Agree Realty Corp

Latest Results (27.09.2025):

Agree Realty Corp reported its financial results for the fourth quarter and full year ended December 31, 2024. While the net income per share for the quarter decreased by 5.7%, the company saw growth in both Core Funds from Operations and Adjusted Funds from Operations per share. Additionally, Agree Realty Corp declared increased dividends and successfully raised substantial capital through equity offerings, positioning itself with a strong liquidity profile moving into 2025.

Quarterly Net Income and Earnings Per Share

For the fourth quarter of 2024, Agree Realty Corp's net income per share attributable to common stockholders decreased by 5.7% to $0.41 compared to $0.44 in the same quarter of 2023. Despite this decline, the full-year net income per share increased by 4.8% to $1.78.

Growth in Core and Adjusted Funds from Operations

Core Funds from Operations (Core FFO) per share rose by 3.5% to $1.02 in the fourth quarter of 2024, while Adjusted Funds from Operations (AFFO) per share increased by 4.7% to $1.04. For the full year, Core FFO per share grew by 3.7% to $4.08 and AFFO per share by 4.6% to $4.14.

Dividend Increases

Agree Realty Corp declared a monthly dividend of $0.253 per common share for October, November, and December 2024, reflecting a 2.4% year-over-year increase. For the full year, dividends totaled $3.00 per share, up by 2.8% compared to 2023.

Capital Raising and Equity Offerings

The company completed a forward equity offering of 5.1 million shares, raising approximately $368 million, and sold an additional 0.7 million shares through its at-the-market program, generating around $55 million. Overall, Agree Realty Corp raised approximately $1.1 billion in forward equity, strengthening its liquidity position to over $2.0 billion.

Investment and Portfolio Expansion

In the fourth quarter, Agree Realty Corp invested $371 million in 127 retail net lease properties and initiated eight development projects with a total committed capital of $45 million. By the end of 2024, the company's portfolio comprised 2,370 properties with a 99.6% occupancy rate and a weighted-average remaining lease term of approximately 7.9 years.