Agree Realty (ADC) Q1 2026 Earnings
How Did ADC Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +4.84%.
Did ADC Beat Earnings? Q1 2026 Results
Yes. Agree Realty reported Q1 2026 earnings of $0.50 a share on Apr 21, 2026, beating the $0.47 consensus estimate by 5.8%. Revenue was $200.8M against a $196.1M estimate.
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.
- 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
What Was Agree Realty's Outlook in Q1 2026?
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
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $200.8M | $169.2M | +18.7% |
| Operating Income | $98.6M | $78.7M | +25.2% |
| Net Income | $62.2M | $45.1M | +37.9% |
Figures from SEC filings and company reports. Not investment advice.