Agree Realty Raises April Dividend to $0.267, Up 4.3% Year-Over-Year
Agree Realty Corporation declared a monthly dividend of $0.267 per share for April 2026, marking a 4.3% increase from the $0.256 per share paid in April 2025. The retail net lease REIT also reported strong first-quarter results with core FFO per share up 8.1%.
Agree Realty Corporation (NYSE: ADC), a retail net lease REIT, declared a monthly cash dividend of $0.267 per common share for April 2026, the company announced April 21. The payment represents a 4.3% increase from the April 2025 dividend of $0.256 per share on an annualized basis. Read more dividend announcements.
The April dividend translates to an annualized rate of $3.204 per share, up from $3.072 per share in the second quarter of 2025. Shareholders of record as of April 30 will receive payment on May 14.
The Royal Oak, Michigan-based company had previously declared monthly dividends of $0.262 per share for each of January, February, and March 2026. Those earlier dividends reflected an annualized rate of $3.144 per share, a 3.6% increase over the first quarter 2025 rate of $3.036 per share.
| Dividend Details | Amount |
|---|---|
| Dividend Amount | $0.267 per share |
| Record Date | April 30, 2026 |
| Payment Date | May 14, 2026 |
| Frequency | Monthly |
First Quarter Results
Agree Realty reported net income of $60.2 million for the quarter ended March 31, 2026, a 33.4% increase from $45.1 million in the prior-year period. Net income per share rose 19.1% to $0.50 from $0.42.
Core funds from operations climbed 21.0% to $136.3 million, or $1.13 per share, compared to $112.7 million, or $1.04 per share, in the first quarter of 2025. Adjusted funds from operations increased 20.7% to $137.6 million, or $1.14 per share, versus $114.0 million, or $1.06 per share, a year earlier.
The dividend payments represent payout ratios of approximately 70% of core FFO per share and 69% of AFFO per share for the first quarter.
Investment Activity and Balance Sheet
The company invested approximately $424 million in 100 retail net lease properties during the first quarter. Agree Realty also has 15 development or Developer Funding Platform projects completed or under construction with anticipated total costs of approximately $112 million.
In the quarter, Agree Realty sold 8.7 million shares of common stock through the forward component of its at-the-market equity program for anticipated net proceeds of approximately $658 million. The company ended March with approximately $2.3 billion of liquidity, including availability on its revolving credit facility, outstanding forward equity, undrawn term loan capacity, and cash on hand.
The REIT's balance sheet stood at 3.2 times proforma net debt to recurring EBITDA as of quarter end, or 5.1 times excluding unsettled forward equity. In March, the company closed a $350 million, 5.5-year delayed draw term loan at a 4.02% fixed rate, drawing $250 million and leaving $100 million of remaining capacity.
2026 Guidance
Agree Realty maintained its 2026 AFFO per share guidance at $4.54 to $4.58, representing 5.4% growth at the midpoint. The company also held its investment volume guidance at $1.4 billion to $1.6 billion and disposition volume estimate at $25 million to $75 million.
General and administrative expenses are projected at 5.3% to 5.6% of adjusted revenue, while non-reimbursable real estate expenses are expected to range from 1.0% to 1.5% of adjusted revenue. Income and other tax expense guidance was narrowed to $2 million to $2.5 million from a prior range of $2 million to $3 million.