Agree Realty Q3 net income per share up 18.5%; raises FY26 AFFO guidance

Overview

• US retail net lease REIT's Q3 net income per share rose 18.5% yr/yr

• Core FFO and AFFO per share each increased 4.9% yr/yr in Q3

• Company raised 2026 AFFO per share guidance

Outlook

• Company raises 2026 AFFO per share guidance to $4.58-$4.59

• Company expects 2026 investment volume of approximately $1.6 bln

• Company raises 2026 disposition volume guidance to $100-$150 mln

Result Drivers

• PROPERTY INVESTMENTS - Co invested about $358 mln in 94 retail net lease properties in Q3

• DIVERSIFIED ACQUISITIONS - Q3 acquisitions spanned multiple retail sectors and states, with over half of acquired base rents from investment grade tenants

• DEVELOPMENT ACTIVITY - Co started six development or funding projects with about $57 mln in committed capital in Q3

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", 8 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the commercial reits peer group is "buy"

• Wall Street's median 12-month price target for Agree Realty Corporation is $82.00, about 24.6% above its October 19 closing price of $65.82

• The stock recently traded at 33 times the next 12-month earnings vs. a P/E of 38 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)