Q2 26 EPS
$0.44
MISS 7.04%
Est. $0.47
Q2 26 Revenue
$205.1M
MISS 0.87%
Est. $206.9M
vs S&P Since Q2 26
-8.1%
TRAILING MARKET
ADC -4.6% vs S&P +3.5%
Market Reaction
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%, th… Read more 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
ADC 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, source: SEC Filings
“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.”
— Joey Agree, Q2 2026 Earnings Press Release
ADC Earnings Trends
ADC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ADC EPS Trend
Earnings per share: estimate vs actual
ADC Revenue Trend
Quarterly revenue: estimate vs actual
ADC Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $0.47 | $0.44 | -7.04% | $205.1M | -0.87% |
| Q1 26 BEAT | $0.47 | $0.50 | +5.80% | $200.8M | +2.41% |
| Q4 25 BEAT FY | $0.47 | $0.47 | +0.43% | $190.5M | +0.58% |
| FY Full Year | $1.81 | $1.77 | -2.02% | $718.4M | +0.06% |
| Q3 25 MISS | $0.46 | $0.45 | -1.47% | $183.2M | +0.94% |
| Q2 25 BEAT | $0.46 | $1.06 | +132.41% | $175.5M | +1.42% |