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Net-lease REIT that acquires and develops single-tenant retail properties leased to national retailers.
Net-lease REIT that acquires and develops single-tenant retail properties leased to national retailers.
Collects rent under long leases in which the tenant pays property costs, from investment-grade retailers such as Walmart and Home Depot, and grows by buying new stores, often from retailers that sell and lease back their sites. A developer funding programme finances stores for tenants, then takes ownership on completion for pre-agreed rent.
Moat: narrow (scale, switching costs). Long-term net leases with investment-grade tenants give stable cash flow but little pricing power over tenants.
Headquarters: Bloomfield Hills, Michigan, United States · Founded: 1971 · Employees: 90
Size Agree Realty (ADC) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $9.09B, the 822nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $69.87 on 6 Nov 2026.
Performance Over six months the shares fell 8.3%, against -0.1% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 17.6% over the last twelve months (peer median +6.5%); the operating margin is 48.3% (peer median 35.8%).
Valuation It trades at 1.34× book value against a peer median of 1.88× (10th cheapest of 21).
Price implies The share price implies a return on equity of about 8.2%; Agree Realty delivers 3.8%, so the price asks more than the business earns today.
Short interest Short interest is 6.1% of the free float (15 Oct 2026).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $810M | $718M | $617M | $537M | $430M |
| Revenue growth | — | +16% | +15% | +25% | — |
| Gross profit | $439M | $391M | $336M | $298M | $247M |
| EBITDA | $665M | $588M | $507M | $438M | $349M |
| Net income | $241M | $204M | $189M | $170M | $152M |
| Free cash flow | $566M | $497M | $420M | $388M | $365M |
| Capital expenditure | $0 | $0 | $0 | $0 | $0 |
| Total debt | $3.81B | $3.38B | $2.86B | $2.47B | $2.00B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Agree Realty ADC | $9.09B | -8% | +18% | 4% | 1.34× | 8.2% |
| Realty Income O | $56.1B | -4% | +11% | 3% | 1.42× | 10.3% |
| NNN REIT NNN | $7.89B | -7% | +7% | 9% | 1.75× | 12.9% |
| Essential Properties Realty Trust EPRT | $6.21B | -11% | +21% | 6% | 1.36× | 11.1% |
| Four Corners Property Trust FCPT | $2.57B | -7% | +10% | 8% | 1.58× | 12.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ADC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.2% | +6.8% | 10th lowest of 21 |
| 6-month return | -8.3% | -0.1% | 4th lowest of 21 |
| Return on equity | 3.8% | 9.1% | 6th lowest of 20 |
| Price / book | 1.34× | 1.88× | 10th cheapest of 21 |
| Trailing P/E | 36.0× | 21.8× | 2nd most expensive of 16 |
| ROE the price implies | 8.2% | 13.8% | 5th least demanding of 21 |
| ROE delivered | 3.8% | 9.1% | 6th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Agree Realty ADC | United States | $9.09B | -8% | +18% | 4% | 1.34× | 8.2% | 3.8% |
| Ryman Hospitality Properties RHP | United States | $9.11B | +19% | +13% | 26% | 6.58× | 55.9% | 26.0% |
| CareTrust REIT CTRE | United States | $9.03B | -8% | +53% | 9% | 2.01× | 14.7% | 9.1% |
| Brixmor Property BRX | United States | $9.21B | +1% | +5% | 14% | 3.05× | 23.1% | 14.2% |
| CapitaLand Investment 9CI.SI | Singapore | $9.22B | -11% | -15% | 1% | 0.94× | 7.9% | 1.5% |
| Lineage LINE | United States | $8.91B | -2% | +1% | -2% | 1.13× | 9.9% | -2.0% |
| CapitaLand Ascendas REIT A17U.SI | Singapore | $8.83B | -9% | +7% | 7% | 0.99× | 5.2% | 7.0% |
| Federal Realty Investment Trust FRT | United States | $9.74B | -2% | +8% | 14% | 3.14× | 23.7% | 13.6% |
| Janus Living JAN | United States | $9.93B | +15% | n/a | n/a | 2.41× | 15.7% | n/a |
| CubeSmart CUBE | United States | $10.1B | +11% | +3% | 13% | 4.06× | 30.4% | 13.1% |
| MERLIN Properties SOCIMI MRL.MC | Spain | $8.05B | -23% | +13% | 10% | 0.77× | 8.0% | 9.9% |
| Rexford Industrial Realty REXR | United States | $8.02B | +4% | -2% | -6% | 1.16× | 11.7% | -5.9% |
| Vicinity Centres VCX.AX | Australia | $8.01B | 0% | +3% | 12% | 0.94× | 9.7% | 12.0% |
| BXP BXP | United States | $10.4B | +11% | +3% | 10% | 2.00× | 17.2% | 10.4% |
| Choice Properties Real Estate Investment Trust CHP-UN.TO | Canada | $7.95B | -1% | +4% | -2% | 2.66× | 14.7% | -1.7% |
| EastGroup Properties EGP | United States | $10.4B | -6% | +10% | 9% | 2.92× | 22.3% | 8.9% |
| NNN REIT NNN | United States | $7.89B | -7% | +7% | 9% | 1.75× | 12.9% | 8.9% |
| Alexandria Real Estate Equities ARE | United States | $7.80B | -2% | -10% | -9% | 0.52× | 7.0% | -9.1% |
| Stockland SGP.AX | Australia | $7.74B | +15% | +15% | 10% | 1.04× | 11.7% | 9.5% |
| Land Securities LAND.L | United Kingdom | $7.51B | +20% | +7% | 5% | 0.77× | 11.9% | 5.3% |
| COPT Defense Properties CDP | United States | $7.43B | +4% | +7% | 11% | 2.42× | 17.3% | 11.2% |