Agree Realty Corporation
- Open
- 77.96
- Day high
- 78.21
- Day low
- 77.44
- Prev close
- 77.85
- Volume
- 971K
- Mkt cap
- $8.6B
- P/E (TTM)
- 41.9
- EPS (TTM)
- $1.86
- P/B
- 1.4
- P/S
- 11.5
- Yield
- 4.03%
- Per share
- $3.14
- ▲Insiders net buying $2.9M over the last 3 months (4 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
Agree Realty Corporation (ADC) is a Real Estate company listed on NYSE. The stock is up 9% over the past year. Over the trailing 3 months, insiders filed 4 open-market buys and 0 sales (SEC Form 4).
Agree Realty Corporation (ADC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ADC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $0.48 | $1.14 | +138.0% | $201M | +2.5% |
| Oct 21, 2025 | $1.08 | $1.10 | +1.9% | $183M | -3.5% |
| Jul 31, 2025 | $1.06 | $1.06 | +0.0% | $176M | -1.7% |
| Apr 22, 2025 | $1.05 | $1.06 | +1.0% | $169M | +1.6% |
| Oct 22, 2024 | $1.03 | $1.03 | +0.0% | $154M | -0.3% |
| Jul 23, 2024 | $1.03 | $1.04 | +1.0% | $153M | +1.4% |
| Feb 13, 2024 | $1.00 | $1.00 | +0.0% | $144M | +3.4% |
| Aug 1, 2023 | $0.98 | $0.98 | +0.0% | $130M | +1.4% |
| May 4, 2023 | $0.96 | $0.98 | +2.1% | $127M | +5.1% |
| Feb 14, 2023 | $0.95 | $0.95 | +0.0% | $125M | +8.6% |
| Nov 1, 2022 | $0.96 | $0.96 | +0.0% | $110M | +0.3% |
| Aug 2, 2022 | $0.96 | $0.98 | +2.1% | $105M | +2.5% |
ADC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 8, 2026 | AGREE RICHARDdirector, officer: EXECUTIVE CHAIRMAN OF BOARD | Buy | 5,000 | $71.41 |
| May 19, 2026 | RAKOLTA JOHN JRdirector | Buy | 20,000 | $74.57 |
| May 18, 2026 | Lehmkuhl Gregdirector | Buy | 750 | $75.09 |
| May 18, 2026 | Rossi Jerome Rdirector | Grant | 2,159 | — |
| May 18, 2026 | Lehmkuhl Gregdirector | Grant | 2,159 | — |
| May 18, 2026 | Dearing Karendirector | Grant | 2,159 | — |
| May 18, 2026 | Judlowe Michaeldirector | Grant | 2,159 | — |
| May 18, 2026 | Judlowe Michaeldirector | Grant | 1,328 | $75.28 |
| May 18, 2026 | Hollman Michaeldirector | Grant | 2,159 | — |
| May 18, 2026 | Agree Joeydirector, officer: PRESIDENT & CEO | Buy | 13,295 | $75.41 |
| May 18, 2026 | He Linglongdirector | Grant | 1,328 | $75.28 |
| May 18, 2026 | RAKOLTA JOHN JRdirector | Grant | 2,159 | — |
| May 18, 2026 | RAKOLTA JOHN JRdirector | Grant | 1,328 | $75.28 |
| May 18, 2026 | Frankel Merrie S.director | Grant | 432 | — |
| May 18, 2026 | He Linglongdirector | Grant | 2,159 | — |
Source: ADC SEC Form 4 filings, latest Jun 8, 2026. For informational purposes only — not investment advice.
See the full ADC insider & 13F page →Agree Realty Corporation company profile
Overview
Agree Realty Corporation (NYSE:ADC) is a publicly traded real estate investment trust (REIT) founded in 1971 and listed on the New York Stock Exchange since 1994. The company specializes in acquiring and developing retail properties that are net leased to established retail tenants across the United States. Based in Bloomfield Hills, Michigan, Agree Realty has grown from a regional player to a national REIT with a portfolio spanning all 50 states. The company has established itself as a disciplined acquirer of high-quality retail real estate, focusing on necessity-based retailers with strong credit profiles and long-term lease commitments.
Business
Agree Realty operates in the retail net lease sector of the real estate investment trust industry. A net lease arrangement is a commercial real estate structure where the tenant is responsible for paying not only rent but also property taxes, insurance, and maintenance costs, effectively transferring most property-related expenses to the tenant. This arrangement provides landlords with predictable income streams and minimal operational responsibilities. The company's core business involves acquiring single-tenant retail properties that are already leased to established retailers under long-term agreements, typically ranging from 10-20 years. These properties are predominantly necessity-based retail locations such as convenience stores, pharmacies, dollar stores, grocery stores, and other retailers that sell essential goods and services. As of 2024, Agree Realty's portfolio consists of approximately 2,370 properties across all 50 states, containing roughly 21 million square feet of gross leasable area. The company operates through three primary investment platforms: 1. Acquisition platform - purchasing existing net lease properties from developers, retailers, or other property owners, representing the majority of investment activity. 2. Development platform - building new properties for specific retail tenants, typically representing around $250 million in annual investment. 3. Developer Funding Platform (DFP) - providing capital to developers to build properties that Agree Realty will ultimately acquire upon completion. A significant portion of Agree Realty's portfolio consists of ground leases, which represent approximately 11% of the company's annualized base rents. In a ground lease arrangement, the company owns the land while the tenant owns and maintains the building structure, providing additional rent escalation opportunities when leases expire or renew.
Revenue model
Agree Realty generates revenue primarily through rental income from its net lease properties. Tenants pay monthly or quarterly rent payments under long-term lease agreements, with most leases including built-in rent escalations of 1-2% annually or periodic percentage increases. The company's paying customers are established retail chains and franchisees, with approximately 68% of annualized base rents coming from investment-grade rated retailers such as Walmart, Home Depot, Dollar General, and major convenience store chains. The business model benefits from several revenue stability factors. Net lease structures transfer property operating expenses to tenants, resulting in high profit margins on rental income. Long lease terms, averaging 10-15 years for new acquisitions, provide predictable cash flows with minimal re-leasing risk. The focus on necessity-based retailers creates recession-resistant income streams, as these businesses typically maintain operations even during economic downturns. Several factors can positively impact margins and profitability. Rising interest rates can increase acquisition cap rates (the annual rental income as a percentage of property purchase price), allowing the company to acquire properties with higher yields. Market consolidation in retail creates opportunities to acquire properties from distressed sellers at attractive pricing. Ground lease renewals often provide significant rent increases, as demonstrated by management examples of rent increases from $105,000 to over $180,000 upon renewal. Conversely, factors that could pressure margins include increased competition for high-quality properties, which can compress cap rates and reduce investment yields. Rising construction costs affect the development platform's profitability. Tenant bankruptcies, while historically minimal given the company's focus on strong retailers, can create temporary vacancy costs and re-leasing expenses. Additionally, sustained low interest rate environments can increase competition and reduce available investment opportunities at attractive yields.
Competitive moat
Agree Realty possesses a moderate but sustainable competitive moat built primarily around its established relationships with high-quality retail tenants and its disciplined capital allocation approach. The company has developed deep relationships with approximately 30-35 top-tier retailers over several decades, creating a proprietary deal flow that provides access to off-market transactions and sale-leaseback opportunities. This relationship-based approach allows Agree Realty to source acquisitions with less competition compared to broadly marketed properties. The company's fortress balance sheet provides additional competitive advantages, with over $2 billion in liquidity, no material debt maturities until 2028, and investment-grade credit ratings from major agencies. This financial strength enables the company to move quickly on attractive opportunities and weather market volatility better than smaller or more leveraged competitors. The scale of operations, with nearly $9 billion in total assets, provides operational efficiencies and access to capital markets that smaller net lease REITs cannot match. However, the moat faces several potential challenges. The net lease REIT sector has relatively low barriers to entry, and larger competitors like Realty Income Corporation and National Retail Properties operate with similar business models and relationship-based approaches. The retail real estate sector continues to face secular headwinds from e-commerce growth, though Agree Realty's focus on necessity-based retailers provides some protection. Additionally, periods of significant capital market disruption could level the playing field between well-capitalized and smaller competitors, potentially eroding some of the company's competitive advantages. The strength of the moat ultimately depends on management's continued ability to maintain tenant relationships, execute disciplined capital allocation, and adapt to changing retail trends while preserving the company's conservative financial profile.
Risks & safety
Agree Realty demonstrates a strong margin of safety with conservative financial metrics and stable cash generation, though limited cash reserves require attention. • Liquidity and Debt Management: Over $2 billion in total liquidity provides substantial financial flexibility. Net debt-to-recurring EBITDA ratio of 3.4x remains conservative for the REIT sector. No material debt maturities until 2028 eliminates near-term refinancing risk. Established $625 million commercial paper program and $1.25 billion revolving credit facility provide additional capital access. • Cash Generation: Strong free cash flow of $432 million in 2024 with consistent operational cash flow generation. However, limited cash on hand of only $6.4 million requires active liquidity management and reliance on credit facilities. • Valuation Metrics: Trading at approximately 20.9x EV/EBITDA and 45.8x P/E ratio, reflecting premium valuations typical of high-quality REITs. Price-to-book ratio of 1.46x suggests modest premium to net asset value. • Operational Stability: Occupancy rate of 99.2% with high-quality tenant base (68% investment-grade) provides stable income streams. Ground lease portfolio offers potential for significant rent increases upon renewal. • Credit Profile: Investment-grade ratings from S&P (BBB+) and Moody's (Baa1) reflect strong credit quality and access to capital markets.
Recent development
Over the past few years, Agree Realty has executed several strategic initiatives to strengthen its market position and diversify its investment approach. The company significantly expanded its acquisition guidance from $600 million to $1.5 billion annually, capitalizing on improved market conditions and reduced competition following the end of the low interest rate environment. This expansion was supported by raising over $1.1 billion in forward equity during 2024, providing substantial liquidity for growth. The company has strategically increased its focus on convenience stores, which now represent approximately 8% of the portfolio, recognizing the sector's resilience and growth potential. Simultaneously, management has reduced exposure to more challenged retail sectors such as traditional pharmacies and certain dollar store concepts, demonstrating active portfolio management. A significant development has been the growth of sale-leaseback transactions, which increased from 10% to approximately one-third of acquisition activity. These transactions involve purchasing properties directly from retailers who then lease them back, providing retailers with capital while giving Agree Realty access to high-quality properties with established tenant relationships. The company has also expanded its development and Developer Funding Platform, targeting approximately $250 million in annual investment through these channels. This platform allows Agree Realty to work directly with retailers to solve their real estate needs while securing properties at attractive returns. The company completed or had under construction 41 development projects representing $180 million in committed capital during 2024. Recent balance sheet optimization includes establishing a $625 million commercial paper program and entering into $325 million in forward-starting interest rate swaps to hedge against potential rate increases. The company also received credit rating upgrades, with S&P upgrading to BBB+ and maintaining a positive outlook.
ADC company profile · for informational purposes only — not investment advice.
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