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# Agree Realty Lifts Low End Of 2026 AFFO Guidance To $4.58–$4.59 As Third-Quarter Net Income Rises 32.3%
- URL: https://www.bullished.co/agree-realty-lifts-low-end-of-2026-affo-guidance-to-4-58-4-59-as-third-quarter-net-income-25a37051/
- Published: 2026-10-20T20:17:01.000Z
- Updated: 2026-10-20T20:17:01.000Z
- Description: The retail landlord trimmed its 2026 investment target to about $1.6 billion and raised its sales guidance, with liquidity of about $2.0 billion.
- Author: Matteo Parrino
- Tags: Earnings, ADC, Industry: Real Estate

[Agree Realty](https://www.bullished.co/tag/adc/) raised the bottom of its 2026 guidance for adjusted funds from operations (AFFO) per share — a REIT cash-earnings measure — to a range of $4.58 to $4.59, from $4.57 to $4.59, according to an [8-K filed Tuesday](https://www.sec.gov/Archives/edgar/data/0000917251/000091725126000075/adc-20261020.htm?ref=bullished.co). Third-quarter [net income to common stockholders](https://www.sec.gov/Archives/edgar/data/0000917251/000091725126000075/adc20260930-ex991.htm?ref=bullished.co) rose 32.3% to $66.5 million from $50.3 million a year earlier.

## What the third-quarter release says

Net income per share rose 18.5% to $0.53, from $0.45\. Core funds from operations per share and AFFO per share each rose 4.9% to $1.15, from $1.09 and $1.10 respectively.

Total AFFO rose 17.2% to $144.2 million from $123.1 million. For the first nine months, AFFO per share was $3.43, up 6.7% from $3.22.

The company invested about $358 million in 94 retail net lease properties in the quarter, across 30 states. It also started six development or developer-funding projects with total committed capital of about $57 million.

The portfolio held 2,888 properties at quarter end and was 99.8% leased.

## Guidance changes

Investment volume guidance for 2026 is now about $1.6 billion, against a prior range of $1.6 billion to $1.8 billion. Disposition (property sales) guidance rose to $100 million to $150 million, from $50 million to $100 million.

The company cut its estimate of dilution from outstanding forward equity to $0.01 to $0.02 per share, from $0.02 to $0.04\. General and administrative expense guidance held at 5.3% to 5.6% of adjusted revenue.

CEO Joey Agree said the company will "remain disciplined capital allocators, focusing on value over volume and preserving our liquidity."

## What the $2.0 billion of liquidity is made of

The company reported about $2.0 billion of liquidity, but only $91.5 million of it is cash. The rest is $1.25 billion of availability on its revolving credit facility and $657.1 million of forward equity still to be settled.

In September it sold $400 million of 5.65% senior notes due 2036, an all-in rate of 5.36% after hedging gains. It also settled 5.7 million forward shares for net proceeds of about $426 million.

Net debt to recurring EBITDA was 4.8 times, or 3.9 times if the forward equity proceeds are deducted.

## Dividend and what to watch

The company declared an October monthly dividend of $0.271 per share, up 3.4% from a year earlier, payable November 13.

Management hosts its investor call Wednesday at 9:00 a.m. ET.

The stock closed Tuesday at $67.08, up 1.91% for the session, according to market data.

### Sources

- [8-K Filing — AGREE REALTY CORP (ADC)](https://www.sec.gov/Archives/edgar/data/0000917251/000091725126000075/adc-20261020.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit adc20260930-ex991.htm — AGREE REALTY CORP 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000917251/000091725126000075/adc20260930-ex991.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit adc20260930-ex992.htm — AGREE REALTY CORP 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000917251/000091725126000075/adc20260930-ex992.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit adc20260930-ex993.htm — AGREE REALTY CORP 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000917251/000091725126000075/adc20260930-ex993.htm?ref=bullished.co) — SEC EDGAR

### More on Agree Realty

- [Agree Realty Files Third-Quarter Share Count Ahead Of Earnings, Showing About 124.6 Million Diluted Shares](https://www.bullished.co/agree-realty-files-third-quarter-share-count-ahead-of-earnings-showing-about-124-6-million-6cfec2a6/)

[All Agree Realty (ADC) coverage →](https://www.bullished.co/tag/adc/)