At a glance
Agree Realty Corporation is worth $8.62B, about 37 times its fiscal 2025 earnings. Revenue grew 16.4% to $718.4M in fiscal 2025, with 28.4% kept as profit; over 5 years it has grown 23.6% a year. It pays a 4.8% dividend yield, raised every year for at least 9 years, and returned $1.35B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −6.7% over the past year with dividends reinvested and +2.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 39.0% in the 2020 crash (S&P 500: 33.7%) and 19.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 16 months and 23 months after the lows.
The business in plain English
Agree Realty is a real estate investment trust, or REIT: a company that owns property and must pay out at least 90% of its taxable income as dividends. It owns retail buildings and leases them, mostly to national retailers. As of December 31, 2025, it held 2,674 properties in all 50 states. The portfolio was about 99.7% leased. About 66.8% of annualized base rent (yearly contract rent) came from tenants or their parent companies with investment-grade credit ratings, meaning rating agencies judge them lower risk.
Agree makes money by collecting rent. Substantially all its leases are net leases: the tenant pays rent plus property taxes, insurance and maintenance. The average lease had about 7.8 years left. Revenue reached $718.4 million in 2025, up 16.4% from 2024.
Agree grows three ways: acquiring stores, developing new ones and funding projects that developers or retailers have under construction. In 2025 it invested about $1.57 billion, including 305 properties acquired for about $1.44 billion. It favors retailers it sees as resistant to online shopping and recessions, and it tries to avoid tenants owned by private equity firms. The 10-K gives no revenue split by segment, but it does show rent by state. As of December 31, 2025, Texas led with 6.9% of annualized base rent, followed by Illinois (6.1%) and Ohio (5.3%).
Price history
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ADC -6.7% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $213.9M, up 16.7% from a year earlier, and net income was $68.4M (+31.2%).
- For fiscal 2025, revenue was $718.4M (+16.4% year over year; +23.6% a year from FY2020 to FY2025) with a 28.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +23.6% good |
|---|---|
| Operating margin | 47.4% good |
| Return on equity (FY2025) | 3.3% weak |
| Return on assets (FY2025) | 2.1% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $248.6M | $91.4M | $-1.17B |
| FY2021 | $339.3M | $122.3M | $-1.14B |
| FY2022 | $429.8M | $152.4M | $-1.24B |
| FY2023 | $537.5M | $170.0M | $-808.4M |
| FY2024 | $617.1M | $189.2M | $-442.5M |
| FY2025 | $718.4M | $204.3M | — |
Valuation snapshot
| Market value | $8.62B |
|---|---|
| P/E ratio | 37.4 |
| Dividend yield | 4.8% |
Rank among 1514 US companies
Market value at each year end
Agree Realty’s market value went from $1.11B at the end of 2016 to $8.62B on Oct 28, 2026, about 7.8 times as much; since the end of 2025 it is up 4%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $8.62B | +4.1% |
| 2025 | $8.28B | +13.5% |
| 2024 | $7.29B | +15.3% |
| 2023 | $6.33B | +0.7% |
| 2022 | $6.28B | +26.2% |
| 2021 | $4.98B | +35.1% |
| 2020 | $3.69B | +23.9% |
| 2019 | $2.98B | +46.0% |
| 2018 | $2.04B | +35.6% |
| 2017 | $1.50B | +35.6% |
| 2016 | $1.11B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ADC price data to Oct 28, 2026 | -5.1% | -6.7% | +11.7% | +2.7% | +7.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -5.1% |
| 2025 | +6.6% |
| 2024 | +17.2% |
| 2023 | -7.1% |
| 2022 | +3.5% |
| 2021 | +11.3% |
| 2020 | -1.5% |
| 2019 | +22.7% |
| 2018 | +19.7% |
| 2017 | +16.4% |
| 2016 | +41.4% |
| 2015 | +16.0% |
| 2014 | +13.6% |
| 2013 | +14.6% |
| 2012 | +17.5% |
| 2011 | -0.2% |
| 2010 | +22.0% |
| 2009 | +42.5% |
| 2008 | -34.1% |
| 2007 | -6.8% |
| 2006 | +26.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 66.7% over that stretch · deepest drop along the way 69.9%, back to its old high 22 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.7% over that stretch · deepest drop along the way 39%, back to its old high 16.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 4.6% over that stretch · deepest drop along the way 19.6%, back to its old high 22.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 11 open-market purchases ($7.1M) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 15, 2026 | John Jr Rakolta Director | buy | $1.5M |
| Aug 27, 2026 | John Jr Rakolta Director | buy | $1.5M |
| Sep 16, 2026 | John Jr Rakolta Director | buy | $1.4M |
| May 14, 2026 | Joey Agree PRESIDENT & CEO, Director | buy | $1.0M |
| Aug 31, 2026 | John Jr Rakolta Director | buy | $724K |
Who owns it
Large shareholders (13G filings)
| Cohen & Steers, Inc. | 13.71% | Jun 30, 2026 |
| COHEN & STEERS, INC. | 11.37% | May 31, 2025 |
| BlackRock, Inc. | 10.9% | Mar 31, 2025 |
| Vanguard Portfolio Management | 8.56% | Mar 31, 2026 |
| BlackRock Portfolio Management LLC | 5.4% | Sep 30, 2026 |
| Vanguard Capital Management | 5.27% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5% | Mar 31, 2026 |
ETFs with the most weight in ADC
| NETL NETLease Corporate Real Estate ETF | 8.68% |
| SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF | 2.97% |
| PSR Invesco Active U.S. Real Estate Fund | 1.85% |
| JPRE JPMorgan Realty Income ETF | 1.72% |
| SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF | 1.59% |
| XMLV Invesco S&P MidCap Low Volatility ETF | 1.51% |
| OSCV Opus Small Cap Value ETF | 1.12% |
| JPSV JPMorgan Active Small Cap Value ETF | 0.86% |
What could go wrong
- Dependence on single-tenant buildings. Most properties have one tenant. If that tenant fails or leaves, rent stops while Agree pays all operating costs. Buildings made for one retailer can be slow and costly to re-lease.
- Tenant bankruptcies limit what Agree can recover. A bankrupt retailer may be allowed to cancel its leases. Agree's claim for the lost future rent is then unsecured and capped by law, so it usually recovers far less than it was owed.
- Online shopping could hurt its chosen retailers. Agree acquires stores in sectors it judges less exposed to e-commerce and recessions. If that judgment proves wrong, or the economy weakens, tenants may struggle to pay rent.
- Concentration in certain states and retail sectors. Texas, Illinois and Ohio supplied 6.9%, 6.1% and 5.3% of annualized base rent as of December 31, 2025. Local downturns, or trouble in a key retail sector, would hit harder.
- Growth depends on issuing new shares and debt. Agree funds much of its growth with new stock and borrowing. Shares outstanding rose 86.4% between October 2021 and October 2026. If markets tighten, growth could slow, and issuing shares can pressure the price.
- Higher interest rates raise costs and pressure shares. Total debt was about $3.7 billion as of September 30, 2026. Agree says higher rates have made acquiring properties costlier and financing harder to get. Higher rates can also weigh on the share price.
Recent events
- Quarterly results released
- Other company announcement
- Major agreement signed; New debt or financial obligation; Other company announcement
- Quarterly results released
- Other company announcement
- Shareholder vote results
- Other company announcement
- Quarterly results released
- Other company announcement
- Investor presentation or announcement
For income and retirement investors
Agree pays its dividend monthly. It has raised dividends per share for at least nine straight years through 2025, though it says it cannot guarantee future increases. Dividends per share grew from $2.216 in 2020 to $3.081 in 2025, about 6.8% a year. The yield was 4.8% as of October 28, 2026. Dividends paid in 2025 equaled about 167% of net income. That looks high, but REIT earnings are reduced by depreciation, a large non-cash accounting charge, so payouts above 100% of earnings are common. Buybacks are tiny: about $12 million over 2021–2025, against $1.34 billion in dividends. Over the same years the share count grew: it rose 86.4% between October 2021 and October 2026 as Agree issued new stock.
The shares have fallen sharply in market slumps. They dropped 69.9% in the 2008 financial crisis, 39% in the 2020 COVID crash and 19.6% in the 2022 bear market, and each time took roughly 16 to 23 months to recover. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Agree Realty make money?
Agree Realty makes money by collecting rent from retailers. It owns retail buildings and leases them, mostly one tenant per property, under net leases. In a net lease, the tenant also pays property taxes, insurance and maintenance. As of December 31, 2025, it owned 2,674 properties in all 50 states. They were about 99.7% leased, with about 7.8 years left on the average lease. Revenue was $718.4 million in 2025, up 16.4% from 2024. It adds properties by acquiring, developing and funding new stores.
Does Agree Realty raise its dividend every year?
Yes, through 2025. Agree has raised its dividend per share for at least nine straight years, and the streak may be longer. It pays monthly and lifted the monthly rate twice in 2025, from $0.253 to $0.256 in April and then to $0.262 in October. That works out to $3.144 a year. The yield was 4.8% as of October 28, 2026. The company says it cannot guarantee that it will keep its dividend level or keep raising it.
Why is Agree Realty's payout ratio over 100%?
Mostly because of how REIT earnings are calculated. In 2025, Agree's dividends paid equaled about 167% of net income. Diluted earnings were $1.77 per share, while dividends per share were $3.081. Net income is reduced by depreciation, a large non-cash charge for property owners, so REIT payouts often top 100% of earnings. The same effect lifts the price-to-earnings ratio, which was 37.4 on 2025 earnings as of October 28, 2026. Agree must also pay out at least 90% of its taxable income to keep its REIT status.
How much debt does Agree Realty have?
About $3.7 billion as of September 30, 2026, against total assets of about $11.0 billion and shareholders' equity of about $6.9 billion. Cash and investments were about $81 million. In 2025 Agree issued $400 million of 5.6% notes due 2035. It also set up a $625 million commercial paper program (short-term IOUs issued to investors) and arranged a $350 million term loan due May 2031, which it had not drawn as of December 31, 2025. Higher interest rates would make new borrowing more expensive.
How has Agree Realty stock performed?
Long-term returns have been positive but uneven. As of October 28, 2026, the stock had lost 6.7% over one year and was down 5.1% for 2026 to that date. It returned an average of 11.7% a year over three years, 2.7% a year over five years and 7.8% a year over ten years. Its deepest peak-to-trough drop in about 21 years of trading history was 70.3%. Past returns do not predict future results.