Q2 25 EPS
$1.06
BEAT +132.41%
Est. $0.46
Q2 25 Revenue
$175.5M
BEAT +1.42%
Est. $173.1M
vs S&P Since Q2 25
-13.4%
TRAILING MARKET
ADC +4.6% vs S&P +18.0%
Market Reaction
Did ADC Beat Earnings? Q2 2025 Results
Agree Realty delivered a steady second quarter, posting AFFO of $1.06 per share and revenue of $175.53 million, up from $152.57 million a year ago, as aggressive acquisition activity continued to expand the net-lease REIT's footprint. The company dep… Read more Agree Realty delivered a steady second quarter, posting AFFO of $1.06 per share and revenue of $175.53 million, up from $152.57 million a year ago, as aggressive acquisition activity continued to expand the net-lease REIT's footprint. The company deployed approximately $327.50 million across 91 properties in Q2 at a 7.1% weighted-average cap rate, pushing year-to-date investment volume to $686.40 million and driving Core FFO 11.3% higher to $115.94 million. GAAP net income dipped to $47.34 million from $52.87 million a year ago, reflecting heavier depreciation tied to the enlarged 2,513-property portfolio, which maintained 99.6% occupancy. Management backed its confidence with raised full-year guidance, lifting AFFO per share expectations to $4.29-$4.32 and increasing investment volume targets to $1.40 billion-$1.60 billion. A concurrent dividend increase of 2.4% on its common shares underscored the constructive tone, while $2.30 billion in total liquidity, including $1.30 billion of unsettled forward equity, positions the company to sustain that acquisition pace through 2026.
Key Takeaways
- • Q2 acquisition volume of approximately $327.5 million across 91 net-leased properties at 7.1% weighted-average cap rate
- • First half 2025 total investment volume of approximately $686.4 million across 137 properties
- • Portfolio 99.6% leased with 67.8% of annualized base rents from investment-grade tenants
- • Core FFO per share increased 1.3% to $1.05; AFFO per share increased 1.7% to $1.06
- • Rental income grew to $175.4 million from $152.4 million year-over-year
- • Leasing activity of approximately 948,000 square feet in Q2 with 104% recapture rate year-to-date
- • 25 development or DFP projects completed or under construction for approximately $140 million
ADC YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
“We are very pleased with our strong performance during the first half of the year. During the quarter, we strategically raised over $800 million of debt and equity capital, bolstering our fortress balance sheet which now has $2.3 billion of liquidity. Given the continued strong performance of our portfolio, our fully funded balance sheet, and increasing activity across all three external growth platforms, we are increasing full-year 2025 investment guidance to a range of $1.4 billion to $1.6 billion and raising 2025 AFFO per share guidance to a range of $4.29 to $4.32.”
— Joey Agree, Q2 2025 Earnings Press Release
ADC Earnings Trends
ADC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ADC EPS Trend
Earnings per share: estimate vs actual
ADC Revenue Trend
Quarterly revenue: estimate vs actual
ADC Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | — | — | — | — |
| Q1 26 BEAT | $0.47 | $0.50 | +5.80% | $200.8M | +2.41% |
| Q4 25 BEAT FY | $0.47 | $0.47 | +0.43% | $190.5M | +0.58% |
| FY Full Year | $1.81 | $1.77 | -2.02% | $718.4M | +0.06% |
| Q3 25 MISS | $0.46 | $0.45 | -1.47% | $183.2M | +0.94% |
| Q2 25 BEAT | $0.46 | $1.06 | +132.41% | $175.5M | +1.42% |