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Agree Realty (ADC) investor relations material
Agree Realty Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Achieved the largest quarterly investment volume since 2020, deploying over $450 million across three platforms, and raised full-year 2025 investment guidance to $1.5–$1.65 billion, up over 65% from last year.
Portfolio expanded to 2,603 properties in all 50 states, totaling 53.7 million sq. ft., 99.7% leased, with 66.7% of base rents from investment-grade tenants.
Raised AFFO per share guidance to $4.31–$4.33, representing 4.4% year-over-year growth at the midpoint.
Achieved A- issuer rating from Fitch Ratings with a stable outlook, joining a select group of U.S. REITs with this rating or better.
Real estate investments grew to $8.30 billion, up from $7.13 billion year-over-year, driven by acquisitions and development.
Financial highlights
Q3 2025 rental income was $183.2 million, up 19% year-over-year; net income attributable to common stockholders was $50.3 million, up 18%.
Core FFO per share for Q3 was $1.09, up 8.4% year-over-year; AFFO per share was $1.10, up 7.2%.
Monthly cash dividends increased to $0.262 per share for October, annualized at $3.14, a 3.6% increase over last year.
Total enterprise value reached $11.68 billion, with total debt principal to enterprise value at 29.0%.
AFFO payout ratios for Q3 were about 70% of Core FFO and AFFO per share.
Outlook and guidance
Full-year 2025 AFFO per share guidance raised to $4.31–$4.33, implying 4.4% growth at midpoint.
Investment guidance for 2025 increased to $1.5–$1.65 billion.
Disposition volume guidance for 2025 set at $25–$50 million.
Guidance includes 25 basis points of credit loss for the year.
General and administrative expenses expected at 5.7%–5.9% of adjusted revenue.
Future use of term loan accordion option?
Ground lease vs DFP project investment focus?
Breakdown of 'Thereafter' lease expirations?
Future investment volume capacity?
Tenant credit watchlist changes?
Strategy to maintain cap rates?
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Next Agree Realty earnings date
Q4 202511 Feb, 2026
Next Agree Realty earnings date
Q4 202511 Feb, 2026
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Frequently asked questions
Agree Realty Corporation is a real estate investment trust focused on the acquisition and development of net lease retail properties. The company’s portfolio includes single-tenant commercial properties leased to national and regional retailers under long-term agreements. It operates across multiple U.S. states. Agree Realty Corporation is headquartered in Bloomfield Hills, Michigan, and its shares are listed on the NYSE.
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