Agree Realty Corporation (ADC) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Agree Realty published the results on October 20, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Agree Realty reports EPS two ways: GAAP, under the accounting rules every US filer follows, and AFFO per share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Agree Realty is a REIT. Revenue here is the "Total Revenues" line of its statement of operations (rental income plus other), and EPS is net income per share attributable to common stockholders. Its headline earnings measure is adjusted funds from operations (AFFO) per share, shown in the adjusted row; Agree calculates it per common share and Operating Partnership unit. Agree reports in thousands; figures here are in millions.

Source: Agree Realty Q3 2026 results, October 20, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Agree Realty splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Agree Realty's Rental income revenue was $214 million in Q3 2026, up 17% from $183 million in Q3 2025, 100% of total revenue.
• Agree Realty's Other revenue was $0.1 million in Q3 2026, up 152% from $0.0 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Agree Realty said:

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

“Cash G&A expense is expected to be in a range of 3.7% to 4.0% of adjusted revenue.”

“The Company's AFFO per share guidance utilizes the current forward SOFR curve to forecast interest expense related to any outstanding commercial paper notes and revolver borrowings during the year.”

Source: Agree Realty Q3 2026 release, Oct 20, 2026.

This is the company's own guidance as of Oct 20, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the ADC forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and diluted net income per common share, each as first reported in that quarter's release.

We do not hold a confirmed date for Agree Realty's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 20, 2026

Agree Realty's total revenues were $213.9 million in Q3 2026, up from $183.2 million a year earlier. Almost all of it is rental income, $213.8 million against $183.2 million, an increase of 17%. Other revenue was $78 thousand. (Agree Realty Q3 2026 release, Oct 20, 2026; Agree Realty Form 10-Q, Q3 2026, Oct 20, 2026)

Agree owns retail properties under long-term net leases, which require the tenant to pay property operating expenses, including real estate taxes, insurance and maintenance. Those reimbursements are recorded as rental revenue, and leases with fixed rent increases are recognized on a straight-line basis, which added $5.7 million of straight-line accrued rent in the quarter. (Agree Realty Form 10-K, 2025, Feb 10, 2026; Agree Realty Form 10-Q, Q3 2026, Oct 20, 2026; Agree Realty Q3 2026 release, Oct 20, 2026)

The 10-Q puts the rise down to a larger portfolio: part of the increase is revenue from acquisitions, development and Developer Funding Platform (DFP) projects completed during 2025, and the full rental income from 2026 acquisitions will not show until 2027. In Q3 Agree invested about $357.7 million in 94 properties. Acquisitions were $308.6 million for 68 properties at a weighted-average capitalization rate of 7.3%, and it sold 11 properties for $26.9 million at 6.5%. (Agree Realty Form 10-Q, Q3 2026, Oct 20, 2026; Agree Realty Q3 2026 release, Oct 20, 2026)

At September 30, 2026 the portfolio was 2,888 properties in all 50 states and the District of Columbia, with $823.4 million of annualized base rent (ABR). Walmart was the largest tenant at 5.6% of ABR, followed by Tractor Supply (4.6%) and Dollar General (3.7%). By sector, grocery stores were 9.8% of ABR and home improvement 8.9%; by state, Texas was 7.2%. Investment grade retail tenants generated 65.1% of ABR. (Agree Realty Q3 2026 release, Oct 20, 2026)

Lease expiries are spread out. Leases maturing in the rest of 2026 were 0.2% of ABR and 2027 maturities 3.0%, and the weighted-average remaining lease term was about 7.8 years. (Agree Realty Q3 2026 release, Oct 20, 2026)

Agree Realty's GAAP diluted EPS was $0.53, up 18.5% from $0.45, on net income attributable to common stockholders of $66.5 million against $50.3 million. Its AFFO per share was $1.15, up 4.9% from $1.10. (Agree Realty Q3 2026 release, Oct 20, 2026)

The gap between the two is mostly real estate accounting. FFO adds back depreciation of rental real estate ($48.0 million) and amortization of in-place lease intangibles ($23.1 million) and removes the $6.3 million net gain on sale or involuntary conversion of assets. Core FFO also adds back $11.9 million of amortization of above and below market lease intangibles, and AFFO then deducts $5.7 million of straight-line rent and adds back $3.7 million of stock-based compensation. There was no impairment in Q3 2026, against a $3.0 million provision a year earlier. (Agree Realty Q3 2026 release, Oct 20, 2026)

Per-share growth trailed the growth in total AFFO, which rose 17.2% to $144.2 million, because Agree funds acquisitions partly with new equity. Diluted weighted-average shares were 124,602,961 against 111,511,615 a year earlier, and in Q3 Agree settled 5.7 million shares under forward sale agreements for net proceeds of $425.7 million. Interest expense rose to $41.0 million from $35.2 million; in September it issued $400 million of 5.65% senior unsecured notes due 2036 at an all-in rate of 5.36%. (Agree Realty Q3 2026 release, Oct 20, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Agree Realty publishes full-year guidance in its release. With Q3 it raised 2026 AFFO per share guidance to $4.58 to $4.59 from $4.57 to $4.59, set investment volume at approximately $1.6 billion (from $1.6 to $1.8 billion) and raised disposition volume to $100 to $150 million from $50 to $100 million. General and administrative expenses stay at 5.3% to 5.6% of adjusted revenue, and treasury stock method dilution from forward equity is now $0.01 to $0.02. (Agree Realty Q3 2026 release, Oct 20, 2026)

Agree gives no guidance for net income, its GAAP measure, citing the difficulty of forecasting impairments, gains and losses on asset sales and depreciation on new acquisitions. AFFO per share for the first nine months of 2026 was $3.43. (Agree Realty Q3 2026 release, Oct 20, 2026)

A consensus figure is the average of the models published by the analysts who cover Agree Realty, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Agree Realty's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning ADC is on is ADC a buy or a sell?, what analysts expect next is on the ADC forecast, and what the company does is on the Agree Realty Corporation (ADC) stock page.

Every number on this page can be traced to a document Agree Realty published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.