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Side-by-side financial comparison of AGREE REALTY CORP (ADC) and FIRST INDUSTRIAL REALTY TRUST INC (FR). Click either name above to swap in a different company.
AGREE REALTY CORP is the larger business by last-quarter revenue ($200.8M vs $194.8M, roughly 1.0× FIRST INDUSTRIAL REALTY TRUST INC). FIRST INDUSTRIAL REALTY TRUST INC runs the higher net margin — 75.9% vs 31.0%, a 44.9% gap on every dollar of revenue. On growth, AGREE REALTY CORP posted the faster year-over-year revenue change (18.7% vs 10.0%). Over the past eight quarters, AGREE REALTY CORP's revenue compounded faster (14.7% CAGR vs 8.9%).
Duke Realty was a real estate investment trust (REIT) based in Indianapolis, Indiana, that invested in industrial properties. As of December 31, 2021, it owned or jointly controlled 548 primarily industrial properties containing 162.7 million rentable square feet. In October 2022, it was acquired by Prologis.
First Potomac Realty Trust was a real estate investment trust that invested in industrial properties and business parks in the suburbs of the Washington metropolitan area. In 2017, it was acquired by Government Properties Income Trust.
ADC vs FR — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $200.8M | $194.8M |
| Net Profit | $62.2M | $147.9M |
| Gross Margin | — | — |
| Operating Margin | 49.1% | — |
| Net Margin | 31.0% | 75.9% |
| Revenue YoY | 18.7% | 10.0% |
| Net Profit YoY | 32.0% | 179.7% |
| EPS (diluted) | $1.04 | $1.08 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $200.8M | $194.8M | ||
| Q4 25 | $190.5M | $188.4M | ||
| Q3 25 | $183.2M | $181.4M | ||
| Q2 25 | $175.5M | $180.2M | ||
| Q1 25 | $169.2M | $177.1M | ||
| Q4 24 | $160.7M | $175.6M | ||
| Q3 24 | $154.3M | $167.6M | ||
| Q2 24 | $152.6M | $164.1M |
| Q1 26 | $62.2M | $147.9M | ||
| Q4 25 | $56.0M | $78.8M | ||
| Q3 25 | $52.1M | $65.3M | ||
| Q2 25 | $49.2M | $55.2M | ||
| Q1 25 | $47.0M | $48.1M | ||
| Q4 24 | $45.2M | $68.4M | ||
| Q3 24 | $44.4M | $99.4M | ||
| Q2 24 | $54.7M | $51.3M |
| Q1 26 | 49.1% | — | ||
| Q4 25 | 48.5% | 34.6% | ||
| Q3 25 | 47.6% | 37.0% | ||
| Q2 25 | 46.7% | 31.7% | ||
| Q1 25 | 46.5% | 31.2% | ||
| Q4 24 | 46.9% | 40.1% | ||
| Q3 24 | 48.2% | 62.6% | ||
| Q2 24 | 53.7% | 31.8% |
| Q1 26 | 31.0% | 75.9% | ||
| Q4 25 | 29.4% | 41.8% | ||
| Q3 25 | 28.4% | 36.0% | ||
| Q2 25 | 28.0% | 30.6% | ||
| Q1 25 | 27.8% | 27.2% | ||
| Q4 24 | 28.1% | 39.0% | ||
| Q3 24 | 28.8% | 59.3% | ||
| Q2 24 | 35.9% | 31.3% |
| Q1 26 | $1.04 | $1.08 | ||
| Q4 25 | $0.47 | $0.60 | ||
| Q3 25 | $0.45 | $0.49 | ||
| Q2 25 | $0.43 | $0.42 | ||
| Q1 25 | $0.42 | $0.36 | ||
| Q4 24 | $0.41 | $0.51 | ||
| Q3 24 | $0.42 | $0.75 | ||
| Q2 24 | $0.52 | $0.39 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $25.1M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $6.2B | $2.9B |
| Total Assets | $10.2B | $5.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $25.1M | — | ||
| Q4 25 | $16.3M | $78.0M | ||
| Q3 25 | $13.7M | $33.5M | ||
| Q2 25 | $5.8M | $34.9M | ||
| Q1 25 | $7.9M | $35.7M | ||
| Q4 24 | $6.4M | $44.5M | ||
| Q3 24 | $13.2M | $47.1M | ||
| Q2 24 | $9.6M | $38.5M |
| Q1 26 | $6.2B | $2.9B | ||
| Q4 25 | $6.3B | $2.7B | ||
| Q3 25 | $5.9B | $2.7B | ||
| Q2 25 | $5.7B | $2.6B | ||
| Q1 25 | $5.6B | $2.7B | ||
| Q4 24 | $5.5B | $2.7B | ||
| Q3 24 | $5.3B | $2.6B | ||
| Q2 24 | $5.2B | $2.6B |
| Q1 26 | $10.2B | $5.8B | ||
| Q4 25 | $9.8B | $5.7B | ||
| Q3 25 | $9.5B | $5.5B | ||
| Q2 25 | $9.1B | $5.5B | ||
| Q1 25 | $8.8B | $5.4B | ||
| Q4 24 | $8.5B | $5.3B | ||
| Q3 24 | $8.2B | $5.2B | ||
| Q2 24 | $8.0B | $5.2B |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
