Agree Realty Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Rental Revenue	718.16	616.82	537.4	429.63	339.07
Other Revenue	0.24	0.27	0.09	0.18	0.26
Total Revenue	718.4	617.1	537.5	429.81	339.32
Revenue Growth (YoY	16.42%	14.81%	25.05%	26.67%	36.51%
Property Expenses	88.15	74.85	66.72	52.28	41.06
Selling, General & Administrative	44.06	37.23	34.79	30.12	25.46
Depreciation & Amortization	239.31	206.99	176.28	133.57	95.73
Total Operating Expenses	371.52	319.07	277.78	215.97	162.25
Operating Income	346.88	298.03	259.71	213.84	177.08
Interest Expense	-134.61	-108.9	-81.12	-63.44	-50.38
Other Non-Operating Income	0.94	0.8	0.19	1.25	-
EBT Excluding Unusual Items	213.21	189.92	178.78	151.65	126.7
Gain (Loss) on Sale of Assets	5.39	11.44	1.85	5.26	15.11
Asset Writedown	-11.87	-7.22	-7.18	-1.02	-1.92
Other Unusual Items	-	-	-	-	-14.61
Pretax Income	206.72	194.14	173.46	155.9	125.28
Income Tax Expense	1.74	4.31	2.91	2.86	2.4
Earnings From Continuing Operations	204.99	189.83	170.55	153.04	122.88
Minority Interest in Earnings	-0.64	-0.64	-0.59	-0.6	-0.6
Net Income	204.35	189.2	169.96	152.44	122.27
Preferred Dividends & Other Adjustments	7.88	7.92	7.84	7.81	2.52
Net Income to Common	196.47	181.28	162.12	144.62	119.76
Net Income Growth	8.01%	11.32%	11.49%	24.67%	33.81%
Basic Shares Outstanding	111	101	95	79	67
Diluted Shares Outstanding	111	102	95	79	67
Shares Change (YoY)	9.15%	6.75%	20.56%	17.91%	28.14%
EPS (Basic)	1.77	1.79	1.70	1.84	1.79
EPS (Diluted)	1.77	1.78	1.70	1.83	1.78
EPS Growth	-0.56%	4.71%	-7.10%	2.81%	2.30%
Dividend Per Share	3.081	3.000	2.919	2.805	2.604
Dividend Growth	2.70%	2.77%	4.06%	7.72%	8.27%
Operating Margin	48.28%	48.30%	48.32%	49.75%	52.19%
Profit Margin	27.35%	29.38%	30.16%	33.65%	35.29%
EBITDA	619.75	536.07	466.82	378.6	269.26
EBITDA Margin	86.27%	86.87%	86.85%	88.08%	79.35%
D&A For Ebitda	272.87	238.04	207.1	164.75	92.19
EBIT	346.88	298.03	259.71	213.84	177.08
EBIT Margin	48.28%	48.30%	48.32%	49.75%	52.19%
Funds From Operations (FFO)	441.02	383.14	343.02	274.15	202.65
FFO Per Share	3.95	3.75	3.58	3.45	3.00
Adjusted Funds From Operations (AFFO)	482.8	422.82	378.74	304.92	236.97
AFFO Per Share	4.33	4.14	3.95	3.83	3.51
FFO Payout Ratio	77.24%	79.24%	80.95%	80.36%	95.88%
Effective Tax Rate	0.84%	2.22%	1.68%	1.84%	1.92%
Revenue as Reported	718.4	617.1	537.5	429.81	339.32

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

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