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	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	185.81	189.2	169.96	152.44	122.27	91.38
Depreciation & Amortization	255.91	239.64	208.8	166.35	92.19	82.17
Other Amortization	7.73	6.91	5.31	4.62	31.44	1.91
Gain (Loss) on Sale of Assets	-4.54	-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	9.99	7.22	7.18	1.02	1.92	4.14
Stock-Based Compensation	11.98	10.81	8.34	6.46	4.8	4.7
Change in Accounts Receivable	0.36	-12.09	-5.09	0.8	-4.45	-4.17
Change in Accounts Payable	8.34	14.32	10.38	15.05	10.83	2.22
Change in Other Net Operating Assets	-9.24	-4.8	0.12	4.89	-3.23	-1.5
Other Operating Activities	-13.57	-12.08	-11.55	-12.58	-11.25	-7.23
Operating Cash Flow	466.31	431.97	391.6	362.12	246.32	142.96
Operating Cash Flow Growth	11.07%	10.31%	8.14%	47.02%	72.30%	12.82%
Acquisition of Real Estate Assets	-1,353	-977.33	-1,288	-1,660	-1,442	-1,346
Sale of Real Estate Assets	45.81	94.33	13.84	44.91	56	47.7
Net Sale / Acq. of Real Estate Assets	-1,307	-883	-1,275	-1,615	-1,386	-1,299
Investing Cash Flow	-1,309	-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)	544.12	368.68	471.47	213.02	467.82	349.06
Issuance of Common Stock	627.13	402.94	689.9	1,258	744.85	896.12
Repurchase of Common Stock	-3.75	-2.28	-2.68	-1.91	-1.81	-1.64
Preferred Stock Issued	-	-	-	-	170.31	-
Common Dividends Paid	-319.76	-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	-327.2	-311.04	-285.11	-227.74	-195.83	-116.11
Other Financing Activities	-12.83	-12.99	-4.56	-3.68	-7.75	-4.74
Net Cash Flow	-15.34	-8.13	-14.39	-16.34	37.3	-34.2
Cash Interest Paid	139.19	123.69	87.48	58.78	56.15	37.71
Cash Income Tax Paid	2.21	3.71	3.07	2.4	1.82	1.15
Levered Free Cash Flow	414.79	377.32	324.01	283.99	162.29	166.69
Unlevered Free Cash Flow	483.31	439.06	369.97	319.57	190.16	190.31
Change in Working Capital	-0.55	-2.57	5.42	20.74	3.15	-3.45

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

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