Agree Realty Corp

Latest Results (16.11.2025):

Agree Realty Corp reported its financial results for the fourth quarter and full-year ending December 31, 2024. The company noted a slight decline in quarterly net income per share but posted improvements in key operating metrics such as Core FFO and AFFO per share. Additionally, strategic investments, disciplined capital management including forward equity raises, and an enhanced liquidity profile supported the robust performance. The company also provided its initial 2025 AFFO per share guidance of $4.26 to $4.30, reinforcing its positive outlook for the coming year.

Fourth Quarter 2024 Performance

During Q4 2024, Agree Realty Corp experienced a 5.7% decrease in net income per share to $0.41, contrasted with a 3.5% increase in Core FFO per share to $1.02 and a 4.7% rise in AFFO per share to $1.04. The company invested approximately $371 million in 127 retail net lease properties and initiated eight development projects with a total committed capital of around $45 million. A monthly dividend of $0.253 per share was declared, reflecting a 2.4% year-over-year increase.

Full-Year 2024 Highlights

For the full-year 2024, Agree Realty Corp saw net income rise 11.8% to $181.8 million, with net income per share increasing 4.8% to $1.78. Core FFO per share grew 3.7% to $4.08, while AFFO per share climbed 4.6% to $4.14. The company strategically invested approximately $951 million in 282 retail net lease properties and executed 25 development projects with $115 million in committed capital, further bolstered by a successful forward equity raise and an upgraded credit rating from S&P Global Ratings.

2025 AFFO Guidance and Outlook

Agree Realty Corp provided its 2025 AFFO per share guidance in the range of $4.26 to $4.30. This forward-looking guidance is supported by the company’s strong liquidity of over $2 billion, a robust balance sheet, and a strategic pipeline of attractive investment opportunities across its growth platforms. The proactive capital allocation and disciplined financial management underscore the company’s confidence in achieving the stated guidance for 2025.