Agree Realty Q4 AFFO per share $1.04, up 4.7% YoY; issues 2025 AFFO guidance of $4.26-$4.30

AGREE REALTY CORP

2024-FY EPS reported $1.78 revenue$617,095,000

Q4 AFFO per share $1.04 (+4.7% YoY); Core FFO $1.02 (+3.5%); Net income $0.41 (-5.7%).
FY 2024 AFFO per share $4.14 (+4.6% YoY); Core FFO $4.08 (+3.7%); Net income $1.78 (+4.8%).
Invested $951M in 282 properties in 2024 at 7.5% cap rate; portfolio 99.6% leased; 68.2% investment grade.
2025 AFFO per share guidance $4.26-$4.30 (~3.5% midpoint growth); investment volume target $1.1-$1.3B.
Raised $1.1B in forward equity in 2024; $450M bond at 5.65% due 2034; proforma net debt/EBITDA 3.3x.

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