Agree Realty Corp (ADC)
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Fiscal Year End Date: 12/31
(Values in U.S. thousands)
| 03-2026 | 12-2025 | 09-2025 | 06-2025 | 03-2025 | |
| Cash Flows From Operating Activities | |||||
| Net Income | 62,231 | 204,989 | 148,780 | 96,501 | 47,148 |
| Depreciation Amortization | 79,464 | 283,131 | 207,700 | 135,258 | 65,997 |
| Accounts receivable | -2,292 | 1,183 | 1,561 | 6,097 | 4,940 |
| Accounts payable and accrued liabilities | 20,475 | 5,743 | 34,073 | 5,645 | 13,463 |
| Other Working Capital | 5,694 | 344 | 18,805 | -2,608 | 10,833 |
| Other Operating Activity | -20,416 | 8,746 | -18,098 | 5,409 | -15,724 |
| Operating Cash Flow | $145,156 | $504,136 | $392,821 | $246,302 | $126,657 |
| Cash Flows From Investing Activities | |||||
| PPE Investments | -431,153 | -1,541,462 | -1,168,983 | -725,515 | -380,723 |
| Other Investing Activity | 981 | -1,670 | -1,142 | -297 | -132 |
| Investing Cash Flow | $-430,172 | $-1,543,132 | $-1,170,125 | $-725,812 | $-380,855 |
| Cash Flows From Financing Activities | |||||
| Change In Short Term Borrowing | N/A | N/A | 397,188 | 397,188 | N/A |
| Debt Issued | 12,790,740 | 29,355,280 | 19,151,780 | 6,351,250 | 474,000 |
| Debt Repayment | -12,391,860 | -28,796,620 | -18,921,540 | -6,262,755 | -310,250 |
| Common Stock Issued | N/A | 904,311 | 476,046 | 224,195 | 183,090 |
| Common Stock Repurchased | -6,058 | -3,740 | -3,715 | -3,654 | -3,645 |
| Dividend Paid | -97,062 | -349,157 | -257,565 | -170,279 | -83,996 |
| Other Financing Activity | -161 | -56,855 | -54,411 | -53,923 | -231 |
| Financing Cash Flow | $295,599 | $1,053,219 | $787,783 | $482,022 | $258,968 |
| Beginning Cash Position | 20,622 | 6,399 | 6,399 | 6,399 | 6,399 |
| End Cash Position | 31,205 | 20,622 | 16,878 | 8,911 | 11,169 |
| Net Cash Flow | $10,583 | $14,223 | $10,479 | $2,512 | $4,770 |
| Free Cash Flow | |||||
| Operating Cash Flow | 145,156 | 504,136 | 392,821 | 246,302 | 126,657 |
| Capital Expenditure | -441,218 | -1,583,529 | -1,191,755 | -733,673 | -383,106 |
| Free Cash Flow | -296,062 | -1,079,393 | -798,934 | -487,371 | -256,449 |