Agree Realty Corporation (ADC)

NYSE: ADC · Real-Time Price · USD

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75.30

+0.56 (0.75%)

At close: Feb 9, 2026, 4:00 PM EST

75.76

+0.46 (0.61%)

After-hours: Feb 9, 2026, 7:00 PM EST

Agree Realty Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Quarter	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 2020
Period Ending	Sep '25 Sep 30, 2025	Jun '25 Jun 30, 2025	Mar '25 Mar 31, 2025	Dec '24 Dec 31, 2024	Sep '24 Sep 30, 2024	Jun '24 Jun 30, 2024	Mar '24 Mar 31, 2024	Dec '23 Dec 31, 2023	Sep '23 Sep 30, 2023	Jun '23 Jun 30, 2023	Mar '23 Mar 31, 2023	Dec '22 Dec 31, 2022	Sep '22 Sep 30, 2022	Jun '22 Jun 30, 2022	Mar '22 Mar 31, 2022	Dec '21 Dec 31, 2021	Sep '21 Sep 30, 2021	Jun '21 Jun 30, 2021	Mar '21 Mar 31, 2021	Dec '20 Dec 31, 2020
Rental Revenue	183.19	175.4	169.11	160.68	154.29	152.42	149.42	144.14	136.77	129.88	126.61	116.5	110.03	104.79	98.31	91.35	87.47	82.49	77.76	71.35
Other Revenue	0.03	0.13	0.05	0.05	0.04	0.15	0.03	0.02	0.04	0.02	0.01	0.04	0.03	0.08	0.03	0.07	0.07	0.05	0.07	0.07
Total Revenue	183.22	175.53	169.16	160.73	154.33	152.58	149.45	144.17	136.81	129.9	126.62	116.53	110.07	104.88	98.34	91.41	87.54	82.55	77.83	71.42
Revenue Growth (YoY	18.72%	15.04%	13.19%	11.49%	12.81%	17.46%	18.04%	23.71%	24.30%	23.86%	28.75%	27.48%	25.74%	27.05%	26.36%	28.00%	37.18%	43.47%	39.46%	36.98%
Property Expenses	21.97	21.8	20.38	20.37	18.37	17.62	18.49	17.92	16.05	16.11	16.64	13.38	13.49	12.93	12.49	11.17	10.55	9.76	9.58	9.41
Selling, General & Administrative	10.89	11.33	10.77	8.9	9.11	9.71	9.52	8.7	8.84	8.42	8.82	7.86	6.99	7.65	7.62	6.65	5.69	6.24	6.88	6.79
Depreciation & Amortization	61.18	58.94	55.76	56.57	51.5	50.45	48.46	47.26	45.63	42.75	40.65	37.9	35.16	31.95	28.56	26.57	24.49	23.19	21.49	19.69
Total Operating Expenses	94.04	92.07	86.91	85.83	78.99	77.78	76.47	73.87	70.52	67.28	66.11	59.14	55.64	52.53	48.67	44.39	40.72	39.19	37.95	35.9
Operating Income	89.18	83.46	82.26	74.91	75.34	74.79	72.99	70.29	66.29	62.63	60.51	57.4	54.43	52.35	49.67	47.03	46.82	43.36	39.88	35.52
Interest Expense	-35.21	-32.27	-30.76	-29.1	-28.94	-26.42	-24.45	-22.37	-20.8	-19.95	-18	-16.84	-17.15	-15.51	-13.93	-13.11	-13.07	-12.55	-11.65	-11.79
Other Non-Operating Income	0.46	0.05	0.04	0.21	0.1	0.37	0.12	0.01	0.09	0.04	0.05	1.33	-0.12	-	-	0.07	-	-	-	-
EBT Excluding Unusual Items	54.43	51.23	51.53	46.02	46.51	48.74	48.65	47.93	45.58	42.72	42.56	41.88	37.17	36.84	35.74	33.98	33.75	30.81	28.23	23.73
Gain (Loss) on Sale of Assets	1.06	1.51	0.77	0.43	1.79	7.18	2.04	1.55	-0.02	0.32	-	0.02	3	-0.01	2.29	1.76	3.47	6.75	3.06	0.44
Asset Writedown	-2.98	-2.96	-4.33	-	-2.69	-	-4.53	-2.67	-3.2	-1.32	-	-	-	-	-1.02	-1.92	-	-	-	-0.14
Other Unusual Items	-	-	-	-	-	-	-	-	-	-	-	-0.13	0.13	-	-	-	-	-14.61	-	-
Pretax Income	52.5	49.78	47.97	46.45	45.61	55.92	46.16	46.81	42.37	41.72	42.56	41.76	40.3	36.83	37.01	33.82	37.22	22.95	31.29	24.02
Income Tax Expense	0.23	0.43	0.83	1.08	1.08	1	1.15	0.71	0.71	0.71	0.78	0.72	0.72	0.7	0.72	0.52	0.39	0.49	1.01	0.26
Earnings From Continuing Operations	52.28	49.35	47.15	45.38	44.53	54.91	45.01	46.1	41.66	41.02	41.77	41.04	39.58	36.13	36.29	33.31	36.83	22.46	30.28	23.76
Minority Interest in Earnings	-0.16	-0.16	-0.15	-0.14	-0.15	-0.19	-0.16	-0.15	-0.14	-0.15	-0.16	-0.11	-0.15	-0.16	-0.18	-0.16	-0.17	-0.11	-0.17	-0.15
Net Income	52.12	49.2	47	45.24	44.38	54.72	44.86	45.96	41.52	40.87	41.61	40.93	39.43	35.97	36.11	33.15	36.66	22.35	30.11	23.62
Preferred Dividends & Other Adjustments	1.97	1.97	1.97	1.97	1.97	2	1.98	1.96	1.96	1.96	1.97	1.95	1.96	1.96	1.97	1.95	0.4	0.07	0.1	0.06
Net Income to Common	50.15	47.23	45.03	43.27	42.4	52.72	42.88	43.99	39.57	38.91	39.65	38.97	37.47	34.01	34.14	31.2	36.27	22.28	30.01	23.55
Net Income Growth	17.45%	-10.10%	4.76%	-1.56%	6.87%	33.90%	7.80%	12.29%	5.32%	13.61%	15.23%	23.46%	7.53%	60.98%	19.93%	40.38%	72.29%	-11.53%	41.84%	4.68%
Basic Shares Outstanding	111	110	107	103	100	100	100	100	97	93	90	88	80	75	71	70	69	65	63	55
Diluted Shares Outstanding	112	110	108	105	102	100	100	100	97	93	91	89	81	76	71	71	70	65	63	56
Shares Change (YoY)	9.63%	9.88%	7.19%	4.29%	4.49%	7.86%	10.81%	13.04%	20.80%	23.24%	26.93%	25.78%	15.80%	15.93%	13.34%	25.95%	27.56%	22.38%	38.13%	30.39%
EPS (Basic)	0.45	0.43	0.42	0.42	0.42	0.53	0.43	0.44	0.41	0.42	0.44	0.44	0.47	0.45	0.48	0.44	0.52	0.34	0.48	0.43
EPS (Diluted)	0.45	0.43	0.42	0.41	0.42	0.52	0.43	0.44	0.41	0.42	0.44	0.44	0.46	0.45	0.48	0.44	0.52	0.34	0.48	0.42
EPS Growth	7.14%	-17.31%	-1.77%	-6.09%	3.23%	24.36%	-2.82%	-0.46%	-11.56%	-7.08%	-8.21%	-0.04%	-11.54%	32.35%	0.36%	4.52%	33.33%	-27.66%	3.83%	-18.59%
Dividend Per Share	0.768	0.768	0.759	0.759	0.750	0.750	0.741	0.741	0.729	0.729	0.720	0.720	0.702	0.702	0.681	0.681	0.651	0.651	0.621	0.620
Dividend Growth	2.40%	2.40%	2.43%	2.43%	2.88%	2.88%	2.92%	2.92%	3.85%	3.85%	5.73%	5.73%	7.83%	7.83%	9.66%	9.84%	8.50%	8.50%	6.15%	5.98%
Operating Margin	48.68%	47.55%	48.63%	46.60%	48.82%	49.02%	48.84%	48.76%	48.45%	48.21%	47.79%	49.25%	49.45%	49.91%	50.51%	51.44%	53.48%	52.52%	51.24%	49.73%
Profit Margin	27.37%	26.91%	26.62%	26.92%	27.48%	34.55%	28.69%	30.51%	28.92%	29.95%	31.31%	33.45%	34.04%	32.43%	34.72%	34.13%	41.43%	26.99%	38.56%	32.98%
EBITDA	159.11	150.43	146.06	138.94	134.64	133.14	129.34	124.06	119.71	113.69	109.36	61.42	96.76	92.61	86.41	80.69	77.92	71.8	66.12	60.07
EBITDA Margin	86.84%	85.70%	86.34%	86.44%	87.24%	87.26%	86.55%	86.05%	87.50%	87.52%	86.37%	52.71%	87.91%	88.30%	87.87%	88.28%	89.01%	86.98%	84.96%	84.11%
D&A For Ebitda	69.92	66.98	63.8	64.03	59.3	58.35	56.36	53.77	53.42	51.06	48.86	4.03	42.33	40.26	36.74	33.67	31.1	28.45	26.25	24.56
EBIT	89.18	83.46	82.26	74.91	75.34	74.79	72.99	70.29	66.29	62.63	60.51	57.4	54.43	52.35	49.67	47.03	46.82	43.36	39.88	35.52
EBIT Margin	48.68%	47.55%	48.63%	46.60%	48.82%	49.02%	48.84%	48.76%	48.45%	48.21%	47.79%	49.25%	49.45%	49.91%	50.51%	51.44%	53.48%	52.52%	51.24%	49.73%
Funds From Operations (FFO)	112.93	107.32	104.08	99.14	94.57	95.83	93.61	92.09	88.04	82.63	80.27	76.73	69.74	66.13	61.55	57.95	57.4	38.74	48.56	43.01
FFO Per Share	1.01	0.97	0.96	0.94	0.93	0.95	0.93	0.91	0.90	0.88	0.88	0.86	0.86	0.87	0.86	0.82	0.82	0.59	0.77	0.76
Adjusted Funds From Operations (AFFO)	123.12	117.68	113.97	-	104.77	105.31	103.25	-	97.55	91.79	89.08	-	77.56	73.74	69.19	-	62.15	57.64	52.5	-
AFFO Per Share	1.10	1.06	1.06	-	1.03	1.04	1.03	-	1.00	0.98	0.98	-	0.96	0.97	0.97	-	0.89	0.88	0.83	-
FFO Payout Ratio	75.41%	78.42%	78.67%	78.94%	79.80%	78.44%	79.81%	80.45%	80.06%	82.20%	81.22%	82.42%	80.36%	79.01%	79.23%	81.39%	78.44%	106.23%	125.53%	75.13%
Effective Tax Rate	0.43%	0.85%	1.72%	2.31%	2.36%	1.80%	2.49%	1.52%	1.67%	1.70%	1.84%	1.73%	1.79%	1.90%	1.94%	1.53%	1.05%	2.11%	3.23%	1.08%
Revenue as Reported	183.22	175.53	169.16	160.73	154.33	152.58	149.45	144.17	136.81	129.9	126.62	116.53	110.07	104.88	98.34	91.41	87.54	82.55	77.83	71.42

Updated Oct 21, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

SEC Filings: 10-K · 10-Q