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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.”
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