AGREE REALTY CORP ADC
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 1.77 | 1.79 | 1.70 | 1.84 | 1.79 | 1.76 | 1.96 | 1.80 | 2.09 | 1.97 |
| EPS, diluted | 1.77 | 1.78 | 1.70 | 1.83 | 1.78 | 1.74 | 1.93 | 1.78 | 2.08 | 1.97 |
| Shares, diluted (wtd. avg.) | $111.2M | $101.9M | $95.4M | $79.2M | $67.1M | $52.4M | $41.2M | $32.4M | $27.7M | $23.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 6798
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WELL | WELLTOWER INC. | $166.72B | 169.9x | 40.2% |
| PLD | Prologis, Inc. | $128.05B | 38.6x | 7.2% |
| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $81.93B | 32.6x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
| PSA | Public Storage | $53.04B | 33.5x | 2.7% |