Agree Realty Corporation (ADC) 10-Year Financial Performance & Capital Metrics

ADC • • REIT / Real Estate

Real EstateRetail REITsNet Lease Retail REITs

AboutAgree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of September 30, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states and containing approximately 21.0 million square feet of gross leasable area. The Company's common stock is listed on the New York Stock Exchange under the symbol ADC.Show more

Revenue $718M +16.4%
FFO $436M +1.6%
FFO/Share 3.92 -6.9%
FFO Payout 1.7% -97.6%
FFO per Share 3.92 -6.9%
NOI Margin 92.73% +5.5%
FFO Margin 60.72% -12.7%
ROE 3.34% -5.4%
ROA 2.15% -7.4%
Debt/Assets 30.08% -9.9%
Net Debt/EBITDA 5.05 -2.9%
Book Value/Share 56.39 +4.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 16.6%
✓FFO growing 6.6% TTM
✓Sustainable FFO payout ratio of 1.7%
✓High NOI margin of 92.7%
✓Trading near 52-week high
✓Trading at only 1.4x book value

✗Weaknesses

✗Weak 3Y average ROE of 3.4%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y26.23%

5Y23.65%

3Y18.68%

TTM14.67%

Profit (Net Income) CAGR

10Y17.57%

5Y16.6%

3Y8.91%

TTM-0.04%

EPS CAGR

10Y-1.97%

5Y0.34%

3Y-1.11%

TTM-4.97%

ROCE

10Y Avg4.37%

5Y Avg3.96%

3Y Avg3.94%

Latest4.48%

Peer Comparison

Net Lease Retail REITs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NTSTNETSTREIT Corp.	1.73B	20.77	259.63	30%	0.1%	0.01%	6.32%
ORealty Income Corporation	62.58B	67.00	57.27	9.07%	18.41%	2.64%	6.38%
ADCAgree Realty Corporation	236.49M	80.48	45.47	16.42%	27.57%	3.23%	100%	0.47
GTYGetty Realty Corp.	1.9B	32.82	23.44	9.02%	34.75%	7.35%	6.7%	0.95
FCPTFour Corners Property Trust, Inc.	2.76B	25.52	23.41	9.72%	38.2%	6.89%	6.96%	0.74
NNNNNN REIT, Inc.	8.61B	45.32	21.89	6.55%	42.08%	8.84%	7.75%
PINEAlpine Income Property Trust, Inc.	291.53M	19.72	-89.64	15.9%	-5.3%	-0.99%	8.83%

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	91.53M	111.52M	137.12M	187.48M	248.57M	339.32M	429.81M	537.5M	617.1M	718.4M
Revenue Growth %	30.82%	21.84%	22.96%	36.72%	32.59%	36.51%	26.67%	25.05%	14.81%	16.42%
Property Operating Expenses	8.6M	12.47M	17.01M	23.51M	31.75M	41.06M	52.28M	66.72M	74.85M	52.23M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	31.27M	36.09M	47.1M	49.57M	83.68M	107.99M	159.45M	216.39M	240M	44.06M
G&A Expenses	8.02M	9.95M	12.16M	15.57M	20.79M	25.46M	30.12M	34.79M	37.23M	44.06M
EBITDA+	75.07M	94.71M	116.7M	173.6M	215.78M	310.28M	384.99M	463.76M	542.47M	579.7M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	23.41M	31.75M	43.7M	59.2M	82.64M	120.01M	166.91M	209.37M	240.22M	239.31M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	51.66M	62.96M	73.01M	114.39M	133.13M	190.27M	218.09M	254.39M	302.24M	340.39M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	15.34M	18.14M	24.87M	33.09M	40.1M	50.38M	63.44M	81.12M	108.9M	-134.61M
Interest Coverage	3.37x	3.47x	2.94x	3.46x	3.32x	3.78x	3.44x	3.14x	2.78x	-
Non-Operating Income	0	0	-2.32M	11.7M	-23K	14.61M	-1.25M	-189K	-799K	0
Pretax Income+	45.95M	59.02M	59.31M	81.3M	93.06M	125.28M	155.9M	173.46M	194.14M	196.91M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	516K	538K	1.09M	2.4M	2.86M	2.91M	4.31M	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	45.12M	58.11M	58.17M	80.08M	91.38M	122.27M	152.44M	169.96M	189.2M	196.91M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	15.63%	28.8%	0.1%	37.66%	14.11%	33.81%	24.67%	11.49%	11.32%	4.08%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	23.46%	31.14%	13.36%	36.73%	24.94%	39.23%	31.8%	18.78%	13.2%	1.58%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.97	2.08	1.80	1.93	1.74	1.78	1.83	1.70	1.78	1.77
EPS Growth %	-8.8%	5.58%	-13.46%	7.22%	-9.84%	2.3%	2.81%	-7.1%	4.71%	-0.56%
EPS (Basic)	1.97	2.09	1.81	1.96	1.76	1.79	1.84	1.70	1.79	1.77
Diluted Shares Outstanding	22.96M	27.7M	32.4M	41.22M	52.4M	67.14M	79.16M	95.44M	101.88M	111.2M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	1.11B	1.49B	2.03B	2.66B	3.89B	5.23B	6.71B	7.77B	8.49B	9.8B
Asset Growth %	40.3%	34.42%	35.7%	31.37%	45.85%	34.5%	28.44%	15.81%	9.15%	15.45%
Real Estate & Other Assets+	956.47M	1.22B	1.67B	2.25B	3.37B	4.45B	5.82B	6.82B	7.51B	0
PP&E (Net)	950.26M	1.21B	1.66B	0	0	0	0	0	0	0
Investment Securities	-1000K	-1000K	-1000K	0	0	0	0	0	0	0
Total Current Assets+	44.93M	76.68M	75.52M	72.72M	46.96M	104.37M	94.75M	101.12M	112.81M	138.77M
Cash & Equivalents	33.4M	50.81M	53.95M	15.6M	6.14M	43.25M	27.76M	10.91M	6.4M	16.3M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	10.39M	20K	26.55M	3.02M	7.67M	1.15M	7.26M	0	0
Intangible Assets	109.82M	195.16M	280.15M	343.51M	473.59M	672.02M	799.45M	854.09M	864.94M	1B
Total Liabilities	426.42M	583.44M	789.7M	972.97M	1.36B	1.81B	2.08B	2.57B	2.98B	3.53B
Total Debt+	400.92M	519.56M	720.41M	961.3M	1.31B	1.88B	1.98B	2.45B	2.83B	2.95B
Net Debt	367.53M	468.76M	666.45M	945.7M	1.3B	1.84B	1.95B	2.44B	2.83B	2.93B
Long-Term Debt	400.92M	491.23M	720.41M	872.3M	1.22B	1.69B	1.94B	2.41B	2.79B	0
Short-Term Borrowings	14M	14M	19M	89M	92M	160M	0	0	0	2.95B
Capital Lease Obligations	30.05M	28.34M	-413.91M	0	0	33.08M	36.71M	36.83M	46.25M	0
Total Current Liabilities+	20.88M	30.88M	35.71M	74M	105.94M	86.89M	106.07M	126.94M	144.12M	2.95B
Accounts Payable	5.54M	11.16M	21.05M	48.99M	71.39M	70M	83.72M	101.4M	116.27M	0
Deferred Revenue	1.82M	1.84M	4.63M	0	0	0	0	0	0	0
Other Liabilities	-27.96M	59.03M	-385.43M	26.67M	35.7M	0	0	0	0	579.8M
Total Equity+	685.51M	911.19M	1.24B	1.69B	2.53B	3.42B	4.63B	5.2B	5.51B	6.27B
Equity Growth %	51.12%	32.92%	35.92%	36.58%	49.34%	35.35%	35.42%	12.3%	5.97%	13.8%
Shareholders Equity	682.98M	908.66M	1.24B	1.69B	2.52B	3.42B	4.63B	5.2B	5.51B	6.27B
Minority Interest	2.53M	2.53M	2.41M	2.23M	1.76M	1.63M	1.39M	942K	615K	168K
Common Stock	3K	3K	4K	5K	6K	7K	9K	10K	10K	12K
Additional Paid-in Capital	712.07M	936.05M	1.28B	1.75B	2.65B	3.4B	4.66B	5.35B	5.77B	0
Retained Earnings	-28.56M	-28.76M	-42.95M	-57.09M	-91.34M	-147.37M	-228.13M	-346.47M	-470.62M	0
Preferred Stock	0	0	0	0	0	175M	175M	175M	175M	175M
Return on Assets (ROA)	4.74%	4.46%	3.3%	3.41%	2.79%	2.68%	2.55%	2.35%	2.33%	2.15%
Return on Equity (ROE)	7.92%	7.28%	5.41%	5.47%	4.33%	4.11%	3.79%	3.46%	3.53%	3.34%
Debt / Assets	36.06%	34.76%	35.52%	36.08%	33.72%	35.98%	29.45%	31.48%	33.37%	30.08%
Debt / Equity	0.58x	0.57x	0.58x	0.57x	0.52x	0.55x	0.43x	0.47x	0.51x	0.47x
Net Debt / EBITDA	4.90x	4.95x	5.71x	5.45x	6.04x	5.92x	5.06x	5.25x	5.21x	5.05x
Book Value per Share	29.86	32.89	38.22	41.03	48.21	50.93	58.49	54.49	54.09	56.39

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	61.73M	82.2M	93.25M	126.71M	142.96M	246.31M	362.12M	391.6M	431.97M	504.14M
Operating CF Growth %	38.17%	33.15%	13.44%	35.88%	12.82%	72.3%	47.02%	8.14%	10.31%	16.71%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	45.8M	58.79M	58.8M	80.76M	91.97M	122.88M	153.03M	170.55M	189.83M	204.99M
Depreciation & Amortization	23.41M	31.75M	43.7M	59.2M	82.64M	120.01M	166.91M	209.37M	240.22M	275.72M
Stock-Based Compensation	2.26M	2.39M	2.95M	4.11M	5M	5.47M	6.46M	8.34M	10.8M	12.99M
Other Non-Cash Items	720K	-12.98M	1.05M	1.28M	1.44M	3.61M	14.98M	-2.08M	-6.32M	10.43M
Working Capital Changes	-815K	2.48M	-4.39M	-7.62M	-11.27M	-8.71M	20.74M	5.42M	-2.57M	0
Cash from Investing+	-297.55M	-319.1M	-568.12M	-667.52M	-1.3B	-1.39B	-1.62B	-1.27B	-885.41M	-1.54B
Acquisitions (Net)	0	0	0	0	0	0	0	0	0	0
Purchase of Investments	0	0	0	-732.57M	-1.35B	-1.44B	-1.66B	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	-297.55M	-319.1M	-568.12M	65.05M	46.47M	55.53M	44.41M	-1.27B	-885.41M	-1.54B
Cash from Financing+	266.5M	262.28M	470.06M	528.99M	1.12B	1.18B	1.24B	869.01M	445.31M	1.05B
Dividends Paid	-42.06M	-55.15M	-67.64M	-90.26M	-116.11M	-195.82M	-227.74M	-285.11M	-311.04M	-7.44M
Common Dividends	-42.06M	-55.15M	-67.64M	-90.26M	-116.11M	-194.3M	-220.3M	-277.68M	-303.6M	0
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Share Repurchases	-712K	-1.11M	-1.15M	-1.41M	-1.64M	-1.81M	-1.91M	-2.68M	-2.28M	-3.74M
Other Financing	-3.21M	-1M	-2.56M	-4.14M	-4.74M	-7.75M	-3.68M	-4.56M	-12.99M	1.06B
Net Change in Cash+	30.68M	25.39M	-4.81M	-11.82M	-34.2M	37.3M	-16.34M	-14.38M	-8.13M	14.22M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	2.71M	33.4M	58.78M	53.98M	42.16M	7.96M	45.25M	28.91M	14.52M	6.4M
Cash at End	33.4M	58.78M	53.98M	42.16M	7.96M	45.25M	28.91M	14.52M	6.4M	20.62M
Free Cash Flow+	61.73M	82.2M	93.25M	126.71M	142.96M	246.31M	362.12M	391.6M	431.97M	504.14M
FCF Growth %	38.38%	33.15%	13.44%	35.88%	12.82%	72.3%	47.02%	8.14%	10.31%	16.71%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	2.98	3.24	3.14	3.38	3.32	3.61	4.03	3.97	4.22	3.92
FFO Payout Ratio	61.38%	61.37%	66.4%	64.8%	66.72%	80.19%	68.99%	73.2%	70.7%	1.7%
NOI Margin	90.61%	88.82%	87.59%	87.46%	87.23%	87.9%	87.84%	87.59%	87.87%	92.73%
Net Debt / EBITDA	4.90x	4.95x	5.71x	5.45x	6.04x	5.92x	5.06x	5.25x	5.21x	5.05x
Debt / Assets	36.06%	34.76%	35.52%	36.08%	33.72%	35.98%	29.45%	31.48%	33.37%	30.08%
Interest Coverage	3.37x	3.47x	2.94x	3.46x	3.32x	3.78x	3.44x	3.14x	2.78x	-
Book Value / Share	29.86	32.89	38.22	41.03	48.21	50.93	58.49	54.49	54.09	56.39
Revenue Growth	30.82%	21.84%	22.96%	36.72%	32.59%	36.51%	26.67%	25.05%	14.81%	16.42%

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Agree Realty Corporation (ADC) 10-Year Financial Performance & Capital Metrics

ADC • • REIT / Real Estate

Real EstateRetail REITsNet Lease Retail REITs

Revenue $718M +16.4%
FFO $436M +1.6%
FFO/Share 3.92 -6.9%
FFO Payout 1.7% -97.6%
FFO per Share 3.92 -6.9%
NOI Margin 92.73% +5.5%
FFO Margin 60.72% -12.7%
ROE 3.34% -5.4%
ROA 2.15% -7.4%
Debt/Assets 30.08% -9.9%
Net Debt/EBITDA 5.05 -2.9%
Book Value/Share 56.39 +4.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 16.6%
✓FFO growing 6.6% TTM
✓Sustainable FFO payout ratio of 1.7%
✓High NOI margin of 92.7%
✓Trading near 52-week high
✓Trading at only 1.4x book value

✗Weaknesses

✗Weak 3Y average ROE of 3.4%

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y26.23%

5Y23.65%

3Y18.68%

TTM14.67%

Profit (Net Income) CAGR

10Y17.57%

5Y16.6%

3Y8.91%

TTM-0.04%

EPS CAGR

10Y-1.97%

5Y0.34%

3Y-1.11%

TTM-4.97%

ROCE

10Y Avg4.37%

5Y Avg3.96%

3Y Avg3.94%

Latest4.48%

Peer Comparison

Net Lease Retail REITs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NTSTNETSTREIT Corp.	1.73B	20.77	259.63	30%	0.1%	0.01%	6.32%
ORealty Income Corporation	62.58B	67.00	57.27	9.07%	18.41%	2.64%	6.38%
ADCAgree Realty Corporation	236.49M	80.48	45.47	16.42%	27.57%	3.23%	100%	0.47
GTYGetty Realty Corp.	1.9B	32.82	23.44	9.02%	34.75%	7.35%	6.7%	0.95
FCPTFour Corners Property Trust, Inc.	2.76B	25.52	23.41	9.72%	38.2%	6.89%	6.96%	0.74
NNNNNN REIT, Inc.	8.61B	45.32	21.89	6.55%	42.08%	8.84%	7.75%
PINEAlpine Income Property Trust, Inc.	291.53M	19.72	-89.64	15.9%	-5.3%	-0.99%	8.83%

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	91.53M	111.52M	137.12M	187.48M	248.57M	339.32M	429.81M	537.5M	617.1M	718.4M
Revenue Growth %	30.82%	21.84%	22.96%	36.72%	32.59%	36.51%	26.67%	25.05%	14.81%	16.42%
Property Operating Expenses	8.6M	12.47M	17.01M	23.51M	31.75M	41.06M	52.28M	66.72M	74.85M	52.23M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	31.27M	36.09M	47.1M	49.57M	83.68M	107.99M	159.45M	216.39M	240M	44.06M
G&A Expenses	8.02M	9.95M	12.16M	15.57M	20.79M	25.46M	30.12M	34.79M	37.23M	44.06M
EBITDA+	75.07M	94.71M	116.7M	173.6M	215.78M	310.28M	384.99M	463.76M	542.47M	579.7M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	23.41M	31.75M	43.7M	59.2M	82.64M	120.01M	166.91M	209.37M	240.22M	239.31M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	51.66M	62.96M	73.01M	114.39M	133.13M	190.27M	218.09M	254.39M	302.24M	340.39M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	15.34M	18.14M	24.87M	33.09M	40.1M	50.38M	63.44M	81.12M	108.9M	-134.61M
Interest Coverage	3.37x	3.47x	2.94x	3.46x	3.32x	3.78x	3.44x	3.14x	2.78x	-
Non-Operating Income	0	0	-2.32M	11.7M	-23K	14.61M	-1.25M	-189K	-799K	0
Pretax Income+	45.95M	59.02M	59.31M	81.3M	93.06M	125.28M	155.9M	173.46M	194.14M	196.91M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	516K	538K	1.09M	2.4M	2.86M	2.91M	4.31M	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	45.12M	58.11M	58.17M	80.08M	91.38M	122.27M	152.44M	169.96M	189.2M	196.91M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	15.63%	28.8%	0.1%	37.66%	14.11%	33.81%	24.67%	11.49%	11.32%	4.08%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	23.46%	31.14%	13.36%	36.73%	24.94%	39.23%	31.8%	18.78%	13.2%	1.58%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.97	2.08	1.80	1.93	1.74	1.78	1.83	1.70	1.78	1.77
EPS Growth %	-8.8%	5.58%	-13.46%	7.22%	-9.84%	2.3%	2.81%	-7.1%	4.71%	-0.56%
EPS (Basic)	1.97	2.09	1.81	1.96	1.76	1.79	1.84	1.70	1.79	1.77
Diluted Shares Outstanding	22.96M	27.7M	32.4M	41.22M	52.4M	67.14M	79.16M	95.44M	101.88M	111.2M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	1.11B	1.49B	2.03B	2.66B	3.89B	5.23B	6.71B	7.77B	8.49B	9.8B
Asset Growth %	40.3%	34.42%	35.7%	31.37%	45.85%	34.5%	28.44%	15.81%	9.15%	15.45%
Real Estate & Other Assets+	956.47M	1.22B	1.67B	2.25B	3.37B	4.45B	5.82B	6.82B	7.51B	0
PP&E (Net)	950.26M	1.21B	1.66B	0	0	0	0	0	0	0
Investment Securities	-1000K	-1000K	-1000K	0	0	0	0	0	0	0
Total Current Assets+	44.93M	76.68M	75.52M	72.72M	46.96M	104.37M	94.75M	101.12M	112.81M	138.77M
Cash & Equivalents	33.4M	50.81M	53.95M	15.6M	6.14M	43.25M	27.76M	10.91M	6.4M	16.3M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	10.39M	20K	26.55M	3.02M	7.67M	1.15M	7.26M	0	0
Intangible Assets	109.82M	195.16M	280.15M	343.51M	473.59M	672.02M	799.45M	854.09M	864.94M	1B
Total Liabilities	426.42M	583.44M	789.7M	972.97M	1.36B	1.81B	2.08B	2.57B	2.98B	3.53B
Total Debt+	400.92M	519.56M	720.41M	961.3M	1.31B	1.88B	1.98B	2.45B	2.83B	2.95B
Net Debt	367.53M	468.76M	666.45M	945.7M	1.3B	1.84B	1.95B	2.44B	2.83B	2.93B
Long-Term Debt	400.92M	491.23M	720.41M	872.3M	1.22B	1.69B	1.94B	2.41B	2.79B	0
Short-Term Borrowings	14M	14M	19M	89M	92M	160M	0	0	0	2.95B
Capital Lease Obligations	30.05M	28.34M	-413.91M	0	0	33.08M	36.71M	36.83M	46.25M	0
Total Current Liabilities+	20.88M	30.88M	35.71M	74M	105.94M	86.89M	106.07M	126.94M	144.12M	2.95B
Accounts Payable	5.54M	11.16M	21.05M	48.99M	71.39M	70M	83.72M	101.4M	116.27M	0
Deferred Revenue	1.82M	1.84M	4.63M	0	0	0	0	0	0	0
Other Liabilities	-27.96M	59.03M	-385.43M	26.67M	35.7M	0	0	0	0	579.8M
Total Equity+	685.51M	911.19M	1.24B	1.69B	2.53B	3.42B	4.63B	5.2B	5.51B	6.27B
Equity Growth %	51.12%	32.92%	35.92%	36.58%	49.34%	35.35%	35.42%	12.3%	5.97%	13.8%
Shareholders Equity	682.98M	908.66M	1.24B	1.69B	2.52B	3.42B	4.63B	5.2B	5.51B	6.27B
Minority Interest	2.53M	2.53M	2.41M	2.23M	1.76M	1.63M	1.39M	942K	615K	168K
Common Stock	3K	3K	4K	5K	6K	7K	9K	10K	10K	12K
Additional Paid-in Capital	712.07M	936.05M	1.28B	1.75B	2.65B	3.4B	4.66B	5.35B	5.77B	0
Retained Earnings	-28.56M	-28.76M	-42.95M	-57.09M	-91.34M	-147.37M	-228.13M	-346.47M	-470.62M	0
Preferred Stock	0	0	0	0	0	175M	175M	175M	175M	175M
Return on Assets (ROA)	4.74%	4.46%	3.3%	3.41%	2.79%	2.68%	2.55%	2.35%	2.33%	2.15%
Return on Equity (ROE)	7.92%	7.28%	5.41%	5.47%	4.33%	4.11%	3.79%	3.46%	3.53%	3.34%
Debt / Assets	36.06%	34.76%	35.52%	36.08%	33.72%	35.98%	29.45%	31.48%	33.37%	30.08%
Debt / Equity	0.58x	0.57x	0.58x	0.57x	0.52x	0.55x	0.43x	0.47x	0.51x	0.47x
Net Debt / EBITDA	4.90x	4.95x	5.71x	5.45x	6.04x	5.92x	5.06x	5.25x	5.21x	5.05x
Book Value per Share	29.86	32.89	38.22	41.03	48.21	50.93	58.49	54.49	54.09	56.39

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	61.73M	82.2M	93.25M	126.71M	142.96M	246.31M	362.12M	391.6M	431.97M	504.14M
Operating CF Growth %	38.17%	33.15%	13.44%	35.88%	12.82%	72.3%	47.02%	8.14%	10.31%	16.71%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	45.8M	58.79M	58.8M	80.76M	91.97M	122.88M	153.03M	170.55M	189.83M	204.99M
Depreciation & Amortization	23.41M	31.75M	43.7M	59.2M	82.64M	120.01M	166.91M	209.37M	240.22M	275.72M
Stock-Based Compensation	2.26M	2.39M	2.95M	4.11M	5M	5.47M	6.46M	8.34M	10.8M	12.99M
Other Non-Cash Items	720K	-12.98M	1.05M	1.28M	1.44M	3.61M	14.98M	-2.08M	-6.32M	10.43M
Working Capital Changes	-815K	2.48M	-4.39M	-7.62M	-11.27M	-8.71M	20.74M	5.42M	-2.57M	0
Cash from Investing+	-297.55M	-319.1M	-568.12M	-667.52M	-1.3B	-1.39B	-1.62B	-1.27B	-885.41M	-1.54B
Acquisitions (Net)	0	0	0	0	0	0	0	0	0	0
Purchase of Investments	0	0	0	-732.57M	-1.35B	-1.44B	-1.66B	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	-297.55M	-319.1M	-568.12M	65.05M	46.47M	55.53M	44.41M	-1.27B	-885.41M	-1.54B
Cash from Financing+	266.5M	262.28M	470.06M	528.99M	1.12B	1.18B	1.24B	869.01M	445.31M	1.05B
Dividends Paid	-42.06M	-55.15M	-67.64M	-90.26M	-116.11M	-195.82M	-227.74M	-285.11M	-311.04M	-7.44M
Common Dividends	-42.06M	-55.15M	-67.64M	-90.26M	-116.11M	-194.3M	-220.3M	-277.68M	-303.6M	0
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Share Repurchases	-712K	-1.11M	-1.15M	-1.41M	-1.64M	-1.81M	-1.91M	-2.68M	-2.28M	-3.74M
Other Financing	-3.21M	-1M	-2.56M	-4.14M	-4.74M	-7.75M	-3.68M	-4.56M	-12.99M	1.06B
Net Change in Cash+	30.68M	25.39M	-4.81M	-11.82M	-34.2M	37.3M	-16.34M	-14.38M	-8.13M	14.22M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	2.71M	33.4M	58.78M	53.98M	42.16M	7.96M	45.25M	28.91M	14.52M	6.4M
Cash at End	33.4M	58.78M	53.98M	42.16M	7.96M	45.25M	28.91M	14.52M	6.4M	20.62M
Free Cash Flow+	61.73M	82.2M	93.25M	126.71M	142.96M	246.31M	362.12M	391.6M	431.97M	504.14M
FCF Growth %	38.38%	33.15%	13.44%	35.88%	12.82%	72.3%	47.02%	8.14%	10.31%	16.71%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	2.98	3.24	3.14	3.38	3.32	3.61	4.03	3.97	4.22	3.92
FFO Payout Ratio	61.38%	61.37%	66.4%	64.8%	66.72%	80.19%	68.99%	73.2%	70.7%	1.7%
NOI Margin	90.61%	88.82%	87.59%	87.46%	87.23%	87.9%	87.84%	87.59%	87.87%	92.73%
Net Debt / EBITDA	4.90x	4.95x	5.71x	5.45x	6.04x	5.92x	5.06x	5.25x	5.21x	5.05x
Debt / Assets	36.06%	34.76%	35.52%	36.08%	33.72%	35.98%	29.45%	31.48%	33.37%	30.08%
Interest Coverage	3.37x	3.47x	2.94x	3.46x	3.32x	3.78x	3.44x	3.14x	2.78x	-
Book Value / Share	29.86	32.89	38.22	41.03	48.21	50.93	58.49	54.49	54.09	56.39
Revenue Growth	30.82%	21.84%	22.96%	36.72%	32.59%	36.51%	26.67%	25.05%	14.81%	16.42%

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Agree Realty Corporation (ADC) 10-Year Financial Performance & Capital Metrics

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✓Strengths

✗Weaknesses

Price & Volume

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Revenue CAGR

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