Agree Realty Cash Flow 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
Net Income	204.35	189.2	169.96	152.44	122.27
Depreciation & Amortization	274.97	239.64	208.8	166.35	92.19
Other Amortization	8.17	6.91	5.31	4.62	31.44
Gain (Loss) on Sale of Assets	-5.39	-11.44	-1.85	-5.34	-14.94
Gain (Loss) on Sale of Investments	13.55	4.36	-	28.41	16.75
Asset Writedown	11.87	7.22	7.18	1.02	1.92
Stock-Based Compensation	12.99	10.81	8.34	6.46	4.8
Change in Accounts Receivable	1.18	-12.09	-5.09	0.8	-4.45
Change in Accounts Payable	5.74	14.25	10.38	15.05	10.83
Change in Other Net Operating Assets	-6.58	-4.8	0.12	4.89	-3.23
Other Operating Activities	-16.72	-12.08	-11.55	-12.58	-11.25
Operating Cash Flow	504.14	431.97	391.6	362.12	246.32
Operating Cash Flow Growth	16.71%	10.31%	8.14%	47.02%	72.30%
Acquisition of Real Estate Assets	-1,584	-977.33	-1,288	-1,660	-1,442
Sale of Real Estate Assets	42.07	94.33	13.84	44.91	56
Net Sale / Acq. of Real Estate Assets	-1,541	-883	-1,275	-1,615	-1,386
Investing Cash Flow	-1,543	-885.41	-1,275	-1,616	-1,387
Long-Term Debt Issued	29,355	1,517	1,581	1,333	1,235
Long-Term Debt Repaid	-28,847	-1,148	-1,110	-1,119	-766.8
Net Debt Issued (Repaid)	508.66	368.68	471.47	213.02	467.82
Issuance of Common Stock	904.31	402.94	689.9	1,258	744.85
Repurchase of Common Stock	-3.74	-2.28	-2.68	-1.91	-1.81
Preferred Stock Issued	-	-	-	-	170.31
Common Dividends Paid	-340.65	-303.6	-277.68	-220.3	-194.3
Preferred Dividends Paid	-7.44	-7.44	-7.44	-7.44	-1.53
Total Dividends Paid	-348.09	-311.04	-285.11	-227.74	-195.83
Other Financing Activities	-7.93	-12.99	-4.56	-3.68	-7.75
Net Cash Flow	14.22	-8.13	-14.39	-16.34	37.3
Cash Interest Paid	129.15	101.81	70.79	58.78	56.15
Cash Income Tax Paid	1.61	3.71	3.07	2.4	1.82
Levered Free Cash Flow	433.69	371.83	324.01	283.99	162.29
Unlevered Free Cash Flow	510.41	433.57	369.97	319.57	190.16
Change in Working Capital	0.34	-2.64	5.42	20.74	3.15

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

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