Private company
Art Design and Communication Joint Stock Company
Vietnamese joint-stock company.1
Last updated Oct 16, 2026.
Overview
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs71¢$512.3M
- Income tax0¢$1.7M
- Profit28¢$204.3M
Out of $718.4M in revenue.2
Where each dollar of operating cash went, fiscal 2025
- Dividends paid68¢$340.7M
- Share buybacks1¢$3.7M
- Kept or used elsewhere32¢$159.7M
Out of $504.1M of cash from operations.2
Financial statements
Every line of the income statement in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Rental income | $718.2M | $616.8M | $537.4M |
| Other | $235.0K | $273.0K | $92.0K |
| Total Revenues | $718.4M | $617.1M | $537.5M |
| Real estate taxes | $52.2M | $46.9M | $40.1M |
| Property operating expenses | $33.8M | $26.3M | $25.0M |
| Land lease expense | $2.1M | $1.6M | $1.7M |
| General and administrative | $44.1M | $37.2M | $34.8M |
| Depreciation and amortization | $239.3M | $207.0M | $176.3M |
| Provision for impairment | $11.9M | $7.2M | $7.2M |
| Total Operating Expenses | $383.4M | $326.3M | $285.0M |
| Gain on sale of assets, net | $5.4M | $11.5M | $1.8M |
| Loss on involuntary conversion, net | -$30.0K | -$67.0K | $0 |
| Income from Operations | $340.4M | $302.2M | $254.4M |
| Interest expense, net | -$134.6M | -$108.9M | -$81.1M |
| Income and other tax expense | -$1.7M | -$4.3M | -$2.9M |
| Other income | $941.0K | $799.0K | $189.0K |
| Net Income | $205.0M | $189.8M | $170.5M |
| Less net income attributable to non-controlling interest | $640.0K | $635.0K | $588.0K |
| Net income attributable to Agree Realty Corporation | $204.3M | $189.2M | $170.0M |
| Less Series A preferred stock dividends | $7.4M | $7.4M | $7.4M |
| Net Income Attributable to Common Stockholders | $196.9M | $181.8M | $162.5M |
| Basic (in USD per share) | $1.77 | $1.79 | $1.70 |
| Diluted (in USD per share) | $1.77 | $1.78 | $1.70 |
| Amortization of interest rate swaps | -$3.8M | -$2.8M | -$2.5M |
| Change in fair value and settlement of interest rate swaps | -$816.0K | $26.4M | -$4.5M |
| Total comprehensive income | $200.4M | $213.4M | $163.5M |
| Less comprehensive income attributable to non-controlling interest | $624.0K | $715.0K | $565.0K |
| Comprehensive Income Attributable to Agree Realty Corporation | $199.8M | $212.7M | $163.0M |
| Weighted Average Number of Common Shares Outstanding - Basic, (in shares) | 110.7M shares | 101.1M shares | 95.2M shares |
| Weighted Average Number of Common Shares Outstanding - Diluted, (in shares) | 111.2M shares | 101.9M shares | 95.4M shares |
Every line of the balance sheet in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2025-05-31 | 2025-04-30 |
|---|---|---|---|
| Land | $2.9B | ||
| Buildings | $6.3B | ||
| Less accumulated depreciation | -$715.7M | ||
| Real estate investments excluding property under development | $8.5B | ||
| Property under development | $62.7M | ||
| Net real estate investments | $8.6B | ||
| Cash and cash equivalents | $16.3M | ||
| Cash held in escrow | $4.3M | ||
| Accounts receivable - tenants, net | $122.5M | ||
| Lease intangibles, net of accumulated amortization of $576,945 and $461,419 at December 31, 2025 and December 31, 2024, respectively | $1.0B | ||
| Other assets, net | $80.8M | ||
| Total Assets | $9.8B | ||
| Mortgage notes payable, net | $41.5M | ||
| Unsecured term loan, net | $348.1M | ||
| Senior unsecured notes, net | $2.6B | ||
| Unsecured revolving credit facility and commercial paper notes | $320.5M | ||
| Dividends and distributions payable | $32.2M | ||
| Accounts payable, accrued expenses, and other liabilities | $139.4M | ||
| Lease intangibles, net of accumulated amortization of $49,797 and $46,003 at December 31, 2025 and December 31, 2024, respectively | $60.2M | ||
| Total Liabilities | $3.5B | ||
| Preferred stock, $.0001 par value per share, 4,000,000 shares authorized, 7,000 shares Series A outstanding, at stated liquidation value of $25,000 per share, at December 31, 2025 and December 31, 2024 | $175.0M | ||
| Common stock, $.0001 par value, 360,000,000 and 180,000,000 shares authorized, 120,028,406 and 107,248,705 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $12.0K | ||
| Additional paid-in-capital | $6.7B | ||
| Dividends in excess of net income | -$618.7M | ||
| Accumulated other comprehensive income | $35.5M | ||
| Total equity - Agree Realty Corporation | $6.3B | ||
| Non-controlling interest | $168.0K | ||
| Total Equity | $6.3B | ||
| Total Liabilities and Equity | $9.8B | ||
| Finite-lived intangible assets, accumulated amortization (in dollars) | $576.9M | ||
| Below market lease, accumulated amortization (in dollars) | $49.8M | ||
| Common stock, par value (in dollars per share) | $0.00 | ||
| Common stock, shares authorized (in shares) | 360.0M shares | 360.0M shares | 180.0M shares |
| Common stock, shares issued (in shares) | 120.0M shares | ||
| Common stock, shares outstanding (in shares) | 120.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $205.0M | $189.8M | $170.5M |
| Depreciation and amortization | $239.3M | $207.0M | $176.3M |
| Amortization from above (below) market lease intangibles, net | $36.4M | $33.2M | $33.1M |
| Amortization from financing costs, credit facility costs and debt discount | $7.4M | $6.3M | $4.7M |
| Stock-based compensation | $13.0M | $10.8M | $8.3M |
| Straight-line accrued rent | -$17.4M | -$12.7M | -$12.1M |
| Provision for impairment | $11.9M | $7.2M | $7.2M |
| Settlement of interest rate swaps | $13.6M | $4.4M | $0 |
| Gain on sale of assets | -$5.4M | -$11.5M | -$1.8M |
| Loss on involuntary conversion of assets | $30.0K | $67.0K | $0 |
| Change in accounts receivable | $1.2M | -$12.1M | -$5.1M |
| Change in other assets | -$6.6M | -$4.8M | $121.0K |
| Change in accounts payable, accrued expenses, and other liabilities | $5.7M | $14.3M | $10.4M |
| Net Cash Provided by Operating Activities | $504.1M | $432.0M | $391.6M |
| Acquisition of real estate investments and other assets | -$1.4B | -$877.2M | -$1.2B |
| Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $2,027 in 2025, $1,599 in 2024 and $1,957 in 2023) | -$145.4M | -$100.1M | -$82.4M |
| Payment of leasing costs | -$1.7M | -$2.4M | -$447.0K |
| Net proceeds from sale of assets | $42.1M | $94.3M | $13.8M |
| Net Cash Used in Investing Activities | -$1.5B | -$885.4M | -$1.3B |
| Proceeds from common stock offerings, net | $904.3M | $402.9M | $689.9M |
| Repurchase of common shares | -$3.7M | -$2.3M | -$2.7M |
| Unsecured revolving credit facility and commercial paper notes borrowings | $29.0B | $1.1B | $1.2B |
| Unsecured revolving credit facility and commercial paper notes repayments | -$28.8B | -$1.1B | -$1.1B |
| Payments of mortgage notes payable | -$1.0M | -$963.0K | -$5.5M |
| Proceeds from unsecured term loan | $0 | $0 | $350.0M |
| Proceeds from senior unsecured notes | $397.2M | $444.7M | $0 |
| Payments of senior unsecured notes | -$50.0M | $0 | $0 |
| Payment of Series A preferred dividends | -$7.4M | -$7.4M | -$7.4M |
| Payment of common stock dividends | -$340.7M | -$303.6M | -$277.7M |
| Distributions to non-controlling interest | -$1.1M | -$1.0M | -$1.0M |
| Payments for financing lease liability | $0 | -$6.1M | $0 |
| Payments for financing costs | -$6.9M | -$11.9M | -$3.5M |
| Net Cash Provided by Financing Activities | $1.1B | $445.3M | $869.0M |
| Change in Cash and Cash Equivalents and Cash Held in Escrow | $14.2M | -$8.1M | -$14.4M |
| Cash paid for interest (net of amounts capitalized) | $129.1M | $101.8M | $70.8M |
| Cash paid for income and other tax, net of refunds | $1.6M | $3.7M | $3.1M |
| Lease right of use assets added under new ground leases | $2.8M | $3.2M | $0 |
| Lease right of use assets removed as a result of acquisition of real property | -$2.7M | -$15.1M | $0 |
| Change in accrual of development, construction and other real estate investment costs | $14.0M | $6.6M | $2.8M |
Compare Art Design and Communication Joint Stock Company with another company
Timeline
- Dec 24, 2010Went public Listed on Hanoi Stock Exchange1
Sources
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