NYSE: ADC
AGREE REALTY CORPCIK 0000917251 · SIC 6798 · Real Estate Investment Trusts
Mid by revenue · Mega by assets
Revenue $718M
Assets $11.0B
as of Oct 25, 2026
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8-K
Filed Oct 20, 2026
· Period ending Oct 20, 2026
Summary not yet generated.
10-Q
Filed Oct 20, 2026
· Period ending Sep 30, 2026
Diluted earnings per share rose 17.8% to $0.53 in the third quarter, including a gain on involuntary conversion of $0.9 million.
6 material changes detected. Sign up free to read the summary.
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8-K
Filed Oct 2, 2026
· Period ending Oct 2, 2026
Summary not yet generated.
8-K
Filed Sep 22, 2026
· Period ending Sep 17, 2026
Agree Realty prices $400M 5.650% notes due 2036, netting ~$390.1M
5 material changes detected. Sign up free to read the summary.
424B5
Filed Sep 18, 2026
Red flag
Agree Realty's operating partnership offers $400M of 5.650% senior notes due 2036, guaranteed by the REIT
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424B5
Filed Sep 17, 2026
Red flag
Agree Realty's operating partnership offers senior unsecured notes, terms not yet set
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10-Q
Filed Jul 30, 2026
· Period ending Jun 30, 2026
Summary not yet generated.
8-K
Filed Jul 30, 2026
· Period ending Jul 30, 2026
Summary not yet generated.
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.
424B5
Filed Apr 24, 2026
Summary not yet generated.
8-K
Filed Apr 24, 2026
· Period ending 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.
10-Q
Filed Oct 21, 2025
· Period ending Sep 30, 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 Oct 20, 2026 (period ending Sep 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 September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|---|---|
| Revenues | ||||
| Rental income | 213,806 | 183,191 | 619,463 | 527,701 |
| Other | 78 | 31 | 328 | 208 |
| Total Revenues | 213,884 | 183,222 | 619,791 | 527,909 |
| Operating Expenses | ||||
| Real estate taxes | 15,779 | 13,173 | 45,749 | 37,519 |
| Property operating expenses | 9,924 | 8,243 | 29,066 | 25,040 |
| Land lease expense | 601 | 556 | 1,753 | 1,592 |
| General and administrative | 12,392 | 10,887 | 35,827 | 32,990 |
| Depreciation and amortization | 71,913 | 61,179 | 207,706 | 175,872 |
| Provision for impairment | — | 2,980 | 7,300 | 10,272 |
| Total Operating Expenses | 110,609 | 97,018 | 327,401 | 283,285 |
| Gain on sale of assets, net | 5,416 | 924 | 9,127 | 3,207 |
| Gain on involuntary conversion, net | 886 | 132 | 1,925 | 132 |
| Income from Operations | 109,577 | 87,260 | 303,442 | 247,963 |
| Other (Expense) Income | ||||
| Interest expense, net | (41,001) | (35,212) | (117,249) | (98,250) |
| Income and other tax expense | (375) | (225) | (1,250) | (1,475) |
| Other income | 342 | 456 | 642 | 542 |
| Net Income | 68,543 | 52,279 | 185,585 | 148,780 |
| Less net income attributable to non-controlling interest | 191 | 162 | 528 | 468 |
| Net income attributable to Agree Realty Corporation | 68,352 | 52,117 | 185,057 | 148,312 |
| Less Series A preferred stock dividends | 1,859 | 1,859 | 5,578 | 5,578 |
| Net Income Attributable to Common Stockholders | 66,493 | 50,258 | 179,479 | 142,734 |
| Net Income Per Share Attributable to Common Stockholders | ||||
| Basic | 0.53 | 0.45 | 1.48 | 1.30 |
| Diluted | 0.53 | 0.45 | 1.47 | 1.30 |
| Other Comprehensive Income | ||||
| Net income | 68,543 | 52,279 | 185,585 | 148,780 |
| Amortization of interest rate swaps | (1,120) | (1,077) | (3,270) | (2,692) |
| Change in fair value and settlement of interest rate swaps | 29,252 | 713 | 45,792 | (5,884) |
| Total comprehensive income | 96,675 | 51,915 | 228,107 | 140,204 |
| Less comprehensive income attributable to non-controlling interest | 269 | 161 | 648 | 441 |
| Comprehensive Income Attributable to Agree Realty Corporation | 96,406 | 51,754 | 227,459 | 139,763 |
| Weighted Average Number of Common Shares Outstanding Basic | 124,363,105 | 111,277,316 | 121,423,613 | 109,383,735 |
| Weighted Average Number of Common Shares Outstanding Diluted | 124,602,961 | 111,511,615 | 121,879,652 | 109,875,336 |
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except share and per-share data)
| Description | September 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Real estate investments | ||
| Land | 3,236,200 | 2,895,495 |
| Buildings | 7,053,021 | 6,330,249 |
| Less accumulated depreciation | (847,331) | (715,733) |
| 9,441,890 | 8,510,011 | |
| Property under development | 73,656 | 62,690 |
| Net real estate investments | 9,515,546 | 8,572,701 |
| Real estate held for sale, net | 2,304 | — |
| Cash and cash equivalents | 80,559 | 16,295 |
| Cash held in escrow | 10,924 | 4,327 |
| Accounts receivable tenants, net | 140,713 | 122,477 |
| Lease intangibles, net of accumulated amortization of $675,725 and $576,945 at September 30, 2026 and December 31, 2025, respectively | 1,084,831 | 1,000,967 |
| Other assets, net | 116,045 | 80,845 |
| Total Assets | 10,950,922 | 9,797,612 |
| LIABILITIES | ||
| Mortgage notes payable, net | 41,183 | 41,546 |
| Unsecured term loans, net | 696,523 | 348,074 |
| Senior unsecured notes, net | 2,977,602 | 2,584,608 |
| Unsecured revolving credit facility and commercial paper notes | — | 320,500 |
| Dividends and distributions payable | 35,450 | 32,158 |
| Accounts payable, accrued expenses, and other liabilities | 183,613 | 139,384 |
| Lease intangibles, net of accumulated amortization of $54,622 and $49,797 at September 30, 2026 and December 31, 2025, respectively | 73,939 | 60,189 |
| Total Liabilities | 4,008,310 | 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 September 30, 2026 and December 31, 2025 | 175,000 | 175,000 |
| 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 | 12 |
| Additional paid-in-capital | 7,422,355 | 6,679,142 |
| Dividends in excess of net income | (732,649) | (618,675) |
| Accumulated other comprehensive income | 77,908 | 35,506 |
| Total equity Agree Realty Corporation | 6,942,627 | 6,270,985 |
| Non-controlling interest | (15) | 168 |
| Total Equity | 6,942,612 | 6,271,153 |
| Total Liabilities and Equity | 10,950,922 | 9,797,612 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|
| Cash Flows from Operating Activities | ||
| Net income | 185,585 | 148,780 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 207,706 | 175,872 |
| Amortization from above (below) market lease intangibles, net | 33,715 | 26,427 |
| Amortization from financing costs, credit facility costs and debt discount | 6,426 | 5,401 |
| Stock-based compensation | 10,959 | 9,694 |
| Straight-line accrued rent | (15,226) | (12,774) |
| Provision for impairment | 7,300 | 10,272 |
| Settlement of interest rate swaps | 19,384 | 13,551 |
| Gain on sale of assets | (9,127) | (3,207) |
| Gain on involuntary conversion | (1,925) | — |
| Change in accounts receivable | (4,202) | 1,561 |
| Change in other assets | (15,065) | (16,829) |
| Change in accounts payable, accrued expenses, and other liabilities | 35,195 | 34,073 |
| Net Cash Provided by Operating Activities | 460,725 | 392,821 |
| Cash Flows from Investing Activities | ||
| Acquisition of real estate investments and other assets | (1,180,813) | (1,089,670) |
| Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $1,925 in 2026, $1,497 in 2025) | (131,091) | (102,085) |
| Net proceeds from involuntary conversion | 3,053 | — |
| Payment of leasing costs | (1,017) | (1,142) |
| Net proceeds from sale of assets | 64,733 | 22,772 |
| Net Cash Used in Investing Activities | (1,245,135) | (1,170,125) |
| Cash Flows from Financing Activities | ||
| Proceeds from common stock offerings, net | 738,409 | 476,046 |
| Repurchase of common shares | (6,154) | (3,715) |
| Unsecured revolving credit facility and commercial paper notes borrowings | 56,456,665 | 19,151,777 |
| Unsecured revolving credit facility and commercial paper notes repayments | (56,777,165) | (18,920,777) |
| Payments of mortgage notes payable | (629) | (763) |
| Proceeds from senior unsecured notes | 393,988 | 397,188 |
| Payments of senior unsecured notes | — | (50,000) |
| Proceeds from unsecured term loans | 350,000 | — |
| Payment of Series A preferred dividends | (5,578) | (5,578) |
| Payment of common stock dividends | (290,161) | (251,190) |
| Distributions to non-controlling interest | (830) | (797) |
| Payments for financing costs | (3,274) | (4,408) |
| Net Cash Provided by Financing Activities | 855,271 | 787,783 |
| Change in Cash and Cash Equivalents and Cash Held in Escrow | 70,861 | 10,479 |
| 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 | 91,483 | 16,878 |
| Supplemental Disclosure of Cash Flow Information | ||
| Cash paid for interest (net of amounts capitalized) | 86,019 | 72,445 |
| Cash paid for income and other tax, net of refunds | 1,105 | 1,284 |
| 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 | 34,830 | 29,307 |
| Change in accrual of development, construction and other real estate investment costs | 5,753 | 9,131 |
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 ↗