ADC
Agree Realty Corporation71.06
-0.79-1.1%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Unpacks raised investment drivers
Q&A revealed drivers for Agree Realty's quick 10% hike to $1.4B-$1.6B 2026 investment guidance: Q1/Q2 sale-leasebacks with top-20 tenants, single-credit portfolios, and dev/DFP acceleration from retailer expansions like Home Depot and Walmart. Cap rates remain stable amid no added competition, with escalators at 7.5-10% every five years; construction costs steady at ~$160/sqft but managed via engineering. G&A efficiencies eyed for ~30bps revenue savings via AI/IT. Credit losses guided at 25-50bps, matching 2025's 28bps. Pipeline tops $500M. Management dismissed limits from forward equity. Q&A reaffirms scripted strength. Watch dev conversions.
Key Stats
Market Cap
8.19BP/E (TTM)
41.56Basic EPS (TTM)
1.71Dividend Yield
0.04%Recent Filings
8-K
Forward equity sale boosts liquidity
Agree Realty entered forward sale agreements on February 26, 2026, for ~8.3 million common shares, yielding over $623 million in anticipated net proceeds via its ATM program. Total outstanding forward equity now stands at 17.9 million shares for over $1.3 billion, boosting liquidity to over $2.5 billion including $812 million revolver availability. Balance sheet fortified.
8-K
Q4 AFFO beats; 2026 guidance up
Agree Realty reported Q4 AFFO per share up 6.5% to $1.11, with full-year 2025 investments hitting $1.55 billion across 338 properties. AFFO grew 4.6% to $4.33, backed by $2.0 billion liquidity and pro forma net debt at 3.8x EBITDA. Guidance targets $4.54-$4.58 AFFO and $1.4-$1.6 billion investments. Balance sheet fuels growth.
10-K
FY2025 10-K filing
Agree Realty Corporation filed its 10-K for FY2025 ended December 31, 2025, but primary financial statements and quarterly results not disclosed in the provided filing. No revenue, profitability, EPS, or segment metrics available for annual or Q4 analysis. Director compensation includes $210,000 annual retainer ($130,000 in restricted stock), with additional fees for committee chairs. Employment terms for COO detail $446,000 base salary and incentive eligibility under the 2024 Omnibus Incentive Plan. No liquidity, capex, or outlook data present. Tenant defaults could disrupt quarterly rental income momentum.
8-K
2025 investments hit $1.55B
Agree Realty disclosed $1.55B in 2025 investments across 338 retail net lease properties at 7.2% weighted-average cap rate, with 64.9% rents from investment grade tenants. It guides $1.25B-$1.50B for 2026 while boasting over $2.0B liquidity and no material debt maturities until 2028. Balance sheet fortified.
8-K
Secures $350M term loan
Agree Realty locked in $350M unsecured delayed-draw term loan on November 17, 2025, maturing May 15, 2031, with no draws yet and expansion room to $500M. It slashed SOFR spreads to zero basis points on its revolving line and existing term loan, fixing the latter at 4.37% via swaps to 2029. Lenders tightened covenants but rewarded strong ratings.
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