Jun 2026 (Q2 FY26) — Jul 31, 2026
Agree Realty Q2 FY26 — Record Investment and Raised Guidance
Read the full callAgree Realty (ADC) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Agree Realty earnings: last reported Fri, 31 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 205 | +16.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 46.5 | −0.3 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 54.7 | +11.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
9 of 10 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Development project groundbreakings | 10-plus projects | Dec 2025 | In total, we had 20 projects either completed or under construction during the first half of the year, representing a company record of approximately $200 million of committed capital. | Achieved |
| AFFO per share | $4.54 to $4.58 | Dec 2025 | we're raising our full year AFFO per share guidance by $0.02 at the midpoint to a new range of $4.57 to $4.59. | Revised Up |
| Credit and occupancy loss | 25 basis points | Jun 2026 | Our guidance has been updated to include an assumption of 25 basis points of credit and occupancy loss for the year, which is at the low end of our prior range of 25 to 50 basis points. | New |
1 of AGREE REALTY CORP's 19 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 16 more targets are in the full ledger.
Claimed
- Invested a company record of over $500 million across three growth platforms in Q2 FY26.
- Raised full-year investment volume guidance to $1.6 billion to $1.8 billion, a 24% increase at the midpoint over initial guidance.
- Raised full-year AFFO per share guidance by $0.02 at the midpoint to $4.57 to $4.59, implying nearly 6% year-over-year growth.
- Achieved a lease recapture rate of approximately 105% on 760,000 square feet of GLA in Q2 FY26.
- Occupancy rate ticked up 10 basis points sequentially to a company record of 99.8%.
Qualified
- The 10-year treasury rate is elevated at 4.7%, posing potential future headwinds for capital costs.
Price
$65.82 −1.82% · −$1.22
Performance −12.3% 1Y
1Y: $75.06 on 17 Oct 2025 → $65.82. High $81.92 (3 Mar 2026), low $65.03 (1 Oct 2026).
- Previous close
- $67.04
- 52-week range
- $65.03 – $81.92
- One year
- −13.12%
Overview
- Symbol
- ADC
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
9 of 10 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Development project groundbreakings | 10-plus projects | Dec 2025 | In total, we had 20 projects either completed or under construction during the first half of the year, representing a company record of approximately $200 million of committed capital. | Achieved |
| AFFO per share | $4.54 to $4.58 | Dec 2025 | we're raising our full year AFFO per share guidance by $0.02 at the midpoint to a new range of $4.57 to $4.59. | Revised Up |
| Credit and occupancy loss | 25 basis points | Jun 2026 | Our guidance has been updated to include an assumption of 25 basis points of credit and occupancy loss for the year, which is at the low end of our prior range of 25 to 50 basis points. | New |
Claimed
- Invested a company record of over $500 million across three growth platforms in Q2 FY26.
- Raised full-year investment volume guidance to $1.6 billion to $1.8 billion, a 24% increase at the midpoint over initial guidance.
- Raised full-year AFFO per share guidance by $0.02 at the midpoint to $4.57 to $4.59, implying nearly 6% year-over-year growth.
- Achieved a lease recapture rate of approximately 105% on 760,000 square feet of GLA in Q2 FY26.
- Occupancy rate ticked up 10 basis points sequentially to a company record of 99.8%.
Qualified
- The 10-year treasury rate is elevated at 4.7%, posing potential future headwinds for capital costs.
The full ledger
Open AGREE REALTY CORP’s full ledger
A free account opens 5 company ledgers a month. All 19 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 22, 2026
Agree Realty Q1 FY26 — Record Capital Raise and Strong Acquisition Volume
Read the full callEvery analysed call
Agree Realty earnings calls (ADC)
Financials
What the filings say
Net profit, year on year: +11% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 154 | 161 | 169 | 176 | 183 | 190 | 201 | 205 |
| Expenses | 82 | 86 | 91 | 95 | 97 | 100 | 104 | 112 |
| Operating profit | 74 | 75 | 79 | 82 | 87 | 92 | 99 | 95 |
| Operating margin | 48.2% | 46.9% | 46.5% | 46.7% | 47.6% | 48.5% | 49.1% | 46.5% |
| Interest | 29 | 29 | 31 | 32 | 35 | 36 | 36 | 40 |
| Net profit | 44 | 45 | 47 | 49 | 52 | 56 | 62 | 55 |
| EPS ($ per share) | 0.42 | — | 0.42 | 0.43 | 0.45 | — | 0.50 | 0.44 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total liabilities | 790 | 973 | 1,360 | 1,808 | 2,083 | 2,575 | 2,976 | 3,526 |
| Fixed assets | 1,648 | — | — | — | — | — | — | — |
| Total assets | 2,028 | 2,665 | 3,886 | 5,227 | 6,713 | 7,775 | 8,486 | 9,798 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 93 | 127 | 143 | 246 | 362 | 392 | 432 | 504 |
| Cash from investing | -568 | -668 | -1,300 | -1,387 | -1,616 | -1,275 | -885 | -1,543 |
| Cash from financing | 470 | 529 | 1,123 | 1,178 | 1,238 | 869 | 445 | 1,053 |
| Capital expenditure | -608 | -703 | -1,310 | -1,390 | -1,600 | -1,200 | -874 | -1,438 |
| Free cash flow | -515 | -576 | -1,167 | -1,144 | -1,238 | -808 | -443 | -934 |
ADC operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 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 | -18% |
| 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 | +100% |
| 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 | — |
| 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 | +2.7% |
| 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 | +0.1 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.
Insider filings
51 filings between Nov 18, 2025 and Sep 21, 2026.
Open market
decisions to buy or sellPurchases
$9.87M
14 purchases by 6 insiders
Sales
None
No insider sold shares.
Compensation
not trading decisions- 24
- Award — granted as compensation
- 9
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| RAKOLTA JOHN JR | $6.16M | — | Sep 16, 2026 |
| AGREE RICHARD | $2.05M | — | Jun 4, 2026 |
| Agree Joey | $1.50M | — | Sep 16, 2026 |
| Erlich Craig | $67.5K | — | Sep 21, 2026 |
| Lehmkuhl Greg | $56.3K | — | May 14, 2026 |
| Coughenour Peter | $34.9K | — | Jan 9, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 21, 2026 | Erlich Craig CHIEF GROWTH OFFICER | Purchase | 1,000 | $67.5K |
| Sep 16, 2026 | RAKOLTA JOHN JR Director | Purchase | 20,000 | $1.38M |
| Sep 16, 2026 | Agree Joey PRESIDENT & CEO | Purchase | 7,360 | $500.9K |
| Aug 31, 2026 | RAKOLTA JOHN JR Director | Purchase | 10,000 | $724.2K |
| Aug 28, 2026 | RAKOLTA JOHN JR Director | Purchase | 136 | $10.0K |
| Aug 27, 2026 | RAKOLTA JOHN JR Director | Purchase | 20,000 | $1.46M |
| Aug 19, 2026 | Witteveen Nicole CHIEF OPERATING OFFICER | Tax withheld | 293 | $21.8K |
| Jun 4, 2026 | AGREE RICHARD EXECUTIVE CHAIRMAN OF BOARD | Purchase | 5,000 | $357.1K |
| May 15, 2026 | RAKOLTA JOHN JR Director | Purchase | 20,000 | $1.49M |
| May 14, 2026 | Judlowe Michael Director | Award | 1,328 | $100.0K |
| May 14, 2026 | Rossi Jerome R Director | Award | 2,159 | $0 |
| May 14, 2026 | RAKOLTA JOHN JR Director | Award | 2,159 | $0 |
| May 14, 2026 | RAKOLTA JOHN JR Director | Award | 1,328 | $100.0K |
| May 14, 2026 | Frankel Merrie S. Director | Award | 432 | $0 |
| May 14, 2026 | Lehmkuhl Greg Director | Award | 2,159 | $0 |
| May 14, 2026 | Lehmkuhl Greg Director | Award | 2,159 | $162.5K |
| May 14, 2026 | Lehmkuhl Greg Director | Purchase | 750 | $56.3K |
| May 14, 2026 | Hollman Michael Director | Award | 2,159 | $0 |
| May 14, 2026 | Judlowe Michael Director | Award | 2,159 | $0 |
| May 14, 2026 | Agree Joey PRESIDENT & CEO | Purchase | 13,295 | $1.00M |
| May 14, 2026 | Dearing Karen Director | Award | 2,159 | $0 |
| May 14, 2026 | He Linglong Director | Award | 2,159 | $0 |
| May 14, 2026 | He Linglong Director | Award | 1,328 | $100.0K |
| May 6, 2026 | Erlich Craig CHIEF GROWTH OFFICER | Gift | 500 | $0 |
| Apr 1, 2026 | RAKOLTA JOHN JR Director | Purchase | 146 | $11.1K |
| Feb 23, 2026 | Witteveen Nicole CHIEF OPERATING OFFICER | Award | 8,510 | $0 |
| Feb 23, 2026 | Coughenour Peter CHIEF FINANCIAL OFFICER | Tax withheld | 4,401 | $349.1K |
| Feb 23, 2026 | AGREE RICHARD EXECUTIVE CHAIRMAN OF BOARD | Award | 8,069 | $0 |
| Feb 23, 2026 | AGREE RICHARD EXECUTIVE CHAIRMAN OF BOARD | Tax withheld | 4,577 | $363.0K |
| Feb 23, 2026 | Agree Joey PRESIDENT & CEO | Award | 24,584 | $0 |
| Feb 23, 2026 | Agree Joey PRESIDENT & CEO | Award | 40,025 | $0 |
| Feb 23, 2026 | Agree Joey PRESIDENT & CEO | Tax withheld | 41,487 | $3.29M |
| Feb 23, 2026 | Erlich Craig CHIEF GROWTH OFFICER | Award | 5,673 | $0 |
| Feb 23, 2026 | Erlich Craig CHIEF GROWTH OFFICER | Award | 10,005 | $0 |
| Feb 23, 2026 | Erlich Craig CHIEF GROWTH OFFICER | Tax withheld | 8,636 | $685.0K |
| Feb 23, 2026 | Spehar Danielle M GENERAL COUNSEL | Award | 4,539 | $0 |
| Feb 23, 2026 | Spehar Danielle M GENERAL COUNSEL | Award | 6,004 | $0 |
| Feb 23, 2026 | Spehar Danielle M GENERAL COUNSEL | Tax withheld | 5,706 | $452.6K |
| Feb 23, 2026 | Coughenour Peter CHIEF FINANCIAL OFFICER | Award | 8,510 | $0 |
| Feb 23, 2026 | Coughenour Peter CHIEF FINANCIAL OFFICER | Award | 4,003 | $0 |
| Feb 23, 2026 | Witteveen Nicole CHIEF OPERATING OFFICER | Award | 2,502 | $0 |
| Feb 23, 2026 | Witteveen Nicole CHIEF OPERATING OFFICER | Tax withheld | 3,146 | $249.5K |
| Feb 23, 2026 | Breslin Stephen CHIEF ACCOUNTING OFFICER | Award | 2,521 | $0 |
| Feb 23, 2026 | Breslin Stephen CHIEF ACCOUNTING OFFICER | Tax withheld | 1,475 | $117.0K |
| Jan 9, 2026 | Coughenour Peter CHIEF FINANCIAL OFFICER | Purchase | 500 | $34.9K |
| Jan 9, 2026 | AGREE RICHARD EXECUTIVE CHAIRMAN OF BOARD | Purchase | 24,000 | $1.70M |
| Dec 24, 2025 | RAKOLTA JOHN JR Director | Purchase | 15,000 | $1.08M |
| Dec 22, 2025 | RAKOLTA JOHN JR Director | Gift | 11,549 | $0 |
| Dec 1, 2025 | Breslin Stephen CHIEF ACCOUNTING OFFICER | Tax withheld | 262 | $19.6K |
| Nov 18, 2025 | AGREE RICHARD EXECUTIVE CHAIRMAN OF BOARD | Gift | 2,570 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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