Agree Realty Corporation (ADC) SEC Filings & Earnings Calls
EquiReason read 17 Agree Realty Corporation SEC filings in the last 12 months. Latest: 10-Q on 2026-10-20 — Agree Realty reported strong Q3 2026 results with net income +32.3% YoY, driven by portfolio growth and contractual rent increases..
Source: SEC EDGAR filings · figures as of 2026-09-30 · read by EquiReason
- Market cap
- 8.7B
- P/E TTM
- 34.4
- Dividend yield
- 4.8%
- 52-week
- —
- Next earnings
- 8 Feb, in 107 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
20 Oct 202610-QAgree Realty reported strong Q3 2026 results with net income +32.3% YoY, driven by portfolio growth and contractual rent increases.earningsopen
Figures in the filing · each found in the filing text
| Rental income · Q3-2026 | $196M | +18% y/y |
| Net income attributable to common stockholders · Q3-2026 | $66M | +32% y/y |
| Diluted earnings per share · Q3-2026 | $0.53 | +18% y/y |
| Common dividend per share · Q3-2026 | $0.27 | +4% y/y |
| Number of properties · Q3-2026 | 2,888 | |
| Gross leasable area · Q3-2026 | $61M | |
| Net real estate investments · Q3-2026 | $9.52B | |
| Acquisition volume · Q3-2026 | $309M | -23% y/y |
| Number of properties acquired · Q3-2026 | 68 | -24% y/y |
| Gain on sale of assets · Q3-2026 | $5M | +486% y/y |
Risks flagged
Interest rate risk
“Net interest margin decreased to 5.93% from 6.29% YoY; cost of interest bearing deposits increased to 4.42% from 2.36%.”
Tenant concentration risk
“No tenant comprises more than 10 percent of the Company's revenues.” · word for word
20 Oct 20268-K · 2.02Agree Realty reports Q3 2026 results: Net Income +32.3%, Core FFO +17.2%, AFFO +17.2% YoY. Raises FY2026 AFFO guidance to $4.58-$4.59. Dividend increased 4.3% YoY. $400M bond offering at 5.65% due 2036. $2.0B liquidity.earningsopen
Figures in the filing · each found in the filing text
| Net Income · Q3-2026 | $67M | +32% y/y |
| Core FFO per share · Q3-2026 | $1.15 | +6% y/y |
| AFFO per share · Q3-2026 | $1.15 | +5% y/y |
| Common dividend per share (annualized) · Q3-2026 | $3.20 | +4% y/y |
| Liquidity · 2026-09-30 | $2.00B | |
| Net Debt to Recurring EBITDA (proforma) · 2026-09-30 | $3.90 | |
| Investment Volume · Q3-2026 | $358M |
Guidance
FY2026 AFFO per share raised to $4.58-$4.59 from $4.57-$4.59; investment volume narrowed to ~$1.6B from $1.6-$1.8B; disposition volume raised to $100-$150M from $50-$100M; G&A and non-reimbursable expense guidance unchanged at 5.3%-5.6% and 1.0%-1.5% of adjusted revenue respectively; income tax expense ~$2M; treasury stock method dilution lowered to $0.01-$0.02 from $0.02-$0.04.
FY2026 AFFO per share guidance raised modestly; investment volume narrowed to lower end; disposition volume increased; expense guidance unchanged; management tone positive.
Risks flagged
Interest rate sensitivity: $400M bond at 5.65% fixed rate, but floating rate exposure on revolving credit facility could increase costs if rates rise.
“Completed a public bond offering of $400 million of 5.65% senior unsecured notes due 2036” · word for word
Concentration in retail net lease properties: tenant credit risk and retail sector headwinds could impact occupancy and rent collection.
“Invested approximately $358 million in 94 retail net lease properties” · word for word
2 Oct 20268-K · 8.01Agree Realty disclosed weighted-average diluted shares for Q3 and 9M 2026, including incremental shares from forward equity offerings (38,597 for Q3, 255,253 for 9M), indicating potential dilution.share dilutionopen
Figures in the filing · each found in the filing text
| Weighted average number of common shares outstanding · Q3-2026 | 124,565,976 | |
| Weighted average number of common shares outstanding used in basic earnings per share · Q3-2026 | 124,363,105 | |
| Weighted average number of common shares outstanding used in diluted earnings per share · Q3-2026 | 124,602,961 | |
| Weighted average number of common shares and OP Units outstanding used in diluted earnings per share · Q3-2026 | 124,950,580 |
Risks flagged
Potential dilution from forward equity offerings may pressure EPS.
“The impact of the offerings on the Company’s weighted-average diluted shares for the three months ended September 30, 2026 was 38,597 weighted-average incremental shares.” · word for word
22 Sep 20268-K · 1.01, 2.03, 8.01Agree Realty Corporation issued $400M 5.650% Notes due 2036 via underwritten public offering, net proceeds ~$390.1M. Routine debt capital markets transaction for a REIT.open
Figures in the filing · each found in the filing text
| Net proceeds from notes offering · Q3-2026 | $390M |
Risks flagged
Increased leverage from $400M notes issuance; interest expense will rise with 5.650% coupon.
“$400,000,000 aggregate principal amount of the Issuer’s 5.650% Notes due 2036” · word for word
30 Jul 202610-QAgree Realty reported Q2 2026 results with increased acquisition activity and portfolio growth; no explicit beat or miss versus expectations stated.earningsopen
Figures in the filing · each found in the filing text
| Total lease payments · H1-2026 | $418M | +18% y/y |
| Net income attributable to Agree Realty Corporation · H1-2026 | $117M | +21% y/y |
| Diluted earnings per share · H1-2026 | $0.94 | +15% y/y |
| Common dividend per share (monthly) · Q2-2026 | $0.27 | +4% y/y |
| Total gross indebtedness · 2026-06-30 | $3.85B | |
| Net real estate investments · 2026-06-30 | $9.24B | +8% y/y |
| Number of properties owned · 2026-06-30 | 2,825 | +6% y/y |
| Total GLA · 2026-06-30 | $60M | +7% y/y |
| Acquisition volume (total purchase price) · H1-2026 | $858M | +25% y/y |
| Provision for impairment · H1-2026 | $7M | +0% y/y |
Risks flagged
Impairment risk on real estate investments
“As a result of the Company’s review of real estate investments, it recognized the following provision for impairment ... Number of properties impaired 10 ... Provision for impairment $ 7,300”
Concentration risk from single tenant collectability issue
“As of June 30, 2026, the Company had one lease with one tenant where collection is not considered probable.” · word for word
30 Jul 20268-K · 2.02Agree Realty reported record quarterly investment of $502M, AFFO per share $1.14 (+7.4% YoY), raised 2026 investment guidance to $1.6-1.8B and AFFO per share guidance to $4.57-4.59.earningsopen
Figures in the filing · each found in the filing text
| Net Income per share · Q2-2026 | $0.44 | +2% y/y |
| Core FFO per share · Q2-2026 | $1.13 | +8% y/y |
| AFFO per share · Q2-2026 | $1.14 | +7% y/y |
| Net Income · Q2-2026 | $53M | +12% y/y |
| Core FFO · Q2-2026 | $136M | +17% y/y |
| AFFO · Q2-2026 | $138M | +17% y/y |
| Monthly dividend per share · Q2-2026 | $0.27 | +4% y/y |
| Annualized dividend per share · FY2026 | $3.20 | +4% y/y |
| Investment volume · Q2-2026 | $502M | |
| Number of properties invested · Q2-2026 | 102 |
Guidance
FY26 AFFO per share raised to $4.57-4.59 from $4.54-4.58; FY26 investment volume raised to $1.6-1.8B from $1.4-1.6B; disposition volume raised to $50-100M from $25-75M; G&A and non-reimbursable expenses unchanged.
Raised AFFO per share and investment volume guidance based on strong first half performance and record investment activity.
Risks flagged
Forward equity dilution risk from ATM program; 4.3M shares settled in Q2.
“Settled 4.3 million shares of outstanding forward equity for net proceeds of approximately $313 million.” · word for word
Concentration in retail net lease properties; potential retail sector headwinds.
“Invested in 102 retail net lease properties.”
2 Jul 20268-K · 8.01Weighted-average diluted shares outstanding 120,487,256open
Figures in the filing · each found in the filing text
| Weighted-average diluted shares outstanding · Q2-2026 | 120,487,256 |
Risks flagged
Potential dilution from forward equity offerings
“Impact of forward equity offerings on diluted shares: 328,729 incremental shares for Q2 2026”
24 Apr 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement); filed financial statements and exhibits with this reportopen
Risks flagged
Potential dilution from equity issuance; forward sale agreements may complicate settlement and cash proceeds.
“Company may issue and sell shares ... up to $1,750,000,000; forward sale agreements with multiple counterparties”
21 Apr 20268-K · 2.02Net Income per share attributable to common stockholders $0.50 (+19% y/y); Core Funds from Operations (Core FFO) per share $1.13 (+8% y/y); Adjusted Funds from Operations (AFFO) per share $1.14 (+8% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net Income per share attributable to common stockholders · Q1-2026 | $0.50 | +19% y/y |
| Core Funds from Operations (Core FFO) per share · Q1-2026 | $1.13 | +8% y/y |
| Adjusted Funds from Operations (AFFO) per share · Q1-2026 | $1.14 | +8% y/y |
| Net Income attributable to common stockholders · Q1-2026 | $60M | +33% y/y |
| Core FFO · Q1-2026 | $136M | +21% y/y |
| AFFO · Q1-2026 | $138M | +21% y/y |
| Investment volume · Q1-2026 | $424M | |
| Monthly dividend per share · April 2026 | $0.27 | +4% y/y |
| Net debt to recurring EBITDA (proforma) · Q1-2026 | $3.20 | |
| Liquidity · Q1-2026 | $2.30B |
Risks flagged
Forward equity dilution risk from ATM program
“Raised approximately $660 million of forward equity via ATM program; 8.7 million shares sold” · word for word
21 Apr 202610-QTotal lease payments $207M (+19% y/y); Net income attributable to common stockholders $60M (+33% y/y); Acquisition total purchase price $404M (+13% y/y)open
Figures in the filing · each found in the filing text
| Total lease payments · Q1-2026 | $207M | +19% y/y |
| Net income attributable to common stockholders · Q1-2026 | $60M | +33% y/y |
| Acquisition total purchase price · Q1-2026 | $404M | +13% y/y |
| Number of properties owned · 2026-03-31 | 2,756 | |
| Net real estate investments · 2026-03-31 | $8.89B | |
| Dividend per common share · Q1-2026 | $0.79 | +4% y/y |
| Provision for impairment · Q1-2026 | $1M | -68% y/y |
| Number of properties acquired · Q1-2026 | 85 | +85% y/y |
| Cash and cash equivalents · 2026-03-31 | $25M | |
| Commercial paper notes outstanding · 2026-03-31 | $470M |
Risks flagged
Interest rate exposure on floating-rate debt
“Unsecured revolving credit facility and commercial paper notes 469,650 320,500” · word for word
2 Apr 2026DEF 14ACore Funds From Operations per share $4.28 (+5% y/y); Adjusted Funds From Operations per share $4.33 (+5% y/y); Dividends per share $3.08 (+3% y/y)open
Figures in the filing · each found in the filing text
| Core Funds From Operations per share · FY2025 | $4.28 | +5% y/y |
| Adjusted Funds From Operations per share · FY2025 | $4.33 | +5% y/y |
| Dividends per share · FY2025 | $3.08 | +3% y/y |
| Portfolio occupancy · 2025-12-31 | 99.7% | |
| Investment grade tenants as % of annualized base rent · 2025-12-31 | 66.8% | |
| Net debt to recurring EBITDA · 2025-12-31 | $3.80 | |
| Investment volume · FY2025 | $1.55B |
Risks flagged
Interest rate sensitivity
“The filing mentions an 'elevated interest rate environment' as a factor in setting incentive targets, but does not quantify the impact on operations.”
2 Apr 20268-K · 8.01Weighted average number of common shares outstanding used in diluted earnings per share 120,375,633open
Figures in the filing · each found in the filing text
| Weighted average number of common shares outstanding used in diluted earnings per share · Q1-2026 | 120,375,633 |
Risks flagged
Potential dilution from forward equity offerings and OP units; no immediate risk.
“Impact of forward equity offerings on diluted shares: 398,432 incremental shares”
26 Feb 20268-K · 7.01AFFO per share guidance $4.56 (+5% y/y); Forward equity outstanding $1.30B; Guidance: 2026 investment guidance increased to $1.4-1.6B; AFFO per share $4.54-4.58 (5.4% growth)open
Figures in the filing · each found in the filing text
| AFFO per share guidance · FY2026 | $4.56 | +5% y/y |
| Forward equity outstanding · FY2026 | $1.30B |
Guidance
2026 investment guidance increased to $1.4-1.6B; AFFO per share $4.54-4.58 (5.4% growth)
Increased investment guidance and AFFO per share growth indicate positive outlook; strong liquidity supports execution.
Risks flagged
Forward equity dilution risk: $1.3B outstanding forward equity could dilute existing shareholders when settled.
“Over $1.3 billion of outstanding forward equity representing anticipated net proceeds.” · word for word
10 Feb 20268-K · 2.02Net Income per share attributable to common stockholders $1.77 (-1% y/y); Core FFO per share $4.28 (+5% y/y); AFFO per share $4.33 (+5% y/y); Guidance: 2026 AFFO per share guidance $4.54-$4.58; 2026 investment guidance $1.4-$1.6Bearningsopen
Figures in the filing · each found in the filing text
| Net Income per share attributable to common stockholders · Consolidated · FY2025 | $1.77 | -1% y/y |
| Core FFO per share · Consolidated · FY2025 | $4.28 | +5% y/y |
| AFFO per share · Consolidated · FY2025 | $4.33 | +5% y/y |
| Net Income · Consolidated · FY2025 | $197M | +8% y/y |
| Core FFO · Consolidated · FY2025 | $478M | +15% y/y |
| AFFO · Consolidated · FY2025 | $483M | +14% y/y |
| Total investments in properties · Consolidated · FY2025 | $1.55B | |
| 2026 AFFO per share guidance · Consolidated · FY2026 | $4.56 | |
| Dividend per share (annualized) · Consolidated · FY2025 | $3.14 | +3% y/y |
| Liquidity · Consolidated · FY2025 | $2.00B |
Guidance
2026 AFFO per share guidance $4.54-$4.58; 2026 investment guidance $1.4-$1.6B
Initial 2026 AFFO guidance provided; investment guidance increased, indicating confidence in growth
10 Feb 202610-KRental income $718M (+16% y/y); Net income attributable to common stockholders $197M (+8% y/y); Interest expense, net $135M (+24% y/y)open
Figures in the filing · each found in the filing text
| Rental income · FY2025 | $718M | +16% y/y |
| Net income attributable to common stockholders · FY2025 | $197M | +8% y/y |
| Interest expense, net · FY2025 | $135M | +24% y/y |
| Total liquidity · 2025-12-31 | $2.02B | |
| Portfolio occupancy · 2025-12-31 | 99.7% | |
| Weighted average remaining lease term · 2025-12-31 | $7.80 | |
| Number of properties · 2025-12-31 | 2,674 | |
| Gross leasable area · 2025-12-31 | $56M | |
| Investment-grade tenant ABR percentage · 2025-12-31 | 66.8% | |
| Acquisition volume · FY2025 | $1.45B |
Risks flagged
Interest rate sensitivity
“Interest expense, net increased $25.7 million, or 24%, to $134.6 million for the year ended December 31, 2025, compared to $108.9 million for the year ended December 31, 2024.” · word for word
REIT qualification risk
“Changes in tax laws may prevent us from maintaining our qualification as a REIT.” · word for word
Tenant credit risk
“Reduced economic activity could severely impact our tenants’ businesses, financial condition and liquidity and may cause one or more of our tenants to be unable to meet their obligations to us in full, or at all, or to otherwise seek modifications of such obligations.” · word for word
5 Jan 20268-K · 7.01, 8.01Investment guidance $1.25B; Total liquidity $2.00B; Outstanding forward equity $700M; Guidance: 2026 investment guidance $1.25B-$1.50Bopen
Figures in the filing · each found in the filing text
| Investment guidance · FY2026 | $1.25B | |
| Total liquidity · Q4-2025 | $2.00B | |
| Outstanding forward equity · Q4-2025 | $700M | |
| Weighted average shares outstanding (basic) · Q4-2025 | 114,695,645 | |
| Weighted average shares outstanding (diluted) · Q4-2025 | 115,345,876 |
Guidance
2026 investment guidance $1.25B-$1.50B
Company raised 2026 investment guidance to $1.25-$1.50B, with strong liquidity and pre-equitized forward equity, indicating confidence in growth.
Risks flagged
Forward equity dilution risk from outstanding $700M forward equity, which could pressure EPS if not deployed accretively.
“Over $700 million of outstanding forward equity as of December 31st (slide 3).” · word for word
18 Nov 20258-K · 1.01, 2.03Entered a material definitive agreement (acquisition, partnership, or major contract); took on a material direct financial obligation, increasing leverageopen
Risks flagged
Increased debt obligations may pressure future cash flows and interest coverage.
“Term Loan Agreement and credit facility amendments”
Agree Realty Corporation — questions
- What did Agree Realty Corporation file recently?
- 17 SEC filings in the last 12 months. Latest: 10-Q on 2026-10-20 — Agree Realty reported strong Q3 2026 results with net income +32.3% YoY, driven by portfolio growth and contractual rent increases.
Every figure on this page comes from Agree Realty Corporation's own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.