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Mar 31
Agree Realty Q1 2025 Earnings Report
Agree Realty reported solid results with growth in AFFO, investment activity, and a well-leased portfolio.
Key Takeaways
Agree Realty delivered strong Q1 2025 results with increased AFFO, solid investment volumes, and a highly leased portfolio, reinforcing its strategic expansion and financial resilience.
AFFO per share increased to $1.06, up 3.0% from last year.
Invested approximately $377,000,000 in 69 retail net lease properties.
Portfolio occupancy remained high at 99.2%.
Raised 2025 investment guidance to a range of $1.3B to $1.5B.
Agree Realty
Agree Realty
Agree Realty Revenue by Geographic Location
Revenue by Geographic Location
Texas Revenue
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CapyFin.com Forward Guidance
Agree Realty raised its 2025 AFFO and investment volume guidance, supported by a strong liquidity position and robust portfolio performance.
Positive Outlook
- Raised AFFO guidance to $4.27–$4.30 per share.
- Increased investment volume forecast to $1.3B–$1.5B.
- Declared rising monthly dividends reflecting increased cash flow.
- Maintained strong balance sheet with $1.9B liquidity.
- Continued strong leasing performance and high occupancy.
Challenges Ahead
- Net income per share slightly declined YoY to $0.42.
- Cost pressures reflected in higher operating expenses.
- Ongoing economic uncertainty could impact underwriting.
- Interest expense increased significantly YoY.
- AFFO guidance includes dilutive impact of forward equity.