Agree Realty Corporation Reports Third Quarter 2025 Results

About this update from Agree Realty Corporation

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All per share amounts included herein are on a diluted per common share basis unless otherwise stated.","length":284,"tagName":"p"},{"type":"text","content":" Third Quarter 2025 Financial and Operating Highlights: ","length":54,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Invested approximately $451 million in 110 retail net lease properties across all three external growth platforms","length":113,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Commenced five development or Developer Funding Platform ("DFP") projects for total committed capital of approximately $51 million","length":140,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net Income per share attributable to common stockholders increased 7.9% to $0.45","length":80,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Core Funds from Operations ("Core FFO") per share increased 8.4% to $1.09","length":83,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Adjusted Funds from Operations ("AFFO") per share increased 7.2% to $1.10","length":83,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Declared a monthly dividend of $0.256 per common share for September, a 2.4% year-over-year increase","length":100,"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":"Settled 3.5 million shares of outstanding forward equity for net proceeds of approximately $252 million","length":103,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Balance sheet positioned for growth at 3.5 times proforma net debt to recurring EBITDA; 5.1 times excluding unsettled forward equity","length":132,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Over $1.9 billion of liquidity at quarter end including availability on the revolving credit facility, outstanding forward equity, and cash on hand","length":147,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":1050,"olType":false},{"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 September 30, 2025 increased 18.2% to $50.3 million, compared to Net Income of $42.5 million for the comparable period in 2024. Net Income per share for the three months ended September 30 th increased 7.9% to $0.45 compared to Net Income per share of $0.42 for the comparable period in 2024.","length":329,"tagName":"p"},{"type":"text","content":"Net Income for the nine months ended September 30, 2025 increased 3.1% to $142.7 million, compared to Net Income of $138.4 million for the comparable period in 2024. Net Income per share for the nine months ended September 30 th decreased 5.3% to $1.30 compared to Net Income per share of $1.37 for the comparable period in 2024.","length":328,"tagName":"p"},{"type":"text","content":" Core FFO ","length":8,"tagName":"p"},{"type":"text","content":"Core FFO for the three months ended September 30, 2025 increased 18.9% to $122.4 million, compared to Core FFO of $102.9 million for the comparable period in 2024. Core FFO per share for the three months ended September 30 th increased 8.4% to $1.09, compared to Core FFO per share of $1.01 for the comparable period in 2024.","length":324,"tagName":"p"},{"type":"readMore"},{"type":"text","content":"Core FFO for the nine months ended September 30, 2025 increased 13.5% to $351.0 million, compared to Core FFO of $309.1 million for the comparable period in 2024. Core FFO per share for the nine months ended September 30 th increased 4.3% to $3.18, compared to Core FFO per share of $3.05 for the comparable period in 2024.","length":322,"tagName":"p"},{"type":"text","content":" AFFO ","length":4,"tagName":"p"},{"type":"text","content":"AFFO for the three months ended September 30, 2025 increased 17.5% to $123.1 million, compared to AFFO of $104.8 million for the comparable period in 2024. AFFO per share for the three months ended September 30 th increased 7.2% to $1.10, compared to AFFO per share of $1.03 for the comparable period in 2024.","length":308,"tagName":"p"},{"type":"text","content":"AFFO for the nine months ended September 30, 2025 increased 13.2% to $354.8 million, compared to AFFO of $313.3 million for the comparable period in 2024. AFFO per share for the nine months ended September 30 th increased 4.0% to $3.22, compared to AFFO per share of $3.10 for the comparable period in 2024.","length":306,"tagName":"p"},{"type":"text","content":" Dividend ","length":8,"tagName":"p"},{"type":"text","content":"In the third quarter, the Company declared monthly cash dividends of $0.256 per common share for each of July, August and September 2025. The monthly dividends declared during the third quarter reflect an annualized dividend amount of $3.072 per common share, representing a 2.4% year-over-year increase. The dividends represent payout ratios of approximately 70% of Core FFO per share and 70% of AFFO per share, respectively.","length":426,"tagName":"p"},{"type":"text","content":"For the nine months ended September 30, 2025, the Company declared monthly cash dividends totaling $2.295 per common share, representing a 2.4% 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":290,"tagName":"p"},{"type":"text","content":"Subsequent to quarter end, the Company declared a monthly cash dividend of $0.262 per common share for October 2025. The monthly dividend reflects an annualized dividend amount of $3.144 per common share, representing a 3.6% year-over-year increase. The October dividend is payable on November 14, 2025 to stockholders of record at the close of business on October 31, 2025.","length":374,"tagName":"p"},{"type":"text","content":"Additionally, subsequent to quarter end, the Company declared a monthly cash dividend 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 dividend is payable on November 3, 2025 to stockholders of record at the close of business on October 24, 2025.","length":337,"tagName":"p"},{"type":"text","content":" Earnings Guidance ","length":17,"tagName":"p"},{"type":"text","content":"The table below provides estimates for significant components of our 2025 earnings guidance. In addition, the AFFO per share guidance range includes an estimate for the dilutive impact of the Company's outstanding forward equity calculated in accordance with the treasury stock method.","length":289,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:46%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:2%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:25%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:2%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:25%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:46%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:2%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:25%;","val":[{"type":"text","content":" Prior 2025 ","length":10,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:2%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:25%;","val":[{"type":"text","content":" Revised 2025 ","length":12,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:46%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:2%;","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;width:25%;","val":[{"type":"text","content":" Guidance (1) 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$4.32","length":14,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;width:2%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;width:25%;","val":[{"type":"text","content":"$4.31 to $4.33","length":14,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;width:46%;","val":[{"type":"text","content":"General and administrative expenses (% of adjusted revenue) (3) ","length":62,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:2%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:25%;","val":[{"type":"text","content":"5.6% to 5.9%","length":12,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:2%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:25%;","val":[{"type":"text","content":"5.7% to 5.9%","length":12,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"background-color:#CCEEFF;padding-left:0.0px;width:46%;","val":[{"type":"text","content":"Non-reimbursable real estate expenses (% of adjusted revenue) (3) ","length":64,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;width:2%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;width:25%;","val":[{"type":"text","content":"1.0% to 1.5%","length":12,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;width:2%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;width:25%;","val":[{"type":"text","content":"1.0% to 1.5%","length":12,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;width:46%;","val":[{"type":"text","content":"Income and other tax expense","length":28,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:2%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:25%;","val":[{"type":"text","content":"$2.5 to $3 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million","length":18,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:2%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:25%;","val":[{"type":"text","content":"$25 to $50 million","length":18,"tagName":"p","attribs":{}}]}]}],"length":533},{"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","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:10.0px;","val":[{"type":"text","content":" The Company’s 2025 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;","val":[{"type":"text","content":" (1) ","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:10.0px;","val":[{"type":"text","content":" As issued on July 31, 2025. ","length":27,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;padding-right:0.0px;padding-bottom:4.0px;vertical-align:top;","val":[{"type":"text","content":" (2) ","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:10.0px;","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;","val":[{"type":"text","content":" (3) ","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:10.0px;","val":[{"type":"text","content":" Adjusted revenue equates to Total Revenues, excluding the amortization of above and below market lease intangibles. ","length":115,"tagName":"p","attribs":{}}]}]}],"length":1232},{"type":"text","content":" CEO Comments ","length":12,"tagName":"p"},{"type":"text","content":""We are very pleased with our year-to-date performance as we delivered our largest investment quarter since 2020, deploying over $450 million across our three external growth platforms," said Joey Agree, President and Chief Executive Officer. "During the quarter, we achieved an A- issuer rating with a stable outlook from Fitch Ratings, further validating the strength of our fortress balance sheet which has total liquidity of over $1.9 billion. Given our best-in-class portfolio and robust investment pipeline, we are increasing full-year 2025 investment guidance to a range of $1.50 billion to $1.65 billion and raising 2025 AFFO per share guidance to a range of $4.31 to $4.33."","length":703,"tagName":"p"},{"type":"text","content":" Portfolio Update ","length":16,"tagName":"p"},{"type":"text","content":"As of September 30, 2025, the Company’s portfolio consisted of 2,603 properties located in all 50 states and contained approximately 53.7 million square feet of gross leasable area. At quarter end, the portfolio was approximately 99.7% leased, had a weighted-average remaining lease term of approximately 8.0 years, and generated 66.7% of annualized base rents from investment grade retail tenants.","length":398,"tagName":"p"},{"type":"text","content":" Ground Lease Portfolio ","length":22,"tagName":"p"},{"type":"text","content":"During the third quarter, the Company acquired six ground leases for an aggregate purchase price of approximately $22.5 million, representing 5.1% of annualized base rents acquired.","length":181,"tagName":"p"},{"type":"text","content":"As of September 30, 2025, the Company’s ground lease portfolio consisted of 237 leases located in 38 states and totaled approximately 6.4 million square feet of gross leasable area. Properties ground leased to tenants represented 10.0% of annualized base rents.","length":261,"tagName":"p"},{"type":"text","content":"At quarter end, the ground lease portfolio was fully occupied, had a weighted-average remaining lease term of approximately 9.3 years, and generated 88.5% of annualized base rents from investment grade retail tenants.","length":217,"tagName":"p"},{"type":"text","content":" Acquisitions ","length":12,"tagName":"p"},{"type":"text","content":"Total acquisition volume for the third quarter was approximately $401.4 million and included 90 properties net leased to leading retailers operating in sectors including home improvement, auto parts, grocery stores, off-price, farm and rural supply, convenience stores, and tire and auto service. The properties are located in 33 states and leased to tenants operating in 25 sectors.","length":383,"tagName":"p"},{"type":"text","content":"The properties were acquired at a weighted-average capitalization rate of 7.2% and had a weighted-average remaining lease term of approximately 10.7 years. Approximately 70.0% of annualized base rents acquired were generated from investment grade retail tenants.","length":262,"tagName":"p"},{"type":"text","content":"For the nine months ended September 30, 2025, total acquisition volume was approximately $1.1 billion. The 227 acquired properties are located in 40 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 12.0 years. Approximately 64.6% of annualized base rents were generated from investment grade retail tenants.","length":465,"tagName":"p"},{"type":"text","content":" Dispositions ","length":12,"tagName":"p"},{"type":"text","content":"During the third quarter, the Company sold eight properties for gross proceeds of approximately $15.0 million. The dispositions were completed at a weighted-average capitalization rate of 7.4%. Notable dispositions included the Company’s only At Home located in Provo, Utah.","length":274,"tagName":"p"},{"type":"text","content":"During the nine months ended September 30, 2025, the Company sold 13 properties for gross proceeds of approximately $23.7 million. The dispositions were completed at a weighted-average capitalization rate of 7.4%.","length":213,"tagName":"p"},{"type":"text","content":"The Company is increasing the lower end of its full-year 2025 disposition guidance range from $10 million to $25 million, while maintaining the upper end of the range at $50 million.","length":182,"tagName":"p"},{"type":"text","content":" Development and Developer Funding Platform ","length":42,"tagName":"p"},{"type":"text","content":"During the third quarter, the Company commenced five development or DFP projects, with total anticipated costs of approximately $50.8 million. Construction continued during the quarter on eight projects with anticipated costs totaling approximately $51.0 million. 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