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NYSE · REAL ESTATE INVESTMENT TRUSTS · LARGE CAP

Agree Realty Corp. ADC

17 fiscal years on record · USD · FY2025 reported · SEC filings only
4 YEARS OF DIVIDEND GROWTH
$718.2M
▲ 16.4% YoY
$204.3M
▲ 8.0% YoY
$-943.9M
In brief

What this company does

The Company is a fully integrated REIT that owns, acquires, develops, and manages retail properties net leased to tenants. As of December 31, 2025, the Company's portfolio consisted of 2,674 properties located in all 50 states, totaling approximately 55.5 million square feet of Gross Leasable Area. As of December 31, 2025, the Company had 90 full-time employees, covering accounting, acquisitions, asset management, development and construction, finance, information technology, legal, due diligence, and people and culture. Approximately 66.8% of the Company's annualized base rent was derived from tenants, or parent entities thereof, with an investment grade credit rating from S&P Global Ratings, Moody's Investors Service, Fitch Ratings or the National Association of Insurance Commissioners. No tenant accounted for more than 10.0% of the Company's annualized base rent as of December 31, 2025. The Company was founded in 1971 by its current Executive Chairman, Richard Agree, and its common stock was listed on the New York Stock Exchange in 1994. The Company was incorporated in December 1993 under the laws of the State of Maryland.

Written from the business description in AGREE REALTY CORPORATION's annual report to the U.S. Securities and Exchange Commission, filed 10 February 2026. Every sentence was checked against that document before publication.

Growth
USD 718.2M
Revenue, FY2025 · full 17-year series below
Revenue $M Net income $M
FY2025 · Revenue 718.2 · Net income 204.3
250.0M500.0M200920112013201520172019202120232025
Compound annual growth
+18.7%
+23.7%
+26.2%
+24.3%
+10.3%
+17.5%
+18.0%
+19.0%
−1.1%
+0.3%
−2.0%
+0.5%
+3.2%
+2.8%
+15.6%
+24.0%
+26.3%
+21.5%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +23.7% a year over five years — but profit grew slower: net income at +17.5%, earnings per share at +0.3%.

The share count rose from 0.06B to 0.12B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
29 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 47.4% · Net 28.5%
20%40%60%200920112013201520172019202120232025
ROE
FY2025 · ROE 3.5%
5%10%200920112013201520172019202120232025
Gross margin94.4%
Operating margin47.4%
Net margin28.5%
Return on assets2.2%
EBITDA—

Each USD of equity produced 3 cents of profit this year.

Cash & shareholders
USD 340.7M
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF -0.9
-0.5B-1.0B200920112013201520172019202120232025
Net buybacks $B Dividends $B
FY2025 · Dividends 0.3 · Net buybacks -0.9
0.2B-0.5B-1.0BDividendsNet buybacks201020122014201620182020202220242025
Dividends paidUSD 340.7M
Net buybacksUSD -900.6M
Share of profit166.7%
Consecutive raises4 years

USD 340.7M in dividends — 167% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 9.8B
EquityUSD 6.3B
CashUSD 16.3M
Gross debtUSD 41.5M
Net debtUSD 25.3M

Net debt stands at 0% of equity.

The 17-year record
17 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B0.70.60.50.40.30.20.20.10.10.10.10.10.00.00.00.00.0
Operating income $B0.30.30.30.20.20.10.10.10.10.10.00.00.00.00.00.00.0
EBITDA $B·······0.10.10.10.10.00.00.00.00.00.0
Income tax $B0.00.00.00.00.00.00.00.00.00.0·······
Net income $B0.20.20.20.20.10.10.10.10.10.00.00.00.00.00.00.00.0
Free cash flow $B−0.9−0.4−0.8−1.2−1.2−1.2−0.6−0.5−0.2−0.2−0.2−0.1−0.0−0.0−0.0−0.00.0
EPS, diluted $1.771.781.701.831.781.741.931.782.081.972.161.241.501.620.991.642.14
Dividend / sh $3.083.002.922.812.41·······1.641.601.602.04·
Payout %16716016314515912711311695938513710698176122·
ROE %3.53.53.53.84.14.35.55.47.38.09.75.78.110.25.99.2·
Shares out B0.120.110.100.090.070.060.050.040.030.030.020.020.010.010.010.01·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 49 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 11 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityReal Estate Investment Trusts
Listed onNYSE
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2009

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