| Cash Flow | 2025-09-30 | 2025-06-30 |
|---|---|---|
| Net income | 148,780 | 96,501 |
| Depreciation and amortization | 175,872 | 114,693 |
| Amortization from above (below) market lease intangibles, net | 26,427 | 17,083 |
| Amortization from financing costs, credit facility costs and debt discount | 5,401 | 3,482 |
| Stock-based compensation | 9,694 | 6,388 |
| Straight-line accrued rent | 12,774 | 7,798 |
| Provision for impairment | 10,272 | 7,292 |
| Settlement of interest rate swaps | -13,551 | -13,551 |
| Gain on sale of assets | 3,207 | 2,282 |
| Change in accounts receivable | -1,561 | -6,097 |
| Change in other assets | 16,829 | 14,350 |
| Change in accounts payable, accrued expenses, and other liabilities | 34,073 | 5,645 |
| Net cash provided by operating activities | 392,821 | 246,302 |
| Acquisition of real estate investments and other assets | 1,089,670 | 685,993 |
| Development of real estate investments and other assets, net of reimbursements (including capitalized interest of 1,497 in 2025 and 1,126 in 2024) | 102,085 | 47,680 |
| Payment of leasing costs | 1,142 | 297 |
| Net proceeds from sale of assets | 22,772 | 8,158 |
| Net cash used in investing activities | -1,170,125 | -725,812 |
| Proceeds from common stock offerings, net | 476,046 | 224,195 |
| Repurchase of common shares | 3,715 | 3,654 |
| Unsecured revolving credit facility and commercial paper notes borrowings | 19,151,777 | 6,351,250 |
| Unsecured revolving credit facility and commercial paper notes repayments | 18,920,777 | 6,262,250 |
| Payments of mortgage notes payable | 763 | 505 |
| Proceeds from senior unsecured notes | 397,188 | 397,188 |
| Payments of senior unsecured notes | 50,000 | 50,000 |
| Payment of series a preferred dividends | 5,578 | 3,718 |
| Payment of common stock dividends | 251,190 | 166,030 |
| Distributions to non-controlling interest | 797 | 531 |
| Payments for financing costs | 4,408 | 3,923 |
| Net cash provided by financing activities | 787,783 | 482,022 |
| Change in cash and cash equivalents and cash held in escrow | 10,479 | 2,512 |
| Cash and cash equivalents at beginning of period | 6,399 | - |
| Cash and cash equivalents at end of period | 16,878 | - |
AGREE REALTY CORP (ADC)
AGREE REALTY CORP (ADC)