ADCMEDIUM SIGNALFINANCIAL10-K

ADC executed significant expansion through $1.57 billion in net-leased retail real estate investments while growing its portfolio from 2,370 to 2,674 properties.

The company is in active growth mode, adding over 300 properties and expanding its footprint by approximately 6.7 million square feet of gross leasable area. The removal of pandemic-related risk language suggests management views macroeconomic headwinds as diminishing, while maintaining strong occupancy at 99.7% indicates healthy portfolio performance.

Comparing 2026-02-10 vs 2025-02-11View on EDGAR →
FINANCIAL ANALYSIS

ADC demonstrated solid operational execution with revenue growing 16.4% to $718.4M and operating cash flow expanding to $504.1M. The company funded its expansion through increased debt (+38.2% to $1.7B), resulting in higher interest expense of $81.1M, while capital expenditures declined 27% as the investment focus shifted toward acquisitions. Balance sheet metrics remained healthy with assets growing to $9.8B and stockholders' equity increasing 13.8% to $6.3B.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+64%
$2.3M→$3.7M

Share repurchases increased 64% — management returning capital, signals confidence in intrinsic value.

Total Debt
Balance Sheet
+38.2%
$1.2B→$1.7B

Debt increased 38.2% — substantial leverage increase; assess whether deployed for growth or covering losses.

Interest Expense
P&L
+27.9%
$63.4M→$81.1M

Interest costs rose 27.9% — monitor debt levels and coverage ratio in rising rate environment.

Capital Expenditure
Cash Flow
-27.1%
$1.2B→$874.5M

Capex reduced 27.1% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Dividends Paid
Cash Flow
+21.8%
$20.9M→$25.4M

Dividend payments increased 21.8% — management confidence in sustained cash generation.

Total Liabilities
Balance Sheet
+18.5%
$3.0B→$3.5B

Liabilities increased 18.5% — monitor debt-to-equity ratio and interest coverage.

Operating Cash Flow
Cash Flow
+16.7%
$432.0M→$504.1M

Operating cash flow grew 16.7% — strong conversion of earnings to cash, healthy business fundamentals.

Revenue
P&L
+16.4%
$617.1M→$718.4M

Revenue growing 16.4% — solid top-line momentum, watch margins for quality of growth.

Total Assets
Balance Sheet
+15.5%
$8.5B→$9.8B

Asset base grew 15.5% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
+13.8%
$5.5B→$6.3B

Equity base grew 13.8% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-10
PRIOR — 2025-02-11
ADDED
At February 9, 2026, there were 120,028,299 shares of common stock, $.0001 par value per share, outstanding.
As of December 31, 2025, the Company s portfolio consisted of 2,674 properties located in all 50 states and totaling approximately 55.5 million square feet of Gross Leasable Area ( GLA ).
The portfolio was approximately 99.7% leased and had a weighted average remaining lease term of approximately 7.8 years.
As of December 31, 2025, the Company had 90 full-time employees, covering accounting, acquisitions, asset management, development and construction, finance, information technology, legal, due diligence, and people and culture.
Investments and Disposition Activity During 2025, the Company completed approximately $1.57 billion of investments in net leased retail real estate.
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REMOVED
At February 10, 2025, there were 107,248,705 shares of common stock, $.0001 par value per share, outstanding.
Currently, one of the most significant factors, however, is the adverse effect of macroeconomic conditions, including inflation and the potential impacts of pandemics, epidemics or other public health emergencies or fear of such events on the financial condition, results of operations, cash flows and performance of the Company and its tenants, the real estate market and the global economy and financial markets.
The extent to which macroeconomic trends may impact the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence.
Moreover, you should interpret many of the risks identified in this report, as well as the risks set forth below, as being heightened as a result of the ongoing and numerous adverse impacts of macroeconomic conditions.
As of December 31, 2024, the Company s portfolio consisted of 2,370 properties located in all 50 states and totaling approximately 48.8 million square feet of Gross Leasable Area ( GLA ).
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