v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues        
Rental income $ 204,981 $ 175,397 $ 405,657 $ 344,510
Other 119 130 250 177
Total Revenues 205,100 175,527 405,907 344,687
Operating Expenses        
Real estate taxes 15,257 12,833 29,970 24,346
Property operating expenses 9,507 8,416 19,143 16,797
Land lease expense 598 550 1,153 1,036
General and administrative 11,958 11,332 23,435 22,104
Depreciation and amortization 69,094 58,939 135,793 114,693
Provision for impairment 5,900 2,961 7,300 7,292
Total Operating Expenses 112,314 95,031 216,794 186,268
Gain on sale of assets, net 2,014 1,510 3,711 2,282
Gain on involuntary conversion, net 512 0 1,039 0
Income from Operations 95,312 82,006 193,863 160,701
Other (Expense) Income        
Interest expense, net (40,278) (32,274) (76,248) (63,037)
Income and other tax expense (375) (425) (875) (1,250)
Other income 150 46 300 87
Net Income 54,809 49,353 117,040 96,501
Less net income attributable to non-controlling interest 156 155 336 307
Net income attributable to Agree Realty Corporation 54,653 49,198 116,704 96,194
Less Series A preferred stock dividends 1,859 1,859 3,718 3,718
Net Income Attributable to Common Stockholders $ 52,794 $ 47,339 $ 112,986 $ 92,476
Net Income Per Share Attributable to Common Stockholders        
Basic (in dollars per share) $ 0.44 $ 0.43 $ 0.94 $ 0.85
Diluted (in dollars per share) $ 0.44 $ 0.43 $ 0.94 $ 0.85
Other Comprehensive Income        
Net income $ 54,809 $ 49,353 $ 117,040 $ 96,501
Amortization of interest rate swaps (1,076) (880) (2,150) (1,616)
Change in fair value and settlement of interest rate swaps 10,315 3,435 16,540 (6,596)
Total comprehensive income 64,048 51,908 131,430 88,289
Less comprehensive income attributable to non-controlling interest 183 163 378 280
Comprehensive Income Attributable to Agree Realty Corporation $ 63,865 $ 51,745 $ 131,052 $ 88,009
Weighted Average Number of Common Shares Outstanding - Basic 119,996,944 109,758,046 119,924,725 108,419,011
Weighted Average Number of Common Shares Outstanding - Diluted 120,487,256 110,377,221 120,449,139 108,996,422