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ADC-PA

Agree Realty Corporation

ADC-PA

Agree Realty Corporation • NYSE
$17.83 ▲ 0.11% (+0.02)
Market Cap $1.92 B
52w High $19.95
52w Low $16.89
Dividend Yield 1.06%
P/E 9.99
Volume 527
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 and profits have grown steadily over the past several years, reflecting consistent expansion of the property portfolio and rental base. Profitability looks fairly stable, with operating and net income rising in line with the business rather than swinging sharply from year to year. Earnings per share have been more level than total profit, which likely reflects regular issuance of new shares to fund growth, a common pattern for REITs. Overall, the income statement suggests a mature, scaled, and relatively predictable net-lease model rather than a highly cyclical or volatile business.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully as the company has added properties, with both total assets and shareholders’ equity climbing at a healthy pace. Debt has also increased, but equity has grown faster, which helps keep leverage at a moderate level for a real estate company. Cash on hand is intentionally low, suggesting management prefers to keep capital invested in income-producing properties and to rely on established funding channels when needed. Taken together, the balance sheet fits the profile described by management as conservative and built to support steady, acquisition-driven growth.

Cash Flow

Cash Flow Cash flow from operations has been consistently positive and has grown at a steady clip, mirroring the expansion of the real estate portfolio. Free cash flow tracks operating cash flow closely, since traditional capital expenditures are limited and growth is mainly through property acquisitions financed via debt and equity rather than routine capex. The pattern indicates a business that reliably converts rental income into cash, providing a solid base to service debt, pay dividends, and fund new deals. There are no obvious signs of cash flow strain in the historical trend provided.

Competitive Edge

Competitive Edge Agree Realty occupies a focused niche in net-lease retail, emphasizing tenants that are less exposed to online competition and economic swings, such as grocery, home improvement, convenience, and auto-related chains. Its tenant list is tilted toward higher-credit, well-known brands and is spread across the country, which helps reduce risk from any single retailer or region. Long-term leases typical of net-lease structures provide visibility into future rental income. In addition, strong relationships with a concentrated group of major retailers and developers create a recurring pipeline of opportunities. Combined with disciplined financing and a reputation for execution, this gives the company a durable, if not unassailable, competitive position in its segment of the REIT market.

Innovation and R&D

Innovation and R&D While not a technology company in the traditional sense, Agree Realty has invested meaningfully in data and process innovation. Its “RETHINKING RETAIL” strategy is underpinned by a proprietary analytics platform that supports site selection, tenant targeting, and portfolio management, giving it an informational edge in choosing resilient, omni-channel retailers and locations. The firm also experiments with advanced tools, including large language models, in legal and analytic workflows, pointing to a willingness to adopt new technologies. Beyond tech, its Developer Funding Platform and structured approach to acquisitions and development act as business-model innovations, broadening its growth channels while trying to limit development risk. R&D here is less about labs and more about constantly refining the playbook for where and how to deploy capital in retail real estate.

Summary

Across the financial statements, Agree Realty shows a picture of steady, disciplined growth: revenues and profits have risen consistently, assets and equity have expanded in line with the portfolio, and cash flows have kept pace with the business. Leverage has increased but remains balanced by rising equity, supporting the idea of a cautious approach to financing. Competitively, the company is positioned in a relatively defensive corner of retail real estate, anchored by necessity-based, investment-grade tenants on long leases. Its use of data-driven tools, proprietary analytics, and innovative deal structures—such as the Developer Funding Platform—adds a modern, process-oriented edge to a traditionally conservative asset class. Overall, the story is one of incremental, well-managed expansion in a specialized REIT niche, with a focus on resilience, tenant quality, and disciplined capital deployment rather than aggressive, high-risk growth.