Agree Realty Corp. ADC
Premier retail net lease REIT focused on grocery-anchored, home improvement, and convenience retail with 69% investment-grade tenants and monthly dividends.
Executive Summary: Agree Realty Corp. (ADC) Institutional Rating
Quantitative Verdict: Agree Realty Corp. (ADC) trades at an annualized dividend yield of 4.59% with an AFFO payout ratio of 73.2%, earning a Dividend Safety Score of 94 / 100 (Very Safe). The stock currently trades at a 9.1% discount to NAV (undervalued) relative to base Net Asset Value (NAV) of $73.50, backed by an institutional portfolio of 2,200 commercial properties operating at 99.6% physical occupancy.
REITwave Score™ & Institutional Snowflake
The REITwave Score™ is an institutional quantitative rating model engineered specifically for commercial real estate investment trusts. Inspired by visual fundamental analysis, it synthesizes 18 SEC filings, debt covenants, and cash flow multiples into 5 key axes.
Business Model & Capital Efficiency
SEC Form 10-K Item 1Operating Profile
Agree Realty Corp. operates as a Passive Capital Allocator in the Retail / Net Lease real estate sector. The firm generates revenue through long-term commercial lease agreements, maintaining an average portfolio occupancy of 99.6%.
Labor & Overhead Efficiency
- • Total Global Employees: 90
- • Estimated Market Cap: $8.32 B
- • Capital Per Employee: $92.44M
- • Guidance Status: In Line
Cap-Rate to NAV Sensitivity Matrix
Net Asset Value (NAV) estimates derived across commercial real estate capitalization rate scenarios. Market implied exit yield is currently 6.6%.
| Exit Cap Rate | Implied NAV / Share | % Variance to Base | Current Price | Market Arbitrage |
|---|---|---|---|---|
| 5.10% | $95.12 | +29.4% | $66.70 | Undervalued |
| 5.60% | $86.62 | +17.9% | $66.70 | Undervalued |
| 6.10% | $79.52 | +8.2% | $66.70 | Undervalued |
| 6.60% Base Case | $73.50 | 0.0% | $66.70 | Undervalued |
| 7.10% | $68.32 | -7.0% | $66.70 | Undervalued |
| 7.60% | $63.83 | -13.2% | $66.70 | Overvalued |
| 8.10% | $59.89 | -18.5% | $66.70 | Overvalued |
Dividend Distribution & Payout Safety
| Ex-Dividend Date | Payment Date | Cash Amount | Distribution Type |
|---|---|---|---|
| Current Run-Rate | Monthly | $0.2550 | Regular Cash Distribution |
Deep-dive safety score, AFFO payout coverage buffer, and 5-year DRIP compounding model.
Physical Real Estate Assets & Portfolio Holdings
View on Interactive Geospatial Map →Verified sample of core commercial properties extracted from SEC Form 10-K Schedule III disclosures.
| Asset Name | City, State | Gross Leasable Area | Occupancy | Major Tenant | SEC Estimated Value |
|---|---|---|---|---|---|
| Tractor Supply Co. Mega-Format | Tullahoma, TN | 38,000 sq ft | 100.0% | Tractor Supply Co. | $11,147,541 |
| Gerber Collision & Glass Hub | Charlotte, NC | 24,000 sq ft | 100.0% | The Boyd Group (Gerber) | $8,640,000 |
SEC EDGAR Governance & Executive Compensation
DEF 14A DisclosuresHead-to-Head Competitor Comparison: ADC vs Peers
Institutional CompsDirect peer benchmark comparing Agree Realty Corp. against its top competitors in the Retail / Net Lease industry.
| Metric | ADC (Current) | O | NNN | EPRT |
|---|---|---|---|---|
| Share Price | $66.70 | $56.89 | $41.72 | $26.67 |
| Dividend Yield | 4.59% | 5.61% | 5.61% | 5.62% |
| Dividend Safety Score | 94 / 100 | 92 / 100 | 91 / 100 | 93 / 100 |
| Price / AFFO Multiple | 16.0x | 12.78x | 12.57x | 13.01x |
| NAV Premium / Discount | -9.1% | -11.8% | -10.9% | -8.3% |
| Portfolio Occupancy | 99.6% | 98.8% | 99.3% | 98.8% |
| Commercial Properties | 2,200 | 15,450 | 3,540 | 150 |
Frequently Asked Questions (ADC FAQ)
Agree Realty Corp. (ADC) currently pays an annualized dividend of $3.06 per share, representing an annualized dividend yield of 4.59%. The distribution is paid on a Monthly schedule. Its current AFFO payout ratio is 73.2%, earning a Dividend Safety Score of 94/100 with a risk rating of 'Very Safe'.
Based on REITwave's institutional property-level valuation models, Agree Realty Corp.'s consensus base NAV is $73.50 per share. Trading at $66.70, the stock reflects an implied market cap rate of 6.6% and trades at a 9.1% discount to NAV (undervalued).
Agree Realty Corp. owns and operates approximately 2,200 commercial real estate properties across the United States. The portfolio reports an average physical occupancy rate of 99.6% with a weighted average lease term (WALT) of 8.3 years.
Agree Realty Corp. currently trades at a Price / AFFO multiple of 16.0x based on forward AFFO per share of $4.18. Its Price / FFO multiple stands at 15.8x against forward FFO per share of $4.22.
According to the latest SEC Form DEF 14A proxy statement filed with EDGAR, the Chief Executive Officer is Joey Agree. Total annual reported compensation was $6,450,000, reflecting a CEO-to-median-worker pay ratio of 52:1.
Agree Realty Corp. maintains a Net Debt-to-EBITDA ratio of 4.8x and carries an investment-grade credit rating of BBB / Baa1. Its weighted average debt maturity and long-term lease structures provide structural insulation against interest rate volatility.