Agree Realty Q4 AFFO $1.11 (+6.5%); FY25 AFFO $4.33; guides 2026 AFFO $4.54-$4.58, boosts investment guidance

AGREE REALTY CORP

2025-FY EPS reported $1.77 revenue$718,398,000

Q4 2025 AFFO per share $1.11 (+6.5% YoY); Core FFO per share $1.10 (+7.3%). Net income $54.2M (+24.9%).
FY2025 AFFO per share $4.33 (+4.6%); invested $1.55B in 338 properties at 7.2% cap rate.
Initial 2026 AFFO guidance $4.54-$4.58; investment volume increased to $1.4B-$1.6B.
Achieved A- issuer rating from Fitch; closed $400M 5.60% notes due 2035 at 5.35% all-in.
Proforma net debt to recurring EBITDA 3.8x; $2.0B liquidity including $716M unsettled forward equity.

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