Agree Realty Corporation Earnings Recaps
Q1 2026
Apr 22, 2026
Agree Realty demonstrated robust first-quarter growth, with record-high acquisition activity and strong capital deployment, supported by substantial liquidity and a conservative leverage profile.
Key takeaways
- Invested nearly $425 million across 100 properties, including significant acquisitions involving Starbucks, Home Depot, Sherwin-Williams, Aldi, and Walmarts, at a 7.1% weighted average cap rate.
- Raised approximately $660 million via ATM equity offerings, boosting total liquidity to $2.3 billion with a pro forma net debt to EBITDA of just 3.2x.
- Sold 7 assets at a 6.8% cap rate, recycling capital with gains within a year, while maintaining high occupancy and limited lease maturities (just 29 leases, 0.9% of base rent).
- Portfolio remains predominantly investment-grade (65%), with 99.7% occupancy and only 3.5% pharmacy exposure, reflecting quality tenant concentration.
- Development activity continues with two new projects, $18 million in anticipated costs, and a strong pipeline expected to accelerate in subsequent quarters.
Q3 2025
Oct 22, 2025
Agree Realty Corporation reported a robust Q3 2025, achieving its highest quarterly investment volume since 2020, with over $450 million deployed across its three growth platforms and raising its full-year AFFO guidance.
Key takeaways
- Quarterly investment volume surpassed $450 million, marking a 65% increase in the 2025 investment guidance range to $1.5 to $1.65 billion.
- Received an A- issuer rating from Fitch, highlighting its strong financial position as one of 13 publicly listed U.S. REITs with this credit rating.
- 70% of newly acquired properties' annualized base rent comes from investment-grade retailers, reflecting a strategic concentration on high-quality tenants.
- Achieved a recapture rate of approximately 104% on 2.4 million square feet of gross leasable area leased in the first nine months, indicating strong demand and effective asset management.