AD
Agree Realty Corp
ADC—
Agree Realty Corp AI Insights
Informational only. Not investment advice.Snapshot
- Operating margin TTM 47.9% vs industry median 17.8% - 2.7x advantage from triple-net lease model with minimal operating costs[Operating Margin TTM]
- 5Y revenue CAGR 23.5% vs industry median 6.6% - aggressive acquisition-driven growth outpacing REIT peers 3.5x[Total Revenue 5Y Growth]
- FCF TTM 484M equals 100% of operating cash flow - zero capex burden as tenants maintain properties[Free Cash Flow TTM]
Watch Triggers
- ROIC TTM: Falls below 2.0% — Signals acquisitions destroying value vs cost of capital - growth becomes dilutive
- Interest Expense TTM: Exceeds 150M — Would consume 77%+ of net income, forcing dividend cut or equity raise
- Gross Profit 1Y Growth: Declines below 10% — Indicates acquisition pipeline drying up or spread compression
Bull Case
Triple-net lease structure delivers 88% gross margin and 48% operating margin with zero capex - tenants bear all property costs
Gross Margin TTMOperating Margin TTMFree Cash Flow TTM
23.5% 5Y revenue CAGR with 19% gross profit growth shows scalable acquisition machine still finding accretive deals
Total Revenue 5Y GrowthGross Profit 1Y Growth
Bear Case
ROE 3.6% and ROIC 2.2% barely exceed cost of capital - growth funded by equity dilution destroying per-share value
ROE TTMROIC TTMCommon Stock Payments
Goodwill 967M is 17% of equity - retail tenant credit risk concentrated in single-tenant properties
Goodwill and Other Intangible AssetsCommon Stockholders Equity
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
Acquisition pace likely to moderate as interest expense (127M TTM) now consumes 65% of net income
1-3ymed
- Debt/equity 0.60 approaching sector norms
- Interest expense up while rates elevated
- Net debt 3.3B vs 194M net income
Interest expense 127M TTMNet income 194M TTMTotal debt 3.4B
Valuation Context
Caveats
Public Strategies Rankings
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ADC Fundamentals
Real Estate and Rental and Leasing → Real Estate
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$8.16B | — | ||
$11.57B | — | ||
41 | — | ||
$688.64M | +14.7% | — | |
$1.77 | -0.7% | — | |
47.9% | -1.0% | — | |
28.1% | -3.5% | — | |
$484.22M | +10.4% | — | |
0.04 | -0.1% | — | |
Beta 5Y (Monthly) | unknown | — |
ADC Dividend History
145 dividends
2026
$0.262001/30/26$0.2620
2025
$3.081012/31/25$0.2620
11/28/25$0.2620
10/31/25$0.2620
09/30/25$0.2560
08/29/25$0.2560
07/31/25$0.2560
06/30/25$0.2560
05/30/25$0.2560
04/30/25$0.2560
03/31/25$0.2530
02/28/25$0.2530
01/31/25$0.2530
2024
$3.000012/31/24$0.2530
11/29/24$0.2530
10/31/24$0.2530
09/30/24$0.2500
08/30/24$0.2500
07/31/24$0.2500
06/28/24$0.2500
05/31/24$0.2500
04/29/24$0.2500
03/27/24$0.2470
02/28/24$0.2470
01/30/24$0.2470
2023
$2.919012/28/23$0.2470
11/29/23$0.2470
10/30/23$0.2470
09/28/23$0.2430
08/30/23$0.2430
07/28/23$0.2430
06/29/23$0.2430
05/30/23$0.2430
04/27/23$0.2430
03/30/23$0.2400
02/27/23$0.2400
01/30/23$0.2400
2022
$2.805012/29/22$0.2400
11/29/22$0.2400
10/28/22$0.2400
09/29/22$0.2340
08/30/22$0.2340
07/28/22$0.2340
06/29/22$0.2340
05/27/22$0.2340
04/28/22$0.2340
03/30/22$0.2270
02/25/22$0.2270
01/28/22$0.2270
2021
$2.604012/30/21$0.2270
11/29/21$0.2270
10/28/21$0.2270
09/29/21$0.2170
08/30/21$0.2170
07/29/21$0.2170
06/29/21$0.2170
05/27/21$0.2170
04/29/21$0.2170
03/30/21$0.2070
02/25/21$0.2070
01/28/21$0.2070
2020
$2.405012/22/20$0.6200
09/24/20$0.6000
06/25/20$0.6000
03/26/20$0.5850
2019
$2.280012/19/19$0.5850
09/26/19$0.5700
06/27/19$0.5700
03/28/19$0.5550
2018
$2.155012/20/18$0.5550
09/27/18$0.5400
06/28/18$0.5400
03/28/18$0.5200
2017
$2.025012/19/17$0.5200
09/28/17$0.5050
06/28/17$0.5050
03/29/17$0.4950
2016
$1.920012/21/16$0.4950
09/28/16$0.4800
06/28/16$0.4800
03/29/16$0.4650
2015
$1.845012/18/15$0.4650
09/28/15$0.4650
06/26/15$0.4650
03/27/15$0.4500
2014
$1.740012/19/14$0.4500
09/26/14$0.4300
06/26/14$0.4300
03/27/14$0.4300
2013
$1.640012/18/13$0.4100
09/26/13$0.4100
06/26/13$0.4100
03/26/13$0.4100
2012
$1.600012/13/12$0.4000
09/26/12$0.4000
06/27/12$0.4000
03/28/12$0.4000
2011
$1.600012/15/11$0.4000
09/28/11$0.4000
06/28/11$0.4000
03/29/11$0.4000
2010
$2.040012/16/10$0.5100
09/28/10$0.5100
06/28/10$0.5100
03/29/10$0.5100
2009
$2.020012/17/09$0.5100
09/28/09$0.5100
06/26/09$0.5000
03/27/09$0.5000
2008
$2.000012/18/08$0.5000
09/26/08$0.5000
06/26/08$0.5000
03/27/08$0.5000
2007
$1.970012/19/07$0.5000
09/26/07$0.4900
06/27/07$0.4900
03/28/07$0.4900
2006
$1.960012/20/06$0.4900
09/27/06$0.4900
06/28/06$0.4900
03/29/06$0.4900
2005
$1.960012/21/05$0.4900
09/28/05$0.4900
06/28/05$0.4900
03/29/05$0.4900
2004
$1.950012/21/04$0.4900
09/28/04$0.4900
06/28/04$0.4850
03/29/04$0.4850
2003
$1.935012/18/03$0.4850
09/26/03$0.4850
06/26/03$0.4850
03/26/03$0.4800
2002
$1.840012/18/02$0.4600
09/25/02$0.4600
06/26/02$0.4600
03/26/02$0.4600
2001
$1.840012/19/01$0.4600
09/26/01$0.4600
06/27/01$0.4600
03/28/01$0.4600
2000
$1.840012/20/00$0.4600
09/27/00$0.4600
06/28/00$0.4600
03/29/00$0.4600
ADC Stock Splits
No stock splits
ADC SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/21/25 | 09/30/25 | 10-Q | |
07/31/25 | 06/30/25 | 10-Q | |
04/22/25 | 03/31/25 | 10-Q | |
02/11/25 | 12/31/24 | 10-K | |
10/22/24 | 09/30/24 | 10-Q | |
07/23/24 | 06/30/24 | 10-Q | |
04/23/24 | 03/31/24 | 10-Q | |
02/13/24 | 12/31/23 | 10-K | |
10/24/23 | 09/30/23 | 10-Q | |
08/01/23 | 06/30/23 | 10-Q | |
05/04/23 | 03/31/23 | 10-Q | |
02/14/23 | 12/31/22 | 10-K | |
11/01/22 | 09/30/22 | 10-Q | |
08/02/22 | 06/30/22 | 10-Q | |
05/03/22 | 03/31/22 | 10-Q | |
02/22/22 | 12/31/21 | 10-K | |
11/01/21 | 09/30/21 | 10-Q | |
07/26/21 | 06/30/21 | 10-Q | |
05/03/21 | 03/31/21 | 10-Q | |
02/18/21 | 12/31/20 | 10-K | |
10/19/20 | 09/30/20 | 10-Q | |
07/20/20 | 06/30/20 | 10-Q | |
04/20/20 | 03/31/20 | 10-Q | |
02/20/20 | 12/31/19 | 10-K | |
10/21/19 | 09/30/19 | 10-Q | |
07/22/19 | 06/30/19 | 10-Q | |
04/22/19 | 03/31/19 | 10-Q | |
02/21/19 | 12/31/18 | 10-K | |
10/22/18 | 09/30/18 | 10-Q | |
07/23/18 | 06/30/18 | 10-Q | |
04/23/18 | 03/31/18 | 10-Q | |
02/22/18 | 12/31/17 | 10-K | |
10/23/17 | 09/30/17 | 10-Q | |
07/24/17 | 06/30/17 | 10-Q | |
04/24/17 | 03/31/17 | 10-Q | |
02/23/17 | 12/31/16 | 10-K | |
10/24/16 | 09/30/16 | 10-Q | |
07/27/16 | 06/30/16 | 10-Q | |
04/27/16 | 03/31/16 | 10-Q | |
03/11/16 | 12/31/15 | 10-K | |
10/30/15 | 09/30/15 | 10-Q | |
07/31/15 | 06/30/15 | 10-Q | |
05/01/15 | 03/31/15 | 10-Q | |
03/06/15 | 12/31/14 | 10-K | |
10/31/14 | 09/30/14 | 10-Q | |
08/01/14 | 06/30/14 | 10-Q | |
05/02/14 | 03/31/14 | 10-Q | |
03/07/14 | 12/31/13 | 10-K | |
11/01/13 | 09/30/13 | 10-Q | |
08/02/13 | 06/30/13 | 10-Q | |
05/03/13 | 03/31/13 | 10-Q | |
03/11/13 | 12/31/12 | 10-K | |
11/02/12 | 09/30/12 | 10-Q | |
08/03/12 | 06/30/12 | 10-Q | |
05/04/12 | 03/31/12 | 10-Q | |
03/12/12 | 12/31/11 | 10-K | |
11/04/11 | 09/30/11 | 10-Q | |
08/05/11 | 06/30/11 | 10-Q | |
05/10/11 | 03/31/11 | 10-Q | |
03/15/11 | 12/31/10 | 10-K | |
11/05/10 | 09/30/10 | 10-Q | |
08/09/10 | 06/30/10 | 10-Q | |
05/10/10 | 03/31/10 | 10-Q | |
03/12/10 | 12/31/09 | 10-K | |
11/04/09 | 09/30/09 | 10-Q | |
08/07/09 | 06/30/09 | 10-Q | |
05/08/09 | 03/31/09 | 10-Q | |
03/13/09 | 12/31/08 | 10-K | |
11/07/08 | 09/30/08 | 10-Q | |
08/08/08 | 06/30/08 | 10-Q | |
05/08/08 | 03/31/08 | 10-Q | |
03/13/08 | 12/31/07 | 10-K | |
11/08/07 | 09/30/07 | 10-Q | |
08/07/07 | 06/30/07 | 10-Q | |
05/09/07 | 03/31/07 | 10-Q | |
03/14/07 | 12/31/06 | 10-K | |
11/07/06 | 09/30/06 | 10-Q | |
08/08/06 | 06/30/06 | 10-Q | |
05/05/06 | 03/31/06 | 10-Q | |
03/16/06 | 12/31/05 | 10-K | |
11/04/05 | 09/30/05 | 10-Q | |
08/05/05 | 06/30/05 | 10-Q | |
05/05/05 | 03/31/05 | 10-Q | |
03/15/05 | 12/31/04 | 10-K | |
11/05/04 | 09/30/04 | 10-Q | |
08/06/04 | 06/30/04 | 10-Q | |
05/06/04 | 03/31/04 | 10-Q | |
03/15/04 | 12/31/03 | 10-K | |
11/13/03 | 09/30/03 | 10-Q | |
08/14/03 | 06/30/03 | 10-Q | |
05/12/03 | 03/31/03 | 10-Q | |
03/24/03 | 12/31/02 | 10-K | |
11/14/02 | 09/30/02 | 10-Q | |
08/09/02 | 06/30/02 | 10-Q | |
05/09/02 | 03/31/02 | 10-Q | |
03/26/02 | 12/31/01 | 10-K405 | |
11/06/01 | 09/30/01 | 10-Q | |
08/03/01 | 06/30/01 | 10-Q | |
05/02/01 | 03/31/01 | 10-Q | |
03/23/01 | 12/31/00 | 10-K405 | |
11/02/00 | 09/30/00 | 10-Q | |
08/09/00 | 06/30/00 | 10-Q | |
05/04/00 | 03/31/00 | 10-Q |