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Agree Realty Outpacing Internal Targets After Strong Start, RBC Says

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Agree Realty (ADC) is running ahead of its internal plan across most key metrics, supported by a strong start to the year, RBC Capital Markets said Wednesday in a report.

Robust early-year deal flow has the company positioned to reach the high end of its full-year investment plan, the report said. RBC raised its 2026 and 2027 AFFO estimates by $0.02 each, citing better expenses, stronger percentage-rent performance, and a slightly improved cost of capital.

Management continues to describe the acquisition environment as highly favorable, with pipelines at record levels and deal activity expected to accelerate through Q3, RBC said. Annual returns on property remain stable, the competitive landscape is steady, and tenant relationships continue to expand, the report said.

RBC raised its price target on Agree Realty stock to $82 from $81 and maintained its outperform rating.

Price: $76.84, Change: $+0.17, Percent Change: +0.22%

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