Agree Realty CorpADC

Agree Realty Corporation, the New York-listed REIT that likes to style itself as an ‘industry leader’ in net-leased retail, filed its latest 10-Q on 31 March 2026 showing $200.8 million in revenue, $62.1 million in net income attributable to shareholders, and a jaw-dropping $3.94 billion in total liabilities against $6.24 billion of equity. The same filing quietly records just $25.1 million in cash and cash equivalents-a figure that sits uneasily beside the glossy ‘ReThink Retail’ imagery of smiling storefronts and well-lit aisles. The company’s weighted-average diluted share count for the period was 120.4 million shares, an increase of 0.6 million from the prior quarter, and it will be updated again in the 8-K filed on 2 July 2026.

What the company actually does is acquire and develop single-tenant, net-leased retail properties across the United States, with a particular focus on Walmart-anchored locations. According to the company’s own product rail, ADC’s portfolio benefits from the $276 billion in net sales that Walmart U.S. generated in its fiscal year ended 31 January 2025, making it one of the most visible tenants in the U.S. retail environment. The ‘Acquire’ page promises continuous buying in ‘regions & acquisition criteria,’ while the ‘Partner’ page invites developers to tap into Agree’s ‘institutional access to capital.’ The balance sheet, however, shows that this access is currently parked in $25.1 million of cash.

Filings reveal that operating income for the quarter was $98.6 million, net cash provided by operating activities was $145.2 million, and diluted EPS clocked in at $0.50. The 10-Q also discloses weighted-average diluted shares outstanding of 120.4 million, up from 119.8 million in the prior quarter. Stockholders’ equity attributable to the parent stands at $6.24 billion, while total liabilities are $3.94 billion. The SEC filings do not include any segment-level breakdown of revenue beyond the broad ‘net-lease retail’ label, and there is no dividend figure or buyback detail in the March 2026 10-Q. The company’s cash position is also unchanged from the prior quarter, despite the $145.2 million of operating cash inflow.

For readers who like to track the mechanical plumbing of a REIT, the SEC submissions JSON for CIK 0000917251 is the cleanest route to the latest exhibits, including the 8-K filed on 2 July 2026 that updates the weighted-average share count. The companyfacts JSON offers XBRL tags for revenue, net income, EPS, and cash, but it stops short of segment-level granularity or forward guidance. TradingView users can pull the NYSE-listed ADC chart using the standard equity route; the file itself contains no valuation commentary or analyst estimates, so any chart reading beyond the raw price action is editorial extrapolation.

What changed this week: on 2 July 2026, ADC filed an 8-K updating the weighted-average share count for the six months ended 30 June 2026; there were no earnings releases, M&A updates, or governance changes in the evidence rail. What remains unproven: the company has not provided segment-level revenue detail, free-cash-flow figures, or any updated guidance since the March 2026 10-Q. Evidence that would deepen the file includes a quarterly update with segment-level revenue, a dividend declaration, a buyback announcement, or a 10-K-style property-level breakdown. The SEC filings are the primary rail; everything else is marketing collateral until the numbers say otherwise.