Agree Realty Corporation reported its financial results for the second quarter of 2025, revealing a total revenue of $175.5 million, a 15% increase from $152.6 million in the same period last year. The company's rental income also rose to $175.4 million, up from $152.4 million, contributing to a net income of $49.4 million, which reflects a decrease of 10% compared to $54.9 million in the prior year. For the first half of 2025, total revenues reached $344.7 million, a 14% increase from $302.0 million in the first half of 2024, while net income for the period was $96.5 million, down 3% from $99.9 million.
The company’s total assets increased to $9.08 billion as of June 30, 2025, compared to $8.49 billion at the end of 2024. This growth was primarily driven by an increase in real estate investments, which rose to $7.96 billion from $7.42 billion, attributed to the acquisition of 137 properties during the first half of 2025. The company also reported a total of 2,513 properties in its portfolio, with a gross leasable area of approximately 52 million square feet, reflecting a significant expansion from 2,370 properties and 48.8 million square feet at the end of 2024.
Operationally, Agree Realty Corporation's engagement metrics showed a portfolio occupancy rate of approximately 99.6% and a weighted average remaining lease term of about 8 years. The company’s general and administrative expenses increased by 17% to $11.3 million for the quarter, primarily due to inflationary pressures and higher stock-based compensation. Interest expenses also rose by 22% to $32.3 million, driven by increased borrowings to finance property acquisitions and developments.
Looking ahead, the company anticipates continued growth in its real estate portfolio and revenue streams, supported by its recent acquisitions and ongoing development projects. The company has maintained a strong liquidity position, with over $2.3 billion available, including cash and cash equivalents, unsettled forward equity, and availability under its revolving credit facility. The management remains optimistic about the company’s ability to navigate market conditions and capitalize on future opportunities while maintaining compliance with its financial covenants.
About AGREE REALTY CORP
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