Agree Realty Corporation (ADC) Q3 FY2026 earnings

Reported results

• Net Income per share attributable to common stockholders (diluted, GAAP) increased 18.5% to $0.53 for Q3 2026 vs. $0.45 for Q3 2025
• Core FFO per share (diluted, non-GAAP) increased 4.9% to $1.15 for Q3 2026 vs. $1.09 for Q3 2025
• AFFO per share (diluted, non-GAAP) increased 4.9% to $1.15 for Q3 2026 vs. $1.10 for Q3 2025
• Invested approximately $358 million in 94 retail net lease properties during Q3 2026
• Proforma net debt to recurring EBITDA was 3.9 times as of September 30, 2026; net debt to recurring EBITDA was 4.8 times
• Declared monthly dividend of $0.267 per common share for September 2026, representing a 4.3% year-over-year increase

Guidance

• 2026 AFFO per share (non-GAAP) guidance raised to $4.58 to $4.59 (prior guidance: $4.57 to $4.59)
• 2026 investment volume guidance: approximately $1.6 billion (prior guidance: $1.6 to $1.8 billion)
• 2026 disposition volume guidance: $100 to $150 million (prior guidance: $50 to $100 million)
• 2026 General and administrative expenses as % of adjusted revenue: 5.3% to 5.6% (unchanged)
• 2026 Non-reimbursable real estate expenses as % of adjusted revenue: 1.0% to 1.5% (unchanged)
• 2026 Income and other tax expense: approximately $2 million (unchanged)
• 2026 Treasury stock method dilution: $0.01 to $0.02 (prior guidance: $0.02 to $0.04)

Notes

Company does not provide GAAP guidance for AFFO per share or reconciliation to GAAP due to difficulty forecasting impairments, asset sales gains/losses, and depreciation/amortization from new acquisitions or developments. Proforma net debt to recurring EBITDA deducts $657.1 million of anticipated net proceeds from outstanding forward equity offerings from net debt of approximately $3.7 billion.

Price and volatility reaction

The stock moved -3.9% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -1.7 vol points across the event (constant-maturity series — not the front-week crush).

Source

The figures above come from the earnings release the company filed with the SEC on 2026-10-20 (8-K, Item 2.02). Read the original filing on sec.gov.