Agree Realty Corporation announced on January 5, 2026 that it will pursue total investment activity of $1.25 billion to $1.50 billion in 2026, covering acquisitions, development projects, and its developer‑funding platform. The guidance represents the highest initial investment target in the company’s history and signals confidence in a robust pipeline of opportunities across the United States.
In 2025, Agree Realty completed $1.55 billion of real‑estate investment volume, including $1.44 billion in acquisitions across 305 properties. The acquisitions were executed at a weighted‑average capitalization rate of 7.2% and a weighted‑average remaining lease term of 11.5 years, with 64.9% of annualized base rents coming from investment‑grade tenants. The strong tenant mix and long lease terms underpin the company’s ability to generate stable cash flows and support its growth strategy.
Liquidity remains a cornerstone of the company’s strategy. Agree Realty reported more than $2.0 billion in liquidity, comprising $1.3 billion of revolving credit facility availability, a $350 million term loan secured in November 2025 at a fixed rate of 4.02%, and $716 million in forward‑equity proceeds. The fortified balance sheet and ample liquidity position the firm to fund acquisitions, development, and the developer‑funding platform without compromising its capital structure.
The 2026 guidance follows a 2025 performance that exceeded prior guidance and more than doubled the investment pace observed in the first half of 2024. Management highlighted that the company’s “best‑in‑class portfolio” and “strong pipelines” across its three external growth platforms—acquisitions, development, and the developer‑funding platform—enable it to accelerate earnings growth while maintaining a disciplined cost base. Joey Agree, President and CEO, emphasized that the company enters 2026 with no material debt maturities and a resilient tenant base, reinforcing confidence in the guidance.
Analysts responded positively to the guidance and liquidity profile. Stifel raised its price target to $83.50 from $81.00, citing the high investment volume and robust balance sheet, while RBC Capital lowered its target to $79.00 from $80.00, noting that Q4 2025 acquisition activity was slightly below its expectations and that the 2026 guidance was somewhat below its own modeling projections. The overall market reaction reflects a balance between optimism about the company’s growth trajectory and caution regarding headwinds such as economic weakness in retail fundamentals and capital market volatility.
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