AGREE REALTY CORP
For the period ended Dec 31, 2025. Filed Feb 10, 2026.
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FY2025 · Filed Feb 10, 2026
ADC$70.20+0.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets
| December 31, | December 31, | |
|---|---|---|
| 2025 | 2024 | |
| ASSETS | ||
| Real estate investments | ||
| Land | $2,895,495 | $2,514,167 |
| Buildings | 6,330,249 | 5,412,564 |
| Less accumulated depreciation | (715,733) | (564,429) |
| 8,510,011 | 7,362,302 | |
| Property under development | 62,690 | 55,806 |
| Net real estate investments | $8,572,701 | $7,418,108 |
| Cash and cash equivalents | 16,295 | 6,399 |
| Cash held in escrow | 4,327 | — |
| Accounts receivable - tenants, net | 122,477 | 106,416 |
| Lease intangibles, net of accumulated amortization of $576,945 and $461,419 at December 31, 2025 and December 31, 2024, respectively | 1,000,967 | 864,937 |
| Other assets, net | 80,845 | 90,586 |
| Total Assets | $9,797,612 | $8,486,446 |
| LIABILITIES | ||
| Mortgage notes payable, net | $41,546 | $42,210 |
| Unsecured term loan, net | 348,074 | 347,452 |
| Senior unsecured notes, net | 2,584,608 | 2,237,759 |
| Unsecured revolving credit facility and commercial paper notes | 320,500 | 158,000 |
| Dividends and distributions payable | 32,158 | 27,842 |
| Accounts payable, accrued expenses, and other liabilities | 139,384 | 116,273 |
| Lease intangibles, net of accumulated amortization of $49,797 and $46,003 at December 31, 2025 and December 31, 2024, respectively | 60,189 | 46,249 |
| Total Liabilities | $3,526,459 | $2,975,785 |
| Commitments and contingencies (Note 11) | ||
| EQUITY | ||
| Preferred stock, $0.0001 par value per share, 4,000,000 shares authorized, 7,000 shares Series A outstanding, at stated liquidation value of $25,000 per share, at December 31, 2025 and December 31, 2024 | $175,000 | $175,000 |
| Common stock, $0.0001 par value, 360,000,000 and 180,000,000 shares authorized, 120,028,406 and 107,248,705 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 12 | 10 |
| Additional paid-in-capital | 6,679,142 | 5,765,582 |
| Dividends in excess of net income | (618,675) | (470,622) |
| Accumulated other comprehensive income | 35,506 | 40,076 |
| Total equity - Agree Realty Corporation | 6,270,985 | 5,510,046 |
| Non-controlling interest | 168 | 615 |
| Total Equity | $6,271,153 | $5,510,661 |
| Total Liabilities and Equity | $9,797,612 | $8,486,446 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.