Agree Realty Corp Posts $403M Q1 Acquisitions and 8.1% FFO Growth
Agree Realty Corp completed $403 million of acquisitions in Q1 2026, its largest quarterly volume since 2022, and invested nearly $425 million across 100 properties. The REIT ended the quarter with $2.3 billion liquidity, pro forma net debt/EBITDA of 3.2x, 99.7% occupancy and 8.1% FFO/share growth.
1. Q1 2026 Acquisitions and Investments
Agree Realty Corp closed $403 million of property acquisitions during Q1, marking its largest quarterly purchase volume since 2022, and allocated nearly $425 million across 100 assets spanning three investment platforms.
2. Strong Liquidity and Leverage
The company raised approximately $660 million through its ATM program, leaving $1.4 billion outstanding and delivering $2.3 billion of total liquidity at quarter end, while maintaining a pro forma net debt to recurring EBITDA ratio of 3.2x.
3. Operating Performance and Dividends
Core FFO per share reached $1.13, up 8.1% year-over-year, and AFFO per share rose 7.9% to $1.14; monthly dividends were set at $0.262 per share, supporting a 3.6% annualized increase, with portfolio occupancy at 99.7%.
4. Development Pipeline and Outlook
Development activity included $18 million of new projects and $71 million of ongoing construction, with management noting a robust pipeline across all platforms while monitoring macroeconomic conditions before deploying additional hedged capital.