ADC · Agree Realty Corp
$73.20
-0.47 (-0.64%)
At close · Aug 27
Market Cap
$9.16B
Shares
124.38M
Price & Indicators
20d MA
50d MA
200d MA
Earnings
Filing
Insider
Congress
Investor day
Close$73.20
Open$73.35
Day$73.05–73.75
52W close$70.22–81.92
Avg vol 30d1.4M
Short int14.1M · 11.4% float · 10.5d
Short vol52%
Last earningsJul 31, 2026
DataJan 2020–Aug 2026
Filing10-Q · Jul 30
Up next
Next earnings call
Oct 30, 2026
Est · unconfirmed
· in 9 wks
FQ3-26 quarter ends
~Sep 30, 2026
Est
filed Jul 30, 2026
AI Brief
TL;DR.
Bullish
Bearish
From the call
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Ask ALVIS about this →Equibles Rating
blended score · not investment adviceOverall
Neutral
SellHoldBuy
Technical
Neutral
Momentum
Very Weak
Sentiment
Bullish
Fundamentals
Poor
Quant / Vol
Very Low
Market backdrop
VIX 14.5 · calm
Equity put/call 0.39
Technical
price trend
50 / 200-day cross
No cross
Price vs 200-day avg
−3%
below
Price vs 50-day avg
−5%
below
RSI (14)
35
neutral
MACD trend
Negative
52-week position
25%
mid-range
Volume (OBV)
Confirms
volume backs price
Momentum
relative strength
1-month return
−7%
trailing
6-month return
−10%
trailing
YTD return
+2%
this year
Relative strength
−25%
vs S&P · 6-mo
Sentiment
smart money
Trend (MA cross)
No cross
50d $77 › 200d $76 — 50d above 200d
Institutional flow
Distributing
-2% holders QoQ · +49 funds added
Insider flow
Accumulating
Net +$357.1K over 90 days · 0% sells
Short interest
Falling
11.36% of float · ▼ -1.5% MoM · 10.5 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr high
492 holders — near 3-yr high, broad support
Squeeze score
63
elevated · 0–100
Fundamentals
Revenue growth
+16%
Y/Y
EPS growth
−1%
Y/Y
Free cash flow
$-370.4M
Valuation
P/E 39.6
rich
Balance sheet
$177.1M
net debt
Quant / Vol
risk profile
Volatility
16%
annualized · 1-yr
Max drawdown
−12%
past year
ATR
1.5%
of price · 14-day
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Latest guidance
· from the 8-K filed Jul 30, 2026
2026
General and administrative expenses (% of adjusted revenue)
5.3% – 5.6%
Non-reimbursable real estate expenses (% of adjusted revenue)
1% – 1.5%
Cash G&A expense
3.7% – 4%
full-year 2026
AFFO per share
Non-GAAP
Initiated
$4.57 – $4.59
Investment volume
Initiated
$1.6B – $1.8B
Disposition volume
Initiated
$50M – $100M
Treasury stock method dilution
Initiated
$0.02 – $0.04
General and administrative expenses (% of adjusted revenues)
Initiated
5.3% – 5.6%
Prior guidance
period ended
· from the 8-K filed Oct 21, 2025
Income and other tax expense
· 2025
$2M – $2.5M
Investment volume
· 2025
$1.5B – $1.65B
Disposition volume
· 2025
$25M – $50M
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Neutral
50 / 200-day cross
No cross
Neutral
Price vs 200-day avg
−3%
Neutral
Price vs 50-day avg
−5%
Neutral
RSI (14)
35
Neutral
MACD trend
Negative
Bearish
52-week position
25%
Neutral
Volume (OBV)
Confirms
Neutral
Market signals — smart money & positioning
Bullish · 3 of 6
Trend (MA cross)
No cross
50d $77 › 200d $76 — 50d above 200d
Institutional flow
Distributing
-2% holders QoQ · +49 funds added
Insider flow
Accumulating
Net +$357.1K over 90 days · 0% sells
Short interest
Falling
11.36% of float · ▼ -1.5% MoM · 10.5 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr high
492 holders — near 3-yr high, broad support
Price context
position in its 52-week range
Range low $70
Now $73 · 25%
Range high $82
vs 200-day avg -3%
vs 50-day avg -5%
Illustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| 2026 lease maturities as percentage of annualized base rents | 0.4% | As of June 30, 2026 | — |
| Acquisitions Spend | 451.5M | Q2 2026 | — |
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| AFFO non-GAAP | 137.98M | Q2 2026 | — |
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| AFFO per share non-GAAP | $2.28 | First Half 2026 | — |
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| Annualized Adjusted Cash NOI non-GAAP | 766.77M | Q2 2026 | — |
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| Annualized Base Rent ("ABR") | 795.69M | Q2 2026 | — |
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| Annualized Recurring EBITDA non-GAAP | 736.12M | Q2 2026 | — |
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| Anticipated Costs - Commenced (Development) | $87.5M | Q2 2026 | — |
| Anticipated Costs - Ongoing (Development) | $83.4M | Q2 2026 | — |
| Average Asset Size (Acquisitions) | $5.5M | Q2 2026 | — |
| Average Rent Per Square Foot | $13.02 | Q2 2026 | — |
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| Base rents acquired derived from investment grade retailers | 73% | Q2 2026 | — |
| Capital invested in retail net lease properties | 925M | First Half 2026 | — |
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| Common Shares Outstanding | 124,381,214 | Q2 2026 | — |
| Core FFO non-GAAP | 136.04M | Q2 2026 | — |
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| Core FFO per share non-GAAP | $2.25 | First Half 2026 | — |
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| Development or Developer Funding Platform ("DFP") projects completed or under construction | 20 | First Half 2026 | — |
| Development Spend | $50.2M | Q2 2026 | — |
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| Disposition Gross Proceeds | $30.3M | Q2 2026 | — |
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| Dividends declared per common share | $1.59 | First Half 2026 | — |
| Dividends Declared Per Share | $0.8 | Q2 2026 | — |
| FFO Per Common Share and OP Unit - Diluted non-GAAP | $1.03 | Q2 2026 | — |
| fixed charge coverage ratio | 4.1 | As of June 30, 2026 | — |
| Forward equity raised via ATM | 686M | 1H 2026 | — |
| fully diluted weighted-average shares outstanding | 120.4M | Six months ended June 30, 2026 | — |
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| Funds from Operations - OP Common Unitholders non-GAAP | 124.72M | Q2 2026 | — |
| Gross leasable area | 59.6M | As of June 30, 2026 | — |
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| Ground Lease % of Total Portfolio ABR | 10.2% | Q2 2026 | — |
| Ground Lease ABR | 81.44M | Q2 2026 | — |
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| Ground Lease Leases | 268 | Q2 2026 | — |
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| Ground Lease WALT | 8.9 | Q2 2026 | — |
| Monthly cash dividend declared per common share | $0.27 | July 2026 | — |
| net debt to enterprise value | 28.5% | As of June 30, 2026 | — |
| net debt to recurring EBITDA | 5.2 | As of June 30, 2026 | — |
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| Net debt to recurring EBITDA excluding unsettled forward equity | 5.2 | Q2 2026 | — |
| New Leases, Extensions, or Options Exercised (square feet) | 763,000 | Q2 2026 | — |
| Non-Reimbursable Real Estate Expenses (% of Adjusted Revenues) non-GAAP | 1.2% | Q2 2026 | — |
| Number of Properties Acquired | 82 | Q2 2026 | — |
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| Number of properties in portfolio | 2,825 | As of June 30, 2026 | — |
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| Number of Properties Sold (Disposition) | 14 | Q2 2026 | — |
| Number of Sectors (Acquisitions) | 23 | Q2 2026 | — |
| Number of States | 50 | Q2 2026 | — |
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| Number of States (Acquisitions) | 32 | Q2 2026 | — |
| Outstanding forward equity | 1.1B | Q2 2026 | — |
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| Proforma net debt to recurring EBITDA | 3.7 | As of June 30, 2026 | — |
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| Quarterly dividend declared per common share | $0.27 | Q2 2026 | — |
| Recapture rate | 105% | 1H 2026 | — |
| Recurring EBITDA non-GAAP | 184.03M | Q2 2026 | — |
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GAAP → non-GAAP reconciliationGAAP EBITDAre 167.93M
+4.87M Run-Rate Impact of Investment, Disposition and Leasing Activity
+11.23M Amortization of above (below) market lease intangibles, net
= Recurring EBITDA 184.03M
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| Retail net lease properties acquired | 102 | Q2 2026 | — |
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| Retail net lease properties invested in | 187 | First Half 2026 | — |
| Term Loan fixed rate | 4.02% | As of June 30, 2026 | — |
| Term Loan size | $350M | As of June 30, 2026 | — |
| Total Credit & Occupancy Loss | 0.06% | Q2 2026 | — |
| Total Investment Activity Spend | 501.7M | Q2 2026 | — |
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| total liquidity | 1.9B | As of June 30, 2026 | — |
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| WALT (Acquisitions) | 11.2 | Q2 2026 | — |
| Weighted-Average Lease Term ("WALT") | 7.7 | Q2 2026 | — |
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| % Fixed Rate Debt non-GAAP | 87.4% | Q1 2026 | — |
| % Floating Rate Debt | 12.6% | Q1 2026 | — |
| % Unsecured Debt non-GAAP | 98.9% | Q1 2026 | — |
| 2026 lease maturities | 0.9% | Q1 2026 | — |
| acquisition properties | 85 | Q1 2026 | — |
| Bad Debt | 0.03% | Q1 2026 | — |
| Basic weighted-average shares and units outstanding | 120.2M | Three months ended March 31, 2026 | — |
| Basic weighted-average shares outstanding | 119.9M | Three months ended March 31, 2026 | — |
| Capital committed for development or DFP projects | $112M | Q1 2026 | — |
| Credit-Related Loss | 0.1% | Q1 2026 | — |
| development or DFP project anticipated total costs | $112M | Q1 2026 | — |
| Development or DFP projects commenced (committed capital) | 112M | As of March 31, 2026 | — |
| EBITDAre non-GAAP | 164.58M | Three Months Ended March 31, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net Income 62.23M
+35.97M Interest expense, net
+500K Income and other tax expense
+44.32M Depreciation of rental real estate assets
+21.71M Amortization of lease intangibles - in-place leases and leasing costs
+667K Non-real estate depreciation
+1.4M Provision for Impairment
-2.23M (Gain) loss on sale or involuntary conversion of assets, net
= EBITDAre 164.58M
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| Enterprise Value non-GAAP | $12.9B | As of March 31, 2026 | — |
| Equity Market Capitalization non-GAAP | $9.1B | As of March 31, 2026 | — |
| Forward equity raised | $660M | Q1 2026 | — |
| Fully diluted weighted-average shares and units outstanding | 120.7M | Three months ended March 31, 2026 | — |
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| Funds from Operations per common share and partnership unit - diluted non-GAAP | $1.04 | Three Months Ended March 31, 2026 | — |
| Gain on Sale of Assets, Net | $1.7M | Q1 2026 | — |
| ground lease portfolio gross leasable area | 7M | Q1 2026 | — |
| Hedged capital | 1.6B | Q1 2026 | — |
| Investment Grade % | 65.4% | Q1 2026 | — |
| Investment Grade Concentration | 65% | As of March 31, 2026 | — |
| Monthly cash dividend per common share | $0.27 | April 2026 | — |
| Net Debt non-GAAP | 3.69B | As of March 31, 2026 | — |
| new leases, extensions or options executed | 876,000 | Q1 2026 | — |
| Number of Sectors | 32 | Q1 2026 | — |
| portfolio leased | 99.7% | Q1 2026 | — |
| Proforma Net Debt non-GAAP | 2.32B | As of March 31, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Total Debt per the Consolidated Balance Sheet 3.69B
+28.94M Unamortized debt issuance costs and discounts, net
-25.08M Cash and cash equivalents
-6.13M Cash held in escrows
-1.37B Anticipated Net Proceeds from Forward Equity Offerings
= Proforma Net Debt 2.32B
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| Retail net lease assets acquired | $403M | Q1 2026 | — |
| Revolving Credit Facility & Term Loan Capacity non-GAAP | $880.35M | Q1 2026 | — |
| Total acquisition volume | $402.5M | Q1 2026 | — |
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| Total Debt non-GAAP | 3.72B | As of March 31, 2026 | — |
| Total Debt per the Consolidated Balance Sheet to Annualized Net Income non-GAAP | 15 | Three Months Ended March 31, 2026 | — |
| Total Dispositions | $612M | 2010-2026 | — |
| weighted-average capitalization rate | 7.1% | Q1 2026 | — |
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| Weighted-Average Interest Rate non-GAAP | 4% | Q1 2026 | — |
| weighted-average lease term of acquired properties | 11.3 | Q1 2026 | — |
| Weighted-Average Maturity non-GAAP | 4.9 | Q1 2026 | — |
| 2025 investment activity deployed | 1.55B | Twelve months ended December 31, 2025 | — |
| 2026 lease maturities (% of annualized base rents) | 1.5% | As of December 31, 2025 | — |
| annualized base rents acquired in Q4 2025 derived from ground leased assets | 18.2% | Q4 2025 | — |
| annualized base rents from investment grade retail tenants non-GAAP | 66.8% | As of December 31, 2025 | — |
| anticipated net proceeds from Forward Equity Offerings settlement | 716.1M | As of December 31, 2025 | — |
| availability under revolving credit facility | $929.5M | As of December 31, 2025 | — |
| availability under Term Loan | $350M | As of December 31, 2025 | — |
| capital deployed into development or DFP projects during 2025 | 225M | Twelve months ended December 31, 2025 | — |
| delayed draw term loan fixed rate | 4.02% | As of December 31, 2025 | — |
| development or DFP projects commenced (anticipated costs) | $35.3M | Q4 2025 | — |
| development or DFP projects completed (total costs) | $29.4M | Q4 2025 | — |
| development or DFP projects completed or under construction (anticipated total costs) | $225.3M | FY2025 | — |
| development or DFP projects under construction (anticipated costs) | $58.8M | Q4 2025 | — |
| forward-starting interest rate swaps notional | 200M | As of December 31, 2025 | — |
| forward-starting swap fixed rate | 4.1% | As of December 31, 2025 | — |
| ground lease acquisitions (purchase price) | $68.3M | Q4 2025 | — |
| ground lease portfolio weighted-average remaining lease term | 9 | As of December 31, 2025 | — |
| interest rate on Term Loan (fixed via swaps) | 4.02% | FY2025 | — |
| Investment volume | 1.55B | twelve months ended December 31, 2025 | — |
| leasing activity (square feet) | 642,000 | Q4 2025 | — |
| number of ground leases acquired | 15 | Q4 2025 | — |
| number of properties sold (dispositions) | 22 | FY2025 | — |
| Q4 2025 acquisitions | 347M | Q4 2025 | — |
| retail properties square feet | 55.5M | As of December 31, 2025 | — |
| shares remaining to be settled under Forward Equity Offerings | 9,619,245 | As of December 31, 2025 | — |
| total debt to enterprise value | 27.4% | As of December 31, 2025 | — |
| weighted-average cap rate on Q4 2025 acquisitions | 7.1% | Q4 2025 | — |
| weighted-average capitalization rate (dispositions) | 6.9% | FY2025 | — |
| weighted-average remaining lease term (acquisitions) | 11.5 | FY2025 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
REIT - Retail — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
ADC
this stock
Agree Realty Corp
|
$9.16B | +1.6% | +16.4% | 39.6 | 11.4% |
|
SPG
Simon Property Group Inc.
|
$70.25B | +16.1% | +6.7% | 15.3 | 2.7% |
|
O
Realty Income Corp
|
$58.98B | +9.6% | +9.1% | 45.5 | 4.0% |
|
UNBLF
Unibail-Rodamco SE/ADR
|
$17.41B | +4.1% | — | — | 0.0% |
|
KIM
Kimco Realty Corp
|
$15.97B | +17.5% | +5.1% | — | 4.3% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionOwnership
Short & Settlement
Smart Money
Financials
Filings
Performance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| ADC | -1.7% | -6.6% | -10.0% | -5.9% | +1.6% |
| SPY | +1.1% | +4.0% | +14.7% | +3.2% | +13.1% |
| vs SPY | -2.8% | -10.6% | -24.7% | -9.1% | -11.5% |
Capital returns
Latest dividend
$0.267
/ share · ex Jul 31, 2026
Declared · upcoming
$0.267
/ share · ex Aug 31, 2026
Paid (TTM)
$3.152
/ share · 12 payouts
Dividend yield (TTM, derived)
4.31%
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.
Key facts
CIK
917251
CUSIP
008492100
13F (30d)
376 filings
372 filers
Visit website
Investor relations