艾格里不动产 2025年季度报告

FORM10-Q Mark One ☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period endedMarch31,2025, or ☐Transition Report Pursuant to Section13 or 15(d)of the Securities Exchange Act of 1934 For the transition period fromtoCommission File Number001-12928AGREE REALTY CORPORATION(Exact name of registrant as specified in its charter) (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or15(d)of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that theregistrant was required to file such reports), and (2)has been subject to such filing requirements for the past90days. Yes☒No◻ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required tobe submitted pursuant to Rule405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12months(or for such shorter period that the registrant was required to submit such files). Yes☒No◻ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-acceleratedfiler, a smaller reporting company, or an emerging growth company. See the definitions of “large acceleratedfiler,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of theExchange Act. LargeAcceleratedFiler☒AcceleratedFiler◻Non-acceleratedFiler◻Smaller reportingcompany☐Emerginggrowth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financialaccountingstandards provided pursuant toSection13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the ExchangeAct). Yes☐No☒ As of April 21, 2025, the Registrant had110,018,548shares of common stock issued and outstanding. AGREE REALTY CORPORATIONIndex to Form10-Q PARTIFinancial InformationItem1:Financial Statements (Unaudited)Condensed Consolidated Balance Sheets as of March 31, 2025 andDecember 31, 20241Condensed Consolidated Statements of Operations and ComprehensiveIncome for the three months ended March 31, 2025 and 20242Condensed Consolidated Statements of Equity for the three months endedMarch 31, 2025 and 20243Condensed Consolidated Statements of Cash Flows for the three monthsended March 31, 2025 and 20245Notesto Condensed Consolidated Financial Statements6Item2:Management’s Discussion and Analysis of Financial Condition and Resultsof Operations31Item3:Quantitative and Qualitative Disclosures about Market Risk43Item4:Controls and Procedures44PARTIIOther InformationItem1:Legal Proceedings44Item1A:Risk Factors44Item2:Unregistered Sales of Equity Securities and Use of Proceeds45Item3:Defaults Upon Senior Securities45Item4:Mine Safety Disclosures45Item5:Other Information45Item6:Exhibits46SIGNATURES48 PARTI.FINANCIAL INFORMATION Item1.Financial Statements AGREE REALTY CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except share and per-share data)(Unaudited) AGREE REALTY CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ANDCOMPREHENSIVE INCOME(In thousands, except share and per-share data)(Unaudited) AGREE REALTY CORPORATIONCONDENSED CONSOLIDATED STATEMENT OF EQUITY(In thousands, except share and per-share data)(Unaudited) AGREE REALTY CORPORATIONCONDENSED CONSOLIDATED STATEMENT OF EQUITY(In thousands, except share and per-share data)(Unaudited) AGREE REALTY CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(Unaudited) Three Months EndedMarch31,2025March31,2024Cash Flows from Operating ActivitiesNet income$47,148$45,014Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization55,75548,463Amortization from above (below) market lease intangibles, net8,5468,295Amortization from financing costs, credit facility costs and debt discount1,6961,269Stock-based compensation3,1292,425Straight-line accrued rent(4,009)(2,847)Provision for impairment4,3314,530Gain on sale of assets(772)(2,096)Change in accounts receivable4,940(5,676)Change in other assets(7,570)(11,661)Change in accounts payable, accrued expenses, and other liabilities13,46311,434Net Cash Provided by Operating Activities126,65799,150Cash Flows from Investing ActivitiesAcquisition of real estate investments and other assets(359,684)(128,343)Development of real estate investments and other assets, net of reimbursements(including capitalized interest of $442in 2025, $304in 2024)(23,422)(14,439)Payment of leasing costs(132)(307)Net proceeds from sale of assets2,38321,116Net Cash Used in Investing Activities(380,855)(121,973)Cash Flows from Financing ActivitiesProceeds from common stock offerings, net183,090—Repurchase