Agree Realty
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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 114 days ago. More info.
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ADC Share Price and Events
7 Day Returns
1 Year Returns
ADC Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Agree Realty (ADC) | -1.6% | 7.2% | 12.7% | 45.7% | 76.3% | 118.1% |
| US REITs | 0.1% | 7.3% | 4.2% | 12.8% | 20.5% | 26.4% |
| US Market | 0.5% | 6.3% | 1.9% | 2% | 45.1% | 40.5% |
1 Year Return vs Industry and Market
- ADC outperformed the REITs industry which returned 12.8% over the past year.
- ADC outperformed the Market in United States of America which returned 2% over the past year.
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Agree Realty.
| 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 | 8.5% |
| 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.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 7.3% |
| REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.55 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.551 (1 + (1- 21%) (25.04%)) |
0.66 |
| 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 * 7.27%) |
8.55% |
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 use analyst's estimates of cash flows going forward 5 years for the 1st 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.
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Adjusted Funds From Operations (AFFO) (USD, Millions) | 121.95 | 144.39 | 163.60 | 183.90 | 204.70 |
| Source | Analyst x5 | Analyst x5 | Analyst x1 | Analyst x1 | Analyst x1 |
|
Present Value Discounted (@ 8.55%) |
112.35 | 122.55 | 127.92 | 132.47 | 135.85 |
| Present value of next 5 years cash flows | $631.14 |
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2023
× (1 + g) ÷ (Discount Rate – g)
= $204.70 × (1 + 2.73%) ÷ (8.55% – 2.73%) |
$3,615.69 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)5
= $3,615.69 ÷ (1 + 8.55%)5 |
$2,399.50 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 5 years cash flows +
Terminal Value
= $631.14 + $2,399.50 |
$3,030.64 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $3,030.64 / 37.68 |
$80.12 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $80.12 |
| Current discount | Discount to share price of
$65.18
= -1 x ($65.18 - $80.12) / $80.12 |
18.6% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Agree Realty's share price is below the future cash flow value, but not at a moderate discount (< 20%).
- Agree Realty's share price is below the future cash flow value, but not 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?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-09-30) in USD | $2.00 |
| NYSE:ADC Share Price ** | NYSE (2019-02-13) in USD | $65.18 |
| United States of America REITs Industry PE Ratio | Median Figure of 154 Publicly-Listed REITs Companies | 31.96x |
| United States of America Market PE Ratio | Median Figure of 3,046 Publicly-Listed Companies | 16.95x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Agree Realty.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:ADC Share Price ÷ EPS (both in USD) = 65.18 ÷ 2.00 |
32.6x |
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?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 32.6x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts |
11.5%per year |
| United States of America REITs Industry PEG Ratio | Median Figure of 141 Publicly-Listed REITs Companies | 0.86x |
| United States of America Market PEG Ratio | Median Figure of 2,117 Publicly-Listed Companies | 1.36x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 32.6x ÷ 11.5% |
2.84x |
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?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-09-30) in USD | $31.10 |
| NYSE:ADC Share Price * | NYSE (2019-02-13) in USD | $65.18 |
| United States of America REITs Industry PB Ratio | Median Figure of 192 Publicly-Listed REITs Companies | 1.74x |
| United States of America Market PB Ratio | Median Figure of 5,122 Publicly-Listed Companies | 1.81x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:ADC Share Price ÷ Book Value per Share (both in USD) = 65.18 ÷ 31.10 |
2.1x |
* 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.
Value checks
We assess Agree Realty's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) Agree Realty has a total score of 0/6, 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!
Earnings growth vs Low Risk Savings
- 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 positive but not above 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
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:ADC Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts | 11.5% |
| NYSE:ADC Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts | 15% |
| United States of America REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 0.8% |
| United States of America REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 3.8% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.4% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.1% |
*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
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (4 months ago) | See Below |
| Future Estimates | Average of up to 4 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 310 | 105 | 1 | |
| 2022-12-31 | 279 | 94 | 1 | |
| 2021-12-31 | 249 | 85 | 1 | |
| 2020-12-31 | 225 | 76 | 3 | |
| 2019-12-31 | 190 | 66 | 4 | |
| 2018-12-31 | 147 | 58 | 4 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-09-30 | 139 | 91 | 61 |
| 2018-06-30 | 132 | 85 | 58 |
| 2018-03-31 | 125 | 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 |
| 2016-03-31 | 74 | 52 | 40 |
| 2015-12-31 | 70 | 45 | 39 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (4 months 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 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 2.00 | 2.00 | 2.00 | 1.00 |
| 2022-12-31 | 1.91 | 1.91 | 1.91 | 1.00 |
| 2021-12-31 | 1.82 | 1.82 | 1.82 | 1.00 |
| 2020-12-31 | 1.61 | 1.74 | 1.47 | 2.00 |
| 2019-12-31 | 1.56 | 1.62 | 1.50 | 2.00 |
| 2018-12-31 | 1.77 | 1.77 | 1.76 | 2.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2018-09-30 | 2.00 |
| 2018-06-30 | 1.94 |
| 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 |
| 2016-03-31 | 2.14 |
| 2015-12-31 | 2.17 |
*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.
Future performance checks
We assess Agree Realty's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Agree Realty has a total score of 2/6, 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
Past Earnings growth analysis
- 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 (13.1% vs 27.6%)
- Agree Realty's earnings growth has not exceeded the US REITs industry average in the past year (13.1% vs 16.8%).
Earnings and Revenue History
All data from Agree Realty Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-09-30 | 139.02 | 61.46 | 12.05 | |
| 2018-06-30 | 132.20 | 58.04 | 11.52 | |
| 2018-03-31 | 124.56 | 59.99 | 10.69 | |
| 2017-12-31 | 116.56 | 58.11 | 10.31 | |
| 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 | 8.14 | |
| 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 | 6.75 | |
| 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 | |
| 2012-03-31 | 30.58 | 13.28 | 5.63 |
*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).
Past performance checks
We assess Agree Realty's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
- Agree Realty is able to meet its short term (1 year) commitments with 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
Assets
Liabilities and shares
- 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.
All data from Agree Realty Company Filings, last reported 4 months ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 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 |
| 2012-03-31 | 197.76 | 83.90 | 0.47 |
- Agree Realty's level of debt (57.8%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has been reduced over the past 5 years (78.1% vs 57.8% today).
- Debt is not well covered by operating cash flow (14.8%, less than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 3.1x coverage).
Financial health checks
We assess Agree Realty's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Agree Realty has a total score of 3/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
If you bought
$2,000 of
Agree Realty
shares you are expected to receive
$68
in your first year as a dividend.
Dividend Amount
- Agree Realty's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.43%).
- Agree Realty's dividend is below the markets top 25% of dividend payers in United States of America (3.62%).
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.
| 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 185 Stocks | 4% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 1997 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 | 3.6% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 2.53 | 2.00 |
| 2022-12-31 | 2.44 | 2.00 |
| 2021-12-31 | 2.36 | 2.00 |
| 2020-12-31 | 2.31 | 5.00 |
| 2019-12-31 | 2.24 | 5.00 |
| 2018-12-31 | 2.15 | 5.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2018-12-04 | 2.220 | 3.613 |
| 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 |
| 2009-03-02 | 2.000 | 13.444 |
| 2009-02-17 | 2.000 | 16.490 |
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).
- Dividends after 3 years are expected to be thoroughly covered by earnings (69.1x coverage).
Income/ dividend checks
We assess Agree Realty's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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
CEO
| COMPENSATION | $3,944,174 |
| AGE | 39 |
| TENURE AS CEO | 6.1 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 been consistent with company performance over the past year.
- 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:
- The average tenure for the Agree Realty management team is less than 2 years, this suggests a new team.
Management Team
Rick Agree
Executive Chairman of the Board
$472K
74
Joey Agree
President
$4M
39
6.1 yrs
Clay Thelen
CFO & Secretary
$231K
34
1.2 yrs
Laith Hermiz
COO & Executive VP
$778K
47
3.3 yrs
Peter Coughenour
Director of Corporate Finance
1 yrs
Dan Ravid
Chief Administrative Officer & Treasurer
3.3 yrs
Marc Brandt
Vice President of Asset Management
1.1 yrs
Cheryl Hamilton
Corporate Controller
3.4 yrs
Jeff Williams
Vice President of Acquisitions-Western Region
1 yrs
Ryan Cockerill
Vice President of Acquisition- Eastern Region
1 yrs
Board of Directors Tenure
Average tenure and age of the Agree Realty board of directors in years:
- The tenure for the Agree Realty board of directors is about average.
Board of Directors
Rick Agree
Executive Chairman of the Board
$472K
74
25.2 yrs
Joey Agree
President
$4M
39
9.7 yrs
Farris Kalil
Independent Director
$34K
79
25.2 yrs
William Rubenfaer
Independent Director
$30K
73
11.2 yrs
Merrie Frankel
Independent Director
$30K
63
2.3 yrs
John Rakolta
Independent Director
$30K
71
7.5 yrs
Jerry Rossi
Independent Director
$30K
75
4.1 yrs
Craig Erlich
Director
51
0.6 yrs
Greg Lehmkuhl
Director
45
0.6 yrs
Who owns this company?
Recent Insider Trading
- More shares have been bought than sold by Agree Realty insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||
| 05. Mar 18 | Buy | John Rakolta | Individual | 01. Mar 18 | 02. Mar 18 | 10,000 | $47.02 | $470,100 | ||
| 01. Mar 18 | Buy | John Rakolta | Individual | 28. Feb 18 | 01. Mar 18 | 12,500 | $47.27 | $589,875 | ||
Management checks
We assess Agree Realty's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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
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 - – Full articleHow 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 - – Full articleAgree 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 - – Full articleIs Agree Realty Corporation's (NYSE:ADC) CEO Overpaid Relative To Its Peers?
Joey Agree became the CEO of Agree Realty Corporation (NYSE:ADC) in 2013. … This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … According to our data, Agree Realty Corporation has a market capitalization of US$1.9b, and pays its CEO total annual compensation worth US$4m.
Simply Wall St - – Full articleAgree Realty Corporation (NYSE:ADC): Earnings Growth Remains Elusive
After Agree Realty Corporation's (NYSE:ADC) recent earnings announcement in March 2018, … with profits predicted to drop by -8.41% next year … the past 5-year average growth rate of 27.87%.
Simply Wall St - – Full articleAgree Realty Corporation (NYSE:ADC): Dividend Is Coming In 1 Days, Should You Buy?
Important news for shareholders and potential investors in Agree Realty Corporation (NYSE:ADC): The dividend payment of US$0.54 per share will be distributed into shareholder on 13 July 2018, and the stock will begin trading ex-dividend at an earlier date, 28 June 2018. … Is this future income a persuasive enough catalyst for investors to think about Agree Realty as an investment today? … Check out our latest analysis for Agree Realty
Simply Wall St - – Full articleShould You Buy Agree Realty Corporation (NYSE:ADC) At US$053.44?
saw a double-digit share price rise of over 10% in the past couple of months on the NYSE. … With many analysts covering the stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price? … Today I will analyse the most recent data on Agree Realty’s outlook and valuation to see if the opportunity still exists
Simply Wall St - – Full articleIs Agree Realty Corporation (NYSE:ADC) A Healthy REIT?
Agree Realty Corporation is a US$1.66B small-cap real estate investment trust (REIT) based in Bloomfield Hills, United States. … See our latest analysis for Agree Realty REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities. … The ratio is typically calculated using EBIT, but for a REIT stock, it's better to use FFO divided by net interest.
Simply Wall St - – Full articleFebruary Top Real Estate Dividend Payers
These factors drive the profitability and cash flows of real estate companies, which in turn steer the dividend payout and yield for investors. … NYSE:ADC Historical Dividend Yield Feb 26th 18 Ryman Hospitality Properties, Inc. … NYSE:NNN Historical Dividend Yield Feb 26th 18 For more solid dividend payers to add to your portfolio, you can use our free platform to explore our interactive list of top dividend payers.
Simply Wall St - – Full articleShould You Sell Agree Realty Corporation (NYSE:ADC) At This PE Ratio?
It compares a stock’s price per share to the stock’s earnings per share. … Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for ADC Price per share = $45.06 Earnings per share = $2.044 ∴ Price-Earnings Ratio = $45.06 ÷ $2.044 = 22x On its own, the P/E ratio doesn’t tell you much; however, it becomes extremely useful when you compare it with other similar companies. … Ideally, we want to compare the stock’s P/E ratio to the average of companies that have similar characteristics as ADC, such as size and country of operation.
Simply Wall St - – Full articleCompany Info
Map
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 September 30, 2018, the Company owned and operated a portfolio of 520 properties, located in 45 states and containing approximately 10.0 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 |
| $2,465,557,947 | |
| $2,433,104,220 | |
| 37,676,619 | |
| 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
Industry
| Retail REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/02/13 23:34 |
| End of day share price update: | 2019/02/13 00:00 |
| Last estimates confirmation: | 2019/02/11 |
| Last earnings filing: | 2018/10/22 |
| Last earnings reported: | 2018/09/30 |
| Last annual earnings reported: | 2017/12/31 |
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.
