AGREE REALTY CORP 8-K
PositiveEarningsGuidance raised
Cuts FY2026 investment plans to ≈$1.6B and raises property-sale targets; lifts AFFO/share guidance to $4.58–$4.59.
Filed 2026-10-20 16:05 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q3 2026 results with revised FY2026 guidance. Agree Realty reported higher revenue, net income attributable to common stockholders and per-share funds from operations year over year, and raised its AFFO-per-share outlook. It also reduced expected investment volume to approximately $1.6B and raised disposition guidance to $100M–$150M.
Key Figures
| Metric | Q3 2026 | 9M 2026 |
|---|---|---|
| Revenue | $213.9M, +16.7% Y/Y | $619.8M, +17.4% Y/Y |
| Operating income | $109.6M, +25.6% Y/Y | $303.4M, +22.4% Y/Y |
| Net income attributable to common stockholders | $66.5M, +32.3% Y/Y | $179.5M, +25.7% Y/Y |
| Diluted EPS | $0.53, +18.5% Y/Y | $1.47, +13.4% Y/Y |
| Core FFO per share, non-GAAP | $1.15, +4.9% Y/Y | $3.40, +6.8% Y/Y |
| AFFO per share, non-GAAP | $1.15, +4.9% Y/Y | $3.43, +6.7% Y/Y |
| Operating cash flow | — | $460.7M, +17.3% Y/Y |
- Investment activity totaled $357.7M across 94 properties in Q3; acquisitions were $308.6M at a 7.3% weighted-average capitalization rate, with a 14.5-year weighted-average lease term. The portfolio was 99.8% leased at quarter-end.
- Liquidity was approximately $2.0B, including $1.25B of revolving-credit availability, $657.1M of outstanding forward equity and $91.5M of cash and cash equivalents and cash held in escrow. Net debt was $3.66B; net debt to recurring EBITDA was 4.8x, or 3.9x pro forma for the forward equity.
- Issued $400M principal amount of senior unsecured notes due 2036, with a 5.65% coupon and 5.36% all-in rate after hedging. Settled 5.7M forward-sale shares for $425.7M net proceeds. The October common dividend was $0.271 per share monthly, up 3.4% Y/Y.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| AFFO per share, non-GAAP | FY2026 | $4.58–$4.59; nearly 6% Y/Y growth at midpoint | $4.57–$4.59 | Raised |
| Investment volume | FY2026 | ≈$1.6B | $1.6B–$1.8B | Lowered |
| Disposition volume | FY2026 | $100M–$150M | $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% | — | — |
| 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 | Reaffirmed |
| Treasury stock method dilution | FY2026 | $0.01–$0.02 per share | $0.02–$0.04 per share | Lowered |
Guidance changes, derived from earlier filings
| Metric | Period | Earlier guidance | Guidance now | Change |
|---|---|---|---|---|
| AFFO per share, non-GAAP | FY2026 | $4.57-$4.59 | $4.58–$4.59; nearly 6% Y/Y growth at midpoint | narrowed (raised low end) |
| Investment volume | FY2026 | $1.6B-$1.8B | ≈$1.6B | narrowed (lowered high end) |
| Disposition volume | FY2026 | $50M-$100M | $100M–$150M | 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 | ≈$2M | reaffirmed |
| Treasury stock method dilution | FY2026 | $0.02-$0.04 | $0.01–$0.02 per share | lowered |
Investor Takeaways
- Watch results against the revised FY2026 AFFO-per-share and investment and disposition outlooks.
- Track delivery of the 2027 development and Developer Funding Platform projects; 13 projects are scheduled for delivery in Q1–Q3 2027.
The summary is written by an AI model reading the filing.
Model 005 · prompt v95 · 2026-10-21 18:36:29Z