AGREE REALTY CORP (ADC) Form 8-K — Oct 20, 2026
Agree Realty (NYSE: ADC) reported Q3 2026 results with net income attributable to common stockholders up 32.3% to $66.5 million and net income per share up 18.5% to $0.53. Core FFO and AFFO per share each rose 4.9% year-over-year to $1.15, and the company raised its 2026 AFFO per share guidance to $4.58-$4.59 from $4.57-$4.59 while updating investment volume guidance to approximately $1.6 billion. The balance sheet was fortified via a $400 million bond offering at a 5.36% all-in rate and settlement of 5.7 million forward equity shares for ~$426 million, leaving approximately $2.0 billion of liquidity and proforma net debt to recurring EBITDA of 3.9x.
Key figures
- Eps
- 0.53
- Revenue
- 213884000
- Guidance
- 2026 AFFO per share raised to $4.58-$4.59; investment volume ~$1.6B; disposition volume $100-150M
- Net Income
- 66493000
- Total Debt
- 3752250000
- Total Assets
- 10950922000
- Cash Position
- 80559000
- Shares Outstanding
- 130101031
- Walt
- 7.8 years
- Liquidity
- $2.0B
- Bond offering
- $400M of 5.65% senior unsecured notes due 2036 at 5.36% all-in
- Enterprise value
- $12.6B
- Affo per share q3
- 1.15
- Net income growth
- 32.3%
- Portfolio occupancy
- 99.8%
- Acquisition cap rate
- 7.3%
- Investment volume q3
- $357.7M across 94 properties
- Core ffo per share q3
- 1.15
- Forward equity settled
- 5.7 million shares for ~$426M net proceeds
- Forward equity remaining
- 8,762,726 shares, ~$657M anticipated net proceeds
- Monthly dividend october
- $0.271 per share
- Core ffo per share growth
- 4.9%
- Proforma net debt to recurring ebitda
- 3.9x
AI analysis
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