Agree Realty Management
Management criteria checks 2/4
Agree Realty's CEO is Joey Agree, appointed in Jun 2009, has a tenure of 16.92 years. total yearly compensation is $10.96M, comprised of 8.4% salary and 91.6% bonuses, including company stock and options. directly owns 0.57% of the company’s shares, worth $51.31M. The average tenure of the management team and the board of directors is 4 years and 5.8 years respectively.
Key information
Joey Agree
Chief executive officer
US$11.0m
Total compensation
| CEO salary percentage | 8.41% |
| CEO tenure | 16.9yrs |
| CEO ownership | 0.6% |
| Management average tenure | 4yrs |
| Board average tenure | 5.8yrs |
Recent management updates
Recent updates
Seeking Alpha • May 18
Agree Realty: Evaluating The Risk And Return Of Common Versus Preferred Shares, Hold Both
Summary Agree Realty’s recession-resistant portfolio is anchored by investment-grade tenants like Walmart and Home Depot, with 99.7% occupancy and 12% in secure ground leases. Balance sheet strength is underscored by a pro forma net debt/EBITDA of 3.2x, 99% unencumbered assets, and a 274% asset coverage ratio. Investment-grade ratings (Baa2/BBB+), low operating expenses, and $2.3 billion in liquidity position ADC for continued stability and acquisition opportunities. Read the full article on Seeking Alpha
Narrative Update • Apr 25
ADC: Tenant Quality And Dividend Strength Will Support Expanded Acquisition Funding Capacity
Agree Realty's fair value estimate edges up to $85.39 from $84.25 as analysts lift price targets across the board, citing updated REIT models, steady acquisition activity, and what they view as solid tenant quality and funding capacity. Analyst Commentary Recent Street research on Agree Realty shows a cluster of price target increases alongside at least one downgrade, giving you a mixed but generally constructive read on how the company is executing and how its valuation is being framed.Narrative Update • Apr 10
ADC: Tenant Quality And Dividend Growth Offset Net Lease Sector Uncertainty
Analysts have lifted their average price targets for Agree Realty by several dollars, now clustering in an $81 to $91 range. They cite factors such as accelerating funds from operations per share growth, a low cost of capital, a solid tenant roster, and updated REIT models following recent quarterly results.Narrative Update • Mar 27
ADC: Tenant Quality And Capital Runway Will Support Future Upside
Agree Realty's analyst fair value estimate has been nudged higher to $84.25 from $82.81 as analysts factor in updated sector research highlighting funds from operations growth, a low cost of capital, resilient tenant quality, and an extended capital runway across recent price target increases from multiple firms. Analyst Commentary Recent Street research on Agree Realty has centered on updated models following Q4 results, sector level REIT work, and shifts in macro risks, feeding through to a series of price target revisions across the coverage universe.Narrative Update • Mar 11
ADC: Elevated Acquisitions And Spreads Will Shape Balanced Outlook
Analysts have lifted their average price target for Agree Realty from $82 to $91, citing steady acquisition activity, consistent investment spreads of about 100 to 150 basis points across triple net REITs, and what they see as potential upside to guidance if investment activity remains elevated. Analyst Commentary Recent Street research on Agree Realty has centered on price target revisions across several firms, with most updates clustering around the new US$91 level.Seeking Alpha • Mar 29
Agree Realty: Is This Retail REIT Still A Buy After Sustained Rally? (Rating Downgrade)
Summary Agree Realty is paying out a 4% dividend yield, with AFFO guidance for its fiscal 2025 signalling healthy growth. There are no significant debt maturities until 2028 as ADC intends to invest at least $1.1 billion in net lease properties this year. The REIT's Series A preferreds offer a yield on cost that's 215 basis points greater than the commons, as the performance of both securities has diverged. Read the full article on Seeking AlphaSeeking Alpha • Feb 18
Agree Realty Vs. Realty Income: Accumulate Both REITs Offering Different Benefits
Summary Agree Realty and Realty Income are two of my personal REIT holdings. ADC shows better stability and tenant credit quality. ADC's portfolio boasts 68.2% investment-grade tenants and a 99.6% occupancy rate, while O has only 32% investment-grade tenants and a 98.7% occupancy rate. O offers a higher starting dividend yield at 5.8%, but ADC has superior dividend growth, potentially leading to higher long-term income despite its shorter history. Both REITs face challenges from high interest rates and inflation, but ADC's higher-quality tenants and growth potential make it a resilient choice. Read the full article on Seeking AlphaSeeking Alpha • Feb 12
Q4 Earnings Update: Sell Agree Realty And Buy This REIT Instead
Summary Agree Realty's focus on high-quality investment-grade tenants, ground leases, and aggressive acquisitions initially made it a superior investment compared to Realty Income. Despite ADC's strong business model, its stretched valuation and lower expected returns prompt a downgrade to SELL. ADC's high valuation implies limited price appreciation, making it less attractive compared to peers and the market. Read the full article on Seeking AlphaSeeking Alpha • Jan 17
Agree Realty: Why I Bought More Of The Commons And Preferreds
Summary I'm still buying Agree Realty's commons despite the REIT selloff, driven by the significant rise in long-term Treasury yields. ADC's strong financials include 12.8% revenue growth, 99.6% leased properties, and an investment-grade tenant base, supporting a 4.3% dividend yield. ADC's prudent debt maturity profile and $2 billion liquidity ensure stability, with no significant refinancing needed while Fed rates remain high. ADC's preferreds offer a 6% yield on cost, trading at a 29% discount, presenting a compelling fixed-income investment opportunity. Read the full article on Seeking AlphaSeeking Alpha • Jan 04
Agree Realty: Still A Marginal Buy Case To Be Made Now
Summary A few months ago, Agree Realty upped its monthly dividend per share. The REIT delivered in the third quarter and looks positioned to keep generating solid AFFO per share growth. Agree Realty's credit rating was recently upgraded to BBB+ on a stable outlook by S&P. Shares of the REIT appear to be trading 8% below fair value. Agree Realty could be set to generate 10% annual total returns through 2027. Read the full article on Seeking AlphaSeeking Alpha • Dec 23
Agree Realty: Three Ways To Invest In A Net Lease Leader
Summary ADC offers three investment options: common shares, preferred shares, and bonds, each with varying yields and risk profiles. We compare these three opportunities amidst the backdrop of a rising ten year treasury rate. ADC's business remains strong, but a sector leading valuation should make investors ask whether the common shares are the best opportunity. Read the full article on Seeking AlphaSeeking Alpha • Dec 01
Agree Realty: Unfortunately No Longer A 'Buy' At This Price (Rating Downgrade)
Summary Agree Realty is one of the more impressive triple-net lease REITs out there, with an upside that's non-trivial at the right valuation. That upside is no longer there, with the company trading far higher than when I bought it. As a result of this, using Q3'24 results, I am reiterating "Hold" on Agree Realty stock with the following specifics. Read the full article on Seeking AlphaSeeking Alpha • Nov 13
Why Buy Treasuries When You Can Buy Agree Realty
Summary Warren Buffett's recent moves into Treasury bonds aren't necessarily suitable for everyday investors, and there are attractive stock opportunities like Agree Realty. ADC offers a 4% dividend yield, a strong balance sheet, and a history of consistent shareholder returns, making it a solid long-term investment. ADC's strategic portfolio management and development initiatives have positioned it well for future growth, with a focus on high-quality, recession-resistant tenants. For higher yield and safety, ADC.PR.A offers a 5.5% yield and trades at a 23% discount to par value, providing an attractive alternative. Read the full article on Seeking AlphaSeeking Alpha • Oct 30
Agree Realty: A Strong Performance, But Preferreds Getting Less Attractive
Summary Agree Realty's preferred dividends are extremely well-covered, requiring less than 2% of core FFO and AFFO, making them one of the safest in the REIT sector. The REIT's balance sheet is robust, with $5.3B in equity and only $175M in preferred equity, providing a significant cushion for preferred shareholders. The preferred shares offer a 5.27% yield but have become less appealing due to a 15% price increase and a relatively low mark-up over the 5-year US Treasury yield. Due to double taxation as a European investor, my net yield on these preferred shares drops to around 3.4%, making them less attractive for my personal investment strategy. Read the full article on Seeking AlphaSeeking Alpha • Oct 24
Agree Realty Q3 Earnings: Buying What They Are Selling
Summary ADC is a net lease REIT investing in single tenant retail properties and ground leases around the country. ADC reported Q3 earnings which were aligned with expectations. We talk cost of equity and explain what ADC's low yield means for the REIT and shareholders. Read the full article on Seeking AlphaSeeking Alpha • Oct 15
Resolving Dilemma Between Realty Income And Agree Realty
Summary Realty Income and Agree Realty are structurally similar REITs with a strong focus on the net lease retail segment and very defensive fundamentals. Yet, as a durable income investor, who seeks to maximize yield, while keeping the dividend cut risk limited, I have decided to include only one of them in my portfolio. In this article, I compare ADC and O side by side, elaborating on the key aspects, which, in my opinion, substantiate bullish views on both of them. At the same time, I also emphasize the reasons why, in my opinion, one is slightly more attractive than the other. Read the full article on Seeking AlphaSeeking Alpha • Sep 23
Agree Realty: No Longer Undervalued, Still A Buy
Summary Agree Realty achieves industry-leading growth at a low cost of capital, making it a fundamentally strong business and a long-term buy. REITs are expected to perform well given the lower interest rate outlook. The shares have caught up to value after rising by 32%, making ADC no longer significantly undervalued. Despite this, ADC's performance justifies its premium valuation, and the company is positioned for long-term growth. Read the full article on Seeking AlphaSeeking Alpha • Sep 16
Agree Realty: The Multiple Expansion Has Not Made The Case Unattractive
Summary Since my earlier piece this June on Agree Realty, the total return performance has landed at close to 25%. This has expanded ADC's multiple quite a lot, and consequently brought down the yield to below 4% level. Theoretically, this renders a strong base of argumentation to consider other alternatives. Yet, looking at the underlying fundamentals, I still see a further upside and a rationale of holding / buying ADC. In this article, I elaborate in more detail why I have maintained my buy rating on ADC. Read the full article on Seeking Alpha
New Narrative • Aug 27
Decisive Investments And Agile Capital Management Propel Company Toward Robust Growth Amidst Market Volatility
The company's strategic focus on high-quality investments and financial flexibility through expanded credit facilities aims to enhance its revenue growth and earnings.Seeking Alpha • Aug 15
Agree Realty: Common Or Preferred? One Is The Better Buy
Summary Agree Realty is a high-quality stock for income investors with resilient recession and e-commerce-resistant tenants. ADC's common stock has seen significant gains, leading to a higher valuation, making its Preferred Series A shares a more attractive option. With a solid balance sheet, strong credit ratings, and a well-covered 4.2% dividend yield, ADC is well-positioned for steady growth. Read the full article on Seeking AlphaSeeking Alpha • Jul 24
Agree Realty Q2 Earnings: Still A Strong Buy In The Net Lease Sector
Summary Agree Realty Corporation reported strong Q2 earnings with sector-leading share metric growth. Agree Realty remains well-capitalized and well-managed, positioning itself as one of the top net lease REITs. The company continues to expand, acquiring existing assets and partnering with tenants to provide development funding. We dive into second-quarter earnings and discuss Agree Realty Corporation's recent performance. Read the full article on Seeking AlphaCEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Mar 31 2026 | n/a | n/a | US$212m |
| Dec 31 2025 | US$11m | US$922k | US$196m |
| Sep 30 2025 | n/a | n/a | US$186m |
| Jun 30 2025 | n/a | n/a | US$178m |
| Mar 31 2025 | n/a | n/a | US$183m |
| Dec 31 2024 | US$8m | US$900k | US$181m |
| Sep 30 2024 | n/a | n/a | US$182m |
| Jun 30 2024 | n/a | n/a | US$179m |
| Mar 31 2024 | n/a | n/a | US$165m |
| Dec 31 2023 | US$8m | US$895k | US$162m |
| Sep 30 2023 | n/a | n/a | US$157m |
| Jun 30 2023 | n/a | n/a | US$155m |
| Mar 31 2023 | n/a | n/a | US$150m |
| Dec 31 2022 | US$8m | US$875k | US$145m |
| Sep 30 2022 | n/a | n/a | US$137m |
| Jun 30 2022 | n/a | n/a | US$136m |
| Mar 31 2022 | n/a | n/a | US$124m |
| Dec 31 2021 | US$7m | US$875k | US$120m |
| Sep 30 2021 | n/a | n/a | US$112m |
| Jun 30 2021 | n/a | n/a | US$97m |
| Mar 31 2021 | n/a | n/a | US$100m |
| Dec 31 2020 | US$8m | US$793k | US$91m |
| Sep 30 2020 | n/a | n/a | US$90m |
| Jun 30 2020 | n/a | n/a | US$89m |
| Mar 31 2020 | n/a | n/a | US$83m |
| Dec 31 2019 | US$5m | US$665k | US$80m |
Compensation vs Market: Joey's total compensation ($USD10.96M) is above average for companies of similar size in the US market ($USD8.38M).
Compensation vs Earnings: Joey's compensation has increased by more than 20% in the past year.
CEO
Joey Agree (46 yo)
16.9yrs
Tenure
US$10,957,876
Compensation
Mr. Joel N. Agree, also known as Joey, J.D., serves as President & Director since June 8, 2009 and Chief Executive Officer since January 8, 2013 at Agree Realty Corporation. Mr. Agree served as the Chief O...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Executive Chairman of the Board | 32.4yrs | no data | 0.55% $ 50.1m | |
| President | 16.9yrs | US$10.96m | 0.57% $ 51.3m | |
| CFO, Secretary & Investor Relations Professional | 4.8yrs | US$2.19m | 0.022% $ 2.0m | |
| Chief Operating Officer | 2.7yrs | US$2.20m | 0.020% $ 1.8m | |
| General Counsel | 7.3yrs | US$1.43m | 0.021% $ 1.9m | |
| Chief Growth Officer | 2.7yrs | US$1.96m | 0.050% $ 4.5m | |
| VP & Chief Accounting Officer | 3.9yrs | no data | 0.011% $ 986.5k | |
| Senior Director of Corporate Finance | 1.8yrs | no data | no data | |
| Chief Information Officer & VP of Continuous Improvement | 4yrs | no data | no data | |
| Vice President of People & Culture | 1.1yrs | no data | no data | |
| Vice President of Asset Management | 8.3yrs | no data | no data | |
| Senior Vice President of Development & Construction | less than a year | no data | no data |
4.0yrs
Average Tenure
51.5yo
Average Age
Experienced Management: ADC's management team is considered experienced (4 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Executive Chairman of the Board | 32.4yrs | no data | 0.55% $ 50.1m | |
| President | 16.9yrs | US$10.96m | 0.57% $ 51.3m | |
| Independent Director | 5.3yrs | US$185.00k | 0.47% $ 43.0m | |
| Independent Director | 11.3yrs | US$185.00k | 0.0085% $ 770.5k | |
| Independent Director | 5.4yrs | US$210.00k | 0.011% $ 1.0m | |
| Lead Independent Director | 7.8yrs | US$235.00k | 0.023% $ 2.1m | |
| Independent Director | 4.7yrs | US$185.00k | 0.0099% $ 901.2k | |
| Independent Director | 2.3yrs | US$185.00k | 0.0049% $ 444.7k | |
| Independent Director | 5.8yrs | US$185.00k | 0.0066% $ 596.2k |
5.8yrs
Average Tenure
60yo
Average Age
Experienced Board: ADC's board of directors are considered experienced (5.8 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/25 21:34 |
| End of Day Share Price | 2026/05/22 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Agree Realty Corporation is covered by 36 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Wesley Golladay | Baird |
| Richard Hightower | Barclays |
| Nathan Crossett | Berenberg |