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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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash Flows from Operating Activities | |||
| Net income | $204,989 | $189,832 | $170,547 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 239,308 | 206,987 | 176,277 |
| Amortization from above (below) market lease intangibles, net | 36,414 | 33,236 | 33,096 |
| Amortization from financing costs, credit facility costs and debt discount | 7,409 | 6,323 | 4,737 |
| Stock-based compensation | 12,991 | 10,805 | 8,338 |
| Straight-line accrued rent | (17,356) | (12,711) | (12,142) |
| Provision for impairment | 11,872 | 7,224 | 7,175 |
| Settlement of interest rate swaps | 13,551 | 4,355 | — |
| Gain on sale of assets | (5,416) | (11,508) | (1,849) |
| Loss on involuntary conversion of assets | 30 | 67 | — |
| Change in accounts receivable | 1,183 | (12,089) | (5,086) |
| Change in other assets | (6,582) | (4,800) | 121 |
| Change in accounts payable, accrued expenses, and other liabilities | 5,743 | 14,251 | 10,384 |
| Net Cash Provided by Operating Activities | 504,136 | 431,972 | 391,598 |
| Cash Flows from Investing Activities | |||
| Acquisition of real estate investments and other assets | (1,438,093) | (877,226) | (1,206,025) |
| Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $2,027 in 2025, $1,599 in 2024 and $1,957 in 2023) | (145,436) | (100,108) | (82,368) |
| Payment of leasing costs | (1,670) | (2,404) | (447) |
| Net proceeds from sale of assets | 42,067 | 94,331 | 13,843 |
| Net Cash Used in Investing Activities | (1,543,132) | (885,407) | (1,274,997) |
| Cash Flows from Financing Activities | |||
| Proceeds from common stock offerings, net | 904,311 | 402,938 | 689,896 |
| Repurchase of common shares | (3,740) | (2,281) | (2,684) |
| Unsecured revolving credit facility and commercial paper notes borrowings | 28,958,094 | 1,072,000 | 1,231,000 |
| Unsecured revolving credit facility and commercial paper notes repayments | (28,795,594) | (1,141,000) | (1,104,000) |
| Payments of mortgage notes payable | (1,026) | (963) | (5,527) |
| Proceeds from unsecured term loan | — | — | 350,000 |
| Proceeds from senior unsecured notes | 397,188 | 444,722 | — |
| Payments of senior unsecured notes | (50,000) | — | — |
| Payment of Series A preferred dividends | (7,437) | (7,437) | (7,437) |
| Payment of common stock dividends | (340,652) | (303,604) | (277,676) |
| Distributions to non-controlling interest | (1,068) | (1,041) | (1,012) |
| Payments for financing lease liability | — | (6,076) | — |
| Payments for financing costs | (6,857) | (11,948) | (3,546) |
| Net Cash Provided by Financing Activities | 1,053,219 | 445,310 | 869,014 |
| Change in Cash and Cash Equivalents and Cash Held in Escrow | 14,223 | (8,125) | (14,385) |
| Cash and cash equivalents and cash held in escrow, beginning of period | 6,399 | 14,524 | 28,909 |
| Cash and cash equivalents and cash held in escrow, end of period | $20,622 | $6,399 | $14,524 |
| Supplemental Disclosure of Cash Flow Information | |||
| Cash paid for interest (net of amounts capitalized) | $129,149 | $101,808 | $70,789 |
| Cash paid for income and other tax, net of refunds | $1,614 | $3,709 | $3,065 |
| Supplemental Disclosure of Non-Cash Investing and Financing Activities | |||
| Lease right of use assets added under new ground leases | $2,794 | $3,198 | $— |
| Lease right of use assets removed as a result of acquisition of real property | $(2,736) | $(15,143) | $— |
| Series A preferred dividends declared and unpaid | $620 | $620 | $620 |
| Common stock dividends and limited partners' distributions declared and unpaid | $31,538 | $27,222 | $24,914 |
| Change in accrual of development, construction and other real estate investment costs | $14,006 | $6,621 | $2,785 |
| Agree Realty Corporation | Notes to Consolidated Financial Statements |
|---|---|
| December 31, 2025 |
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