Agree Realty Corp

Latest Results (12.05.2026):

Agree Realty Corp — First Quarter 2026 (quarter ended March 31, 2026): the company reported a solid start to 2026 with net income and cash‑flow metrics rising year-over-year, meaningful investment activity, a sizable forward equity raise through its ATM program, and approximately $2.3 billion of total liquidity that materially improves pro forma leverage.

Earnings

Net income attributable to common stockholders for Q1 2026 was $60.2 million (up 33.4% vs. Q1 2025); net income per diluted share was $0.50 (up 19.1% YoY).

FFO / AFFO

Core FFO was $136.3 million (up 21.0% YoY) and Core FFO per share was $1.13 (up 8.1%). AFFO was $137.6 million (up 20.7% YoY) and AFFO per share was $1.14 (up 7.9%).

Dividend

The company paid monthly dividends of $0.262 in Jan–Mar 2026 (annualized $3.144, +3.6% YoY) and subsequently increased the monthly dividend to $0.267 for April 2026 (annualized $3.204, +4.3% YoY). Payout ratios were ~70% of Core FFO and ~69% of AFFO for the quarter.

Capital Raising & Liquidity

Agree Realty Corp sold 8.7 million shares via the forward component of its ATM program for anticipated net proceeds of ~ $658 million. As of March 31, 2026, total liquidity was ~ $2.3 billion (including ~$780.4M revolver availability, ~$1.37B of outstanding forward equity, $100M undrawn term loan capacity, and ~$31.2M cash).

Balance Sheet & Leverage

Reported net debt to recurring EBITDA was 5.1x at quarter end; pro forma for anticipated forward equity proceeds, pro forma net debt to recurring EBITDA was 3.2x. Fixed charge coverage was 4.2x and net debt to enterprise value was 28.5%.

Investments, Acquisitions & Developments

Invested approximately $424 million in 100 retail net-lease properties during Q1 (acquisition volume ~$402.5M across 85 properties at a weighted-average cap rate of 7.1% and WALT ~11.3 years). The Company had 15 development/DFP projects completed or under construction with total anticipated costs of ~$112 million.

Portfolio & Operations

Portfolio at March 31, 2026: 2,756 properties, ~57.5 million sq. ft., ~99.7% leased, weighted-average lease term ~7.8 years, and ~65.4% of annualized base rent from investment‑grade retail tenants. Q1 dispositions were modest (~$10.6M gross proceeds).

Guidance

2026 guidance remained unchanged: AFFO per share $4.54–$4.58; expected investment volume $1.4–$1.6 billion; disposition volume $25–$75 million. Treasury-stock dilution from outstanding forward equity is now estimated at ~$0.02–$0.04 for 2026 (previously ~$0.01).