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ADC

Agree Realty Corporation

ADC

Agree Realty Corporation • NYSE
$75.22 ▲ 0.46% (+0.34)
Market Cap $8.12 B
52w High $79.65
52w Low $67.58
Dividend Yield 3.07%
P/E 43.99
Volume 366.81K
Outstanding Shares 107.89M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $183.222M ▲ $82.789M ▲ $50.258M ▲ 27.43% ▼ $0.45 ▲ $146.649M ▼
Q2-2025 $175.527M ▲ $71.722M ▲ $49.198M ▲ 28.029% ▲ $0.44 ▲ $149.527M ▲
Q1-2025 $169.16M ▲ $70.085M ▲ $45.137M ▼ 26.683% ▼ $0.42 $143.038M ▲
Q4-2024 $160.734M ▲ $65.033M ▲ $45.239M ▲ 28.145% ▼ $0.42 $140.463M ▲
Q3-2024 $154.332M $61.518M $44.375M 28.753% $0.42 $134.345M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $13.696M ▲ $9.484B ▲ $3.611B ▲ $5.873B ▲
Q2-2025 $5.824M ▼ $9.085B ▲ $3.43B ▲ $5.654B ▲
Q1-2025 $7.915M ▲ $8.801B ▲ $3.156B ▲ $5.644B ▲
Q4-2024 $6.399M ▼ $8.486B ▲ $2.976B ▲ $5.51B ▲
Q3-2024 $13.237M $8.184B $2.89B $5.294B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $52.279M ▲ $146.519M ▲ $-444.313M ▼ $305.761M ▲ $7.967M ▲ $146.519M ▲
Q2-2025 $49.353M ▲ $119.645M ▼ $-344.957M ▲ $223.054M ▼ $-2.258M ▼ $119.645M ▼
Q1-2025 $47.148M ▲ $126.657M ▲ $-380.855M ▼ $258.968M ▲ $4.77M ▲ $126.657M ▲
Q4-2024 $45.377M ▲ $91.397M ▼ $-348.34M ▼ $250.105M ▲ $-6.838M ▲ $91.397M ▼
Q3-2024 $44.375M $140.456M $-246.825M $95.352M $-11.017M $140.456M

Five-Year Company Overview

Income Statement

Income Statement Revenue, operating profit, and net income have all grown steadily over the past several years, showing a consistent expansion of the property base and rental income. Profitability looks stable rather than volatile, suggesting disciplined acquisitions and good cost control. Earnings per share, however, have been more flat than the overall profit growth would suggest, which usually points to ongoing share issuance to fund growth. Overall, the income statement reflects a REIT that is scaling up in a measured way, with solid, predictable earnings rather than sharp swings.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, with total assets and shareholders’ equity rising quickly as the company acquires more properties. Debt has also increased, but equity has grown faster, which helps keep leverage at a generally conservative level for a REIT. Cash on hand is quite low, which is normal in this space since companies rely on credit lines and capital markets rather than large cash balances. The profile aligns with the description of a “fortress” balance sheet: sizable, property-backed equity and manageable debt supporting future growth.

Cash Flow

Cash Flow Cash flow from operations has grown at a healthy pace, broadly in line with the expansion of income. Because the business model is not capital‑intensive in terms of maintenance, free cash flow closely tracks operating cash flow, leaving more room to support dividends and growth activities. The absence of large recurring capital expenditures suggests that most spending is tied to new investments rather than keeping existing assets functional. Overall, the cash flow picture is one of steady, recurring inflows that fit a long‑term, income‑generating real estate model.

Competitive Edge

Competitive Edge Agree Realty is positioned as a focused, necessity‑retail net‑lease REIT with a tenant base tilted toward resilient categories like groceries, home improvement, and other everyday needs. Its portfolio is diversified across many states and anchored by generally strong, creditworthy retailers, supporting high occupancy and predictable rent collections. The firm’s internal ARC platform and data‑driven underwriting, combined with a three‑pronged strategy of acquisitions, in‑house development, and developer funding, give it a differentiated toolkit compared with more traditional landlords. Key ongoing risks include exposure to shifts in retail formats, tenant concentration in large chains, and sensitivity to interest rates and capital market conditions, but the company’s disciplined approach and balance sheet strength help mitigate some of these pressures.

Innovation and R&D

Innovation and R&D Innovation here is less about lab research and more about information systems and financial structuring. The proprietary ARC platform appears central, using data to target properties, assess tenant quality, and manage the portfolio more intelligently and quickly than a manual approach. The “RETHINK RETAIL” mindset and focus on omnichannel‑friendly locations reflect a forward view of how physical stores support e‑commerce, not just traditional foot traffic. The Developer Funding Platform adds another layer of innovation by providing tailored capital to third‑party developers, effectively turning the company into both landlord and financing partner for preferred tenants. The main uncertainty is how unique and durable these advantages are as peers also invest in data tools and creative funding structures.

Summary

Agree Realty shows the profile of a steadily growing, conservative net‑lease retail REIT: expanding revenues and profits, a larger and more diversified property base, and a balance sheet that leans more toward equity than aggressive borrowing. Cash flows are predictable and not weighed down by heavy maintenance spending, which suits a long‑term, income‑oriented model. Competitively, the company benefits from focusing on necessity‑based, omnichannel‑relevant tenants and from its integrated approach to acquisitions, development, and developer funding, all supported by its internal ARC data platform. On the risk side, the business remains tied to the health of large retail chains, interest rate trends, and ongoing access to capital, and its growth has relied in part on issuing new shares. Overall, ADC appears to be a methodical, tech‑aware operator in a traditionally conservative corner of the real estate market, emphasizing stability and disciplined expansion over rapid, high‑risk moves.

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