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Statement
Assets, liabilities and equity aligned across the annual filing history, in USD millions.
Assets
+15.5% YoYReported for FY 2025
Liabilities
+18.5% YoYReported for FY 2025
Equity
+13.8% YoYReported for FY 2025
Equity mix
-0.9 ppEquity share of the capital base
Table view
Every figure is the balance as filed. Each filing badge opens the SEC index page for that fiscal year.
Structure
Assets plotted against the liabilities and equity stack, so you can see how the balance sheet is financed.
Liabilities and equity stack to the capital base; assets are the dashed reference line.
Composition
The same split read as a share of total capital rather than in absolute dollars.
Percentages are measured against total capital for each fiscal year.
Trend
How assets, liabilities and equity have moved across the annual balance sheet window.
Switching between bar and line keeps the selected year order.
Commentary
This explanation uses an earlier data snapshot or evidence version. Compare its generation date with the current filing figures.
Earlier AI snapshot · Generated Jun 5, 2026. The filing-backed figures above are the current source of truth.
Agree Realty Corporation’s balance sheet shows steady expansion over the five-year period, with total assets rising from about **$5.2 billion in 2021 to $9.8 billion in 2025**. That is a strong increase of roughly **87%**, reflecting continued growth in the company’s real estate portfolio and overall scale. Liabilities also increased, from **$1.8 billion to $3.5 billion**, but they grew more slowly than assets, suggesting that expansion has been supported by a manageable mix of debt and other obligations rather than excessive leverage. Stockholders’ equity increased consistently from **$3.4 billion in 2021 to $6.3 billion in 2025**, indicating that retained earnings and capital growth have outpaced liability growth over the period. The company’s equity base rose every year, with particularly meaningful growth in **2025** and **2022**, which supports a stronger capital position. For a net-lease REIT like Agree Realty, this pattern is generally consistent with an acquisition-driven growth strategy: balance-sheet expansion is common as the company acquires properties, often funded with a combination of debt and equity. Overall, the trend suggests a strengthening financial position with solid asset growth and a relatively controlled increase in leverage.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.