Cash flow Agree Realty Corporation

Stocks

ADC

US0084921008

Commercial REITs

Market Closed - NYSE Other stock markets 21:00:03 17/07/2026 BST			5-day change	1st Jan Change
81.12 ^USD	+0.46%		+4.07%	+12.62%

07-14	Agree Realty Keeps Monthly Dividend at $0.267 a Share, Payable Aug. 14 to Holders of Record July 31	MT
07-14	Agree Realty Corporation Declares Monthly Cash Dividend, Payable on August 14, 2026	CI

07e590ee5c.iXvalMmIJ289eTb8S-KwSiyf1B65O9fyKjmYB0FYSZk.7Tm5y4q8EDB_H0GvA67zJ1Xc4X_cXLyUQVbHVwAPJ9HNOZSgnNh3AncQWQ

Published financial data: AGREE REALTY CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Rental Revenues	339M	430M	537M	617M	718M
Tenant Reimbursements	-	-	-	-	-
Other Revenues, Total	256K	182K	92K	273K	235K
Total Revenues	339M	430M	537M	617M	718M
Property Expenses	41.06M	52.28M	66.72M	74.85M	88.15M
Selling General & Admin Expenses, Total	25.46M	30.12M	34.79M	37.23M	44.06M
Depreciation & Amortization - (IS) - (Collected)	95.73M	134M	176M	207M	239M
Total Operating Expenses	162M	216M	278M	319M	372M
Operating Income (REIT / Utility Template)	177M	214M	260M	298M	347M
Interest Expense, Total	-50.38M	-63.44M	-81.12M	-109M	-135M
Net Interest Expenses	-50.38M	-63.44M	-81.12M	-109M	-135M
Other Non Operating Income (Expenses)	170K	1.16M	189K	799K	941K
EBT, Excl. Unusual Items	127M	152M	179M	190M	213M
Gain (Loss) on Sale of Assets	14.94M	5.34M	1.85M	11.44M	5.39M
Asset Writedown	-1.92M	-1.02M	-7.18M	-7.22M	-11.87M
Other Unusual Items	-14.61M	-	-	-	-
EBT, Incl. Unusual Items	125M	156M	173M	194M	207M
Income Tax Expense	2.4M	2.86M	2.91M	4.31M	1.74M
Earnings From Continuing Operations	123M	153M	171M	190M	205M
Net Income to Company	123M	153M	171M	190M	205M
Minority Interest	-603K	-598K	-588K	-635K	-640K
Net Income - (IS)	122M	152M	170M	189M	204M
Preferred Dividend and Other Adjustments	2.52M	7.81M	7.84M	7.92M	7.88M
Net Income to Common Incl Extra Items	120M	145M	162M	181M	196M
Net Income to Common Excl. Extra Items	120M	145M	162M	181M	196M
Per Share Items
Net EPS - Basic	1.79	1.84	1.7	1.79	1.77
Basic EPS - Continuing Operations	1.79	1.84	1.7	1.79	1.77
Basic Weighted Average Shares Outstanding	66.8M	78.66M	95.19M	101M	111M
Net EPS - Diluted	1.78	1.83	1.7	1.78	1.77
Diluted EPS - Continuing Operations	1.78	1.83	1.7	1.78	1.77
Diluted Weighted Average Shares Outstanding	67.14M	79.16M	95.44M	102M	111M
Normalized Basic EPS	1.18	1.2	1.17	1.17	1.2
Normalized Diluted EPS	1.17	1.19	1.16	1.16	1.19
Dividend Per Share	2.6	2.8	2.92	3	3.08
Payout Ratio	160.15	149.4	167.75	164.4	170.34
American Depositary Receipts Ratio (ADR)	8	8	8	8	8
Supplemental Items
EBITDA	297M	380M	411M	536M	620M
EBITA	229M	291M	293M	398M	460M
EBIT	177M	214M	260M	298M	347M
EBITDAR	298M	382M	412M	538M	622M
Total Revenues (As Reported)	339M	430M	537M	617M	718M
Effective Tax Rate - (Ratio)	1.92	1.83	1.68	2.22	0.84
Normalized Net Income	78.69M	94.13M	111M	118M	133M
Interest Capitalized	249K	1.26M	1.96M	1.6M	2.03M
Interest on Long-Term Debt	-	300K	300K	200K	200K
Supplemental Operating Expense Items
General and Administrative Expenses	25.46M	30.12M	34.79M	37.23M	44.06M
Net Rental Expense, Total	1.55M	1.62M	1.66M	1.62M	2.14M
Imputed Operating Lease Interest Expense	424K	455K	502K	545K	765K
Imputed Operating Lease Depreciation	1.13M	1.16M	1.16M	1.07M	1.38M
Stock-Based Comp., G&A Exp. (Total)	-	-	-	10.8M	12.99M
Stock-Based Comp., Other (Total)	5.47M	6.46M	8.34M	-	-
Total Stock-Based Compensation	5.47M	6.46M	8.34M	10.8M	12.99M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Gross Property Plant And Equipment	4.66B	6.12B	7.24B	8.03B	9.33B
Accumulated Depreciation	-234M	-321M	-434M	-564M	-716M
Net Property Plant And Equipment	4.43B	5.8B	6.8B	7.47B	8.62B
Total Real Estate Assets	4.43B	5.8B	6.8B	7.47B	8.62B
Cash And Equivalents	43.25M	27.76M	10.91M	6.4M	16.3M
Accounts Receivable, Total	53.44M	65.84M	82.95M	106M	122M
Other Intangibles, Total	-	-	854M	-	1B
Restricted Cash	2M	1.15M	3.62M	-	4.33M
Other Current Assets, Total	5.68M	-	3.64M	-	-
Trading Asset Securities, Total	1.87M	-	-	17.53M	5.97M
Deferred Charges Long-Term	672M	799M	-	865M	-
Other Long-Term Assets, Total	20.44M	17.02M	16.11M	25.56M	28.37M
Total Assets	5.23B	6.71B	7.77B	8.49B	9.8B
Liabilities
Current Portion of Long-Term Debt	-	-	-	50M	628K
Current Portion of Leases	548K	570K	6.55M	606K	995K
Short-Term Borrowings	-	-	-	-	320M
Long-Term Debt	1.69B	1.94B	2.42B	2.74B	2.98B
Long-Term Leases	23.56M	22.99M	16.44M	20.44M	22.28M
Accounts Payable, Total	42.56M	42.06M	52.01M	62.13M	77.09M
Accrued Expenses, Total	-	-	-	-	-
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	22.44M	27.94M	30.76M	33.38M	38.21M
Unearned Revenue Non Current	-	18.1M	21.9M	33.1M	36.2M
Deferred Tax Liability Non-Current	-	-	-	-	-
Other Non Current Liabilities	27.51M	31.12M	31.6M	40.72M	54.14M
Total Liabilities	1.81B	2.08B	2.57B	2.98B	3.53B
Preferred Stock Redeemable	175M	175M	175M	175M	175M
Total Preferred Equity	175M	175M	175M	175M	175M
Common Stock, Total	7K	9K	10K	10K	12K
Additional Paid In Capital	3.4B	4.66B	5.35B	5.77B	6.68B
Distributions In Excess Of Earnings	-147M	-228M	-346M	-471M	-619M
Comprehensive Income and Other	-5.5M	23.55M	16.55M	40.08M	35.51M
Total Common Equity	3.24B	4.45B	5.02B	5.34B	6.1B
Minority Interest	1.63M	1.39M	942K	615K	168K
Total Equity	3.42B	4.63B	5.2B	5.51B	6.27B
Total Liabilities And Equity	5.23B	6.71B	7.77B	8.49B	9.8B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	71.11M	89.99M	100M	107M	120M
ECS Total Common Shares Outstanding	71.11M	89.99M	100M	107M	120M
Book Value / Share	45.6	49.49	50.08	49.85	50.87
Tangible Book Value	3.24B	4.45B	4.17B	5.34B	5.1B
Tangible Book Value Per Share	45.6	49.49	41.57	49.85	42.52
Total Debt	1.72B	1.96B	2.44B	2.81B	3.32B
Net Debt	1.67B	1.94B	2.43B	2.78B	3.3B
Debt Equivalent Oper. Leases	12.42M	12.94M	13.31M	12.94M	17.14M
Minority Interest, Total (Incl. Fin. Div)	1.63M	1.39M	942K	615K	168K
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	1.56B	1.94B	2.28B	2.51B	2.9B
Buildings, Total	3.03B	4.05B	4.86B	5.41B	6.33B
Full Time Employees	57	76	72	75	90
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	122M	152M	170M	189M	204M
Depreciation, Depletion & Amortization	67.35M	89.46M	117M	140M	161M
Amortization of Goodwill and Intangible Assets - (CF)	52.11M	76.89M	33.67M	99.78M	113M
Total Depreciation, Depletion & Amortization	119M	166M	151M	240M	275M
Amortization of Deferred Charges, Total	4.16M	4.62M	63.13M	6.91M	8.16M
(Gain) Loss On Sale of Asset - (CF)	-14.94M	-5.34M	-1.85M	-11.51M	-5.39M
(Gain) Loss on Sale of Investments - (CF)	16.75M	28.41M	-	4.36M	13.55M
Total Asset Writedown	1.92M	1.02M	7.18M	7.22M	11.87M
Stock-Based Compensation (CF)	4.8M	6.46M	8.34M	10.8M	12.99M
Change in Accounts Receivable	-16.3M	799K	-5.09M	-12.09M	1.18M
Change in Accounts Payable	10.83M	15.05M	10.38M	14.32M	5.74M
Change in Unearned Revenues	-	-	-	-	-
Change In Deferred Taxes	-	-	-	-	-
Change in Other Net Operating Assets (Collected)	-3.23M	4.89M	121K	-4.8M	-6.58M
Other Operating Activities	603K	-12.58M	-11.55M	-12.08M	-16.72M
Cash from Operations	246M	362M	392M	432M	504M
Acquisition of Real Estate Assets, Total	-1.44B	-1.66B	-1.29B	-977M	-1.58B
Sale of Real Estate Assets, Total	56M	44.91M	13.84M	94.33M	42.07M
Net Sale / Acquisition of Real Estate Assets	-1.39B	-1.62B	-1.27B	-883M	-1.54B
Deferred Charges	-468K	-503K	-447K	-2.4M	-1.67M
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-1.39B	-1.62B	-1.27B	-885M	-1.54B
Long-Term Debt Issued, Total	709M	1.33B	1.58B	1.52B	29.36B
Total Debt Issued	709M	1.33B	1.58B	1.52B	29.36B
Long-Term Debt Repaid, Total	-241M	-1.12B	-1.11B	-1.15B	-28.85B
Total Debt Repaid	-241M	-1.12B	-1.11B	-1.15B	-28.85B
Issuance of Common Stock	745M	1.26B	690M	403M	904M
Repurchase of Common Stock	-1.81M	-1.91M	-2.68M	-2.28M	-3.74M
Issuance of Preferred Stock	170M	-	-	-	-
Common Dividends Paid	-194M	-220M	-278M	-304M	-341M
Preferred Dividends Paid	-1.53M	-7.44M	-7.44M	-7.44M	-7.44M
Common & Preferred Stock Dividends Paid	-196M	-228M	-285M	-311M	-348M
Other Financing Activities, Total	-7.75M	-3.68M	-4.56M	-12.99M	-7.92M
Cash from Financing	1.18B	1.24B	869M	445M	1.05B
Net Change in Cash	37.3M	-16.34M	-14.38M	-8.12M	14.22M
Supplemental Items
Cash Interest Paid	56.15M	58.78M	87.48M	124M	129M
Cash Income Tax Paid (Refund)	1.82M	2.4M	3.06M	3.71M	1.61M
Net Debt Issued / Repaid	468M	213M	471M	369M	509M
Levered Free Cash Flow	181M	290M	329M	377M	434M
Unlevered Free Cash Flow	209M	325M	375M	439M	510M
Change In Net Working Capital	26.93M	-18.18M	4.82M	-1.77M	-4.9M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	2.43	2.24	2.24	2.29	2.37
Return on Total Capital	2.48	2.28	2.28	2.33	2.42
Return On Equity %	4.13	3.8	3.47	3.54	3.48
Return on Common Equity	4.15	3.76	3.42	3.5	3.44
Margin Analysis
Gross Profit Margin %	87.9	87.84	87.59	87.87	87.73
SG&A Margin	7.5	7.01	6.47	6.03	6.13
EBITDA Margin %	87.39	88.46	76.41	86.87	86.27
EBITA Margin %	67.54	67.64	54.58	64.46	64.08
EBIT Margin %	52.19	49.75	48.32	48.29	48.29
Income From Continuing Operations Margin %	36.21	35.6	31.73	30.76	28.53
Net Income Margin %	36.03	35.47	31.62	30.66	28.44
Net Avail. For Common Margin %	35.29	33.65	30.16	29.38	27.35
Normalized Net Income Margin	23.19	21.9	20.68	19.13	18.46
Levered Free Cash Flow Margin	53.44	67.38	61.26	61.14	60.37
Unlevered Free Cash Flow Margin	61.66	75.66	69.81	71.15	71.05
Asset Turnover
Asset Turnover	0.07	0.07	0.07	0.08	0.08
Fixed Assets Turnover	0.09	0.08	0.09	0.09	0.09
Receivables Turnover (Average Receivables)	7.43	7.2	7.22	6.51	6.28
Short Term Liquidity
Current Ratio	1.62	1.34	1.13	0.89	0.34
Quick Ratio	1.5	1.33	1.05	0.89	0.33
Operating Cash Flow to Current Liabilities	3.76	5.13	4.38	2.96	1.15
Days Sales Outstanding (Average Receivables)	49.11	50.67	50.53	56.18	58.17
Average Days Payable Outstanding	354.1	248.31	257.22	279.03	288.33
Long Term Solvency
Total Debt/Equity	50.16	42.41	46.89	50.93	52.95
Total Debt / Total Capital	33.4	29.78	31.92	33.74	34.62
LT Debt/Equity	50.14	42.39	46.77	50.01	47.82
Long-Term Debt / Total Capital	33.39	29.77	31.84	33.13	31.26
Total Liabilities / Total Assets	34.58	31.03	33.12	35.07	35.99
EBIT / Interest Expense	3.51	3.37	3.2	2.74	2.58
EBITDA / Interest Expense	5.92	6.02	5.08	4.94	4.62
(EBITDA - Capex) / Interest Expense	5.92	6.02	5.08	4.94	4.62
Total Debt / EBITDA	5.75	5.14	5.91	5.22	5.34
Net Debt / EBITDA	5.6	5.07	5.89	5.18	5.3
Total Debt / (EBITDA - Capex)	5.75	5.14	5.91	5.22	5.34
Net Debt / (EBITDA - Capex)	5.6	5.07	5.89	5.18	5.3
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	36.51	26.67	25.05	14.81	16.42
Gross Profit, 1 Yr. Growth %	37.56	26.58	24.7	15.18	16.23
EBITDA, 1 Yr. Growth %	40.25	28.21	21.8	14.83	15.61
EBITA, 1 Yr. Growth %	40.98	26.85	18.43	13.27	15.73
EBIT, 1 Yr. Growth %	36.99	20.76	21.45	14.75	16.39
Earnings From Cont. Operations, 1 Yr. Growth %	33.6	24.54	11.44	11.31	7.98
Net Income, 1 Yr. Growth %	33.81	24.67	11.49	11.32	8.01
Diluted EPS Before Extra, 1 Yr. Growth %	2.3	2.81	-7.1	4.71	-0.56
Normalized Net Income, 1 Yr. Growth %	42.68	19.62	18.01	6.22	12.32
Net Property, Plant and Equip., 1 Yr. Growth %	32.24	31.06	17.26	9.73	15.45
Accounts Receivable, 1 Yr. Growth %	41.35	23.2	25.99	28.28	15.09
Total Assets, 1 Yr. Growth %	34.5	28.44	15.81	9.15	15.45
Common Equity, 1 Yr. Growth %	28.45	37.36	12.8	6.19	14.26
Tangible Book Value, 1 Yr. Growth %	28.45	37.36	14.11	6.19	13.98
Cash From Operations, 1 Yr. Growth %	72.3	47.02	8.14	10.31	16.71
Levered Free Cash Flow, 1 Yr. Growth %	8.79	78.46	15.94	16.45	16.64
Unlevered Free Cash Flow, 1 Yr. Growth %	9.94	71.01	17.41	18.67	17.72
Dividend Per Share, 1 Yr. Growth %	8.27	7.72	4.06	2.77	2.7
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	34.53	31.5	25.86	19.82	15.61
Gross Profit, 2 Yr. CAGR %	34.87	31.96	25.63	19.85	15.7
EBITDA, 2 Yr. CAGR %	35.53	34.09	23.5	18.99	15.22
EBITA, 2 Yr. CAGR %	34.43	33.73	20.54	16.97	14.49
EBIT, 2 Yr. CAGR %	31.31	28.62	21.11	18.05	15.57
Earnings From Cont. Operations, 2 Yr. CAGR %	23.35	28.99	17.81	11.38	9.63
Net Income, 2 Yr. CAGR %	23.57	29.16	17.9	11.41	9.65
Diluted EPS Before Extra, 2 Yr. CAGR %	-3.96	2.55	-2.27	-1.38	2.04
Normalized Net Income, 2 Yr. CAGR %	35.56	30.64	18.93	11.96	9.23
Net Property, Plant and Equip., 2 Yr. CAGR %	41.28	31.63	23.97	13.43	12.56
Accounts Receivable, 2 Yr. CAGR %	41.19	31.96	24.59	27.13	21.51
Total Assets, 2 Yr. CAGR %	40.06	31.43	21.96	12.43	12.26
Common Equity, 2 Yr. CAGR %	38.55	32.83	24.47	9.44	10.15
Tangible Book Value, 2 Yr. CAGR %	38.55	32.83	13.4	20.82	0.7
Cash From Operations, 2 Yr. CAGR %	39.43	59.16	26.09	9.22	13.46
Levered Free Cash Flow, 2 Yr. CAGR %	36.26	31.81	42.44	15.27	15.69
Unlevered Free Cash Flow, 2 Yr. CAGR %	33.69	30.72	40.47	17.21	17.46
Dividend Per Share, 2 Yr. CAGR %	6.87	8	5.88	3.42	2.74
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	35.26	31.86	29.31	22.06	18.68
Gross Profit, 3 Yr. CAGR %	35.42	32.05	29.49	22.05	18.63
EBITDA, 3 Yr. CAGR %	35.72	33.04	24.77	25.8	17.85
EBITA, 3 Yr. CAGR %	34.65	31.86	21.75	25.36	16.56
EBIT, 3 Yr. CAGR %	32.97	27.7	26.18	18.95	17.5
Earnings From Cont. Operations, 3 Yr. CAGR %	27.85	23.74	22.86	15.6	10.23
Net Income, 3 Yr. CAGR %	28.1	23.93	22.98	15.66	10.26
Diluted EPS Before Extra, 3 Yr. CAGR %	0	-1.76	-0.77	0	-1.11
Normalized Net Income, 3 Yr. CAGR %	36.55	30.03	26.31	14.53	12.08
Net Property, Plant and Equip., 3 Yr. CAGR %	38.65	37.77	26.65	19.03	14.1
Accounts Receivable, 3 Yr. CAGR %	35.36	34.92	29.94	25.81	22.99
Total Assets, 3 Yr. CAGR %	37.1	36.07	26.01	17.53	13.43
Common Equity, 3 Yr. CAGR %	37.92	38.15	25.79	18.05	11.03
Tangible Book Value, 3 Yr. CAGR %	37.92	38.15	18.21	18.05	11.71
Cash From Operations, 3 Yr. CAGR %	38.24	41.91	39.92	20.59	11.66
Levered Free Cash Flow, 3 Yr. CAGR %	24.54	43.67	25.47	32.48	15.16
Unlevered Free Cash Flow, 3 Yr. CAGR %	24.52	40.57	25.39	32.17	16.89
Dividend Per Share, 3 Yr. CAGR %	6.51	7.15	6.67	4.83	3.18
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	29.96	30.97	31.42	26.91	23.65
Gross Profit, 5 Yr. CAGR %	29.17	30.68	31.42	27.02	23.79
EBITDA, 5 Yr. CAGR %	31.66	32.25	28.19	27.13	24
EBITA, 5 Yr. CAGR %	30.88	31.33	25.6	25.69	23.14
EBIT, 5 Yr. CAGR %	27.94	27.7	28.09	23.75	21.83
Earnings From Cont. Operations, 5 Yr. CAGR %	21.82	21.09	23.74	18.64	17.39
Net Income, 5 Yr. CAGR %	22.07	21.27	23.92	18.76	17.46
Diluted EPS Before Extra, 5 Yr. CAGR %	-2.01	-2.7	-0.92	-1.61	0.34
Normalized Net Income, 5 Yr. CAGR %	29.01	28.06	29.17	22.49	19.18
Net Property, Plant and Equip., 5 Yr. CAGR %	36.04	36.73	32.57	27.47	20.81
Accounts Receivable, 5 Yr. CAGR %	35.89	33.59	30.95	31.75	26.5
Total Assets, 5 Yr. CAGR %	35.56	35.05	30.83	26.07	20.31
Common Equity, 5 Yr. CAGR %	36.55	37.43	32.37	25.86	19.28
Tangible Book Value, 5 Yr. CAGR %	36.55	37.43	27.53	25.86	15.08
Cash From Operations, 5 Yr. CAGR %	31.88	34.52	33.24	27.8	28.67
Levered Free Cash Flow, 5 Yr. CAGR %	28.01	37.47	28.53	31.04	21.07
Unlevered Free Cash Flow, 5 Yr. CAGR %	27.69	36.21	28.2	30.26	21.81
Dividend Per Share, 5 Yr. CAGR %	6.28	6.73	6.26	5.64	5.08