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
Property Revenue	718.16	616.82	537.4	429.63	339.07
Service and Other Revenue	0.24	0.27	0.09	0.18	0.26
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	35.92	27.97	26.63	20.2	15.55
Total Property Expenses	35.92	27.97	26.63	20.2	15.55
Property Taxes	52.23	46.88	40.09	32.08	25.51
Gross Profit	630.25	542.25	470.78	377.53	298.26
Selling, General & Admin	44.06	37.23	34.79	30.12	25.46
Depreciation & Amortization Expenses	239.31	206.99	176.28	133.57	95.73
Other Operating Expenses	11.87	7.22	7.18	1.02	1.92
Operating Income	340.4	302.24	254.39	218.09	190.27
Net Gains on Disposal of Properties	5.39	11.44	1.85	5.26	15.11
Interest Income	0.94	0.8	0.19	1.25	-
Interest Expense	-134.61	-108.9	-81.12	-63.44	-50.38
Other Non-Operating Income (Expense)	-0.94	-0.8	-0.19	-1.25	14.61
Total Non-Operating Income (Expense)	-129.23	-97.46	-79.27	-58.18	-20.65
Pretax Income	211.17	204.78	175.12	159.91	169.62
Provision for Income Taxes	1.74	4.31	2.91	2.86	2.4
Net Income	401.26	370.96	332.48	297.44	242.4
Minority Interest in Earnings	0.64	0.64	0.59	0.6	0.6
Net Income Attributable to Preferred Dividends	7.44	7.44	7.44	7.44	2.15
Net Income to Common	401.26	370.96	332.48	297.44	242.4
Net Income Growth	8.17%	11.57%	11.78%	22.71%	32.63%
Shares Outstanding (Basic)	111	101	95	79	67
Shares Outstanding (Diluted)	111	102	95	79	67
Shares Change (YoY)	9.15%	6.75%	21.33%	17.75%	28.87%
EPS (Basic)	1.77	1.79	1.70	1.84	1.79
EPS (Diluted)	1.77	1.78	1.70	1.84	1.79
EPS Growth	-0.56%	4.71%	-7.61%	2.79%	1.70%
Free Cash Flow	-1,081	-547.77	-897.24	-1,299	-1,196
Free Cash Flow Per Share	-9.72	-5.38	-9.40	-16.51	-17.91
Dividends Per Share	3.081	3.000	2.919	2.805	2.604
Dividend Growth	2.70%	2.77%	4.06%	7.72%	8.27%
Gross Margin	87.73%	87.87%	87.59%	87.84%	87.90%
Operating Margin	47.38%	48.98%	47.33%	50.74%	56.07%
Profit Margin	28.53%	30.76%	31.73%	35.60%	36.21%
FCF Margin	-150.48%	-88.77%	-166.93%	-302.17%	-352.56%
EBITDA	623.53	548.79	468.5	389.06	312.64
EBITDA Margin	86.79%	88.93%	87.16%	90.52%	92.14%
EBIT	340.4	302.24	254.39	218.09	190.27
EBIT Margin	47.38%	48.98%	47.33%	50.74%	56.07%
Effective Tax Rate	0.82%	2.10%	1.66%	1.79%	1.42%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Real Estate template. Financial Sources.

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