ADC

Agree Realty remains a high-quality net lease REIT, offering an attractive entry point at 17x forward AFFO and a 4% yield. Its fortress balance sheet, A-credit rating, and low leverage (5.2x, or 3.7x including unsettled equity) provide significant financial flexibility. Record investment activity and strong AFFO growth led to raised 2024 guidance, with acquisitions now expected at $1.6–$1.8B and AFFO at $4.57–$4.59.

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Agree Realty (ADC) offers consistent monthly dividends, backed by a resilient, investment-grade tenant base and a strong balance sheet. ADC is not as cheap as it may have been at one time, but based on its forward P/AFFO and ~4% yield, it remains attractive for long-term income investors. The expectation for consistent and continued growth over the long term can continue to fuel those monthly payouts trending in an upward trajectory.

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ADC remains a hold due to its high valuation despite outstanding portfolio quality and defensive tenant mix. ADC's portfolio boasts 99.8% occupancy, 66% investment-grade tenants, and leading rent PSF, underpinning its sector outperformance. Recent acquisitions averaged a 7% cap rate with 11.2-year WALT, supporting raised AFFO/share growth guidance to nearly 6% for 2024.

Retirees heading into fall want two things from an income portfolio: a check that shows up every 30 days, and a dividend that will not be cut.

Agree Realty Corporation (ADC) Q2 2026 Earnings Call Transcript

Agree Realty NYSE: ADC reported record second-quarter investment activity and raised its full-year outlook, citing strong acquisition, development and portfolio performance.

ROYAL OAK, Mich.--(BUSINESS WIRE)--Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended June 30, 2026. All per share amounts included herein are on a diluted per common share basis unless otherwise stated. Second Quarter 2026 Financial and Operating Highlights: Invested a Company record of approximately $502 million in 102 retail net lease properties Commenced five development or Developer Funding Platform (“DFP”) projects for total committed capita.

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