AGREE REALTY CORP (ADC)
AGREE REALTY CORP (ADC)
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income | 62,231 | 56,209 | 52,279 | 96,501 |
| Depreciation and amortization | 66,699 | 63,436 | 61,179 | 114,693 |
| Amortization from above (below) market lease intangibles, net | 10,678 | 9,987 | 9,344 | 17,083 |
| Amortization from financing costs, credit facility costs and debt discount | 2,087 | 2,008 | 1,919 | 3,482 |
| Stock-based compensation | 3,534 | 3,297 | 3,306 | 6,388 |
| Straight-line accrued rent | 4,942 | 4,582 | 4,976 | 7,798 |
| Provision for impairment | 1,400 | 1,600 | 2,980 | 7,292 |
| Settlement of interest rate swaps | NaN | 0 | 0 | -13,551 |
| Gain on sale of assets | 1,697 | 2,209 | 925 | 2,282 |
| Gain on involuntary conversion | 528 | -30 | NaN | NaN |
| Change in accounts receivable | 2,292 | 378 | 4,536 | -6,097 |
| Change in other assets | 12,489 | -10,247 | 2,479 | 14,350 |
| Change in accounts payable, accrued expenses, and other liabilities | 20,475 | -28,330 | 28,428 | 5,645 |
| Net cash provided by operating activities | 145,156 | 111,315 | 146,519 | 246,302 |
| Acquisition of real estate investments and other assets | 412,335 | 348,423 | 403,677 | 685,993 |
| Development of real estate investments and other assets, net of reimbursements (including capitalized interest of 476 in 2026, 442 in 2025) | 28,883 | 43,351 | 54,405 | 47,680 |
| Net proceeds from involuntary conversion | 1,287 | NaN | NaN | NaN |
| Payment of leasing costs | 306 | 528 | 845 | 297 |
| Net proceeds from sale of assets | 10,065 | 19,295 | 14,614 | 8,158 |
| Net cash used in investing activities | -430,172 | -373,007 | -444,313 | -725,812 |
| Proceeds from common stock offerings, net | 0 | 428,265 | 251,851 | 224,195 |
| Proceeds from senior unsecured notes | NaN | 0 | 0 | 397,188 |
| Repurchase of common shares | 6,058 | 25 | 61 | 3,654 |
| Unsecured revolving credit facility and commercial paper notes borrowings | 12,540,741 | 9,806,317 | 12,800,527 | 6,351,250 |
| Payments of senior unsecured notes | NaN | 0 | 0 | 50,000 |
| Unsecured revolving credit facility and commercial paper notes repayments | 12,391,591 | 9,874,817 | 12,658,527 | 6,262,250 |
| Payments of mortgage notes payable | 267 | 263 | 258 | 505 |
| Unsecured term loan proceeds | 250,000 | 0 | NaN | NaN |
| Payment of series a preferred dividends | 1,859 | 1,859 | 1,860 | 3,718 |
| Payment of common stock dividends | 94,930 | 89,462 | 85,160 | 166,030 |
| Distributions to non-controlling interest | 273 | 271 | 266 | 531 |
| Payments for financing lease liability | NaN | 0 | NaN | NaN |
| Payments for financing costs | 164 | 2,449 | 485 | 3,923 |
| Net cash provided by financing activities | 295,599 | 265,436 | 305,761 | 482,022 |
| Change in cash and cash equivalents and cash held in escrow | 10,583 | 3,744 | 7,967 | 2,512 |
| Cash and cash equivalents and cash held in escrow, beginning of period | 20,622 | 16,878 | 6,399 | NaN |
| Cash and cash equivalents and cash held in escrow, end of period | 31,205 | 20,622 | 16,878 | NaN |