AGREE REALTY CORP

For the period ended Jun 30, 2026. Filed Jul 30, 2026.

About 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.

Jun 30, 2026 · Filed Jul 30, 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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Contents

Item 1. Financial Statements (Unaudited)

	Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025	1
	Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2026 and 2025	2
	Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2026 and 2025	3
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 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	47
Item 4:	Controls and Procedures	48
PART II	Other Information
Item 1:	Legal Proceedings	49
Item 1A:	Risk Factors	49
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	49
Item 3:	Defaults Upon Senior Securities	49
Item 4:	Mine Safety Disclosures	49
Item 5:	Other Information	49
Item 6:	Exhibits	50
SIGNATURES	52

PART I. FINANCIAL INFORMATION

CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30,	December 31,
	2026	2025
ASSETS
Real estate investments
Land	$3,154,294	$2,895,495
Buildings	6,797,679	6,330,249
Less accumulated depreciation	(800,875)	(715,733)
	9,151,098	8,510,011
Property under development	92,834	62,690
Net real estate investments	9,243,932	8,572,701
Real estate held for sale, net	9,320	—
Cash and cash equivalents	12,518	16,295
Cash held in escrow	8,672	4,327
Accounts receivable - tenants, net	131,211	122,477
Lease intangibles, net of accumulated amortization of $641,429 and $576,945 at June 30, 2026 and December 31, 2025, respectively	1,079,428	1,000,967
Other assets, net	101,748	80,845
Total Assets	$10,586,829	$9,797,612
LIABILITIES
Mortgage notes payable, net	$41,190	$41,546
Unsecured term loans, net	696,277	348,074
Senior unsecured notes, net	2,586,556	2,584,608
Unsecured revolving credit facility and commercial paper notes	497,000	320,500
Dividends and distributions payable	33,922	32,158
Accounts payable, accrued expenses, and other liabilities	141,213	139,384
Lease intangibles, net of accumulated amortization of $52,929 and $49,797 at June 30, 2026 and December 31, 2025, respectively	70,540	60,189
Total Liabilities	$4,066,698	$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 June 30, 2026 and December 31, 2025	175,000	175,000
Common stock, $0.0001 par value, 360,000,000 shares authorized, 124,381,214 and 120,028,406 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	12	12
Additional paid-in-capital	6,993,255	6,679,142
Dividends in excess of net income	(697,985)	(618,675)
Accumulated other comprehensive income	49,854	35,506
Total equity - Agree Realty Corporation	6,520,136	6,270,985
Non-controlling interest	(5)	168
Total Equity	6,520,131	6,271,153
Total Liabilities and Equity	$10,586,829	$9,797,612

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

	Three Months Ended		Six Months Ended
	June 30, 2026	June 30, 2025	June 30, 2026	June 30, 2025
Revenues
Rental income	$204,981	$175,397	$405,657	$344,510
Other	119	130	250	177
Total Revenues	205,100	175,527	405,907	344,687
Operating Expenses
Real estate taxes	15,257	12,833	29,970	24,346
Property operating expenses	9,507	8,416	19,143	16,797
Land lease expense	598	550	1,153	1,036
General and administrative	11,958	11,332	23,435	22,104
Depreciation and amortization	69,094	58,939	135,793	114,693
Provision for impairment	5,900	2,961	7,300	7,292
Total Operating Expenses	112,314	95,031	216,794	186,268
Gain on sale of assets, net	2,014	1,510	3,711	2,282
Gain on involuntary conversion, net	512	—	1,039	—
Income from Operations	95,312	82,006	193,863	160,701
Other (Expense) Income
Interest expense, net	(40,278)	(32,274)	(76,248)	(63,037)
Income and other tax expense	(375)	(425)	(875)	(1,250)
Other income	150	46	300	87
Net Income	54,809	49,353	117,040	96,501
Less net income attributable to non-controlling interest	156	155	336	307
Net income attributable to Agree Realty Corporation	54,653	49,198	116,704	96,194
Less Series A preferred stock dividends	1,859	1,859	3,718	3,718
Net Income Attributable to Common Stockholders	$52,794	$47,339	$112,986	$92,476
Net Income Per Share Attributable to Common Stockholders
Basic	$0.44	$0.43	$0.94	$0.85
Diluted	$0.44	$0.43	$0.94	$0.85
Other Comprehensive Income
Net income	$54,809	$49,353	$117,040	$96,501
Amortization of interest rate swaps	(1,076)	(880)	(2,150)	(1,616)
Change in fair value and settlement of interest rate swaps	10,315	3,435	16,540	(6,596)
Total comprehensive income	64,048	51,908	131,430	88,289
Less comprehensive income attributable to non-controlling interest	$183	$163	$378	$280
Comprehensive Income Attributable to Agree Realty Corporation	$63,865	$51,745	$131,052	$88,009
Weighted Average Number of Common Shares Outstanding - Basic	119,996,944	109,758,046	119,924,725	108,419,011
Weighted Average Number of Common Shares Outstanding - Diluted	120,487,256	110,377,221	120,449,139	108,996,422

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.