AGREE REALTY CORP 8-K
PositiveGuidance raisedEquity raiseDebt financing
ATM forward sales with over $623M in expected net proceeds support raised 2026 investment guidance of $1.4B-$1.6B.
Filed 2026-02-26 16:06 ET
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
ATM forward equity sales and updated 2026 guidance. The updated investor presentation disclosed forward sales through the ATM program and raised 2026 investment-volume guidance, supporting the company’s planned investment activity.
Key Figures
- ATM forward sale agreements cover approximately 8.3 million shares, with anticipated net proceeds of over $623M.
- Outstanding forward equity totals 17.9 million shares, representing anticipated net proceeds of over $1.3B.
- Total liquidity is over $2.5B, including $812M of revolving-credit availability after outstanding commercial paper, full availability under a $350M unsecured term loan, outstanding forward equity and cash on hand. The 5.5-year delayed-draw term loan closed at a fixed 4.02% rate.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| AFFO per share, non-GAAP | FY2026 | $4.54-$4.58 | — | — |
| Investment volume | FY2026 | $1.4B-$1.6B | $1.25B-$1.5B | Raised |
| Disposition volume | FY2026 | $25M-$75M | — | — |
| General and administrative expense (% of adjusted revenue) | FY2026 | 5.3%-5.6% | — | — |
| Cash general and administrative expense (% of adjusted revenue) | FY2026 | 3.7%-4.0% | — | — |
| Non-reimbursable real estate expenses (% of adjusted revenue) | FY2026 | 1.0%-1.5% | — | — |
| Income and other tax expense | FY2026 | $2M-$3M | — | — |
| Treasury stock method dilution | FY2026 | ≈$0.01 per share | — | — |
AFFO guidance is non-GAAP; the company did not provide a comparable GAAP outlook or reconciliation.
Investor Takeaways
- Watch 2026 investment deployment against the revised $1.4B-$1.6B guidance.
The summary is written by an AI model reading the filing.
Model 005 · prompt v95 · 2026-10-21 18:36:28Z