Agree Realty Corporation Reports Fourth Quarter and Full Year 2025 Results

About this update from Agree Realty Corporation

[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":480,"height":254,"url":"https://media.zenfs.com/en/business-wire.com/e567c0c52d47bd0ee5f5c4dd5479e584"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/gD37qDulN3UBRXiFJ1aEjQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTUwODtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/e567c0c52d47bd0ee5f5c4dd5479e584","width":480,"height":254}},"lazy":false},{"type":"text","content":" Provides Initial 2026 AFFO Per Share Guidance of $4.54 to $4.58 ","length":63,"tagName":"p","attribs":{}},{"type":"text","content":" Increases 2026 Investment Guidance to $1.4 Billion to $1.6 Billion ","length":66,"tagName":"p","attribs":{}},{"type":"text","content":" ROYAL OAK, Mich., February 10, 2026 --( BUSINESS WIRE )--Agree Realty Corporation (NYSE: ADC) (the "Company") today announced results for the quarter and full year ended December 31, 2025. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.","length":298,"tagName":"p"},{"type":"text","content":" Fourth Quarter 2025 Financial and Operating Highlights: ","length":55,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Invested approximately $377 million in 94 retail net lease properties across all three external growth platforms","length":112,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Commenced four development or Developer Funding Platform ("DFP") projects for total committed capital of approximately $35 million","length":140,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net Income per share attributable to common stockholders increased 13.5% to $0.47","length":81,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Core Funds from Operations ("Core FFO") per share increased 7.3% to $1.10","length":83,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Adjusted Funds from Operations ("AFFO") per share increased 6.5% to $1.11","length":83,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Declared a monthly dividend of $0.262 per common share for December, a 3.6% year-over-year increase","length":99,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Closed an unsecured $350 million 5.5-year term loan (the "Term Loan") with a fixed rate of 4.02% inclusive of prior hedging activity","length":142,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Sold 1.5 million shares of common stock via the forward component of the Company’s at-the-market equity ("ATM") program for anticipated net proceeds of approximately $109 million","length":188,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Settled 5.9 million shares of outstanding forward equity for net proceeds of approximately $428 million","length":103,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Balance sheet positioned for growth at 3.8 times proforma net debt to recurring EBITDA; 4.9 times excluding unsettled forward equity","length":132,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":1163,"olType":false},{"type":"text","content":" Full Year 2025 Financial and Operating Highlights: ","length":50,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Invested approximately $1.55 billion in 338 retail net lease properties across all three external growth platforms","length":114,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Commenced 14 development or DFP projects for total committed capital of approximately $118 million","length":98,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net Income per share attributable to common stockholders decreased 0.7% to $1.77","length":80,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Core FFO per share increased 5.1% to $4.28","length":42,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"AFFO per share increased 4.6% to $4.33","length":38,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Declared dividends of $3.081 per share, a 2.7% year-over-year increase","length":70,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Achieved an A- issuer rating from Fitch Ratings with a stable outlook","length":69,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Completed a public bond offering of $400 million of 5.60% senior unsecured notes due 2035 with an all-in rate of 5.35% inclusive of prior hedging activity","length":154,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Raised approximately $714 million of forward equity via the Company's ATM program and an overnight offering","length":111,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Over $2.0 billion of liquidity at year end including availability on the revolving credit facility and Term Loan, outstanding forward equity, and cash on hand","length":158,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":934,"olType":false},{"type":"readMore"},{"type":"text","content":" Financial Results ","length":17,"tagName":"p"},{"type":"text","content":" Net Income Attributable to Common Stockholders ","length":46,"tagName":"p"},{"type":"text","content":"Net Income for the three months ended December 31, 2025 increased 24.9% to $54.2 million, compared to Net Income of $43.4 million for the comparable period in 2024. Net Income per share for the three months ended December 31 st increased 13.5% to $0.47 compared to Net Income per share of $0.41 for the comparable period in 2024.","length":328,"tagName":"p"},{"type":"text","content":"Net Income for the twelve months ended December 31, 2025 increased 8.3% to $196.9 million, compared to Net Income of $181.8 million for the comparable period in 2024. Net Income per share for the twelve months ended December 31 st decreased 0.7% to $1.77 compared to Net Income per share of $1.78 for the comparable period in 2024.","length":330,"tagName":"p"},{"type":"text","content":" Core FFO ","length":8,"tagName":"p"},{"type":"text","content":"Core FFO for the three months ended December 31, 2025 increased 17.8% to $126.8 million, compared to Core FFO of $107.6 million for the comparable period in 2024. Core FFO per share for the three months ended December 31 st increased 7.3% to $1.10, compared to Core FFO per share of $1.02 for the comparable period in 2024.","length":322,"tagName":"p"},{"type":"text","content":"Core FFO for the twelve months ended December 31, 2025 increased 14.7% to $477.8 million, compared to Core FFO of $416.7 million for the comparable period in 2024. Core FFO per share for the twelve months ended December 31 st increased 5.1% to $4.28, compared to Core FFO per share of $4.08 for the comparable period in 2024.","length":324,"tagName":"p"},{"type":"text","content":" AFFO ","length":4,"tagName":"p"},{"type":"text","content":"AFFO for the three months ended December 31, 2025 increased 16.9% to $128.0 million, compared to AFFO of $109.5 million for the comparable period in 2024. AFFO per share for the three months ended December 31 st increased 6.5% to $1.11, compared to AFFO per share of $1.04 for the comparable period in 2024.","length":306,"tagName":"p"},{"type":"text","content":"AFFO for the twelve months ended December 31, 2025 increased 14.2% to $482.8 million, compared to AFFO of $422.8 million for the comparable period in 2024. AFFO per share for the twelve months ended December 31 st increased 4.6% to $4.33, compared to AFFO per share of $4.14 for the comparable period in 2024.","length":308,"tagName":"p"},{"type":"text","content":" Dividend ","length":8,"tagName":"p"},{"type":"text","content":"In the fourth quarter, the Company declared monthly cash dividends of $0.262 per common share for each of October, November and December 2025. The monthly dividends declared during the fourth quarter reflect an annualized dividend amount of $3.144 per common share, representing a 3.6% year-over-year increase. The dividends represent payout ratios of approximately 72% of Core FFO per share and 71% of AFFO per share, respectively.","length":432,"tagName":"p"},{"type":"text","content":"For the twelve months ended December 31, 2025, the Company declared monthly cash dividends totaling $3.081 per common share, representing a 2.7% year-over-year increase. The dividends represent payout ratios of approximately 72% of Core FFO per share and 71% of AFFO per share, respectively.","length":291,"tagName":"p"},{"type":"text","content":"Subsequent to quarter end, the Company declared monthly cash dividends of $0.262 per common share for each of January and February 2026. The monthly dividends reflect an annualized dividend amount of $3.144 per common share, representing a 3.6% year-over-year increase. The January dividend is payable on February 13, 2026 to stockholders of record at the close of business on January 30, 2026. The February dividend is payable on March 13, 2026 to stockholders of record at the close of business on February 27, 2026.","length":518,"tagName":"p"},{"type":"text","content":"Additionally, subsequent to quarter end, the Company declared monthly cash dividends for each of January and February 2026 on its 4.25% Series A Cumulative Redeemable Preferred Stock of $0.08854 per depositary share, which is equivalent to $1.0625 per annum. The January dividend was paid on February 2, 2026, and the February dividend is payable on March 2, 2026 to stockholders of record at the close of business on February 20, 2026.","length":436,"tagName":"p"},{"type":"text","content":" Earnings Guidance ","length":17,"tagName":"p"},{"type":"text","content":"The table below provides estimates for significant components of our 2026 earnings guidance.","length":92,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:74%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;padding-right:0.0px;text-align:center;list-style-position:inside;width:25%;","val":[{"type":"text","content":" 2026 ","length":4,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:74%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;text-align:center;list-style-position:inside;width:25%;","val":[{"type":"text","content":" Guidance ","length":8,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"background-color:#CCEEFF;padding-left:0.0px;width:74%;","val":[{"type":"text","content":"AFFO per share (1)(2) 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expense","length":28,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;text-align:center;list-style-position:inside;width:25%;","val":[{"type":"text","content":"$2 to $3 million","length":16,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"background-color:#CCEEFF;padding-left:0.0px;width:74%;","val":[{"type":"text","content":"Treasury stock method dilution (6) ","length":33,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;text-align:center;list-style-position:inside;width:25%;","val":[{"type":"text","content":"Approximately $0.01","length":19,"tagName":"p","attribs":{}}]}]}],"length":425},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:0.0px;","val":[{"type":"text","content":" ","length":6,"tagName":"p"},{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:5.0px;","val":[{"type":"text","content":" The Company’s 2026 guidance is subject to risks and uncertainties more fully described in this press release and in the Company’s filings with the Securities and Exchange Commission (the "SEC"). ","length":204,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;padding-right:0.0px;padding-bottom:4.0px;vertical-align:top;width:2%;","val":[{"type":"text","content":" (1) ","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;width:98%;padding-left:5.0px;","val":[{"type":"text","content":" The Company does not provide guidance with respect to the most directly comparable GAAP financial measure or provide reconciliations to GAAP from its forward-looking non-GAAP financial measure of AFFO per share guidance due to the inherent difficulty of forecasting the effect, timing and significance of certain amounts in the reconciliation that would be required by Item 10(e)(1)(i)(B) of Regulation S-K. Examples of these amounts include impairments of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions or developments. In addition, certain non-recurring items may also significantly affect net income but are generally adjusted for in AFFO. Based on our historical experience, the dollar amounts of these items could be significant and could have a material impact on the Company’s GAAP results for the guidance period. ","length":877,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;padding-right:0.0px;padding-bottom:4.0px;vertical-align:top;width:2%;","val":[{"type":"text","content":" (2) ","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;width:98%;padding-left:5.0px;","val":[{"type":"text","content":" The Company's AFFO per share guidance utilizes the current forward SOFR curve to forecast interest expense related to any outstanding commercial paper notes and revolver borrowings during the year. ","length":201,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;padding-right:0.0px;padding-bottom:4.0px;vertical-align:top;width:2%;","val":[{"type":"text","content":" (3) ","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;width:98%;padding-left:5.0px;","val":[{"type":"text","content":" Reflects an increase from the prior 2026 investment volume guidance of $1.25 billion to $1.50 billion, issued on January 5, 2026. ","length":129,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;padding-right:0.0px;padding-bottom:4.0px;vertical-align:top;width:2%;","val":[{"type":"text","content":" (4) ","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;width:98%;padding-left:5.0px;","val":[{"type":"text","content":" Adjusted revenue equates to "Total Revenues" as presented in our consolidated statements of operations and comprehensive income, excluding the amortization of above and below market lease intangibles. ","length":210,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;padding-right:0.0px;padding-bottom:4.0px;vertical-align:top;width:2%;","val":[{"type":"text","content":" (5) ","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;width:98%;padding-left:5.0px;","val":[{"type":"text","content":" Cash G&A expense is expected to be in a range of 3.7% to 4.0% of adjusted revenue. Cash G&A is defined as "General and administrative" expenses as presented in our consolidated statements of operations and comprehensive income, less stock-based compensation expense. ","length":284,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;padding-right:0.0px;padding-bottom:4.0px;vertical-align:top;width:2%;","val":[{"type":"text","content":" (6) ","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;width:98%;padding-left:5.0px;","val":[{"type":"text","content":" Represents the estimated dilutive impact of the Company’s outstanding forward equity calculated in accordance with the treasury stock method, which is included in the AFFO per share guidance range. ","length":197,"tagName":"p","attribs":{}}]}]}],"length":2120},{"type":"text","content":" CEO Comments ","length":12,"tagName":"p"},{"type":"text","content":""We are pleased with our performance during 2025, investing approximately $1.55 billion to further strengthen our best‑in‑class retail portfolio," said Joey Agree, President and Chief Executive Officer. "We paired this robust capital deployment with proactive balance sheet management, raising approximately $1.5 billion of long-term capital and achieving an A‑ issuer rating with a stable outlook from Fitch Ratings. We enter 2026 with over $2.0 billion of liquidity and strong investment pipelines, putting us in excellent position to achieve our full-year 2026 AFFO per share guidance of $4.54 to $4.58."","length":627,"tagName":"p"},{"type":"text","content":" Portfolio Update ","length":16,"tagName":"p"},{"type":"text","content":"As of December 31, 2025, the Company’s portfolio consisted of 2,674 properties located in all 50 states and contained approximately 55.5 million square feet of gross leasable area. At year end, the portfolio was approximately 99.7% leased, had a weighted-average remaining lease term of approximately 7.8 years, and generated 66.8% of annualized base rents from investment grade retail tenants.","length":394,"tagName":"p"},{"type":"text","content":" Ground Lease Portfolio ","length":22,"tagName":"p"},{"type":"text","content":"During the fourth quarter, the Company acquired 15 ground leases for an aggregate purchase price of approximately $68.3 million, representing 18.2% of annualized base rents acquired. Ground leased properties acquired include three geographically diverse Lowe’s; a McDonald’s and Longhorn Steakhouse in Flanders, New Jersey; a Sheetz in Oregon, Ohio; and a Home Depot in Macomb, Michigan.","length":387,"tagName":"p"},{"type":"text","content":"As of December 31, 2025, the Company’s ground lease portfolio consisted of 251 leases located in 39 states and totaled approximately 7.0 million square feet of gross leasable area. Properties ground leased to tenants represented 10.2% of annualized base rents.","length":260,"tagName":"p"},{"type":"text","content":"At year end, the ground lease portfolio was fully occupied, had a weighted-average remaining lease term of approximately 9.0 years, and generated 89.1% of annualized base rents from investment grade retail tenants.","length":214,"tagName":"p"},{"type":"text","content":" Acquisitions ","length":12,"tagName":"p"},{"type":"text","content":"Total acquisition volume for the fourth quarter was approximately $347.4 million and included 78 properties net leased to leading retailers operating in sectors including home improvement, auto parts, grocery stores, farm and rural supply, convenience stores, and tire and auto service. The properties are located in 33 states and leased to tenants operating in 18 sectors.","length":373,"tagName":"p"},{"type":"text","content":"The properties were acquired at a weighted-average capitalization rate of 7.1% and had a weighted-average remaining lease term of approximately 9.6 years. Approximately 65.7% of annualized base rents acquired were generated from investment grade retail tenants.","length":261,"tagName":"p"},{"type":"text","content":"For the twelve months ended December 31, 2025, total acquisition volume was approximately $1.44 billion. The 305 acquired properties are located in 41 states and leased to tenants who operate in 29 retail sectors. The properties were acquired at a weighted-average capitalization rate of 7.2% and had a weighted-average remaining lease term of approximately 11.5 years. Approximately 64.9% of annualized base rents were generated from investment grade retail tenants.","length":467,"tagName":"p"},{"type":"text","content":" Dispositions ","length":12,"tagName":"p"},{"type":"text","content":"During the fourth quarter, the Company sold nine properties for gross proceeds of approximately $20.4 million. The dispositions were completed at a weighted-average capitalization rate of 6.4%.","length":193,"tagName":"p"},{"type":"text","content":"During the twelve months ended December 31, 2025, the Company sold 22 properties for gross proceeds of approximately $44.1 million. The dispositions were completed at a weighted-average capitalization rate of 6.9%.","length":214,"tagName":"p"},{"type":"text","content":"The Company’s disposition guidance for 2026 is between $25 million and $75 million.","length":83,"tagName":"p"},{"type":"text","content":" Development and Developer Funding Platform ","length":42,"tagName":"p"},{"type":"text","content":"During the fourth quarter, the Company commenced four development or DFP projects, with total anticipated costs of approximately $35.3 million. Construction continued during the quarter on nine projects with anticipated costs totaling approximately $58.8 million. The Company completed three projects during the quarter with total costs of approximately $29.4 million.","length":368,"tagName":"p"},{"type":"text","content":"For the twelve months ended December 31, 2025, the Company had 34 development or DFP projects completed or under construction with anticipated total costs of approximately $225.3 million. 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presented above exclude the effect of replacement tenant leases that had been executed as of December 31, 2025, but that had not yet commenced. 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","length":500,"tagName":"p","attribs":{}},{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]}],"length":801},{"type":"text","content":" Top Tenants ","length":11,"tagName":"p"},{"type":"text","content":"The following table presents annualized base rents for all tenants that represent 1.5% or greater of the Company’s total annualized base rent as of December 31, 2025:","length":166,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:48%;","val":[{"type":"text","content":" ","leng...

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