| Metric | Value ($ M) | Q2 FY26 | Q3 FY25 |
|---|---|---|---|
| Revenue | 213.88 | 4.3% | 16.7% |
| Total Income | 213.88 | 4.3% | 16.7% |
| Expenditure | 110.61 | 1.5% | 14.0% |
| PBT | — | ||
| Net Profit | 68.35 | 25.1% | 31.1% |
| OPM | 51.23% | 4.76pp | 3.61pp |
| NPM | 31.96% | 5.31pp | 3.51pp |
| EPS | 0.53 | 20.4% | 17.8% |
Agree Realty Corporation Reports Q3 2026 Results and Increases 2026 AFFO Per Share Guidance
21 Oct 2026 · 11h ago
Summary
Agree Realty Corporation announced its third quarter 2026 results, reporting an 18.5% increase in Net Income per share to $0.53 and a 4.9% rise in both Core FFO per share and AFFO per share to $1.15. The company also increased its full-year 2026 AFFO per share guidance to $4.58-$4.59. Management highlighted strong performance through the first nine months, significant investments across growth platforms, and a fortified balance sheet with approximately $2.0 billion in liquidity, positioning the company well for 2027.
Key Highlights
- 1
Agree Realty Corporation reported third quarter 2026 results, with Net Income per share attributable to common stockholders increasing 18.5% to $0.53.
- 2
Core Funds from Operations ("Core FFO") per share increased 4.9% to $1.15 for the third quarter of 2026.
- 3
Adjusted Funds from Operations ("AFFO") per share also increased 4.9% to $1.15 for the third quarter of 2026.
- 4
The Company declared a monthly dividend of $0.267 per common share for September, representing a 4.3% year-over-year increase.
- 5
Agree Realty Corporation increased its 2026 AFFO per share guidance to a range of $4.58 to $4.59.
- 6
The company invested approximately $358 million in 94 retail net lease properties during the third quarter.
- 7
The balance sheet is well-positioned with approximately $2.0 billion of liquidity at the end of the quarter.
Management Comments
Joey Agree
We are very pleased with our performance through the first nine months of the year, as we invested approximately $1.3 billion across all three of our external growth platforms and are raising our 2026 AFFO per share guidance to a range of $4.58 to $4.59. During the quarter, we completed a $400 million public bond offering at an all-in rate of 5.36%, further strengthening our fortress balance sheet. With approximately $2.0 billion of liquidity, proforma net debt to recurring EBITDA of 3.9 times and a portfolio that is 99.8% leased, we are exceptionally well positioned heading into 2027. We will remain disciplined capital allocators, focusing on value over volume and preserving our liquidity to capitalize on shifts in the transaction market, as we have throughout our history.
Informational and educational content only. Not investment advice.