The AFFO beat and guidance raise confirm steady operational momentum, but the revenue miss vs consensus may cap upside. Watch the Q4 2026 earnings for full-year AFFO landing near the top of the $4.58-$4.59 range and for updates on 2027 investment volume guidance and forward equity settlement cadence.
Price Chart
Executive Summary
Agree Realty Corp (ADC) reported Q3 2026 AFFO per share of $1.15, a 4.9% YoY increase and a 3.6% beat vs the $1.11 consensus, while total revenue of $213.9M missed the $220.8M estimate. The company raised its full-year 2026 AFFO per share guidance to $4.58-$4.59 from $4.57-$4.59, completed a $400M bond offering at a 5.36% all-in rate, and settled $426M of forward equity, ending the quarter with $2.0B of liquidity and proforma net debt to recurring EBITDA of 3.9x.
Key Financial Metrics
Key Facts
- Q3 2026 AFFO per share of $1.15, up 4.9% YoY and 3.6% above $1.11 consensus
- Net income attributable to common stockholders of $66.5M, up 32.3% YoY; GAAP EPS $0.53 vs $0.45 YoY
- Total revenue of $213.9M, up 16.7% YoY but below $220.8M consensus
- Raised full-year 2026 AFFO per share guidance to $4.58-$4.59 (from $4.57-$4.59)
- Completed $400M public bond offering of 5.65% senior unsecured notes due 2036 at 5.36% all-in rate
- Settled 5.7M shares of forward equity for net proceeds of ~$426M
- Portfolio 99.8% leased with 65.1% investment-grade tenants; ABR grew to $823.4M
- Proforma net debt to recurring EBITDA of 3.9x; total liquidity of ~$2.0B
Financial Impact
AFFO beat consensus by $0.04 (+3.6%), guidance raised modestly; $400M bond issuance extends debt maturity profile at favorable rates
Risk Factors
- Revenue miss of ~$7M vs consensus ($213.9M actual vs $220.8M est) could signal slower-than-expected acquisition ramp
- Proforma net debt to recurring EBITDA ticked up to 3.9x from 3.2x in Q1 2026 as forward equity was settled, reducing the cushion
- Interest expense rose 16.4% YoY to $41M; further rate increases could pressure AFFO growth
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000917251-26-000075 |
| Document: adc20260930-ex993.htm | 0000917251-26-000075 |
| Document: adc20260930-ex992.htm | 0000917251-26-000075 |
| Document: adc-20261020.htm | 0000917251-26-000075 |
| Document: 0000917251-26-000075-index-headers.html | 0000917251-26-000075 |
| 8-K Data (Synthetic) | 0000917251-26-000075 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | SC 13G | $66.97 | awaiting T+1 | — | $66.97 (+0.00%) |
Oct 20, 2026 6d ago | 8-K | $64.49 $67.07 | ▲ +4.00% | ▲ +5.18% | $66.97 (+3.85%) |
Oct 2, 2026 25d ago | 8-K | $65.88 $65.58 | ▼ −0.46% | ▼ −1.13% | $66.97 (+1.65%) |
Sep 23, 2026 4w ago | Insider Cluster | $67.12 $67.18 | ▲ +0.09% | ▲ +0.17% | $66.97 (−0.22%) |
Sep 22, 2026 4w ago | 8-K | $67.12 $67.18 | ▲ +0.09% | ▲ +0.17% | $66.97 (−0.22%) |
Sep 17, 2026 5w ago | Insider Cluster | $68.16 $68.05 | ▼ −0.16% | ▼ −0.04% | $66.97 (−1.75%) |
Sep 2, 2026 7w ago | Insider Buy | $72.73 $72.62 | ▼ −0.15% | ▲ +0.23% | $66.97 (−7.92%) |
Aug 31, 2026 8w ago | Insider Buy | $72.25 $72.50 | ▲ +0.35% | ▲ +1.03% | $66.97 (−7.31%) |
Aug 11, 2026 10w ago | Institutional Cluster | $74.36 $75.11 | ▲ +1.01% | ▲ +0.31% | $66.97 (−9.94%) |
Jul 2, 2026 16w ago | 8-K | $77.81 $77.17 | ▼ −0.82% | ▼ −1.70% | $66.97 (−13.93%) |
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