Agree Realty Corp. | REIT Profile

Symbol: ADC
CIK: 917251
Exchange: NYSE
Founded: 1971 (50 years)
HQ: Farmington Hills, MI, United States
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Mid-Cap
REIT Sector: Retail

See ADC on Google Finance
See ADC on Yahoo Finance
See ADC on SEC.gov

Website Logo  YouTube Logo  RSS Logo 

Overall Score: 8.8

See score breakdown | See trend

REITRating is REITNote's Real Estate Investment Trust industry-specific rating and ranking system. The overall score is out of ten points, with ten being the best score. Learn More


Agree Realty Corp. Company Logo

Stock Chart

See in Advanced Graph View

Hightlights of Trading Day November 30, 2021


Open Price: $68.84
Closing Price: $67.56
Price Change: -1.91 (-2.749%)
Lowest Price: $67.56
Highest Price: $69.01

52-Week Low: $59.58
52-Week High: $74.99
52-Week Change: 10.17%

5 Day Price Change: 0.33%
1 Month Price Change: -1.92%
3 Month Price Change: -4.86%
6 Month Price Change: 0.71%
YTD Price Change: 7.98%
1 Year Price Change: 10.20%
2 Year Price Change: 0.76%
5 Year Price Change: 86.48%

Dividend of Trading Day November 30, 2021


Dividend Yield: 4.032%*
Annualized Dividend: $2.724*
Dividend Yield (TTM): 4.232%
Annualized Dividend (TTM): $2.94
Ex-Dividend Date: 2021-11-29
Dividend Frequency: Monthly

*The forward annualized dividend and dividend yield are based on the most recent dividend value paid by the REIT. The REIT may have already announced their next upcoming dividend value, which may be different from previously paid dividend value. It is recommended to check the REIT's website and dividend announcements for the latest information on upcoming dividends and changes. This graph does not include extraordinary dividend.

Funds From Operations (FFO)


Funds From Operations (FFO)

Key Stats of Trading Day November 30, 2021


Total Cash: $91,881,000
Current Debt: $96,001,000
Revenue: $319,326,000
Gross Profit: $319,326,000
Total Revenue: $319,326,000
Earnings Before Interest, Taxes & Depreciation Amortization (EBITDA): $254,424,000
Revenue Per Share: $5
Revenue Per Employee: N/A
Employee: 2,018
Debt to Equity Ratio (D/E): 1.50
Profit Margin: 0.35%
Enterprise Value (EV): $6,283,072,094
Enterprise Value to Revenue (EV/R): 19.68
Price to Sales (P/S): 15.18
Price to Book (P/B): 1.45
Price/Earnings-to-Growth (PEG) Ratio: -11.18
P/E Ratio: 38.17
P/E High: 38.40
P/E Low: 23.43
Forward P/E Ratio: 37.86
Market Capitalization: $4,714,319,775
Beta: 0.57
Latest Volume: 750,845
Avg. Total Volume: 421,955
Avg. 10-Day Volume: 442,842
Avg. 30-Day Volume: 421,955
TTM EPS: 1.77
Shares Outstanding: 69,779,748
Float: N/A
50-Day Moving Avg.: $69.81
200-Day Moving Avg.: $70.54

Latest REIT Community Comments on #ADC


See more community comments related to ADC

Properties Owned by ADC


Properties Based on REIT's Official Presentation

Properties Types States Countries
868 4 46 1

Please visit REIT’s official webpage for the most up-to-date property list.

ADC Sample Property

Sample of REIT’s Properties. Image Source - REIT’s website


Properties Based on Earnings Report's 10-K

Occupancy Rate



Different REITs may report Occupancy levels in various forms/calculations. Some of the terms used to describe occupancy are Portfolio Occupancy, Weighted Average Occupancy, Ending Occupancy, Economic Occupancy, Leased Occupancy, Physical Occupancy, Pro Forma Occupancy, Same-Property Occupancy, Stabilized Portfolio Occupancy, Comparable Occupancy, Lease Rate, Percent Leased, among others. Some REITs interchange the words Occupancy and Leased while others use them to distinguish between data points. Some REITs also vary the use of the words over time through their earning reports. Therefore the information provided here is our best attempt at collecting data on occupancy/leased trends. However, it may not be accurate or comparable between different REITs.

REIT Simulation


Below is a simulation of how much money you would have made in dividends, and how much the shares would be worth had you purchased them 1 year ago for the amounts below.

With $1,000 USD With $500 USD With $250 USD With $100 USD With $50 USD
Initial investment @ $74.18 per share you would have been able to buy 13 shares of ADC on 2020-12-01 costing $964.34 @ $74.18 per share you would have been able to buy 6 shares of ADC on 2020-12-01 costing $445.08 @ $74.18 per share you would have been able to buy 3 shares of ADC on 2020-12-01 costing $222.54 @ $74.18 per share you would have been able to buy 1 shares of ADC on 2020-12-01 costing $74.18 @ $74.18 per share you would have been able to buy 0 shares of ADC on 2020-12-01 costing $0.00
Current worth On 2021-11-30 these 13 shares would be worth $878.28 @ $67.56 On 2021-11-30 these 6 shares would be worth $405.36 @ $67.56 On 2021-11-30 these 3 shares would be worth $202.68 @ $67.56 On 2021-11-30 these 1 shares would be worth $67.56 @ $67.56 On 2021-11-30 these 0 shares would be worth $0.00 @ $67.56
Dividends earned $36.01 in dividends would have been earned since 2020-12-01 with 13 shares. $17 in dividends would have been earned since 2020-12-01 with 6 shares. $8.31 in dividends would have been earned since 2020-12-01 with 3 shares. $2.77 in dividends would have been earned since 2020-12-01 with 1 shares. $0.00 in dividends would have been earned since 2020-12-01 with 6 shares.
Net (gain / loss)* -50.05 USD -23.10 USD -11.55 USD -3.85 USD 0.00 USD
ROI** -5.19% -5.19% -5.19% -5.19% nan%

*Net (Gains/Loss): Includes the stock price (appreciate or depreciate ) + dividends earned during period held. Stock prices based on closing price for the date. **ROI: Is based on the Net (gain/loss) divided by the initial investment value. Note: Past performance is no guarantee of future results. This is a high-level simulation and does not account for many factors such as inflation and taxes so we cannot guarantee the accuracy of this simulation.

Dividend History


Below are the most recent cash dividends paid by ADC. The percent difference from one dividend payment to the next has also been calculated for your convenience. Dividends flagged as [E] are extraordinary dividend payments.


Symbol Ex Date Cash Amount Change in Dividend Declaration Date Record Date Payment Date
ADC 2021-10-28 0.227 4.61% 2021-10-14 2021-10-29 2021-11-12
ADC 2021-09-29 0.217 --- 2021-09-17 2021-09-30 2021-10-14
ADC 2021-08-30 0.217 --- 2021-08-17 2021-08-31 2021-09-14
ADC 2021-07-29 0.217 --- 2021-07-15 2021-07-30 2021-08-13
ADC 2021-06-29 0.217 --- 2021-06-16 2021-06-30 2021-07-14
ADC 2021-05-27 0.217 --- 2021-05-17 2021-05-28 2021-06-11
ADC 2021-04-29 0.217 4.83% 2021-04-15 2021-04-30 2021-05-14
ADC 2021-03-30 0.207 --- 2021-03-18 2021-03-31 2021-04-14
ADC 2021-02-25 0.207 --- 2021-02-11 2021-02-26 2021-03-12
ADC 2021-01-28 0.207 -66.61% 2021-01-14 2021-01-29 2021-02-12
ADC 2020-12-22 0.620 3.33% 2020-12-01 2020-12-23 2021-01-06
ADC 2020-09-24 0.600 --- 2020-09-09 2020-09-25 2020-10-09
ADC 2020-06-25 0.600 2.56% 2020-05-07 2020-06-26 2020-07-10
ADC 2020-03-26 0.585 --- 2020-02-25 2020-03-27 2020-04-09
ADC 2019-12-19 0.585 2.63% 2019-12-03 2019-12-20 2020-01-03
ADC 2019-09-26 0.570 --- 2019-09-04 2019-09-27 2019-10-11
ADC 2019-06-27 0.570 2.70% 2019-04-25 2019-06-28 2019-07-12
ADC 2019-03-28 0.555 --- 2019-02-26 2019-03-29 2019-04-12
ADC 2018-12-20 0.555 2.78% 2018-12-04 2018-12-21 2019-01-04
ADC 2018-09-27 0.540 --- 2018-09-04 2018-09-28 2018-10-12

Financial Statements Overview


Balance Sheet | Quarterly

See Annual Balance Sheet | See Quarterly Balance Sheet

Amounts in USD ($)

Balance Sheet 2021-06-30 2021-03-31 2020-12-31 2020-09-30
Current Cash 177,046,000 7,369,000 6,137,000 14,715,000
Receivables 46,882,000 40,700,000 37,808,000 39,309,000
Inventory 0 0 0 0
Current Assets 235,263,000 48,069,000 43,945,000 55,539,000
Current Assets (Other) 0 0 0 0
Short Term Investments 0 0 0 0
Long-term Investments 4,529,260,000 4,230,333,000 3,842,238,000 3,492,075,000
Property, Plant & Equipment Net 3,853,994,000 3,575,025,000 3,304,179,000 3,015,606,000
Goodwill 0 0 0 0
Intangible Assets 601,545,000 545,376,000 473,592,000 422,373,000
Other Assets 72,476,000 96,383,000 61,450,000 54,096,000
Net Tangible Assets 2,516,850,000 2,252,647,000 2,050,895,000 1,841,197,000
Total Assets 4,764,523,000 4,278,402,000 3,886,183,000 3,547,614,000
Accounts Payable 0 0 0 0
Liabilities (Other) 33,966,000 34,654,000 35,700,000 35,533,000
Current Liabilities (Other) 83,225,000 79,510,000 105,935,000 100,393,000
Total Current Liabilities 83,225,000 79,510,000 105,935,000 100,393,000
Current Long-term Debt 0 0 0 0
Long-term Debt 1,527,181,000 1,364,362,000 1,218,299,000 1,146,301,000
Total Liabilities 1,646,128,000 1,480,379,000 1,361,696,000 1,284,044,000
Minority Interest 1,756,000 1,853,000 1,762,000 1,817,000
Common Stock 64,835,984 62,828,897 55,468,499 2,384,337,000
Retained Earnings -121,619,000 -101,137,000 -91,343,000 -80,627,000
Treasury Stock 0 0 0 0
Capital Surplus 0 0 0 0
Shareholder Equity 3,118,395,000 2,798,023,000 2,524,487,000 2,263,570,000

Income Statement | Quarterly

See Annual Income Statement | See Quarterly Income Statement

Amounts in USD ($)

Income Statement 2021-06-30 2021-03-31 2020-12-31 2020-09-30
Total Revenue 82,546,000 77,829,000 71,414,000 63,810,000
Cost of Revenue 0 0 0 0
Gross Profit 82,546,000 77,829,000 71,414,000 63,810,000
Research and Development 0 0 0 0
Selling General and Admin 6,241,000 6,879,000 6,792,000 4,756,000
Operating Expense 39,190,000 37,951,000 35,897,000 30,032,000
Operating Income 43,356,000 39,878,000 35,517,000 33,778,000
Income Expense Net (Other) 0 0 0 0
EBIT 43,356,000 39,878,000 35,517,000 33,778,000
Interest Income 12,549,000 11,653,000 11,791,000 10,158,000
Pretax Income 22,946,000 31,287,000 24,022,000 21,722,000
Income Tax 485,000 1,009,000 260,000 306,000
Minority Interest 114,000 166,000 148,000 136,000
Net Income 22,276,000 30,009,000 23,400,000 21,280,000
Net Income Basic 22,276,000 30,009,000 23,400,000 21,280,000

Cash Flow | Quarterly

See Annual Cash Flow | See Quarterly Cash Flow

Amounts in USD ($)

Cash Flow 2021-06-30 2021-03-31 2020-12-31 2020-09-30
Net Income 22,276,000 30,009,000 23,400,000 21,280,000
Depreciation 23,187,000 21,489,000 66,758,000 47,067,000
Changes in Receivables 46,882,000 40,700,000 37,808,000 5,313,000
Changes in Inventories 0 0 0 0
Cash Change 177,046,000 7,369,000 6,137,000 -14,626,000
Cash Flow 72,151,000 45,795,000 52,101,000 90,855,000
Capital Expenditures -344,309,000 -397,044,000 -19,617,000 -964,974,000
Investments 0 0 0 0
Investing Activity (Other) 0 0 0 0
Total Investing Cash Flows -347,841,000 -387,179,000 -366,120,000 -933,722,000
Dividends Paid 0 0 0 0
Net Borrowings 1,350,135,000 1,356,993,000 1,212,162,000 1,131,586,000
Cash Flow Financing 456,702,000 340,798,000 305,744,000 816,940,000
Financing Cash Flows (Other) 0 0 0 0
Exchange Rate Effect 0 0 0 0

About Agree Realty Corp.


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 March 31, 2018, the Company owned and operated a portfolio of 463 properties, located in 43 states and containing approximately 8.9 million square feet of gross leasable space. The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol "ADC"

REITRating™ Scorecard


Rating Dividend Section Avg. Rating
2 Dividend Payment Growth: Analysis of how the REIT’s dividend payments have performed during the last three years. 3.6
10 Dividend Payment Consistency: Analysis of how many periods the REIT’s dividends have been paid consistently without a gap in payment. 6.4
10 Dividend to AFFO Payout Ratio Health: Analysis of the REIT’s Dividend to AFFO Payout Ratios during the last four quarters. 8.8
10 Dividend to AFFO Payout Ratio Trend: Analysis of the REIT’s Dividend to AFFO Payout Ratios trend during the last two years. 7.7
Rating AFFO & Efficiency Section Avg. Rating
10 AFFO Trend: Analysis of the REIT’s AFFO trend during the last two years. 7.8
9 AFFO to Revenue Health: Analysis of the REIT's Adjusted Funds From Operation to its Revenues. 6.9
10 Operating Expense Efficiency: Analysis of the REIT's Operating Expenses to its Revenues. 8.6
10 Operating Expense Efficiency Trend: Analysis of the trend of the REIT's Operating Expenses to its Revenue. 9.1
Rating Leverage Section Avg. Rating
10 Interest Coverage Health: Analysis of the REIT’s Interest Coverage health during the last four quarter. 7.4
10 Interest Coverage Health Trend: Analysis of the REIT’s Interest Coverage health trend during the last two years. 8.8
9 Total Debt Interest Rate Competitiveness: Analysis of the REIT’s Interest Rate to Total Debt competitiveness compared to REIT market. 7.9
6 Total Debt Interest Rate Trend: Analysis of the REIT’s Interest Rate to Total Debt trend during the last two years. 8.4
9 Debt Leverage Health: Analysis of the REIT’s Total Debt to Total Assets. 5.0
10 Debt Leverage Health Trend: Analysis of the REIT’s Total Debt to Total Assets over the last two years. 6.8
Rating Asset & Revenue Section Avg. Rating
10 Revenues Growth: Analysis of how the REIT's Revenue has performed over the last two years. 5.4
10 Total Asset Growth: Analysis of how the REIT has grown its Total Assets over the last two years. 6.1
Rating Properties Section Avg. Rating
10 Occupancy Health Level: Analysis of the REIT’s occupancy health level during the last four quarters. 7.1
9 Occupancy Trend: Analysis of the REIT’s occupancy trend over the last two years. 6.3
9 Portfolio of Properties: Analysis of the REIT's property's strength, size, and geographic distribution. 8.2
7 Tenants: Analysis of the REIT's tenant diversification, operation type, and exposure to risk. 8.0
Rating Market Cap Section Avg. Rating
4 Market Cap Strength: Analysis of the REIT's Market Capitalization performance, preservation and resistance in comparison to market changes. 5.2
8.8 Overall REITRating™ Score (See trend) 6.1

REITRating is REITNote's Real Estate Investment Trust industry-specific rating and ranking system. The REIT’s score for each analysis is out of ten points, with ten being the best score and zero being the worst. A score of zero can be assigned if the REIT does not meet the criteria for that specific analysis. N/A is assigned if insufficient data is available for a particular analysis. Our REITRating logic is continuously improving, so a REIT’s rating and ranking may change over time. Important Note: REITRating is not a predictor of a REIT’s future performance, it is an evaluation of its past results. Additionally, the REITRating system is for informational purposes only and does not represent financial or investment advice or a recommendation of which REITs to acquire. Learn more.

Related REITs


REIT REITRating™ Score Exchange Market Capitalization Sector Country
Saul Centers, Inc. (BFS) 7.3 NYSE Small-Cap Retail United States
CBL & Associates Properties, Inc. (CBL) 3.8 NYSE Small-Cap Retail United States
Preferred Apartment Communities, Inc. (APTS) 6.4 NYSE Small-Cap Retail Office Residential United States

Last updated: 2021-12-01 - v2.4