AGREE REALTY REPORTS THIRD QUARTER 2025 RESULTS

Raises 2025 Investment Guidance to $1.50 Billion to $1.65 Billion


Royal Oak, MI

October 21, 2025


Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended September 30, 2025. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

Third Quarter 2025 Financial and Operating Highlights:

  • Invested approximately $451 million in 110 retail net lease properties across all three external growth platforms
  • Commenced five development or Developer Funding Platform (“DFP”) projects for total committed capital of approximately $51 million
  • Core Funds from Operations (“Core FFO”) per share increased 8.4% to $1.09
  • Adjusted Funds from Operations (“AFFO”) per share increased 7.2% to $1.10
  • Declared a monthly dividend of $0.256 per common share for September, a 2.4% year-over-year increase
  • Achieved an A- issuer rating from Fitch Ratings with a stable outlook
  • Balance sheet positioned for growth at 3.5 times proforma net debt to recurring EBITDA; 5.1 times excluding unsettled forward equity
  • Over $1.9 billion of liquidity at quarter end including availability on the revolving credit facility, outstanding forward equity, and cash on hand


CEO Comments:

"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.”

 

About Agree Realty Corporation


Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of September 30, 2025, the Company owned and operated a portfolio of 2,603 properties, located in all 50 states and containing approximately 53.7 million square feet of gross leasable area. The Company’s common stock is listed on the New York Stock Exchange under the symbol “ADC”. For additional information on the Company and RETHINKING RETAIL, please visit www.agreerealty.com.


For additional information, please visit: www.agreerealty.com
 
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