Here are the 10-K annual reports from Agree Realty Corporation (ADC) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow ADC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full ADC filings page.
Agree Realty Corporation reports its 2025 annual results as a retail-focused net-lease REIT with a portfolio of 2,674 properties across all 50 states totaling about 55.5 million square feet of gross leasable area as of December 31, 2025. The portfolio was approximately 99.7% leased with a weighted average remaining lease term of 7.8 years, and about 66.8% of annualized base rent came from investment grade tenants.
During 2025, the company invested roughly $1.57 billion in net leased retail real estate, including the acquisition of 305 properties for about $1.44 billion and completion of 21 developments costing about $131.2 million. It sold 22 assets and land parcels for net proceeds of $42.1 million, recording a net gain of $5.4 million, and completed leasing transactions on about 3,033,000 square feet, adding approximately $29.7 million of annualized base contractual rent.
The company raised equity through an April 2025 follow-on public offering of 5,175,000 common shares via forward sale agreements, anticipated to generate about $385.8 million of net proceeds, and used at-the-market programs that produced $538.3 million of net proceeds in 2025. On the debt side, it established a $625.0 million commercial paper program, issued $400.0 million of 5.600% senior unsecured public notes due 2035, and arranged a $350.0 million delayed draw unsecured term loan maturing in 2031. As of December 31, 2025, total debt was $3.32 billion and the ratio of total debt to enterprise value was about 27.4%. The company increased its monthly common dividend twice in 2025 to $0.262 per share, equivalent to an annualized $3.144 per share, and continued paying monthly dividends on its 4.25% Series A preferred stock.