Agree Realty Corp (ADC)
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Fiscal Year End Date: 12/31
(Values in U.S. thousands)
| 12-2025 | 12-2024 | 12-2023 | 12-2022 | 12-2021 | |
| Cash Flows From Operating Activities | |||||
| Net Income | 204,989 | 189,832 | 170,547 | 153,035 | 122,876 |
| Depreciation Amortization | 283,131 | 246,546 | 214,110 | 170,972 | 122,373 |
| Accounts receivable | 1,183 | -12,089 | -5,086 | 799 | -4,447 |
| Accounts payable and accrued liabilities | 5,743 | 14,251 | 10,384 | 15,048 | 10,827 |
| Other Working Capital | 344 | -2,638 | 5,419 | 20,738 | 3,149 |
| Other Operating Activity | 8,746 | -3,930 | -3,776 | 1,529 | -8,463 |
| Operating Cash Flow | $504,136 | $431,972 | $391,598 | $362,121 | $246,315 |
| Cash Flows From Investing Activities | |||||
| PPE Investments | -1,541,462 | -883,003 | -1,274,550 | -1,615,472 | -1,386,147 |
| Other Investing Activity | -1,670 | -2,404 | -447 | -503 | -468 |
| Investing Cash Flow | $-1,543,132 | $-885,407 | $-1,274,997 | $-1,615,975 | $-1,386,615 |
| Cash Flows From Financing Activities | |||||
| Change In Short Term Borrowing | N/A | N/A | 350,000 | N/A | N/A |
| Debt Issued | 29,355,280 | 1,516,722 | 1,231,000 | 1,332,513 | 1,234,623 |
| Debt Repayment | -28,796,620 | -1,148,039 | -1,109,527 | -1,119,490 | -766,799 |
| Common Stock Issued | 904,311 | 402,938 | 689,896 | 1,257,823 | 744,847 |
| Common Stock Repurchased | -3,740 | -2,281 | -2,684 | -1,912 | -1,813 |
| Dividend Paid | -349,157 | -312,082 | -286,125 | -228,713 | -196,867 |
| Other Financing Activity | -56,855 | -11,948 | -3,546 | -2,708 | 163,604 |
| Financing Cash Flow | $1,053,219 | $445,310 | $869,014 | $1,237,513 | $1,177,595 |
| Beginning Cash Position | 6,399 | 14,524 | 28,909 | 45,250 | 7,955 |
| End Cash Position | 20,622 | 6,399 | 14,524 | 28,909 | 45,250 |
| Net Cash Flow | $14,223 | $-8,125 | $-14,385 | $-16,341 | $37,295 |
| Free Cash Flow | |||||
| Operating Cash Flow | 504,136 | 431,972 | 391,598 | 362,121 | 246,315 |
| Capital Expenditure | -1,583,529 | -977,334 | -1,288,393 | -1,660,386 | -1,442,149 |
| Free Cash Flow | -1,079,393 | -545,362 | -896,795 | -1,298,265 | -1,195,834 |