Business Description

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 2025FY 2024FY 2023FY 2022
Property Revenue718,163616,822537,403429,632
Service and Other Revenue23527392182
Total Revenues718,398617,095537,495429,814
Property Expenses35,91627,96726,62520,202
Total Property Expenses35,91627,96726,62520,202
Property Taxes52,23146,88240,09232,079
Gross Profit630,251542,246470,778377,533
Selling, General & Administrative Expenses44,06237,23334,78830,121
Depreciation & Amortization Expenses239,308206,987176,277133,570
Other Operating Expenses11,8727,2247,1751,015
Operating Profit335,009290,802252,538212,827
Net Gains on Disposal of Properties5,38611,4411,8495,258
Interest Expense(134,612)(108,904)(81,119)(63,435)
Non-Operating Income9417991891,245
Total Non-Operating Income(128,285)(96,664)(79,081)(56,932)
Income Before Provision for Income Taxes206,724194,138173,457155,895
Provision for Income Taxes1,7354,3062,9102,860
Consolidated Net Income204,989189,832170,547153,035
Net Income Attributable to Minority Interests and Other640635588598
Net Income Attributable to Preferred Dividends7,4377,4377,4377,437
Net Income Attributable to Common Shareholders196,912181,760162,522145,000
Basic EPS1.771.791.701.84
Diluted EPS1.771.781.701.84
Basic Weighted Average Shares Outstanding110,723101,09995,19178,659
Diluted Weighted Average Shares Outstanding111,201101,87695,43778,659
Shares Outstanding120,028107,249100,51990,173
FY 2025FY 2024FY 2023FY 2022
Cash and Cash Equivalents16,2956,39910,90727,763
Total Cash and Cash Equivalents16,2956,39910,90727,763
Accounts Receivable122,477106,41682,95465,841
Total Trade Receivables122,477106,41682,95465,841
Restricted Cash—4,3273,6171,146
Inventories——3,642—
Total Current Assets138,772117,142101,12094,750
Net Property, Plant & Equipment8,572,7017,418,1086,743,3205,741,068
Net Intangible Assets1,000,967864,937854,088799,448
Other Long-Term Assets80,84590,58676,30877,923
Total Assets9,797,6128,486,4467,774,8366,713,189
Accounts Payable139,384116,273101,40183,722
Short-Term Debt320,500158,000227,000100,000
Other Current Liabilities32,15827,84225,53422,345
Total Current Liabilities492,042302,115353,935206,067
Long-Term Debt2,974,2282,627,4212,183,9211,840,018
Leases60,18946,24936,82736,714
Total Long-Term Liabilities3,034,4172,673,6702,220,7481,876,732
Total Liabilities3,526,4592,975,7852,574,6832,082,799
Preferred Stock175,000175,000175,000175,000
Common Stock1210109
Additional Paid-in Capital6,679,1425,765,5825,354,1204,658,570
Accumulated Other Comprehensive Income35,50640,07616,55423,551
Retained Earnings(618,675)(470,622)(346,473)(228,132)
Total Common Shareholders' Equity6,270,9855,510,0465,199,2114,628,998
Minority Interests and Other1686159421,392
Total Shareholders' Equity6,271,1535,510,6615,200,1534,630,390
Total Liabilities and Shareholders' Equity9,797,6128,486,4467,774,8366,713,189
FY 2025FY 2024FY 2023FY 2022
Net Income204,989189,832170,547153,035
Depreciation & Amortization283,131246,546214,110170,972
Share-Based Compensation Expense12,99110,8058,3386,464
Other Adjustments2,681(12,573)(6,816)10,312
Changes in Trade Receivables1,183(12,089)(5,086)799
Changes in Accounts Payable5,74314,25110,38415,048
Changes in Other Operating Activities(6,582)(4,800)1214,891
Cash from Operating Activities504,136431,972391,598362,121
Capital Expenditure(1,585,199)(979,738)(1,288,840)(1,660,889)
Proceeds from Sale of Property, Plant & Equipment42,06794,33113,84344,914
Cash from Investing Activities(1,543,132)(885,407)(1,274,997)(1,615,975)
Issuance of Short-Term Debt28,958,0941,072,0001,231,0001,035,000
Repayments of Short-Term Debt(28,795,594)(1,141,000)(1,104,000)(1,095,000)
Net Issuance / (Repayments) of Short-Term Debt162,500(69,000)127,000(60,000)
Issuance of Long-Term Debt397,188350,000444,722297,513
Repayments of Long-Term Debt(1,026)(50,963)(5,527)(24,490)
Net Issuance / (Repayments) of Long-Term Debt396,162299,037439,195273,023
Issuance of Common Shares904,311402,938689,8961,257,823
Repurchases of Common Shares(3,740)(2,281)(2,684)(1,912)
Net Issuance / (Repurchases) of Common Shares900,571400,657687,2121,255,911
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 Activities1,053,219445,310869,0141,237,513
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash14,223(8,125)(14,385)(16,341)

Key Metrics & Ratios

MetricValue
Market Cap$8.65B
P/E40.69x
P/S12.03x
EV/EBITDA19.67x
Return on Equity3.5%
Return on Invested Capital3.6%
Current Ratio0.28x
Dividend Yield4.3%
Free Cash Flow Margin-150.5%

Margins

Gross margin
87.7%
Operating margin
46.6%
Net margin
27.4%

Quarterly Trend

QuarterRevenueYoY growthOperating marginOperating income
Q2 2026 $205M +16.8% 45.2% $93M
Q1 2026 $201M +18.7% 48.0% $96M
Q4 2025 $190M +18.5% 47.4% $90M
Q3 2025 $183M +18.7% 47.0% $86M
Q2 2025 $176M — 45.9% $80M
Q1 2025 $169M — 46.1% $78M
Q4 2024 $161M — 46.6% $75M
Q3 2024 $154M — 47.1% $73M

More on Agree Realty Corporation

Figures compiled from public company filings.

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