Q3 25 EPS
$0.45
MISS 1.47%
Est. $0.46
Q3 25 Revenue
$183.2M
BEAT +0.94%
Est. $181.5M
vs S&P Since Q3 25
-8.6%
TRAILING MARKET
ADC +1.3% vs S&P +9.9%
Market Reaction
Did ADC Beat Earnings? Q3 2025 Results
Agree Realty delivered a mixed third quarter for fiscal 2025, posting revenue of $183.22 million, which edged past the $181.52 million consensus by 0.94% and represented an 18.7% jump from the year-ago period, while earnings per share of $0.45 fell j… Read more Agree Realty delivered a mixed third quarter for fiscal 2025, posting revenue of $183.22 million, which edged past the $181.52 million consensus by 0.94% and represented an 18.7% jump from the year-ago period, while earnings per share of $0.45 fell just short of the $0.46 analyst estimate by 1.47%. The headline driver behind the quarter's momentum was a surge in acquisition activity, with the company deploying approximately $451 million across 110 retail net lease properties, its largest investment quarter since 2020, bringing year-to-date volume to roughly $1.10 billion. The portfolio grew to 2,603 properties across all 50 states, 99.7% leased, with two-thirds of annualized base rents sourced from investment grade tenants. Management responded to the strong deployment pace by raising full-year 2025 AFFO per share guidance to $4.31 to $4.33 and lifting investment volume targets to $1.50 billion to $1.65 billion, reflecting confidence that expanded liquidity, now exceeding $1.90 billion, and a freshly secured $350 million term loan at 4.02% can sustain per-share earnings growth through the year ahead.
Key Takeaways
- • Largest investment quarter since 2020 with approximately $451 million deployed across 110 retail net lease properties
- • Core FFO per share increased 8.4% year-over-year to $1.09
- • AFFO per share increased 7.2% year-over-year to $1.10
- • 99.7% portfolio occupancy rate
- • 66.7% of annualized base rents from investment grade retail tenants
- • Weighted-average acquisition cap rate of 7.2%
- • 2.4 million square feet of leasing activity year-to-date with a 104% recapture rate
ADC YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“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.”
— Joey Agree, Q3 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% |