Q1 26 EPS
$0.50
BEAT +5.80%
Est. $0.47
Q1 26 Revenue
$200.8M
BEAT +2.41%
Est. $196.1M
vs S&P Since Q1 26
-11.3%
TRAILING MARKET
ADC -8.2% vs S&P +3.1%
Market Reaction
Did ADC Beat Earnings? Q1 2026 Results
Agree Realty delivered a clean beat across the board in Q1 2026, posting earnings per share of $0.50 against a consensus estimate of $0.47, a 5.80% beat, while revenue of $200.81 million topped expectations by 2.41% and grew 18.7% year over year. The… Read more Agree Realty delivered a clean beat across the board in Q1 2026, posting earnings per share of $0.50 against a consensus estimate of $0.47, a 5.80% beat, while revenue of $200.81 million topped expectations by 2.41% and grew 18.7% year over year. The standout driver behind those results was an exceptionally active acquisition quarter, with the net lease REIT deploying approximately $402.50 million across retail properties at a weighted-average cap rate of 7.1% and an average remaining lease term of 11.3 years, expanding its portfolio to 2,756 properties spanning all 50 states at 99.7% occupancy. Net income attributable to common stockholders climbed 33.4% year over year to $60.19 million, while AFFO per share grew 7.9% to $1.14. Looking ahead, management held its full-year 2026 AFFO per share guidance steady at $4.54 to $4.58, representing 5.4% growth at the midpoint, and reiterated investment volume guidance of $1.40 billion to $1.60 billion, roughly 10% above what the company had initially set out in January.
Key Takeaways
- • Acquisition of 85 properties for approximately $402.5 million at a 7.1% weighted-average cap rate
- • Core FFO per share increased 8.1% year-over-year to $1.13
- • AFFO per share increased 7.9% year-over-year to $1.14
- • Net income per share increased 19.1% year-over-year to $0.50
- • Same-store rent growth of 1.6% in Q1 2026
- • Portfolio occupancy of 99.7%
- • Leasing recapture rate of 104.5%
- • 65.4% of annualized base rents from investment grade retail tenants
- • Total credit and occupancy loss of only 0.14%
ADC YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
“Our first quarter results reflect a strong start to the year. Our balance sheet is fortified, our pipeline is strong and our Team is laser focused.”
— Joey Agree, Q1 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 | — | — | — | — | — |
| 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% |