Agree Realty Corporation (ADC)

NYSE: ADC · Real Estate Investment Trusts · Royal Oak, MI · filing with the SEC since 1996

Grade6.0

◀ Past 6.9● Present 6.1▶ Future 5.2

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

Income statement, as filed

In thousands of US dollars (USD), as filed; per-share figures in US dollars; share counts. The fiscal year ends in December.

Income statement, by fiscal year, newest first
Fiscal year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Period ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016
Report filed	Feb 10, 2026	Feb 11, 2025	Feb 13, 2024	Feb 14, 2023	Feb 22, 2022	Feb 18, 2021	Feb 20, 2020	Feb 21, 2019	Feb 22, 2018	Feb 23, 2017
Revenue	718,398	617,095	537,495	429,814	339,323	248,568	187,478	137,122^r	111,517^r	91,527
General and administrative	44,062	37,233	34,788	30,121	25,456	20,793	15,566	11,756^r	9,428^r	7,862^r
Total costs and expenses	383,389	326,293	284,957	216,987	164,165	123,440	86,389	64,116^r	48,556^r	39,865^r
Operating income	340,395	302,243	254,387	218,085	190,269	133,132^r	114,395^r	73,006^r	62,961^r	51,662^r
Interest expense	134,612	108,904	81,119	63,435	50,378	40,097	33,094	24,872	18,137	15,343
Other income (expense), net	941	799	189	1,245	0	23	0	0^r	347	·
Income tax expense	1,735	4,306	2,910	2,860	2,401	1,086	538	516	227	153
Income from continuing operations	·	·	·	·	·	·	·	·	·	45,797
Net income including non-controlling interests	204,989	189,832	170,547	153,035	122,876	91,972	80,763	58,798	58,790	45,797
Net income to non-controlling interests	640	635	588	598	603	591	682	626	678	679
Net income	204,349	189,197	169,959	152,437	122,273	91,381	80,081	58,172	58,112	45,118
Preferred dividends	7,437	7,437	7,437	7,437	2,148	0	0	·	·	·
Net income to common shareholders	196,912	181,760	162,522	145,000	120,125	91,381^r	80,081^r	57,802	57,658	44,694
Earnings per share, basic	1.77	1.79	1.70	1.84	1.79	1.76	1.96	1.80	2.09	1.97
Earnings per share, diluted	1.77	1.78	1.70	1.83	1.78	1.74	1.93	1.78	2.08	1.97
Weighted average shares, basic	110,723,375	101,099,252	95,191,409	78,659,333	66,802,242	51,838,219	40,577,346	32,070,255	27,625,102	22,868,736
Weighted average shares, diluted	111,200,645	101,876,304	95,437,412	79,164,386	67,139,079	52,396,734	41,223,614	32,401,122	27,700,347	22,959,799

As filed with the SEC, each figure from the newest report that carries it, and linked to it. Nothing here is computed.A dot is a line not tagged for that period. ^r restated by the company in a later report; ^b a share figure put on the newest basis or filed in the wrong unit. Hover a figure for its filing and note.

What each line is, and the XBRL concept behind it

Revenue what customers paid for what it soldus-gaap:Revenues

General and administrative the cost of running the company itselfus-gaap:GeneralAndAdministrativeExpense

Total costs and expenses every operating cost, the cost of revenue includedus-gaap:CostsAndExpenses

Operating income profit from running the business, before interest and taxus-gaap:OperatingIncomeLoss

Interest expense what its borrowing cost

us-gaap:InterestExpenseNonoperating
us-gaap:InterestExpense

Other income (expense), net gains and costs outside the businessus-gaap:OtherNonoperatingIncomeExpense

Income tax expense tax charged on the period's profitus-gaap:IncomeTaxExpenseBenefit

Income from continuing operations profit from the businesses it keepsus-gaap:IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest

Net income including non-controlling interests the whole group's profit, minority holders' share includedus-gaap:ProfitLoss

Net income to non-controlling interests the share that belongs to minority holdersus-gaap:NetIncomeLossAttributableToNoncontrollingInterest

Net income the profit or loss that belongs to the company's shareholdersus-gaap:NetIncomeLoss

Preferred dividends paid to preferred holders before common shareholdersus-gaap:PreferredStockDividendsIncomeStatementImpact

Net income to common shareholders what is left for common shareholdersus-gaap:NetIncomeLossAvailableToCommonStockholdersBasic

Earnings per share, basic net income per share outstandingus-gaap:EarningsPerShareBasic

Earnings per share, diluted net income per share, counting every share that could be issuedus-gaap:EarningsPerShareDiluted

Weighted average shares, basic the average count of shares outstandingus-gaap:WeightedAverageNumberOfSharesOutstandingBasic

Weighted average shares, diluted the average count with every share that could be issuedus-gaap:WeightedAverageNumberOfDilutedSharesOutstanding

SI Assistanton ADC · research, not advice