Agree Realty Corp

Latest Results (02.01.2026):

Agree Realty Corporation (Agree Realty Corp) — Third Quarter 2025: The company reported solid quarter-over-quarter and year-over-year operating results for Q3 2025, including higher net income, FFO and AFFO per share, robust investment activity across platforms, improved liquidity and an upgraded credit profile; management raised 2025 investment and AFFO guidance reflecting confidence in the portfolio and pipeline.

Earnings

Q3 2025 net income attributable to common stockholders was $50.3 million (up 18.2% year-over-year) and net income per share was $0.45 (up 7.9% YoY).

FFO / AFFO

Core FFO for Q3 2025 was $122.4 million and Core FFO per share was $1.09 (up 8.4% YoY). AFFO for Q3 2025 was $123.1 million and AFFO per share was $1.10 (up 7.2% YoY).

Investments & Acquisitions

The Company invested approximately $451 million in 110 retail net lease properties across its three external growth platforms during Q3; acquisition volume reported was ~$401.4 million for 90 net-leased properties at a weighted-average cap rate of 7.2%.

Development Activity

Commenced five development/Developer Funding Platform projects in Q3 with committed capital of about $51 million; eight projects completed in the quarter and several more remain under construction through 2026.

Dividend

Declared monthly dividends of $0.256 per common share for July–September 2025 (annualized $3.072, +2.4% YoY). Subsequent to quarter end the Company declared a $0.262 monthly dividend for October 2025 (annualized $3.144, +3.6% YoY).

Guidance

Agree Realty raised 2025 investment guidance to $1.50 billion–$1.65 billion and increased full-year AFFO per share guidance to $4.31–$4.33.

Balance Sheet & Liquidity

Quarter-end liquidity exceeded $1.9 billion (including $861.0 million revolver availability, ~$1.0 billion of outstanding forward equity and ~$16.9 million cash). Pro forma net debt to recurring EBITDA was 3.5x (5.1x excluding unsettled forward equity).

Capital Markets & Credit

Settled 3.5 million forward equity shares for net proceeds of ~$252 million in the quarter. Subsequent to quarter end, received commitments for an unsecured $350 million term loan (5.5-year, fixed effectively ~4.02% after swaps) and entered into forward-starting swaps to fix SOFR.

Portfolio & Leasing

Portfolio totaled 2,603 properties (≈53.7 million sq. ft.) at 99.7% occupancy with a weighted-average remaining lease term of ~8.0 years; Q3 leasing activity included ~859,000 sq. ft. of new leases/extensions/options.

Credit Rating

Achieved an A- issuer rating from Fitch Ratings with a stable outlook during the quarter, which management cited as validation of the balance sheet strength.