Agree Realty Revenue Climbs 19% to $200.8M in Q1 2026
Agree Realty Corporation, a retail property REIT, reported revenue of $200.8 million for the three months ending March 31, 2026, up from $169.2 million in the same quarter a year earlier. Net income rose 32% to $62.1 million.
Agree Realty Corporation, a retail property real estate investment trust, reported revenue of $200.8 million for the three months ending March 31, 2026, up 19% from $169.2 million in the same quarter of 2025. The Maryland-based REIT posted net income of $62.1 million, a 32% increase from $47.0 million in the prior-year period. Read more earnings reports.
Operating income reached $98.6 million for the quarter, compared with $78.7 million a year earlier. Diluted earnings per share came in at $0.50, up from $0.42 in the first quarter of 2025.
Balance Sheet Growth
Total assets stood at $10.18 billion as of March 31, 2026, up from $9.80 billion at the end of December 2025. Cash and cash equivalents increased to $25.1 million from $16.3 million over the same three-month span. Total liabilities rose to $3.94 billion from $3.53 billion.
Long-term debt aggregated approximately $3.22 billion across multiple debt facilities as of quarter-end. Stockholders' equity edged down slightly to $6.24 billion from $6.27 billion at year-end 2025.
Cash Flow and Capital Deployment
Cash from operations totaled $145.2 million for the quarter, compared with $126.7 million in the first quarter of 2025. The company deployed $430.2 million in investing activities, primarily property acquisitions, versus $380.9 million a year earlier. Financing activities generated $295.6 million, up from $259.0 million in the prior-year period.
Depreciation and amortization expense was $66.7 million, compared with $55.8 million in the first quarter of 2025. The weighted average diluted share count increased to 120.4 million shares from 107.5 million shares a year earlier.
Key Financial Metrics
| Metric | Q1 2026 | Q1 2025 |
|---|---|---|
| Total Revenue | $200.8 million | $169.2 million |
| Operating Income | $98.6 million | $78.7 million |
| Net Income | $62.1 million | $47.0 million |
| Diluted EPS | $0.50 | $0.42 |
| Cash from Operations | $145.2 million | $126.7 million |
| Total Assets | $10.18 billion | N/A |
Agree Realty has 120.1 million common shares outstanding as of March 31, 2026. The company maintains $175.0 million in preferred stock on its balance sheet. Income tax expense for the quarter was $0.5 million, down from $0.8 million in the year-ago period.