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Agree Realty
Agree Realty (ADC) investor relations material
Agree Realty Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
Invested $1.55 billion in 338 retail net lease properties in 2025, achieving over 60% year-over-year growth and the second highest total in company history.
Portfolio reached 2,674 properties across all 50 states, with 99.7% occupancy and 66.8%–67% investment-grade exposure at year-end.
Achieved A- issuer rating from Fitch, ended 2025 with over $2 billion in liquidity, and raised $1.5 billion in capital.
Consistent monthly dividend with a 10-year CAGR above 5% and 167 consecutive dividends paid.
Focused on high-quality, e-commerce and recession-resistant retail sectors, leveraging acquisitions, development, and developer funding platforms.
Financial highlights
AFFO per share was $1.11 for Q4 (up 6.5% YoY) and $4.33 for 2025 (up 4.6% YoY, at the high end of guidance).
Core FFO per share was $1.10 for Q4 and $4.28 for 2025, up 7.3% and 5.1% year-over-year, respectively.
Declared monthly dividends of $0.262 per share in Q4, annualized to $3.14, a 3.6% increase, with a 71%–72% AFFO payout ratio.
Net debt to recurring EBITDA at year-end was 4.9x (3.8x pro forma); total debt to enterprise value was 27.4%.
Total liquidity exceeded $2.0 billion at year-end 2025.
Outlook and guidance
2026 AFFO per share guidance is $4.54–$4.58, implying 5.4% growth at midpoint and a two-year stacked growth of 10%.
2026 investment volume guidance increased to $1.4–$1.6 billion, about 10% above prior range, supported by a $0.5 billion pipeline.
Disposition volume expected at $25 million–$75 million.
G&A expense projected at 5.3%–5.6% of adjusted revenue.
No need for incremental equity to execute on high end of 2026 guidance while maintaining leverage within 4x–5x target.
2026 investment allocation strategy
Balance sheet impact of delayed draw loan
Strategy for 2029-2031 lease maturities
Beyond current guidance, what drives investment capacity?
High construction costs: DFP profitability impact?
How is portfolio risk managed amid consumer shifts?
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Next Agree Realty earnings date
Q1 202622 Apr, 2026
Agree Realty
Next Agree Realty earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
Agree Realty Corporation is a real estate investment trust focused on the acquisition and development of net lease retail properties. The company’s portfolio includes single-tenant commercial properties leased to national and regional retailers under long-term agreements. It operates across multiple U.S. states. Agree Realty Corporation is headquartered in Bloomfield Hills, Michigan, and its shares are listed on the NYSE.
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