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Agree Realty (ADC) investor relations material

Agree Realty Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary1 Aug, 2025

Executive summary

  • Portfolio expanded to 2,513 retail properties across all 50 states, totaling 52 million sq. ft., with 99.6% occupancy and a weighted average lease term of 8.0 years as of June 30, 2025.

  • Over $727M invested in 162 properties in H1 2025, with 67.8%–68% of base rents from investment grade tenants.

  • Raised 2025 AFFO per share guidance to $4.29–$4.32 and investment volume guidance to $1.4–$1.6B, both reflecting over 4% growth at midpoint.

  • Maintained strong liquidity with $2.3B available and no material debt maturities until 2028.

  • Raised over $800M in debt and equity in Q2, including a $400M public bond offering and $387M in forward equity.

Financial highlights

  • Q2 2025 rental income rose 15% year-over-year to $175.4M; Core FFO per share was $1.05 (up 1.3%), and AFFO per share was $1.06 (up 1.7%).

  • Q2 2025 net income per share decreased 18.5% year-over-year to $0.43; net income attributable to common stockholders was $47.3M.

  • Declared monthly dividend of $0.256 per share for Q2, annualized to $3.07, a 2.4% year-over-year increase.

  • Dividend payout ratio at 72% of AFFO per share; $120M in free cash flow after dividends expected for the year.

  • AFFO payout ratio averaged 75% over the past 10 years, with 161 consecutive dividends paid.

Outlook and guidance

  • 2025 AFFO per share guidance raised to $4.29–$4.32, with investment volume guidance at $1.4–$1.6B.

  • Disposition volume guidance remains $10–$50M.

  • Guidance includes 25–50 bps of credit loss, with actuals trending toward the lower end.

  • General and administrative expenses expected at 5.6%–5.9% of adjusted revenue.

  • Guidance subject to risks and uncertainties as described in SEC filings.

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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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