Agree Realty invested over $350 million in 110 properties during Q2 2025, including $328 million in acquisitions across 91 retail net lease assets with a weighted average cap rate of 7.1% and lease term of 12.2 years.
Core FFO per share was $1.05 for Q2, a 1.3% increase year-over-year, and AFFO per share was $1.06, a 1.7% increase year-over-year.
Liquidity stood at $2.3 billion with no material debt maturities until 2028 and pro forma net debt to recurring EBITDA at 3.1x, the lowest since Q4 2022.
The company declared monthly dividends of $0.256 per share for Q2, representing a 2.4% year-over-year increase and a payout ratio of 72% of AFFO per share.
The portfolio occupancy rebounded to 99.6% post re-tenanting of former Big Lots, with investment-grade exposure at 68%.
Allowance for credit losses was 1.47% of total loans with net charge-offs at 2 basis points annualized.
Independent Bank Corporation reported second quarter 2025 net income of $16.9 million or $0.81 per diluted share versus net income of $18.5 million or $0.88 per diluted share in the prior year period.
Loans increased by 9% annualized, while core deposits were down 1.4% annualized due to seasonality.
Net interest income increased $3.3 million from the year ago period with a tax equivalent net interest margin of 3.58% during Q2 2025, compared to 3.40% in Q2 2024, and up 9 basis points from Q1 2025.
Noninterest expense was $33.8 million in Q2 2025, slightly higher than $33.3 million in the prior year quarter but below the first quarter of 2025.
Noninterest income totaled $11.3 million in Q2 2025, down from $15.2 million in the year ago quarter.
Return on average assets was 1.27% and return on average equity was 14.66%.
Dafinchi