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Agree Realty (ADC)
NYSE:ADC
Earnings Data
Report Date
May 06, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.48Last Year’s EPS
0.42Same Quarter Last Year
Moderate Buy
Based on 11 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted multiple positive operating and financial indicators: solid AFFO and FFO growth, raised 2026 investment guidance, a large and expanding deal pipeline, strong liquidity and hedging, an A‑minus rating, very high occupancy, and record activity across development/DFP. Challenges cited were manageable and mostly operational or cyclical — rising construction costs, modest credit‑loss sensitivity, potential dilution from outstanding forward equity, and leverage variability depending on forward equity settlement. Overall, the positives around growth, balance-sheet strength, and portfolio quality materially outweigh the headwinds.Company Guidance
AFFO and Earnings Growth with Upbeat 2026 Guidance
Full-year AFFO per share of $4.33 (high end of guidance) representing ~4.6% year-over-year growth; Q4 AFFO per share $1.11 (+6.5% YoY). 2026 AFFO guidance of $4.54–$4.58 (midpoint implies ~5.4% YoY growth) and two-year stacked growth of ~10% at the midpoint.
Increased Investment Activity and Expanding Pipeline
$1.55 billion invested across three platforms in 2025 (second-highest in company history), representing >60% year-over-year growth in investment activity. Full-year 2025 acquisitions ~ $1.6 billion across 338 properties (41 states) with a weighted average cap rate ~7.2% and weighted average lease term ~11.5 years. Pipeline now >$500 million and 2026 investment guidance raised to $1.4–$1.6 billion (≈10% increase vs prior range).
Strong Balance Sheet and Liquidity Position
Pro forma net debt to recurring EBITDA of ~3.8x (pro forma for forward equity) and 4.9x excluding unsettled forward equity; over $2.0 billion of liquidity at year-end (including ≈$715 million outstanding forward equity). No material debt maturities until 2028 and total debt to enterprise value ≈27%.
Credit Rating, Hedging and Capital Markets Execution
Achieved an A‑minus issuer rating from Fitch; established $625 million commercial paper program (one of ~19 US REITs with a program) and reported >$1 million in savings vs revolver borrowings. Closed $350 million term loan with swaps to fix rate at 4.02% and executed forward-starting swaps to hedge future unsecured issuance (~4.1%). Raised ~ $1.5 billion of long-term capital in 2025, including ~$715 million of forward equity and a $400 million bond.
High Portfolio Quality and Tight Occupancy
Portfolio approaches ~2,700 properties across all 50 states; investment-grade exposure ~67%; occupancy increased to 99.7% (up 50 bps since Q1). Ground leases represent 251 assets and >10% of annualized base rent.
Record Development & Developer Funding Platform Activity
Development and DFP recorded a strong year: 34 projects completed or under construction representing ≈$225 million of committed capital. In Q4 commenced four new development/DFP projects (~$35 million anticipated costs) and continued construction on nine projects (~$59 million).
Leasing Performance and Rent Retention
Executed new leases, extensions, or options on ~640,000 sq ft in Q4 and ~3 million sq ft for full-year 2025 with a recapture rate of 104%. Only 52 leases (≈1.5% of ABR) maturing in 2026, supporting lease stability.
Dividend Growth and Coverage
Declared monthly cash dividends of $0.262 per share for Oct–Dec (annualized >$3.14), representing a 3.6% YoY increase. Dividend payout ratio ~71% of AFFO per share for Q4.
ADC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
ADC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 10, 2026 | $76.51 | $76.75 | +0.31% |
Oct 21, 2025 | $73.93 | $74.07 | +0.19% |
Jun 30, 2025 | $71.25 | $71.02 | -0.33% |
Apr 22, 2025 | $76.37 | $74.54 | -2.40% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Agree Realty (ADC) report earnings?
Agree Realty (ADC) is schdueled to report earning on May 06, 2026, After Close (Confirmed).
What is Agree Realty (ADC) earnings time?
Agree Realty (ADC) earnings time is at May 06, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is ADC EPS forecast?
ADC EPS forecast for the fiscal quarter 2026 (Q1) is 0.48.