What is the market's earnings forecast for Agree Realty next quarter?

What is the revenue and EPS growth rate for Agree Realty year over year?

What factors drove the changes in Agree Realty's revenue and profit?

What guidance did Agree Realty's management provide for the next earnings period?

What is Agree Realty's gross profit margin?

What were the key takeaways from Agree Realty's earnings call?

Did Agree Realty beat or miss consensus estimates last quarter?

What were the key takeaways from Agree Realty’s earnings call?

- **Record Investment Growth**: Q3 deployment of $450M, full-year guidance raised to $1.65B (65% YoY). 
- **Fortress Balance Sheet**: $1.9B liquidity, A- credit rating, and 3.5x net debt/EBITDA. 
- **Earnings Beat**: AFFO per share $1.10 (+7.2% YoY), dividend increased 3.6% annually. 
- **Development Acceleration**: $50M Q3 DFP spend, $100+M H2 target, 7-Eleven developments underway. 
- **Tenant Resilience**: 99.7% occupancy, 104% re-leasing recapture rate, minimal credit loss (25 bps guided).

**【CEO Summary Section】**
- Achieved record quarterly investment of $450 million, with updated full-year guidance raised to $1.5 billion to $1.65 billion (65% YoY increase). 
- Maintained fortress balance sheet with $1.9 billion liquidity and no debt maturities until 2028. 
- Received A- issuer rating from Fitch, one of only 13 U.S. REITs with A- or better rating. 
- Portfolio occupancy remains strong at 99.7%, with 67% exposure to investment-grade tenants. 
- Development pipeline accelerated, with $50 million deployed in Q3 and plans for $100+ million in H2. 
- Completed 7-Eleven developments in Michigan and Ohio, marking first commercial fueling site. 

**【CFO Financial Commentary】**
- Core FFO per share: $1.09 (8.4% YoY growth), AFFO per share: $1.10 (7.2% YoY growth, $0.02 above consensus). 
- Raised full-year AFFO guidance to $4.31-$4.33 (4.4% YoY growth). 
- Declared dividend increase to $0.262 per share (3.6% annualized), with payout ratio at 70%. 
- Settled $250 million in forward equity, with $1 billion remaining to settle. 
- Secured $350 million term loan at 4% fixed rate, closing in Q4. 
- Pro forma net debt/EBITDA: 3.5x (excluding unsettled forward equity). 
- Credit loss guidance: 25 basis points for 2025 (21 basis points realized in Q3). 

**【Q&A Key Highlights】**
- **Investment Momentum**: Q4 pipeline remains strong, with ground leases comprising significant share. 
- **Cap Rate Stability**: No material change in acquisition cap rates (7.2% Q3), driven by disciplined underwriting. 
- **Development Growth**: DFP and development platforms to reach $250 million+ annually, supported by strong tenant demand. 
- **Liquidity Flexibility**: $2.2 billion pro forma liquidity post-term loan close, with no need for new equity issuance. 
- **Tenant Health**: 104% recapture rate on 2.4 million sq. ft. re-leasing YTD, minimal lease expiries (20 bps of ABR). 
- **Risk Management**: No material impact from auto sector distress, focused on trade-down retailers (Walmart, AutoZone).

Agree Realty Corporation (ADC) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ADC

ADC fundamentals

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