AGREE REALTY CORP
For the period ended Mar 31, 2026. Filed Apr 21, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 21, 2026
ADC$69.88-0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 1. Financial Statements (Unaudited)
| Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 | 1 | |
| Condensed Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2026 and 2025 | 2 | |
| Condensed Consolidated Statements of Equity for the three months ended March 31, 2026 and 2025 | 3 | |
| Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 | 5 | |
| Notes to Condensed Consolidated Financial Statements | 6 | |
| Item 2: | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 32 |
|---|---|---|
| Item 3: | Quantitative and Qualitative Disclosures about Market Risk | 46 |
| Item 4: | Controls and Procedures | 47 |
| PART II | Other Information | |
| Item 1: | Legal Proceedings | 48 |
| Item 1A: | Risk Factors | 48 |
| Item 2: | Unregistered Sales of Equity Securities and Use of Proceeds | 48 |
| Item 3: | Defaults Upon Senior Securities | 48 |
| Item 4: | Mine Safety Disclosures | 48 |
| Item 5: | Other Information | 48 |
| Item 6: | Exhibits | 49 |
| SIGNATURES | 51 |
PART I. FINANCIAL INFORMATION
CONDENSED CONSOLIDATED BALANCE SHEETS
| March 31, | December 31, | |
|---|---|---|
| 2026 | 2025 | |
| ASSETS | ||
| Real estate investments | ||
| Land | $3,014,791 | $2,895,495 |
| Buildings | 6,569,831 | 6,330,249 |
| Less accumulated depreciation | (758,519) | (715,733) |
| 8,826,103 | 8,510,011 | |
| Property under development | 60,071 | 62,690 |
| Net real estate investments | 8,886,174 | 8,572,701 |
| Real estate held for sale, net | 3,077 | — |
| Cash and cash equivalents | 25,077 | 16,295 |
| Cash held in escrow | 6,128 | 4,327 |
| Accounts receivable - tenants, net | 129,617 | 122,477 |
| Lease intangibles, net of accumulated amortization of $609,190 and $576,945 at March 31, 2026 and December 31, 2025, respectively | 1,033,309 | 1,000,967 |
| Other assets, net | 96,861 | 80,845 |
| Total Assets | $10,180,243 | $9,797,612 |
| LIABILITIES | ||
| Mortgage notes payable, net | $41,370 | $41,546 |
| Unsecured term loans, net | 596,683 | 348,074 |
| Senior unsecured notes, net | 2,585,618 | 2,584,608 |
| Unsecured revolving credit facility and commercial paper notes | 469,650 | 320,500 |
| Dividends and distributions payable | 32,178 | 32,158 |
| Accounts payable, accrued expenses, and other liabilities | 154,051 | 139,384 |
| Lease intangibles, net of accumulated amortization of $51,365 and $49,797 at March 31, 2026 and December 31, 2025, respectively | 61,765 | 60,189 |
| Total Liabilities | $3,941,315 | $3,526,459 |
| 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 March 31, 2026 and December 31, 2025 | 175,000 | 175,000 |
| Common stock, $0.0001 par value, 360,000,000 shares authorized, 120,103,455 and 120,028,406 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 12 | 12 |
| Additional paid-in-capital | 6,676,618 | 6,679,142 |
| Dividends in excess of net income | (653,433) | (618,675) |
| Accumulated other comprehensive income | 40,641 | 35,506 |
| Total equity - Agree Realty Corporation | 6,238,838 | 6,270,985 |
| Non-controlling interest | 90 | 168 |
| Total Equity | 6,238,928 | 6,271,153 |
| Total Liabilities and Equity | $10,180,243 | $9,797,612 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.