Agree Realty (ADC)
NYSE:ADC
Want to see ADC full AI Analyst Report?
Earnings Data
Report Date
Jul 27, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.49Last Year’s EPS
0.43Same Quarter Last Year
Moderate Buy
Based on 15 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strongly positive operational and financial performance: robust acquisition activity, record equity raises, ample liquidity, conservative leverage with extensive hedging, double-digit percentage growth in core metrics year-over-year, high occupancy and lease recapture, and an accelerating development pipeline. The main negatives are manageable: increased near-term dilution risk from outstanding forward equity, continued macro/rate uncertainty, and modest credit/occupancy loss assumptions built into guidance. Overall, the positives substantially outweigh the listed risks.Company Guidance
Robust Acquisition Activity and Portfolio Expansion
Invested nearly $425M across three external growth platforms in Q1, completing $403M of acquisitions (largest quarterly volume since 2022) across 100 properties. Acquired portfolio at a weighted average cap rate of 7.1% with a weighted average lease term of 11.3 years; ~60% of base rents acquired derive from investment-grade retailers.
Record Equity Raise and Strong Liquidity
Raised approximately $658–660M of forward equity via ATM in the quarter (8.7M shares sold) and ended the quarter with ~18.4M shares of outstanding forward equity (anticipated proceeds of ~$1.4B). Total liquidity of ~$2.3B and more than $1.6B of hedged capital provides significant funding flexibility.
Fortress Balance Sheet and Hedging
Pro forma net debt to recurring EBITDA of ~3.2x; no material debt maturities until 2028. Drew $250M on delayed draw term loan at an effective fixed rate of ~4.02% (via swaps); $250M of forward-starting swaps effectively fix base rate for a future issuance at ~4.1%. Total debt to enterprise value under 29% and fixed charge coverage (including preferred dividend) at 4.2x.
Meaningful Earnings Growth
Core FFO per share of $1.13 in Q1 (+8.1% YoY) and AFFO per share of $1.14 in Q1 (+7.9% YoY), the highest quarterly AFFO per share growth since Q2 2022. Reiterated FY 2026 AFFO guidance of $4.54–$4.58, implying ~5.4% YoY growth at the midpoint.
Dividend Growth with Solid Coverage
Declared monthly cash dividends of $0.262 for Jan–Mar (annualized >$3.14, +3.6% YoY) and subsequently increased to $0.267 for April (annualized >$3.20, +4.3% YoY). Dividend payout ratio was 69% of AFFO in Q1. Anticipate >$140M of free cash flow after dividends in 2026 (+>10% YoY).
High Portfolio Quality and Leasing Performance
Portfolio of 2,756 properties across all 50 states with occupancy at 99.7% (up 50 bps YoY). Executed new leases/extensions/options on >876k sq ft with a recapture rate >104%. Only 29 leases (90 bps of ABR) maturing (down 60 bps Q/Q and 260 bps Y/Y). Pharmacy exposure reduced to 3.5% of ABR (down from >40% historically).
Growing Development & Developer Funding Pipeline
DFP and development activity ramping: 2 new DFP projects (~$18M anticipated cost), 9 projects under construction (~$71M anticipated cost), and 4 projects completed (~$23M invested). Management reiterated intermediate target (~$250M annual ground commencements) and expects meaningful ramp in Q2–Q3.
Operational Upside: Percentage Rent and Asset Recycling
Percentage rent collected increased to ~$2.4M from $1.6M YoY (driven by strong same-store sales and timing shifts). Sold 7 non-core properties for ~$11M at a weighted cap rate of 6.8% and opportunistically recycled capital (sold some small assets ~300 bps inside prior purchase price to redeploy proceeds).
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 |
|---|---|---|---|
Apr 21, 2026 | $78.58 | $76.40 | -2.78% |
Feb 10, 2026 | $75.73 | $75.96 | +0.31% |
Oct 21, 2025 | $73.17 | $73.31 | +0.19% |
Jun 30, 2025 | $70.52 | $70.29 | -0.33% |
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 Jul 27, 2026, After Close (Confirmed).
What is Agree Realty (ADC) earnings time?
Agree Realty (ADC) earnings time is at Jul 27, 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 (Q2) is 0.49.