Agree Realty Corporation (ADC) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the Agri Realty fourth quarter 2025 conference call. All participants will be in listen-only mode. Should you need assistance, please signal conference specialists by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star one a second time. Please limit yourself to two questions during this call. Note, this event is being recorded. I would now like to turn the conference over to Ruben Treatman, Senior Director of Corporate Finance. Please go ahead, Ruben. Thank you. Good morning, everyone, and thank you for joining us for AgriRealty's fourth quarter 2025 earnings call. Before turning the call over to Joey and Peter to discuss our results for the quarter, let me first run through the cautionary language. Please note that during this call, we'll make certain statements that may be considered forward-looking under federal securities law, including statements related to our 2026 guidance. Our actual results may differ significantly from the matters discussed in any forward-looking statements for a number of reasons. Please see yesterday's earnings release and our SEC filings, including our latest annual report on Form 10-K, for discussion of various risks and uncertainties underlying our forward-looking statements. In addition, we discussed non-GAAP financial measures including core funds from operations or core FFO, adjusted funds from operations or AFFO, and net set to recurring EBITDA. Reconciliations of our historical non-GAAP financial measures to the most directly comparable GAAP measures can be found on our earnings release website and SEC filings. I'll now turn ...