Agree Realty(US:ADC)2025-08-01 13:00Company Overview - Agree Realty Corporation (ADC) is a retail net lease REIT with an enterprise value of $116 billion as of July 25, 2025[10] - The company owns 2,513 retail properties across all 50 states, totaling approximately 520 million square feet[10] - The company has investment grade issuer ratings of Baa1 from Moody's and BBB+ from S&P[10] Financial Highlights - The company raised 2025 AFFO per share guidance to $429 to $432, representing over 4% growth at the midpoint[13] - The company increased 2025 investment guidance to $14 billion to $16 billion of high-quality retail net lease assets[13] - The company invested $727 million during the first half of the year across 162 high-quality retail net lease assets spanning 27 states[13] - The company issued $400 million of senior unsecured notes due 2035 at an all-in interest rate of 535%[13] - The company has total liquidity of approximately $23 billion, including approximately $13 billion of outstanding forward equity as of June 30th[14] - The company declared a monthly cash dividend of $0256 per common share for July, representing a 24% year-over-year increase[14] Portfolio Composition - Investment grade tenants account for 678% of the portfolio's annualized base rent (ABR)[49] - National tenants comprise 88% of the portfolio's ABR[57] - Grocery stores represent 106% of the portfolio's ABR, amounting to $715 million[50]