Agree Realty Corporation reported its financial results for the first quarter of 2025, showcasing a notable increase in revenue and net income compared to the same period in 2024. The company generated total revenues of $169.2 million, up from $149.5 million, marking an increase of approximately 13%. Rental income specifically rose to $169.1 million from $149.4 million. Net income attributable to common stockholders also saw a 5% increase, reaching $45.1 million, compared to $43.0 million in the prior year. The earnings per share remained stable at $0.42 for both periods.
The company's total assets increased to $8.8 billion as of March 31, 2025, up from $8.5 billion at the end of 2024. This growth was primarily driven by the acquisition of 46 retail net lease properties for approximately $358.2 million during the quarter, which expanded the portfolio to 2,422 properties with a total gross leasable area of about 50.3 million square feet. The weighted average remaining lease term for these properties is approximately 8.0 years, with a leasing rate of 99.2%. The company also reported a provision for impairment of $4.3 million on four properties during the quarter.
Operationally, Agree Realty Corporation's general and administrative expenses increased by 13% to $10.8 million, attributed to inflationary pressures and higher stock-based compensation costs. Interest expenses rose significantly by 26% to $30.8 million, largely due to increased borrowings to finance property acquisitions. The company’s total debt as of March 31, 2025, stood at $2.98 billion, with a weighted average interest rate of 4.52% on its unsecured term loan and 5.19% on its revolving credit facility.
Looking ahead, Agree Realty Corporation maintains a positive outlook, supported by its robust acquisition strategy and a strong portfolio of properties leased to investment-grade tenants. The company has over $1.86 billion in liquidity, which includes cash, unsettled forward equity, and available credit under its revolving facility. The management anticipates continued growth in rental income and overall portfolio expansion, although it remains cautious of macroeconomic conditions that could impact its operations and tenant performance.
About AGREE REALTY CORP
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