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Second Quarter 2026 Financial and Operating Highlights:
- Invested a Company record of approximately $502 million in 102 retail net lease properties
- Commenced five development or Developer Funding Platform (“DFP”) projects for total committed capital of approximately $88 million
- Core Funds from Operations (“Core FFO”) per share increased 7.5% to $1.13
- Adjusted Funds from Operations (“AFFO”) per share increased 7.4% to $1.14
- Declared a monthly dividend of $0.267 per common share for June, a 4.3% year-over-year increase
- Settled 4.3 million shares of outstanding forward equity for net proceeds of approximately $313 million
- Balance sheet well positioned at 3.7 times proforma net debt to recurring EBITDA; 5.2 times excluding unsettled forward equity
First Half 2026 Financial and Operating Highlights:
- Invested a Company record of approximately $925 million in 187 retail net lease properties
- 20 development or DFP projects completed or under construction with anticipated total costs of approximately $200 million
- Ended the first half with approximately $1.9 billion of liquidity including availability on the revolving credit facility, outstanding forward equity, and cash on hand
CEO Comments:
“We are very pleased with our record performance during the first half of the year, as we posted the most active investment quarter and first half in Company history," said Joey Agree, President and Chief Executive Officer. “With our portfolio continuing to perform exceptionally well, a fortress balance sheet backed by $1.9 billion of liquidity, and robust activity across all three of our external growth platforms, we are increasing full-year 2026 investment guidance to a range of $1.6 billion to $1.8 billion and raising 2026 AFFO per share guidance to a range of $4.57 to $4.59.”
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