Agree Realty Corporation's SEC filings document the reporting framework of a Maryland retail net lease REIT that operates through Agree Limited Partnership. Form 8-K filings furnish operating results, supplemental financial metrics, investor presentations, weighted-average share calculations, OP Unit disclosures, and Regulation FD updates on portfolio and investment activity.
The filing record also covers capital structure and financing matters, including at-the-market equity programs, forward sale arrangements, common stock, depositary shares representing Series A preferred stock, unsecured credit facilities and term loan agreements. Proxy materials disclose board governance, executive compensation, shareholder voting matters and equity award information.
Agree Realty Corp. was the issuer for which BlackRock Portfolio Management LLC reported beneficial ownership of 6,730,051 common shares, equal to 5.4% of the class, as of September 30, 2026. BlackRock reported sole voting power over 4,611,833 shares and sole dispositive power over 6,730,051 shares. The reported figures cover securities attributed to certain BlackRock business units and exclude securities attributed to other business units.
Agree Realty Corp. executive chairman Richard Agree reported a gift transfer of 4,025 common shares on October 21, 2026. He held 418,175 common shares directly afterward; separate indirect holdings included 155,855 shares by trust for children and 90,512 shares by his wife. No Rule 10b5-1 plan is reported.
Joey Agree reported acquisition or exercise transactions in this Form 4 filing. Agree Realty Corp. (ADC) President & CEO and director Joey Agree reported two bona fide gift transactions on October 21, 2026, each involving 1,150 common shares—one in direct ownership and one reported as indirect ownership by his children. After the transactions, the reported positions were 683,615 shares held directly and 5,112 shares held indirectly by his children.
Agree Realty Corporation (ADC) reported third-quarter 2026 revenue of $213.884 million, compared with $183.222 million a year earlier, and net income attributable to common stockholders of $66.493 million, versus $50.258 million. Diluted earnings per share were $0.53, compared with $0.45. For the first nine months, cash provided by operating activities was $460.725 million, versus $392.821 million. At September 30, 2026, it owned 2,888 properties totaling approximately 61.1 million square feet and had acquired 235 properties for $1.166739 billion during the nine-month period.
Gross indebtedness was $3.75 billion at September 30, with no balances under the revolving credit facility or commercial paper program. In September, the Operating Partnership completed a $400.0 million offering of 5.65% notes due 2036, priced at 98.497% of principal for $394.0 million before debt issuance costs; the Company received $19.4 million net upon terminating related forward-starting swaps. Monthly common dividends declared during the quarter were $0.267 per share, versus $0.256 in 2025. ADC reported compliance with all material loan covenants.
Agree Realty Corporation (ADC) reported third-quarter 2026 net income attributable to common stockholders of $66.5 million, up 32.3% from $50.3 million a year earlier; diluted net income per share was $0.53 versus $0.45. Total revenues were $213.884 million, compared with $183.222 million. Core FFO and AFFO per share were both $1.15, up 4.9% year over year.
Agree Realty raised 2026 AFFO-per-share guidance to $4.58 to $4.59 from $4.57 to $4.59. It revised investment-volume guidance to approximately $1.6 billion from $1.6 billion to $1.8 billion, and disposition-volume guidance to $100 million to $150 million from $50 million to $100 million. During the quarter, the company invested approximately $357.7 million across 94 properties and sold 11 properties for $26.9 million in gross proceeds.
Agree Realty completed $400 million of 5.65% senior unsecured notes due 2036 at a 5.36% all-in rate and settled 5.7 million shares under forward sale agreements for $425.7 million in net proceeds. As of September 30, 2026, its portfolio was 99.8% leased and liquidity was approximately $2.0 billion, including $1.25 billion of revolving-facility availability, $657.1 million of outstanding forward equity and $91.5 million of cash on hand.
Agree Realty Corporation (ADC) reported weighted-average share counts used in basic and diluted earnings-per-share calculations for the three and nine months ended September 30, 2026. Basic EPS used 124,363,105 common shares for the three-month period and 121,423,613 for the nine-month period; diluted EPS used 124,602,961 and 121,879,652, respectively.
Forward equity offerings had an impact of 38,597 weighted-average incremental shares on diluted EPS for the three-month period and 255,253 for the nine-month period. ADC used the treasury stock method to calculate potential dilution before settlement. Including Operating Partnership Units, weighted-average common shares and units used in diluted EPS were 124,950,580 and 122,227,271, respectively.
AGREE REALTY CORP (ADC) Chief Growth Officer Craig Erlich purchased 1,000 Common Shares on September 21, 2026, at $67.55 per share. His directly held Common Shares totaled 60,388 after the purchase. The filing also reports 100 Common Shares held indirectly by his wife and 4,898 Depositary Shares Series A held directly. No Rule 10b5-1 plan is reported.
AGREE REALTY CORPORATION (ADC), through subsidiary Agree Limited Partnership, completed an underwritten public offering of $400 million aggregate principal amount of 5.650% Notes due 2036, fully and unconditionally guaranteed by the parent and certain wholly owned subsidiaries.
The notes are senior unsecured obligations ranking equally with the issuer’s other senior unsecured debt and are effectively subordinated to secured debt, non-guarantor subsidiary liabilities and certain preferred equity. They carry a 5.650% coupon with interest payable each April 15 and October 15, beginning April 15, 2027, and mature on October 15, 2036. The issuer may redeem the notes at a make-whole premium before July 15, 2036, or at par plus accrued interest on or after that date. The indenture includes restrictive covenants limiting additional indebtedness and requiring maintenance of a pool of unencumbered assets, and it specifies customary events of default, including cross-defaults on debt over $50 million.
Agree Realty Corporation (ADC), through Agree Limited Partnership, is issuing $400,000,000 principal amount of 5.650% Notes due 2036 as a takedown from its automatic shelf registration. The Notes are priced at 98.497%, providing gross proceeds of $393.99 million and net proceeds of about $390.1 million after underwriting discounts and expenses.
The Notes are senior unsecured obligations of the Operating Partnership, fully and unconditionally guaranteed on a senior unsecured basis by Agree Realty Corporation and certain wholly owned subsidiaries that guarantee other group debt. They mature on October 15, 2036, pay interest at 5.650% per year, with semiannual payments each April 15 and October 15, starting April 15, 2027. The Notes are effectively subordinated to secured debt and to all liabilities and preferred equity of non‑guarantor subsidiaries and entities accounted for under the equity method.
The issuer may redeem the Notes at any time, subject to a make‑whole premium before July 15, 2036 and at par plus accrued interest thereafter. Covenants limit secured and total leverage, require debt service coverage of at least 1.5x, and require total unencumbered assets to be at least 150% of consolidated unsecured debt, while still permitting additional borrowings. Net proceeds are intended for general corporate purposes, including property acquisitions, development, and repayment or refinancing of indebtedness, potentially including borrowings under a $1.25 billion revolving credit facility.
Agree Realty Corporation (ADC), through its operating partnership Agree Limited Partnership, plans a new offering of senior unsecured notes under its automatic shelf registration, fully and unconditionally guaranteed by Agree Realty Corporation and certain future subsidiary guarantors, subject to completion of final terms.
The notes will rank equally with all existing senior unsecured debt and be effectively subordinated to secured borrowings and liabilities of non‑guarantor subsidiaries, while being structurally senior to indebtedness of Agree Realty Corporation that is not guaranteed by the partnership. The indenture adds leverage covenants, including limits on total and secured debt and a requirement to maintain total unencumbered assets of at least 150% of consolidated unsecured debt. As of June 30, 2026, the group reported $3.85 billion of total debt principal outstanding and a net debt principal to enterprise value ratio of approximately 28.5%. Net proceeds are expected to be used for general corporate purposes, including property acquisitions and development and repayment or refinancing of existing indebtedness, potentially including balances under a $1.25 billion unsecured revolving credit facility maturing August 8, 2028.