Agree Realty Stock Earnings Reports

Agree Realty delivered a strong start to 2026, executing $403M of acquisitions during Q1 (nearly $425M across three external growth platforms) — the largest quarterly acquisition volume since 2022 — while maintaining very high portfolio quality and occupancy (99.7%). The company raised ~8.7M shares of forward equity via its ATM in the quarter for anticipated net proceeds of ~$658M and ended the quarter with a record $1.4B of outstanding forward equity and $2.3B of total liquidity. Pro forma net debt to recurring EBITDA was approximately 3.2x and there are no material maturities until 2028. Operating results showed resilience: Core FFO per share was $1.13 (up 8.1% YoY) and AFFO per share was $1.14 (up 7.9% YoY). Management reiterated full-year 2026 AFFO guidance of $4.54–$4.58 (midpoint ~5.4% growth) while noting increased treasury-stock-method dilution of $0.02–$0.04 due to higher share price and additional forward equity. Development and developer funding pipelines are accelerating, with expectations to meaningfully ramp activity in Q2–Q3 and an intermediate target of ~$250M of annual ground commencements. Portfolio highlights: ~2,756 properties across all 50 states, >65% investment-grade exposure (by their reporting), ~10% ABR from ground leases, pharmacy exposure down to 3.5% of ABR, and strong leasing results (recapture >104%). Management emphasized disciplined underwriting, significant optionality from hedged capital and term loan capacity, and continued focus on high-quality, omnichannel-capable retail tenants.