Every material Form 8-K Agree Realty has filed with the SEC since May 13, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Agree Realty reported third-quarter 2026 net income of $66.5 million, up 32.3% from a year earlier, and per-share AFFO of $1.15, up 4.9%. The company raised its 2026 AFFO per share guidance to $4.58 to $4.59 from $4.57 to $4.59, and it cut its investment volume guidance to approximately $1.6 billion from $1.6 to $1.8 billion.
Q3 2026 net income attributable to common stockholders rose 32.3% to $66.5 million; per-share net income rose 18.5% to $0.53.
Q3 2026 AFFO per share rose 4.9% to $1.15; Core FFO per share also rose 4.9% to $1.15.
2026 AFFO per share guidance revised to $4.58 to $4.59 from $4.57 to $4.59; investment volume guidance is now approximately $1.6 billion.
Company ended the quarter with approximately $2.0 billion of liquidity and a $400 million 5.65% senior notes offering at a 5.36% all-in rate.
Agree Limited Partnership, a subsidiary of Agree Realty Corporation, completed a $400 million underwritten offering of 5.650% notes maturing October 15, 2036, with the parent and certain subsidiaries guaranteeing the debt. The offering closed September 22, 2026 with net proceeds of approximately $390.1 million after the underwriting discount and estimated expenses, adding to the company's debt load.
Notes: $400 million principal, 5.650% interest, maturing October 15, 2036
Underwriters paid 97.847% of principal; offering closed September 22, 2026
Estimated net proceeds to the issuer of approximately $390.1 million
Indenture includes limits on additional indebtedness and a requirement to maintain unencumbered assets
Agree Realty reported second-quarter 2026 results on July 30, 2026, with net income attributable to common stockholders up 11.5% to $52.8 million and AFFO per share up 7.4% to $1.14. The company raised its 2026 AFFO per share guidance to $4.57 to $4.59 and its investment volume guidance to $1.6 billion to $1.8 billion, citing a Company-record $502 million invested in the quarter. For shareholders, the filing shows higher per-share cash earnings and a larger expected investment program for the year.
Q2 2026 net income attributable to common stockholders rose 11.5% to $52.8 million; net income per share rose 2.2% to $0.44
Core FFO per share rose 7.5% to $1.13; AFFO per share rose 7.4% to $1.14
2026 AFFO per share guidance raised to $4.57 to $4.59 from $4.54 to $4.58
2026 investment volume guidance raised to $1.6 billion to $1.8 billion from $1.4 billion to $1.6 billion
Agree Realty reported first-quarter 2026 net income attributable to common stockholders of $60.2 million, up 33.4% from $45.1 million a year earlier, and diluted EPS of $0.50 versus $0.42. Core FFO per share rose 8.1% to $1.13 and AFFO per share rose 7.9% to $1.14, while the company kept its 2026 AFFO per share guidance at $4.54 to $4.58 and raised its dividend for April to $0.267 per month. Shareholders also gain from the company's sale of 8.7 million shares via its at-the-market program for anticipated net proceeds of about $658 million.
Net income attributable to common stockholders was $60.2 million, or $0.50 per diluted share, versus $45.1 million, or $0.42, in Q1 2025.
Core FFO per share was $1.13 (up 8.1%) and AFFO per share was $1.14 (up 7.9%) for the quarter.
2026 AFFO per share guidance remains $4.54 to $4.58; the treasury stock method dilution estimate was revised to $0.02 to $0.04 from approximately $0.01.
Monthly dividend for April 2026 was raised to $0.267 per share, a 4.3% year-over-year increase, payable May 14, 2026.
Agree Realty reported fourth-quarter and full-year 2025 results, with Q4 AFFO per share up 6.5% to $1.11 and Core FFO per share up 7.3% to $1.10. The company gave 2026 AFFO per share guidance of $4.54 to $4.58 and raised its 2026 investment volume guidance to $1.4 billion to $1.6 billion, which matters to shareholders because it signals higher expected property investment and the dividend is set at an annualized $3.144 per share.
Q4 2025 AFFO per share rose 6.5% to $1.11; Core FFO per share rose 7.3% to $1.10.
Full-year 2025 net income per share fell 0.7% to $1.77, while full-year AFFO per share rose 4.6% to $4.33.
2026 investment volume guidance raised to $1.4 billion to $1.6 billion from $1.25 billion to $1.50 billion issued January 5, 2026; AFFO per share guidance is $4.54 to $4.58.
Monthly dividend of $0.262 per share for December, annualized at $3.144, a 3.6% year-over-year increase.
Agree Realty entered a $350 million unsecured delayed draw term loan maturing May 15, 2031, with no borrowings outstanding as of November 17, 2025. The filing also reports a lower interest rate on its existing revolving credit agreement and a fixed 4.37% rate on its existing term loan after amendments.
$350 million unsecured delayed draw term loan with PNC Bank as administrative agent, maturing May 15, 2031
No borrowings outstanding as of November 17, 2025; the company has access to the full $350 million
Revolving credit spread adjustment reduced from 10 basis points to zero; existing term loan fixed at 4.37% after amendments
Agree Realty reported third-quarter 2025 results on October 21, 2025. Net income attributable to common stockholders rose 18.2% to $50.3 million, and AFFO per share rose 7.2% to $1.10. The company raised its 2025 AFFO per share guidance to $4.31 to $4.33 and its 2025 investment volume guidance to $1.50 billion to $1.65 billion, which signals higher expected earnings and growth for shareholders.
Q3 net income attributable to common stockholders was $50.3 million, up 18.2%; $0.45 per share, up 7.9%
Q3 Core FFO per share was $1.09, up 8.4%; AFFO per share was $1.10, up 7.2%
2025 AFFO per share guidance raised to $4.31 to $4.33 from $4.29 to $4.32
Q3 investment volume was about $451 million in 110 properties; 2025 investment guidance raised to $1.50 billion to $1.65 billion
Agree Realty reported second-quarter 2025 results and raised its 2025 AFFO per share guidance to $4.29 to $4.32 from $4.27 to $4.30. It also raised its 2025 investment volume guidance to $1.4 billion to $1.6 billion from $1.3 billion to $1.5 billion. Net income per share fell 18.5% to $0.43, while Core FFO and AFFO per share rose, so shareholders get a mixed picture of profit against cash-flow measures.
Q2 2025 net income per share attributable to common stockholders decreased 18.5% to $0.43, from $0.52; net income was $47.3 million, down 10.5%.
Q2 2025 Core FFO per share increased 1.3% to $1.05, and AFFO per share increased 1.7% to $1.06.
2025 AFFO per share guidance raised to $4.29 to $4.32; 2025 investment volume guidance raised to $1.4 billion to $1.6 billion.
Monthly dividend of $0.256 per share declared for June, a 2.4% year-over-year increase; the July dividend is payable August 14, 2025.
Agree Limited Partnership, a subsidiary of Agree Realty Corporation, completed an underwritten public offering of $400 million of 5.600% senior unsecured notes due June 15, 2035, guaranteed by the parent. The offering closed May 23, 2025, with net proceeds to the parent guarantor of approximately $393.6 million after the underwriting discount and estimated expenses.
Notes: $400 million principal, 5.600% interest, maturing June 15, 2035; interest paid June 15 and December 15 starting December 15, 2025
Underwriters paid 98.647% of principal for the notes
Net proceeds to the parent guarantor of approximately $393.6 million
Indenture includes limits on additional indebtedness and a requirement to maintain a pool of unencumbered assets
Agree Realty reported first-quarter 2025 net income per share down 2.0% to $0.42, while Core FFO per share rose 3.1% to $1.04 and AFFO per share rose 3.0% to $1.06. The company raised its full-year 2025 investment volume guidance to $1.3 billion to $1.5 billion and its AFFO per share guidance to $4.27 to $4.30. For shareholders, the higher AFFO guidance points to a higher expected cash earnings per share, although GAAP net income per share fell slightly.
Q1 2025 total revenues were $169.2 million, compared with $149.5 million in Q1 2024.
Net income attributable to common stockholders rose 5.0% to $45.1 million, but net income per diluted share fell to $0.42 from $0.43.
2025 AFFO per share guidance was revised to $4.27 to $4.30 from $4.26 to $4.30.
2025 investment volume guidance was raised to $1.3 billion to $1.5 billion from $1.1 billion to $1.3 billion.
Agree Realty reported fourth quarter and full year 2024 results on February 11, 2025, and gave initial 2025 AFFO per share guidance of $4.26 to $4.30. Quarterly Core FFO and AFFO per share rose, while fourth quarter net income per share fell 5.7%, so shareholders see mixed quarterly earnings alongside higher funds from operations.
Q4 2024 net income per share fell 5.7% to $0.41, while full year net income per share rose 4.8% to $1.78
Q4 2024 Core FFO per share rose 3.5% to $1.02 and AFFO per share rose 4.7% to $1.04
2025 guidance: AFFO per share of $4.26 to $4.30 and investment volume of $1.1 to $1.3 billion
Year-end liquidity was over $2.0 billion, including about $1.1 billion of Credit Facility availability
Agree Realty reported third-quarter 2024 net income up 7.2% to $42.5 million and AFFO per share up 2.8% to $1.03. The REIT raised its full-year 2024 acquisition volume guidance to approximately $850 million from $700 million and narrowed its AFFO per share guidance to $4.12 to $4.14 from $4.11 to $4.14, which supports higher per-share cash flow expectations for shareholders.
Q3 2024 net income per share rose 2.6% to $0.42; Core FFO per share rose 2.2% to $1.01
Full-year 2024 AFFO per share guidance revised to $4.12 to $4.14 from $4.11 to $4.14
Full-year 2024 acquisition volume guidance raised to approximately $850 million from approximately $700 million
Total liquidity exceeded $1.9 billion as of September 30, 2024, including $725.0 million of outstanding forward equity
Agree Realty entered a fourth amended and restated revolving credit agreement with PNC Bank as administrative agent, raising borrowing capacity from $1.0 billion to $1.25 billion and extending maturity from January 15, 2026 to August 8, 2028. The borrowing rate also falls to SOFR plus 72.5 basis points from 77.5 basis points, with a 10-basis point credit spread adjustment in both cases, so the company gets more capacity, longer maturity and lower borrowing costs.
Borrowing capacity rises to $1.25 billion from $1.0 billion; accordion feature allows an increase up to $2.0 billion.
Maturity extended to August 8, 2028 from January 15, 2026, subject to company extension options.
Interest spread cut to SOFR plus 72.5 basis points from 77.5 basis points, plus a 10-basis point credit spread adjustment.
A First Amendment to the July 31, 2023 Term Loan Agreement aligns covenants with the new credit agreement; its maturity and pricing are unchanged.
Agree Realty reported second quarter 2024 results on July 23, 2024, with net income per share up 25.6% to $0.52 and AFFO per share up 6.4% to $1.04. The company raised its full-year 2024 AFFO per share guidance to $4.11 to $4.14 from $4.10 to $4.13 and lifted its acquisition volume outlook to approximately $700 million from approximately $600 million.
Q2 2024 net income per share rose 25.6% to $0.52; Core FFO per share rose 5.7% to $1.03
2024 AFFO per share guidance raised to $4.11 to $4.14 from $4.10 to $4.13
2024 acquisition volume guidance raised to approximately $700 million from approximately $600 million
Commitments received to expand the credit facility to $1.25 billion from $1.0 billion, with maturity extended to August 2029
At its May 23, 2024 annual meeting, Agree Realty stockholders approved the 2024 Omnibus Incentive Plan, which allows awards of up to 2,000,000 shares of common stock to employees, directors and consultants. All four director nominees were elected to serve until the 2027 annual meeting, and the stockholders also ratified Grant Thornton LLP as auditor for 2024 and approved executive compensation on a non-binding basis.
The 2024 Omnibus Incentive Plan covers up to 2,000,000 shares of common stock and permits options, restricted stock, restricted stock units, stock appreciation rights and performance awards.
Richard Agree received 75,800,486 votes for and 8,097,592 withheld; Linglong He received 83,210,400 votes for and 687,678 withheld.
Grant Thornton LLP was ratified as independent registered public accounting firm for 2024, with 88,220,062 votes for and 1,078,799 against.
Non-binding approval of executive compensation received 78,056,339 votes for and 5,701,138 against.
Agree Limited Partnership, a subsidiary of Agree Realty, completed an underwritten public offering of $450 million of 5.625% senior unsecured notes due June 15, 2034, on May 13, 2024. Net proceeds to the parent guarantor were approximately $440.8 million after the underwriting discount and estimated offering expenses, which adds to the company's debt load.
Notes: $450 million principal, 5.625% interest, maturing June 15, 2034; interest paid semiannually from December 15, 2024
Purchase price paid by underwriters was 98.177% of principal amount
Net proceeds to the parent guarantor of approximately $440.8 million
Indenture includes covenants limiting additional debt and requiring a pool of unencumbered assets
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