Companies /Real Estate

Agree Realty Corp

NYSE: ADC Reit - Retail
$73.46
▼ $0.21 (−0.29%) today
Markets open · 1:24pm ET

Q2 2026 Earnings

Reported Jul 30, 2026, 4:05pm ET · SEC source
$0.44
Miss −7.04%
EPS · est. $0.47
$205.1M
Miss −0.87%
Revenue · est. $206.9M
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−1.4%−0.7%0+0.7%Jul 30Jul 31report 4:05pm ETearnings+0.7%−0.8%
−1.4%−0.7%0+0.7%Jul 30Jul 31earnings+0.7%−0.8%
ADC −0.8%S&P 500 +0.7%
−0.9%0+0.9%+1.8%Jul 30Jul 31report 4:05pm ETearnings+0.6%−0.8%
−0.9%0+0.9%+1.8%Jul 30Jul 31earnings+0.6%−0.8%
ADC −0.8%NASDAQ +0.6%
−3%0+3%Jul 29Aug 7report 4:05pm ETearnings+4.2%−3.5%
−3%0+3%Jul 29Aug 7earnings+4.2%−3.5%
ADC −3.5%S&P 500 +4.2%
−3%0+3%+6%Jul 29Aug 7report 4:05pm ETearnings+5.4%−3.5%
−3%0+3%+6%Jul 29Aug 7earnings+5.4%−3.5%
ADC −3.5%NASDAQ +5.4%
−0.78%
Day of report
−1.14%
Next session
−2.79%
One week

Did ADC Beat Earnings? Q2 2026 Results

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.

Key Takeaways
  • 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

Forward Guidance & 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

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$60.0M$120.0M$180.0M$175.5M$205.1MRevenue$49.2M$52.8MNet Income$82.0M$95.3MOperating Income
$0$60.0M$120.0M$180.0MRevenueNet IncomeOperating Income

Figures from SEC filings and company reports. Not investment advice.