Financial insights of ADC

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AGREE REALTY CORP (ADC)

Income Statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30
Total revenues	200,807	190,489	183,222	175,527
Real estate taxes	14,713	14,712	13,173	12,833
Property operating expenses	9,636	8,733	8,243	8,416
Land lease expense	554	552	556	550
General and administrative	11,477	11,072	10,887	11,332
Depreciation and amortization	66,699	63,435	61,179	58,939
Provision for impairment	1,400	1,600	2,980	2,961
Total operating expenses	104,479	100,104	97,018	95,031
Gain on sale of assets, net	1,697	2,210	924	1,510
Gain on involuntary conversion, net	528	-162	132	NaN
Income from operations	98,553	92,433	87,260	82,006
Interest expense, net	35,970	36,362	35,212	32,274
Income and other tax expense	500	260	225	425
Other income	148	398	456	46
Net income	62,231	56,209	52,279	49,353
Less net income attributable to non-controlling interest	180	171	162	155
Net income attributable to agree realty corporation	62,051	56,038	52,117	49,198
Less series a preferred stock dividends	1,859	1,860	1,859	1,859
Net income attributable to common stockholders	60,192	54,178	50,258	47,339

Basic EPS	0.5	0.472	0.45	0.43
Diluted EPS	0.5	0.47	0.45	0.43
Basic Average Shares	119,856,418	114,809,581	111,277,316	109,758,046
Diluted Average Shares	120,375,633	115,366,551	111,511,615	110,377,221

Unit: Thousand (K) dollars (except for numbers of shares and EPS). Numbers labeled with * are estimated quarterly values.