Agree Realty Corporation announced strong financial results for the second quarter ended June 30, 2025. Adjusted Funds From Operations (AFFO) per share increased by 1.7% year-over-year to $1.06, while Core FFO per share rose by 1.3% to $1.05.
Total revenues for the quarter reached $175.5 million, up from $152.6 million in the same period of 2024. For the first six months of 2025, total revenues were $344.7 million, compared to $302.0 million in the prior year period.
The company raised its full-year 2025 investment guidance to a range of $1.4 billion to $1.6 billion, up from $1.3 billion to $1.5 billion. Additionally, 2025 AFFO per share guidance was increased to a range of $4.29 to $4.32, reflecting confidence in continued growth.
As of June 30, 2025, Agree Realty's portfolio consisted of 2,513 properties across all 50 states, with a robust 99.6% occupancy rate. Approximately 67.8% of its annualized base rent was derived from investment-grade retailers, highlighting the quality of its tenant base.
During the second quarter, the company invested $327.5 million in 91 properties at a weighted-average cap rate of 7.1% and a weighted-average lease term of 12.2 years. Agree Realty also reported over $2.3 billion in total liquidity, including $1.29 billion in unsettled forward equity and $1.0 billion in revolving credit facility availability, with no material debt maturities until 2028.
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