Agree Realty (ADC)
Acquires, develops, and leases retail properties for omnichannel tenants across the United States.
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Owns retail properties across the United States and earns lease income from tenants. Expands through acquisitions, build-to-suit development, and its Developer Funding Platform, while a diversified tenant and sector mix reduces the concentration that shaped its earlier portfolio.
Owns and leases retail properties across the United States through a single-segment net-lease REIT. Growth runs through property acquisitions, build-to-suit development, and the Developer Funding Platform, which supplies capital and construction expertise before ownership typically transfers at completion.
Screens tenants and sites within a defined retail sandbox, emphasizing omnichannel retailers, investment-grade rent, and diversification across tenants, sectors, and states. A long development history supports site selection, leasing, design, construction, and re-tenanting when stores close.
Lease income depends on tenant financial health, rent and expense reimbursements, renewals, and property values. Continued acquisitions and development also rely on access to public equity and unsecured debt on acceptable terms.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 17, 2026 | Mizuho Securities | Target | Target: $80 | Target: $72 |
| Jul 31, 2026 | Robert W. Baird | Target | Target: — | Target: $83 |
| Jul 22, 2026 | Barclays | Reiterate | Rating: —Target: $84 | Target: $85 |
| Jun 1, 2026 | Jefferies | Target | Target: $80 | Target: $84 |
| May 19, 2026 | Barclays | Reiterate | Rating: —Target: $86 | Target: $84 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $12.5M · Total debt $3.92B · Total assets $10.59B · Shareholders' equity $6.52B
- Revenue
- $205.1M
- Operating income
- $98.7M
- Net income
- $54.7M
HistoryDividendAnnual yieldUpcoming
| Institutions | 116.42% | 144.80M shares | |
|---|---|---|---|
| 511 holders · as of Jun 30, 2026 | |||
| Insiders | 1.70% | 2.11M shares | |
| 15 holders · as of Sep 23, 2026 | |||
| Adds to | 118.12% | ||
124.38M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 118.12%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 15.37% | 19.11M | as of Jun 30, 2026 |
Cohen & Steers, Inc.Institution | 13.19% | 16.40M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 8.51% | 10.59M | as of Jun 30, 2026 |
State Street CorpInstitution | 4.71% | 5.86M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.35% | 5.41M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 21, 2026 | Craig Erlich | officer: CHIEF GROWTH OFFICER | +1,000 | $67.55 |
| Sep 16, 2026 | Joey Agree | director, officer: PRESIDENT & CEO | +7,360 | $68.06 |
| Sep 16, 2026 | John Jr Rakolta | director | +20,000 | $68.78 |
| Aug 31, 2026 | John Jr Rakolta | director | +10,000 | $72.42 |
| Aug 28, 2026 | John Jr Rakolta | director | +136 | $73.52 |
- Realty Income
Global net-lease scale across retail acquisitions and development
- NNN REIT
Retail net-lease acquisitions, development, and sale-leasebacks
- Essential Properties Realty Trust
Sale-leaseback rival for service-oriented single-tenant real estate
- NETSTREIT
Investment-grade retail net-lease sourcing and development overlap
- Four Corners Property Trust
Restaurant and service-retail net-lease acquisition specialist
- Getty Realty
Convenience and automotive net-lease development specialist
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Agree Realty | $66.86 | −0.68% | $8.09B | 36.2 | 34.4 | 10.4 | +16.9% |
| Realty Income | $55.58 | −1.67% | $52.71B | 41.3 | 34.4 | 8.9 | +1.1% |
| NNN REIT | $41.39 | −0.50% | $7.91B | 20.4 | 19.7 | 8.3 | +7.2% |
| Essential Properties Realty Trust | $26.96 | −0.35% | $5.85B | 21.0 | 21.1 | 8.8 | +10.3% |
| NETSTREIT | $18.29 | −0.11% | $1.78B | 131.0 | 51.7 | 8.2 | +19.8% |
| Four Corners Property Trust | $22.13 | −1.38% | $2.46B | 20.2 | 20.0 | 8.0 | +7.7% |
| Getty Realty | $28.86 | −2.00% | $1.82B | 17.7 | 20.8 | 7.8 | +11.9% |
| Median | 20.7 | 21.0 | 8.3 | +9.0% |