Agree Realty (ADC) Q4 2025 earnings summary

Executive summary

• Invested $1.55 billion in 2025 across three platforms, marking over 60% year-over-year growth and the second highest total in company history, with 338 retail net lease properties acquired and 34 development/DFP projects totaling over $225 million.

• Portfolio reached 2,674 properties in all 50 states, 99.7% leased, with 66.8% of base rents from investment grade tenants as of December 31, 2025.

• Achieved A- issuer rating from Fitch Ratings, one of only 13 U.S. REITs with this rating or better, and ended 2025 with over $2 billion in liquidity.

• Consistent, well-covered monthly dividend with a 10-year CAGR above 5% and 167 consecutive dividends paid.

• Focused on high-quality, e-commerce resistant, and recession-resistant retail sectors, leveraging acquisitions, development, and developer funding platforms.

Financial highlights

• 2025 AFFO per share was $4.33, up 4.6% year-over-year, at the high end of guidance; Core FFO per share was $4.28, up 5.1% year-over-year.

• Q4 2025 AFFO per share was $1.11, up 6.5% year-over-year; Core FFO per share was $1.10, up 7.3% year-over-year.

• Declared $3.144 per share annualized dividend for Q4 2025, up 3.6% year-over-year, with a payout ratio of 71% of AFFO per share.

• Net debt to recurring EBITDA at year-end was 3.8x pro forma for forward equity settlement; total debt to enterprise value was 27.4%.

• Total liquidity exceeded $2.0 billion at year-end 2025.

Outlook and guidance

• 2026 AFFO per share guidance set at $4.54–$4.58, representing 5.4% year-over-year growth at midpoint.

• 2026 investment volume guidance increased to $1.4–$1.6 billion, about 10% above prior range and slightly above 2025 activity.

• Disposition volume expected at $25 million–$75 million.

• G&A expense projected at 5.3%–5.6% of adjusted revenue.

• Credit loss assumptions for 2026: 25–50 bps, in line with 2025 actuals.