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

By Reuters News


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

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$0.53

Q3 Net Income

$68.54 mln

Q3 Core FFO

$143.41 mln

Q3 Core FFO Per Share

$1.15


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


Reuters Recommended Reads

  • Oct 19 - Fifth Third Bancorp Q3 net interest income jumps on Comerica acquisition

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For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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