Agree Realty Corporation Q1 2026 Earnings Recap

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.