AGREE REALTY CORP

For the period ended Dec 31, 2024. Filed Feb 11, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 11, 2025

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

Consolidated Statements of Operations and Comprehensive Income

(In thousands, except share and per-share data)


	Year Ended
· 2024 · 2023 · 2022
Revenues · · ·
Rental income		$616,822	$537,403	$429,632
Other		273	92	182
Total Revenues		617,095	537,495	429,814

Operating Expenses
Real estate taxes		46,882	40,092	32,079
Property operating expenses		26,349	24,961	18,585
Land lease expense		1,618	1,664	1,617
General and administrative		37,233	34,788	30,121
Depreciation and amortization		206,987	176,277	133,570
Provision for impairment		7,224	7,175	1,015
Total Operating Expenses		326,293	284,957	216,987

Gain on sale of assets, net		11,508	1,849	5,341
Loss on involuntary conversion, net		(67)	—	(83)
Income from Operations		302,243	254,387	218,085

Other (Expense) Income
Interest expense, net		(108,904)	(81,119)	(63,435)
Income and other tax expense		(4,306)	(2,910)	(2,860)
Other income		799	189	1,245
Net Income		189,832	170,547	153,035

Less net income attributable to non-controlling interest		635	588	598
Net income attributable to Agree Realty Corporation		189,197	169,959	152,437
Less Series A preferred stock dividends		7,437	7,437	7,437
Net Income Attributable to Common Stockholders		$181,760	$162,522	$145,000

Net Income Per Share Attributable to Common Stockholders
Basic		$1.79	$1.70	$1.84
Diluted		$1.78	$1.70	$1.83

Other Comprehensive Income
Net income		$189,832	$170,547	$153,035
Amortization of interest rate swaps		(2,781)	(2,519)	(684)
Change in fair value and settlement of interest rate swaps		26,383	(4,501)	29,881
Total comprehensive income		213,434	163,527	182,232
Less comprehensive income attributable to non-controlling interest		715	565	741

Comprehensive Income Attributable to Agree Realty Corporation		$212,719	$162,962	$181,491

Weighted Average Number of Common Shares Outstanding - Basic		101,099,252	95,191,409	78,659,333

Weighted Average Number of Common Shares Outstanding - Diluted		101,876,304	95,437,412	79,164,386

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.