AGREE REALTY CORP

For the period ended Sep 30, 2026. Filed Oct 20, 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.

Sep 30, 2026 · Filed Oct 20, 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 September 30, 2026 and December 31, 2025	1
	Condensed Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2026 and 2025	2
	Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2026 and 2025	3
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 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	33
Item 3:	Quantitative and Qualitative Disclosures about Market Risk	48
Item 4:	Controls and Procedures	49
PART II	Other Information
Item 1:	Legal Proceedings	50
Item 1A:	Risk Factors	50
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	50
Item 3:	Defaults Upon Senior Securities	50
Item 4:	Mine Safety Disclosures	50
Item 5:	Other Information	50
Item 6:	Exhibits	51
SIGNATURES	53

PART I. FINANCIAL INFORMATION

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30,	December 31,
	2026	2025
ASSETS
Real estate investments
Land	$3,236,200	$2,895,495
Buildings	7,053,021	6,330,249
Less accumulated depreciation	(847,331)	(715,733)
	9,441,890	8,510,011
Property under development	73,656	62,690
Net real estate investments	9,515,546	8,572,701
Real estate held for sale, net	2,304	—
Cash and cash equivalents	80,559	16,295
Cash held in escrow	10,924	4,327
Accounts receivable - tenants, net	140,713	122,477
Lease intangibles, net of accumulated amortization of $675,725 and $576,945 at September 30, 2026 and December 31, 2025, respectively	1,084,831	1,000,967
Other assets, net	116,045	80,845
Total Assets	$10,950,922	$9,797,612
LIABILITIES
Mortgage notes payable, net	$41,183	$41,546
Unsecured term loans, net	696,523	348,074
Senior unsecured notes, net	2,977,602	2,584,608
Unsecured revolving credit facility and commercial paper notes	—	320,500
Dividends and distributions payable	35,450	32,158
Accounts payable, accrued expenses, and other liabilities	183,613	139,384
Lease intangibles, net of accumulated amortization of $54,622 and $49,797 at September 30, 2026 and December 31, 2025, respectively	73,939	60,189
Total Liabilities	$4,008,310	$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 September 30, 2026 and December 31, 2025	175,000	175,000
Common stock, $0.0001 par value, 360,000,000 shares authorized, 130,101,031 and 120,028,406 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively	13	12
Additional paid-in-capital	7,422,355	6,679,142
Dividends in excess of net income	(732,649)	(618,675)
Accumulated other comprehensive income	77,908	35,506
Total equity - Agree Realty Corporation	6,942,627	6,270,985
Non-controlling interest	(15)	168
Total Equity	6,942,612	6,271,153
Total Liabilities and Equity	$10,950,922	$9,797,612

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

	Three Months Ended		Nine Months Ended
	September 30, 2026	September 30, 2025	September 30, 2026	September 30, 2025
Revenues
Rental income	$213,806	$183,191	$619,463	$527,701
Other	78	31	328	208
Total Revenues	213,884	183,222	619,791	527,909
Operating Expenses
Real estate taxes	15,779	13,173	45,749	37,519
Property operating expenses	9,924	8,243	29,066	25,040
Land lease expense	601	556	1,753	1,592
General and administrative	12,392	10,887	35,827	32,990
Depreciation and amortization	71,913	61,179	207,706	175,872
Provision for impairment	—	2,980	7,300	10,272
Total Operating Expenses	110,609	97,018	327,401	283,285
Gain on sale of assets, net	5,416	924	9,127	3,207
Gain on involuntary conversion, net	886	132	1,925	132
Income from Operations	109,577	87,260	303,442	247,963
Other (Expense) Income
Interest expense, net	(41,001)	(35,212)	(117,249)	(98,250)
Income and other tax expense	(375)	(225)	(1,250)	(1,475)
Other income	342	456	642	542
Net Income	68,543	52,279	185,585	148,780
Less net income attributable to non-controlling interest	191	162	528	468
Net income attributable to Agree Realty Corporation	68,352	52,117	185,057	148,312
Less Series A preferred stock dividends	1,859	1,859	5,578	5,578
Net Income Attributable to Common Stockholders	$66,493	$50,258	$179,479	$142,734
Net Income Per Share Attributable to Common Stockholders
Basic	$0.53	$0.45	$1.48	$1.30
Diluted	$0.53	$0.45	$1.47	$1.30
Other Comprehensive Income
Net income	$68,543	$52,279	$185,585	$148,780
Amortization of interest rate swaps	(1,120)	(1,077)	(3,270)	(2,692)
Change in fair value and settlement of interest rate swaps	29,252	713	45,792	(5,884)
Total comprehensive income	96,675	51,915	228,107	140,204
Less comprehensive income attributable to non-controlling interest	$269	$161	$648	$441
Comprehensive Income Attributable to Agree Realty Corporation	$96,406	$51,754	$227,459	$139,763
Weighted Average Number of Common Shares Outstanding - Basic	124,363,105	111,277,316	121,423,613	109,383,735
Weighted Average Number of Common Shares Outstanding - Diluted	124,602,961	111,511,615	121,879,652	109,875,336

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.