Increases 2026 AFFO Per Share Guidance to $4.58 to $4.59
Balance Sheet Fortified with Approximately $2.0 Billion of Liquidity
ROYAL OAK, Mich.--(BUSINESS WIRE)--Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended September 30, 2026. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.


Third Quarter 2026 Financial and Operating Highlights:
Financial Results
Net Income Attributable to Common Stockholders
Net Income for the three months ended September 30, 2026 increased 32.3% to $66.5 million, compared to $50.3 million for the comparable period in 2025. Net Income per share for the three months ended September 30th increased 18.5% to $0.53, compared to $0.45 for the comparable period in 2025.
Net Income for the nine months ended September 30, 2026 increased 25.7% to $179.5 million, compared to $142.7 million for the comparable period in 2025. Net Income per share for the nine months ended September 30th increased 13.4% to $1.47, compared to $1.30 for the comparable period in 2025.
Core FFO
Core FFO for the three months ended September 30, 2026 increased 17.2% to $143.4 million, compared to $122.4 million for the comparable period in 2025. Core FFO per share for the three months ended September 30th increased 4.9% to $1.15, compared to $1.09 for the comparable period in 2025.
Core FFO for the nine months ended September 30, 2026 increased 18.5% to $415.8 million, compared to $351.0 million for the comparable period in 2025. Core FFO per share for the nine months ended September 30th increased 6.8% to $3.40, compared to $3.18 for the comparable period in 2025.
AFFO
AFFO for the three months ended September 30, 2026 increased 17.2% to $144.2 million, compared to $123.1 million for the comparable period in 2025. AFFO per share for the three months ended September 30th increased 4.9% to $1.15, compared to $1.10 for the comparable period in 2025.
AFFO for the nine months ended September 30, 2026 increased 18.3% to $419.8 million, compared to $354.8 million for the comparable period in 2025. AFFO per share for the nine months ended September 30th increased 6.7% to $3.43, compared to $3.22 for the comparable period in 2025.
Dividend
In the third quarter, the Company declared monthly cash dividends of $0.267 per common share for each of July, August and September 2026. The monthly dividends declared during the third quarter reflect an annualized dividend amount of $3.204 per common share, representing a 4.3% year-over-year increase. The dividends represent payout ratios of approximately 70% of Core FFO per share and 69% of AFFO per share, respectively.
For the nine months ended September 30, 2026, the Company declared monthly cash dividends totaling $2.388 per common share, a 4.1% increase over the dividends of $2.295 per common share declared for the comparable period in 2025. The dividends represent payout ratios of approximately 70% of Core FFO per share and 70% of AFFO per share, respectively.
Subsequent to quarter end, the Company declared an increased monthly cash dividend of $0.271 per common share for October 2026. The October monthly dividend reflects an annualized dividend amount of $3.252 per common share, representing a 3.4% increase over the annualized dividend amount of $3.144 per common share from October 2025. The October dividend is payable on November 13, 2026 to stockholders of record at the close of business on October 30, 2026.
Additionally, subsequent to quarter end, the Company declared a monthly cash dividend on its 4.25% Series A Cumulative Redeemable Preferred Stock of $0.08854 per depositary share, which is equivalent to $1.0625 per annum. The dividend is payable on November 2, 2026 to stockholders of record at the close of business on October 23, 2026.
Earnings Guidance
The table below provides estimates for significant components of our 2026 earnings guidance.
|
| Prior 2026 |
| Revised 2026 |
|
| Guidance |
| Guidance |
AFFO per share(1)(2) |
| $4.57 to $4.59 |
| $4.58 to $4.59 |
Investment volume |
| $1.6 to $1.8 billion |
| Approximately $1.6 billion |
Disposition volume |
| $50 to $100 million |
| $100 to $150 million |
General and administrative expenses (% of adjusted revenue)(3)(4) |
| 5.3% to 5.6% |
| 5.3% to 5.6% |
Non-reimbursable real estate expenses (% of adjusted revenue)(3) |
| 1.0% to 1.5% |
| 1.0% to 1.5% |
Income and other tax expense |
| Approximately $2 million |
| Approximately $2 million |
Treasury stock method dilution(5) |
| $0.02 to $0.04 |
| $0.01 to $0.02 |
The Company’s 2026 guidance is subject to risks and uncertainties more fully described in this press release and in the Company’s filings with the Securities and Exchange Commission (the “SEC”). | |
(1) | The Company does not provide guidance with respect to the most directly comparable GAAP financial measure or provide reconciliations to GAAP from its forward-looking non-GAAP financial measure of AFFO per share guidance due to the inherent difficulty of forecasting the effect, timing and significance of certain amounts in the reconciliation that would be required by Item 10(e)(1)(i)(B) of Regulation S-K. Examples of these amounts include impairments of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions or developments. In addition, certain non-recurring items may also significantly affect net income but are generally adjusted for in AFFO. Based on our historical experience, the dollar amounts of these items could be significant and could have a material impact on the Company’s GAAP results for the guidance period. |
(2) | The Company's AFFO per share guidance utilizes the current forward SOFR curve to forecast interest expense related to any outstanding commercial paper notes and revolver borrowings during the year. |
(3) | Adjusted revenue equates to “Total Revenues” as presented in our consolidated statements of operations and comprehensive income, excluding the amortization of above and below market lease intangibles. |
(4) | Cash G&A expense is expected to be in a range of 3.7% to 4.0% of adjusted revenue. Cash G&A is defined as “General and administrative” expenses as presented in our consolidated statements of operations and comprehensive income, less stock-based compensation expense. |
(5) | Represents the estimated dilutive impact of the Company’s outstanding forward equity calculated in accordance with the treasury stock method, which is included in the AFFO per share guidance range. |
CEO Comments
“We are very pleased with our performance through the first nine months of the year, as we invested approximately $1.3 billion across all three of our external growth platforms and are raising our 2026 AFFO per share guidance to a range of $4.58 to $4.59,” said Joey Agree, President and Chief Executive Officer. “During the quarter, we completed a $400 million public bond offering at an all-in rate of 5.36%, further strengthening our fortress balance sheet. With approximately $2.0 billion of liquidity, proforma net debt to recurring EBITDA of 3.9 times and a portfolio that is 99.8% leased, we are exceptionally well positioned heading into 2027. We will remain disciplined capital allocators, focusing on value over volume and preserving our liquidity to capitalize on shifts in the transaction market, as we have throughout our history.”
Investment and Disposition Activity
Total investment volume for the third quarter was approximately $357.7 million across 94 retail net lease properties, representing capital deployed across all three of the Company's external growth platforms. The properties are located in 30 states and leased to tenants operating in 22 retail sectors. For the nine months ended September 30, 2026, total investment volume was approximately $1.3 billion across 261 properties.
Acquisitions
Total acquisition volume for the third quarter was approximately $308.6 million and included 68 properties net leased to leading retailers operating in sectors including auto parts, tire & auto service, home improvement, grocery stores, and warehouse clubs. The properties are located in 27 states and leased to tenants operating in 17 retail sectors. Third quarter activity included the acquisition of two ground leases for an aggregate purchase price of approximately $19.5 million, representing 5.5% of annualized base rents acquired.
The properties were acquired at a weighted-average capitalization rate of 7.3% and had a weighted-average lease term of approximately 14.5 years. Approximately 52.1% of annualized base rents acquired were generated from investment grade retail tenants.
For the nine months ended September 30, 2026, total acquisition volume was approximately $1.2 billion. The 235 acquired properties are located in 41 states and the District of Columbia and leased to tenants who operate in 27 retail sectors. The properties were acquired at a weighted-average capitalization rate of 7.1% and had a weighted-average lease term of approximately 12.1 years. Approximately 62.6% of annualized base rents acquired were generated from investment grade retail tenants.
Development and Developer Funding Platform
During the third quarter, the Company commenced six development or DFP projects, with total anticipated costs of approximately $57.4 million. Construction continued during the quarter on eight projects with anticipated costs totaling approximately $87.9 million. The Company completed seven projects during the quarter with total costs of approximately $82.4 million.
For the nine months ended September 30, 2026, the Company had 26 development or DFP projects completed or under construction with anticipated total costs of approximately $256.7 million. The projects are leased to leading retailers including 7-Eleven, TJX Companies, Ross Dress for Less, Burlington, Boot Barn, Gerber Collision, Starbucks, and Sunbelt Rentals.
The following table presents estimated costs for the Company's active or completed development and DFP projects for the nine months ended September 30, 2026:
|
|
|
|
|
|
|
| Anticipated | |||
Anticipated |
| Number of |
| Costs Funded |
| Remaining |
| Total Project | |||
Quarter of Delivery |
| Projects |
| to Date |
| Funding Costs |
| Costs | |||
Q1 2026 |
| 4 |
| $ | 22,534 |
| $ | — |
| $ | 22,534 |
Q2 2026 |
| 1 |
|
| 6,478 |
|
| — |
|
| 6,478 |
Q3 2026 |
| 7 |
|
| 82,394 |
|
| — |
|
| 82,394 |
Q4 2026 |
| 1 |
|
| 4,427 |
|
| 782 |
|
| 5,209 |
Q1 2027 |
| 4 |
|
| 23,692 |
|
| 8,170 |
|
| 31,862 |
Q2 2027 |
| 4 |
|
| 16,257 |
|
| 32,770 |
|
| 49,027 |
Q3 2027 |
| 5 |
|
| 18,714 |
|
| 40,486 |
|
| 59,200 |
Total |
| 26 |
|
| 174,496 |
|
| 82,208 |
|
| 256,704 |
Development and DFP project costs are in thousands; any differences are the result of rounding. Costs Funded to Date may include adjustments related to completed projects to arrive at the correct Anticipated Total Project Costs. |
Dispositions
During the third quarter, the Company sold 11 properties for gross proceeds of approximately $26.9 million. The dispositions were completed at a weighted-average capitalization rate of 6.5%.
During the nine months ended September 30, 2026, the Company sold 32 properties for gross proceeds of approximately $67.9 million. The dispositions were completed at a weighted-average capitalization rate of 6.8%.
Portfolio Update
As of September 30, 2026, the Company’s portfolio consisted of 2,888 properties located in all 50 states and the District of Columbia, comprised of approximately 61.1 million square feet of gross leasable area. At quarter end, the portfolio was approximately 99.8% leased, had a weighted-average lease term of approximately 7.8 years, and generated approximately 65.1% of annualized base rents from investment grade retail tenants.
Ground Lease Portfolio
As of September 30, 2026, the Company’s ground lease portfolio consisted of 270 leases located in 39 states and the District of Columbia and totaled approximately 8.0 million square feet of gross leasable area. Properties ground leased to tenants represented 10.0% of annualized base rents. At quarter end, the ground lease portfolio was fully occupied, had a weighted-average lease term of approximately 8.6 years, and generated 85.2% of annualized base rents from investment grade retail tenants.
Leasing Activity and Expirations
During the third quarter, the Company executed new leases, extensions or options on approximately 862,000 square feet of gross leasable area throughout the existing portfolio. Notable new leases, extensions or options included a 28,000-square-foot T.J. Maxx in Turlock, California and a 25,000-square-foot Ross Dress for Less in Springfield, Missouri.
For the nine months ended September 30, 2026, the Company executed new leases, extensions or options on approximately 2.5 million square feet of gross leasable area throughout the existing portfolio.
As of September 30, 2026, the Company’s 2026 lease maturities represented 0.2% of annualized base rents. The following table presents contractual lease expirations within the Company’s portfolio as of September 30, 2026, assuming no tenants exercise renewal options:
|
|
|
| Annualized Base Rent(1) |
| Gross Leasable Area | |||||||
Year |
| Number of Leases |
| Dollars |
| % of Total |
| Square Feet |
| % of Total | |||
2026 |
| 11 |
| $ | 1,762 |
| 0.2 | % |
| 151 |
| 0.2 | % |
2027 |
| 111 |
|
| 24,693 |
| 3.0 | % |
| 2,529 |
| 4.2 | % |
2028 |
| 174 |
|
| 47,404 |
| 5.8 | % |
| 4,426 |
| 7.3 | % |
2029 |
| 227 |
|
| 70,071 |
| 8.5 | % |
| 6,540 |
| 10.7 | % |
2030 |
| 343 |
|
| 75,510 |
| 9.2 | % |
| 6,297 |
| 10.3 | % |
2031 |
| 284 |
|
| 73,578 |
| 8.9 | % |
| 5,826 |
| 9.6 | % |
2032 |
| 292 |
|
| 66,286 |
| 8.1 | % |
| 4,590 |
| 7.5 | % |
2033 |
| 241 |
|
| 55,675 |
| 6.8 | % |
| 4,193 |
| 6.9 | % |
2034 |
| 247 |
|
| 56,972 |
| 6.9 | % |
| 3,951 |
| 6.5 | % |
2035 |
| 240 |
|
| 65,068 |
| 7.9 | % |
| 4,518 |
| 7.4 | % |
Thereafter |
| 974 |
|
| 286,362 |
| 34.7 | % |
| 17,916 |
| 29.4 | % |
Total Portfolio |
| 3,144 |
| $ | 823,381 |
| 100.0 | % |
| 60,937 |
| 100.0 | % |
The contractual lease expirations presented above exclude the effect of replacement tenant leases that had been executed as of September 30, 2026, but that had not yet commenced. Annualized Base Rent and Gross Leasable Area (square feet) are in thousands; any differences are the result of rounding. | |
(1) | Refer to the Glossary for the Company's definition of Annualized Base Rent ("ABR"). |
Top Tenants
The following table presents annualized base rents for all tenants that represent 1.5% or greater of the Company’s total annualized base rent as of September 30, 2026:
Tenant |
| ABR(1) |
| % of Total ABR | ||
Walmart |
| $ | 46,515 |
| 5.6 | % |
Tractor Supply |
|
| 37,739 |
| 4.6 | % |
Dollar General |
|
| 30,614 |
| 3.7 | % |
Hobby Lobby |
|
| 28,387 |
| 3.4 | % |
O'Reilly Auto Parts |
|
| 24,724 |
| 3.0 | % |
TJX Companies |
|
| 24,444 |
| 3.0 | % |
CVS |
|
| 24,104 |
| 2.9 | % |
Gerber Collision |
|
| 22,269 |
| 2.7 | % |
Best Buy |
|
| 22,133 |
| 2.7 | % |
Kroger |
|
| 21,645 |
| 2.6 | % |
7-Eleven |
|
| 21,636 |
| 2.6 | % |
Lowe's |
|
| 21,320 |
| 2.6 | % |
Sunbelt Rentals |
|
| 19,789 |
| 2.4 | % |
Sherwin-Williams |
|
| 17,814 |
| 2.2 | % |
Burlington |
|
| 16,929 |
| 2.1 | % |
Home Depot |
|
| 16,433 |
| 2.0 | % |
BP |
|
| 13,527 |
| 1.6 | % |
Wawa |
|
| 13,252 |
| 1.6 | % |
Dollar Tree |
|
| 13,019 |
| 1.6 | % |
Other(2) |
|
| 387,088 |
| 47.1 | % |
Total Portfolio |
| $ | 823,381 |
| 100.0 | % |
ABR is in thousands; any differences are the result of rounding. | |
(1) | Refer to the Glossary for the Company's definition of ABR. |
(2) | Includes tenants generating less than 1.5% of ABR. |
Retail Sectors
The following table presents annualized base rents for all the Company’s retail sectors as of September 30, 2026:
Sector |
| ABR(1) |
| % of Total ABR | ||
Grocery Stores |
| $ | 80,880 |
| 9.8 | % |
Home Improvement |
|
| 73,274 |
| 8.9 | % |
Convenience Stores |
|
| 68,166 |
| 8.3 | % |
Tire & Auto Service |
|
| 61,403 |
| 7.5 | % |
Auto Parts |
|
| 52,196 |
| 6.3 | % |
Dollar Stores |
|
| 51,613 |
| 6.3 | % |
Off-Price Retail |
|
| 49,151 |
| 6.0 | % |
Farm & Rural Supply |
|
| 39,549 |
| 4.8 | % |
General Merchandise |
|
| 39,050 |
| 4.7 | % |
Crafts & Novelties |
|
| 30,951 |
| 3.8 | % |
Pharmacy |
|
| 28,644 |
| 3.5 | % |
Consumer Electronics |
|
| 26,628 |
| 3.2 | % |
Discount Stores |
|
| 25,025 |
| 3.0 | % |
Health & Fitness |
|
| 24,430 |
| 3.0 | % |
Equipment Rental |
|
| 20,845 |
| 2.5 | % |
Health Services |
|
| 20,201 |
| 2.5 | % |
Warehouse Clubs |
|
| 20,082 |
| 2.4 | % |
Restaurants - Quick Service |
|
| 16,609 |
| 2.0 | % |
Dealerships |
|
| 16,470 |
| 2.0 | % |
Sporting Goods |
|
| 15,848 |
| 1.9 | % |
Financial Services |
|
| 13,021 |
| 1.6 | % |
Specialty Retail |
|
| 9,721 |
| 1.2 | % |
Restaurants - Casual Dining |
|
| 7,386 |
| 0.9 | % |
Shoes |
|
| 6,899 |
| 0.8 | % |
Home Furnishings |
|
| 5,212 |
| 0.6 | % |
Pet Supplies |
|
| 4,836 |
| 0.6 | % |
Beauty & Cosmetics |
|
| 4,265 |
| 0.5 | % |
Theaters |
|
| 3,976 |
| 0.5 | % |
Entertainment Retail |
|
| 2,729 |
| 0.3 | % |
Apparel |
|
| 2,392 |
| 0.3 | % |
Miscellaneous |
|
| 1,301 |
| 0.2 | % |
Office Supplies |
|
| 628 |
| 0.1 | % |
Total Portfolio |
| $ | 823,381 |
| 100.0 | % |
ABR is in thousands; any differences are the result of rounding. | |
(1) | Refer to the Glossary for the Company's definition of ABR. |
Geographic Diversification
The following table presents annualized base rents for all states that represent 1.5% or greater of the Company’s total annualized base rent as of September 30, 2026:
State |
| ABR(1) |
| % of Total ABR | ||
Texas |
| $ | 59,052 |
| 7.2 | % |
Illinois |
|
| 47,215 |
| 5.7 | % |
North Carolina |
|
| 42,226 |
| 5.1 | % |
Ohio |
|
| 42,100 |
| 5.1 | % |
Michigan |
|
| 41,282 |
| 5.0 | % |
Pennsylvania |
|
| 39,243 |
| 4.8 | % |
New York |
|
| 38,614 |
| 4.7 | % |
Florida |
|
| 37,738 |
| 4.6 | % |
California |
|
| 35,434 |
| 4.3 | % |
Georgia |
|
| 31,422 |
| 3.8 | % |
New Jersey |
|
| 27,300 |
| 3.3 | % |
Wisconsin |
|
| 25,902 |
| 3.1 | % |
Missouri |
|
| 23,093 |
| 2.8 | % |
Louisiana |
|
| 21,406 |
| 2.6 | % |
Virginia |
|
| 20,769 |
| 2.5 | % |
South Carolina |
|
| 19,421 |
| 2.4 | % |
Minnesota |
|
| 19,218 |
| 2.3 | % |
Mississippi |
|
| 19,206 |
| 2.3 | % |
Kansas |
|
| 16,979 |
| 2.1 | % |
Connecticut |
|
| 16,667 |
| 2.0 | % |
Massachusetts |
|
| 15,965 |
| 1.9 | % |
Alabama |
|
| 15,801 |
| 1.9 | % |
Indiana |
|
| 15,718 |
| 1.9 | % |
Tennessee |
|
| 15,656 |
| 1.9 | % |
Oklahoma |
|
| 12,782 |
| 1.6 | % |
Other(2) |
|
| 123,172 |
| 15.1 | % |
Total Portfolio |
| $ | 823,381 |
| 100.0 | % |
ABR is in thousands; any differences are the result of rounding. | |
(1) | Refer to the Glossary for the Company's definition of ABR. |
(2) | Includes states generating less than 1.5% of ABR. |
Capital Markets, Liquidity and Balance Sheet
Capital Markets
In September 2026, the Company completed a $400.0 million public bond offering of 5.65% senior unsecured notes due 2036 (the "Notes"). In connection with the offering, the Company terminated related swap agreements of $300.0 million, receiving net proceeds of $19.4 million upon termination. Considering the effect of the terminated swap agreements, the all-in rate to the Company for the Notes is 5.36%.
During the third quarter, the Company settled 5.7 million shares under existing forward sale agreements for net proceeds of $425.7 million.
The following table presents the Company’s outstanding forward equity offerings as of September 30, 2026:
|
|
|
|
|
|
|
|
|
| Anticipated Net | ||
Forward Equity |
| Shares |
| Shares |
| Shares |
| Net Proceeds |
| Proceeds | ||
Offerings |
| Sold |
| Settled |
| Remaining |
| Received |
| Remaining | ||
Q1 2026 ATM Forward Offerings |
| 8,738,029 |
| 375,189 |
| 8,362,840 |
| $ | 26,897,562 |
| $ | 626,111,096 |
Q2 2026 ATM Forward Offerings |
| 399,886 |
| — |
| 399,886 |
|
| — |
|
| 31,012,639 |
Total Forward Equity Offerings |
| 9,137,915 |
| 375,189 |
| 8,762,726 |
| $ | 26,897,562 |
| $ | 657,123,735 |
Liquidity
As of September 30, 2026, the Company had total liquidity of approximately $2.0 billion, which includes $1.25 billion of availability under its revolving credit facility, $657.1 million of outstanding forward equity, and $91.5 million of cash on hand. The Company’s $1.25 billion revolving credit facility includes an accordion option that allows the Company to request additional lender commitments of up to a total of $2.0 billion.
Balance Sheet
As of September 30, 2026, the Company’s net debt to recurring EBITDA was 4.8 times. The Company’s proforma net debt to recurring EBITDA was 3.9 times when deducting the $657.1 million of anticipated net proceeds from the outstanding forward equity offerings from the Company’s net debt of approximately $3.7 billion as of September 30, 2026. The Company’s fixed charge coverage ratio was 4.1 times at quarter end. The Company’s net debt to enterprise value was 29.2% as of September 30, 2026.
For the three and nine months ended September 30, 2026, the Company's fully diluted weighted-average shares outstanding were 124.6 million and 121.9 million, respectively. The basic weighted-average shares outstanding for the three and nine months ended September 30, 2026 were 124.4 million and 121.4 million, respectively.
For the three and nine months ended September 30, 2026, the Company's fully diluted weighted-average shares and units outstanding were 125.0 million and 122.2 million, respectively. The basic weighted-average shares and units outstanding for the three and nine months ended September 30, 2026 were 124.7 million and 121.8 million, respectively.
The Company’s assets are held by, and its operations are conducted through, the Operating Partnership, of which the Company is the sole general partner. As of September 30, 2026, there were 347,619 Operating Partnership common units outstanding, and the Company held a 99.7% common interest in the Operating Partnership.
Conference Call/Webcast
The Company will host its quarterly analyst and investor conference call on Wednesday, October 21, 2026 at 9:00 AM ET. To participate in the conference call, please dial (833) 461-5787 approximately ten minutes before the call begins.
Additionally, a webcast of the conference call will be available via the Company’s website. To access the webcast, visit www.agreerealty.com five minutes prior to the start of the conference call and go to the Investors section of the website. A replay of the conference call webcast will be archived and available online through the Investors section of www.agreerealty.com.
About Agree Realty Corporation
Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of September 30, 2026, the Company owned and operated a portfolio of 2,888 properties, located in all 50 states and the District of Columbia, comprised of approximately 61.1 million square feet of gross leasable area. The Company’s common stock is listed on the New York Stock Exchange under the symbol “ADC”. For additional information on the Company and RETHINKING RETAIL, please visit www.agreerealty.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” “may,” “will,” “seek,” “could,” “project” or other similar words or expressions.
Peter Coughenour
Chief Financial Officer
Agree Realty Corporation
(248) 737-4190
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