AGREE REALTY CORP 8-K
PositiveEarningsGuidance raised
Record retail net lease investment; FY2026 guidance raised to $1.6B-$1.8B in deployment and $4.57-$4.59 in AFFO/share.
Filed 2026-07-30 16:05 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with raised FY2026 guidance. Agree Realty reported higher revenue, earnings and per-share operating measures, alongside record quarterly investment activity of $502M across 102 retail net lease properties. It raised FY2026 investment-volume guidance to $1.6B-$1.8B and AFFO per share guidance to $4.57-$4.59. The company declared a common dividend of $0.267 per share monthly for Q2, up 4.3% Y/Y; the July dividend of $0.267 is payable 8/14/2026.
Key Figures
| Metric | Q2 2026 | H1 2026 |
|---|---|---|
| Revenue | $205.1M, +16.8% Y/Y | $405.9M, +17.8% Y/Y |
| Net income attributable to common stockholders | $52.8M, +11.5% Y/Y | $113.0M, +22.2% Y/Y |
| Diluted EPS attributable to common stockholders | $0.44, +2.2% Y/Y | $0.94, +10.6% Y/Y |
| Core FFO per diluted common share and OP unit, non-GAAP | $1.13, +7.5% Y/Y | $2.25, +7.8% Y/Y |
| AFFO per diluted common share and OP unit, non-GAAP | $1.14, +7.4% Y/Y | $2.28, +7.7% Y/Y |
| Operating cash flow | — | $276.1M, +12.1% Y/Y |
- Investment activity totaled $501.7M in Q2; acquisitions were $451.5M across 82 properties, at a 7.0% weighted-average capitalization rate. The company also commenced five development or developer funding projects with anticipated costs of $87.5M.
- Liquidity was approximately $1.9B at quarter-end. Net debt to recurring EBITDA was 5.2x, or 3.7x pro forma for anticipated proceeds from outstanding forward equity.
- The company settled 4.3M forward-sale shares for $313.3M in net proceeds during Q2.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| AFFO per share, non-GAAP | FY2026 | $4.57-$4.59 | $4.54-$4.58 | Raised |
| Investment volume | FY2026 | $1.6B-$1.8B | $1.4B-$1.6B | Raised |
| Disposition volume | FY2026 | $50M-$100M | $25M-$75M | — |
| 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 | $2M-$2.5M | — |
| Treasury stock method dilution per share | FY2026 | $0.02-$0.04 | $0.02-$0.04 | Reaffirmed |
Guidance changes, derived from earlier filings
| Metric | Period | Earlier guidance | Guidance now | Change |
|---|---|---|---|---|
| AFFO per share, non-GAAP | FY2026 | $4.54-$4.58 | $4.57-$4.59 | raised |
| Investment volume | FY2026 | $1.4B-$1.6B | $1.6B-$1.8B | raised |
| Disposition volume | FY2026 | $25M-$75M | $50M-$100M | raised |
| 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-$2.5M | ≈$2M | narrowed (lowered high end) |
| Treasury stock method dilution per share | FY2026 | $0.02-$0.04 | $0.02-$0.04 | reaffirmed |
Investor Takeaways
- FY2026 investment deployment against $1.6B-$1.8B and AFFO per share against $4.57-$4.59 are the key measures for assessing the revised outlook.
The summary is written by an AI model reading the filing.
Model 005 · prompt v95 · 2026-10-21 18:36:29Z