Agree Realty Corporation reported a significant increase in its financial performance for the fiscal year ending December 31, 2025, with total revenues reaching $718.4 million, a 16% increase from $617.1 million in 2024. The company's net income also rose by 8% to $205 million, compared to $189.8 million in the previous year. This growth was primarily driven by an expanded real estate portfolio, which included 2,674 properties totaling approximately 55.5 million square feet of gross leasable area (GLA), and a high leasing rate of 99.7%. The weighted average remaining lease term for these properties was approximately 7.8 years, with 66.8% of annualized base rent derived from tenants with investment-grade credit ratings.
In 2025, Agree Realty completed approximately $1.57 billion in investments, which included the acquisition of 305 properties for about $1.44 billion and the development of 21 properties costing approximately $131.2 million. The company also executed new leases, extensions, or options on about 3.03 million square feet of GLA, generating an annualized base contractual rent of approximately $29.7 million. However, the company sold 22 assets for net proceeds of $42.1 million, resulting in a net gain of $5.4 million, which was lower than the previous year's gain of $11.5 million from 26 asset sales.
Operationally, the company increased its employee headcount from 75 to 90 full-time employees, reflecting its growth and expansion efforts. The company also raised its monthly dividend per common share from $0.253 to $0.262 in October 2025, representing an annualized dividend yield of approximately 4.4%. The total dividends declared for the year amounted to $3.081 per common share, up from $3.000 in 2024.
The company’s total debt as of December 31, 2025, was approximately $3.32 billion, with a debt-to-enterprise value ratio of 27.4%. The company has established a commercial paper program allowing it to issue up to $625 million in short-term notes, and it also completed a public offering of $400 million in senior unsecured notes due 2035. Looking ahead, Agree Realty aims to continue its strategy of acquiring and developing retail properties while maintaining a conservative capital structure to support its growth objectives. The company remains focused on enhancing its portfolio and delivering consistent returns to shareholders, although it acknowledges potential risks related to market conditions and tenant performance.
About AGREE REALTY CORP
Agree Realty Corporation is a fully integrated real estate investment trust (REIT) focused on acquiring, developing, and managing retail properties net leased to leading national tenants. With a portfolio of 2,370 properties across all 50 states, the company targets sectors resilient to e-commerce and economic downturns. Significant initiatives include a $939.2 million investment in retail real estate and a commitment to sustainability, enhancing its market position and dividend growth.
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