Agree Realty (ADC) investor relations material

Executive summary

• Q3 Core FFO and AFFO each rose 4.9% YoY to $1.15/share; FY26 AFFO/share guidance increased to $4.58-$4.59.

• Portfolio reached 2,888 properties and 61.1M sq. ft., with 99.8% occupancy and ~$2.0B of quarter-end liquidity.

• Higher capital costs prompted lower investment guidance and a focus on value over volume; management expects mid-single-digit AFFO/share growth and double-digit operational returns in 2027.

Financial highlights

• Q3 revenue rose 17% YoY to $213.9M; operating income was $109.6M versus $87.3M, and diluted EPS increased to $0.53 from $0.45.

• Q3 Core FFO was $143.4M and AFFO was $144.2M; each increased 17.2% YoY, with per-share amounts up 4.9% to $1.15.

• FY26 AFFO/share guidance rose to $4.58-$4.59, representing nearly 6% YoY growth at the midpoint.

• October monthly dividend increased 3.4% YoY to $0.271/share; Q3 monthly dividends were $0.267/share, up 4.3% YoY.

Outlook and guidance

• FY26 investment volume guidance narrowed to ~$1.6B from $1.6B-$1.8B; disposition guidance increased to $100M-$150M.

• Credit and occupancy loss assumption decreased to 15 bps from 25 bps.

• 2027 outlook calls for mid-single-digit AFFO/share growth and double-digit operational returns, based on capital already raised and no assumed market-curve or share-price changes.

• Management expects Q4 acquisition cap rates to rise further after a 30 bps Q3 expansion, and is repricing or removing lower-yield deals.