Agree Realty Corporation (ADC) Q2 2026 Earnings Call Transcript

Company Participants Reuben Treatman - Senior Director of Corporate Finance Joey Agree - President, CEO & Director Peter Coughenour - CFO, Secretary & Investor Relations Professional Conference Call Participants Michael Goldsmith - UBS Investment Bank, Research Division William John Kilichowski - Wells Fargo Securities, LLC, Research Division James Kammert - Evercore ISI Institutional Equities, Research Division Spenser Allaway - Green Street Advisors, LLC, Research Division Eric Borden - BMO Capital Markets Equity Research Robert Stevenson Ronald Kamdem - Morgan Stanley, Research Division Presentation Operator Good morning, and welcome to the Agree Realty Second Quarter 2026 Earnings Call. After today's presentation, there will be an opportunity to ask questions. Note this event is being recorded. I would now like to turn the conference over to Reuben Treatman, Senior Director of Corporate Finance. Please go ahead, Reuben. Reuben Treatman Senior Director of Corporate Finance Thank you. Good morning, everyone, and thank you for joining us for Agree Realty's Second Quarter 2026 Earnings Call. Before turning the call over to Joey and Peter to discuss our results for the quarter, let me first run through the cautionary language. Please note that during this call, we will make certain statements that may be considered forward-looking under Federal Securities Law including statements related to our updated 2026 guidance. Our actual results may differ significantly from the matters discussed in any forward-looking statements for a number of reasons. Please see yesterday's earnings release and our SEC filings, including our latest annual report on Form 10-K for a discussion of various risks and uncertainties underlying our forward-looking statements. In addition, we discuss non-GAAP financial measures, including core funds from operations or core FFO, adjusted funds from operations, or AFFO, net debt to enterprise value, fixed charge coverage ratio and pro forma net debt to