Agree Realty Corporation (ADC) Balance Sheet
ADC balance sheet, 2025
December 31, 2025 · U.S. dollars$9.80B assets = $3.53B liabilities + $6.27B equity
Both columns are drawn to the same scale: what ADC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ADC financial health
Descriptive bands, not a rating. Fiscal 2025.
ADC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.11B2016 | $9.80B2025 | +27.4%/yr | |
| Total liabilities | $426.4M2016 | $3.53B2025 | +26.5%/yr | |
| Shareholders’ equity | $685.5M2016 | $6.27B2025 | +27.9%/yr | |
| Cash & short-term investments | $33.4M2016 | $16.3M2025 | −7.7%/yr | |
| Total debt | $403.6M2016 | $3.35B2025 | +26.5%/yr | |
| Net cash (debt) | −$370.2M2016 | −$3.34B2025 | −$3.0B | |
| Working capital | $24.1M2016 | −$28.4M2025 | −$52.5M | |
| Book value per share | $32.892017 | $56.392025 | +7.0%/yr | |
| Current ratio | 2.152016 | 0.832025 | −1.32 | |
| Debt / equity | 0.592016 | 0.532025 | −0.05 | |
| Shares outstanding | 27.7M2017 | 111.2M2025 | +19.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ADC assets
ADC liabilities and equity
ADC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ADC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $16.3M | $6.4M | $10.9M | $27.8M | $43.3M | $6.1M | $15.6M | $54.0M | $50.8M | $33.4M |
| Cash & equivalents | $16.3M | $6.4M | $10.9M | $27.8M | $43.3M | $6.1M | $15.6M | $54.0M | $50.8M | $33.4M |
| Short-term investments | — | — | −$3.6M | — | $1.9M | $2.3M | $572,000 | — | $8.0M | $1.4M |
| Receivables | $122.5M | $106.4M | $83.0M | $65.8M | $53.4M | $37.8M | $26.8M | $21.5M | $15.5M | $11.5M |
| Inventory | $0 | $0 | $3.6M | $95.9M | $106.4M | $48.8M | $3.8M | $0 | $2.4M | $6.8M |
| Other current assets | $4.3M | $0 | $3.6M | $0 | $0 | $0 | $26.6M | $20,000 | $8.0M | $0 |
| Total current assets | $143.1M | $112.8M | $101.1M | $94.8M | $104.4M | $47.0M | $72.7M | $75.5M | $76.7M | $44.9M |
| Property, plant & equipment (net) | $0 | $0 | $6.80B | $5.80B | $6.3M | $3.35B | $2.22B | $1.66B | $1.21B | $950.3M |
| Goodwill & intangible assets | $1.00B | $864.9M | $854.1M | $799.4M | $672.0M | $473.6M | $343.5M | $280.2M | $195.2M | $109.8M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.5M | $4.0M | $1.4M |
| Other non-current assets | $8.65B | $7.51B | $16.1M | $17.0M | $4.44B | $16.9M | $29.7M | $8.6M | $4.8M | $5.5M |
| Total assets | $9.80B | $8.49B | $7.77B | $6.71B | $5.23B | $3.89B | $2.66B | $2.03B | $1.49B | $1.11B |
| Liabilities | ||||||||||
| Accounts payable | $139.4M | $116.3M | $101.4M | $83.7M | $70.0M | $71.4M | $49.0M | $9.9M | $11.2M | $5.5M |
| Short-term debt | $2.95B | $51.8M | $6.6M | $1.84B | $160.0M | $92.0M | $89.0M | $19.0M | $14.0M | $14.0M |
| Deferred revenue | — | — | — | — | — | — | — | $4.6M | $1.8M | $1.8M |
| Total current liabilities | $171.5M | $144.1M | $126.9M | $106.1M | $86.9M | $105.9M | $74.0M | $35.7M | $30.9M | $20.9M |
| Long-term debt | $3.30B | $2.79B | $2.41B | $1.95B | $1.53B | $1.13B | $783.3M | $702.5M | $506.2M | $389.6M |
| Lease obligations | $60.2M | $46.2M | $36.8M | $36.7M | $33.1M | — | — | — | — | — |
| Other long-term liabilities | $57.0M | $43.0M | $36.8M | $30.6M | $193.1M | $127.7M | $115.7M | $51.5M | $46.4M | $15.9M |
| Total liabilities | $3.53B | $2.98B | $2.57B | $2.08B | $1.81B | $1.36B | $973.0M | $789.7M | $583.4M | $426.4M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $12,000 | $10,000 | $10,000 | $9,000 | $7,000 | $6,000 | $5,000 | $4,000 | $712.1M | $712.1M |
| Retained earnings (deficit) | −$618.7M | −$470.6M | −$346.5M | −$228.1M | −$147.4M | −$91.3M | −$57.1M | −$42.9M | −$28.8M | −$28.6M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $35.5M | $40.1M | $16.6M | $23.6M | −$5.5M | −$36.3M | −$6.5M | $1.4M | $1.4M | −$536,000 |
| Minority interest | $168,000 | $615,000 | $942,000 | $1.4M | $1.6M | $1.8M | $2.2M | $2.4M | $2.5M | $2.5M |
| Total shareholders' equity | $6.27B | $5.51B | $5.20B | $4.63B | $3.42B | $2.52B | $1.69B | $1.24B | $911.2M | $685.5M |
| Key figures | ||||||||||
| Total debt | $3.35B | $2.83B | $2.45B | $3.79B | $1.88B | $1.31B | $961.3M | $721.5M | $520.2M | $403.6M |
| Net cash (debt) | −$3.34B | −$2.83B | −$2.44B | −$3.76B | −$1.84B | −$1.30B | −$945.7M | −$667.6M | −$469.4M | −$370.2M |
| Working capital | −$28.4M | −$31.3M | −$25.8M | −$11.3M | $17.5M | −$59.0M | −$1.3M | $39.8M | $45.8M | $24.1M |
| Tangible book value | $5.27B | $4.65B | $4.35B | $3.83B | $2.75B | $2.05B | $1.35B | $958.3M | $716.0M | $575.7M |
| Book value per share | $56.39 | $54.09 | $54.48 | $58.49 | $50.90 | $48.18 | $40.98 | $38.22 | $32.89 | — |
| Shares outstanding | 111.2M | 101.9M | 95.4M | 79.2M | 67.1M | 52.4M | 41.2M | 32.4M | 27.7M | — |
| Current ratio | 0.83 | 0.78 | 0.80 | 0.89 | 1.20 | 0.44 | 0.98 | 2.12 | 2.48 | 2.15 |
| Quick ratio | 0.81 | 0.78 | 0.74 | 0.88 | 1.11 | 0.41 | 0.57 | 2.11 | 2.15 | 2.15 |
| Debt / equity | 0.53 | 0.51 | 0.47 | 0.82 | 0.55 | 0.52 | 0.57 | 0.58 | 0.57 | 0.59 |
| Equity / assets | 64.0% | 64.9% | 66.9% | 69.0% | 65.4% | 65.0% | 63.4% | 61.1% | 61.0% | 61.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $12.5M | $25.1M | $16.3M | $13.7M | $5.8M | $7.9M | $6.4M | $13.2M | $9.6M | $6.3M | $10.9M | $6.4M |
| Cash & equivalents | $12.5M | $25.1M | $16.3M | $13.7M | $5.8M | $7.9M | $6.4M | $13.2M | $9.6M | $6.3M | $10.9M | $6.4M |
| Short-term investments | — | — | — | — | — | — | — | — | $6.9M | $7.1M | — | $11.7M |
| Receivables | $131.2M | $129.6M | $122.5M | $117.6M | $108.1M | $105.5M | $106.4M | $98.2M | $94.9M | $91.3M | $83.0M | $77.7M |
| Inventory | $0 | $0 | $0 | $706,000 | $3.5M | $1.3M | $0 | $13.6M | −$6.9M | $1 | $0 | $87.3M |
| Other current assets | $0 | $0 | $4.3M | $3.2M | $3.1M | $3.3M | $0 | $0 | $21.5M | $14.5M | $7.3M | $0 |
| Total current assets | $143.7M | $154.7M | $143.1M | $135.2M | $120.5M | $117.9M | $112.8M | $125.1M | $119.1M | $112.2M | $101.1M | $87.3M |
| Property, plant & equipment (net) | $0 | $8.89B | $0 | $0 | $8.00B | $0 | $0 | $0 | $7.01B | $6.82B | $6.80B | $6.61B |
| Goodwill & intangible assets | $1.08B | $1.03B | $1.00B | $967.0M | $923.1M | $897.4M | $1.71B | $837.9M | $838.0M | $841.0M | $854.1M | $849.2M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $9.36B | $106.1M | $8.65B | $8.38B | $36.5M | $7.79B | $6.66B | $7.22B | $30.8M | $94.1M | $16.1M | $96.3M |
| Total assets | $10.59B | $10.18B | $9.80B | $9.48B | $9.08B | $8.80B | $8.49B | $8.18B | $8.00B | $7.87B | $7.77B | $7.65B |
| Liabilities | ||||||||||||
| Accounts payable | $141.2M | $154.1M | $139.4M | $161.8M | $132.1M | $129.7M | $116.3M | $142.2M | $106.1M | $112.4M | $101.4M | $106.8M |
| Short-term debt | $994.6M | — | $2.95B | $3.01B | $247.0M | $2.28B | $0 | $2.28B | $6.7M | $1.84B | $963,000 | $1.84B |
| Deferred revenue | — | — | — | — | — | — | — | −$2.25B | −$6.7M | −$1.84B | — | — |
| Total current liabilities | $994.6M | $186.2M | $171.5M | $191.7M | $408.1M | $158.2M | $144.1M | $168.8M | $131.9M | $137.9M | $126.9M | $131.9M |
| Long-term debt | $3.82B | $3.69B | $3.30B | $3.37B | $3.22B | $2.95B | $2.79B | $2.68B | $2.67B | $2.51B | $2.41B | $2.24B |
| Lease obligations | $70.5M | $61.8M | $60.2M | $56.8M | $49.7M | $47.4M | $46.2M | $45.2M | $37.0M | $36.8M | $36.8M | — |
| Other long-term liabilities | $0 | $0 | $57.0M | $53.6M | $0 | $44.1M | $43.0M | $44.6M | $37.0M | $36.8M | $36.8M | $31.4M |
| Total liabilities | $4.07B | $3.95B | $3.53B | $3.61B | $3.43B | $3.16B | $2.98B | $2.89B | $2.84B | $2.69B | $2.57B | $2.40B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $12,000 | $12,000 | $12,000 | $11,000 | $11,000 | $11,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 |
| Retained earnings (deficit) | −$698.0M | −$653.4M | −$618.7M | −$581.2M | −$545.4M | −$508.1M | −$470.6M | −$434.5M | −$400.8M | −$378.2M | −$346.5M | −$316.1M |
| Accumulated other comprehensive income | $49.9M | $40.6M | $35.5M | $31.5M | $31.9M | $29.3M | $40.1M | $18.5M | $30.9M | $27.4M | $16.6M | $33.3M |
| Minority interest | −$5,000 | $90,000 | $168,000 | $258,000 | $364,000 | — | — | — | — | — | — | — |
| Total shareholders' equity | $6.52B | $6.24B | $6.27B | $5.87B | $5.65B | $5.64B | $5.51B | $5.29B | $5.16B | $5.18B | $5.20B | $5.24B |
| Key figures | ||||||||||||
| Total debt | $3.92B | $3.29B | $3.35B | $3.42B | $3.27B | $3.00B | $2.83B | $2.72B | $2.71B | $2.55B | $2.45B | $4.08B |
| Net cash (debt) | −$3.90B | −$3.26B | −$3.34B | −$3.41B | −$3.26B | −$2.99B | −$2.83B | −$2.71B | −$2.70B | −$2.54B | −$2.44B | −$4.07B |
| Working capital | −$850.9M | −$31.5M | −$28.4M | −$56.5M | −$287.6M | −$40.3M | −$31.3M | −$43.7M | −$12.8M | −$25.8M | −$25.8M | −$44.5M |
| Tangible book value | $5.44B | $5.21B | $5.27B | $4.91B | $4.73B | $4.75B | $3.80B | $4.46B | $4.32B | $4.34B | $4.35B | $4.40B |
| Book value per share | $54.11 | $51.83 | $54.53 | $52.67 | $52.57 | $52.48 | $52.63 | $52.05 | $51.39 | $51.61 | $51.79 | $53.87 |
| Shares outstanding | 120.5M | 120.4M | 115.0M | 111.5M | 107.5M | 107.5M | 104.7M | 101.7M | 100.5M | 100.3M | 100.4M | 97.3M |
| Current ratio | 0.14 | 0.83 | 0.83 | 0.71 | 0.30 | 0.75 | 0.78 | 0.74 | 0.90 | 0.81 | 0.80 | 0.66 |
| Quick ratio | 0.14 | 0.83 | 0.81 | 0.68 | 0.28 | 0.72 | 0.78 | 0.66 | 0.79 | 0.71 | 0.74 | 0.64 |
| Debt / equity | 0.60 | 0.53 | 0.53 | 0.58 | 0.58 | 0.53 | 0.51 | 0.51 | 0.52 | 0.49 | 0.47 | 0.78 |
| Equity / assets | 61.6% | 61.3% | 64.0% | 61.9% | 62.2% | 64.1% | 64.9% | 64.7% | 64.5% | 65.8% | 66.9% | 68.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 10, 2026); data from EODHD.
ADC financial position
At the end of fiscal 2025 (December 31, 2025), Agree Realty had total assets of $9.8 billion (up 15.5% from a year earlier), total liabilities of $3.5 billion and shareholders' equity of $6.3 billion. It held $16.3 million in cash and short-term investments against $3.4 billion of debt, net debt of $3.3 billion. Its current ratio was 0.83. In the latest quarter (ended June 30, 2026) total assets were $10.6 billion and equity $6.5 billion.
Related: ADC income statement, ADC cash flow statement, ADC key metrics. See the ADC stock overview for the latest quote and news.
ADC balance sheet FAQ
What are Agree Realty's total assets?
Agree Realty reported total assets of $9.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $8.5 billion a year earlier.
How much debt does Agree Realty have?
Agree Realty had $3.4 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.53.
How much cash does Agree Realty have?
Agree Realty held $16.3 million in cash and short-term investments at the end of fiscal 2025; with $3.4 billion of debt that is net debt of $3.3 billion.
What is Agree Realty's book value?
Agree Realty's shareholders' equity (book value) was $6.3 billion at the end of fiscal 2025, or $56.39 per share.
What is Agree Realty's current ratio?
Agree Realty had current assets of $143.1 million and current liabilities of $171.5 million, a current ratio of 0.83 (current liabilities exceed current assets).
How much goodwill does Agree Realty have?
Agree Realty carried $1.0 billion of goodwill and intangible assets, 10.2% of total assets, at the end of fiscal 2025.