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Consolidated balance sheets

In millions of USD; shares in millions, except per-share amounts
Q3 FY2026
As of Sep 30, 2026
Q2 FY2026
As of Jun 30, 2026
Q1 FY2026
As of Mar 31, 2026
Q4 FY2025
As of Dec 31, 2025
Q3 FY2025
As of Sep 30, 2025
Q2 FY2025
As of Jun 30, 2025
Q1 FY2025
As of Mar 31, 2025
Q4 FY2024
As of Dec 31, 2024
Q3 FY2024
As of Sep 30, 2024
Q2 FY2024
As of Jun 30, 2024
Q1 FY2024
As of Mar 31, 2024
Q4 FY2023
As of Dec 31, 2023
Q3 FY2023
As of Sep 30, 2023
Q2 FY2023
As of Jun 30, 2023
Q1 FY2023
As of Mar 31, 2023
Q4 FY2022
As of Dec 31, 2022
Q3 FY2022
As of Sep 30, 2022
Q2 FY2022
As of Jun 30, 2022
Q1 FY2022
As of Mar 31, 2022
Q4 FY2021
As of Dec 31, 2021
ASSETS
Real estate investments
Land
Buildings
Less accumulated depreciation
Real estate investments excluding property under development
Property under development
Net real estate investments
Real estate held for sale, net
Cash and cash equivalents
Cash held in escrow
Accounts receivable - tenants, net
Lease intangibles, net of accumulated amortization of $675,725 and $576,945 at September 30, 2026 and December 31, 2025, respectively
Other assets, net
Total Assets
LIABILITIES
Mortgage notes payable, net
Unsecured term loans, net
Senior unsecured notes, net
Unsecured revolving credit facility
Unsecured revolving credit facility and commercial paper notes
Dividends and distributions payable
Accounts payable, accrued expenses, and other liabilities
Lease intangibles, net of accumulated amortization of $54,622 and $49,797 at September 30, 2026 and December 31, 2025, respectively
Total Liabilities
EQUITY
Preferred stock, $0.0001 par value per share, 4,000,000 shares authorized, 7,000 shares Series A outstanding, at stated liquidation value of $25,000 per share, at September 30, 2026 and December 31, 2025
Common stock, $0.0001 par value, 360,000,000 shares authorized, 130,101,031 and 120,028,406 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively
Additional paid-in-capital
Dividends in excess of net income
Accumulated other comprehensive income
Total equity - Agree Realty Corporation
Non-controlling interest
Total Equity
Total Liabilities and Equity
Common Stock, Shares Authorized
Common Stock, Shares, Issued

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