ADC Agree Realty (ADC) Q2 FY26 earnings call
Agree Realty delivered a record-setting quarter, driven by robust investment activity across its three growth platforms and strong portfolio performance. The company raised its full-year investment volume and AFFO per share guidance, underscoring its ability to compound earnings growth while maintaining a conservative balance sheet. Management highlighted its differentiated market position, deep retailer relationships, and internal asset management platform as key competitive advantages, with ongoing investments in AI and technology to further enhance operational efficiency.
You’re reading a preview. Opening the full call uses 1 concall credit.
Sign in to use your monthly call allowance.
ADC operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | This call Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Properties Acquisitions | 100During the first quarter, we invested nearly $425 million in 100 properties across these 3 platforms.Source: earnings call transcript | 82This includes $451 million of acquisitions across 82 retail net lease assets, the highest level of quarterly activity since the depths of COVID.Source: earnings call transcript | 68This past quarter, we invested a total of approximately $360 million in 94 high-quality retail net lease properties, including the acquisition of 68 assets for approximately $310 million.Source: earnings call transcript | -17.1% |
| Properties Dispositions | 7We sold 7 properties during the quarter for total gross proceeds of approximately $11 million at a weighted average cap rate of 6.8%.Source: earnings call transcript | 14On the disposition front, we sold 14 properties during the quarter for gross proceeds of approximately $30 million at a weighted average cap rate of 7%.Source: earnings call transcript | 11We sold 11 properties during the quarter for gross proceeds of approximately $27 million at a weighted average cap rate of 6.5%, 80 basis points inside the cap rate on acquisitions completed during the period.Source: earnings call transcript | -21.4% |
| Square feet Leased | 876K sq ft+We executed new leases, extensions or options on over 876,000 square feet of gross leasable area during the first quarter with a recapture rate of over 104%.Source: earnings call transcript | ~760K sq ftWe executed new leases, extensions or options on approximately 760,000 square feet of gross leasable area during the second quarter with a recapture rate of approximately 105%.Source: earnings call transcript | 860K sq ft+We executed new leases, extensions or options on over 860,000 square feet of GLA during the third quarter with a recapture rate of approximately 106%, the highest level in 6 quarters.Source: earnings call transcript | — |
| Properties | 2,756As of quarter end, our best-in-class portfolio comprised 2,756 properties spanning all 50 states.Source: earnings call transcript | 2,825At quarter end, our best-in-class portfolio stood at 2,825 properties, spanning all 50 states in the District of Columbia.Source: earnings call transcript | — | +2.5% |
| Properties Ground leases | 261The portfolio included 261 ground leases, comprising over 10% of annualized base rent.Source: earnings call transcript | 268The portfolio includes 268 ground leases comprising over 10% of annualized base rents our investment-grade exposure stood at nearly 2/3 of our portfolio.Source: earnings call transcript | 270Our portfolio includes 270 ground leases, comprising 10% of annualized base rents, which have investment-grade exposure of approximately 85%.Source: earnings call transcript | +0.7% |
| Occupancy rate | 99.7%Our investment-grade exposure stood at over 65% and occupancy is strong at 99.7%, up 50 basis points year-over-year.Source: earnings call transcript | 99.8%Given the progress achieved year-to-date, our occupancy ticked up up 10 basis points sequentially to match another company record of 99.8%.Source: earnings call transcript | 99.8%We invested in high-quality opportunities across all 3 external growth platforms, while our best-in-class portfolio remained at a company record 99.8% occupied.Source: earnings call transcript | 0 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.