v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Real estate investments    
Land $ 3,236,200 $ 2,895,495
Buildings 7,053,021 6,330,249
Less accumulated depreciation (847,331) (715,733)
Real estate investments excluding property under development 9,441,890 8,510,011
Property under development 73,656 62,690
Net real estate investments 9,515,546 8,572,701
Real estate held for sale, net 2,304 0
Cash and cash equivalents 80,559 16,295
Cash held in escrow 10,924 4,327
Accounts receivable - tenants, net 140,713 122,477
Lease intangibles, net of accumulated amortization of $675,725 and $576,945 at September 30, 2026 and December 31, 2025, respectively 1,084,831 1,000,967
Other assets, net 116,045 80,845
Total Assets 10,950,922 9,797,612
LIABILITIES    
Mortgage notes payable, net 41,183 41,546
Unsecured term loans, net 696,523 348,074
Senior unsecured notes, net 2,977,602 2,584,608
Unsecured revolving credit facility and commercial paper notes 0 320,500
Dividends and distributions payable 35,450 32,158
Accounts payable, accrued expenses, and other liabilities 183,613 139,384
Lease intangibles, net of accumulated amortization of $54,622 and $49,797 at September 30, 2026 and December 31, 2025, respectively 73,939 60,189
Total Liabilities 4,008,310 3,526,459
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 175,000 175,000
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 13 12
Additional paid-in-capital 7,422,355 6,679,142
Dividends in excess of net income (732,649) (618,675)
Accumulated other comprehensive income 77,908 35,506
Total equity - Agree Realty Corporation 6,942,627 6,270,985
Non-controlling interest (15) 168
Total Equity 6,942,612 6,271,153
Total Liabilities and Equity $ 10,950,922 $ 9,797,612