Agree Realty Corporation (ADC)

Agree Realty Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	193.55	189.2	169.96	152.44	122.27	91.38
Depreciation & Amortization	266.63	239.64	208.8	166.35	92.19	82.17
Other Amortization	7.7	6.91	5.31	4.62	31.44	1.91
Gain (Loss) on Sale of Assets	-3.61	-11.51	-1.85	-5.34	-14.94	-8
Gain (Loss) on Sale of Investments	13.55	4.36	-	28.41	16.75	-22.67
Asset Writedown	10.27	7.22	7.18	1.02	1.92	4.14
Stock-Based Compensation	12.51	10.81	8.34	6.46	4.8	4.7
Change in Accounts Receivable	-3.95	-12.09	-5.09	0.8	-4.45	-4.17
Change in Accounts Payable	11.83	14.32	10.38	15.05	10.83	2.22
Change in Other Net Operating Assets	-9.05	-4.8	0.12	4.89	-3.23	-1.5
Other Operating Activities	-15.2	-12.08	-11.55	-12.58	-11.25	-7.23
Operating Cash Flow	484.22	431.97	391.6	362.12	246.32	142.96
Operating Cash Flow Growth	10.41%	10.31%	8.14%	47.02%	72.30%	12.82%
Acquisition of Real Estate Assets	-1,570	-977.33	-1,288	-1,660	-1,442	-1,346
Sale of Real Estate Assets	53.53	94.33	13.84	44.91	56	47.7
Net Sale / Acq. of Real Estate Assets	-1,516	-883	-1,275	-1,615	-1,386	-1,299
Investing Cash Flow	-1,518	-885.41	-1,275	-1,616	-1,387	-1,300
Long-Term Debt Issued	-	1,517	1,581	1,333	1,235	1,093
Long-Term Debt Repaid	-	-1,148	-1,110	-1,119	-766.8	-743.68
Net Debt Issued (Repaid)	680.1	368.68	471.47	213.02	467.82	349.06
Issuance of Common Stock	703.86	402.94	689.9	1,258	744.85	896.12
Repurchase of Common Stock	-3.73	-2.28	-2.68	-1.91	-1.81	-1.64
Preferred Stock Issued	-	-	-	-	170.31	-
Common Dividends Paid	-329.45	-303.6	-277.68	-220.3	-194.3	-116.11
Preferred Dividends Paid	-7.44	-7.44	-7.44	-7.44	-1.53	-
Total Dividends Paid	-336.89	-311.04	-285.11	-227.74	-195.83	-116.11
Other Financing Activities	-5.45	-12.99	-4.56	-3.68	-7.75	-4.74
Net Cash Flow	3.64	-8.13	-14.39	-16.34	37.3	-34.2
Cash Interest Paid	139.61	123.69	87.48	58.78	56.15	37.71
Cash Income Tax Paid	1.3	3.71	3.07	2.4	1.82	1.15
Levered Free Cash Flow	432.46	377.32	324.01	283.99	162.29	166.69
Unlevered Free Cash Flow	504.94	439.06	369.97	319.57	190.16	190.31
Change in Working Capital	-1.17	-2.57	5.42	20.74	3.15	-3.45

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

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