Agree Realty Corporation (ADC) Stock

Agree Realty Corporation (ADC) is a Real Estate stock trading at $73.86 (as of 2026-08-21), with a market capitalization of $8.87B and a trailing P/E of 38.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Agree Realty Corporation is a real estate investment trust that acquires and develops properties that are net leased to retail tenants. As of September 30, 2020, it owned and operated 1,027 properties across 45 states, totaling about 21.0 million square feet of gross leasable area.

Understand Agree Realty Corporation: how it makes money

Agree Realty Corporation acquires and develops net-leased retail properties, earning income from the rents paid by its retail tenants under those leases.

For a net-lease REIT, the profit engine is the rent cash flow generated by its portfolio of retail properties, net of the costs required to own, operate, acquire, and develop those properties.

Business quality (Strong): High-level business model is clear from the description, but no official reportable segment revenue breakdown or operating KPIs were provided here.

Valuation: At 41× earnings, ADC trades 22% above the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

  • Portfolio built around net-leased retail properties: The company primarily owns and develops properties net leased to industry-leading retail tenants, creating a business model centered on contracted tenant rent.
  • Scale of owned and operated portfolio: As of September 30, 2020, it owned and operated 1,027 properties across 45 states totaling about 21.0 million square feet of gross leasable area.

Bear case

  • Tenant performance is central to rent generation: Because income depends on retail tenants paying rent under their leases, tenant-related disruptions can affect results.
  • Acquisition and development execution risk: Growth and continued returns rely on acquiring and developing properties, which can introduce variability in how new assets perform versus expectations.
Valuation — source: SEC EDGAR (first-party)
Price$73.86
Market Cap$8.87B
P/E Ratio38.4
EV / EBITDA13.8
Price / Book1.36
Price / Sales11.23
DCF Value (model)$52.25
DCF Upside vs Price-29.3%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$718.40M
Net Margin28.4%
Revenue Growth (YoY)16.4%
EPS Growth (YoY)-1.1%
Valuation vs Sector & Industry
Stock P/E38.4
Sector P/E (Real Estate)27.2
Industry P/E (Trading)35.3
vs Sector41.3%
vs Industry8.7%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($1.35B)
Institutional Holders Tracked10
Congressional Trades (recent)8
Company
SectorReal Estate
IndustryTrading
CEOJoel N. Agree
Employees75
CountryUS
IPO Date1994-04-15

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

  • Lineage, Inc. (LINE)
  • CareTrust REIT, Inc. (CTRE)
  • Alexandria Real Estate Equities, Inc. (ARE)
  • CubeSmart (CUBE)
  • Brixmor Property Group Inc. (BRX)
  • NNN REIT, Inc. (NNN)
  • First Industrial Realty Trust, Inc. (FR)
  • JanOne Inc. (JAN)
ADC earnings history · ADC institutional & insider holders · ADC KPIs & operating metrics · ADC financials · ADC investor presentations & press releases · ADC SEC filings · ADC peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.