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Sep 30, 2025
Agree Realty Q3 2025 Earnings Report
Agree Realty posted solid Q3 results with increased earnings and raised guidance.
Key Takeaways
The company delivered strong Q3 2025 performance, marked by record investment activity, improved AFFO per share, and a strengthened balance sheet with a new A- rating.
AFFO per share increased to $1.10 for the quarter.
Net income rose to $50.3 million, a year-over-year increase.
Invested approximately $451 million across 110 properties.
Raised full-year investment and AFFO guidance for 2025.
Revenue by Geographic Location
Forward Guidance
Agree Realty raised its full-year 2025 investment and AFFO per share guidance, reflecting confidence in its portfolio and capital strength.
Positive Outlook
- AFFO guidance raised to $4.31–$4.33 from prior $4.29–$4.32.
- Investment volume guidance raised to $1.50B–$1.65B.
- Disposition volume guidance increased on lower end from $10M to $25M.
- Liquidity remained strong at $1.9 billion.
- New $350M term loan secured at 4.02% interest through May 2031.
Challenges Ahead
- Income and other tax expense guidance slightly lowered to $2M–$2.5M.
- G&A expense guidance slightly increased to 5.7%–5.9% of adjusted revenue.
- AFFO guidance includes potential dilution from forward equity.
- Exposure to tenant lease expirations and potential re-leasing risk.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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