AGREE REALTY CORP

ADC 10-Q · Q1 2026
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ADC Q1 2026 request

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Income Statement

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Income Statement
Metric Q1 2026 Q1 2025 YoY
Revenue From Contract With Customer Including Assessed Tax 200,676 169,113 +18.7%
Revenue Not From Contract With Customer Other 131 47 +178.7%
Revenue 200,807 169,160 +18.7%
Real Estate Tax Expense 14,713 11,513 +27.8%
Operating Lease Initial Direct Cost Expense Over Term 9,636 8,381 +15.0%
Operating Lease Expense 554 485 +14.2%
General & Administrative 11,477 10,771 +6.6%
Depreciation And Amortization 66,699 55,755 +19.6%
Impairment Of Real Estate 1,400 4,331 -67.7%
Total Costs & Expenses 104,479 91,236 +14.5%
Gains Losses On Sales Of Assets 1,697 772 +119.8%
Gain Loss On Involuntary Conversion Of Assets 528 — —
Operating Income 98,553 78,696 +25.2%
Interest Expense -35,970 -30,764 -16.9%
Income Tax Expense (Benefit) -500 -825 +39.4%
Other Non-Operating Income (Expense) 148 41 +261.0%
Net Income 62,231 47,148 +32.0%
Show Equity Components breakouts
Accumulated Distributions In Excess Of Net Income 60,192 45,137 +33.4%
Noncontrolling Interest 180 152 +18.4%
Preferred Stock 1,859 1,859 0.0%
Net Income Loss Attributable To Noncontrolling Interest 180 152 +18.4%
Net Income 62,051 46,996 +32.0%
Preferred Stock Dividends Income Statement Impact 1,859 1,859 0.0%
Net Income Loss Available To Common Stockholders Basic 60,192 45,137 +33.4%
EPS (Basic) 0.5 0.42 +19.0%
EPS (Diluted) 0.5 0.42 +19.0%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss From Settlement -1,075 -736 -46.1%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax 6,225 -10,031 +162.1%
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest 67,381 36,381 +85.2%
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest 195 117 +66.7%
Comprehensive Income 67,186 36,264 +85.3%
Wtd Avg Shares (Basic) 119,856,418 107,048,557 +12.0%
Wtd Avg Shares (Diluted) 120,375,633 107,547,193 +11.9%
Operating Lease Lease Income 206,519 173,740 +18.9%

Balance Sheet

Balance Sheet
Metric Q1 2026 Q1 2025 YoY
Current Assets
Cash & Cash Equivalents 25,077 7,915 +216.8%
Non-Current Assets
Total Assets 10,180,243 8,800,577 +15.7%
Operating Lease Right-of-Use Assets 47.1 49 -3.9%
Intangible Assets 971,544 850,027 +14.3%
Show Finite Lived Intangible Assets By Major Class breakouts
Above Market Leases 489,424 414,759 +18.0%
Leases Acquired In Place 543,885 482,621 +12.7%
Other Assets
Investment Building And Building Improvements 6,569,831 5,648,162 +16.3%
Real Estate Investment Property Accumulated Depreciation -758,519 -601,088 -26.2%
Real Estate Investment Property Excluding Property Under Development Net Of Accumulated Depreciation 8,826,103 7,646,238 +15.4%
Real Estate Investment Property Net 8,886,174 7,696,532 +15.5%
Real Estate Held For Sale Net Total 3,077 1,278 +140.8%
Escrow Deposit 6,128 3,254 +88.3%
Accounts Receivable Net 129,617 105,485 +22.9%
Finite Lived Intangible Asset Acquired In Place Leases 1,033,309 897,380 +15.1%
Other Assets 96,861 88,733 +9.2%
Current Liabilities
Commercial Paper (Q) — — —
Show Short Term Debt Type breakouts
Commercial Paper 469,650 — —
Non-Current Liabilities
Dividends Payable Current And Noncurrent 32,178 28,542 +12.7%
Show Statement Class Of Stock breakouts
Common Stock 31,558 27,922 +13.0%
Series A Preferred Stock 620 620 0.0%
Accounts Payable And Accrued Liabilities Current And Noncurrent 154,051 129,652 +18.8%
Total Liabilities 3,941,315 3,155,657 +24.9%
Long-Term Debt (Q) — — —
Show Long-Term Debt Type breakouts
Mortgages 41,370 42,050 -1.6%
Senior Unsecured Notes 2,585,618 2,238,451 +15.5%
Unsecured Debt 596,683 347,609 +71.7%
Other Liabilities
Secured Debt 41,370 42,050 -1.6%
Unsecured Debt 596,683 347,609 +71.7%
Senior Notes 2,585,618 2,238,451 +15.5%
Line Of Credit And Commercial Paper Notes 469,650 — —
Below Market Lease Net 61,765 47,353 +30.4%
Show Finite Lived Intangible Assets By Major Class breakouts
Lease intangibles (below-market) 61,765 47,353 +30.4%
Stockholders' Equity
Preferred Stock Value 175,000 175,000 0.0%
Common Stock 12 11 +9.1%
Additional Paid-In Capital 6,676,618 5,948,156 +12.2%
Accumulated Distributions In Excess Of Net Income -653,433 -508,059 -28.6%
Accumulated Other Comprehensive Income 40,641 29,344 +38.5%
Total Stockholders' Equity 6,238,838 5,644,452 +10.5%
Minority Interest 90 468 -80.8%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 6,238,928 5,644,920 +10.5%
Show Equity Components breakouts
Accumulated Distributions In Excess Of Net Income -653,433 -508,059 -28.6%
Accumulated Other Comprehensive Income 40,641 29,344 +38.5%
Additional Paid In Capital 6,676,618 5,948,156 +12.2%
Common Stock 12 11 +9.1%
Noncontrolling Interest 90 468 -80.8%
Preferred Stock 175,000 175,000 0.0%
Total Liabilities & Equity 10,180,243 8,800,577 +15.7%
Land 3,014,791 2,599,164 +16.0%
Development In Process 60,071 50,294 +19.4%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q1 2026 YTD Q1 2025 YoY
Operating Activities
Amortization Of Above And Below Market Leases 10,678 8,546 +24.9%
Amortization Of Financing Costs And Discounts 2,087 1,696 +23.1%
Stock-Based Compensation 3,534 3,129 +12.9%
Straight Line Rent -4,942 -4,009 -23.3%
Gain Loss On Disposition Of Assets1 -1,697 -772 -119.8%
Change in Accounts Receivable -2,292 4,940 -146.4%
Increase Decrease In Other Operating Assets -12,489 -7,570 -65.0%
Change in Accounts Payable 20,475 13,463 +52.1%
Net Cash from Operations 145,156 126,657 +14.6%
Investing Activities
Payments To Acquire Real Estate -412,335 -359,684 -14.6%
Payments For Proceeds From Development Of Real Estate Investments And Other Assets -28,883 -23,422 -23.3%
Proceeds From Involuntary Conversion Of Assets 1,287 — —
Payments For Leasing Costs -306 -132 -131.8%
Proceeds From Sale Of Productive Assets 10,065 2,383 +322.4%
Net Cash from Investing -430,172 -380,855 -12.9%
Additional Right Of Use Assets Added Under New Ground Leases 963 1,767 -45.5%
Accrual Of Development Construction And Other Real Estate Investment Costs -7,744 -2,263 -242.2%
Financing Activities
Proceeds From Issuance Of Common Stock (Q) — — —
Show Equity Components breakouts
Common Stock · April 2025 Forward Equity Offering 384.5 — —
Share Repurchases -6,058 -3,645 -66.2%
Proceeds From Lines Of Credit 12,540,741 474,000 +2545.7%
Repayments Of Lines Of Credit -12,391,591 -310,000 -3897.3%
Repayments Of Secured Debt -267 -250 -6.8%
Proceeds From Issuance Of Unsecured Debt 250,000 — —
Show Debt Instrument breakouts
2031 Unsecured Term Loan · Unsecured Debt 250 — —
Payments Of Dividends Preferred Stock And Preference Stock -1,859 -1,859 0.0%
Payments Of Dividends Common Stock -94,930 -81,873 -15.9%
Payments To Minority Shareholders -273 -264 -3.4%
Payments Of Financing Costs -164 -231 +29.0%
Net Cash from Financing 295,599 258,968 +14.1%
Supplemental
Interest Paid 13,644 12,274 +11.2%
Income Taxes Paid -36 759 -104.7%
Other Cash Flow
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect 10,583 4,770 +121.9%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 31,205 11,169 +179.4%

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

This table is rendered from the same JSON returned by /api/financials.

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