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 Corporation reported a strong first quarter of 2026 with higher earnings and significant balance sheet strengthening. Net income attributable to common stockholders rose 33.4% to $60.2 million, and diluted net income per share increased 19.1% to $0.50. Core Funds from Operations grew 21.0% to $136.3 million, or $1.13 per diluted share, while AFFO rose 20.7% to $137.6 million, or $1.14 per diluted share.
The company invested about $424 million in 100 retail net lease properties and advanced 15 development or DFP projects with anticipated costs of roughly $112 million. It maintained 2026 AFFO per share guidance of $4.54 to $4.58 and investment volume guidance of $1.4 to $1.6 billion.
Agree Realty also strengthened its capital position, selling 8.7 million shares via its ATM program for anticipated net proceeds of approximately $658 million and ending the quarter with about $2.3 billion of liquidity. Proforma net debt to recurring EBITDA was reported at 3.2x, reflecting the impact of outstanding forward equity, while the portfolio remained 99.7% leased with 65.4% of annualized base rent from investment grade tenants.
AGREE REALTY CORP director John Rakolta Jr. reported an indirect open-market purchase of the company’s common shares. On April 1, 2026, his wife bought 146 common shares of Agree Realty at $75.69 per share.
Following this transaction, she holds 146 shares indirectly, while Rakolta Jr. directly owns 568,387.097 common shares, which includes 5,781.296 shares acquired through a dividend reinvestment plan since his last beneficial ownership statement.
Agree Realty Corporation is asking stockholders to elect two directors, ratify Grant Thornton LLP as auditor for 2026, and approve a non-binding advisory vote on executive compensation at its virtual 2026 annual meeting.
The company highlights a net-lease retail portfolio of 2,674 properties across all 50 states totaling about 55.5 million square feet, 99.7% leased with a weighted average remaining lease term of 7.8 years as of December 31, 2025. Roughly 66.8% of annualized base rent comes from tenants or parents with investment-grade credit ratings.
For 2025, net income per share attributable to common stockholders was $1.77. Core Funds From Operations per share rose 5.1% to $4.28 and Adjusted FFO per share increased 4.6% to $4.33. Dividends of $3.081 per share represented 2.7% growth and about 71% of AFFO per share. The company invested $1.55 billion in 338 properties, completed a $400 million senior notes offering due 2035, raised about $714 million of forward equity, and ended 2025 with over $2.0 billion of liquidity and pro forma net debt to recurring EBITDA of 3.8 times.
The proxy also emphasizes a pay-for-performance executive compensation program with a growing mix of performance-based long-term incentives, stringent stock ownership requirements (20x base salary for the CEO, 6x for other covered officers, and 8x annual cash compensation for non-employee directors), and extensive governance and sustainability initiatives overseen by an independent board and an ESG Steering Committee.
Agree Realty Corporation reported its weighted-average common share counts for the three months ended March 31, 2026, which are used to calculate earnings per share.
Basic earnings per share was based on 119,856,418 weighted-average common shares outstanding, after excluding 202,939 unvested restricted shares, from a total weighted-average 120,059,357 common shares. Diluted earnings per share reflected 120,375,633 weighted-average common shares, including dilutive effects from share-based compensation, at-the-market forward equity offerings, and an April 2025 forward equity offering. When adding 347,619 Operating Partnership Units, the weighted-average number of common shares and OP Units used in diluted earnings per share was 120,723,252.
The company used the treasury stock method to account for potential dilution from forward equity offerings before settlement, resulting in 398,432 weighted-average incremental shares in diluted calculations for the period.
Agree Realty Corp Schedule 13G/A amendment: The Vanguard Group reports 0 shares beneficially owned of Common Stock following an internal realignment described in SEC Release No. 34-39538.
The filing states the realignment occurred January 12, 2026 and that certain Vanguard subsidiaries will report ownership separately; the filing lists 0 shares and 0% ownership.
Agree Realty Corporation furnished an updated investor presentation highlighting expanded equity capacity and a strong balance sheet. The company entered forward sale agreements under its at-the-market program for about 8.3 million common shares, targeting anticipated net proceeds of over $623 million. In total, it now has 17.9 million shares of outstanding forward equity tied to anticipated net proceeds of more than $1.3 billion.
Total liquidity exceeds $2.5 billion, including $812 million of availability on the revolving credit facility after commercial paper, full access to an unsecured $350 million 5.5‑year term loan, outstanding forward equity and cash. The presentation also reiterates investment‑grade ratings, a large, diversified retail net lease portfolio and 2026 AFFO per share guidance of $4.54 to $4.58, implying mid‑single‑digit growth.
AGREE REALTY CORP’s Chief Accounting Officer, Stephen Breslin, reported mixed share movements involving company common shares. He received a grant of 2,521 restricted common shares, which were issued by the Compensation Committee. According to the footnote, 841, 840, and 840 of these shares are scheduled to vest on February 23, 2027, 2028, and 2029, subject to his continued employment.
On the same date, 1,475 common shares were disposed of at $79.32 per share as a tax-withholding disposition tied to the vesting of 3,175 common shares, meaning the shares were withheld by the company to cover taxes rather than sold in an open-market transaction. Following these transactions, Breslin directly owned 13,061 common shares of AGREE REALTY CORP.
AGREE REALTY CORP General Counsel Danielle M. Spehar reported equity awards and related tax withholding in company stock. She received 4,539 restricted common shares granted by the compensation committee, which are scheduled to vest in three equal installments on February 23, 2027, February 23, 2028, and February 23, 2029, subject to continued employment.
She also acquired 6,004 restricted common shares upon vesting of performance units granted on February 23, 2023 under the 2020 Omnibus Incentive Plan; these vested on February 23, 2026. To cover taxes on the vesting of 12,903 shares, 5,706 common shares were disposed of at $79.32 per share through issuer withholding rather than an open-market sale. After these transactions, she held 25,785 common shares directly.
AGREE REALTY CORP Chief Operating Officer Nicole Witteveen reported equity award activity and related tax withholding in common shares. On February 23, 2026, she acquired 8,510 restricted common shares granted by the Compensation Committee, which will vest in three equal annual installments on February 23 of 2027, 2028, and 2029, subject to continued employment.
On the same date, she also acquired 2,502 restricted common shares that were issued upon vesting of performance units granted on February 23, 2023 under the 2020 Omnibus Incentive Plan; these restricted shares vested immediately. To cover tax withholdings on the vesting of 7,041 common shares, the issuer withheld 3,146 common shares at $79.32 per share. After these transactions, her reported direct ownership in common shares changed as reflected in the filing’s post-transaction balances.