Agree Rlty Stock Price, News & Analysis

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust (REIT) that focuses on the acquisition and development of retail properties that are net leased to tenants. The company describes its strategy as "RETHINKING RETAIL" through investing in properties leased to what it characterizes as industry-leading, omni-channel retail tenants. Agree Realty Corporation’s common stock is listed on the New York Stock Exchange under the symbol ADC.

According to company disclosures, Agree Realty is mainly engaged in acquiring, developing and managing retail real estate that is net leased to tenants. Net lease structures generally place many property-level expenses on the tenant under the lease, and the company highlights its focus on retail net lease properties across multiple sectors. The company has referenced tenants such as Walmart, 7‑Eleven, Wawa and Gerber Collision among the properties in its portfolio.

Portfolio and geographic reach

Agree Realty reports that, as of December 31, 2025, it owned and operated a portfolio of 2,674 properties located in all 50 U.S. states, with approximately 55.5 million square feet of gross leasable area. Earlier in 2025, the company reported a portfolio of 2,603 properties with approximately 53.7 million square feet of gross leasable area, also located in all 50 states. These figures reflect a portfolio concentrated in retail net lease assets with tenants operating in numerous retail sectors.

The company also reports a dedicated ground lease portfolio. As of September 30, 2025, this ground lease portfolio consisted of 237 leases located in 38 states and totaling approximately 6.4 million square feet of gross leasable area. Properties subject to ground leases represented 10.0% of annualized base rents at that date, and the company stated that this ground lease portfolio was fully occupied.

Tenant quality and lease characteristics

Agree Realty emphasizes the credit quality of many of its retail tenants. As of September 30, 2025, the company reported that 66.7% of its annualized base rents were generated from investment grade retail tenants. As of December 31, 2025, it stated that approximately 66.8% of annualized base rents in its portfolio were derived from investment grade retail tenants. The company also reported that properties ground leased to tenants represented approximately 10.2% of total annualized base rents as of December 31, 2025.

The company discloses that its portfolio is highly leased and characterized by long lease terms. As of September 30, 2025, Agree Realty reported that its overall portfolio was approximately 99.7% leased, with a weighted-average remaining lease term of approximately 8.0 years. For acquisitions completed during 2025, the company reported weighted-average remaining lease terms in excess of nine years, and in some cases over eleven years, based on the specific acquisition period.

Investment activity and external growth platforms

Agree Realty reports that it grows its portfolio through three external growth platforms: acquisitions, development and a Developer Funding Platform (DFP). For the twelve months ended December 31, 2025, the company stated that its total real estate investment volume, inclusive of acquisition, development and DFP projects completed or under construction, was approximately $1.55 billion. This activity encompassed 338 properties net leased to tenants and spanning 29 retail sectors in 41 states.

During 2025, the company reported acquiring 305 retail net lease properties for total acquisition volume of approximately $1.44 billion. These acquisitions were completed at a weighted-average capitalization rate of 7.2% and had a weighted-average remaining lease term of 11.5 years. The company disclosed that approximately 64.9% of annualized base rents acquired during the year were derived from investment grade retail tenants, and approximately 6.9% of annualized base rents acquired were derived from ground leased assets.

For the third quarter of 2025, Agree Realty reported total acquisition volume of approximately $401.4 million, covering 90 properties net leased to retailers in sectors that it identifies as including home improvement, auto parts, grocery stores, off-price, farm and rural supply, convenience stores, and tire and auto service. These properties were located in 33 states and leased to tenants operating in 25 sectors. The company reported a weighted-average capitalization rate of 7.2% and a weighted-average remaining lease term of approximately 10.7 years for these acquisitions, with approximately 70.0% of annualized base rents acquired generated from investment grade retail tenants.

The company also reports ongoing development and DFP activity. For the nine months ended September 30, 2025, Agree Realty stated that it had 30 development or DFP projects completed or under construction with anticipated total costs of approximately $190.4 million. These projects were leased to retailers such as TJX Companies, Burlington, 7‑Eleven, Boot Barn, Ross Dress for Less, Five Below, Gerber Collision and Sunbelt Rentals, according to the company’s disclosures.

Lease maturities and income metrics

Agree Realty provides information on its lease maturity schedule and income measures. As of September 30, 2025, the company reported that its 2025 lease maturities represented 0.2% of annualized base rents. It also provided a schedule of contractual lease expirations by year, noting the distribution of annualized base rent and gross leasable area across future years.

The company defines “annualized base rent” as the annualized amount of contractual minimum rent required by tenant lease agreements as of a specified date, computed on a straight-line basis. It states that annualized base rent is not a presentation in accordance with generally accepted accounting principles (GAAP), but that it believes this measure is useful for analyzing concentrations and leasing activity. Agree Realty also defines “weighted-average capitalization rate” for acquisitions and dispositions as the sum of contractual fixed annual rents (computed on a straight-line basis over the primary lease terms) and anticipated annual net tenant recoveries, divided by the purchase or sale prices for occupied properties.

Capital structure, liquidity and credit profile

Agree Realty reports that it manages its capital structure through a combination of equity and debt, including term loans and a senior unsecured revolving credit facility. In November 2025, the company announced the closing of an unsecured $350 million 5.5‑year term loan that matures in May 2031. The term loan includes an accordion option allowing the company to request additional lender commitments up to a total of $500 million. The company disclosed that it had entered into forward starting swaps to fix the reference rate (SOFR) until maturity, and that, including the impact of these swaps, the interest rate on the term loan is fixed at 4.02% based on its then-current credit rating.

In a separate SEC filing, Agree Realty described the 2025 Term Loan Agreement as providing $350 million of unsecured borrowing capacity under a delayed draw term loan facility, with no amortization payments required and interest payable in arrears. The company also reported amending its existing senior unsecured revolving credit facility and an existing term loan to adjust interest rate provisions and align them with the new term loan agreement.

As of December 31, 2025, Agree Realty stated that it had total liquidity of over $2.0 billion. This figure, according to the company, included availability under its revolving credit facility and term loan after adjusting for outstanding commercial paper notes and revolver borrowings, outstanding forward equity, and cash on hand. The company has also reported achieving an A‑ issuer rating from Fitch Ratings with a stable outlook, and has referred to its balance sheet as being positioned for growth, with leverage metrics it discloses in its quarterly results.

Dividends and distribution practices

Agree Realty regularly announces monthly cash dividends on its common stock and on its 4.25% Series A Cumulative Redeemable Preferred Stock. The company has disclosed a pattern of declaring monthly common dividends, with increases over time that it quantifies on a year-over-year basis. For example, in multiple press releases during 2025 and early 2026, the company announced a monthly dividend of $0.262 per common share, which it described as reflecting an annualized dividend amount of $3.144 per common share and representing a 3.6% increase over a prior annualized dividend level.

The company also declares monthly dividends on its Series A preferred depositary shares, stating a fixed annualized rate equivalent to 4.25% on the underlying preferred stock. These press releases specify record dates and payment dates for both common and preferred dividends. In its third quarter 2025 results, Agree Realty reported dividend payout ratios as a percentage of Core Funds from Operations (Core FFO) per share and Adjusted Funds from Operations (AFFO) per share, which are non‑GAAP measures commonly used by REITs and defined in the company’s disclosures.

Financial reporting and SEC filings

Agree Realty provides regular financial and operating updates through press releases and SEC filings. The company files current reports on Form 8‑K to furnish earnings releases, investor presentations and information about material financing agreements. For example, it has filed Form 8‑K reports describing its second and third quarter 2025 results, its investment activity and outlook, and details of its term loan agreements and amendments to its revolving credit facility.

The company states that additional information about its business and financial results can be found in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of its Annual Reports on Form 10‑K and Quarterly Reports on Form 10‑Q, which are available through the Investors section of its website and through the SEC’s EDGAR system.

Corporate structure and listing details

Agree Realty Corporation is organized under the laws of Maryland and reports its Commission file number and federal employer identification number in its SEC filings. The company lists its principal executive offices in Royal Oak, Michigan in those filings. Its common stock, with a par value of $0.0001 per share, trades on the New York Stock Exchange under the ticker symbol ADC. Depositary shares representing one‑thousandth of a share of its 4.25% Series A Cumulative Redeemable Preferred Stock also trade on the New York Stock Exchange under the symbol ADCPrA.

Through these disclosures, Agree Realty presents itself as a REIT focused on retail net lease properties, with a portfolio diversified across tenants, sectors and geographies within the United States, and with a capital structure that includes unsecured credit facilities, term loans, forward equity arrangements and both common and preferred equity securities.