Tearsheet

Agree Realty (ADC)

Market Price (12/4/2025): $74.46 | Market Cap: $8.3 Bil
Sector: Real Estate | Industry: Retail REITs

Agree Realty (ADC)

Market Price (12/4/2025): $74.46
Market Cap: $8.3 Bil
Sector: Real Estate
Industry: Retail REITs

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.6%, Dividend Yield is 4.2%, FCF Yield is 6.1%	Trading close to highs Dist 52W High is -3.2%, Dist 3Y High is -3.2%	Expensive valuation multiples P/SPrice/Sales ratio is 11x
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15%	Weak multi-year price returns 2Y Excs Rtn is -11%, 3Y Excs Rtn is -48%
2	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 48%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 70%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 70%
4	Low stock price volatility Vol 12M is 18%
5	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and E-commerce & DTC Adoption. Themes include Experiential Retail, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.6%, Dividend Yield is 4.2%, FCF Yield is 6.1%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15%
2	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 48%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 70%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 70%
4	Low stock price volatility Vol 12M is 18%
5	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and E-commerce & DTC Adoption. Themes include Experiential Retail, Show more.
6	Trading close to highs Dist 52W High is -3.2%, Dist 3Y High is -3.2%
7	Weak multi-year price returns 2Y Excs Rtn is -11%, 3Y Excs Rtn is -48%
8	Expensive valuation multiples P/SPrice/Sales ratio is 11x

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$74.46	$67.80	$57.85	$62.26	$60.15
Market Cap CYE ($ Bil)	8.3	7.0	5.8	5.5	4.2
Total Debt ($ Bil)	3.4	2.8	2.4	2.0	1.7
Total Cash ($ Bil)	0.0	0.0	0.0	0.0	0.0
Enterprise Value ($ Bil)	11.7	9.8	8.2	7.5	5.9
Valuation Ratios
P/S TTM	11.5	11.5	11.2	13.0	14.1
P/EBIT TTM	24.4	23.5	23.5	25.4	27.1
P/E TTM	40.8	37.6	35.3	36.6	39.0
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0	0.0	0.0

	12/4/25	2024	2023
Share Price CYE	$74.46	$67.80	$57.85
Market Cap CYE ($ Bil)	8.3	7.0	5.8
Total Debt ($ Bil)	3.4	2.8	2.4
Total Cash ($ Bil)	0.0	0.0	0.0
Enterprise Value ($ Bil)	11.7	9.8	8.2
Valuation Ratios
P/S TTM	11.5	11.5	11.2
P/EBIT TTM	24.4	23.5	23.5
P/E TTM	40.8	37.6	35.3
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0

	ADC	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	0.7
Rev Chg Q	18.7%	7.1%
Rev Chg LTM	14.7%	6.1%
Rev Chg 3Y Avg	19.5%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	0.3
CFO LTM ($ Bil)	0.5
Net Inc LTM ($ Bil)	0.2
Op Mgn LTM	47.9%	18.8%
CFO/Rev LTM	70.3%	20.5%
Net Inc Mgn	28.1%	13.1%
VALUATION	VERY HIGH
P/S	11.5	3.2
P/CFO	16.3	15.8
P/FCF	16.3	20.5
P/E	40.8	23.5

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Number of Properties	2262	9302025	Link
Portfolio Occupancy	99.7%	9302025	Link
Investment Grade Tenants Percentage	67.7%	9302025	Link
Weighted-Average Remaining Lease Term	8.5 years	9302025	Link
Development and DFP Projects Completed or Under Construction (YTD)	30	9302025	Link
Total Capital Committed for Development and DFP Projects (YTD)	over $190 million	9302025	Link
Ground Leases as a Percentage of Annualized Base Rent	13.6%	9302025	Link
Number of States	49	9302025	Link

Recent
11/28/2025	Dividend	Amount: $0.26 Payment On: 12/12/2025
Upcoming
2/10/2026	Earnings Release	Rev: - EPS: -

ADC Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

The Agree Realty (ADC) stock movement between August 31, 2025, and December 4, 2025, cannot be precisely determined and explained with factual past data, as this period lies in the future from the current context. However, based on recent historical information and general market factors that influence Real Estate Investment Trusts (REITs) like Agree Realty, potential reasons for stock movements of approximately 3.5% can be inferred.

1. Analyst Price Target Adjustments: On December 3, 2025, Barclays raised Agree Realty's price target from $77.00 to $78.00, maintaining an "Equal-Weight" rating. Similarly, Wells Fargo maintained an "Overweight" rating and raised its price target from $81.00 to $83.00 on November 25, 2025. Keybanc also raised its price target from $80.00 to $82.00 on October 24, 2025. Positive adjustments to price targets by multiple analysts can signal increased confidence in the company's future performance, potentially driving the stock up.

2. Debt Financing and Balance Sheet Optimization: In November 2025, Agree Realty announced the closing of an unsecured US$350 million 5.5-year term loan with a fixed interest rate of 4.02%, and an option for total commitments up to US$500 million. This financing initiative enhances the company's funding flexibility and supports future portfolio growth and stability.

3. Strong Quarterly Earnings and Guidance: Agree Realty reported its Third Quarter 2025 results on October 21, 2025, with an EPS of $1.10, beating analysts' consensus estimates of $1.08. Revenue for the quarter was $183.22 million, an 18.7% increase year-over-year. The company also set its FY 2025 guidance at $4.310-$4.330 EPS. Positive earnings surprises and strong outlook can lead to a favorable stock response.

4. Institutional Investor Activity: Franklin Resources Inc. boosted its position in Agree Realty by 35.4% in Q2 2025, acquiring 163,756 shares valued at $11.96 million. Significant institutional investment indicates strong confidence in the company's prospects, which can positively influence stock performance.

5. Dividend Announcements: Agree Realty declared increased monthly common and preferred dividends in November 2025. Consistent dividend payouts and increases are often viewed positively by investors, especially for REITs, as they provide a steady income stream and demonstrate financial health.

Show less

Stock Movement Drivers

Fundamental Drivers

The 4.7% change in ADC stock from 9/3/2025 to 12/3/2025 was primarily driven by a 4.4% change in the company's Total Revenues ($ Mil).

	9032025	12032025	Change
Stock Price ($)	71.12	74.47	4.71%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	659.75	688.64	4.38%
Net Income Margin (%)	28.16%	28.11%	-0.20%
P/E Multiple	42.01	42.81	1.91%
Shares Outstanding (Mil)	109.76	111.28	-1.38%
Cumulative Contribution			4.69%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
ADC	4.7%
Market (SPY)	6.2%	-3.4%
Sector (XLRE)	-1.0%	59.6%

Fundamental Drivers

The 2.0% change in ADC stock from 6/4/2025 to 12/3/2025 was primarily driven by a 8.1% change in the company's Total Revenues ($ Mil).

	6042025	12032025	Change
Stock Price ($)	72.98	74.47	2.05%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	636.80	688.64	8.14%
Net Income Margin (%)	30.05%	28.11%	-6.46%
P/E Multiple	40.83	42.81	4.86%
Shares Outstanding (Mil)	107.05	111.28	-3.95%
Cumulative Contribution			1.89%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
ADC	2.0%
Market (SPY)	15.1%	-9.2%
Sector (XLRE)	-0.8%	58.8%

Fundamental Drivers

The 4.2% change in ADC stock from 12/3/2024 to 12/3/2025 was primarily driven by a 14.7% change in the company's Total Revenues ($ Mil).

	12032024	12032025	Change
Stock Price ($)	71.47	74.47	4.20%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	600.52	688.64	14.67%
Net Income Margin (%)	31.62%	28.11%	-11.13%
P/E Multiple	37.78	42.81	13.34%
Shares Outstanding (Mil)	100.38	111.28	-10.85%
Cumulative Contribution			2.97%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
ADC	4.2%
Market (SPY)	14.3%	15.0%
Sector (XLRE)	-4.3%	64.3%

Fundamental Drivers

The 20.4% change in ADC stock from 12/4/2022 to 12/3/2025 was primarily driven by a 70.2% change in the company's Total Revenues ($ Mil).

	12042022	12032025	Change
Stock Price ($)	61.84	74.47	20.42%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	404.69	688.64	70.16%
Net Income Margin (%)	35.75%	28.11%	-21.37%
P/E Multiple	34.07	42.81	25.66%
Shares Outstanding (Mil)	79.70	111.28	-39.62%
Cumulative Contribution			1.52%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
ADC	32.3%
Market (SPY)	53.2%	11.4%
Sector (XLRE)	14.2%	65.7%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
ADC Return	-1%	11%	4%	-7%	17%	9%	35%
Peers Return	-28%	57%	-14%	21%	19%	-5%	32%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
ADC Win Rate	50%	67%	67%	42%	67%	60%
Peers Win Rate	35%	78%	38%	52%	68%	44%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
ADC Max Drawdown	-31%	-6%	-12%	-21%	-12%	-3%
Peers Max Drawdown	-57%	-2%	-34%	-14%	-8%	-21%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: BRX, PECO, MAC, SITC, SPG. 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] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	ADC	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-33.0%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	49.2%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-39.0%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	63.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	880 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-16.0%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	19.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	110 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-73.6%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	279.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	2626 days	1480 days

Compare to BRX, PECO, MAC, SITC, SPG

In The Past

Agree Realty's stock fell -33.0% during the 2022 Inflation Shock from a high on 8/15/2022. A -33.0% loss requires a 49.2% gain to breakeven.

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About Agree Realty (ADC)

Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of September 30, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states and containing approximately 21.0 million square feet of gross leasable area. The Company's common stock is listed on the New York Stock Exchange under the symbol "ADC".

AI Generated Analysis | Feedback

1. American Tower for retail properties.

2. Like a railroad company, but instead of tracks for trains, it owns the buildings for major retail stores.

AI Generated Analysis | Feedback

Service Category: Real Estate Leasing

Net Lease Retail Properties: Agree Realty acquires, develops, and leases freestanding retail properties to creditworthy tenants, primarily under long-term net lease agreements.

AI Generated Analysis | Feedback

Agree Realty (symbol: ADC) sells primarily to other companies. Its major customers are its tenants, which are typically large retail companies.

The top five customer companies by annualized base rent (as of Q1 2024) are:

Walmart Inc. (WMT)
The Home Depot Inc. (HD)
Tractor Supply Company (TSCO)
T.J. Maxx / Marshalls (TJX Companies Inc., TJX)
The Kroger Co. (KR)

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Joey Agree, President & Chief Executive Officer
Joey Agree was appointed President & Chief Executive Officer of Agree Realty in 2013, having previously served as President and Chief Operating Officer from 2009 to 2013. He has been instrumental in transforming the company from a $300 million micro-cap development REIT to a $10+ billion diversified retail net lease market leader. Prior to joining Agree Realty in March 2005, Mr. Agree was employed as a director of land acquisitions for a large private developer in the Midwest. He is the son of Richard Agree, who founded Agree Development Company, the predecessor to Agree Realty Corporation, in 1971. He was named EY's 2018 Entrepreneur of the Year in the Michigan and Northwest Ohio Region.

Peter Coughenour, Chief Financial Officer
Peter Coughenour joined Agree Realty in December 2015 and has held numerous financial, capital markets, and analysis roles within the company. He was appointed Chief Financial Officer and Secretary in 2021, after serving as Interim Chief Financial Officer and Vice President of Corporate Finance. His responsibilities include capital markets, investor relations, and financial planning and analysis.

Richard Agree, Executive Chairman of the Board
Richard Agree founded Agree Development Company in 1971, which was the predecessor to Agree Realty Corporation. He served as the company's Chief Executive Officer and Chairman of the Board of Directors from 1993 to 2013. Throughout his career, he has overseen the development of over 8 million square feet of retail space across the country.

Nicole Witteveen, Chief Operating Officer
Nicole Witteveen joined Agree Realty in 2019 and has served in several capacities, including Chief of Staff and Executive Vice President, People & Culture. As Chief Operating Officer, she is responsible for leading all aspects of the company’s Asset Management, People & Culture, Information Technology, and Strategic Initiatives. Before joining Agree Realty, 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.

Craig Erlich, Chief Growth Officer
Craig Erlich joined Agree Realty in 2020, having previously served as Chief Investment Officer and Chief Operating Officer. In his current role as Chief Growth Officer, he oversees the company's three external growth platforms and manages tenant relations. Prior to his tenure at Agree Realty, Mr. Erlich was the owner, President, and Chief Executive Officer of pulse220, a boutique marketing firm, which he successfully sold to GPJ in 2015. He also served as President of QMS, a direct marketing and fulfillment firm. He has been nominated twice for the Ernst & Young Entrepreneur of the Year award.

AI Generated Analysis | Feedback

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AI Generated Analysis | Feedback

Agree Realty (ADC) operates primarily in the U.S. net lease retail real estate market. The company's main products and services involve the ownership, acquisition, development, and management of net-leased retail properties, focusing on essential retail sectors such as grocery stores, home improvement, automotive services, and pharmacies.

The addressable market for Agree Realty's main products and services, within the United States, can be characterized by the following:

The total U.S. net lease market reached an investment volume of approximately $43.7 billion in 2024. This market encompasses all net lease property types, including retail, industrial, and office.
More specifically, the U.S. single-tenant net-lease retail sector recorded $5.7 billion in sales volume during the first half of 2025. During the second quarter of 2025, the overall single-tenant net lease market, which includes retail, saw sales volume of $9.6 billion.

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Agree Realty (ADC) is expected to drive future revenue growth over the next two to three years through a combination of strategic acquisitions, development activities, strong leasing performance, a focus on resilient tenants, and a robust capital structure.

Strategic Acquisitions of High-Quality Retail Net Lease Properties: Agree Realty consistently emphasizes its investment in acquiring high-quality retail net lease properties. The company targets leading operators in sectors such as general merchandise, warehouse clubs, home improvement, auto parts, and grocery stores. For 2025, Agree Realty has increased its investment guidance to a range of $1.4 billion to $1.6 billion, focusing on these high-quality assets.
Expansion through Development and Redevelopment Initiatives: The company is actively pursuing development and redevelopment projects. Agree Realty plans to initiate over $100 million in development projects by the end of 2025 and aims for approximately $250 million in ground development annually. This organic growth through new construction and site improvements contributes to an expanding revenue base.
Robust Leasing Activity and High Occupancy Rates: Agree Realty maintains impressive occupancy rates across its portfolio, reaching 99.6% in the second quarter of 2025. Coupled with robust leasing activity and strong recapture rates, the company ensures a stable and growing stream of rental income from its existing properties.
Focus on E-commerce Resistant and Omni-channel Retail Tenants: The company strategically focuses its portfolio on tenants that are less susceptible to e-commerce disruption and those that employ omni-channel retail strategies. This deliberate approach to tenant selection, which includes avoiding troubled retail sectors, helps secure durable and growing rental income streams.
Flexible Capital Structure and Significant Liquidity: Agree Realty maintains a "fortress balance sheet" with substantial liquidity, including approximately $2.3 billion in total liquidity as of Q2 2025. This strong financial position, supported by access to both debt and equity capital markets (including forward equity programs), enables the company to fund its aggressive acquisition and development pipeline, thereby fueling future revenue growth.

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Share Repurchases

  Agree Realty has shown quarterly share buybacks, with approximately $41.10 million in repurchases for the quarter ended June 30, 2025.
  The company's 3-year average share buyback ratio indicates an ongoing pattern of repurchases, with a ratio of -14.6%.

Share Issuance

  In October 2024, Agree Realty established a new At-The-Market (ATM) equity program with potential sales of common stock up to $1.25 billion to provide flexible financing for growth strategies.
  The company settled 3.5 million shares of outstanding forward equity for net proceeds of approximately $252 million in the third quarter of 2025.
  During the first half of 2025, Agree Realty raised over $1 billion in capital markets activity, including approximately $603 million of forward equity through its ATM program and an overnight offering, and settled 3.3 million shares of outstanding forward equity for approximately $225 million in net proceeds.

Outbound Investments

  Agree Realty significantly increased its investment guidance for full-year 2025 to a range of $1.50 billion to $1.65 billion, primarily dedicated to acquisitions of high-quality retail net lease assets.
  In the first nine months of 2025, the company invested approximately $1.1 billion in 227 retail net lease properties across 40 states, with a weighted-average capitalization rate of 7.2%.
  For the full year 2024, total real estate investment volume, including acquisitions, development, and Developer Funding Platform (DFP) projects, amounted to approximately $951 million, with acquisitions totaling about $867 million for 242 properties.

Capital Expenditures

  In the third quarter of 2025, Agree Realty commenced five development or DFP projects with a total committed capital of approximately $51 million, and completed eight projects with total costs of approximately $61.2 million.
  For the nine months ended September 30, 2025, a total of 30 development or DFP projects were completed or under construction, with anticipated total costs of approximately $190.4 million.
  The company anticipates its development spend to increase by at least 50% year-over-year in 2025, with a primary focus on the acquisition and development of retail net lease properties.

Better Bets than Agree Realty (ADC)

	ADC	Better Performance than ADC
Metric	Value	INDUSTRY: Retail REITs
Rev Chg LTM	14.7%	CURB (46.9%), NTST (20.0%), MAC (16.2%), PINE (14.8%)
Rev Chg 3Y Avg	19.5%	NTST (27.4%), O (21.5%)
Op Mgn LTM	47.9%	NNN (61.5%), GTY (53.2%), SPG (50.7%)
CFO/Rev LTM	70.3%	CURB (78.0%), NNN (72.7%)
FCF/Rev LTM	70.3%	CURB (78.0%), NNN (72.7%)
Total Yield	6.6%	NNN (10.4%), BRX (8.0%), KRG (7.7%), REG (6.9%), O (6.9%)
P/S	11.5	FRT (6.9), KIM (7.0), REG (8.7), O (9.9), SPG (10.0)
P/Op Inc	24.0	FRT (19.3), SPG (19.6), KIM (21.3), O (21.7), REG (23.2)

	ADC	Better Performance than ADC
Metric	Value	SECTOR: Real Estate
Rev Chg LTM	14.7%	WELL (32.6%), SUI (31.4%), CCI (28.0%), VTR (15.7%), CBRE (15.0%)
Rev Chg 3Y Avg	19.5%	VICI (23.5%), EXR (22.9%), O (21.5%), WELL (20.9%), REXR (19.8%)
Op Mgn LTM	47.9%	VICI (92.6%), OHI (62.4%), SBAC (56.4%), SPG (50.7%), WPC (50.5%)
CFO/Rev LTM	70.3%	CTRE (107.4%), OHI (76.2%), WPC (75.9%), NNN (72.7%), VNO (72.7%)
FCF/Rev LTM	70.3%	CTRE (103.2%), OHI (76.2%), WPC (75.9%), NNN (72.7%), VNO (72.7%)
Total Yield	6.6%	VICI (13.2%), EQR (8.3%), EXR (7.8%), O (6.9%), AMT (6.7%)
P/S	11.5	EQIX (8.5), AMT (8.6), O (9.9), SPG (10.0), DLR (10.0)
P/Op Inc	24.0	AMT (18.6), CCI (19.0), SPG (19.6), O (21.7), PSA (22.6)

	ADC	Better Performance than ADC
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	14.7%	NVDA (71.6%), LLY (36.8%), AVGO (28.0%), META (21.3%), MSFT (15.6%)
Rev Chg 3Y Avg	19.5%	NVDA (92.0%), PLTR (29.3%), AVGO (24.0%), LLY (23.4%), BRK-B (19.8%)
Op Mgn LTM	47.9%	V (66.4%), MA (58.3%), NVDA (58.1%), APP (52.5%), SCCO (50.3%)
CFO/Rev LTM	70.3%	IBKR (162.0%), RY (135.4%), ARES (85.1%), FNV (84.7%), TPL (72.3%)
FCF/Rev LTM	70.3%	IBKR (161.3%), RY (131.7%), NLY (114.7%), RPRX (102.4%), ARES (83.9%)
Total Yield	6.6%	XOM (10.3%), JNJ (8.4%), UNH (8.1%), BAC (7.7%), JPM (6.7%)
P/S	11.5	BRK-B (2.7), AMZN (3.5), GOOGL (7.6), AAPL (9.3), META (9.8)
P/Op Inc	24.0	XOM (12.4), V (16.6), JNJ (18.5), META (22.6), GOOGL (23.7)

		Best Bets In Real Estate Sector
	ADC
What You Pay
P/E	40.8
P/EBIT	24.4
What You Get
Rev Chg Q	18.7%
Rev Chg LTM	14.7%
Rev Chg 3Y Avg	19.5%
FCF/Rev 3Y Avg	73.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 9.6%, alpha of 3.1%, and sharpe of 0.44

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Agree Realty Earnings Notes
2	Better Bet Than ADC Stock: Pay Less Than Agree Realty To Get More From O, IBKR
3	Better Bet Than ADC Stock: Pay Less Than Agree Realty To Get More From O, REXR
4	Better Bet Than ADC Stock: Pay Less Than Agree Realty To Get More From O
5	ADC Dip Buy Analysis
6	Agree Realty Total Shareholder Return (TSR): 21.2% in 2024 and 8.5% 3-yr compounded annual returns (above peer average)
7	Agree Realty (ADC) Operating Cash Flow Comparison	Financials
8	Agree Realty (ADC) Net Income Comparison	Financials
9	Agree Realty (ADC) Operating Income Comparison	Financials
10	Agree Realty (ADC) Revenue Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to ADC. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
MPW_10312025_Short_Squeeze	10312025	MPW	Medical Properties Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	8.5%	8.5%	-5.8%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
MPW_10312025_Short_Squeeze	10312025	MPW	Medical Properties Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	8.5%	8.5%	-5.8%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Agree Realty

Peers to compare with:

Financials

	ADC	BRX	PECO	MAC	SITC	SPG	Median
Name	Agree Re.	Brixmor .	Phillips.	Macerich	SITE Cen.	Simon Pr.
Mkt Price	74.47	25.37	34.87	17.44	7.27	182.30	30.12
Mkt Cap	8.3	7.8	4.4	4.4	0.4	59.5	6.1
Rev LTM	689	1,346	712	1,026	138	6,155	869
Op Inc LTM	330	481	191	180	5	3,120	260
FCF LTM	484	635	201	326	-3	3,121	405
FCF 3Y Avg	437	606	208	301	143	3,066	369
CFO LTM	484	635	336	326	-3	4,018	410
CFO 3Y Avg	437	606	313	301	143	3,870	375

Growth & Margins

	ADC	BRX	PECO	MAC	SITC	SPG	Median
Name	Agree Re.	Brixmor .	Phillips.	Macerich	SITE Cen.	Simon Pr.
Rev Chg LTM	14.7%	5.7%	10.7%	16.2%	-49.5%	4.2%	8.2%
Rev Chg 3Y Avg	19.5%	3.8%	7.9%	6.3%	-34.9%	5.7%	6.0%
Rev Chg Q	18.7%	6.3%	10.4%	15.0%	-55.6%	8.2%	9.3%
QoQ Delta Rev Chg LTM	4.4%	1.5%	2.5%	3.3%	-19.7%	2.0%	2.2%
Op Mgn LTM	47.9%	35.7%	26.8%	17.5%	3.4%	50.7%	31.3%
Op Mgn 3Y Avg	48.4%	36.1%	25.6%	18.4%	9.8%	50.4%	30.9%
QoQ Delta Op Mgn LTM	0.0%	0.2%	1.2%	0.2%	-2.0%	-0.3%	0.1%
CFO/Rev LTM	70.3%	47.2%	47.2%	31.8%	-2.2%	65.3%	47.2%
CFO/Rev 3Y Avg	73.1%	47.2%	48.1%	32.5%	39.1%	66.1%	47.6%
FCF/Rev LTM	70.3%	47.2%	28.2%	31.8%	-2.2%	50.7%	39.5%
FCF/Rev 3Y Avg	73.1%	47.2%	32.0%	32.5%	39.1%	52.3%	43.1%

Valuation

	ADC	BRX	PECO	MAC	SITC	SPG	Median
Name	Agree Re.	Brixmor .	Phillips.	Macerich	SITE Cen.	Simon Pr.
Mkt Cap	8.3	7.8	4.4	4.4	0.4	59.5	6.1
P/S	11.5	6.3	6.1	4.5	3.4	10.0	6.2
P/EBIT	24.4	15.4	21.8	469.2	8.0	17.3	19.6
P/E	40.8	25.6	52.7	-11.9	12.6	27.3	26.4
P/CFO	16.3	13.4	12.8	14.2	-153.9	15.2	13.8
Total Yield	6.6%	8.0%	5.5%	-4.5%	8.0%	4.4%	6.1%
Dividend Yield	4.2%	4.1%	3.6%	4.0%	0.0%	0.7%	3.8%
FCF Yield 3Y Avg	6.4%	8.0%	4.8%	8.9%	4.9%	6.4%	6.4%
D/E	0.4	0.6	0.6	1.1	0.5	0.4	0.6
Net D/E	0.4	0.6	0.6	1.1	0.3	0.4	0.5

Returns

	ADC	BRX	PECO	MAC	SITC	SPG	Median
Name	Agree Re.	Brixmor .	Phillips.	Macerich	SITE Cen.	Simon Pr.
1M Rtn	2.3%	-3.1%	3.2%	0.6%	-0.7%	3.2%	1.5%
3M Rtn	4.7%	-8.4%	-0.7%	-4.7%	-8.9%	1.4%	-2.7%
6M Rtn	2.0%	3.0%	-0.3%	11.5%	7.6%	15.6%	5.3%
12M Rtn	4.2%	-10.8%	-7.6%	-14.9%	-18.6%	6.0%	-9.2%
3Y Rtn	20.4%	26.3%	19.8%	58.8%	-8.0%	80.2%	23.4%
1M Excs Rtn	2.4%	-3.1%	3.3%	0.6%	-0.7%	3.2%	1.5%
3M Excs Rtn	-0.8%	-14.2%	-7.7%	-10.2%	-17.2%	-4.9%	-8.9%
6M Excs Rtn	-12.7%	-11.7%	-15.0%	-3.2%	-7.1%	0.9%	-9.4%
12M Excs Rtn	-12.4%	-25.5%	-22.1%	-28.9%	-31.8%	-9.3%	-23.8%
3Y Excs Rtn	-47.9%	-44.1%	-49.4%	-12.3%	-76.8%	12.9%	-46.0%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/21/2025	2/11/2025	2/13/2024	2/14/2023	2/22/2022	2/18/2021	2/20/2020
Key Financials
Total Revenue	689	617	537	430	339	249	187
Net Income	194	189	170	152	122	91	80
EPS	1.72	1.79	1.70	1.84	1.79	1.76	1.96
Growth Rates
Total Revenue Growth	14.7%	14.8%	25.1%	26.7%	36.5%	32.6%	36.7%
Net Income Growth	1.9%	11.3%	11.5%	24.7%	33.8%	14.1%	37.7%
Margins
Net Income Margin	28.1%	30.7%	31.6%	35.5%	36.0%	36.8%	42.7%
Cash & Debt
Total Cash	14	6	11	28	43	6	16
Total Debt	3,419	2,832	2,448	1,977	1,721	1,254	899
Net Debt / (Cash)	3,405	2,825	2,437	1,949	1,677	1,248	883
Cash Flows
Net Cash from Operations	484	432	392	362	246	143	127
Free Cash from Operations	484	432	392	362	246	143	127
Returns to Shareholders
Dividends	329	311	285	228	196	116	90
Share Repurchases	4	2	3	2	2	2	1

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/21/2025	7/31/2025	4/22/2025	2/11/2025	10/22/2024	7/23/2024	4/23/2024	2/13/2024	10/24/2023	8/1/2023	5/4/2023	2/14/2023
Key Financials Quarterly
Total Revenue	183	176	169	161	154	153	149	144	137	130	127	117
Net Income	52	49	47	45	44	55	45	46	42	41	42	41
EPS	0.45	0.43	0.42	0.42	0.42	0.53	0.43	0.44	0.41	0.42	0.44	0.44
Key Financials TTM
Total Revenue TTM	689	660	637	617	601	583	560	537	510	483	458	430
Net Income TTM	194	186	191	189	190	187	173	170	165	163	158	152
Growth Rates Quarterly
Total Revenue Growth	18.7%	15.0%	13.2%	11.5%	12.8%	17.5%	18.0%	23.7%	24.3%	23.9%	28.8%	27.5%
Net Income Growth	17.4%	-10.1%	4.8%	-1.6%	6.9%	33.9%	7.8%	12.3%	5.3%	13.6%	15.2%	23.5%
Margins Quarterly
Net Income Margin	28.4%	28.0%	27.8%	28.1%	28.8%	35.9%	30.0%	31.9%	30.3%	31.5%	32.9%	35.1%
Cash & Debt
Total Cash	14	6	8	6	13	10	6	11	6	8	12	28
Total Debt	3,419	3,269	2,997	2,832	2,721	2,706	2,551	2,448	2,270	2,182	2,073	1,977
Net Debt / (Cash)	3,405	3,263	2,990	2,825	2,708	2,696	2,545	2,437	2,263	2,174	2,061	1,949
Cash Flows Quarterly
FCF from Operations	147	120	127	91	129	113	99	98	110	90	94	93
Cash Flows TTM
FCF from Operations TTM	484	466	459	432	439	420	397	392	387	396	395	362
Returns to Shareholders Quarterly
Dividends	85	84	82	78	75	75	75	74	70	68	65	63
Share Repurchases	0	0	4	0	0	0	2	0	0	0	3	0
Return on Invested Capital (ROIC) Quarterly
ROIC	3.6%	3.5%	3.5%	3.3%	3.5%	3.6%	3.5%	3.5%	3.3%	3.3%	3.3%	3.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	3.3%	3.3%	3.3%	3.3%	3.4%	3.4%	3.3%	3.2%	3.1%	3.1%	3.1%	3.1%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Business of owning, acquiring, developing and managing retail real estate	537	430	339	249	187
Total	537	430	339	249	187

Price Behavior

Price Behavior

Market Price	$74.47
Market Cap ($ Bil)	8.3
First Trading Date	04/15/1994
Distance from 52W High	-3.2%
	50 Days	200 Days
DMA Price	$72.76	$72.56
DMA Trend	indeterminate	up
Distance from DMA	2.3%	2.6%
	3M	1YR
Volatility	13.0%	17.6%
Downside Capture	-10.12	9.13
Upside Capture	14.07	11.90
Correlation (SPY)	-3.8%	15.0%

ADC Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.04	-0.10	-0.04	-0.14	0.13	0.24
Up Beta	0.06	0.57	0.77	0.29	0.26	0.28
Down Beta	-0.19	-0.55	-0.61	-0.79	0.03	0.13
Up Capture	29%	13%	9%	1%	5%	8%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	14	27	33	57	123	380
Down Capture	-8%	-29%	-11%	-3%	12%	50%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	5	13	28	66	123	367

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of ADC With Other Asset Classes (Last 1Y)
	ADC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	0.3%	-6.8%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	17.6%	17.5%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-0.13	-0.55	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		64.6%	14.7%	26.4%	2.2%	63.8%	6.0%

ETFs used for asset classes: Sector ETF = XLRE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of ADC With Other Asset Classes (Last 5Y)
	ADC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	6.9%	5.6%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	19.0%	19.2%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.27	0.21	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		67.4%	32.2%	17.7%	4.4%	68.1%	11.1%

Based On 10-Year Data

		Comparison of ADC With Other Asset Classes (Last 10Y)
	ADC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	13.0%	6.6%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	23.8%	20.6%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.52	0.28	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		71.6%	44.3%	14.7%	13.4%	75.2%	10.7%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	9,380,831
Short Interest: % Change Since 10312025	6.4%
Average Daily Volume	998,228
Days-to-Cover Short Interest	9.40
Basic Shares Quantity	111,277,316
Short % of Basic Shares	8.4%

Returns Analyses

	Title
0	Agree Realty Stock Return Comparison
1	[10/16/2021] Agree Realty (ADC) Stock Price Forecast: AI Forecasts ADC Stock Price To Be Around $69.60 In A Month (Up 0.2%)
2	Agree Realty Total Shareholder Return (TSR): 3.1% in 2022 and 4.1% 3-yr returns (above peer average)

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10212025	10-Q 9/30/2025
6302025	7312025	10-Q 6/30/2025
3312025	4222025	10-Q 3/31/2025
12312024	2112025	10-K 12/31/2024
9302024	10222024	10-Q 9/30/2024
6302024	7232024	10-Q 6/30/2024
3312024	4232024	10-Q 3/31/2024
12312023	2132024	10-K 12/31/2023
9302023	10242023	10-Q 9/30/2023
6302023	8012023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2142023	10-K 12/31/2022
9302022	11012022	10-Q 9/30/2022
6302022	8022022	10-Q 6/30/2022
3312022	5032022	10-Q 3/31/2022
12312021	2222022	10-K 12/31/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
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Agree Realty (ADC)

Market Price (12/4/2025): $74.46 | Market Cap: $8.3 BilSector: Real Estate | Industry: Retail REITs

Agree Realty (ADC)

Market Price (12/4/2025): $74.46Market Cap: $8.3 BilSector: Real EstateIndustry: Retail REITs

Valuation, Metrics & Events

ADC Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Agree Realty (ADC)

Service Category: Real Estate Leasing

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than Agree Realty (ADC)

Latest Trefis Analyses

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Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

1 Month Top Gainers

1 Month Top Losers

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

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Research & Analysis

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Peer Comparisons for Agree Realty

Financials

Growth & Margins

Valuation

Returns

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FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

Industry Resources

External Quote Links

Market Price (12/4/2025): $74.46 | Market Cap: $8.3 Bil
Sector: Real Estate | Industry: Retail REITs

Market Price (12/4/2025): $74.46
Market Cap: $8.3 Bil
Sector: Real Estate
Industry: Retail REITs