Agree Realty (ADC)
Market Price (8/19/2026): $74.32 | Market Cap: $8.9 BilSector: Real Estate | Industry: Retail REITs
Agree Realty (ADC)
Market Price (8/19/2026): $74.32Market Cap: $8.9 BilSector: Real EstateIndustry: Retail REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.6%, Dividend Yield is 4.1%, FCF Yield is 6.0% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 18% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 48% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 68%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 68% Low stock price volatilityVol 12M is 16% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and E-commerce & DTC Adoption. Themes include Experiential Retail, Show more. | Weak multi-year price returns2Y Excs Rtn is -29%, 3Y Excs Rtn is -39% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.73, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Expensive valuation multiplesP/SPrice/Sales ratio is 11x Key risksADC key risks include [1] intense competition for acquisitions, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.6%, Dividend Yield is 4.1%, FCF Yield is 6.0% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 18% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 48% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 68%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 68% |
| Low stock price volatilityVol 12M is 16% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and E-commerce & DTC Adoption. Themes include Experiential Retail, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -29%, 3Y Excs Rtn is -39% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.73, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 11x |
| Key risksADC key risks include [1] intense competition for acquisitions, Show more. |
Qualitative Assessment
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Agree Realty (ADC) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Q2 2026 Earnings Per Share Miss.
Agree Realty reported diluted EPS of $0.44 for fiscal Q2 2026, which ended June 30, 2026. This figure missed analysts' consensus estimates of $0.48 by $0.04.
2. Dilution from Aggressive Equity Issuance.
The company's aggressive equity issuance program, which facilitated a record $502 million in acquisitions during fiscal Q2 2026, was a contributing factor to the EPS miss by approximately 7%, suggesting dilution in per-share metrics.
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Agree Realty (ADC) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Q2 2026 Earnings Per Share Miss.
Agree Realty reported diluted EPS of $0.44 for fiscal Q2 2026, which ended June 30, 2026. This figure missed analysts' consensus estimates of $0.48 by $0.04.
2. Dilution from Aggressive Equity Issuance.
The company's aggressive equity issuance program, which facilitated a record $502 million in acquisitions during fiscal Q2 2026, was a contributing factor to the EPS miss by approximately 7%, suggesting dilution in per-share metrics.
3. High Dividend Payout Ratio.
Despite a 4.3% year-over-year increase in its annualized monthly dividend to $3.204 per common share, Agree Realty's dividend payout ratio stands at a notably high 165% of earnings, which may raise investor concerns about long-term sustainability.
4. Macroeconomic Headwinds and Interest Rate Outlook.
While the broader REIT sector demonstrated strong performance year-to-date in 2026, the possibility of the Federal Reserve hiking interest rates due to global events may have contributed to a recent pullback in REIT stocks, including ADC, as higher rates can negatively impact real estate valuations and borrowing costs.
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Stock Movement Drivers
Fundamental Drivers
The -2.7% change in ADC stock from 4/30/2026 to 8/18/2026 was primarily driven by a -5.0% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 76.31 | 74.21 | -2.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 750 | 780 | 3.9% |
| Net Income Margin (%) | 29.3% | 28.8% | -1.4% |
| P/E Multiple | 41.7 | 39.6 | -5.0% |
| Shares Outstanding (Mil) | 120 | 120 | -0.1% |
| Cumulative Contribution | -2.7% |
Market Drivers
4/30/2026 to 8/18/2026| Return | Correlation | |
|---|---|---|
| ADC | -2.7% | |
| Market (SPY) | 6.8% | -33.4% |
| Sector (XLRE) | 0.5% | 73.8% |
Fundamental Drivers
The 4.9% change in ADC stock from 1/31/2026 to 8/18/2026 was primarily driven by a 13.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 70.75 | 74.21 | 4.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 689 | 780 | 13.2% |
| Net Income Margin (%) | 28.1% | 28.8% | 2.6% |
| P/E Multiple | 40.7 | 39.6 | -2.6% |
| Shares Outstanding (Mil) | 111 | 120 | -7.3% |
| Cumulative Contribution | 4.9% |
Market Drivers
1/31/2026 to 8/18/2026| Return | Correlation | |
|---|---|---|
| ADC | 4.9% | |
| Market (SPY) | 11.2% | -19.4% |
| Sector (XLRE) | 8.4% | 65.2% |
Fundamental Drivers
The 8.0% change in ADC stock from 7/31/2025 to 8/18/2026 was primarily driven by a 18.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 68.73 | 74.21 | 8.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 660 | 780 | 18.2% |
| Net Income Margin (%) | 28.2% | 28.8% | 2.4% |
| P/E Multiple | 40.6 | 39.6 | -2.5% |
| Shares Outstanding (Mil) | 110 | 120 | -8.5% |
| Cumulative Contribution | 8.0% |
Market Drivers
7/31/2025 to 8/18/2026| Return | Correlation | |
|---|---|---|
| ADC | 8.0% | |
| Market (SPY) | 22.4% | -18.4% |
| Sector (XLRE) | 10.5% | 60.1% |
Fundamental Drivers
The 30.9% change in ADC stock from 7/31/2023 to 8/18/2026 was primarily driven by a 70.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 56.68 | 74.21 | 30.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 458 | 780 | 70.2% |
| Net Income Margin (%) | 34.5% | 28.8% | -16.3% |
| P/E Multiple | 32.3 | 39.6 | 22.6% |
| Shares Outstanding (Mil) | 90 | 120 | -25.0% |
| Cumulative Contribution | 30.9% |
Market Drivers
7/31/2023 to 8/18/2026| Return | Correlation | |
|---|---|---|
| ADC | 30.9% | |
| Market (SPY) | 73.6% | 9.0% |
| Sector (XLRE) | 28.3% | 65.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ADC Return | 11% | 4% | -7% | 17% | 7% | 6% | 42% |
| Peers Return | 32% | -8% | 4% | 11% | -1% | 16% | 59% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| ADC Win Rate | 67% | 67% | 42% | 67% | 58% | 62% | |
| Peers Win Rate | 62% | 47% | 50% | 60% | 48% | 65% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ADC Max Drawdown | -12% | -20% | -26% | -13% | -9% | -11% | |
| Peers Max Drawdown | -13% | -26% | -26% | -15% | -15% | -10% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: O, NNN, EPRT, FCPT, KIM. See ADC Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/18/2026 (YTD)
How Low Can It Go
| Event | ADC | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.0% | -9.5% |
| % Gain to Breakeven | 25.0% | 10.5% |
| Time to Breakeven | 287 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.0% | -6.7% |
| % Gain to Breakeven | 12.4% | 7.1% |
| Time to Breakeven | 428 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -11.5% | -24.5% |
| % Gain to Breakeven | 13.0% | 32.4% |
| Time to Breakeven | 67 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.7% | -33.7% |
| % Gain to Breakeven | 58.0% | 50.9% |
| Time to Breakeven | 447 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -15.6% | -3.7% |
| % Gain to Breakeven | 18.4% | 3.9% |
| Time to Breakeven | 106 days | 6 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -12.5% | -17.9% |
| % Gain to Breakeven | 14.3% | 21.8% |
| Time to Breakeven | 57 days | 123 days |
In The Past
Agree Realty's stock fell -0.2% during the 2025 US Tariff Shock. Such a loss loss requires a 0.2% gain to breakeven.
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| Event | ADC | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -36.7% | -33.7% |
| % Gain to Breakeven | 58.0% | 50.9% |
| Time to Breakeven | 447 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -67.8% | -53.4% |
| % Gain to Breakeven | 210.9% | 114.4% |
| Time to Breakeven | 526 days | 1085 days |
In The Past
Agree Realty's stock fell -0.2% during the 2025 US Tariff Shock. Such a loss loss requires a 0.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Agree Realty (ADC)
Agree Realty Corporation (ADC) operates as a Real Estate Investment Trust (REIT), a company that owns, operates, or finances income-producing real estate. Its core business is centered on the acquisition and development of commercial properties throughout the United States. As a REIT, Agree Realty provides investors with an opportunity to invest in a portfolio of real estate assets, primarily focused on the retail sector.
The company's main "product" is a diverse portfolio of physical properties, which it then leases out to its "customers": industry-leading retail tenants. Agree Realty specializes in a "net lease" structure, where tenants typically assume responsibility for property expenses like taxes, insurance, and maintenance, in addition to paying rent. As of September 2020, Agree Realty managed a substantial portfolio of 1,027 properties across 45 states, totaling approximately 21 million square feet of gross leasable area, indicating its significant presence within the U.S. retail real estate market.
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- American Tower (AMT) for retail store buildings.
- Prologis (PLD) for retail properties.
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- Net Lease Retail Properties: Agree Realty provides commercial retail properties to industry-leading tenants under long-term net lease agreements.
- Real Estate Development Services: They develop new, custom-built retail properties for tenants under build-to-suit arrangements, which are subsequently net leased.
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Agree Realty (ADC) is a real estate investment trust that primarily leases properties to retail tenants. Therefore, its major customers are other companies, specifically the retail companies that rent its properties. Based on its portfolio, Agree Realty's major customers include:
- Walmart (WMT)
- Tractor Supply Company (TSCO)
- Aldi (private company)
- CVS Health (CVS)
- Walgreens Boots Alliance (WBA)
- Dollar General (DG)
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Joey Agree, President & Chief Executive Officer
Joey Agree was appointed President & Chief Executive Officer in 2013. He previously served as the company's President and Chief Operating Officer, and as a member of the Board of Directors since June 2009. Before joining Agree Realty in March 2005, he was employed as director of land acquisitions for a large private developer in the Midwest. Mr. Agree has been credited with leading the transformation of the company's real estate portfolio from a $300 million micro-cap development REIT to a $10+ billion diversified retail net lease market leader. He is a graduate of the University of Michigan with a BA in Political Science and holds a Juris Doctorate degree from Wayne State University Law School. He is the son of Richard Agree, the company's founder.
Peter Coughenour, Chief Financial Officer
Peter Coughenour joined Agree Realty in December 2015. As Chief Financial Officer & Secretary, he is responsible for capital markets, investor relations, and financial planning and analysis. He holds a Bachelor of Arts in Economics from Indiana University.
Richard Agree, Executive Chairman of the Board
Richard Agree founded the company's predecessor, Agree Development Company, in 1971. He served as the company's Chief Executive Officer and Chairman from December 1993 to January 2013. Prior to the formation of Agree Realty, he acted as the Chief Executive Officer and President of Agree Development Company and Managing Partner of the general partnership that held the company's multi-state portfolio. Throughout his career, Mr. Agree has overseen the development of over 8,000,000 square feet of retail space. He is a graduate of Detroit College of Law and a member of the State Bar of Michigan.
Nicole Witteveen, Chief Operating Officer
Nicole Witteveen joined Agree Realty in 2019. She has served in various roles within the company, including Chief of Staff and Executive Vice President, People & Culture. Before joining Agree, she led the human resources function at a growing startup in Metro Detroit and worked in learning and organization development, workforce planning, and performance management for companies such as Dish Network, Lockheed Martin, and Enova International. Ms. Witteveen holds a Bachelor of Arts in Organizational Studies from the University of Michigan.
Craig Erlich, Chief Growth Officer
Craig Erlich joined Agree Realty in 2020 and has served as Chief Investment Officer and Chief Operating Officer. In his role as Chief Growth Officer, he is responsible for the company's three external growth platforms and tenant relations. Mr. Erlich holds a Bachelor of Arts in Marketing from the Eli Broad College of Business at Michigan State University. He has been a two-time nominee for the Ernst & Young Entrepreneur of the Year award.
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The key risks to Agree Realty's (ADC) business operations and financial performance are primarily linked to interest rate fluctuations, the dynamic retail landscape affecting tenant health, and the potential for shareholder dilution due to equity issuances.
- Interest Rate Sensitivity: As a real estate investment trust (REIT), Agree Realty is highly sensitive to changes in interest rates. Rising interest rates can increase the company's borrowing costs, making new acquisitions more expensive and potentially reducing profit margins on investments. Additionally, higher interest rates can make alternative, lower-risk investments (like bonds) more attractive to investors, potentially diminishing the appeal of REITs and impacting Agree Realty's stock valuation.
- Evolving Retail Landscape and Tenant Health: While Agree Realty strategically focuses on necessity-based and e-commerce-resistant retail tenants, the broader retail sector is continuously influenced by shifts in consumer behavior, economic downturns, and the ongoing growth of e-commerce. These factors pose a risk to the financial health and creditworthiness of Agree Realty's tenants, potentially leading to tenant bankruptcies, lease defaults, or vacancies, which would directly impact the company's rental income and occupancy rates. Even investment-grade tenants can face financial difficulties if economic conditions deteriorate.
- Potential for Shareholder Dilution from Equity Issuances: Agree Realty's growth strategy heavily relies on acquiring and developing new properties, which is often funded, in part, through equity issuances. While necessary for expansion, frequent or substantial issuance of new common stock can dilute the ownership percentage and earnings per share of existing shareholders if the acquired properties do not generate sufficiently accretive returns or if the share price does not reflect the intrinsic value of these new assets.
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Agree Realty Corporation (ADC) operates primarily in the U.S. retail net lease market, focusing on the acquisition and development of properties net leased to industry-leading retail tenants.
The addressable market for Agree Realty's main products or services is the U.S. single-tenant net-lease retail sector. In the first half of 2025, the U.S. single-tenant net-lease retail sector recorded a sales volume of $5.7 billion. Specifically, in the first quarter of 2025, the sales volume for this sector climbed to $3.05 billion. For the broader retail net-lease investment market in the U.S., the volume increased to $3.1 billion in the first quarter of 2025.
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Here are 3-5 expected drivers of future revenue growth for Agree Realty (ADC) over the next 2-3 years:
- Strategic Acquisitions of Net-Leased Retail Properties: Agree Realty consistently pursues an aggressive acquisition strategy, focusing on high-quality, net-leased retail properties with industry-leading, omni-channel tenants. The company has provided strong investment guidance, projecting between $1.4 billion and $1.6 billion for 2025 and between $1.25 billion and $1.50 billion for 2026, indicating continued expansion of its property portfolio. This ongoing acquisition volume is a primary driver for increasing rental income.
- Development Projects and Developer Funding Platform (DFP): Beyond direct acquisitions, Agree Realty actively engages in development projects and leverages its Developer Funding Platform (DFP). These initiatives allow the company to build new properties tailored to tenant specifications and capitalize on additional opportunities within the retail real estate market, thereby contributing to portfolio growth and revenue generation.
- Focus on E-commerce Resistant and Necessity-Based Retail Tenants: The company strategically targets properties leased to essential and "e-commerce resistant" retailers, such as grocery stores, home improvement centers, and auto parts providers. This focus helps ensure stable and predictable rental income streams, as these tenants tend to be more resilient to economic fluctuations and the impact of online retail.
- Long-Term Leases with Investment-Grade Tenants: Agree Realty's revenue growth is further supported by its emphasis on securing long-term net lease agreements, with a significant portion of its annualized base rent derived from investment-grade retail tenants. This strategy provides a reliable and consistent cash flow, which is a key component of its stable and growing revenue base.
- Strong Liquidity and Capital Markets Strategy: Agree Realty has proactively managed its balance sheet, boasting substantial liquidity exceeding $2.5 billion and having addressed material debt maturities until 2028. This robust financial position, achieved through forward equity issuance and credit facilities, enables the company to fund its aggressive acquisition and development pipeline, supporting continued growth in its asset base and, consequently, its rental income.
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Share Repurchases
No significant share repurchases have been reported by Agree Realty in the last 3-5 years; the company has primarily focused on issuing shares to fund its growth initiatives.
Share Issuance
- In 2025, Agree Realty settled 5.9 million shares under existing forward sale agreements, receiving approximately $428 million in net proceeds.
- During Q1 2025, the company raised $181 million of forward equity through its At-The-Market (ATM) program.
- As of February 26, 2026, the company had 17.9 million shares of outstanding forward equity, representing over $1.3 billion in anticipated net proceeds, intended to support external growth plans.
Inbound Investments
No large strategic inbound investments from third parties (e.g., private equity or strategic partners) into Agree Realty have been specifically reported in the last 3-5 years.
Outbound Investments
- For the full year 2025, Agree Realty invested approximately $1.55 billion across 338 retail net lease properties, including acquisitions, development, and Developer Funding Platform (DFP) projects.
- The 2025 acquisitions, totaling approximately $1.44 billion for 305 properties, were completed at a weighted-average capitalization rate of 7.2% and had a weighted-average remaining lease term of 11.5 years.
- The company's investment guidance for 2026 is projected to be between $1.4 billion and $1.6 billion, focusing on high-quality retail net lease assets through its three growth platforms.
Capital Expenditures
- In 2025, Agree Realty commenced 14 development or DFP projects with a total committed capital of approximately $118 million.
- For the full year 2025, the company had 34 development or DFP projects either completed or under construction, with anticipated total costs of approximately $225.3 million.
- These capital expenditures are primarily focused on the development of new retail net lease properties, complementing the company's acquisition strategy.
Peer Outperformance in Retail REITs
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 14 | 21.7% | 62.0% | 62.7% | WELL 216% · DHC 152% · CTRE 135% |
| Retail REITs ← | 22 | 20.9% | 40.2% | 44.1% | IVT 1640% · SKT 193% · SPG 124% |
| Real Estate Development | 6 | 2.6% | 31.6% | 24.0% | AXR 74% · JOE 68% · FOR 46% |
| Other Specialized REITs | 11 | 5.6% | 19.1% | 22.5% | IRM 236% · EPR 83% · LAMR 81% |
| Hotel & Resort REITs | 16 | 40.8% | 36.8% | 16.9% | RHP 103% · HST 96% · DRH 71% |
| Industrial REITs | 11 | 22.1% | 26.2% | 7.0% | EGP 35% · FR 30% · PLD 21% |
| Diversified REITs | 12 | 16.0% | 30.0% | -8.9% | CTO 85% · EPRT 26% · WPC 25% |
| Single-Family Residential REITs | 3 | 3.9% | 5.7% | -11.0% | AMH -5% · ELS -11% · INVH -13% |
| Multi-Family Residential REITs | 13 | 0.5% | 5.7% | -14.8% | AIV 34% · ESS 7% · BRT 4% |
| Real Estate Services | 26 | -12.6% | -0.3% | -20.6% | MDRR 642% · CHCI 245% · CBRE 61% |
| Office REITs | 18 | 6.7% | 22.8% | -29.7% | CDP 61% · PSTL 61% · SLG 12% |
| Telecom Tower REITs | 3 | -13.7% | -13.0% | -45.5% | AMT -30% · SBAC -45% · CCI -52% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 38.31 |
| Mkt Cap | 8.8 |
| Rev LTM | 866 |
| Op Inc LTM | 489 |
| FCF LTM | 603 |
| FCF 3Y Avg | 561 |
| CFO LTM | 603 |
| CFO 3Y Avg | 561 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.8% |
| Rev Chg 3Y Avg | 13.4% |
| Rev Chg Q | 7.7% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Inc Chg LTM | 12.6% |
| Op Inc Chg 3Y Avg | 13.6% |
| Op Mgn LTM | 52.1% |
| Op Mgn 3Y Avg | 52.0% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 67.9% |
| CFO/Rev 3Y Avg | 68.6% |
| FCF/Rev LTM | 67.9% |
| FCF/Rev 3Y Avg | 68.6% |
Price Behavior
| Market Price | $74.21 | |
| Market Cap ($ Bil) | 8.9 | |
| First Trading Date | 04/15/1994 | |
| Distance from 52W High | -8.2% | |
| 50 Days | 200 Days | |
| DMA Price | $76.53 | $74.33 |
| DMA Trend | up | up |
| Distance from DMA | -3.0% | -0.2% |
| 3M | 1YR | |
| Volatility | 17.9% | 16.3% |
| Downside Capture | -49.12 | -27.61 |
| Upside Capture | -42.60 | -13.18 |
| Correlation (SPY) | -40.4% | -17.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.64 | -0.59 | -0.47 | -0.26 | -0.23 | 0.11 |
| Up Beta | -1.58 | -0.97 | -0.68 | -0.34 | -0.16 | 0.18 |
| Down Beta | 0.79 | 0.08 | 0.04 | 0.11 | -0.30 | 0.05 |
| Up Capture | -55% | -50% | -41% | -15% | -8% | 3% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 21 | 28 | 66 | 129 | 389 |
| Down Capture | -112% | -100% | -81% | -67% | -51% | 9% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 13 | 22 | 35 | 60 | 119 | 359 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADC | |
|---|---|---|---|---|
| ADC | 6.7% | 16.3% | 0.22 | - |
| Sector ETF (XLRE) | 10.8% | 14.2% | 0.49 | 61.5% |
| Equity (SPY) | 20.4% | 12.8% | 1.17 | -17.8% |
| Gold (GLD) | 29.8% | 28.5% | 0.91 | -1.9% |
| Commodities (DBC) | 40.2% | 20.2% | 1.56 | -11.5% |
| Real Estate (VNQ) | 13.1% | 13.9% | 0.65 | 62.5% |
| Bitcoin (BTCUSD) | -45.4% | 42.7% | -1.30 | -19.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADC | |
|---|---|---|---|---|
| ADC | 4.5% | 18.9% | 0.13 | - |
| Sector ETF (XLRE) | 2.6% | 19.2% | 0.04 | 67.4% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 26.4% |
| Gold (GLD) | 19.8% | 18.6% | 0.87 | 12.7% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | 2.8% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 68.0% |
| Bitcoin (BTCUSD) | 7.1% | 52.6% | 0.32 | 11.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADC | |
|---|---|---|---|---|
| ADC | 8.7% | 23.7% | 0.35 | - |
| Sector ETF (XLRE) | 6.3% | 20.4% | 0.26 | 72.4% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 42.3% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 13.0% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 12.8% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 75.3% |
| Bitcoin (BTCUSD) | 59.9% | 66.0% | 1.00 | 10.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -0.4% | -2.3% | |
| 4/21/2026 | -2.8% | -2.5% | -3.9% |
| 2/10/2026 | 0.3% | 0.2% | 4.5% |
| 10/21/2025 | 0.2% | -1.3% | -2.0% |
| 7/31/2025 | 2.8% | 3.0% | 1.8% |
| 4/22/2025 | -2.4% | -2.3% | -5.0% |
| 2/11/2025 | -1.7% | -1.7% | 4.5% |
| 10/22/2024 | 2.1% | -1.6% | 2.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 9 | 13 |
| # Negative | 12 | 15 | 10 |
| Median Positive | 1.2% | 1.5% | 4.1% |
| Median Negative | -1.8% | -1.3% | -3.5% |
| Max Positive | 2.9% | 4.5% | 9.5% |
| Max Negative | -3.0% | -2.5% | -6.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -0.4% | -2.3% | |
| 4/21/2026 | -2.8% | -2.5% | -3.9% |
| 2/10/2026 | 0.3% | 0.2% | 4.5% |
| 10/21/2025 | 0.2% | -1.3% | -2.0% |
| 7/31/2025 | 2.8% | 3.0% | 1.8% |
| 4/22/2025 | -2.4% | -2.3% | -5.0% |
| 2/11/2025 | -1.7% | -1.7% | 4.5% |
| 10/22/2024 | 2.1% | -1.6% | 2.9% |
| 7/23/2024 | 1.7% | 4.5% | 9.5% |
| 4/23/2024 | 1.4% | -0.2% | 5.0% |
| 2/13/2024 | -1.9% | -0.3% | -3.2% |
| 10/24/2023 | -0.7% | 3.1% | 5.9% |
| 8/1/2023 | -2.5% | -1.3% | -3.8% |
| 5/4/2023 | 1.0% | -1.6% | -3.0% |
| 2/14/2023 | 2.9% | 1.8% | -4.6% |
| 11/1/2022 | -3.0% | -0.6% | 2.8% |
| 8/2/2022 | -2.1% | -0.1% | -3.0% |
| 5/3/2022 | 2.3% | -2.5% | 4.7% |
| 2/22/2022 | -1.1% | 1.1% | 1.7% |
| 11/1/2021 | 0.3% | -1.1% | -6.5% |
| 7/26/2021 | 0.9% | 0.3% | -1.8% |
| 5/3/2021 | -0.0% | -1.0% | 2.2% |
| 2/18/2021 | -1.4% | 1.5% | 4.1% |
| 10/19/2020 | 0.1% | 0.4% | 2.6% |
| SUMMARY STATS | |||
| # Positive | 12 | 9 | 13 |
| # Negative | 12 | 15 | 10 |
| Median Positive | 1.2% | 1.5% | 4.1% |
| Median Negative | -1.8% | -1.3% | -3.5% |
| Max Positive | 2.9% | 4.5% | 9.5% |
| Max Negative | -3.0% | -2.5% | -6.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/21/2026 | 10-Q |
| 12/31/2025 | 02/10/2026 | 10-K |
| 09/30/2025 | 10/21/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/22/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-K |
| 09/30/2024 | 10/22/2024 | 10-Q |
| 06/30/2024 | 07/23/2024 | 10-Q |
| 03/31/2024 | 04/23/2024 | 10-Q |
| 12/31/2023 | 02/13/2024 | 10-K |
| 09/30/2023 | 10/24/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/21/2026 | 10-Q |
| 12/31/2025 | 02/10/2026 | 10-K |
| 09/30/2025 | 10/21/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/22/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-K |
| 09/30/2024 | 10/22/2024 | 10-Q |
| 06/30/2024 | 07/23/2024 | 10-Q |
| 03/31/2024 | 04/23/2024 | 10-Q |
| 12/31/2023 | 02/13/2024 | 10-K |
| 09/30/2023 | 10/24/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/01/2021 | 10-Q |
| 06/30/2021 | 07/26/2021 | 10-Q |
| 03/31/2021 | 05/03/2021 | 10-Q |
| 12/31/2020 | 02/18/2021 | 10-K |
| 09/30/2020 | 10/19/2020 | 10-Q |
| 06/30/2020 | 07/20/2020 | 10-Q |
| 03/31/2020 | 04/20/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
| 09/30/2019 | 10/21/2019 | 10-Q |
Recent Forward Guidance
Updated 7/31/2026Latest: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 AFFO per share | 4.57 | 4.58 | 4.59 | 0.4% | Raised | Guidance: 4.56 for 2026 | |
| 2026 Investment volume | 1.60 Bil | 1.70 Bil | 1.80 Bil | 13.3% | Raised | Guidance: 1.50 Bil for 2026 | |
| 2026 Disposition volume | 50.00 Mil | 75.00 Mil | 100.00 Mil | 50.0% | Raised | Guidance: 50.00 Mil for 2026 | |
| 2026 General and administrative expenses (% of adjusted revenue) | 0.05 | 0.05 | 0.06 | 0.0% | Affirmed | Guidance: 0.05 for 2026 | |
| 2026 Non-reimbursable real estate expenses (% of adjusted revenue) | 0.01 | 0.01 | 0.01 | 0.0% | Affirmed | Guidance: 0.01 for 2026 | |
| 2026 Income and other tax expense | 2.00 Mil | -11.1% | Lowered | Guidance: 2.25 Mil for 2026 | |||
| 2026 Treasury stock method dilution | 0.02 | 0.03 | 0.04 | 0.0% | Affirmed | Guidance: 0.03 for 2026 | |
| 2026 Cash G&A expense | 0.04 | 0.04 | 0.04 | 0.0% | Affirmed | Guidance: 0.04 for 2026 | |
Prior: Q1 2026 Earnings Reported 4/21/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 AFFO per share | 4.54 | 4.56 | 4.58 | 0.0% | Affirmed | Guidance: 4.56 for 2026 | |
| 2026 Investment volume | 1.40 Bil | 1.50 Bil | 1.60 Bil | 0.0% | Affirmed | Guidance: 1.50 Bil for 2026 | |
| 2026 Disposition volume | 25.00 Mil | 50.00 Mil | 75.00 Mil | 0.0% | Affirmed | Guidance: 50.00 Mil for 2026 | |
| 2026 General and administrative expenses (% of adjusted revenue) | 0.05 | 0.05 | 0.06 | 0.0% | Affirmed | Guidance: 0.05 for 2026 | |
| 2026 Non-reimbursable real estate expenses (% of adjusted revenue) | 0.01 | 0.01 | 0.01 | 0.0% | Affirmed | Guidance: 0.01 for 2026 | |
| 2026 Income and other tax expense | 2.00 Mil | 2.25 Mil | 2.50 Mil | -10.0% | Lowered | Guidance: 2.50 Mil for 2026 | |
| 2026 Treasury stock method dilution | 0.02 | 0.03 | 0.04 | 200.0% | Raised | Guidance: 0.01 for 2026 | |
| 2026 Cash G&A expense | 0.04 | 0.04 | 0.04 | ||||
Q4 2025 Earnings Reported 2/10/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 AFFO per share | 4.54 | 4.56 | 4.58 | 5.6% | Higher New | Actual: 4.32 for 2025 | |
| 2026 Investment volume | 1.40 Bil | 1.50 Bil | 1.60 Bil | -4.8% | Lower New | Actual: 1.57 Bil for 2025 | |
| 2026 Disposition volume | 25.00 Mil | 50.00 Mil | 75.00 Mil | 33.3% | Higher New | Actual: 37.50 Mil for 2025 | |
| 2026 General and administrative expenses | 0.05 | 0.05 | 0.06 | -0.4% | Lower New | Actual: 0.06 for 2025 | |
| 2026 Non-reimbursable real estate expenses | 0.01 | 0.01 | 0.01 | 0.0% | Same New | Actual: 0.01 for 2025 | |
| 2026 Income and other tax expense | 2.00 Mil | 2.50 Mil | 3.00 Mil | 11.1% | Higher New | Actual: 2.25 Mil for 2025 | |
| 2026 Treasury stock method dilution | 0.01 | ||||||
Q3 2025 Earnings Reported 10/21/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 AFFO per share | 4.31 | 4.32 | 4.33 | 0.3% | Raised | Guidance: 4.3 for 2025 | |
| 2025 General and administrative expenses (% of adjusted revenue) | 0.06 | 0.06 | 0.06 | 0.0% | Raised | Guidance: 0.06 for 2025 | |
| 2025 Non-reimbursable real estate expenses (% of adjusted revenue) | 0.01 | 0.01 | 0.01 | 0.0% | Affirmed | Guidance: 0.01 for 2025 | |
| 2025 Income and other tax expense | 2.00 Mil | 2.25 Mil | 2.50 Mil | -18.2% | Lowered | Guidance: 2.75 Mil for 2025 | |
| 2025 Investment volume | 1.50 Bil | 1.57 Bil | 1.65 Bil | 5.0% | Raised | Guidance: 1.50 Bil for 2025 | |
| 2025 Disposition volume | 25.00 Mil | 37.50 Mil | 50.00 Mil | 25.0% | Raised | Guidance: 30.00 Mil for 2025 | |
Insider Activity
Updated 6/8/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Agree, Richard | EXECUTIVE CHAIRMAN OF BOARD | wife | Buy | 6082026 | 71.41 | 5,000 | 357,050 | 6,463,462 | Form |
| 2 | Rakolta, John JR | Direct | Buy | 5192026 | 74.57 | 20,000 | 1,491,400 | 44,428,639 | Form | |
| 3 | Lehmkuhl, Greg | Direct | Buy | 5182026 | 75.09 | 750 | 56,318 | 2,587,958 | Form | |
| 4 | Agree, Joey | PRESIDENT & CEO | Direct | Buy | 5182026 | 75.41 | 13,295 | 1,002,576 | 50,909,668 | Form |
| 5 | Rakolta, John JR | wife | Buy | 4032026 | 75.69 | 146 | 11,051 | 11,051 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Agree, Richard | EXECUTIVE CHAIRMAN OF BOARD | wife | Buy | 6082026 | 71.41 | 5,000 | 357,050 | 6,463,462 | Form |
| 2 | Rakolta, John JR | Direct | Buy | 5192026 | 74.57 | 20,000 | 1,491,400 | 44,428,639 | Form | |
| 3 | Lehmkuhl, Greg | Direct | Buy | 5182026 | 75.09 | 750 | 56,318 | 2,587,958 | Form | |
| 4 | Agree, Joey | PRESIDENT & CEO | Direct | Buy | 5182026 | 75.41 | 13,295 | 1,002,576 | 50,909,668 | Form |
| 5 | Rakolta, John JR | wife | Buy | 4032026 | 75.69 | 146 | 11,051 | 11,051 | Form | |
| 6 | Coughenour, Peter | CHIEF FINANCIAL OFFICER | Direct | Buy | 1132026 | 69.80 | 500 | 34,900 | 1,294,371 | Form |
| 7 | Agree, Richard | EXECUTIVE CHAIRMAN OF BOARD | trust - children | Buy | 1122026 | 70.67 | 24,000 | 1,696,080 | 11,296,953 | Form |
| 8 | Rakolta, John JR | Direct | Buy | 12292025 | 72.18 | 15,000 | 1,082,700 | 40,608,887 | Form | |
| 9 | Rakolta, John JR | Direct | Buy | 10092025 | 70.41 | 25,154 | 1,771,093 | 38,986,052 | Form | |
| 10 | Erlich, Craig | CHIEF GROWTH OFFICER | Direct | Buy | 10062025 | 70.84 | 360 | 25,504 | 3,743,875 | Form |
| 11 | Agree, Joey | PRESIDENT & CEO | Direct | Buy | 10032025 | 70.63 | 3,528 | 249,183 | 45,110,533 | Form |
| 12 | Lehmkuhl, Greg | Direct | Buy | 9082025 | 72.84 | 750 | 54,630 | 2,016,477 | Form | |
| 13 | Agree, Joey | PRESIDENT & CEO | Direct | Buy | 8182025 | 72.08 | 2,100 | 151,368 | 45,782,333 | Form |
| 14 | Agree, Joey | PRESIDENT & CEO | Direct | Buy | 8142025 | 72.15 | 4,108 | 296,392 | 45,675,279 | Form |
| 15 | Agree, Joey | PRESIDENT & CEO | children | Buy | 8142025 | 72.15 | 742 | 53,535 | 211,688 | Form |
| 16 | Rakolta, John JR | Direct | Buy | 6132025 | 74.34 | 10,000 | 743,400 | 38,748,425 | Form |
Investor Activity (13F)
Updated Aug 19, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Sophron Capital Management L.P. | $18.9 Mil | 5.6% | 41 | TRIM -16.9% | 13F |
| Rush Island Management, LP | $51.1 Mil | 3.4% | 22 | New | 13F |
| Hazelview Securities Inc. | $16.2 Mil | 3.0% | 45 | ADD +22.3% | 13F |
| Adelante Capital Management LLC | $33.2 Mil | 2.3% | 42 | Hold | 13F |
| Lasalle Investment Management Securities LLC | $54.3 Mil | 2.1% | 48 | ADD +6.7% | 13F |
| Cander Asset Management LP | $10.5 Mil | 1.9% | 43 | TRIM -36.1% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Lasalle Investment Management Securities LLC | $54.3 Mil | 2.1% | 48 | ADD +6.7% | 13F |
| Rush Island Management, LP | $51.1 Mil | 3.4% | 22 | New | 13F |
| Adelante Capital Management LLC | $33.2 Mil | 2.3% | 42 | Hold | 13F |
| Sophron Capital Management L.P. | $18.9 Mil | 5.6% | 41 | TRIM -16.9% | 13F |
| Hazelview Securities Inc. | $16.2 Mil | 3.0% | 45 | ADD +22.3% | 13F |
| Cander Asset Management LP | $10.5 Mil | 1.9% | 43 | TRIM -36.1% | 13F |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Retail REITs Resources |
| ICSC |
| Shopping Center Business |
| Chain Store Age - Real Estate |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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