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Agree Realty Corporation filed an automatic shelf registration statement on Form S-3 to permit the Company, its operating partnership and listed co-registrant subsidiaries to offer from time to time a mix of equity and debt securities, including common stock, preferred stock, depositary shares, warrants and debt securities, with guaranties by certain subsidiaries. Offerings may occur from time to time after the effective date and specific terms will be provided in prospectus supplements.
The prospectus discloses portfolio and corporate facts used as background for the shelf: a portfolio of 2,756 properties totaling approximately 57.5 million square feet, 99.7% leased, with a weighted average remaining lease term of 7.8 years. The Company’s common stock trades on the NYSE under the symbol ADC.
Agree Realty Corporation reported strong results for the quarter ended March 31, 2026, driven by portfolio growth and higher rental income. Rental income rose to $200.7 million from $169.1 million a year earlier, as the company expanded to 2,756 properties with 57.5 million square feet of space.
Net income attributable to common stockholders increased to $60.2 million from $45.1 million, and diluted earnings per share rose to $0.50 from $0.42. Net cash provided by operating activities grew to $145.2 million, supporting continued investment, including 85 property acquisitions totaling $404.3 million. The company also increased its common dividend, declaring $0.786 per share for the quarter.
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.