
| Total Revenues | $718.4M | $617.1M | $537.5M | $429.8M |
| Real estate taxes | $52.2M | $46.9M | $40.1M | $32.1M |
| Property operating expenses | $33.8M | $26.3M | $25.0M | $18.6M |
| Land lease expense | $2.1M | $1.6M | $1.7M | $1.6M |
| General and administrative | $44.1M | $37.2M | $34.8M | $30.1M |
| Depreciation and amortization | $239.3M | $207.0M | $176.3M | $133.6M |
| Provision for impairment | $11.9M | $7.2M | $7.2M | $1.0M |
| Total Operating Expenses | $383.4M | $326.3M | $285.0M | $217.0M |
| Gain on sale of assets, net | $5.4M | $11.5M | $1.8M | $5.3M |
| Loss on involuntary conversion, net | ($30.0K) | ($67.0K) | $0 | ($83.0K) |
| Income from Operations | $340.4M | $302.2M | $254.4M | $218.1M |
| Interest expense, net | ($134.6M) | ($108.9M) | ($81.1M) | ($63.4M) |
| Income and other tax expense | ($1.7M) | ($4.3M) | ($2.9M) | ($2.9M) |
| Other income | $941.0K | $799.0K | $189.0K | $1.2M |
| Less net income attributable to non-controlling interest | $640.0K | $635.0K | $588.0K | $598.0K |
| Net income attributable to Agree Realty Corporation | $204.3M | $189.2M | $170.0M | $152.4M |
| Less Series A preferred stock dividends | $7.4M | $7.4M | $7.4M | $7.4M |
| Net Income Attributable to Common Stockholders | $196.9M | $181.8M | $162.5M | $145.0M |
| Basic (in USD per share) | $1.77 | $1.79 | $1.70 | $1.84 |
| Diluted (in USD per share) | $1.77 | $1.78 | $1.70 | $1.83 |
| Net income | $205.0M | $189.8M | $170.5M | $153.0M |
| Amortization of interest rate swaps | ($3.8M) | ($2.8M) | ($2.5M) | ($684.0K) |
| Change in fair value and settlement of interest rate swaps | ($816.0K) | $26.4M | ($4.5M) | $29.9M |
| Total comprehensive income | $200.4M | $213.4M | $163.5M | $182.2M |
| Less comprehensive income attributable to non-controlling interest | $624.0K | $715.0K | $565.0K | $741.0K |
| Comprehensive Income Attributable to Agree Realty Corporation | $199.8M | $212.7M | $163.0M | $181.5M |
| Weighted Average Number of Common Shares Outstanding - Basic, (in shares) | 110.7M | 101.1M | 95.2M | 78.7M |
| Weighted Average Number of Common Shares Outstanding - Diluted, (in shares) | 111.2M | 101.9M | 95.4M | 79.2M |
| Line item | Sep 30, 2026 · Q3 | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 |
|---|---|---|---|---|
| Rental income | $213.8M | $205.0M | $200.7M | $183.2M |
| Other | $78.0K | $119.0K | $131.0K | $31.0K |
| Total Revenues | $213.9M | $205.1M | $200.8M | $183.2M |
| Real estate taxes | $15.8M | $15.3M | $14.7M | $13.2M |
| Property operating expenses | $9.9M | $9.5M | $9.6M | $8.2M |
| Land lease expense | $601.0K | $598.0K | $554.0K | $556.0K |
| General and administrative | $12.4M | $12.0M | $11.5M | $10.9M |
| Depreciation and amortization | $71.9M | $69.1M | $66.7M | $61.2M |
| Provision for impairment | $0 | $5.9M | $1.4M | $3.0M |
| Total Operating Expenses | $110.6M | $112.3M | $104.5M | $97.0M |
| Gain on sale of assets, net | $5.4M | $2.0M | $1.7M | $924.0K |
| Gain on involuntary conversion, net | $886.0K | $512.0K | $528.0K | $132.0K |
| Income from Operations | $109.6M | $95.3M | $98.6M | $87.3M |
| Interest expense, net | ($41.0M) | ($40.3M) | ($36.0M) | ($35.2M) |
| Income and other tax expense | ($375.0K) | ($375.0K) | ($500.0K) | ($225.0K) |
| Other income | $342.0K | $150.0K | $148.0K | $456.0K |
| Less net income attributable to non-controlling interest | $191.0K | $156.0K | $180.0K | $162.0K |
| Net income attributable to Agree Realty Corporation | $68.4M | $54.7M | $62.1M | $52.1M |
| Less Series A preferred stock dividends | $1.9M | $1.9M | $1.9M | $1.9M |
| Net Income Attributable to Common Stockholders | $66.5M | $52.8M | $60.2M | $50.3M |
| Basic (in dollars per share) | $0.53 | $0.44 | $0.50 | $0.45 |
| Diluted (in dollars per share) | $0.53 | $0.44 | $0.50 | $0.45 |
| Net income | $68.5M | $54.8M | $62.2M | $52.3M |
| Amortization of interest rate swaps | ($1.1M) | ($1.1M) | ($1.1M) | ($1.1M) |
| Change in fair value and settlement of interest rate swaps | $29.3M | $10.3M | $6.2M | $713.0K |
| Total comprehensive income | $96.7M | $64.0M | $67.4M | $51.9M |
| Less comprehensive income attributable to non-controlling interest | $269.0K | $183.0K | $195.0K | $161.0K |
| Comprehensive Income Attributable to Agree Realty Corporation | $96.4M | $63.9M | $67.2M | $51.8M |
| Weighted Average Number of Common Shares Outstanding - Basic (in shares) | 124.4M | 120.0M | 119.9M | 111.3M |
| Weighted Average Number of Common Shares Outstanding - Diluted (in shares) | 124.6M | 120.5M | 120.4M | 111.5M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Land | $2.9B | $2.5B | $2.3B | $1.9B |
| Buildings | $6.3B | $5.4B | $4.9B | $4.1B |
| Less accumulated depreciation | ($715.7M) | ($564.4M) | ($434.0M) | ($321.1M) |
| Real estate investments excluding property under development | $8.5B | $7.4B | $6.7B | $5.7B |
| Property under development | $62.7M | $55.8M | $33.2M | $65.9M |
| Net real estate investments | $8.6B | $7.4B | $6.7B | $5.7B |
| Cash and cash equivalents | $16.3M | $6.4M | $10.9M | $27.8M |
| Cash held in escrow | $4.3M | — | $3.6M | $1.1M |
| Accounts receivable - tenants, net | $122.5M | $106.4M | $83.0M | $65.8M |
| Lease intangibles, net of accumulated amortization of $576,945 and $461,419 at December 31, 2025 and December 31, 2024, respectively | $1.0B | $864.9M | $854.1M | $799.4M |
| Other assets, net | $80.8M | $90.6M | $76.3M | $77.9M |
| Total Assets | $9.8B | $8.5B | $7.8B | $6.7B |
| Mortgage notes payable, net | $41.5M | $42.2M | $42.8M | $48.0M |
| Unsecured term loan, net | $348.1M | $347.5M | $346.8M | — |
| Senior unsecured notes, net | $2.6B | $2.2B | $1.8B | $1.8B |
| Unsecured revolving credit facility and commercial paper notes | $320.5M | — | — | — |
| Dividends and distributions payable | $32.2M | $27.8M | $25.5M | $22.3M |
| Accounts payable, accrued expenses, and other liabilities | $139.4M | $116.3M | $101.4M | $83.7M |
| Lease intangibles, net of accumulated amortization of $49,797 and $46,003 at December 31, 2025 and December 31, 2024, respectively | $60.2M | $46.2M | $36.8M | $36.7M |
| Total Liabilities | $3.5B | $3.0B | $2.6B | $2.1B |
| 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 | $175000000.00 | $175000000.00 | $175000000.00 | $175000000.00 |
| 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 | 12.0K | 10.0K | 10.0K | 9.0K |
| Additional paid-in-capital | $6.7B | $5.8B | $5.4B | $4.7B |
| Dividends in excess of net income | ($618.7M) | ($470.6M) | ($346.5M) | ($228.1M) |
| Accumulated other comprehensive income | $35.5M | $40.1M | $16.6M | $23.6M |
| Total equity - Agree Realty Corporation | $6.3B | $5.5B | $5.2B | $4.6B |
| Non-controlling interest | $168.0K | $615.0K | $942.0K | $1.4M |
| Total Equity | $6.3B | $5.5B | $5.2B | $4.6B |
| Total Liabilities and Equity | $9.8B | $8.5B | $7.8B | $6.7B |
| Common Stock, Shares Authorized | 360.0M | — | — | — |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 |
|---|---|---|---|---|
| Land | $3.2B | $3.2B | $3.0B | $2.8B |
| Buildings | $7.1B | $6.8B | $6.6B | $6.1B |
| Less accumulated depreciation | ($847.3M) | ($800.9M) | ($758.5M) | ($677.7M) |
| Real estate investments excluding property under development | $9.4B | $9.2B | $8.8B | $8.2B |
| Property under development | $73.7M | $92.8M | $60.1M | $64.0M |
| Net real estate investments | $9.5B | $9.2B | $8.9B | $8.3B |
| Real estate held for sale, net | $2.3M | $9.3M | $3.1M | $706.0K |
| Cash and cash equivalents | $80.6M | $12.5M | $25.1M | $13.7M |
| Cash held in escrow | $10.9M | $8.7M | $6.1M | $3.2M |
| Accounts receivable - tenants, net | $140.7M | $131.2M | $129.6M | $117.6M |
| Lease intangibles, net of accumulated amortization of $675,725 and $576,945 at September 30, 2026 and December 31, 2025, respectively | $1.1B | $1.1B | $1.0B | $967.0M |
| Other assets, net | $116.0M | $101.7M | $96.9M | $84.6M |
| Total Assets | $11.0B | $10.6B | $10.2B | $9.5B |
| Mortgage notes payable, net | $41.2M | $41.2M | $41.4M | $41.7M |
| Unsecured term loans, net | $696.5M | $696.3M | $596.7M | $347.9M |
| Senior unsecured notes, net | $3.0B | $2.6B | $2.6B | $2.6B |
| Unsecured revolving credit facility and commercial paper notes | $0 | $497.0M | $469.6M | $389.0M |
| Dividends and distributions payable | $35.5M | $33.9M | $32.2M | $29.9M |
| Accounts payable, accrued expenses, and other liabilities | $183.6M | $141.2M | $154.1M | $161.8M |
| Lease intangibles, net of accumulated amortization of $54,622 and $49,797 at September 30, 2026 and December 31, 2025, respectively | $73.9M | $70.5M | $61.8M | $56.8M |
| Total Liabilities | $4.0B | $4.1B | $3.9B | $3.6B |
| Preferred stock, $0.0001 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 September 30, 2026 and December 31, 2025 | $175000000.00 | $175000000.00 | $175000000.00 | $175000000.00 |
| Common stock, $0.0001 par value, 360,000,000 shares authorized, 130,101,031 and 120,028,406 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 13.0K | 12.0K | 12.0K | 11.0K |
| Additional paid-in-capital | $7.4B | $7.0B | $6.7B | $6.2B |
| Dividends in excess of net income | ($732.6M) | ($698.0M) | ($653.4M) | ($581.2M) |
| Accumulated other comprehensive income | $77.9M | $49.9M | $40.6M | $31.5M |
| Total equity - Agree Realty Corporation | $6.9B | $6.5B | $6.2B | $5.9B |
| Non-controlling interest | ($15.0K) | ($5.0K) | $90.0K | $258.0K |
| Total Equity | $6.9B | $6.5B | $6.2B | $5.9B |
| Total Liabilities and Equity | $11.0B | $10.6B | $10.2B | $9.5B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $205.0M | $189.8M | $170.5M | $153.0M |
| Depreciation and amortization | $239.3M | $207.0M | $176.3M | $133.6M |
| Amortization from above (below) market lease intangibles, net | $36.4M | $33.2M | $33.1M | $33.3M |
| Amortization from financing costs, credit facility costs and debt discount | $7.4M | $6.3M | $4.7M | $4.1M |
| Stock-based compensation | $13.0M | $10.8M | $8.3M | $6.5M |
| Straight-line accrued rent | ($17.4M) | ($12.7M) | ($12.1M) | ($13.2M) |
| Provision for impairment | $11.9M | $7.2M | $7.2M | $1.0M |
| Settlement of interest rate swaps | $13.6M | $4.4M | $0 | — |
| Gain on sale of assets | ($5.4M) | ($11.5M) | ($1.8M) | ($5.3M) |
| Loss on involuntary conversion of assets | $30.0K | — | — | — |
| Change in accounts receivable | $1.2M | ($12.1M) | ($5.1M) | $799.0K |
| Change in other assets | ($6.6M) | ($4.8M) | $121.0K | $4.9M |
| Change in accounts payable, accrued expenses, and other liabilities | $5.7M | $14.3M | $10.4M | $15.0M |
| Net Cash Provided by Operating Activities | $504.1M | $432.0M | $391.6M | $362.1M |
| Acquisition of real estate investments and other assets | ($1.4B) | ($877.2M) | ($1.2B) | ($1.6B) |
| 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) | ($145.4M) | — | — | — |
| Payment of leasing costs | ($1.7M) | ($2.4M) | ($447.0K) | ($503.0K) |
| Net proceeds from sale of assets | $42.1M | $94.3M | $13.8M | $44.9M |
| Net Cash Used in Investing Activities | ($1.5B) | ($885.4M) | ($1.3B) | ($1.6B) |
| Proceeds from common stock offerings, net | $904.3M | $402.9M | $689.9M | $1.3B |
| Repurchase of common shares | -3.7M | -2.3M | -2.7M | -1.9M |
| Unsecured revolving credit facility and commercial paper notes borrowings | $29.0B | $1.1B | $1.2B | $1.0B |
| Unsecured revolving credit facility and commercial paper notes repayments | ($28.8B) | ($1.1B) | ($1.1B) | ($1.1B) |
| Payments of mortgage notes payable | ($1.0M) | ($963.0K) | ($5.5M) | ($24.5M) |
| Proceeds from unsecured term loan | $0 | $0 | $350.0M | — |
| Proceeds from senior unsecured notes | $397.2M | $444.7M | $0 | $297.5M |
| Payments of senior unsecured notes | ($50.0M) | — | $0 | $0 |
| Payment of Series A preferred dividends | ($7.4M) | ($7.4M) | ($7.4M) | ($7.4M) |
| Payment of common stock dividends | ($340.7M) | ($303.6M) | ($277.7M) | ($220.3M) |
| Distributions to non-controlling interest | ($1.1M) | ($1.0M) | ($1.0M) | ($971.0K) |
| Payments for financing lease liability | $0 | ($6.1M) | — | — |
| Payments for financing costs | ($6.9M) | ($11.9M) | ($3.5M) | ($2.7M) |
| Net Cash Provided by Financing Activities | $1.1B | $445.3M | $869.0M | $1.2B |
| Change in Cash and Cash Equivalents and Cash Held in Escrow | $14.2M | ($8.1M) | ($14.4M) | ($16.3M) |
| Cash and cash equivalents and cash held in escrow, beginning of period | $6.4M | $14.5M | $28.9M | $45.3M |
| Cash and cash equivalents and cash held in escrow, end of period | $20.6M | $6.4M | $14.5M | $28.9M |
| Cash paid for interest (net of amounts capitalized) | $129.1M | $123.7M | $87.5M | $58.8M |
| Cash paid for income and other tax, net of refunds | $1.6M | $3.7M | $3.1M | $2.4M |
| Lease right of use assets added under new ground leases | $2.8M | $3.2M | $0 | $1.8M |
| Lease right of use assets removed as a result of acquisition of real property | ($2.7M) | ($15.1M) | — | — |
| Dividends and distributions payable | $32.2M | $27.8M | $25.5M | $22.3M |
| Change in accrual of development, construction and other real estate investment costs | $14.0M | $6.6M | $2.8M | $3.2M |
| Line item | Sep 30, 2026 · YTD | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $185.6M | $117.0M | $62.2M | $148.8M |
| Depreciation and amortization | $207.7M | $135.8M | $66.7M | $175.9M |
| Amortization from above (below) market lease intangibles, net | $33.7M | $21.9M | $10.7M | $26.4M |
| Amortization from financing costs, credit facility costs and debt discount | $6.4M | $4.2M | $2.1M | $5.4M |
| Stock-based compensation | $11.0M | $7.3M | $3.5M | $9.7M |
| Straight-line accrued rent | ($15.2M) | ($9.5M) | ($4.9M) | ($12.8M) |
| Provision for impairment | $7.3M | $7.3M | $1.4M | $10.3M |
| Settlement of interest rate swaps | $19.4M | $0 | — | $13.6M |
| Gain on sale of assets | ($9.1M) | ($3.7M) | ($1.7M) | ($3.2M) |
| Gain on involuntary conversion | ($1.9M) | ($1.0M) | ($528.0K) | — |
| Change in accounts receivable | ($4.2M) | $326.0K | ($2.3M) | $1.6M |
| Change in other assets | ($15.1M) | ($9.1M) | ($12.5M) | ($16.8M) |
| Change in accounts payable, accrued expenses, and other liabilities | $35.2M | $5.6M | $20.5M | $34.1M |
| Net Cash Provided by Operating Activities | $460.7M | $276.1M | $145.2M | $392.8M |
| Acquisition of real estate investments and other assets | ($1.2B) | ($870.0M) | ($412.3M) | ($1.1B) |
| Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $1,925 in 2026, $1,497 in 2025) | ($131.1M) | ($83.0M) | ($28.9M) | ($102.1M) |
| Net proceeds from involuntary conversion | $3.1M | $1.9M | $1.3M | — |
| Payment of leasing costs | ($1.0M) | ($868.0K) | ($306.0K) | ($1.1M) |
| Net proceeds from sale of assets | $64.7M | $38.9M | $10.1M | $22.8M |
| Net Cash Used in Investing Activities | ($1.2B) | ($913.0M) | ($430.2M) | ($1.2B) |
| Proceeds from common stock offerings, net | $738.4M | $312.9M | $0 | $476.0M |
| Repurchase of common shares | -6.2M | -6.1M | -6.1M | -3.7M |
| Unsecured revolving credit facility and commercial paper notes borrowings | $56.5B | $42.9B | $12.5B | $19.2B |
| Unsecured revolving credit facility and commercial paper notes repayments | ($56.8B) | ($42.8B) | ($12.4B) | ($18.9B) |
| Payments of mortgage notes payable | ($629.0K) | ($537.0K) | ($267.0K) | ($763.0K) |
| Proceeds from senior unsecured notes | $394.0M | $0 | — | $397.2M |
| Payments of senior unsecured notes | $0 | $0 | — | ($50.0M) |
| Proceeds from unsecured term loans | $350.0M | $350.0M | $250.0M | — |
| Payment of Series A preferred dividends | ($5.6M) | ($3.7M) | ($1.9M) | ($5.6M) |
| Payment of common stock dividends | ($290.2M) | ($190.5M) | ($94.9M) | ($251.2M) |
| Distributions to non-controlling interest | ($830.0K) | ($551.0K) | ($273.0K) | ($797.0K) |
| Payments for financing costs | ($3.3M) | ($518.0K) | ($164.0K) | ($4.4M) |
| Net Cash Provided by Financing Activities | $855.3M | $637.4M | $295.6M | $787.8M |
| Change in Cash and Cash Equivalents and Cash Held in Escrow | $70.9M | $568.0K | $10.6M | $10.5M |
| Cash and cash equivalents and cash held in escrow, beginning of period | $20.6M | $20.6M | $20.6M | $6.4M |
| Cash and cash equivalents and cash held in escrow, end of period | $91.5M | $21.2M | $31.2M | $16.9M |
| Cash paid for interest (net of amounts capitalized) | $86.0M | $69.3M | $13.6M | $72.4M |
| Cash paid for income and other tax, net of refunds | $1.1M | $1.0M | ($36.0K) | $1.3M |
| Lease right of use assets added under new ground leases | $963.0K | $963.0K | $963.0K | $1.8M |
| Lease right of use assets removed as a result of acquisition of real property | $0 | $0 | — | $2.7M |
| Dividends and distributions payable | $35.5M | $33.9M | $32.2M | $29.9M |
| Change in accrual of development, construction and other real estate investment costs | $5.8M | ($5.8M) | ($7.7M) | $9.1M |
Agree Realty Corp score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.