Agree Realty Corporation announced its third‑quarter 2025 results on October 22, 2025, reporting net income attributable to common stockholders of $50.3 million, up 18.2% from $42.5 million in the same period last year. Total revenue for the quarter was $175.5 million, a 18.9% increase over $152.6 million in Q3 2024, while Core FFO rose to $122.4 million (18.9% YoY) and AFFO increased to $123.1 million (17.5% YoY). The company’s portfolio remained 99.7% leased, with 66.7% of annualized base rent coming from investment‑grade tenants.
The company raised its 2025 investment guidance to $1.50 billion–$1.65 billion, up from the prior $1.40 billion–$1.60 billion range, and lifted its AFFO per share guidance to $4.31–$4.33 from $4.29–$4.32. It declared a monthly cash dividend of $0.256 per common share for July, August, and September, translating to an annualized dividend of $3.072 per share, and subsequently announced a $0.262 per share dividend for October. These updates signal stronger cash generation and a continued commitment to shareholder returns.
During the quarter, Agree Realty completed 90 acquisitions totaling $401.4 million, including a $75 million grocery‑dominated portfolio and a Walmart Supercenter, while selling eight properties for $15.0 million. The company also commenced five development or developer‑funding platform projects with anticipated costs of $50.8 million and completed eight projects costing $61.2 million, underscoring its active growth strategy across all three external platforms. The portfolio expanded to 2,603 properties and 53.7 million square feet of gross leasable area, maintaining a 99.7% occupancy rate.
For investors, the earnings beat and guidance hike reinforce Agree Realty’s robust operating performance and capital discipline, while the dividend increase and strong portfolio metrics suggest continued value creation. The company’s ability to raise investment guidance without additional equity and its high occupancy of investment‑grade tenants provide a solid foundation for future cash flows. Overall, the announcement represents a moderate but meaningful positive development for the company’s long‑term financial health.
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