Agree Realty Corp
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −3.31%.
Did ADC Beat Earnings? Q4 2025 Results
Agree Realty posted a mixed but broadly solid Q4 2025, with revenue of $190.49 million edging past the $190.04 million consensus by 0.24% and rising 18.5% year over year, while GAAP EPS of $0.47 came in fractionally below the $0.47 estimate by just 0.09%. The more closely watched non-GAAP metrics told a stronger story, with Core FFO per share climbing 7.3% to $1.10 and AFFO per share rising 6.5% to $1.11, the latter topping analyst forecasts and reflecting the REIT's disciplined deployment of roughly $1.55 billion across 338 net lease properties during the full year. That acquisition pace, anchored by a weighted-average cap rate of 7.1% and a portfolio now spanning 2,674 properties at approximately 99.7% occupancy, is central to management's confidence in 2026, where AFFO per share guidance of $4.54 to $4.58 implies roughly 5.4% growth at the midpoint and investment volume targets have been lifted to $1.40 billion to $1.60 billion, supported by over $2.00 billion in year-end liquidity.
- Invested approximately $1.55 billion in 338 retail net lease properties during full year 2025
- Q4 acquisitions of $347.4 million at weighted-average cap rate of 7.1%
- 66.8% of annualized base rents from investment grade retail tenants
- Portfolio 99.7% leased with 7.8-year weighted-average remaining lease term
- Ground lease portfolio represented 18.2% of Q4 annualized base rents acquired
- Record development and DFP activity of over $225 million across 34 projects in 2025
- Lowest retail rent per square foot among net lease peers at $12.89
“We are pleased with our performance during 2025, investing approximately $1.55 billion to further strengthen our best‑in‑class retail portfolio. We paired this robust capital deployment with proactive balance sheet management, raising approximately $1.5 billion of long-term capital and achieving an A‑ issuer rating with a stable outlook from Fitch Ratings. We enter 2026 with over $2.0 billion of liquidity and strong investment pipelines, putting us in excellent position to achieve our full-year 2026 AFFO per share guidance of $4.54 to $4.58.”
Agree Realty CEO, on the earnings call
Forward Guidance & Outlook
Agree Realty introduced 2026 AFFO per share guidance of $4.54 to $4.58, representing approximately 5.4% growth at the midpoint. Investment volume guidance was increased to $1.4 billion to $1.6 billion, up from prior guidance of $1.25 billion to $1.50 billion. Disposition volume is guided at $25 million to $75 million. General and administrative expenses are expected at 5.3% to 5.6% of adjusted revenue, with cash G&A at 3.7% to 4.0%. Non-reimbursable real estate expenses are expected at 1.0% to 1.5% of adjusted revenue. Income and other tax expense is guided at $2 to $3 million. The company enters 2026 with over $2.0 billion of liquidity and strong investment pipelines.
ADC YoY Financials
Figures from SEC filings and company reports. Not investment advice.