Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of net leased properties to industry leading retail tenants.
| Revenue (TTM) | $779.62M |
| Gross Profit (TTM) | $683.38M |
| EBITDA | $676.10M |
| Operating Margin | 48.10% |
| Return on Equity | 3.70% |
| Return on Assets | 2.40% |
| Revenue/Share (TTM) | $6.69 |
| Book Value | $51.09 |
| Price-to-Book | 1.43 |
| Price-to-Sales (TTM) | 11.62 |
| EV/Revenue | 16.8 |
| EV/EBITDA | 19.37 |
| Quarterly Earnings Growth (YoY) | 2.10% |
| Quarterly Revenue Growth (YoY) | 16.80% |
| Shares Outstanding | $124.38M |
| Float | $121.87M |
| % Insiders | 1.77% |
| % Institutions | 117.88% |
Volatility is currently contracting
When tenants foot the bill for taxes, insurance, and maintenance, the landlord's job gets a lot simpler and the dividend check gets a lot more predictable.
NNN REIT and Agree Realty sent dividend checks on the same date with nearly identical payout ratios, but one number buried in the balance sheet separates a merely solid income stock from a genuinely fortress-grade one.
September historically punishes stock investors, and this year the warning signs are louder than usual. Five monthly dividend payers have quietly pulled back to yields that look compelling right now, and Wall Street analysts are taking notice.
Retirement income planning has a rhythm problem. Bills arrive monthly, but most dividend stocks pay quarterly, forcing retirees to manage lumpy cash flow across a smooth budget.
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.
Retirees living off portfolio income don't get to sync their grocery bills, utility payments, and Medicare premiums to a quarterly calendar.
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.
The current market is built around AI. We are seeing more and more signs that the market is getting exhausted by the AI hype. In this setting, I am extra skeptical about high-risk and “too good to be true” yield instruments.
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.
Tiblio connects your broker and runs your put-and-call-writing strategy for you — on ADC and any ticker you trade — then tracks every position and per-strategy win rate.
