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Agree Realty Corporation generated higher results for the quarter ended June 30, 2026. Total revenues were $205.1 million versus $175.5 million a year earlier, and net income attributable to common stockholders was $52.8 million versus $47.3 million, or $0.44 per diluted share.
Total assets were about $10.6 billion, including $9.24 billion of net real estate investments across 2,825 properties with roughly 59.6 million square feet of gross leasable area. In the first half of 2026 it acquired 167 properties for $857.6 million and sold 21 properties for $38.9 million, recording $7.3 million of impairment charges.
Net cash provided by operating activities was $276.1 million for the first six months. Total gross debt was $3.85 billion, consisting mainly of unsecured term loans, senior unsecured notes and $497.0 million of commercial paper. The company declared monthly common dividends of $0.267 per share and continued Series A preferred dividends of $0.08854 per Depositary Share.
Agree Realty Corporation reported strong second‑quarter 2026 results and raised full‑year guidance. For the quarter ended June 30, 2026, net income attributable to common stockholders was $52.8 million, or $0.44 per share, up 11.5% and 2.2% year over year. Core FFO was $136.0 million and AFFO was $138.0 million, with per‑share figures of $1.13 and $1.14, rising 7.5% and 7.4%.
The company delivered record quarterly investment activity of approximately $502 million across 102 retail net‑lease properties and first‑half investments of about $925 million, while selling 21 properties for $40.9 million. The portfolio totaled 2,825 properties and 59.6 million square feet, was 99.8% leased, and generated 65.8% of annualized base rent from investment‑grade tenants.
Full‑year 2026 AFFO per‑share guidance was increased to $4.57–$4.59 and investment volume guidance to $1.6–$1.8 billion. Liquidity was about $1.9 billion, with proforma net debt to recurring EBITDA at 3.7x. The monthly common dividend rose 4.3% year over year to an annualized $3.204 per share, with a roughly 70% AFFO payout ratio.
Agree Realty Corporation filed an update on its share count for earnings per share calculations for the three and six months ended June 30, 2026. For these periods, the weighted-average number of common shares outstanding used in basic EPS was 119,996,944 and 119,924,725, respectively.
After including dilutive securities such as share-based compensation and forward equity offerings, the weighted-average diluted share counts were 120,487,256 for the quarter and 120,449,139 for the six-month period. When adding 347,619 Operating Partnership Units, total weighted-average shares and OP Units used in diluted EPS were 120,834,875 and 120,796,758.
The Company used the treasury stock method to account for the potential dilution from forward equity offerings before settlement. These offerings added 328,729 incremental diluted shares for the quarter and 363,582 incremental diluted shares for the six-month period.
AGREE REALTY CORP executive chairman Richard Agree reported an open-market purchase of 5,000 Common Shares on June 4, 2026 at $71.41 per share. The purchased shares are held indirectly through his wife’s account, bringing that indirect position to 90,512 shares following the transaction.
Separate holding entries show he directly owns 422,200 Common Shares and an additional 155,855 Common Shares are held indirectly in a trust for his children. The filing highlights an overall net increase of 5,000 Common Shares across his reported positions.
Agree Realty Corp director John Rakolta Jr. reported buying 20,000 common shares in an open-market purchase at $74.57 per share. After this transaction, he directly owns 595,797.76 common shares and indirectly holds 146 shares through his wife. A footnote notes that 2,003.48 of his directly owned shares were acquired under a dividend reinvestment plan since his last ownership report.
Frankel Merrie S. reported acquisition or exercise transactions in this Form 4 filing.
AGREE REALTY CORP director Merrie S. Frankel received a grant of 432 common shares as restricted stock that fully vested on the grant date. The grant was reported at a price of $0.00 per share, indicating equity compensation rather than a market purchase. Following this award, she directly holds 11,099 common shares. The filing also reports a direct holding of 400 Depositary Series A shares, shown as a position entry rather than a new transaction.
Dearing Karen reported acquisition or exercise transactions in this Form 4 filing.
Agree Realty Corp director Karen Dearing received a grant of 2,159 restricted stock units (RSUs) on May 14, 2026. The award was granted at no cash cost and is a form of equity compensation, not an open-market share purchase or sale.
The RSUs vest on May 14, 2027, with each unit representing a contingent right to receive one common share. Dearing elected to defer receipt of the common shares until her departure from the Board of Directors, and her direct holdings after this grant total 15,616 common shares.
Agree Realty Corp director Linglong He reported two equity awards of Common Shares. On May 14, 2026, He acquired 1,328 shares at an award value of $75.28 per share and 2,159 restricted stock units as part of board compensation rather than cash fees.
The RSUs vest on May 14, 2027, with each unit converting into one common share, and He has elected to defer receiving the related shares until departing the Board. The filing also notes additional shares accumulated through a dividend reinvestment plan since the prior ownership report.
AGREE REALTY CORP director Michael Hollman reported a compensation-related equity grant. He acquired 2,159 common shares in the form of restricted stock units (RSUs) on May 14, 2026, reported at $0.00 per share, reflecting a grant or award rather than a market purchase.
The RSUs vest on May 14, 2027, and each RSU will convert into one common share at settlement. Hollman has elected to defer receipt of the shares until his departure from the Board of Directors. After this grant, his direct holdings total 10,337.247 common shares, including 292.293 shares accumulated through a dividend reinvestment plan since his prior ownership filing.
Agree Realty Corp director Michael Judlowe reported equity-based compensation in the form of common shares. On May 14, 2026, he acquired 1,328 common shares at $75.28 per share and 2,159 common shares at a stated price of $0.00, both classified as grants or awards rather than open-market purchases.
Footnotes explain these are restricted stock units (RSUs) that vest on May 14, 2027, with each RSU delivering one common share. Judlowe elected to defer receipt of the shares until his departure from the Board and to receive a portion of his annual Board fee in RSUs instead of cash. After these grants, he held 15,317 common shares directly and 100 common shares indirectly through his wife.