Agree Realty Q3 AFFO/share $1.15 (+4.9%); 2026 guidance raised to $4.58-$4.59

AGREE REALTY CORP

2026-Q3 EPS reported $1.47

Net income $66.5M (+32.3% YoY), $0.53/share (+18.5%); Core FFO $143.4M and AFFO $144.2M, both +17.2%, each $1.15/share.
Invested $357.7M in 94 net lease properties in Q3 ($308.6M acquisitions at 7.3% cap rate, 14.5-yr WALT); 9M investment volume ~$1.3B across 261 properties.
2026 guidance: AFFO/share narrowed up to $4.58-$4.59; investment volume cut to ~$1.6B from $1.6-$1.8B; dispositions raised to $100-$150M.
Monthly dividend $0.267/share (annualized $3.204, +4.3% YoY); October raised to $0.271, payable Nov 13 to holders of record Oct 30.
Balance sheet: $400M 5.65% notes due 2036 (5.36% all-in), 5.7M forward shares settled for $425.7M, ~$2.0B liquidity, proforma net debt/EBITDA 3.9x.

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