---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-037417"
form_type: "8-K"
ticker: "ADC"
cik: "0000917251"
company_name: "AGREE REALTY CORP"
filed_at: "2025-04-22T23:59:59+00:00"
generated_at: "2026-05-23T09:54:12.235018+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Agree Realty Q1 AFFO up 3%, raises 2025 investment guidance to $1.3-$1.5B

## Summary
- AFFO per share $1.06 (+3.0% YoY); Core FFO per share $1.04 (+3.1% YoY).
- Net income per share $0.42 (-2.0% YoY); Q1 investment volume $377M.
- Increased monthly dividend to $0.256 per share (2.4% YoY) for April 2025.
- Raised 2025 investment guidance to $1.3B-$1.5B and AFFO/share guidance to $4.27-$4.30.
- Established $625M commercial paper program; proforma net debt/EBITDA 3.4x; liquidity ~$1.9B.

## SEC filing metadata
- accession: 0001104659-25-037417
- form_type: 8-K
- ticker: ADC
- cik: 0000917251
- company_name: AGREE REALTY CORP
- filed_at: 2025-04-22T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/917251/000110465925037417/0001104659-25-037417-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/917251/000110465925037417/tm2512810d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-037417
- JSON: https://secwatch.observer/filing/0001104659-25-037417.json
- Plain text: https://secwatch.observer/filing/0001104659-25-037417.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.