Agree Realty Corp (ADC)

Agree Realty Corporation is a publicly traded real estate investment trust. The Firm is Rethinking Retail through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of September 30, 2026, the Company owned and operated a portfolio of 2,888 properties, located in all 50 states and containing approximately 61.1 million square feet of gross leasable area. Agree Realty Corporation was incorporated in 1971 and is based in Royal Oak, United States.

Ticker: ADC
Exchange: NYSE
Sector: Real Estate
Industry: REIT - Retail
Market cap: $9.09B
52-week range: $64.34 - $82.08

Valuation

Share price: $69.87 (close of Nov 6, 2026)
P/E (TTM): 36.02x
Price to book: 1.31x
Price to free cash flow: 15.89x
Enterprise value: $12.80B
Book value per share: $53.36

Price performance

Period	Change
1 day	-0.84%
5 days	+4.17%
1 month	+6.20%
3 months	-8.49%
6 months	-8.67%
Year to date	-3.00%
1 year	-3.65%
3 years	+19.23%
5 years	-1.45%
10 years	+52.32%
All time	+258.31%

Short interest

As of: Oct 15, 2026
Short % of float: 13.55%
Shares short: 7.94M
Days to cover: 4.23
Change since prior report: +2.47%
Source: FINRA consolidated short interest

Members of Congress who disclosed ADC trades

Lisa McClain · Josh Gottheimer · Gilbert Ray Cisneros

Super investors holding ADC

Ken Griffin (Citadel)

Profitability and growth

Return on equity: 3.26%
Return on assets: 2.09%
Net margin: 28.45%
Revenue growth: 16.42%
Net income growth: 8.01%

Cash flow and balance sheet

Free cash flow yield (TTM): 6.29%
Net debt to EBITDA: 5.21x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $718.40M
Net income: $204.35M
Earnings per share: $1.77
Interest expense: $134.61M
Shares outstanding: 110.72M

Income statement by year

Period end	Revenue	Net income	EPS
2025-12-31	$718.40M	$204.35M	$1.77
2024-12-31	$617.10M	$189.20M	$1.79
2023-12-31	$537.50M	$169.96M	$1.70
2022-12-31	$429.81M	$152.44M	$1.84
2021-12-31	$339.32M	$122.27M	$1.79
2020-12-31	$248.57M	$91.38M	$1.76
2019-12-31	$187.48M	$80.08M	$1.96
2018-12-31	$137.12M	$58.17M	$1.80
2017-12-31	$111.52M	$58.11M	$2.09
2016-12-31	$91.53M	$45.12M	$1.97

Margins and returns by year

Period end	Net margin	Return on equity
2025-12-31	28.45%	3.26%
2024-12-31	30.66%	3.43%
2023-12-31	31.62%	3.27%
2022-12-31	35.47%	3.29%
2021-12-31	36.03%	3.58%
2020-12-31	36.76%	3.62%
2019-12-31	42.71%	4.73%
2018-12-31	42.42%	4.70%
2017-12-31	52.11%	6.38%
2016-12-31	49.29%	6.58%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$16.30M	-
2024-12-31	$6.40M	$158.00M
2023-12-31	$10.91M	$227.00M
2022-12-31	$27.76M	$100.00M
2021-12-31	$43.25M	$1.69B
2020-12-31	$6.14M	$1.23B
2019-12-31	$15.60M	$89.00M
2018-12-31	$53.95M	$724.06M
2017-12-31	$50.81M	$522.40M
2016-12-31	$33.40M	$404.05M

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$504.14M	$12.99M
2024-12-31	-$442.53M	$10.80M
2023-12-31	-$808.40M	$8.34M
2022-12-31	-$1.24B	$6.46M
2021-12-31	-$1.14B	$4.80M
2020-12-31	-$1.17B	$4.70M
2019-12-31	-$576.19M	$3.98M
2018-12-31	-$515.05M	$2.95M
2017-12-31	$82.20M	$2.39M
2016-12-31	$61.73M	$2.26M

Dividend history

Most recent payment: Oct 30, 2026
Paid in the last twelve months: $3.18

Payment date	Dividend per share
2026-10-30	$0.27
2026-09-30	$0.27
2026-08-31	$0.27
2026-07-31	$0.27
2026-06-30	$0.27
2026-05-29	$0.27
2026-04-30	$0.27
2026-03-31	$0.26

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-10-20	Sep 2026	$1.11
2026-07-30	Jun 2026	$1.11
2026-04-21	Mar 2026	$1.09
2026-02-10	Dec 2025	$1.07
2025-10-21	Sep 2025	$1.05
2025-07-31	Jun 2025	$1.03
2025-04-22	Mar 2025	$1.05
2025-02-11	Dec 2024	$1.03

Filings and sources

Company website: agreerealty.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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