AGREE REALTY CORP ADC

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

The Company is a fully integrated REIT primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants. The Company was founded in 1971 by its current Executive Chairman, Richard Agree, and its common stock was listed on the New York Stock Exchange ("NYSE") in 1994. The Company's assets are held by, and all of its operations are conducted through, directly or indirectly, the Operating Partnership of which the Company is the sole general partner and in which it held a 99.7% common interest as of December 31, 2025. Under the agreement of limited partnership of the Operating Partnership, the Company, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership.

Last close 66.70 2026-10-23
Market cap $8.30B 2026-06-30 share count
52-week range 64.34 - 82.08

Valuation FY2025 figures against the last close

P/S11.6x
P/E37.7x
P/FCF16.5x
EV/EBITDA24.4x
Dividend yield4.1%
Diluted EPS1.77

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $718.2M$616.8M$537.4M$429.6M$339.1M$248.3M$187.3M$136.9M$110.7M$91.5M
SG&A $44.1M$37.2M$34.8M$30.1M$25.5M$20.8M$15.6M$11.8M$9.4M$7.9M
Total operating expenses $383.4M$326.3M$285.0M$217.0M$164.2M$123.4M$86.4M$64.1M$48.6M$39.9M
Operating income $340.4M$302.2M$254.4M$218.1M$190.3M$133.1M$114.4M$73.0M$63.0M$51.7M
Interest expense $134.6M$108.9M$81.1M$63.4M$50.4M$40.1M$33.1M$24.9M$18.1M$15.3M
Pre-tax income $206.1M$193.5M$172.9M$155.3M$124.7M$92.5M$80.6M$58.7M$58.3M$45.3M
Income tax $1.7M$4.3M$2.9M$2.9M$2.4M$1.1M$538.0K$516.0K$227.0K$153.0K
Net income $204.3M$189.2M$170.0M$152.4M$122.3M$91.4M$80.1M$58.2M$58.1M$45.1M
EPS, basic 1.771.791.701.841.791.761.961.802.091.97
EPS, diluted 1.771.781.701.831.781.741.931.782.081.97
Shares, diluted (wtd. avg.) 111.2M101.9M95.4M79.2M67.1M52.4M41.2M32.4M27.7M23.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $16.3M$6.4M$14.5M$28.9M$45.2M$8.0M$42.2M$54.0M$58.8M$33.4M
Property, plant and equipment ———————$1.65B$1.19B$943.5M
Other intangibles $940.8M$818.7M$817.3M$762.7M$638.9M$437.9M$316.8M$256.7M$167.6M$112.6M
Total assets $9.80B$8.49B$7.77B$6.71B$5.23B$3.89B$2.66B$2.03B$1.49B$1.14B
Long-term debt ————$1.69B$1.23B—$724.1M$522.4M$404.1M
Total liabilities $3.53B$2.98B$2.57B$2.08B$1.81B$1.36B$973.0M$789.7M$583.4M$456.5M
Total equity $6.27B$5.51B$5.20B$4.63B$3.42B$2.53B$1.69B$1.24B$911.2M$685.5M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $504.1M$432.0M$391.6M$362.1M$246.3M$143.0M$126.7M$93.2M$82.2M$61.7M
Depreciation and amortisation ———————$24.7M$19.6M$15.3M
Stock-based compensation $13.0M$10.8M$8.3M$6.5M$4.8M$4.7M$4.0M$2.9M$2.4M$2.3M
Capital expenditure —$874.5M$1.20B$1.60B$1.39B$1.31B$702.9M$608.3M——
Investing cash flow -$1.54B-$885.4M-$1.27B-$1.62B-$1.39B-$1.30B-$667.5M-$568.1M-$319.1M-$297.6M
Financing cash flow $1.05B$445.3M$869.0M$1.24B$1.18B$1.12B$529.0M$470.1M$262.3M$266.5M
Dividends paid $340.7M$303.6M$277.7M$220.3M$194.3M$116.1M$90.3M$67.6M$55.1M$42.1M
Buybacks $3.7M$2.3M$2.7M$1.9M$1.8M$1.6M$1.4M$1.1M$1.1M$712.0K

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000917251-26-000013.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 200M 400M 600M 800M Revenue, FY2016: 91.5M Net income, FY2016: 45.1M Revenue, FY2017: 110.7M Net income, FY2017: 58.1M Revenue, FY2018: 136.9M Net income, FY2018: 58.2M Revenue, FY2019: 187.3M Net income, FY2019: 80.1M Revenue, FY2020: 248.3M Net income, FY2020: 91.4M Revenue, FY2021: 339.1M Net income, FY2021: 122.3M Revenue, FY2022: 429.6M Net income, FY2022: 152.4M Revenue, FY2023: 537.4M Net income, FY2023: 170M Revenue, FY2024: 616.8M Net income, FY2024: 189.2M Revenue, FY2025: 718.2M Net income, FY2025: 204.3M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $91.5M $110.7M $136.9M $187.3M $248.3M $339.1M $429.6M $537.4M $616.8M $718.2M
Gross profit — — — — — — — — — —
Net income $45.1M $58.1M $58.2M $80.1M $91.4M $122.3M $152.4M $170.0M $189.2M $204.3M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event Item 8.01
  • Results announced Item 2.02
  • Other event Item 8.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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