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Agree Realty Corp reported 99.8% occupancy, core FFO and AFFO per share of $1.15, up 4.9%. It raised 2026 AFFO per share guidance to $4.58 to $4.59 while reducing 2026 investment volume guidance to approximately $1.6 billion.
Agree Realty Corporation's portfolio reached 2,888 properties as of September 30, 2026, while nine-month net income rose 25% to $185.6 million and liquidity totaled $2.00 billion.
Agree Realty Corporation reported third-quarter AFFO per share of $1.15, increased 2026 AFFO per share guidance to $4.58 to $4.59, invested approximately $358 million in 94 retail net lease properties, and ended with approximately $2.0 billion of liquidity.
Agree Realty Corporation reported weighted-average diluted shares of 124,602,961 for the three months ended September 30, 2026 and 121,879,652 for the nine months ended September 30, 2026; including OP Units, the totals were 124,950,580 and 122,227,271.
Agree Realty Corporation completed a $400 million offering of 5.650% Notes due 2036 through its subsidiary, generating net proceeds of approximately $390.1 million.
Useful current figures from the complete screener profile.
* Q4 derived as the full year minus Q1 to Q3.
TL;DR. Agree Realty posted record Q2 investment activity of $502 million across 102 properties and raised its 2026 AFFO per share guidance to $4.57–$4.59 and full-year investment volume guidance to $1.6–$1.8 billion, while interest expense climbed to $40.3 million and net income per share growth slowed to just 2.2% year-over-year.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Illustrative technical + ownership context — a signal mix, not investment advice.
| Metric | Latest | Period | YoY |
|---|---|---|---|
| % Unsecured Debt | 98.9% | Q2 2026 | — |
| 2026 lease maturities as % of annualized base rents | 0.4% | As of June 30, 2026 | — |
| ABR | $795.7M | As of June 30, 2026 | — |
| Acquisition weighted-average capitalization rate | 7% | second quarter 2026 | — |
| Acquisition weighted-average lease term | 11.2 | second quarter 2026 | — |
| Acquisitions Spend | $451.5M | Q2 2026 | — |
| AFFO non-GAAP | 137.98M | Q2 2026 | — |
| AFFO payout ratio non-GAAP | 70% | second quarter 2026 | — |
| AFFO per share non-GAAP | $2.28 | first half 2026 | — |
| Annualized Adjusted Cash NOI non-GAAP | 766.77M | Q2 2026 | — |
| Annualized base rents from investment grade retail tenants (% of total) | 65.8% | as of June 30, 2026 | — |
| Annualized Dividend Per Share | $3.2 | As of June 30, 2026 | — |
| Annualized Recurring EBITDA non-GAAP | 736.12M | Q2 2026 | — |
| Average Rent Per Square Foot | $13.02 | As of June 30, 2026 | — |
| Capitalized building improvements | 4.85M | Three Months Ended June 30, 2026 filing | — |
| Capitalized interest | 672K | Three Months Ended June 30, 2026 filing | — |
| Cash dividends declared per common share | $0.8 | For the three months ended June 30, 2026 filing | — |
| Cash dividends declared per depositary share of Series A preferred stock | $0.27 | For the three months ended June 30, 2026 filing | — |
| Core FFO non-GAAP | 136.04M | Q2 2026 | — |
| Core FFO payout ratio non-GAAP | 71% | second quarter 2026 | — |
| Core FFO per share non-GAAP | $2.25 | first half 2026 | — |
| Development & DFP Spend | $50.2M | Q2 2026 | — |
| Development or DFP projects commenced (committed capital) | $88M | second quarter 2026 | — |
| Development or DFP projects completed or under construction (anticipated total costs) | $200M | first half 2026 | — |
| Disposition weighted-average capitalization rate | 7.1% | second quarter 2026 | — |
| Dispositions Gross Proceeds | $30.3M | Q2 2026 | — |
| Dividends declared per share | $1.59 | first half 2026 | — |
| EBITDAre non-GAAP | $167.93M | Three Months Ended June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net Income 54.81M
+40.28M Interest expense, net
+375K Income and other tax expense
+46.21M Depreciation of rental real estate assets
+22.19M Amortization of lease intangibles - in-place leases and leasing costs
+696K Non-real estate depreciation
+5.9M Provision for Impairment
-2.53M (Gain) loss on sale or involuntary conversion of assets, net
= EBITDAre 167.93M
|
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| Enterprise Value | $13.5B | As of June 30, 2026 | — |
| Equity Market Capitalization | $9.4B | As of June 30, 2026 | — |
| FFO Per Common Share and OP Unit - Diluted non-GAAP | $1.03 | Q2 2026 | — |
| Fixed charge coverage ratio non-GAAP | 4.1 | As of June 30, 2026 | — |
| Forward equity net proceeds | $313M | second quarter 2026 | — |
| Forward equity raised (ATM) | $686M | first half 2026 | — |
| Forward shares settled | 4.3M | second quarter 2026 | — |
| Gross leasable area | 59.6M | as of June 30, 2026 | — |
| Gross Real Estate Investment | 10.04B | Q2 2026 | — |
| Ground Lease (% of ABR) | 10.2% | As of June 30, 2026 | — |
| Ground Lease ABR | $81.44M | Q2 2026 | — |
| Ground Lease Leases | 268 | Q2 2026 | — |
| Investment activity | $925M | first half 2026 | — |
| Liquidity | $1.9B | as of June 30, 2026 | — |
| Location (by state)(1) | 32 | Three Months Ended June 30, 2026 filing | — |
| Monthly dividend per common share (June) | $0.27 | second quarter 2026 | — |
| Monthly Dividend Per Share | $0.27 | As of June 30, 2026 | — |
| monthly dividends | 0.27 | the three months ended June 30, 2026 filing | — |
| monthly dividends on the Series A Preferred Shares | 0.09 | the three months ended June 30, 2026 filing | — |
| Net debt to enterprise value | 28.5% | As of June 30, 2026 | — |
| Net debt to recurring EBITDA non-GAAP | 5.2 | As of June 30, 2026 | — |
| Net debt to recurring EBITDA excluding unsettled forward equity | 5.2 | as of June 30, 2026 | — |
| Net proceeds | 28.86M | three months ended June 30, 2026 filing | — |
| Net proceeds received | $201.8M | Three Months Ended June 30, 2026 filing | — |
| Number of Development Projects Commenced | 5 | Q2 2026 | — |
| Number of ongoing projects | 10 | Three Months Ended June 30, 2026 filing | — |
| Number of projects delivered | 1 | three months ended June 30, 2026 filing | — |
| Number of Properties Acquired | 82 | Q2 2026 | — |
| Number of Properties Disposed | 14 | Q2 2026 | — |
| Number of properties impaired | 5 | Three Months Ended June 30, 2026 filing | — |
| Number of Sectors | 32 | As of June 30, 2026 | — |
| Number of States | 50 | As of June 30, 2026 | — |
| Occupancy (% of ABR) | 99.8% | As of June 30, 2026 | — |
| Operating Partnership common units outstanding | 347,619 | As of June 30, 2026 | — |
| Portfolio leased percentage | 99.8% | as of June 30, 2026 | — |
| Proforma net debt to recurring EBITDA | 3.7 | as of June 30, 2026 | — |
| Recapture Rate | 105% | Q2 2026 | — |
| Recurring EBITDA non-GAAP | 184.03M | Q2 2026 | — |
GAAP → non-GAAP reconciliationGAAP EBITDAre 167.93M
+4.87M Run-Rate Impact of Investment, Disposition and Leasing Activity
+11.23M Amortization of above (below) market lease intangibles, net
= Recurring EBITDA 184.03M
|
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| Retail net lease properties acquired | 187 | first half 2026 | — |
| Same-store Rent Growth | 0.9% | Q2 2026 | — |
| Scheduled principal repayments | 271K | Three Months Ended June 30, 2026 filing | — |
| Shares of common stock settled under the ATM programs | 2,772,317 | Three Months Ended June 30, 2026 filing | — |
| Shares of common stock sold under the ATM programs | 399,886 | Three Months Ended June 30, 2026 filing | — |
| Square feet of gross leasable area leased (new leases, extensions or options) | 763,000 | second quarter | — |
| Tenant retail sectors | 23 | Three Months Ended June 30, 2026 filing | — |
| Top 10 Tenant Concentration | 34.6% | As of June 30, 2026 | — |
| Total acquisition volume | $854M | first half 2026 | — |
| Total Common Stock & OP Units Outstanding | 124,728,833 | Q2 2026 | — |
| Total properties in portfolio | 2,825 | as of June 30, 2026 | — |
| Total purchase price, including acquisition and closing costs | 453.26M | three months ended June 30, 2026 filing | — |
| Underwritten weighted-average capitalization rate(2) | 7% | Three Months Ended June 30, 2026 filing | — |
| WALT | 7.7 | As of June 30, 2026 | — |
| Weighted-Average Common Shares & Units Outstanding | 120.84M | Q2 2026 | — |
| Weighted-Average Interest Rate | 4% | Q2 2026 | — |
| Weighted-Average Maturity | 5.3 | Q2 2026 | — |
| Weighted-average remaining lease term - finance leases (years) | 24.6 | three months ended June 30, 2026 filing | — |
| Weighted-average remaining lease term - operating leases (years) | 28.4 | three months ended June 30, 2026 filing | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
ADC
this stock
Agree Realty Corp
|
$9.03B | -3.7% | +16.4% | 35.8 | 6.9% |
|
SPG
Simon Property Group Inc.
|
$75.13B | +25.9% | +6.7% | 16.8 | 3.1% |
|
O
Realty Income Corp
|
$55.94B | +4.3% | +9.1% | 40.6 | 4.4% |
|
KIM
Kimco Realty Corp
|
$17.14B | +26.0% | +5.1% | 23.8 | 5.1% |
|
UNBLF
Unibail-Rodamco SE
|
$14.60B | -7.4% | — | — | 0.0% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
Agree Realty Corporation reported third-quarter AFFO per share of $1.15, increased 2026 AFFO per share guidance to $4.58 to $4.59, invested approximately $358 million in 94 retail net lease properties, and ended with approximately $2.0 billion of liquidity.
View| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| ADC | -0.7% | +3.5% | -8.1% | +3.4% | -3.7% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | -3.3% | +4.6% | -8.6% | +3.6% | -14.3% |
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.
