Agree Realty Corporation (ADC) 10-Year Financial Performance & Capital Metrics

ADC • • REIT / Real Estate

Real EstateRetail REITsSingle-Tenant Net Lease RetailSingle-Tenant Net Lease Leaders

AboutAgree 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, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states and containing approximately 21.0 million square feet of gross leasable area. The Company's common stock is listed on the New York Stock Exchange under the symbol ADC.Show more

Revenue $617M +14.8%
FFO $429M +13.2%
FFO/Share 4.22 +6.0%
FFO Payout 70.7% -3.4%
FFO per Share 4.22 +6.0%
NOI Margin 87.87% +0.3%
FFO Margin 69.59% -1.4%
ROE 3.53% +2.2%
ROA 2.33% -0.8%
Debt/Assets 33.37% +6.0%
Net Debt/EBITDA 5.21 -0.9%
Book Value/Share 54.09 -0.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 18.8%
✓FFO growing 6.6% TTM
✓Sustainable FFO payout ratio of 70.7%
✓High NOI margin of 87.9%
✓Healthy dividend yield of 4.1%
✓Trading at only 1.3x book value

✗Weaknesses

✗Weak 3Y average ROE of 3.6%
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y27.69%

5Y26.91%

3Y22.06%

TTM14.67%

Profit (Net Income) CAGR

10Y26.18%

5Y18.76%

3Y15.66%

TTM-0.04%

EPS CAGR

10Y3.68%

5Y-1.61%

3Y0%

TTM-4.97%

ROCE

10Y Avg4.51%

5Y Avg3.9%

3Y Avg3.69%

Latest3.78%

Peer Comparison

Single-Tenant Net Lease Leaders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ORealty Income Corporation	55.75B	60.72	61.96	29.23%	17.18%	2.45%	6.41%	0.69
ADCAgree Realty Corporation	8.28B	72.01	40.46	14.81%	27.57%	3.23%	5.22%	0.51
NNNNNN REIT, Inc.	8.02B	42.21	19.63	4.97%	43.22%	8.86%	7.93%	1.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	69.97M	91.53M	111.52M	137.12M	187.48M	248.57M	339.32M	429.81M	537.5M	617.1M
Revenue Growth %	0.31%	0.31%	0.22%	0.23%	0.37%	0.33%	0.37%	0.27%	0.25%	0.15%
Property Operating Expenses	6.38M	8.6M	12.47M	17.01M	23.51M	31.75M	41.06M	52.28M	66.72M	74.85M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	23.47M	31.27M	36.09M	47.1M	49.57M	83.68M	107.99M	159.45M	216.39M	240M
G&A Expenses	6.99M	8.02M	9.95M	12.16M	15.57M	20.79M	25.46M	30.12M	34.79M	37.23M
EBITDA+	56.6M	75.07M	94.71M	116.7M	173.6M	215.78M	310.28M	384.99M	463.76M	542.47M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	16.49M	23.41M	31.75M	43.7M	59.2M	82.64M	120.01M	166.91M	209.37M	240.22M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	40.11M	51.66M	62.96M	73.01M	114.39M	133.13M	190.27M	218.09M	254.39M	302.24M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	12.3M	15.34M	18.14M	24.87M	33.09M	40.1M	50.38M	63.44M	81.12M	108.9M
Interest Coverage	3.26x	3.37x	3.47x	2.94x	3.46x	3.32x	3.78x	3.44x	3.14x	2.78x
Non-Operating Income	0	0	0	-2.32M	11.7M	-23K	14.61M	-1.25M	-189K	-799K
Pretax Income+	39.76M	45.95M	59.02M	59.31M	81.3M	93.06M	125.28M	155.9M	173.46M	194.14M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	0	516K	538K	1.09M	2.4M	2.86M	2.91M	4.31M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	39.02M	45.12M	58.11M	58.17M	80.08M	91.38M	122.27M	152.44M	169.96M	189.2M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.11%	0.16%	0.29%	0%	0.38%	0.14%	0.34%	0.25%	0.11%	0.11%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.88%	0.23%	0.31%	0.13%	0.37%	0.25%	0.39%	0.32%	0.19%	0.13%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	2.16	1.97	2.08	1.80	1.93	1.74	1.78	1.83	1.70	1.78
EPS Growth %	0.74%	-0.09%	0.06%	-0.13%	0.07%	-0.1%	0.02%	0.03%	-0.07%	0.05%
EPS (Basic)	2.17	1.97	2.09	1.81	1.96	1.76	1.79	1.84	1.70	1.79
Diluted Shares Outstanding	18.07M	22.96M	27.7M	32.4M	41.22M	52.4M	67.14M	79.16M	95.44M	101.88M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	792.55M	1.11B	1.49B	2.03B	2.66B	3.89B	5.23B	6.71B	7.77B	8.49B
Asset Growth %	0.34%	0.4%	0.34%	0.36%	0.31%	0.46%	0.34%	0.28%	0.16%	0.09%
Real Estate & Other Assets+	705.87M	956.47M	1.22B	1.67B	2.25B	3.37B	4.45B	5.82B	6.82B	7.51B
PP&E (Net)	699.45M	950.26M	1.21B	1.66B	0	0	0	0	0	0
Investment Securities	98K	-1000K	-1000K	-1000K	0	0	0	0	0	0
Total Current Assets+	10.13M	44.93M	76.68M	75.52M	72.72M	46.96M	104.37M	94.75M	101.12M	112.81M
Cash & Equivalents	2.71M	33.4M	50.81M	53.95M	15.6M	6.14M	43.25M	27.76M	10.91M	6.4M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	10.39M	20K	26.55M	3.02M	7.67M	1.15M	7.26M	0
Intangible Assets	76.55M	109.82M	195.16M	280.15M	343.51M	473.59M	672.02M	799.45M	854.09M	864.94M
Total Liabilities	338.93M	426.42M	583.44M	789.7M	972.97M	1.36B	1.81B	2.08B	2.57B	2.98B
Total Debt+	319.58M	400.92M	519.56M	720.41M	961.3M	1.31B	1.88B	1.98B	2.45B	2.83B
Net Debt	316.87M	367.53M	468.76M	666.45M	945.7M	1.3B	1.84B	1.95B	2.44B	2.83B
Long-Term Debt	319.58M	400.92M	491.23M	720.41M	872.3M	1.22B	1.69B	1.94B	2.41B	2.79B
Short-Term Borrowings	0	1000K	1000K	1000K	1000K	1000K	1000K	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	33.08M	36.71M	36.83M	46.25M
Total Current Liabilities+	14.77M	20.88M	30.88M	35.71M	74M	105.94M	86.89M	106.07M	126.94M	144.12M
Accounts Payable	2.88M	5.54M	11.16M	21.05M	48.99M	71.39M	70M	83.72M	101.4M	116.27M
Deferred Revenue	-18M	1.82M	1.84M	4.63M	0	0	0	0	0	0
Other Liabilities	3.33M	-27.96M	59.03M	-385.43M	26.67M	35.7M	0	0	0	0
Total Equity+	453.62M	685.51M	911.19M	1.24B	1.69B	2.53B	3.42B	4.63B	5.2B	5.51B
Equity Growth %	0.27%	0.51%	0.33%	0.36%	0.37%	0.49%	0.35%	0.35%	0.12%	0.06%
Shareholders Equity	451.12M	682.98M	908.66M	1.24B	1.69B	2.52B	3.42B	4.63B	5.2B	5.51B
Minority Interest	2.5M	2.53M	2.53M	2.41M	2.23M	1.76M	1.63M	1.39M	942K	615K
Common Stock	2K	3K	3K	4K	5K	6K	7K	9K	10K	10K
Additional Paid-in Capital	482.51M	712.07M	936.05M	1.28B	1.75B	2.65B	3.4B	4.66B	5.35B	5.77B
Retained Earnings	-28.26M	-28.56M	-28.76M	-42.95M	-57.09M	-91.34M	-147.37M	-228.13M	-346.47M	-470.62M
Preferred Stock	0	0	0	0	0	0	175M	175M	175M	175M
Return on Assets (ROA)	0.06%	0.05%	0.04%	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%	0.02%
Return on Equity (ROE)	0.1%	0.08%	0.07%	0.05%	0.05%	0.04%	0.04%	0.04%	0.03%	0.04%
Debt / Assets	0.4%	0.36%	0.35%	0.36%	0.36%	0.34%	0.36%	0.29%	0.31%	0.33%
Debt / Equity	0.70x	0.58x	0.57x	0.58x	0.57x	0.52x	0.55x	0.43x	0.47x	0.51x
Net Debt / EBITDA	5.60x	4.90x	4.95x	5.71x	5.45x	6.04x	5.92x	5.06x	5.25x	5.21x
Book Value per Share	25.11	29.86	32.89	38.22	41.03	48.21	50.93	58.49	54.49	54.09

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	44.68M	61.73M	82.2M	93.25M	126.71M	142.96M	246.31M	362.12M	391.6M	431.97M
Operating CF Growth %	0.27%	0.38%	0.33%	0.13%	0.36%	0.13%	0.72%	0.47%	0.08%	0.1%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	39.76M	45.8M	58.79M	58.8M	80.76M	91.97M	122.88M	153.03M	170.55M	189.83M
Depreciation & Amortization	16.49M	23.41M	31.75M	43.7M	59.2M	82.64M	120.01M	166.91M	209.37M	240.22M
Stock-Based Compensation	1.99M	2.26M	2.39M	2.95M	4.11M	5M	5.47M	6.46M	8.34M	10.8M
Other Non-Cash Items	689.32K	720K	-12.98M	1.05M	1.28M	1.44M	3.61M	14.98M	-2.08M	-6.32M
Working Capital Changes	-2.29M	-815K	2.48M	-4.39M	-7.62M	-11.27M	-8.71M	20.74M	5.42M	-2.57M
Cash from Investing+	-202.78M	-297.55M	-319.1M	-568.12M	-667.52M	-1.3B	-1.39B	-1.62B	-1.27B	-885.41M
Acquisitions (Net)	0	0	0	0	0	0	0	0	0	0
Purchase of Investments	0	0	0	0	-732.57M	-1.35B	-1.44B	-1.66B	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	-202.78M	-297.55M	-319.1M	-568.12M	65.05M	46.47M	55.53M	44.41M	-1.27B	-885.41M
Cash from Financing+	155.41M	266.5M	262.28M	470.06M	528.99M	1.12B	1.18B	1.24B	869.01M	445.31M
Dividends Paid	-32.99M	-42.06M	-55.15M	-67.64M	-90.26M	-116.11M	-195.82M	-227.74M	-285.11M	-311.04M
Common Dividends	-32.99M	-42.06M	-55.15M	-67.64M	-90.26M	-116.11M	-194.3M	-220.3M	-277.68M	-303.6M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Share Repurchases	0	-712K	-1.11M	-1.15M	-1.41M	-1.64M	-1.81M	-1.91M	-2.68M	-2.28M
Other Financing	-1.68M	-3.21M	-1M	-2.56M	-4.14M	-4.74M	-7.75M	-3.68M	-4.56M	-12.99M
Net Change in Cash+	-2.69M	30.68M	25.39M	-4.81M	-11.82M	-34.2M	37.3M	-16.34M	-14.38M	-8.13M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	5.4M	2.71M	33.4M	58.78M	53.98M	42.16M	7.96M	45.25M	28.91M	14.52M
Cash at End	2.71M	33.4M	58.78M	53.98M	42.16M	7.96M	45.25M	28.91M	14.52M	6.4M
Free Cash Flow+	44.61M	61.73M	82.2M	93.25M	126.71M	142.96M	246.31M	362.12M	391.6M	431.97M
FCF Growth %	0.27%	0.38%	0.33%	0.13%	0.36%	0.13%	0.72%	0.47%	0.08%	0.1%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	3.07	2.98	3.24	3.14	3.38	3.32	3.61	4.03	3.97	4.22
FFO Payout Ratio	59.44%	61.38%	61.37%	66.4%	64.8%	66.72%	80.19%	68.99%	73.2%	70.7%
NOI Margin	90.88%	90.61%	88.82%	87.59%	87.46%	87.23%	87.9%	87.84%	87.59%	87.87%
Net Debt / EBITDA	5.60x	4.90x	4.95x	5.71x	5.45x	6.04x	5.92x	5.06x	5.25x	5.21x
Debt / Assets	40.32%	36.06%	34.76%	35.52%	36.08%	33.72%	35.98%	29.45%	31.48%	33.37%
Interest Coverage	3.26x	3.37x	3.47x	2.94x	3.46x	3.32x	3.78x	3.44x	3.14x	2.78x
Book Value / Share	25.11	29.86	32.89	38.22	41.03	48.21	50.93	58.49	54.49	54.09
Revenue Growth	30.63%	30.82%	21.84%	22.96%	36.72%	32.59%	36.51%	26.67%	25.05%	14.81%

Frequently Asked Questions

Valuation & Price

Agree Realty Corporation (ADC) has a price-to-earnings (P/E) ratio of 40.5x. This suggests investors expect higher future growth.

Growth & Financials

Agree Realty Corporation (ADC) reported $688.6M in revenue for fiscal year 2024. This represents a 2176% increase from $30.3M in 2011.

Agree Realty Corporation (ADC) grew revenue by 14.8% over the past year. This is steady growth.

Yes, Agree Realty Corporation (ADC) is profitable, generating $189.8M in net income for fiscal year 2024 (30.7% net margin).

Dividend & Returns

Yes, Agree Realty Corporation (ADC) pays a dividend with a yield of 4.14%. This makes it attractive for income-focused investors.

Agree Realty Corporation (ADC) has a return on equity (ROE) of 3.5%. This is below average, suggesting room for improvement.

Industry Metrics

Agree Realty Corporation (ADC) generated Funds From Operations (FFO) of $447.7M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Agree Realty Corporation (ADC) offers a 4.14% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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