Agree Realty Corporation reported significant financial growth in its latest quarterly results, with total revenues reaching $200.8 million for the three months ended March 31, 2026, compared to $169.2 million in the same period last year, marking an increase of 18.8%. The company's net income also rose by 32% to $62.2 million, up from $47.1 million in the prior year. This growth was primarily driven by a 19% increase in rental income, which amounted to $200.7 million, attributed to the expansion of its real estate portfolio.
The company’s total assets increased to $10.18 billion as of March 31, 2026, up from $9.80 billion at the end of 2025. This growth was largely due to the acquisition of 85 properties during the quarter, with a total purchase price of $404.3 million. The company now owns 2,756 properties, representing a gross leasable area of approximately 57.5 million square feet, with a portfolio that is approximately 99.7% leased. The weighted average remaining lease term for these properties is about 7.8 years.
In terms of operational metrics, Agree Realty's cash and cash equivalents increased to $25.1 million, up from $16.3 million at the end of 2025. The company also reported a net cash provided by operating activities of $145.2 million, an increase from $126.7 million in the previous year. However, cash used in investing activities rose to $430.2 million, reflecting the company's aggressive acquisition strategy. The company also recognized a provision for impairment of $1.4 million during the quarter, down from $4.3 million in the same period last year.
Looking ahead, Agree Realty Corporation maintains a positive outlook, with expectations to continue funding its growth through cash generated from operations, borrowings under its revolving credit facility, and potential equity offerings. The company has over $2.28 billion in liquidity, which includes cash, unsettled forward equity, and available credit under its revolving credit facility. The company’s management remains focused on expanding its portfolio while managing its debt levels, which stood at $3.72 billion as of March 31, 2026.
About AGREE REALTY CORP
Agree Realty Corporation is a fully integrated real estate investment trust (REIT) focused on acquiring, developing, and managing retail properties net leased to leading national tenants. With a portfolio of 2,370 properties across all 50 states, the company targets sectors resilient to e-commerce and economic downturns. Significant initiatives include a $939.2 million investment in retail real estate and a commitment to sustainability, enhancing its market position and dividend growth.
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