AGREE REALTY CORP

ADC 10-K · FY 2025
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ADC FY 2025 request

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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue From Contract With Customer Including Assessed Tax 718,163 616,822 +16.4%
Revenue Not From Contract With Customer Other 235 273 -13.9%
Revenue 718,398 617,095 +16.4%
Real Estate Tax Expense 52,231 46,882 +11.4%
Operating Lease Initial Direct Cost Expense Over Term 33,773 26,349 +28.2%
Operating Lease Expense 2,143 1,618 +32.4%
General & Administrative 44,062 37,233 +18.3%
Depreciation And Amortization 239,308 206,987 +15.6%
Impairment Of Real Estate 11,872 7,224 +64.3%
Total Costs & Expenses 383,389 326,293 +17.5%
Gains Losses On Sales Of Assets 5,416 11,508 -52.9%
Gain Loss On Involuntary Conversion Of Assets -30 -67 +55.2%
Operating Income 340,395 302,243 +12.6%
Interest Expense -134,612 -108,904 -23.6%
Income Tax Expense (Benefit) -1,735 -4,306 +59.7%
Other Non-Operating Income (Expense) 941 799 +17.8%
Net Income 204,989 189,832 +8.0%
Show Equity Components breakouts
Accumulated Distributions In Excess Of Net Income 196,912 181,760 +8.3%
Noncontrolling Interest 640 635 +0.8%
Preferred Stock 7,437 7,437 0.0%
Net Income Loss Attributable To Noncontrolling Interest 640 635 +0.8%
Net Income 204,349 189,197 +8.0%
Preferred Stock Dividends Income Statement Impact 7,437 7,437 0.0%
Net Income Loss Available To Common Stockholders Basic 196,912 181,760 +8.3%
EPS (Basic) 1.77 1.79 -1.1%
EPS (Diluted) 1.77 1.78 -0.6%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss From Settlement -3,770 -2,781 -35.6%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax -816 26,383 -103.1%
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest 200,403 213,434 -6.1%
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest 624 715 -12.7%
Comprehensive Income 199,779 212,719 -6.1%
Wtd Avg Shares (Basic) 110,723,375 101,099,252 +9.5%
Wtd Avg Shares (Diluted) 111,200,645 101,876,304 +9.2%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax (FY) — — —
Show Derivative Risk breakouts
Interest Rate Swap 1,627 32,060 -94.9%
Operating Lease Lease Income 737,581 637,831 +15.6%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 16,295 6,399 +154.6%
Non-Current Assets
Total Assets 9,797,612 8,486,446 +15.5%
Operating Lease Right-of-Use Assets 46.5 47.5 -2.1%
Intangible Assets 940,778 — —
Show Finite Lived Intangible Assets By Major Class breakouts
Above Market Leases 466,395 — —
Leases Acquired In Place 534,572 — —
Other Assets
Investment Building And Building Improvements 6,330,249 5,412,564 +17.0%
Real Estate Investment Property Accumulated Depreciation -715,733 -564,429 -26.8%
Real Estate Investment Property Excluding Property Under Development Net Of Accumulated Depreciation 8,510,011 7,362,302 +15.6%
Real Estate Investment Property Net 8,572,701 7,418,108 +15.6%
Escrow Deposit 4,327 — —
Accounts Receivable Net 122,477 106,416 +15.1%
Finite Lived Intangible Asset Acquired In Place Leases 1,000,967 864,937 +15.7%
Other Assets 80,845 90,586 -10.8%
Current Liabilities
Commercial Paper (Q) — — —
Show Short Term Debt Type breakouts
Commercial Paper 320,500 — —
Non-Current Liabilities
Dividends Payable Current And Noncurrent 32,158 27,842 +15.5%
Show Statement Class Of Stock breakouts
Common Stock 31,538 27,222 +15.9%
Series A Preferred Stock 620 620 0.0%
Accounts Payable And Accrued Liabilities Current And Noncurrent 139,384 116,273 +19.9%
Total Liabilities 3,526,459 2,975,785 +18.5%
Long-Term Debt (Q) — — —
Show Long-Term Debt Type breakouts
Mortgages 41,546 42,210 -1.6%
Senior Unsecured Debt 2,584,608 2,237,759 +15.5%
Unsecured Debt 348,074 347,452 +0.2%
Other Liabilities
Secured Debt 41,546 42,210 -1.6%
Unsecured Debt 348,074 347,452 +0.2%
Senior Notes 2,584,608 2,237,759 +15.5%
Line Of Credit And Commercial Paper Notes 320,500 158,000 +102.8%
Below Market Lease Net 60,189 46,249 +30.1%
Show Finite Lived Intangible Assets By Major Class breakouts
Lease intangibles (below-market) 60,189 — —
Stockholders' Equity
Preferred Stock Value 175,000 175,000 0.0%
Common Stock 12 10 +20.0%
Additional Paid-In Capital 6,679,142 5,765,582 +15.8%
Accumulated Distributions In Excess Of Net Income -618,675 -470,622 -31.5%
Accumulated Other Comprehensive Income 35,506 40,076 -11.4%
Total Stockholders' Equity 6,270,985 5,510,046 +13.8%
Minority Interest 168 615 -72.7%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 6,271,153 5,510,661 +13.8%
Show Equity Components breakouts
Accumulated Distributions In Excess Of Net Income -618,675 -470,622 -31.5%
Accumulated Other Comprehensive Income 35,506 40,076 -11.4%
Additional Paid In Capital 6,679,142 5,765,582 +15.8%
Common Stock 12 10 +20.0%
Noncontrolling Interest 168 615 -72.7%
Preferred Stock 175,000 175,000 0.0%
Total Liabilities & Equity 9,797,612 8,486,446 +15.5%
Common Stock Shares Authorized 360,000,000 180,000,000 +100.0%
Land 2,895,495 2,514,167 +15.2%
Development In Process 62,690 55,806 +12.3%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Amortization Of Above And Below Market Leases 36,414 33,236 +9.6%
Amortization Of Financing Costs And Discounts 7,409 6,323 +17.2%
Stock-Based Compensation 12,991 10,805 +20.2%
Straight Line Rent -17,356 -12,711 -36.5%
Gain Loss On Settlement Of Interest Rate Swaps 13,551 4,355 +211.2%
Gain Loss On Disposition Of Assets1 -5,416 -11,508 +52.9%
Change in Accounts Receivable 1,183 -12,089 +109.8%
Increase Decrease In Other Operating Assets -6,582 -4,800 -37.1%
Change in Accounts Payable 5,743 14,251 -59.7%
Net Cash from Operations 504,136 431,972 +16.7%
Investing Activities
Payments To Acquire Real Estate -1,438,093 -877,226 -63.9%
Payments For Proceeds From Development Of Real Estate Investments And Other Assets -145,436 -100,108 -45.3%
Payments For Leasing Costs -1,670 -2,404 +30.5%
Proceeds From Sale Of Productive Assets 42,067 94,331 -55.4%
Net Cash from Investing -1,543,132 -885,407 -74.3%
Additional Right Of Use Assets Added Under New Ground Leases 2,794 3,198 -12.6%
Lease Right Of Use Assets Removed As Result Of Acquisition Of Real Property -2,736 -15,143 +81.9%
Accrual Of Development Construction And Other Real Estate Investment Costs 14,006 6,621 +111.5%
Financing Activities
Proceeds From Issuance Of Common Stock 904,311 402,938 +124.4%
Show Financial Instrument breakouts
Forward Contracts · Common Stock 538.3 403.8 +33.3%
Forward Contracts · Common Stock 381.2 — —
Show Equity Components breakouts
Common Stock · April 2025 Forward Equity Offering 385.8 — —
Common Stock · October 2024 Forward Equity Offering 366.6 — —
Share Repurchases -3,740 -2,281 -64.0%
Proceeds From Lines Of Credit 28,958,094 1,072,000 +2601.3%
Repayments Of Lines Of Credit -28,795,594 -1,141,000 -2423.7%
Repayments Of Secured Debt -1,026 -963 -6.5%
Proceeds From Unsecured Notes Payable 397,188 444,722 -10.7%
Repayments Of Unsecured Debt -50,000 — —
Payments Of Dividends Preferred Stock And Preference Stock -7,437 -7,437 0.0%
Payments Of Dividends Common Stock -340,652 -303,604 -12.2%
Payments To Minority Shareholders -1,068 -1,041 -2.6%
Payments Of Financing Costs -6,857 -11,948 +42.6%
Net Cash from Financing 1,053,219 445,310 +136.5%
Supplemental
Interest Paid 129,149 101,808 +26.9%
Income Taxes Paid 1,614 3,709 -56.5%
Other Cash Flow
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect 14,223 -8,125 +275.1%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 20,622 6,399 +222.3%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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