艾格里不动产 2026年季度报告

QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended March31, 2026ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from __________ to __________Commission File Number 001-12928 (248) 737-4190(Registrant’s telephone number, including area code) Securities registered pursuant to Section12(b)of the Act: Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934 during thepreceding 12months (or for such shorter period that the registrant 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 to be 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-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of theExchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section13(a)of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). YesNo As of April20, 2026, the Registrant had 120,102,901 shares of common stock issued and outstanding. AGREE REALTY CORPORATIONIndex to Form10-Q PARTI.FINANCIAL INFORMATION AGREE REALTY CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except share and per-share data)(Unaudited) AGREE REALTY CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF EQUITY(In thousands, except share and per-share data)(Unaudited) AGREE REALTY CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF EQUITY(In thousands, except share and per-share data)(Unaudited) AGREE REALTY CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(Unaudited) AGREE REALTY CORPORATIONNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSMarch31, 2026 (Unaudited) Note1– Organization Agree Realty Corporation (the “Company”), a Maryland corporation, is a fully integrated real estate investment trust (“REIT”)primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leadingtenants. The Company was founded in 1971 by its current Executive Chairman, Richard Agree, and its common stock was listed on theNew York Stock Exchange in 1994. The Company’s assets are held by, and all of its operations are conducted through, directly or indirectly, Agree Limited Partnership(the “Operating Partnership”), of which Agree Realty Corporation is the sole general partner and in which it held a 99.7% commonequity interest as of March31, 2026, and December31, 2025. There is a one-for-one relationship between the limited partnershipinterests in the Operating Partnership (“Operating Partnership Common Units”) owned by the Company and shares of Companycommon stock outstanding. The Company also owns 100% of the Series A preferred equity interest in the Operating Partnership. Thispreferred equity interest corresponds on a one-for-one basis to the Company’s Series A Preferred Stock (Refer to Note 6 –Commonand Preferred Stock), providing income and distributions to the Company equal to the dividends payable on that stock. The non-controlling interest in the Operating Partnership consisted of a 0.3% common ownership interest in the Operating Partnershipheld by the Company’s founder and Executive Chairman as of March31, 2026, and December31, 2025. The Operating PartnershipCommon Units may, under certain circumstances, be exchanged for shares of common stock on a one-for-one basis. The Company, assole general partner of the Operating Partnership, has the option to settle exchanged Operating Partnership Common Units held byothers for cash based on the current trading price of its shares. Assuming the exchange of all non-controlling Operating PartnershipCommon Units, there would have been 120,451,074 shares of common stock outstanding at March31, 2026. As of March31, 2026, the Company owned 2,756 properties, with a total gross leasable area (“GLA”) of approximately 57.5 millionsquare feet. The terms the “Company,” “Management,” “we,” “our” or “us” refer to Agree Realty Corporation and all of its consolidatedsubsidiaries, including the Operating Partnership. Note2– Summary of Significant Accounting Policies Basis of Acc