AGREE REALTY CORP
For the period ended Dec 31, 2025. Filed Feb 10, 2026.
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FY2025 · Filed Feb 10, 2026
ADC$69.88-0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations and Comprehensive Income
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenues | |||
| Rental income | $718,163 | $616,822 | $537,403 |
| Other | 235 | 273 | 92 |
| Total Revenues | 718,398 | 617,095 | 537,495 |
| Operating Expenses | |||
| Real estate taxes | 52,231 | 46,882 | 40,092 |
| Property operating expenses | 33,773 | 26,349 | 24,961 |
| Land lease expense | 2,143 | 1,618 | 1,664 |
| General and administrative | 44,062 | 37,233 | 34,788 |
| Depreciation and amortization | 239,308 | 206,987 | 176,277 |
| Provision for impairment | 11,872 | 7,224 | 7,175 |
| Total Operating Expenses | 383,389 | 326,293 | 284,957 |
| Gain on sale of assets, net | 5,416 | 11,508 | 1,849 |
| Loss on involuntary conversion, net | (30) | (67) | — |
| Income from Operations | 340,395 | 302,243 | 254,387 |
| Other (Expense) Income | |||
| Interest expense, net | (134,612) | (108,904) | (81,119) |
| Income and other tax expense | (1,735) | (4,306) | (2,910) |
| Other income | 941 | 799 | 189 |
| Net Income | 204,989 | 189,832 | 170,547 |
| Less net income attributable to non-controlling interest | 640 | 635 | 588 |
| Net income attributable to Agree Realty Corporation | 204,349 | 189,197 | 169,959 |
| Less Series A preferred stock dividends | 7,437 | 7,437 | 7,437 |
| Net Income Attributable to Common Stockholders | $196,912 | $181,760 | $162,522 |
| Net Income Per Share Attributable to Common Stockholders | |||
| Basic | $1.77 | $1.79 | $1.70 |
| Diluted | $1.77 | $1.78 | $1.70 |
| Other Comprehensive Income | |||
| Net income | $204,989 | $189,832 | $170,547 |
| Amortization of interest rate swaps | (3,770) | (2,781) | (2,519) |
| Change in fair value and settlement of interest rate swaps | (816) | 26,383 | (4,501) |
| Total comprehensive income | 200,403 | 213,434 | 163,527 |
| Less comprehensive income attributable to non-controlling interest | 624 | 715 | 565 |
| Comprehensive Income Attributable to Agree Realty Corporation | $199,779 | $212,719 | $162,962 |
| Weighted Average Number of Common Shares Outstanding - Basic | 110,723,375 | 101,099,252 | 95,191,409 |
| Weighted Average Number of Common Shares Outstanding - Diluted | 111,200,645 | 101,876,304 | 95,437,412 |
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