Agree Realty

Management prioritizes high-quality, necessity retail real estate with long WALT and strong credits, sourced via relationship and retailer-driven pipelines. In Q1 2026, $402.5 million was invested at a 7.1% weighted-average cap rate and 11.3-year WALT; dispositions were limited and near private-market pricing.

The company prudently uses forward equity and term loans (e.g., $350 million delayed-draw at a fixed 4.02%) to match-fund growth while protecting leverage. Trade-offs include ongoing equity issuance and resulting dilution, but AFFO per share continues to grow and the dividend is covered at roughly 69%.