Agree Realty Q3 Net Income Jumps 32% to $66.5M as Portfolio Tops 2,888 Properties
ADC is trading near its 52-week low of $64.43 (4.1% above the low).
Summary
Agree Realty reported Q3 2026 net income of $66.5 million, up 32% year over year, on 17% rental revenue growth, with the portfolio at 2,888 properties and $2.0 billion of liquidity.
Key Events · Earnings and Guidance · ADC
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Q3 Net Income Up 32%
Net income attributable to common stockholders was $66.5 million ($0.53 per share) versus $50.3 million ($0.45) a year ago; nine-month net income rose 25% to $185.6 million.
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Portfolio Grows to 2,888 Properties
Q3 acquisitions totaled 68 properties for $309.1 million at a 7.3% weighted-average cap rate; nine-month acquisitions were $1.17 billion at 7.1%. Portfolio is 99.8% leased with a 7.8-year weighted average lease term.
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$2.0 Billion of Liquidity
Liquidity consists of $91.5 million of cash and escrow, $657.1 million of unsettled forward equity, and $1.25 billion of revolver availability; net debt is 29.2% of enterprise value.
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Interest Expense Rises 16%
Net interest expense was $41.0 million in Q3 versus $35.2 million a year ago, driven by the $350 million 2031 term loan and the $400 million 5.65% 2036 notes issued in September 2026.
Analysis · ADC · Real Estate & Construction
Agree Realty's Q3 net income attributable to common stockholders rose 32% to $66.5 million ($0.53 per share) from $50.3 million a year ago, on rental revenue up 17% to $213.8 million. The growth is portfolio-driven: the company added 68 properties for $309.1 million in the quarter at a 7.3% weighted-average cap rate, bringing the portfolio to 2,888 properties worth $9.52 billion, 99.8% leased with a 7.8-year weighted average lease term. Balance sheet capacity is the key support — $2.00 billion of total liquidity, including $657.1 million of unsettled forward equity, and net debt at 29.2% of enterprise value. Interest expense rose 16% to $41.0 million as borrowings grew, and the company remains in compliance with all loan covenants with no going-concern issues. The stock trades near its 52-week low, so the market is already discounting something; the reported numbers themselves show no deterioration in operations.
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At the time of this filing, ADC was trading at $67.08 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $8.3B. The 52-week trading range was $64.43 to $82.08. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.