olivLaw · US equity research
Agree Realty Corporation ADC
Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)
Agree Realty is a fully integrated REIT that owns, acquires, develops and manages retail properties net leased to leading tenants. In 2026 the company has accelerated investment and raised its AFFO per share guidance to 4.58 to 4.59 dollars, on a portfolio of 2,888 properties.
At the close of 04 Nov 2026, Agree Realty Corporation (ADC) stock was 69.96 USD (+1.60% on the day), with market capitalisation 9.1 bn USD, P/E 35.8 on diluted EPS of 1.96 USD over the last 12 months, dividend yield 3.79%, beta 0.01, 52-week range 64.49–81.92 USD. Latest reported quarter (Q3 2026): revenue of 213.9 m USD (+16.7% YoY), net income of 68.4 m USD (+31.2% YoY), diluted EPS 0.53 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 60.9
- strong (55–70)
- Bollinger (20, 2)
- 64.34 – 69.29
- above the upper band · %B 1.14 · band width 7.4%
- SMA 50 / 200
- 68.37 / 74.47
- mixed trend
- MACD (12, 26, 9)
- 0.18 / -0.36
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.7% | −2.0% | +8.7 pp | — |
| 3 months | −8.0% | −2.2% | −5.9 pp | — |
| 6 months | −8.5% | +4.3% | −12.8 pp | — |
| Year to date | −2.9% | +10.6% | −13.4 pp | — |
| 1 year | −3.3% | +10.5% | −13.8 pp | +3.3% |
| 3 years | +18.6% | +73.7% | −55.0 pp | +19.0% |
| 5 years | −1.3% | +61.7% | −63.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 160.7 m | 169.2 m | 175.5 m | 183.2 m | 190.5 m | 200.8 m | 205.1 m | 213.9 m |
| Operating income | 75.3 m | 78.7 m | 82.0 m | 87.3 m | 92.4 m | 98.6 m | 95.3 m | 109.6 m |
| Depreciation & amortisation | 56.6 m | 55.8 m | 58.9 m | 61.2 m | 63.4 m | 66.7 m | 69.1 m | 71.9 m |
| Interest expense | 29.1 m | 30.8 m | 32.3 m | 35.2 m | 36.4 m | 36.0 m | 40.3 m | 41.0 m |
| Income tax | 1.1 m | 825.0 k | 425.0 k | 225.0 k | 260.0 k | 500.0 k | 375.0 k | 375.0 k |
| Net income | 45.2 m | 47.0 m | 49.2 m | 52.1 m | 56.0 m | 62.1 m | 54.7 m | 68.4 m |
| Diluted EPS | 0.43 ≈ | 0.42 | 0.43 | 0.45 | 0.49 ≈ | 0.50 | 0.44 | 0.53 |
| Operating cash flow | 91.4 m | 126.7 m | 119.6 m ≈ | 146.5 m ≈ | 111.3 m | 145.2 m | 131.0 m ≈ | 184.6 m ≈ |
| Capex | 343.1 m | — | — | — | — | — | — | — |
| Dividends paid | 78.3 m | 81.9 m | 84.2 m ≈ | 85.2 m ≈ | 89.5 m | 94.9 m | 95.6 m ≈ | 99.6 m ≈ |
| Share repurchases | 19.0 k | 3.6 m | 9.0 k ≈ | 61.0 k ≈ | 25.0 k | 6.1 m | 10.0 k ≈ | 86.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 40 percentile of its own 40-quarter history (min 20.6, median 36.6, max 43.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 137.1 m | 187.5 m | 248.6 m | 339.3 m | 429.8 m | 537.5 m | 617.1 m | 718.4 m |
| Revenue YoY | +23.0% | +36.7% | +32.6% | +36.5% | +26.7% | +25.1% | +14.8% | +16.4% |
| Net income | 58.2 m | 80.1 m | 91.4 m | 122.3 m | 152.4 m | 170.0 m | 189.2 m | 204.3 m |
| Net income YoY | +0.1% | +37.7% | +14.1% | +33.8% | +24.7% | +11.5% | +11.3% | +8.0% |
| Diluted EPS | 1.78 | 1.93 | 1.74 | 1.78 | 1.83 | 1.70 | 1.78 | 1.77 |
| Diluted EPS YoY | −14.4% | +8.4% | −9.8% | +2.3% | +2.8% | −7.1% | +4.7% | −0.6% |
| net % | 42.4% | 42.7% | 36.8% | 36.0% | 35.5% | 31.6% | 30.7% | 28.4% |
| Free cash flow | -515.1 m | -576.2 m | -1.2 bn | -1.1 bn | -1.2 bn | -808.4 m | -442.5 m | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 16.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 6.3 bn USD
- Total assets
- 9.8 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 3.5%
- ROA
- 2.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 248.6 m | 339.3 m | 429.8 m | 537.5 m | 617.1 m | 718.4 m | SEC (XBRL)· 10 Feb 2026verified |
| Operating income | 133.1 m | 190.3 m | 218.1 m | 254.4 m | 302.2 m | 340.4 m | SEC (XBRL)· 10 Feb 2026verified |
| Depreciation & amortisation | 66.8 m | 95.7 m | 133.6 m | 176.3 m | 207.0 m | 239.3 m | SEC (XBRL)· 10 Feb 2026verified |
| EBITDA | 199.9 m ≈ | 286.0 m ≈ | 351.7 m ≈ | 430.7 m ≈ | 509.2 m ≈ | 579.7 m ≈ | SEC (XBRL)· 10 Feb 2026derived |
| Interest expense | 40.1 m | 50.4 m | 63.4 m | 81.1 m | 108.9 m | 134.6 m | SEC (XBRL)· 10 Feb 2026verified |
| Income tax | 1.1 m | 2.4 m | 2.9 m | 2.9 m | 4.3 m | 1.7 m | SEC (XBRL)· 10 Feb 2026verified |
| Net income | 91.4 m | 122.3 m | 152.4 m | 170.0 m | 189.2 m | 204.3 m | SEC (XBRL)· 10 Feb 2026verified |
| Diluted EPS | 1.74 | 1.78 | 1.83 | 1.70 | 1.78 | 1.77 | SEC (XBRL)· 10 Feb 2026verified |
| Weighted average diluted shares | 52.4 m | 67.1 m | 79.2 m | 95.4 m | 101.9 m | 111.2 m | SEC (XBRL)· 10 Feb 2026verified |
| Dividend per share | — | 2.41 | 2.81 | 2.92 | 3.00 | 3.08 | SEC (XBRL)· 10 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 6.1 m | 43.3 m | 27.8 m | 10.9 m | 6.4 m | 16.3 m | SEC (XBRL)· 10 Feb 2026verified |
| Intangibles (excl. goodwill) | 437.9 m | 638.9 m | 762.7 m | 817.3 m | 818.7 m | 940.8 m | SEC (XBRL)· 10 Feb 2026verified |
| Total assets | 3.9 bn | 5.2 bn | 6.7 bn | 7.8 bn | 8.5 bn | 9.8 bn | SEC (XBRL)· 10 Feb 2026verified |
| Long-term debt | 1.2 bn | 1.7 bn | — | — | — | — | SEC (XBRL)· 22 Feb 2022verified |
| Total liabilities | 1.4 bn | 1.8 bn | 2.1 bn | 2.6 bn | 3.0 bn | 3.5 bn | SEC (XBRL)· 10 Feb 2026verified |
| Equity | 2.5 bn | 3.4 bn | 4.6 bn | 5.2 bn | 5.5 bn | 6.3 bn | SEC (XBRL)· 10 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 143.0 m | 246.3 m | 362.1 m | 391.6 m | 432.0 m | 504.1 m | SEC (XBRL)· 10 Feb 2026verified |
| Capex | 1.3 bn | 1.4 bn | 1.6 bn | 1.2 bn | 874.5 m | — | SEC (XBRL)· 11 Feb 2025verified |
| Free cash flow | -1.2 bn ≈ | -1.1 bn ≈ | -1.2 bn ≈ | -808.4 m ≈ | -442.5 m ≈ | — | SEC (XBRL)· 11 Feb 2025derived |
| Investing cash flow | -1.3 bn | -1.4 bn | -1.6 bn | -1.3 bn | -885.4 m | -1.5 bn | SEC (XBRL)· 10 Feb 2026verified |
| Financing cash flow | 1.1 bn | 1.2 bn | 1.2 bn | 869.0 m | 445.3 m | 1.1 bn | SEC (XBRL)· 10 Feb 2026verified |
| Dividends paid | 116.1 m | 194.3 m | 220.3 m | 277.7 m | 303.6 m | 340.7 m | SEC (XBRL)· 10 Feb 2026verified |
| Share repurchases | 1.6 m | 1.8 m | 1.9 m | 2.7 m | 2.3 m | 3.7 m | SEC (XBRL)· 10 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 53 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 9.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet43
- Valuation58
- Quality68
- Growth100
- Returns20
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 40.49 – 149.51 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)40.49 – 54.45 (Mid 46.44)
- Peers: P/B57.95 – 149.51 (Mid 101.06)32 companies used · median multiple 1.9x · quartiles 1.1x – 2.8xAKR, ALX, BRX, CHCT, COLD, DLR, DOC, EPR, ESS, EXR, FPI, FRT, GNL, HST, IRT, JBGS, KIM, LXP, NHI, O, PLD, PSA, RLJ, SELF, SITC, SLG, STAG, UDR, VICI, VMRK, VTR, WELL
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 53/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 3.8% | 26 (vs peers) | 8% |
| EBITDA margin · Quality | 82.3% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 18.7% | 100 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.6x | 43 (on a fixed band) | 15% |
| P/B · Valuation | 1.3x | 68 (vs peers) | 23% |
| P/E (TTM) · Valuation | 35.8x | 35 (vs peers) | 10% |
| Dividend yield · Returns | 3.8% | 26 (vs peers) | 18% |
| Payout ratio (EPS) · Returns | 135.4% | 0 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial43/100 · 1/2 factors with a value
- Growth100/100 · 1/1 factors with a value
- Quality68/100 · 2/2 factors with a value
- Returns20/100 · 2/2 factors with a value
- Valuation58/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AGREE REALTY CORPORATION (ADC). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 718.4 m USD in 2025; YoY growth 16.4%; net margin 29.8%; ROE 3.8%.
The estimated value range is 49.22–101.98 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 73.75 USD, the price of 69.96 USD leaves a potential of 5.4% (value / price − 1) and a margin of safety of 5.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 53/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBITDA margin: 82.3%
- Revenue CAGR 3Y: 18.7%
What contradicts it
- ROE: 3.8%
- Dividend yield: 3.8%
- Payout ratio (EPS): 135.4%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA.
Versus the vertical median
Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WELLWelltower Inc. | 176.9 bn | 103.2 | 4.0% | 12.7% | +35.6% | +16% / +171% |
| PLDPrologis, Inc. | 120.3 bn | 32.5 | 7.1% | 42.5% | +7.2% | +0% / +12% |
| EQIXEquinix Inc | 100.4 bn | 60.9 | 11.5% | 16.4% | +5.4% | +35% / +24% |
| AMTAmerican Tower Corporation | 86.9 bn | 26.3 | 90.6% | 30.7% | +5.1% | +3% / −10% |
| DLRDigital Realty Trust, Inc. | 63.3 bn | 47.1 | 6.2% | 21.7% | +10.0% | +13% / +30% |
| PSAPublic Storage | 62.3 bn | 33.9 | 16.0% | 37.8% | +2.7% | +21% / +29% |
| ORealty Income Corporation | 54.7 bn | 39.6 | 3.6% | 22.9% | +9.1% | −0% / +7% |
| VTRVentas, Inc. | 46.0 bn | 163.7 | 1.9% | 4.0% | +18.5% | +8% / +90% |
| CCICrown Castle Inc. | 36.8 bn | 44.0 | — | 20.7% | −4.4% | −5% / −26% |
| IRMIron Mountain Inc | 34.7 bn | 82.6 | — | 5.7% | +12.2% | +35% / +82% |
| EXRExtra Space Storage Inc. | 32.6 bn | 31.8 | 7.9% | 29.9% | +3.7% | +17% / +20% |
| VICIVICI Properties Inc. | 26.9 bn | 11.2 | 8.3% | 56.5% | +4.1% | −15% / −18% |
| VMRKVivmark Residential | 23.3 bn | 27.2 | 8.1% | — | +4.8% | +0% / +9% |
| SBACSba Communications Corporation | 19.6 bn | 19.9 | — | 34.5% | +5.1% | −5% / −25% |
| HSTHost Hotels & Resorts, Inc. | 17.7 bn | 17.2 | 15.8% | 16.5% | +7.6% | +46% / +48% |
| ESSEssex Property Trust, Inc. | 17.0 bn | 40.7 | 8.0% | 22.7% | +6.4% | +0% / +24% |
| KIMKimco Realty Corporation | 16.8 bn | 27.6 | 5.8% | 27.8% | +5.1% | +21% / +29% |
| DOCHealthpeak Properties, Inc. | 13.9 bn | 37.1 | 4.9% | 12.3% | +4.5% | +10% / +16% |
| UDRUDR, Inc. | 11.8 bn | 17.5 | 21.8% | 40.8% | +2.4% | +2% / +11% |
| FRTFederal Realty Investment Trust | 9.9 bn | 19.9 | 15.6% | 38.6% | +6.4% | +16% / +20% |
| BRXBrixmor Property Group Inc. | 9.3 bn | 22.0 | 14.2% | 30.0% | +6.7% | +16% / +40% |
| ADCAgree Realty Corporation | 9.1 bn | 35.8 | 3.8% | 29.8% | +16.4% | −3% / +19% |
| STAGSTAG Industrial, Inc. | 7.3 bn | 27.1 | 7.6% | 29.9% | +10.1% | −4% / +6% |
| EPREpr Properties | 4.7 bn | 16.8 | 12.7% | 38.8% | +2.9% | +16% / +36% |
| COLDAmericold Realty Trust, Inc. | 4.3 bn | — | -16.5% | -17.4% | −2.4% | +40% / −46% |
1- and 3-year price returns: for ADC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 43.30 Total return -36% · Per year -36% | 76.19 Total return 12% · Per year 12% | 114.29 Total return 67% · Per year 67% |
| 3 years | 51.36 Total return -19% · Per year -7% | 100.77 Total return 55% · Per year 16% | 164.58 Total return 149% · Per year 35% |
| 5 years | 60.92 Total return 1% · Per year 0% | 133.26 Total return 111% · Per year 16% | 237.00 Total return 266% · Per year 30% |
- Exit P/E± 25.19
- Net margin± 17.63
- Annual revenue growth± 13.15
- Annual dilution± 1.48
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Agree Realty is a fully integrated REIT that owns, acquires, develops and manages retail properties net leased to leading tenants. In 2026 the company has accelerated investment and raised its AFFO per share guidance to 4.58 to 4.59 dollars 3, on a portfolio of 2,888 properties 2.
SWOT
Strengths
- A nearly fully leased portfolio with long lease terms, tenants that are national chains and a large share of rent from investment grade tenants 12.
- A solid balance sheet with liquidity of about 2 billion dollars at the end of the third quarter of 2026 3.
- A long record of regular dividends and annual dividend increases, with payout ratios kept in check 3.
Weaknesses
- High exposure to a few sectors such as grocery and home improvement, making revenue sensitive to changes in those industries 1.
- Debt and financing costs have risen in recent years, and higher interest rates can compress margins 1.
- Growth through equity issuance can dilute existing shareholders, and the company itself notes the effect on dividend funding 2.
Opportunities
Risks
- Single-tenant dependence and bankruptcyhigh
Many properties are leased to a single tenant, and a default or bankruptcy can sharply reduce cash flow from a property 1.
- Sector concentrationmedium
Rents are concentrated in a few sectors, making the company vulnerable to changes in demand in those industries 1.
- Cost and access to financingmedium
If financing is not available on acceptable terms, development and acquisitions could be reduced or slowed 1.
- Shareholder dilutionlow
Equity issued to fund growth can dilute per-share value and raise the cash needed for dividends 2.
- REIT qualificationlow
The company must meet REIT tests to avoid federal income tax, and failure could affect distributions 2.
Investment thesis
What would need to be true (bull case)
- A nearly full portfolio, long leases and investment grade tenants provide predictable income, and the raised AFFO guidance suggests the growth trend could continue 23.
- If interest rates fall, the cost of financing could ease and support higher acquisition and development volume 3.
- Strong liquidity and a prudent balance sheet give the company flexibility to act on market opportunities 3.
What would break the thesis
- If a major tenant runs into difficulty or e-commerce erodes retail sales, revenue and distributions could be affected 1.
- Equity issued to fund growth can dilute existing shareholders, and the cost of capital could rise if rates stay high 2.
- Competition from better-capitalised investors could compress acquisition yields and slow long-term growth 1.
What to watch
- Delivery of the revised AFFO per share guidance and investment volume2026
- Occupancy of the portfolio and performance of high-exposure tenantsQ1 2027
- Progress of development and DFP projects scheduled for 20272027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company grows through three external platforms: build-to-suit development, the Developer Funding Platform for in-process projects, and acquisitions 1. Investments are screened for e-commerce and recession resistance, avoidance of private equity sponsorship and strong real estate fundamentals 1. The capital structure is built mainly on common equity, with prudent amounts of preferred equity and debt 1.
As a REIT, the company must distribute at least 90% of its REIT taxable income each year and is not subject to federal income tax on income distributed to stockholders 1. Monthly dividends have been paid since 2021, and the company notes it cannot guarantee it will maintain its current dividend level 1.
Market context
The company competes in the US commercial real estate investment market, where competition for properties and financing is intense and investors include public and non-traded REITs, private equity firms, institutional funds and insurers 1. A 2026 investment guidance of approximately 1.6 billion dollars indicates an active transaction market, although management says it is preserving liquidity to take advantage of shifts in that market 3.
Demand for retail net lease space depends on e-commerce-resistant sectors such as grocery, home improvement, convenience and auto services, which account for a large share of the company's rent 1. Financing pressure, higher interest rates and higher acquisition costs could limit the volume of accessible transactions 1.
Trends
- Interest rates and financing costsmixed
Higher interest rates and inflation have raised acquisition costs and reduced the availability of financing on acceptable terms, slowing acquisitions below historical rates 1. The company has nonetheless issued bonds at a lower all-in cost, which could support margins if rates ease 3.
- E-commerceheadwind
Growth in online shopping could weaken tenant sales and their ability to pay rent, and the company relies on the assumption that its chosen sectors will prove more resilient 1. If that assumption holds, it could be an advantage over more exposed retail.
- Liquidity and growth capitaltailwind
A liquidity position of about 2 billion dollars and prudent leverage give flexibility to acquire during periods of volatility 3. The company has also issued equity through forward sales, which dilutes existing holders in the near term 2.
- Sector and state concentrationmixed
High exposure to a few sectors and states such as Texas and Illinois makes the company more sensitive to local or sector shocks 1. Continued diversification of the portfolio could reduce this risk over time.
Competitive position
The company competes for properties and financing with public and non-traded REITs, private equity firms, institutional investors, insurers and private individuals, many with greater financial resources 1. The company acknowledges it cannot assure it will compete successfully in acquisitions, development and leasing 1.
The company's edge lies in its development experience, its relationships with national tenants and its access to capital across several channels 1. A risk is that larger funds may accept risk profiles the company does not consider prudent 1.
- Institutional investment funds
Compete for net lease acquisitions with greater financial resources, referred to generically in the filing.
- Public and non-traded REITs
Compete for the same properties and financing; not named individually in the sources.
- Insurance companies
Long-term capital investors that participate in the commercial real estate market.
- Private equity firms
Acquire commercial properties and can accept more risk than the company believes it can prudently manage.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- China, US defence officials agree to improve ‘communication’ to reduce risksSouth China Morning Post — China · 04 Nov 2026 · EN
- Russia will never agree to restrictions on UN Security Council veto powerTASS (RU, EN) · 04 Nov 2026 · EN
- Centrist MEPs agree on reversal of petrol, diesel car banEuractiv · 04 Nov 2026 · EN
- US midterm candidates find something to agree on: Reining in datacentersThe Register · 04 Nov 2026 · EN
- What really lies behind that customary I Agree click ?Surge — GDELT DOC · 04 Nov 2026 · RO
- South Korea, Turkey agree to deepen nuclear energy, defence tiesThe Hindu — International · 03 Nov 2026 · EN
- Israel’s Arab Joint List, Democrats agree to coordinate efforts to replace Netanyahu governmentAnadolu Agency (TR, EN) · 03 Nov 2026 · EN
- Israeli opposition leaders meet for 1st time since elections, agree to back Eisenkot for prime ministerAnadolu Agency (TR, EN) · 03 Nov 2026 · EN
- South Korea, Türkiye agree to deepen nuclear energy, defence tiesCNA (Channel NewsAsia) · 03 Nov 2026 · EN
- South Korea, Turkey agree to deepen nuclear energy, defense tiesTurkish Minute (TR, EN, exil) · 03 Nov 2026 · EN
- Seoul, Ankara agree to deepen cooperation in nuclear energy, defense industry, technologyAnadolu Agency (TR, EN) · 03 Nov 2026 · EN
- UK, EU agree draft deal to remove post-Brexit food export checks: ReportAnadolu Agency (TR, EN) · 03 Nov 2026 · EN
- Canada, EU agree deeper cooperation on energy and cleantech supply chainsClimate Home News · 03 Nov 2026 · EN
- (LEAD) Lee, Erdogan agree to strengthen cooperation in nuclear power plants, defense industryYonhap News (KR, EN) · 03 Nov 2026 · EN
- Lee, Erdogan agree to strengthen cooperation in nuclear power plants, defense industryYonhap News (KR, EN) · 03 Nov 2026 · EN
- UK and EU agree draft deal to scrap Brexit red tape over food exportsBBC — Europe · 03 Nov 2026 · EN
- Japan, South Korea agree to cooperate over remains from undersea mineThe Japan Times · 03 Nov 2026 · EN
- Russia, Ukraine agree not to disclose number of people evacuated from Oleshky, Ukrainian ombudsman saysAnadolu Agency (TR, EN) · 02 Nov 2026 · EN
- Russian, Ukrainian ombudspersons agree to monthly aid missions to Alyoshki — officialTASS (RU, EN) · 02 Nov 2026 · EN
- Ukraine’s and Russia’s ombudsmen agree to keep working on regular humanitarian missions after the Oleshky evacuationEuromaidan Press (UA, EN) · 02 Nov 2026 · EN
SEC filings
- Quarterly report20 Oct 2026
- Current report20 Oct 2026Results of operations · Financial statements and exhibits
- Current report02 Oct 2026Other events
- Current report22 Sept 2026Material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report02 Jul 2026Other events
- Current report14 May 2026Shareholder vote · Financial statements and exhibits
- Current report24 Apr 2026Other events · Financial statements and exhibits
- Quarterly report21 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Agree Realty Corporation · 10 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Agree Realty Corporation · 20 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Agree Realty Corporation · 20 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.