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Jun 30, 2025
Agree Realty Q2 2025 Earnings Report
Agree Realty reported solid results in Q2 2025 with growth in AFFO and Core FFO, though Net Income declined year-over-year.
Key Takeaways
Agree Realty delivered steady operational performance in Q2 2025, with modest growth in AFFO and Core FFO per share despite a year-over-year decline in Net Income. The portfolio remained nearly fully leased, and the company raised investment and AFFO guidance for FY 2025.
Net Income for Q2 2025 was $47.3 million, down 10.5% year-over-year.
AFFO per share rose to $1.06, up from $1.04 last year.
Portfolio occupancy stood at 99.6% with a weighted average lease term of 8.0 years.
The company raised full-year investment guidance to $1.4–$1.6 billion and AFFO guidance to $4.29–$4.32 per share.
Revenue by Geographic Location
Forward Guidance
Agree Realty raised its full-year 2025 AFFO guidance and investment volume targets, citing strong portfolio performance and capital markets activity.
Positive Outlook
- Raised AFFO per share guidance to $4.29–$4.32
- Raised investment volume guidance to $1.4–$1.6 billion
- Strong leasing activity with 948,000 square feet executed in Q2
- $2.3 billion in liquidity at quarter end
- Raised $800 million in equity and debt capital during the quarter
Challenges Ahead
- Net income declined 10.5% year-over-year
- Q2 EPS down 18.5% compared to prior year
- Dispositions totaled only $6.2 million
- Provision for impairment reached $2.96 million
- Interest expense increased significantly to $32.3 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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