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Agree Realty

NYSE:ADC
Snowflake Description

Average dividend payer with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ADC
NYSE
$3B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

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. The last earnings update was 31 days ago. More info.


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ADC Share Price and Events
7 Day Returns
-0.9%
NYSE:ADC
-0.3%
US REITs
0.2%
US Market
1 Year Returns
30.9%
NYSE:ADC
13.3%
US REITs
2.9%
US Market
ADC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Agree Realty (ADC) -0.9% 2.8% 2.6% 30.9% 60.1% 119.3%
US REITs -0.3% 3.5% 3.2% 13.3% 11.3% 24.8%
US Market 0.2% -1.6% 2.4% 2.9% 36.1% 41%
1 Year Return vs Industry and Market
  • ADC outperformed the REITs industry which returned 13.3% over the past year.
  • ADC outperformed the Market in United States of America which returned 2.9% over the past year.
Price Volatility
ADC
Industry
5yr Volatility vs Market

Value

 Is Agree Realty undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Agree Realty to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Agree Realty.

NYSE:ADC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:ADC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 21%) (29.54%))
0.767
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:ADC using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Agree Realty is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Agree Realty is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:ADC DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2019 123.12 Analyst x3 114.53
2020 148.75 Analyst x4 128.73
2021 175.29 Analyst x3 141.11
2022 191.80 Analyst x1 143.63
2023 214.40 Analyst x1 149.36
2024 233.71 Est @ 9.01% 151.46
2025 250.37 Est @ 7.13% 150.93
2026 264.90 Est @ 5.81% 148.55
2027 277.84 Est @ 4.88% 144.94
2028 289.62 Est @ 4.24% 140.55
Present value of next 10 years cash flows $1,413.78
NYSE:ADC DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $289.62 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$6,239.97
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $6,239.97 ÷ (1 + 7.5%)10
$3,028.16
NYSE:ADC Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,413.78 + $3,028.16
$4,441.94
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $4,441.94 / 38.61
$114.51
NYSE:ADC Discount to Share Price
Calculation Result
Value per share (USD) From above. $114.51
Current discount Discount to share price of $67.34
= -1 x ($67.34 - $114.51) / $114.51
41.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Agree Realty is available for.
Intrinsic value
41%
Share price is $67.34 vs Future cash flow value of $114.51
Current Discount Checks
For Agree Realty to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Agree Realty's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Agree Realty's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Agree Realty's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Agree Realty's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:ADC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.78
NYSE:ADC Share Price ** NYSE (2019-05-22) in USD $67.34
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.92x
United States of America Market PE Ratio Median Figure of 3,085 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Agree Realty.

NYSE:ADC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:ADC Share Price ÷ EPS (both in USD)

= 67.34 ÷ 1.78

37.82x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Agree Realty is overvalued based on earnings compared to the US REITs industry average.
  • Agree Realty is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Agree Realty's expected growth come at a high price?
Raw Data
NYSE:ADC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 37.82x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
14.3%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.41x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

NYSE:ADC PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 37.82x ÷ 14.3%

2.64x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Agree Realty is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Agree Realty's assets?
Raw Data
NYSE:ADC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $33.65
NYSE:ADC Share Price * NYSE (2019-05-22) in USD $67.34
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,201 Publicly-Listed Companies 1.84x
NYSE:ADC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:ADC Share Price ÷ Book Value per Share (both in USD)

= 67.34 ÷ 33.65

2x

* Primary Listing of Agree Realty.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Agree Realty is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Agree Realty's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Agree Realty has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Agree Realty expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
14.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Agree Realty expected to grow at an attractive rate?
  • Agree Realty's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Agree Realty's earnings growth is expected to exceed the United States of America market average.
  • Agree Realty's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:ADC Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:ADC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 14.3%
NYSE:ADC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 13.7%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:ADC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:ADC Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 307 124 1
2022-12-31 275 111 1
2021-12-31 253 90 2
2020-12-31 219 82 4
2019-12-31 181 70 3
NYSE:ADC Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 158 99 60
2018-12-31 148 93 58
2018-09-30 137 91 61
2018-06-30 130 85 58
2018-03-31 122 84 60
2017-12-31 117 82 58
2017-09-30 110 71 54
2017-06-30 104 70 56
2017-03-31 98 61 52
2016-12-31 92 62 45
2016-09-30 85 56 40
2016-06-30 79 50 41

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Agree Realty's earnings are expected to grow by 14.3% yearly, however this is not considered high growth (20% yearly).
  • Agree Realty's revenue is expected to grow by 13.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:ADC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Agree Realty Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:ADC Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 2.24 2.24 2.24 1.00
2022-12-31 2.12 2.12 2.12 1.00
2021-12-31 1.83 1.99 1.66 3.00
2020-12-31 1.75 1.84 1.67 3.00
2019-12-31 1.73 1.77 1.70 3.00
NYSE:ADC Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.78
2018-12-31 1.81
2018-09-30 2.00
2018-06-30 1.93
2018-03-31 2.08
2017-12-31 2.10
2017-09-30 2.04
2017-06-30 2.23
2017-03-31 2.15
2016-12-31 1.97
2016-09-30 1.89
2016-06-30 2.03

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Agree Realty will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Agree Realty's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Agree Realty has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Agree Realty performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Agree Realty's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Agree Realty has delivered over 20% year on year earnings growth in the past 5 years.
  • Agree Realty's 1-year earnings growth is less than its 5-year average (0.3% vs 24%)
  • Agree Realty's earnings growth has not exceeded the US REITs industry average in the past year (0.3% vs 16%).
Earnings and Revenue History
Agree Realty's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Agree Realty Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:ADC Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 158.22 60.08 13.58
2018-12-31 148.20 58.17 12.41
2018-09-30 136.87 61.34 11.78
2018-06-30 129.95 57.92 11.25
2018-03-31 122.32 59.88 10.46
2017-12-31 116.56 58.11 10.08
2017-09-30 110.33 54.35 9.45
2017-06-30 104.10 56.45 8.93
2017-03-31 97.86 52.23 8.58
2016-12-31 91.53 45.12 7.99
2016-09-30 85.38 40.18 8.01
2016-06-30 79.07 40.51 7.81
2016-03-31 74.45 40.11 7.46
2015-12-31 69.97 39.02 7.09
2015-09-30 65.13 36.82 6.85
2015-06-30 61.04 27.08 6.83
2015-03-31 56.73 19.47 6.70
2014-12-31 53.56 18.35 6.76
2014-09-30 50.95 18.02 6.24
2014-06-30 48.47 17.96 6.08
2014-03-31 46.16 19.56 6.06
2013-12-31 43.52 18.43 5.95
2013-09-30 40.21 16.26 6.20
2013-06-30 38.13 15.49 5.93
2013-03-31 36.17 14.57 5.76
2012-12-31 34.62 13.69 5.68
2012-09-30 33.70 13.05 5.76
2012-06-30 32.23 14.00 5.54

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Agree Realty has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Agree Realty used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Agree Realty's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Agree Realty's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Agree Realty has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Agree Realty's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Agree Realty's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Agree Realty's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Agree Realty's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Agree Realty's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Agree Realty Company Filings, last reported 1 month ago.

NYSE:ADC Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,289.42 771.66 22.33
2018-12-31 1,238.49 721.54 56.49
2018-09-30 1,068.38 617.37 21.33
2018-06-30 910.12 645.21 13.05
2018-03-31 912.86 555.91 5.50
2017-12-31 911.19 519.81 52.40
2017-09-30 822.82 486.16 26.74
2017-06-30 795.95 435.20 5.46
2017-03-31 687.55 416.70 3.86
2016-12-31 685.51 402.92 34.80
2016-09-30 575.43 441.40 11.49
2016-06-30 558.69 394.89 4.03
2016-03-31 450.45 355.86 3.71
2015-12-31 453.62 320.24 2.81
2015-09-30 399.68 334.33 21.38
2015-06-30 370.63 320.59 2.87
2015-03-31 352.87 287.37 7.92
2014-12-31 356.04 224.15 5.67
2014-09-30 286.62 224.88 1.40
2014-06-30 286.99 182.41 1.62
2014-03-31 291.19 164.42 0.83
2013-12-31 292.22 158.60 15.22
2013-09-30 243.03 190.52 5.82
2013-06-30 244.03 156.64 1.23
2013-03-31 243.32 126.61 1.20
2012-12-31 197.97 162.24 1.27
2012-09-30 197.52 125.75 0.54
2012-06-30 197.97 107.39 0.62
  • Agree Realty's level of debt (59.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (56.5% vs 59.8% today).
  • Debt is not well covered by operating cash flow (12.8%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 3x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Agree Realty's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Agree Realty has a total score of 0/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Agree Realty's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.39%
Current annual income from Agree Realty dividends. Estimated to be 3.53% next year.
If you bought $2,000 of Agree Realty shares you are expected to receive $68 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Agree Realty's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Agree Realty's dividend is below the markets top 25% of dividend payers in United States of America (3.7%).
Upcoming dividend payment

Purchase Agree Realty before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:ADC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2005 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:ADC Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 2.55 2.00
2022-12-31 2.49 2.00
2021-12-31 2.41 5.00
2020-12-31 2.34 5.00
2019-12-31 2.27 5.00
NYSE:ADC Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-25 2.280 3.418
2019-02-26 2.220 3.315
2018-12-04 2.220 3.579
2018-09-04 2.160 3.890
2018-05-15 2.160 4.028
2018-02-27 2.080 4.274
2017-12-05 2.080 4.266
2017-09-05 2.020 4.089
2017-07-24 2.020 4.108
2017-02-28 1.980 4.180
2016-12-06 1.980 4.264
2016-09-08 1.920 4.139
2016-05-02 1.920 4.162
2016-03-01 1.860 4.829
2015-12-01 1.860 5.360
2015-09-15 1.860 5.903
2015-05-04 1.860 6.196
2015-03-05 1.800 5.551
2015-02-23 1.800 5.474
2014-09-09 1.720 5.600
2014-06-03 1.720 5.727
2014-03-04 1.720 5.670
2013-12-03 1.640 5.661
2013-09-10 1.640 5.402
2013-06-04 1.640 5.539
2013-03-05 1.640 5.435
2012-12-04 1.600 5.808
2012-09-11 1.600 6.213
2012-06-05 1.600 6.907
2012-03-06 1.600 7.175
2011-12-06 1.600 6.472
2011-09-13 1.600 7.016
2011-06-06 1.600 7.342
2011-03-07 1.600 7.006
2010-12-06 2.040 8.257
2010-09-13 2.040 7.716
2010-06-07 2.040 8.610
2010-03-08 2.040 8.547
2009-12-07 2.040 9.106
2009-09-14 2.040 8.742
2009-06-08 2.000 10.536

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Agree Realty's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (74.5x coverage).
X
Income/ dividend checks
We assess Agree Realty's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Agree Realty afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Agree Realty has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Agree Realty's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Joey Agree
COMPENSATION $4,882,765
AGE 39
TENURE AS CEO 6.3 years
CEO Bio

Mr. Joel N. Agree, also known as Joey, has been the Chief Executive Officer at Agree Realty Corporation since January 8, 2013 and has been its President since June 2009. Mr. Agree served as the Chief Operating Officer and Executive Vice President at Agree Realty Corporation which he joined in March 2005. Mr. Agree has been a Director of Agree Realty Corporation since June 2009. He is a Member of the State Bar of Michigan and the International Council of Shopping Centers. He holds a Juris Doctorate degree from Wayne State University Law School and a Bachelor of Arts degree in Political Science from the University of Michigan.

CEO Compensation
  • Joey's compensation has increased by more than 20% in the past year whilst earnings fell less than 20%.
  • Joey's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Agree Realty management team in years:

1.3
Average Tenure
47
Average Age
  • The average tenure for the Agree Realty management team is less than 2 years, this suggests a new team.
Management Team

Rick Agree

TITLE
Executive Chairman of the Board
COMPENSATION
$469K
AGE
74

Joey Agree

TITLE
President
COMPENSATION
$5M
AGE
39
TENURE
6.3 yrs

Clay Thelen

TITLE
CFO & Secretary
COMPENSATION
$647K
AGE
34
TENURE
1.4 yrs

Laith Hermiz

TITLE
COO & Executive VP
COMPENSATION
$865K
AGE
47
TENURE
3.5 yrs

David Wolff

TITLE
Chief Accounting Officer
AGE
49
TENURE
0.3 yrs

Peter Coughenour

TITLE
Senior Director of Corporate Finance
TENURE
1.3 yrs

Danielle Spehar

TITLE
General Counsel
TENURE
0.3 yrs

Nicole Witteveen

TITLE
Director of People & Culture
TENURE
0.3 yrs

Marc Brandt

TITLE
Vice President of Asset Management
TENURE
1.3 yrs

Cheryl Hamilton

TITLE
Corporate Controller
TENURE
3.7 yrs
Board of Directors Tenure

Average tenure and age of the Agree Realty board of directors in years:

7.8
Average Tenure
71
Average Age
  • The tenure for the Agree Realty board of directors is about average.
Board of Directors

Rick Agree

TITLE
Executive Chairman of the Board
COMPENSATION
$469K
AGE
74
TENURE
25.4 yrs

Joey Agree

TITLE
President
COMPENSATION
$5M
AGE
39
TENURE
9.9 yrs

Farris Kalil

TITLE
Independent Director
COMPENSATION
$46K
AGE
79
TENURE
25.4 yrs

William Rubenfaer

TITLE
Independent Director
COMPENSATION
$40K
AGE
73
TENURE
11.4 yrs

Merrie Frankel

TITLE
Independent Director
COMPENSATION
$40K
AGE
63
TENURE
2.6 yrs

John Rakolta

TITLE
Independent Director
COMPENSATION
$40K
AGE
71
TENURE
7.8 yrs

Jerry Rossi

TITLE
Independent Director
COMPENSATION
$40K
AGE
75
TENURE
4.3 yrs

Craig Erlich

TITLE
Independent Director
COMPENSATION
$18K
AGE
50
TENURE
0.8 yrs

Greg Lehmkuhl

TITLE
Independent Director
COMPENSATION
$18K
AGE
45
TENURE
0.8 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Agree Realty insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
07. May 19 Buy John Rakolta Individual 03. May 19 03. May 19 6,801 $66.19 $450,158
01. Apr 19 Sell Farris Kalil Individual 28. Mar 19 28. Mar 19 -701 $69.49 $-48,712
02. Jan 19 Buy John Rakolta Individual 28. Dec 18 28. Dec 18 162 $59.39 $9,621
09. Nov 18 Sell Laith Hermiz Individual 07. Nov 18 07. Nov 18 -3,500 $58.00 $-203,000
07. Sep 18 Buy Craig Erlich Individual 06. Sep 18 06. Sep 18 2,000 $54.80 $109,600
06. Sep 18 Buy Richard Agree Individual 06. Sep 18 06. Sep 18 6,000 $54.77 $328,620
06. Sep 18 Buy W. Lehmkuhl Individual 06. Sep 18 06. Sep 18 730 $54.75 $39,968
06. Sep 18 Buy John Rakolta Individual 05. Sep 18 05. Sep 18 13,274 $54.84 $727,455
27. Jul 18 Buy John Rakolta Individual 24. Jul 18 24. Jul 18 220 $52.65 $11,583
X
Management checks
We assess Agree Realty's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Agree Realty has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

If You Had Bought Agree Realty (NYSE:ADC) Stock Five Years Ago, You Could Pocket A 115% Gain Today

One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price. … During five years of share price growth, Agree Realty achieved compound earnings per share (EPS) growth of 4.3% per year. … This EPS growth is lower than the 17% average annual increase in the share price.

Simply Wall St -

Here's How We Evaluate Agree Realty Corporation's (NYSE:ADC) Dividend

If you are hoping to live on your dividends, it's important to be more stringent with your investments than the average punter. Regular readers know we like to apply the same approach to each dividend stock, and we hope you'll find our analysis useful.. … In this case, Agree Realty likely looks attractive to investors, given its 3.4% dividend yield and a payment history of over ten years. … Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1

Simply Wall St -

Will Agree Realty Corporation's (NYSE:ADC) Earnings Grow Over The Next Year?

In December 2018, Agree Realty Corporation (NYSE:ADC) released its earnings update. … analyst forecasts seem fairly subdued, … the higher past 5-year average growth rate of 26%

Simply Wall St -

Agree Realty Corporation (NYSE:ADC): What's The Analyst Consensus Outlook?

Agree Realty Corporation's (NYSE:ADC) announced its latest earnings update in December 2018, whicha

Simply Wall St -

Does The Hype Around Agree Realty Corporation's (NYSE:ADC) Growth Justify Its March Share Price?

Agree Realty Corporation (NYSE:ADC) closed yesterday at $66.99, which left some investors asking whether the high earnings potential can still be justified at this price. … See our latest analysis for Agree Realty? … Analysts are predicting good growth prospects for Agree Realty over the next couple of years

Simply Wall St -

Does Agree Realty Corporation's (NYSE:ADC) CEO Salary Compare Well With Others?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Joey Agree's Compensation Compare With Similar Sized Companies. … According to our data, Agree Realty Corporation has a market capitalization of US$2.5b, and pays its CEO total annual compensation worth US$3.9m.

Simply Wall St -

Is Agree Realty Corporation's (NYSE:ADC) 5.8% Better Than Average?

Our data shows Agree Realty has a return on equity of 5.8% for the last year. … One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.058 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

How Many Insiders Bought Agree Realty Corporation (NYSE:ADC) Shares?

So before you buy or sell Agree Realty Corporation (NYSE:ADC), you may well want to know whether insiders have been buying or selling. … However, most countries require that the company discloses such transactions to the market. … Agree Realty Insider Transactions Over The Last Year.

Simply Wall St -

How Should You Analyze REIT Stock Agree Realty Corporation (NYSE:ADC)?

real estate investment trust (REIT) based in Bloomfield Hills, United States. … Funds from Operations (FFO) is a higher quality measure of ADC's earnings compared to net income … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation

Simply Wall St -

Agree Realty Corporation (NYSE:ADC): Set To Experience A Decrease In Earnings?

In September 2018, Agree Realty Corporation (NYSE:ADC) released its earnings update. … with earnings expected to decline by -0.6% in the upcoming year

Simply Wall St -

Company Info

Description

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, 2019, the Company owned and operated a portfolio of 694 properties, located in 46 states and containing approximately 11.9 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".

Details
Name: Agree Realty Corporation
ADC
Exchange: NYSE
Founded: 1971
$2,612,230,402
$2,576,851,429
38,613,901
Website: http://agreerealty.com
Address: Agree Realty Corporation
70 East Long Lake Road,
Bloomfield Hills,
Michigan, 48304,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE ADC Common Stock New York Stock Exchange US USD 15. Apr 1994
DB AGL Common Stock Deutsche Boerse AG DE EUR 15. Apr 1994
Number of employees
Current staff
Staff numbers
36
Agree Realty employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 03:38
End of day share price update: 2019/05/22 00:00
Last estimates confirmation: 2019/05/17
Last earnings filing: 2019/04/22
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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 here.