AI Earnings Predictions for Agree Realty Corporation (ADC)

EX-99.1

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EX-99.1

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Exhibit 99.1

32301 Woodward Ave.

Royal Oak, MI 48073

www.agreerealty.com

FOR IMMEDIATE RELEASE

Agree Realty Corporation Reports Third Quarter 2026 Results

Increases 2026 AFFO Per Share Guidance to $4.58 to $4.59

Balance Sheet Fortified with Approximately $2.0 Billion of Liquidity

Royal Oak, MI, October 20, 2026 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended September 30, 2026. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

Third Quarter 2026 Financial and Operating Highlights:

•Invested approximately $358 million in 94 retail net lease properties

•Commenced six development or Developer Funding Platform (“DFP”) projects for total committed capital of approximately $57 million

•Net Income per share attributable to common stockholders increased 18.5% to $0.53

•Core Funds from Operations (“Core FFO”) per share increased 4.9% to $1.15

•Adjusted Funds from Operations (“AFFO”) per share increased 4.9% to $1.15

•Declared a monthly dividend of $0.267 per common share for September, a 4.3% year-over-year increase

•Completed a public bond offering of $400 million of 5.65% senior unsecured notes due 2036 with an all-in rate of 5.36% inclusive of prior hedging activity

•Settled 5.7 million shares of outstanding forward equity for net proceeds of approximately $426 million

•Balance sheet well positioned at 3.9 times proforma net debt to recurring EBITDA; 4.8 times excluding unsettled forward equity

•Ended the quarter with approximately $2.0 billion of liquidity including availability on the revolving credit facility, outstanding forward equity, and cash on hand

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended September 30, 2026 increased 32.3% to $66.5 million, compared to $50.3 million for the comparable period in 2025. Net Income per share for the three months ended September 30th increased 18.5% to $0.53, compared to $0.45 for the comparable period in 2025.

Net Income for the nine months ended September 30, 2026 increased 25.7% to $179.5 million, compared to $142.7 million for the comparable period in 2025. Net Income per share for the nine months ended September 30th increased 13.4% to $1.47, compared to $1.30 for the comparable period in 2025.

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Core FFO

Core FFO for the three months ended September 30, 2026 increased 17.2% to $143.4 million, compared to $122.4 million for the comparable period in 2025. Core FFO per share for the three months ended September 30th increased 4.9% to $1.15, compared to $1.09 for the comparable period in 2025.

Core FFO for the nine months ended September 30, 2026 increased 18.5% to $415.8 million, compared to $351.0 million for the comparable period in 2025. Core FFO per share for the nine months ended September 30th increased 6.8% to $3.40, compared to $3.18 for the comparable period in 2025.

AFFO

AFFO for the three months ended September 30, 2026 increased 17.2% to $144.2 million, compared to $123.1 million for the comparable period in 2025. AFFO per share for the three months ended September 30th increased 4.9% to $1.15, compared to $1.10 for the comparable period in 2025.

AFFO for the nine months ended September 30, 2026 increased 18.3% to $419.8 million, compared to $354.8 million for the comparable period in 2025. AFFO per share for the nine months ended September 30th increased 6.7% to $3.43, compared to $3.22 for the comparable period in 2025.

Dividend

In the third quarter, the Company declared monthly cash dividends of $0.267 per common share for each of July, August and September 2026. The monthly dividends declared during the third quarter reflect an annualized dividend amount of $3.204 per common share, representing a 4.3% year-over-year increase. The dividends represent payout ratios of approximately 70% of Core FFO per share and 69% of AFFO per share, respectively.

For the nine months ended September 30, 2026, the Company declared monthly cash dividends totaling $2.388 per common share, a 4.1% increase over the dividends of $2.295 per common share declared for the comparable period in 2025. The dividends represent payout ratios of approximately 70% of Core FFO per share and 70% of AFFO per share, respectively.

Subsequent to quarter end, the Company declared an increased monthly cash dividend of $0.271 per common share for October 2026. The October monthly dividend reflects an annualized dividend amount of $3.252 per common share, representing a 3.4% increase over the annualized dividend amount of $3.144 per common share from October 2025. The October dividend is payable on November 13, 2026 to stockholders of record at the close of business on October 30, 2026.

Additionally, subsequent to quarter end, the Company declared a monthly cash dividend on its 4.25% Series A Cumulative Redeemable Preferred Stock of $0.08854 per deposi

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EX-99.1

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Exhibit 99.1

32301 Woodward Ave.

Royal Oak, MI 48073

www.agreerealty.com

FOR IMMEDIATE RELEASE

Agree Realty Corporation Reports Second Quarter 2026 Results

Record Quarterly Investment Activity of $502 Million

Raises 2026 Investment Guidance to $1.6 Billion to $1.8 Billion

Increases 2026 AFFO Per Share Guidance to $4.57 to $4.59

Royal Oak, MI, July 30, 2026 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended June 30, 2026. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

Second Quarter 2026 Financial and Operating Highlights:

•Invested a Company record of approximately $502 million in 102 retail net lease properties

•Commenced five development or Developer Funding Platform (“DFP”) projects for total committed capital of approximately $88 million

•Net Income per share attributable to common stockholders increased 2.2% to $0.44

•Core Funds from Operations (“Core FFO”) per share increased 7.5% to $1.13

•Adjusted Funds from Operations (“AFFO”) per share increased 7.4% to $1.14

•Declared a monthly dividend of $0.267 per common share for June, a 4.3% year-over-year increase

•Settled 4.3 million shares of outstanding forward equity for net proceeds of approximately $313 million

•Balance sheet well positioned at 3.7 times proforma net debt to recurring EBITDA; 5.2 times excluding unsettled forward equity

First Half 2026 Financial and Operating Highlights:

•Invested a Company record of approximately $925 million in 187 retail net lease properties

•20 development or DFP projects completed or under construction with anticipated total costs of approximately $200 million

•Net Income per share attributable to common stockholders increased 10.6% to $0.94

•Core FFO per share increased 7.8% to $2.25

•AFFO per share increased 7.7% to $2.28

•Declared dividends of $1.587 per share, a 3.9% year-over-year increase

•Raised approximately $686 million of forward equity via the Company's at-the-market equity ("ATM") program

•Ended the first half with approximately $1.9 billion of liquidity including availability on the revolving credit facility, outstanding forward equity, and cash on hand

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended June 30, 2026 increased 11.5% to $52.8 million, compared to $47.3 million for the comparable period in 2025. Net Income per share for the three months ended June 30th increased 2.2% to $0.44, compared to $0.43 for the comparable period in 2025.

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Net Income for the six months ended June 30, 2026 increased 22.2% to $113.0 million, compared to $92.5 million for the comparable period in 2025. Net Income per share for the six months ended June 30th increased 10.6% to $0.94, compared to $0.85 for the comparable period in 2025.

Core FFO

Core FFO for the three months ended June 30, 2026 increased 17.3% to $136.0 million, compared to $115.9 million for the comparable period in 2025. Core FFO per share for the three months ended June 30th increased 7.5% to $1.13, compared to $1.05 for the comparable period in 2025.

Core FFO for the six months ended June 30, 2026 increased 19.1% to $272.4 million, compared to $228.6 million for the comparable period in 2025. Core FFO per share for the six months ended June 30th increased 7.8% to $2.25, compared to $2.09 for the comparable period in 2025.

AFFO

AFFO for the three months ended June 30, 2026 increased 17.3% to $138.0 million, compared to $117.7 million for the comparable period in 2025. AFFO per share for the three months ended June 30th increased 7.4% to $1.14, compared to $1.06 for the comparable period in 2025.

AFFO for the six months ended June 30, 2026 increased 19.0% to $275.6 million, compared to $231.6 million for the comparable period in 2025. AFFO per share for the six months ended June 30th increased 7.7% to $2.28, compared to $2.12 for the comparable period in 2025.

Dividend

In the second quarter, the Company declared monthly cash dividends of $0.267 per common share for each of April, May and June 2026. The monthly dividends declared during the second quarter reflect an annualized dividend amount of $3.204 per common share, representing a 4.3% increase over the annualized dividend amount of $3.072 per common share from the second quarter of 2025. The dividends represent payout ratios of approximately 71% of Core FFO per share and 70% of AFFO per share, respectively.

For the six months ended June 30, 2026, the Company declared monthly cash dividends totaling $1.587 per common share, a 3.9% increase over the dividends of $1.527 per common share declared for the comparable period in 2025. The dividends represent payout ratios of approximately 70% of Core FFO per share and 70% of AFFO per share, respectively.

Subsequent to quarter end, the Company declared a monthly cash dividend of $0.267 per common share fo

EX-99.1

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EX-99.1

Document

Exhibit 99.1

32301 Woodward Ave.

Royal Oak, MI 48073

www.agreerealty.com

FOR IMMEDIATE RELEASE

Agree Realty Corporation Reports First Quarter 2026 Results

Raised Approximately $660 Million of Forward Equity via ATM Program

Balance Sheet Fortified with Approximately $2.3 Billion of Liquidity

Royal Oak, MI, April 21, 2026 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended March 31, 2026. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

First Quarter 2026 Financial and Operating Highlights:

•Invested approximately $424 million in 100 retail net lease properties

•15 development or Developer Funding Platform ("DFP") projects completed or under construction with anticipated total costs of approximately $112 million

•Net Income per share attributable to common stockholders increased 19.1% to $0.50

•Core Funds from Operations (“Core FFO”) per share increased 8.1% to $1.13

•Adjusted Funds from Operations (“AFFO”) per share increased 7.9% to $1.14

•Declared an increased monthly dividend of $0.267 per common share for April, a 4.3% year-over-year increase

•Sold 8.7 million shares of common stock via the forward component of the Company's at-the-market equity ("ATM") program for anticipated net proceeds of approximately $658 million

•Balance sheet well positioned at 3.2 times proforma net debt to recurring EBITDA; 5.1 times excluding unsettled forward equity

•Ended the quarter with approximately $2.3 billion of liquidity including availability on the revolving credit facility, outstanding forward equity, undrawn term loan capacity, and cash on hand

Financial Results

Net Income Attributable to Common Stockholders

Net Income for the three months ended March 31, 2026 increased 33.4% to $60.2 million, compared to $45.1 million for the comparable period in 2025. Net Income per share for the three months ended March 31st increased 19.1% to $0.50, compared to $0.42 for the comparable period in 2025.

Core FFO

Core FFO for the three months ended March 31, 2026 increased 21.0% to $136.3 million, compared to $112.7 million for the comparable period in 2025. Core FFO per share for the three months ended March 31st increased 8.1% to $1.13, compared to $1.04 for the comparable period in 2025.

AFFO

AFFO for the three months ended March 31, 2026 increased 20.7% to $137.6 million, compared to $114.0 million for the comparable period in 2025. AFFO per share for the three months ended March 31st increased 7.9% to $1.14, compared to $1.06 for the comparable period in 2025.

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Dividend

In the first quarter, the Company declared monthly cash dividends of $0.262 per common share for each of January, February and March 2026. The monthly dividends declared during the first quarter reflect an annualized dividend amount of $3.144 per common share, representing a 3.6% increase over the annualized dividend amount of $3.036 per common share from the first quarter of 2025. The dividends represent payout ratios of approximately 70% of Core FFO per share and 69% of AFFO per share, respectively.

Subsequent to quarter end, the Company declared an increased monthly cash dividend of $0.267 per common share for April 2026. The April monthly dividend reflects an annualized dividend amount of $3.204 per common share, representing a 4.3% increase over the annualized dividend amount of $3.072 per common share from the second quarter of 2025. The April dividend is payable on May 14, 2026 to stockholders of record at the close of business on April 30, 2026.

Additionally, subsequent to quarter end, the Company declared a monthly cash dividend on its 4.25% Series A Cumulative Redeemable Preferred Stock of $0.08854 per depositary share, which is equivalent to $1.0625 per annum. The dividend is payable on May 1, 2026 to stockholders of record at the close of business on April 21, 2026.

Earnings Guidance

The table below provides estimates for significant components of our 2026 earnings guidance.

Prior 2026 Revised 2026

Guidance

Guidance

AFFO per share(1)(2)

$4.54 to $4.58

$4.54 to $4.58

Investment volume $1.4 to $1.6 billion$1.4 to $1.6 billion

Disposition volume $25 to $75 million$25 to $75 million

General and administrative expenses (% of adjusted revenue)(3)(4) 5.3% to 5.6%5.3% to 5.6%

Non-reimbursable real estate expenses (% of adjusted revenue)(3)

1.0% to 1.5%1.0% to 1.5%

Income and other tax expense $2 to $3 million$2 to $2.5 million

Treasury stock method dilution(5) Approximately $0.01$0.02 to $0.04

The Company’s 2026 guidance is subject to risks and uncertainties more fully described in this press release and in the Company’s filings with the Securities and Exchange Commission (the “SEC”).

(1)The Company does not provide guidance with respect to the most directly comparable GAAP financial measure or provide reconciliations to GAAP from its forward-looking non-GA