Agree Realty (ADC) Q2 2026 Earnings
How Did ADC Stock React to Q2 2026 Earnings?
S&P 500 over the same 30 days: +1.97%.
Did ADC Beat Earnings? Q2 2026 Results
No. Agree Realty reported Q2 2026 earnings of $0.44 a share on Jul 30, 2026, missing the $0.47 consensus estimate by 7.0%. Revenue was $205.1M against a $206.9M estimate.
Agree Realty Corporation fell short of Wall Street expectations in Q2 2026, posting earnings per share of $0.44 against a consensus estimate of $0.47, a miss of 7.04%, while revenue of $205.10 million trailed the $206.91 million estimate by 0.87%, though it still represented a robust 16.9% increase year-over-year. The earnings shortfall was largely a byproduct of the company's own ambition; aggressive equity issuance to fund a record $501.70 million in quarterly acquisitions across 102 net lease properties diluted per-share results even as the underlying portfolio continued to grow, with AFFO per share advancing 7.4% to $1.14 and occupancy holding firm at 99.8% across 2,825 properties. Institutional interest in the stock remains notable, with institutional owners controlling nearly 98% of shares outstanding. Looking ahead, management lifted full-year 2026 investment guidance to $1.60 billion-$1.80 billion and raised AFFO per share guidance to $4.57-$4.59, reflecting roughly 5.8% year-over-year growth at the midpoint.
- Record quarterly investment activity of approximately $502 million across 102 properties
- Approximately 73.2% of annualized base rents acquired from investment grade retail tenants
- Portfolio occupancy of 99.8%
- Same-store rent growth of 0.9% in Q2 2026
- Recapture rate of 105% on leasing activity
- Total credit and occupancy loss of only 0.06% in Q2 2026
- Weighted-average acquisition cap rate of 7.0% with 11.2-year WALT
“We are very pleased with our record performance during the first half of the year, as we posted the most active investment quarter and first half in Company history.”
Agree Realty CEO, on the earnings call
What Is Agree Realty's Outlook?
The company raised its full-year 2026 AFFO per share guidance to $4.57–$4.59 (from $4.54–$4.58), representing approximately 5.8% year-over-year growth at the midpoint. Investment volume guidance was increased to $1.6 billion–$1.8 billion (from $1.4 billion–$1.6 billion). Disposition volume guidance was raised to $50 million–$100 million (from $25 million–$75 million). G&A expenses are expected at 5.3%–5.6% of adjusted revenues, non-reimbursable real estate expenses at 1.0%–1.5% of adjusted revenues, and income and other tax expense of approximately $2 million.
ADC YoY Financials
| Metric | Q2 2026 | Q2 2025 | Year over year |
|---|---|---|---|
| Revenue | $205.1M | $175.5M | +16.9% |
| Net Income | $52.8M | $49.2M | +7.3% |
| Operating Income | $95.3M | $82.0M | +16.2% |
When Does Agree Realty Report Next?
Figures from SEC filings and company reports. Not investment advice.