NYSE: ADC
AGREE REALTY CORPCIK 0000917251 · SIC 6798 · Real Estate Investment Trusts
Mid by revenue · Mega by assets
Revenue $718M
Assets $10.6B
as of Sep 16, 2026
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8-K
Filed Jul 30, 2026
· Period ending Jul 30, 2026
Summary not yet generated.
10-Q
Filed Jul 30, 2026
· Period ending Jun 30, 2026
Summary not yet generated.
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8-K
Filed Jul 2, 2026
· Period ending Jul 2, 2026
Summary not yet generated.
8-K
Filed May 14, 2026
· Period ending May 14, 2026
Summary not yet generated.
8-K
Filed Apr 24, 2026
· Period ending Apr 24, 2026
Summary not yet generated.
424B5
Filed Apr 24, 2026
Summary not yet generated.
10-Q
Filed Apr 21, 2026
· Period ending Mar 31, 2026
Summary not yet generated.
10-K
Filed Feb 10, 2026
· Period ending Dec 31, 2025
Summary not yet generated.
424B5
Filed May 16, 2025
Summary not yet generated.
424B5
Filed May 14, 2025
Summary not yet generated.
10-K
Filed Feb 11, 2025
· Period ending Dec 31, 2024
Summary not yet generated.
Latest financial statements
From 10-Q filed Jul 30, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)
(In thousands, except share and per-share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues | ||||
| Rental income | 204,981 | 175,397 | 405,657 | 344,510 |
| Other | 119 | 130 | 250 | 177 |
| Total Revenues | 205,100 | 175,527 | 405,907 | 344,687 |
| Operating Expenses | ||||
| Real estate taxes | 15,257 | 12,833 | 29,970 | 24,346 |
| Property operating expenses | 9,507 | 8,416 | 19,143 | 16,797 |
| Land lease expense | 598 | 550 | 1,153 | 1,036 |
| General and administrative | 11,958 | 11,332 | 23,435 | 22,104 |
| Depreciation and amortization | 69,094 | 58,939 | 135,793 | 114,693 |
| Provision for impairment | 5,900 | 2,961 | 7,300 | 7,292 |
| Total Operating Expenses | 112,314 | 95,031 | 216,794 | 186,268 |
| Gain on sale of assets, net | 2,014 | 1,510 | 3,711 | 2,282 |
| Gain on involuntary conversion, net | 512 | — | 1,039 | — |
| Income from Operations | 95,312 | 82,006 | 193,863 | 160,701 |
| Other (Expense) Income | ||||
| Interest expense, net | (40,278) | (32,274) | (76,248) | (63,037) |
| Income and other tax expense | (375) | (425) | (875) | (1,250) |
| Other income | 150 | 46 | 300 | 87 |
| Net Income | 54,809 | 49,353 | 117,040 | 96,501 |
| Less net income attributable to non-controlling interest | 156 | 155 | 336 | 307 |
| Net income attributable to Agree Realty Corporation | 54,653 | 49,198 | 116,704 | 96,194 |
| Less Series A preferred stock dividends | 1,859 | 1,859 | 3,718 | 3,718 |
| Net Income Attributable to Common Stockholders | 52,794 | 47,339 | 112,986 | 92,476 |
| Net Income Per Share Attributable to Common Stockholders | ||||
| Basic | 0.44 | 0.43 | 0.94 | 0.85 |
| Diluted | 0.44 | 0.43 | 0.94 | 0.85 |
| Other Comprehensive Income | ||||
| Net income | 54,809 | 49,353 | 117,040 | 96,501 |
| Amortization of interest rate swaps | (1,076) | (880) | (2,150) | (1,616) |
| Change in fair value and settlement of interest rate swaps | 10,315 | 3,435 | 16,540 | (6,596) |
| Total comprehensive income | 64,048 | 51,908 | 131,430 | 88,289 |
| Less comprehensive income attributable to non-controlling interest | 183 | 163 | 378 | 280 |
| Comprehensive Income Attributable to Agree Realty Corporation | 63,865 | 51,745 | 131,052 | 88,009 |
| Weighted Average Number of Common Shares Outstanding Basic | 119,996,944 | 109,758,046 | 119,924,725 | 108,419,011 |
| Weighted Average Number of Common Shares Outstanding Diluted | 120,487,256 | 110,377,221 | 120,449,139 | 108,996,422 |
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except share and per-share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Real estate investments | ||
| Land | 3,154,294 | 2,895,495 |
| Buildings | 6,797,679 | 6,330,249 |
| Less accumulated depreciation | (800,875) | (715,733) |
| 9,151,098 | 8,510,011 | |
| Property under development | 92,834 | 62,690 |
| Net real estate investments | 9,243,932 | 8,572,701 |
| Real estate held for sale, net | 9,320 | — |
| Cash and cash equivalents | 12,518 | 16,295 |
| Cash held in escrow | 8,672 | 4,327 |
| Accounts receivable tenants, net | 131,211 | 122,477 |
| Lease intangibles, net of accumulated amortization of $641,429 and $576,945 at June 30, 2026 and December 31, 2025, respectively | 1,079,428 | 1,000,967 |
| Other assets, net | 101,748 | 80,845 |
| Total Assets | 10,586,829 | 9,797,612 |
| LIABILITIES | ||
| Mortgage notes payable, net | 41,190 | 41,546 |
| Unsecured term loans, net | 696,277 | 348,074 |
| Senior unsecured notes, net | 2,586,556 | 2,584,608 |
| Unsecured revolving credit facility and commercial paper notes | 497,000 | 320,500 |
| Dividends and distributions payable | 33,922 | 32,158 |
| Accounts payable, accrued expenses, and other liabilities | 141,213 | 139,384 |
| Lease intangibles, net of accumulated amortization of $52,929 and $49,797 at June 30, 2026 and December 31, 2025, respectively | 70,540 | 60,189 |
| Total Liabilities | 4,066,698 | 3,526,459 |
| EQUITY | ||
| 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 June 30, 2026 and December 31, 2025 | 175,000 | 175,000 |
| Common stock, $0.0001 par value, 360,000,000 shares authorized, 124,381,214 and 120,028,406 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 12 | 12 |
| Additional paid-in-capital | 6,993,255 | 6,679,142 |
| Dividends in excess of net income | (697,985) | (618,675) |
| Accumulated other comprehensive income | 49,854 | 35,506 |
| Total equity Agree Realty Corporation | 6,520,136 | 6,270,985 |
| Non-controlling interest | (5) | 168 |
| Total Equity | 6,520,131 | 6,271,153 |
| Total Liabilities and Equity | 10,586,829 | 9,797,612 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash Flows from Operating Activities | ||
| Net income | 117,040 | 96,501 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 135,793 | 114,693 |
| Amortization from above (below) market lease intangibles, net | 21,912 | 17,083 |
| Amortization from financing costs, credit facility costs and debt discount | 4,227 | 3,482 |
| Stock-based compensation | 7,309 | 6,388 |
| Straight-line accrued rent | (9,525) | (7,798) |
| Provision for impairment | 7,300 | 7,292 |
| Settlement of interest rate swaps | — | 13,551 |
| Gain on sale of assets | (3,711) | (2,282) |
| Gain on involuntary conversion | (1,039) | — |
| Change in accounts receivable | 326 | 6,097 |
| Change in other assets | (9,131) | (14,350) |
| Change in accounts payable, accrued expenses, and other liabilities | 5,625 | 5,645 |
| Net Cash Provided by Operating Activities | 276,126 | 246,302 |
| Cash Flows from Investing Activities | ||
| Acquisition of real estate investments and other assets | (870,002) | (685,993) |
| Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $1,148 in 2026, $939 in 2025) | (83,008) | (47,680) |
| Net proceeds from involuntary conversion | 1,949 | — |
| Payment of leasing costs | (868) | (297) |
| Net proceeds from sale of assets | 38,923 | 8,158 |
| Net Cash Used in Investing Activities | (913,006) | (725,812) |
| Cash Flows from Financing Activities | ||
| Proceeds from common stock offerings, net | 312,872 | 224,195 |
| Repurchase of common shares | (6,068) | (3,654) |
| Unsecured revolving credit facility and commercial paper notes borrowings | 42,941,439 | 6,351,250 |
| Unsecured revolving credit facility and commercial paper notes repayments | (42,764,939) | (6,262,250) |
| Payments of mortgage notes payable | (537) | (505) |
| Proceeds from senior unsecured notes | — | 397,188 |
| Payments of senior unsecured notes | — | (50,000) |
| Proceeds from unsecured term loans | 350,000 | — |
| Payment of Series A preferred dividends | (3,718) | (3,718) |
| Payment of common stock dividends | (190,532) | (166,030) |
| Distributions to non-controlling interest | (551) | (531) |
| Payments for financing costs | (518) | (3,923) |
| Net Cash Provided by Financing Activities | 637,448 | 482,022 |
| Change in Cash and Cash Equivalents and Cash Held in Escrow | 568 | 2,512 |
| Cash and cash equivalents and cash held in escrow, beginning of period | 20,622 | 6,399 |
| Cash and cash equivalents and cash held in escrow, end of period | 21,190 | 8,911 |
| Supplemental Disclosure of Cash Flow Information | ||
| Cash paid for interest (net of amounts capitalized) | 69,292 | 59,325 |
| Cash paid for income and other tax, net of refunds | 1,041 | 2,591 |
| Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||
| Lease right of use assets added under new ground leases | 963 | 1,767 |
| Lease right of use assets removed as a result of acquisition of real property | — | 2,736 |
| Series A preferred dividends declared and unpaid | 620 | 620 |
| Common stock dividends and limited partners' distributions declared and unpaid | 33,302 | 28,419 |
| Change in accrual of development, construction and other real estate investment costs | (5,757) | 7,721 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except share and per-share data); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗