Companies /Real Estate

Agree Realty Corp

NYSE: ADC Reit - Retail
$73.19
▼ $0.48 (−0.65%) today
Markets closed · 4:31pm ET

Q1 2026 Earnings

Reported Apr 21, 2026, 4:05pm ET · SEC source
$0.50
Beat +5.80%
EPS · est. $0.47
$200.8M
Beat +2.41%
Revenue · est. $196.1M
−6.4%
Trailing market
ADC vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−4%−2%0Apr 21Apr 22report 4:05pm ETearnings+0.9%−2.9%
−4%−2%0Apr 21Apr 22earnings+0.9%−2.9%
ADC −2.9%S&P 500 +0.9%
−4%−2%0+2%Apr 21Apr 22report 4:05pm ETearnings+1.8%−2.9%
−4%−2%0+2%Apr 21Apr 22earnings+1.8%−2.9%
ADC −2.9%NASDAQ +1.8%
−4%−2%0Apr 20Apr 29report 4:05pm ETearnings+0.3%−3.2%
−4%−2%0Apr 20Apr 29earnings+0.3%−3.2%
ADC −3.2%S&P 500 +0.3%
−4%−2%0+2%Apr 20Apr 29report 4:05pm ETearnings+1.7%−3.2%
−4%−2%0+2%Apr 20Apr 29earnings+1.7%−3.2%
ADC −3.2%NASDAQ +1.7%
−2.78%
Day of report
+0.76%
Next session
−0.42%
One week
−1.58%
30 days

S&P 500 over the same 30 days: +4.84%.

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 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%

“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.”

Agree Realty CEO, on the earnings call

Forward Guidance & Outlook

Agree Realty maintained its full-year 2026 AFFO per share guidance of $4.54 to $4.58, representing 5.4% growth at the midpoint. Investment volume guidance was reiterated at $1.4 billion to $1.6 billion, approximately 10% above initial guidance provided in January. Disposition volume is guided at $25 million to $75 million. General and administrative expenses are expected at 5.3% to 5.6% of adjusted revenue, with non-reimbursable real estate expenses at 1.0% to 1.5%. Income and other tax expense guidance was narrowed to $2 million to $2.5 million (from $2 million to $3 million prior), and treasury stock method dilution was increased to $0.02 to $0.04 per share (from approximately $0.01 prior), reflecting the larger forward equity balance.

ADC YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$60.0M$120.0M$180.0M$169.2M$200.8MRevenue$78.7M$98.6MOperating Income$45.1M$62.2MNet Income
$0$60.0M$120.0M$180.0MRevenueOperating IncomeNet Income

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