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ADCAgree Realty CorporationHold6.0·$68.86
HoldModerate Confidence
Investment thesis

Agree Realty is a high-quality retail REIT (Piotroski 9/9, 198% FCF/NI, 30% margins) paying a 4.8% dividend with steady, in-line to slightly beating earnings, but upside to the analyst target is only 4.3% and the stock is below its 200-day average. It is a hold-for-income position.

Thesis pillars

  • Elite Financial Health Cash Conversion→Stable
  • Steady Earnings No Misses↓Deteriorating
  • Reliable Dividend Income↓Deteriorating
  • +2 more pillars — see the Why tab for full reasoning

Pillars as of Nov 1, 2026, based on the 10-K filed Feb 10, 2026

Full reasoning →

Open full analysis

Agree Realty Corporation (ADC) Stock Analysis

Recovery setup

HoldDEATH CROSS (EXEMPT)ValueGrowthModerate Confidence

Real Estate · REIT - Retail

Hold if already holding. Not a fresh buy at $68.86, but acceptable to hold if already in. Reasons: Analyst target reached - limited upside remaining; Sector modifier (Real Estate): -1.2.

Agree Realty owns 2,674 net-leased retail properties across all 50 states, totaling 55.5 million square feet of GLA, approximately 99.7% leased with a 7.8-year weighted average lease term as of December 31, 2025. Revenue comes from long-term NNN leases with national retailers;... Read more

$68.86+1.6% A.UpsideScore 6.0/10#5 of 23 REIT - Retail
QualityF-score9 / 9FCF yield5.57%
IncomeYield4.72%(5y avg 4.21%)Payout163.61%
Stop $65.82Analyst target $69.98(−10% haircut)A.R:R 0.2:1
Analyst consensus$77.75+12.9%18 analysts with price targets
$69.98Analyst target
$68.86price
$77.75mean
$91

Hold if already holding. Not a fresh buy at $68.86, but acceptable to hold if already in. Reasons: Analyst target reached - limited upside remaining; Sector modifier (Real Estate): -1.2. Chart setup: Death cross but MACD improving, RSI 62. Multiple concerning factors. Consider reducing position. | News modifier +1 (SELL_IF_HOLDING → HOLD_IF_HOLDING) Score 6.0/10, moderate confidence.

Passes 7/9 gates (positive momentum, clean insider activity, positive momentum, no SEC red flags, earnings proximity 97d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio. Suitability: moderate.

10-K grounded · weekly refresh

About Agree Realty Corporation

About Agree Realty Corporation

Agree Realty's 2,674-property net lease retail portfolio, spanning all 50 states with 55.5 million square feet of GLA, was 99.7% leased at December 31, 2025, carrying a weighted average lease term of 7.8 years. Investment-grade-rated tenants or their parent entities generated 66.8% of annualized base rent. In fiscal 2025, the company deployed $1.57 billion across 305 property acquisitions and 21 completed developments, adding assets leased at a weighted average term of 11.5 years.

Agree Realty's NNN leases pass substantially all property operating expenses — real estate taxes, insurance, and maintenance — to tenants, limiting landlord capital requirements. The three external growth platforms — direct acquisitions ($1.44 billion in fiscal 2025), the Developer Funding Platform partnering with developers during construction, and an in-house development program ($131.2 million in 2025 completions) — target e-commerce-resistant and recession-resistant tenant sectors. The tenant mix spans 29 sectors; grocery stores (10.3%), home improvement (9.0%), and convenience stores (7.7%) represent the largest sector concentrations of annualized base rent. Total debt at December 31, 2025 was $3.32 billion, comprising $2.61 billion of unsecured notes at a weighted average fixed rate of 4.05% and a 27.4% debt-to-enterprise-value ratio, with $42.9 million of secured mortgage debt at 3.67% fixed.

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The $2.61 billion in unsecured notes carries a weighted average maturity of 5.9 years, with $320.5 million in revolving credit and commercial paper borrowings outstanding at year-end. The October 2024 ATM equity program carries 4.44 million forward shares outstanding with settlement required by dates between June 2026 and May 2027, representing a near-term dilution event alongside refinancing needs. No single tenant accounts for more than 10% of annualized base rent, capping individual credit exposure; however, single-tenant vacancy — if a tenant defaults — requires the company to bear all operating costs of that property until re-leased, a risk magnified by the build-to-suit nature of many properties.

See also: Real Estate · REIT - Retail

From Agree Realty Corporation's most recent 10-K filing, extracted June 9, 2026.

news + 30-day 8-K events · 5-min refresh

Recent developments

updated Oct 21, 2026

Recent Developments — Agree Realty Corporation

Latest item Oct 21, 2026 · Generated 2026-11-04T11:39:49Z.

TrendMatrix Research · upcoming catalyst calendar

Upcoming dated catalysts

Tue, Feb 9, 202797d to earnings· next earnings call

Thesis

Rewards
V7 quality resilience bonus: +0.2 (Q=7.5 in RISK_OFF)
Positive news sentiment (+0.67)
High-quality business
Risks
Analyst target reached - limited upside remaining
Sector modifier (Real Estate): -1.2
Below 200-day MA

Key Metrics

P/E (TTM)35.5
P/E (Fwd)35.2
Mkt Cap$8.6B
EV/EBITDA18.1
Profit Mgn29.8%
ROE3.8%
Rev Growth16.7%
Beta0.39
Dividend4.72%
Analysts with ratings25

Quality Signals

Piotroski F9/9MoatNarrow

Options Flow

P/C0.33bullish
IV45%normal
Max Pain$55-20.1% vs spot

Concentration Risks(10-K Item 1A)

  • LOWTenantgrocery stores sector10%
    10-K Item 1A: '10.3%, 9.0% and 7.7% of our annualized base rents were derived from tenants operating in the grocery stores, home improvement, and convenience store sectors, respectively.'

Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy

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About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.

Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.

Conflicts and positions. People who build TrendMatrix, or entities they control, may hold positions, long or short, in securities it covers, and may trade them at any time. Positions are not disclosed individually. Verdicts are generated by an automated model applied by the same rules to every covered stock, and are not adjusted for any position held by the people who build TrendMatrix. We do not accept payment from issuers for coverage.

No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security.

No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.

Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.

Methodology · Editorial policy & full disclaimer

Rating Breakdown

1 floor-breaker

Technicals below the gate floor. Component breakdown shows what dragged the score down.static

Bollinger
0.0
Support Resistance
0.4
52w Position
7.1
GatesA.R:R 0.2 < 1.5@spotDeath cross exempted (quality + momentum high enough)Momentum 7.4>=5.5Insider activity: OKNo SEC red flagsEARNINGS PROXIMITY 97d clearSEMI CYCLE PEAK CLEARMATERIALS CYCLE PEAK CLEARRecoverySuitability: Moderate
RSI
62 · Neutral
↑ 20D MA↑ 50D MA↓ 200D MADEATH CROSSSupport $64.08Resistance $69.08

Price Targets

$66
$70
A.Upside+1.6%
A.R:R0.2:1

Position Sizing

ConvictionNone
Suggested %0%
Max %0%
RegimeRisk-Off

Risk Alerts

! Target reached (1.6% upside)
! News modifier +1: SELL_IF_HOLDING → HOLD_IF_HOLDING
! asymmetry at 0.2 (below the engine's 1.5 threshold)@spot

Earnings

B
B
M
M
2/4 beats
Next Earnings2027-02-09 (97d)

Verdict History

reverse chrono — latest first
Loading history...
Verdicts are recorded on every nightly pipeline run. Rows capture transitions (verdict flips, score deltas ≥0.3, entry/TP/SL changes). Rows with a ▶ can be expanded to see the change reason. Aggregate cohort performance is tracked in the recommendation ledger.
Frequently Asked Questions
Is ADC stock a buy right now?

Hold if already holding. Not a fresh buy at $68.86, but acceptable to hold if already in. Reasons: Analyst target reached - limited upside remaining; Sector modifier (Real Estate): -1.2. Chart setup: Death cross but MACD improving, RSI 62. Multiple concerning factors. Consider reducing position. | News modifier +1 (SELL_IF_HOLDING → HOLD_IF_HOLDING) Analyst target $69.98 (+1.6%), stop $65.82 (−4.6%), A.R:R 0.2:1. Score 6.0/10, moderate confidence.

What is the ADC stock price target?

Analyst target: $69.98 (+1.6% upside). Analyst target $69.98 (+1.6%), stop $65.82 (−4.6%), A.R:R 0.2:1. Stop-loss: $65.82.

What are the risks of investing in ADC?

Analyst target reached - limited upside remaining; Sector modifier (Real Estate): -1.2; Below 200-day MA.

Is ADC overvalued or undervalued?

Agree Realty Corporation trades at a P/E of 35.5 (forward 35.2). TrendMatrix value score: 4.5/10. Verdict: Hold.

What do analysts say about ADC?

25 analysts rate ADC, with a consensus score of 3.9/5. 18 analysts publish price targets averaging $78.

What does Agree Realty Corporation do?Agree Realty owns 2,674 net-leased retail properties across all 50 states, totaling 55.5 million square feet of GLA,...

Agree Realty owns 2,674 net-leased retail properties across all 50 states, totaling 55.5 million square feet of GLA, approximately 99.7% leased with a 7.8-year weighted average lease term as of December 31, 2025. Revenue comes from long-term NNN leases with national retailers; 66.8% of annualized base rent derives from investment-grade-rated tenants.

Related stocks: NTST (NetSTREIT Corp.) · ALX (Alexander's, Inc.) · IVT (InvenTrust Properties Corp.) · EPRT (Essential Properties Realty Tru) · BFS (Saul Centers, Inc.)
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