Agree Realty(US:ADC)2025-10-22 13:00Company Overview - Agree Realty is a retail net lease REIT with an enterprise value of $12.2 billion[9] - The company owns 2,603 retail properties totaling approximately 53.7 million square feet across all 50 states[9] - The company has investment grade issuer ratings of A- from Fitch, Baa1 from Moody's, and BBB+ from S&P[9] Financial Highlights - The company raised 2025 AFFO per share guidance to $4.31 to $4.33, representing 4.4% growth at the midpoint[12] - The company has total liquidity of over $1.9 billion[12] - The company invested $451 million during Q3 2025 across 110 high-quality retail net lease assets spanning 34 states[14] - Approximately 70% of base rents acquired in Q3 2025 derived from investment grade retailers[14] Portfolio Composition - The company's top tenant sector is grocery stores, accounting for 10.3% of total annualized base rent (ABR) at $72.9 million[56] - Home Improvement sector accounts for 8.8% of total ABR at $62.5 million[56] - Convenience Stores account for 7.8% of total ABR at $54.9 million[56]