ADC
AGREE REALTY CORP
NYSE · Real Estate · REIT - Retail · US
$69.60
+1.07%Income statement
| Metric | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | |||||
| Total Revenue | 810.3M | 718.4M | 617.1M | 537.5M | 429.8M |
| Cost of Revenue | 239.4M | 88.1M | 74.8M | 66.7M | 52.3M |
| Gross Profit | 570.9M | 630.3M | 542.2M | 470.8M | 377.5M |
| Operating Expenses | |||||
| R&D Expense | — | — | — | — | — |
| SG&A Expense | 46.9M | 44.1M | 37.2M | 34.8M | 30.1M |
| General & Admin Expense | 46.9M | 44.1M | 37.2M | 34.8M | 30.1M |
| Selling & Marketing Expense | — | — | — | — | — |
| Other Expenses | 124.8M | 245.8M | 202.8M | 181.6M | 129.3M |
| Total Operating Expenses | 171.7M | 289.9M | 240.0M | 216.4M | 159.4M |
| Cost and Expenses | 411.0M | 378.0M | 314.9M | 283.1M | 211.7M |
| Operating Income (EBIT) | 399.2M | 340.4M | 302.2M | 254.4M | 218.1M |
| Non-Operating | |||||
| Interest Income | — | — | — | — | — |
| Interest Expense | 152.2M | 134.6M | 108.9M | 81.1M | 63.4M |
| Net Interest Income | (152.2M) | (134.6M) | (108.9M) | (81.1M) | (63.4M) |
| Other Non-Op Income/Expense | (120.1M) | (133.7M) | (108.1M) | (80.9M) | (62.2M) |
| Non-Operating Income (excl Interest) | 29.9M | (941.0K) | (799.0K) | (189.0K) | (1.2M) |
| EBT (Pre-Tax Income) | 279.1M | 206.7M | 194.1M | 173.5M | 155.9M |
| Income Tax Expense | 510.0K | 1.7M | 4.3M | 2.9M | 2.9M |
| Bottom Line | |||||
| Net Income | 241.3M | 204.3M | 189.2M | 170.0M | 152.4M |
| Earnings from Cont. Ops | 278.6M | 205.0M | 189.8M | 170.5M | 153.0M |
| Earnings from Discont. Ops | (12.0K) | — | — | — | — |
| Bottom Line Net Income | 233.7M | 196.5M | 181.3M | 162.1M | 144.6M |
| Per Share | |||||
| Basic EPS | $1.94 | $1.77 | $1.79 | $1.70 | $1.84 |
| Diluted EPS | $1.94 | $1.77 | $1.78 | $1.70 | $1.83 |
| Revenue Per Share | $6.52 | $6.49 | $6.10 | $5.65 | $5.46 |
| Shares | |||||
| Basic Shares Outstanding | 124.4M | 110.7M | 101.1M | 95.2M | 78.7M |
| Diluted Shares Outstanding | 124.6M | 111.2M | 101.9M | 95.4M | 79.2M |
| Profitability Metrics | |||||
| EBITDA | 650.5M | 617.1M | 543.3M | 463.9M | 386.2M |
| D&A | 281.1M | 275.7M | 240.2M | 209.4M | 166.9M |
| EBIT | 369.4M | 341.3M | 303.0M | 254.6M | 219.3M |
As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Sep 1, 2026