AGREE REALTY CORP 8-K
PositiveGuidance raisedEquity raiseDebt financing
Targets $1.25B–$1.5B in FY2026 acquisitions, development and Developer Funding Platform projects after deploying ≈$1.55B in 2025.
Filed 2026-01-05 16:06 ET
- 7.01 Regulation FD Disclosure
- 8.01 Other Events
- 9.01 Financial Statements and Exhibits
Summary
2025 investment activity and 2026 investment outlook. Agree Realty reported ≈$1.55B of 2025 investment volume across acquisitions, development and Developer Funding Platform projects, and introduced FY2026 investment guidance. Its portfolio totaled 2,674 properties at year-end.
Key Figures
- 2025 acquisitions: 305 properties for ≈$1.44B; weighted-average capitalization rate of 7.2% and remaining lease term of 11.5 years. 64.9% of acquired annualized base rent came from investment grade retail tenants.
- Q4 2025 acquisitions: over $347M at a 7.1% weighted-average capitalization rate; 9.6-year weighted-average remaining lease term, with 65.7% of acquired annualized base rent from investment grade tenants and 18.2% from ground leases.
- Capital and liquidity: over $2.0B of total liquidity at 12/31/2025, including ≈$1.3B of credit facility and term loan availability, over $716M of outstanding forward equity, and cash on hand. In Q4, ADC entered forward sale agreements for 1.5M shares with anticipated net proceeds of over $109M, and settled 5.9M shares under existing agreements for ≈$428M in net proceeds.
- Unsecured term loan: $350M, 5.5-year term, fixed at 4.02% including swaps, with a 12-month delayed draw feature and maturity in May 2031; undrawn at 12/31/2025. The accordion option allows ADC to request commitments up to $500M total.
- Weighted-average common shares used in diluted EPS: 115.0M for Q4 2025 and 111.2M for FY2025. Forward equity offerings added 43,198 weighted-average diluted shares in Q4 and 216,703 for the year.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Investment volume | FY2026 | $1.25B-$1.5B | — | Initiated |
| AFFO per share, non-GAAP | FY2025 | $4.31-$4.33 | $4.29-$4.32 | Raised |
| General and administrative expense (% of adjusted revenue) | FY2025 | 5.7%-5.9% | 5.6%-5.9% | Raised |
| Non-reimbursable real estate expenses (% of adjusted revenue) | FY2025 | 1.0%-1.5% | 1.0%-1.5% | Reaffirmed |
| Income and other tax expense | FY2025 | $2M-$2.5M | $2.5M-$3M | Lowered |
| Investment volume | FY2025 | $1.5B-$1.65B | $1.4B-$1.6B | Raised |
| Disposition volume | FY2025 | $25M-$50M | $10M-$50M | Raised |
Investor Takeaways
- FY2026 investment deployment versus the $1.25B-$1.5B guidance range will show whether ADC executes the growth outlook.
The summary is written by an AI model reading the filing.
Model 005 · prompt v95 · 2026-10-21 18:36:29Z