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Fourth Quarter 2025 Financial and Operating Highlights:
- Invested approximately $377 million in 94 retail net lease properties
- Commenced four development or Developer Funding Platform (“DFP”) projects for total committed capital of approximately $35 million
- Core Funds from Operations (“Core FFO”) per share increased 7.3% to $1.10
- Adjusted Funds from Operations (“AFFO”) per share increased 6.5% to $1.11
- Declared a monthly dividend of $0.262 per common share for December, a 3.6% year-over-year increase
- 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
- 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
- Settled 5.9 million shares of outstanding forward equity for net proceeds of approximately $428 million
- Balance sheet well positioned at 3.8 times proforma net debt to recurring EBITDA; 4.9 times excluding unsettled forward equity
Full Year 2025 Financial and Operating Highlights:
- Invested approximately $1.55 billion in 338 retail net lease properties across all three external growth platforms
- Commenced 14 development or DFP projects for total committed capital of approximately $118 million
- AFFO per share increased 4.6% to $4.33
- Declared dividends of $3.081 per share, a 2.7% year-over-year increase
- Achieved an A- issuer rating from Fitch Ratings with a stable outlook
- Completed a public bond offering of $400 million of 5.60% senior unsecured notes due 2035 at an all-in rate of 5.35% inclusive of prior hedging activity
- Raised approximately $714 million of forward equity via the Company's ATM program and an overnight offering
- 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
CEO Comments:
"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.”
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