Common and Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

The following table summarizes the ATM programs that were in place during 2025, 2024 and 2023 (dollars in millions):


Program		Program Size	Total Forward Shares Sold		Total Forward Shares Settled	Total Forward Shares Outstanding as of December 31, 2025		Total Net Proceeds Anticipated or Received from Forward Shares Sold
September 2022	(1)	$750.0	10,217,973		10,217,973	—		$670.3
February 2024	(1)	$1,000.0	10,409,017		10,409,017	—		$705.3
October 2024		$1,250.0	4,444,245	(2)	—	4,444,245	(3)	$330.3

(1)Applicable ATM program terminated and no future forward sales will occur under the program.

(2)After considering the shares of common stock sold subject to forward sale agreements under the program, the Company had approximately $914.5 million of availability under the October 2024 Program as of December 31, 2025.

(3)The Company is required to settle the outstanding forward shares of common stock under the program by dates between June 2026 and May 2027.

Schedule of ATM activity

The following table summarizes the ATM activity completed during the periods presented:


	Year Ended December 31,
	2025	2024	2023
Shares of common stock sold under the ATM programs	4,275,968	10,598,037	5,846,998
Shares of common stock settled under the ATM programs	7,633,519	6,630,112	6,117,768
Net proceeds received (in millions)	$538.3	$403.8	$415.4

AGREE REALTY CORP 10-K