AGREE REALTY CORP 8-K
PositiveEarningsGuidance reaffirmed
Property investment plan holds at $1.4B–$1.6B, above January’s outlook; forward-equity dilution estimates rise
Filed 2026-04-21 16:05 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q1 2026 results with revised FY2026 guidance. Agree Realty reported higher revenue, net income and per-share operating measures year over year, and updated its outlook: income and other tax expense was lowered and estimated dilution from forward equity increased. The investor presentation says the $1.4B–$1.6B investment-volume range is ≈10% above the initial January outlook.
Key Figures
| Metric | Q1 2026 |
|---|---|
| Revenue | $200.8M, +18.7% Y/Y |
| Operating income | $98.6M, +25.2% Y/Y |
| Net income attributable to common stockholders | $60.2M, +33.4% Y/Y |
| Diluted EPS | $0.50, vs $0.42 |
| Core FFO per diluted share, non-GAAP | $1.13, +8.1% Y/Y |
| AFFO per diluted share, non-GAAP | $1.14, +7.9% Y/Y |
| Operating cash flow | $145.2M, +14.6% Y/Y |
- Acquisitions totaled $402.5M for 85 properties, at a 7.1% weighted-average capitalization rate; total investment activity was $423.7M across 100 properties.
- ATM forward sales covered 8.7M shares for anticipated net proceeds of $658M. At quarter-end, 18.36M shares remained under outstanding forward offerings, with $1.37B in anticipated net proceeds; liquidity was $2.3B and net debt to recurring EBITDA was 5.1x, or 3.2x pro forma for those proceeds.
- The company drew $250M under its $350M 2031 unsecured term loan, fixed at 4.02% through May 2031; $100M remained available to draw through November 2026. It declared an April common dividend of $0.267 per share, up 4.3% Y/Y, payable 5/14/2026.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| AFFO per share, non-GAAP | FY2026 | $4.54-$4.58 | $4.54-$4.58 | reaffirmed |
| Investment volume | FY2026 | $1.4B-$1.6B | $1.4B-$1.6B | reaffirmed |
| Disposition volume | FY2026 | $25M-$75M | $25M-$75M | reaffirmed |
| General and administrative expenses (% of adjusted revenue) | FY2026 | 5.3%-5.6% | 5.3%-5.6% | reaffirmed |
| Cash general and administrative expenses (% of adjusted revenue) | FY2026 | 3.7%-4.0% | — | — |
| Non-reimbursable real estate expenses (% of adjusted revenue) | FY2026 | 1.0%-1.5% | 1.0%-1.5% | reaffirmed |
| Income and other tax expense | FY2026 | $2M-$2.5M | $2M-$3M | lowered |
| Treasury stock method dilution | FY2026 | $0.02-$0.04 | ≈$0.01 | raised |
Guidance changes, derived from earlier filings
| Metric | Period | Earlier guidance | Guidance now | Change |
|---|---|---|---|---|
| AFFO per share, non-GAAP | FY2026 | $4.54-$4.58 | $4.54-$4.58 | reaffirmed |
| Investment volume | FY2026 | $1.4B-$1.6B | $1.4B-$1.6B | reaffirmed |
| Disposition volume | FY2026 | $25M-$75M | $25M-$75M | reaffirmed |
| General and administrative expenses (% of adjusted revenue) | FY2026 | 5.3%-5.6% | 5.3%-5.6% | reaffirmed |
| Cash general and administrative expenses (% of adjusted revenue) | FY2026 | 3.7%-4.0% | 3.7%-4.0% | reaffirmed |
| Non-reimbursable real estate expenses (% of adjusted revenue) | FY2026 | 1.0%-1.5% | 1.0%-1.5% | reaffirmed |
| Income and other tax expense | FY2026 | $2M-$3M | $2M-$2.5M | narrowed (lowered high end) |
| Treasury stock method dilution | FY2026 | ≈$0.01 per share | $0.02-$0.04 | raised |
Investor Takeaways
- Track FY2026 AFFO per share and investment volume against the company’s ranges as the year progresses.
- Watch execution of the remaining development and Developer Funding Platform projects, with scheduled deliveries from Q2 2026 through Q2 2027.
The summary is written by an AI model reading the filing.
Model 005 · prompt v95 · 2026-10-21 18:36:29Z