Agree Realty
Acquires, develops, and leases retail properties for omnichannel tenants across the United States.
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Profile
Owns retail properties across the United States and earns lease income from tenants. Expands through acquisitions, build-to-suit development, and its Developer Funding Platform, while a diversified tenant and sector mix reduces the concentration that shaped its earlier portfolio.
Owns and leases retail properties across the United States through a single-segment net-lease REIT. Growth runs through property acquisitions, build-to-suit development, and the Developer Funding Platform, which supplies capital and construction expertise before ownership typically transfers at completion.
Screens tenants and sites within a defined retail sandbox, emphasizing omnichannel retailers, investment-grade rent, and diversification across tenants, sectors, and states. A long development history supports site selection, leasing, design, construction, and re-tenanting when stores close.
Lease income depends on tenant financial health, rent and expense reimbursements, renewals, and property values. Continued acquisitions and development also rely on access to public equity and unsecured debt on acceptable terms.
Company facts
Key statistics
Year to date +1.6% · Average volume (30d) 1.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 31, 2026 | Robert W. Baird | Target | $83 | |||
| Jul 22, 2026 | Barclays | Reiterate | Equal Weight | $84 | $85 | |
| Jun 1, 2026 | Jefferies | Target | $80 | $84 | ||
| May 19, 2026 | Barclays | Reiterate | Equal Weight | $86 | $84 | |
| May 13, 2026 | Mizuho Securities | Target | $75 | $80 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.48 | $0.44 | −7.6% | $204.5M | $205.1M | +0.3% | −2.46% |
| Apr 21, 2026Q1 FY26 | $0.48 | $1.14 | +138.0% | $195.9M | $200.8M | +2.5% | −2.78% |
| Feb 10, 2026Q4 FY25 | $0.47 | $0.47 | −0.1% | $185.7M | $190.5M | +2.6% | +0.31% |
| Oct 21, 2025Q3 FY25 | $1.08 | $1.10 | +1.9% | $190.0M | $183.2M | −3.5% | +0.19% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $169.2M | $175.5M | $183.2M | $190.5M | $200.8M | $205.1M | |
| Gross profit | $148.8M | $153.7M | $161.3M | $166.5M | $175.9M | $41.0M | |
| Operating income | $78.7M | $82.0M | $87.3M | $92.4M | $98.6M | $98.7M | |
| Net income | $47.0M | $49.2M | $52.1M | $56.0M | $62.2M | $54.7M | |
| Diluted EPS | $0.42 | $0.44 | $0.45 | $0.47 | $0.50 | $0.44 | |
| Gross margin | 88.0% | 87.6% | 88.0% | 87.4% | 87.6% | 20.0% | |
| Operating margin | 46.5% | 46.7% | 47.6% | 48.5% | 49.1% | 48.1% |
Fiscal years (4-quarter sums)FY21 $339.3M · FY22 $429.8M · FY23 $537.5M · FY24 $617.1M · FY25 $718.4M
Balance sheet, Jun 30, 2026Cash & short-term investments $12.5M · Total debt $3.92B · Total assets $10.59B · Shareholders' equity $6.52B
Dividends
Raised for 14 straight years — most recently to $0.267 from $0.262 in Apr 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 31, 2026 | Jul 31 | Aug 14 | $0.267 | |
| Jun 30, 2026 | Jun 30 | Jul 15 | $0.267 | |
| May 29, 2026 | May 29 | Jun 12 | $0.267 | |
| Apr 30, 2026 | Apr 30 | May 14 | $0.267 | raised from $0.262 |
| Mar 31, 2026 | Mar 31 | Apr 15 | $0.262 | |
| Feb 27, 2026 | Feb 27 | Mar 13 | $0.262 | |
| Jan 30, 2026 | Jan 30 | Feb 13 | $0.262 | |
| Dec 31, 2025 | Dec 31 | Jan 15 | $0.262 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 120.10M · Float —
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 19.11M | 15.91% | 13F | Aug 7, 2026 |
| Cohen & Steers, Inc. | 16.40M | 13.66% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 10.59M | 8.82% | 13F | Aug 13, 2026 |
| State Street Corp | 5.86M | 4.88% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 5.41M | 4.50% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 4, 2026 | Richard Agree | director, officer: EXECUTIVE CHAIRMAN OF BOARD | +5,000 | $71.41 |
| May 15, 2026 | John Jr Rakolta | director | +20,000 | $74.57 |
| May 14, 2026 | Joey Agree | director, officer: PRESIDENT & CEO | +13,295 | $75.41 |
| May 14, 2026 | Greg Lehmkuhl | director | +750 | $75.09 |
| Apr 1, 2026 | John Jr Rakolta | director | +146 | $75.69 |
Peers
- Realty Income
Global net-lease scale across retail acquisitions and development
- NNN REIT
Retail net-lease acquisitions, development, and sale-leasebacks
- Essential Properties Realty Trust
Sale-leaseback rival for service-oriented single-tenant real estate
- NETSTREIT
Investment-grade retail net-lease sourcing and development overlap
- Four Corners Property Trust
Restaurant and service-retail net-lease acquisition specialist
- Getty Realty
Convenience and automotive net-lease development specialist
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Agree Realty | $73.20 | −0.05% | $8.79B | 39.4 | 37.7 | 11.3 | +16.9% |
| Realty Income | $62.13 | +0.22% | $57.80B | 45.2 | 38.4 | 9.7 | +1.1% |
| NNN REIT | $45.67 | −0.01% | $8.69B | 22.4 | 21.9 | 9.1 | +7.0% |
| Essential Properties Realty Trust | $30.37 | −0.03% | $6.57B | 23.5 | 23.0 | 9.9 | +10.3% |
| NETSTREIT | $20.47 | 0.00% | $1.99B | 146.4 | 57.9 | 9.2 | +19.8% |
| Four Corners Property Trust | $25.23 | 0.00% | $2.77B | 22.7 | 22.5 | 9.0 | +7.7% |
| Getty Realty | $32.87 | −0.03% | $2.04B | 19.8 | 23.7 | 8.7 | +7.8% |
| Median | 23.1 | 23.4 | 9.2 | +7.7% |