AGREE REALTY CORP 8-K
PositiveEarningsNew guidance
Raises 2026 retail net-lease investment outlook to $1.4B–$1.6B and initiates non-GAAP AFFO guidance of $4.54–$4.58 per share.
Filed 2026-02-10 16:05 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q4 and FY2025 results with initial FY2026 guidance. Agree Realty continued expanding its retail net-lease portfolio and raised its 2026 investment outlook while introducing AFFO per-share guidance.
Key Figures
| Metric | Q4 2025 | FY2025 |
|---|---|---|
| Revenue | $190M, +18.5% Y/Y | $718M, +16.4% Y/Y |
| Operating income | $92.4M, +22.7% Y/Y | $340M, +12.6% Y/Y |
| Net income attributable to common stockholders | $54.2M, +24.9% Y/Y | $197M, +8.3% Y/Y |
| Diluted EPS attributable to common stockholders | $0.47, +13.5% Y/Y | $1.77, -0.7% Y/Y |
| Core FFO per diluted share (non-GAAP) | $1.10, +7.3% Y/Y | $4.28, +5.1% Y/Y |
| AFFO per diluted share (non-GAAP) | $1.11, +6.5% Y/Y | $4.33, +4.6% Y/Y |
- 2025 investment deployment was $1.55B across 338 properties. Acquisition volume was $1.44B across 305 properties, at a 7.2% weighted-average capitalization rate and an 11.5-year weighted-average remaining lease term. The company had 34 development or Developer Funding Platform projects completed or underway, with $225M in anticipated total costs. At year-end, the 2,674-property portfolio was 99.7% leased, and investment-grade tenants generated 66.8% of annualized base rents; 2026 lease maturities represent 1.5% of annualized base rents.
- Year-end total debt was $3.32B principal and net debt was $3.30B. Liquidity was $2.0B; net debt to recurring EBITDA was 4.9x, or 3.8x pro forma for $716.1M of anticipated proceeds from outstanding forward equity. The company had 9.62M forward shares remaining to settle for anticipated net proceeds of $716.1M, with settlement dates between June 2026 and May 2027. Its $350M unsecured delayed-draw term loan is fixed at 4.02% including hedges and matures in May 2031; it also issued $400M principal of 5.60% senior unsecured notes due June 2035, with a 5.35% all-in rate.
- Common dividends declared for January and February 2026 were $0.262 per share monthly, equivalent to $3.144 annualized and a 3.6% Y/Y increase. The company also declared $0.08854 monthly per depositary share on its 4.25% Series A preferred stock.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| AFFO per share (non-GAAP) | FY2026 | $4.54-$4.58 | — | Initiated |
| Investment volume | FY2026 | $1.4B-$1.6B | $1.25B-$1.50B | Raised |
| Disposition volume | FY2026 | $25M-$75M | — | — |
| General and administrative expense as % of adjusted revenue | FY2026 | 5.3%-5.6% | — | — |
| Cash general and administrative expense as % of adjusted revenue | FY2026 | 3.7%-4.0% | — | — |
| Non-reimbursable real estate expenses as % of adjusted revenue | FY2026 | 1.0%-1.5% | — | — |
| Income and other tax expense | FY2026 | $2M-$3M | — | — |
| Treasury stock method dilution included in AFFO per share | FY2026 | ≈$0.01 | — | — |
The AFFO outlook uses the current forward SOFR curve to forecast interest expense; the company does not provide a comparable GAAP outlook or reconciliation because certain adjustments are difficult to forecast.
Investor Takeaways
- Track FY2026 AFFO and investment deployment against the company’s outlook to assess progress on its earnings and growth plans.
- Watch 2026 lease maturities and project deliveries for evidence of continued occupancy and portfolio expansion.
The summary is written by an AI model reading the filing.
Model 005 · prompt v95 · 2026-10-21 18:36:29Z