Agree Realty Corporation is a fully integrated real estate investment trust (REIT) headquartered in Royal Oak, Michigan. The company focuses on the acquisition and development of freestanding properties net leased to industry-leading retail tenants across the United States. Agree Realty is distinctive for its strategic emphasis on e-commerce-resistant and recession-resilient retailers, with a strong focus on investment-grade tenants.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Property Revenue
718,163
616,822
537,403
429,632
Service and Other Revenue
235
273
92
182
Total Revenues
718,398
617,095
537,495
429,814
Property Expenses
35,916
27,967
26,625
20,202
Total Property Expenses
35,916
27,967
26,625
20,202
Property Taxes
52,231
46,882
40,092
32,079
Gross Profit
630,251
542,246
470,778
377,533
Selling, General & Administrative Expenses
44,062
37,233
34,788
30,121
Depreciation & Amortization Expenses
239,308
206,987
176,277
133,570
Other Operating Expenses
11,872
7,224
7,175
1,015
Operating Profit
335,009
290,802
252,538
212,827
Net Gains on Disposal of Properties
5,386
11,441
1,849
5,258
Interest Expense
(134,612)
(108,904)
(81,119)
(63,435)
Non-Operating Income
941
799
189
1,245
Total Non-Operating Income
(128,285)
(96,664)
(79,081)
(56,932)
Income Before Provision for Income Taxes
206,724
194,138
173,457
155,895
Provision for Income Taxes
1,735
4,306
2,910
2,860
Consolidated Net Income
204,989
189,832
170,547
153,035
Net Income Attributable to Minority Interests and Other
640
635
588
598
Net Income Attributable to Preferred Dividends
7,437
7,437
7,437
7,437
Net Income Attributable to Common Shareholders
196,912
181,760
162,522
145,000
Basic EPS
1.77
1.79
1.70
1.84
Diluted EPS
1.77
1.78
1.70
1.84
Basic Weighted Average Shares Outstanding
110,723
101,099
95,191
78,659
Diluted Weighted Average Shares Outstanding
111,201
101,876
95,437
78,659
Shares Outstanding
120,028
107,249
100,519
90,173
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
16,295
6,399
10,907
27,763
Total Cash and Cash Equivalents
16,295
6,399
10,907
27,763
Accounts Receivable
122,477
106,416
82,954
65,841
Total Trade Receivables
122,477
106,416
82,954
65,841
Restricted Cash
—
4,327
3,617
1,146
Inventories
—
—
3,642
—
Total Current Assets
138,772
117,142
101,120
94,750
Net Property, Plant & Equipment
8,572,701
7,418,108
6,743,320
5,741,068
Net Intangible Assets
1,000,967
864,937
854,088
799,448
Other Long-Term Assets
80,845
90,586
76,308
77,923
Total Assets
9,797,612
8,486,446
7,774,836
6,713,189
Accounts Payable
139,384
116,273
101,401
83,722
Short-Term Debt
320,500
158,000
227,000
100,000
Other Current Liabilities
32,158
27,842
25,534
22,345
Total Current Liabilities
492,042
302,115
353,935
206,067
Long-Term Debt
2,974,228
2,627,421
2,183,921
1,840,018
Leases
60,189
46,249
36,827
36,714
Total Long-Term Liabilities
3,034,417
2,673,670
2,220,748
1,876,732
Total Liabilities
3,526,459
2,975,785
2,574,683
2,082,799
Preferred Stock
175,000
175,000
175,000
175,000
Common Stock
12
10
10
9
Additional Paid-in Capital
6,679,142
5,765,582
5,354,120
4,658,570
Accumulated Other Comprehensive Income
35,506
40,076
16,554
23,551
Retained Earnings
(618,675)
(470,622)
(346,473)
(228,132)
Total Common Shareholders' Equity
6,270,985
5,510,046
5,199,211
4,628,998
Minority Interests and Other
168
615
942
1,392
Total Shareholders' Equity
6,271,153
5,510,661
5,200,153
4,630,390
Total Liabilities and Shareholders' Equity
9,797,612
8,486,446
7,774,836
6,713,189
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
204,989
189,832
170,547
153,035
Depreciation & Amortization
283,131
246,546
214,110
170,972
Share-Based Compensation Expense
12,991
10,805
8,338
6,464
Other Adjustments
2,681
(12,573)
(6,816)
10,312
Changes in Trade Receivables
1,183
(12,089)
(5,086)
799
Changes in Accounts Payable
5,743
14,251
10,384
15,048
Changes in Other Operating Activities
(6,582)
(4,800)
121
4,891
Cash from Operating Activities
504,136
431,972
391,598
362,121
Capital Expenditure
(1,585,199)
(979,738)
(1,288,840)
(1,660,889)
Proceeds from Sale of Property, Plant & Equipment
42,067
94,331
13,843
44,914
Cash from Investing Activities
(1,543,132)
(885,407)
(1,274,997)
(1,615,975)
Issuance of Short-Term Debt
28,958,094
1,072,000
1,231,000
1,035,000
Repayments of Short-Term Debt
(28,795,594)
(1,141,000)
(1,104,000)
(1,095,000)
Net Issuance / (Repayments) of Short-Term Debt
162,500
(69,000)
127,000
(60,000)
Issuance of Long-Term Debt
397,188
350,000
444,722
297,513
Repayments of Long-Term Debt
(1,026)
(50,963)
(5,527)
(24,490)
Net Issuance / (Repayments) of Long-Term Debt
396,162
299,037
439,195
273,023
Issuance of Common Shares
904,311
402,938
689,896
1,257,823
Repurchases of Common Shares
(3,740)
(2,281)
(2,684)
(1,912)
Net Issuance / (Repurchases) of Common Shares
900,571
400,657
687,212
1,255,911
Common Share Dividends Paid
(340,652)
(303,604)
(277,676)
(220,304)
Preferred Share Dividends Paid
(7,437)
(7,437)
(7,437)
(7,438)
Other Financing Activities
(10,690)
(7,898)
(12,960)
(3,679)
Cash from Financing Activities
1,053,219
445,310
869,014
1,237,513
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash