Companies /Real Estate

Agree Realty Corp

NYSE: ADC Reit - Retail
$73.19
▼ $0.48 (−0.65%) today
Markets closed · 4:32pm ET

Q3 2025 Earnings

Reported Oct 21, 2025, 4:05pm ET · SEC source
$0.45
Miss −1.47%
EPS · est. $0.46
$183.2M
Beat +0.94%
Revenue · est. $181.5M
+0.5%
Beating market
ADC vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
0+2%+4%Oct 21Oct 22report 4:05pm ETearnings−0.4%+0.2%
0+2%+4%Oct 21Oct 22earnings−0.4%+0.2%
ADC +0.2%S&P 500 −0.4%
−2%0+2%+4%Oct 21Oct 22report 4:05pm ETearnings−0.7%+0.2%
−2%0+2%+4%Oct 21Oct 22earnings−0.7%+0.2%
ADC +0.2%NASDAQ −0.7%
−2%0+2%Oct 20Oct 29report 4:05pm ETearnings+2.2%−2.5%
−2%0+2%Oct 20Oct 29earnings+2.2%−2.5%
ADC −2.5%S&P 500 +2.2%
−3%0+3%Oct 20Oct 29report 4:05pm ETearnings+3.9%−2.5%
−3%0+3%Oct 20Oct 29earnings+3.9%−2.5%
ADC −2.5%NASDAQ +3.9%
+0.19%
Day of report
+0.00%
Next session
−2.73%
One week
−0.81%
30 days

S&P 500 over the same 30 days: −1.31%.

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 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

“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.”

Agree Realty CEO, on the earnings call

Forward Guidance & Outlook

The company raised full-year 2025 AFFO per share guidance to $4.31–$4.33 from $4.29–$4.32 previously, representing 4.4% growth at the midpoint. Investment volume guidance was increased to $1.50 billion–$1.65 billion from $1.4 billion–$1.6 billion. Disposition volume guidance was tightened to $25 million–$50 million (lower end raised from $10 million). General and administrative expenses are expected at 5.7%–5.9% of adjusted revenue. Income and other tax expense guidance was lowered to $2 million–$2.5 million from $2.5 million–$3 million. Non-reimbursable real estate expenses are expected at 1.0%–1.5% of adjusted revenue.

ADC YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$60.0M$120.0M$180.0M$154.3M$183.2MRevenue$74.4M$87.3MOperating Income$44.4M$50.3MNet Income
$0$60.0M$120.0M$180.0MRevenueOperating IncomeNet Income

Figures from SEC filings and company reports. Not investment advice.