Agree Realty Q3 2025 Earnings Update

Summary

• Agree Realty beat consensus estimates for Core FFO and AFFO by $.02 per share.
• Guidance was increased again.
• Another good quarter.
• Net lease REIT sector is probably due for a slight bump in targets.
• Valuation still looks pretty high.

Agree Realty (ADC) recently reported Q3 2025 earnings.

Earnings Results

• Core FFO: $1.09 (beat consensus by $.02)
• Management AFFO: $1.10 (beat consensus by $.02)

Guidance for 2025

• Full-Year AFFO per share guidance raised. Old range: $4.29 to $4.32. New range: $4.31 to $4.33. Midpoint is $4.32. That is up $.015.
• That $4.32 midpoint is above the consensus estimate for $4.31.

Issuing Shares

As a net lease REIT, ADC’s strategy involves issuing new shares to fund external growth. This growth is usually accretive to their “per share” metrics, which are the ones shareholders should care about. After all, you want to know how much money the company is generating for you.

ADC has been quite prudent about only issuing shares when management feels the price is high enough. When ADC issues shares, they use “ATM Forward Offerings”. Since this is a new concept for many investors, I have a section explaining it. Then we’ll get back to the article.