Agree Realty lifts the floor of its cash-earnings guidance and moderates investment plans

Agree Realty ($ADC) reported quarterly net income of $66.5 million, up 32.3%, and earnings per share of $0.53, up 18.5%. Adjusted funds from operations were $1.15 per share. The company invested approximately $358 million across 94 retail properties during the quarter, expanding its property portfolio while continuing to generate recurring rental-based cash earnings.

Management narrowed full-year adjusted funds-from-operations guidance to $4.58–4.59 per share from $4.57–4.59, raising only the lower boundary. Expected investment activity is now approximately $1.6 billion, versus the earlier $1.6–1.8 billion range, while planned dispositions increased to $100–150 million from $50–100 million. The combination indicates a modest improvement in expected per-share cash earnings alongside more restrained net deployment. These investment and disposal figures are annual expectations, not confirmation that all transactions have already closed.

Sources:

• Agree Realty — Business Wire financial results
• Issuer release — timestamped reproduction