Agree Realty Corporation (ADC) Bundle
A Brief History of Agree Realty Corporation (ADC)
Company Overview
Agree Realty Corporation (NYSE: ADC) is a real estate investment trust (REIT) headquartered in Bloomfield Hills, Michigan. As of December 31, 2023, the company owned 2,170 properties across 48 states.
Financial Performance
| Financial Metric | 2023 Value |
|---|---|
| Total Revenue | $687.6 million |
| Net Income | $303.8 million |
| Total Assets | $6.8 billion |
| Market Capitalization | $6.2 billion |
Property Portfolio Composition
- 97% of properties are net-leased
- Primarily single-tenant retail properties
- Top tenants include Walmart, Dollar General, Tractor Supply Co.
Geographic Distribution
Properties are located across 48 states, with concentration in:
- Texas
- California
- Florida
- Ohio
- Michigan
Stock Performance
| Metric | 2023 Value |
|---|---|
| Dividend Yield | 4.8% |
| Stock Price (as of Dec 31, 2023) | $76.45 |
Investment Strategy
Focus on high-quality, mission-critical retail properties with long-term net leases.
A Who Owns Agree Realty Corporation (ADC)
Institutional Ownership
As of Q4 2023, Agree Realty Corporation's institutional ownership stands at 95.4%.
| Top Institutional Shareholders | Ownership Percentage |
|---|---|
| The Vanguard Group, Inc. | 17.2% |
| BlackRock Inc. | 14.6% |
| Cohen & Steers Inc. | 9.8% |
| State Street Corporation | 8.3% |
Insider Ownership
Insider ownership of Agree Realty Corporation is approximately 0.7% as of December 2023.
Major Shareholders
- Joey Agree - President and CEO
- John Rakolta Jr. - Chairman of the Board
- Michael Surnow - Chief Financial Officer
Ownership Distribution
Total shares outstanding: 57,120,000 as of January 2024.
| Shareholder Type | Percentage |
|---|---|
| Institutional Investors | 95.4% |
| Insider Ownership | 0.7% |
| Retail Investors | 3.9% |
Agree Realty Corporation (ADC) Mission Statement
Corporate Overview
Agree Realty Corporation (NYSE: ADC) is a real estate investment trust (REIT) specializing in the acquisition and development of net lease retail properties.
Financial Performance
| Metric | Value (2023) |
|---|---|
| Market Capitalization | $6.2 billion |
| Total Portfolio Value | $5.8 billion |
| Dividend Yield | 5.2% |
| Total Properties | 1,947 properties |
Strategic Focus Areas
- Net lease retail real estate investments
- High-quality single-tenant properties
- Investment-grade tenant relationships
- Geographic diversification across United States
Property Portfolio Composition
| Tenant Type | Percentage |
|---|---|
| Investment Grade Tenants | 56% |
| Non-Investment Grade Tenants | 44% |
Key Investment Metrics
- Occupancy Rate: 99.6%
- Weighted Average Lease Term: 10.4 years
- Annual Rental Revenue: $442.3 million
Geographic Distribution
| Region | Property Percentage |
|---|---|
| Southeast | 22% |
| Southwest | 18% |
| Midwest | 35% |
| Other Regions | 25% |
How Agree Realty Corporation (ADC) Works
Business Overview
Agree Realty Corporation is a publicly traded real estate investment trust (REIT) that focuses on acquiring and developing net leased retail properties. As of Q4 2023, the company owned 2,180 properties across 47 states.
Property Portfolio Composition
| Property Type | Percentage |
|---|---|
| Investment Grade Tenants | 83.6% |
| Single Tenant Properties | 91.5% |
| Retail Sector Coverage | 100% Retail |
Financial Performance
As of December 31, 2023:
- Market Capitalization: $6.2 billion
- Total Assets: $5.8 billion
- Annual Revenue: $622.4 million
- Funds from Operations (FFO): $341.2 million
Lease Characteristics
| Lease Metric | Value |
|---|---|
| Average Lease Term | 10.4 years |
| Occupancy Rate | 99.7% |
| Tenant Retention Rate | 93.5% |
Top Tenant Sectors
- Grocery: 18.2%
- Pharmaceutical: 15.7%
- Home Improvement: 12.3%
- Discount Retail: 10.9%
Dividend Information
Dividend Yield: 5.6% as of 2024
Consecutive Annual Dividend Increases: 12 years
Geographic Distribution
| Region | Percentage of Portfolio |
|---|---|
| Southeast | 22.3% |
| Midwest | 31.5% |
| Southwest | 18.7% |
| Other Regions | 27.5% |
How Agree Realty Corporation (ADC) Makes Money
Business Model Overview
Agree Realty Corporation generates revenue through net lease real estate investments focusing on retail properties. As of Q4 2023, the company owns 2,042 properties across 47 states.
Revenue Streams
- Rental income from commercial real estate properties
- Property lease agreements with national and regional retailers
- Strategic property acquisitions and investments
Portfolio Composition
| Property Type | Number of Properties | Percentage of Portfolio |
|---|---|---|
| Retail Properties | 2,042 | 97.5% |
| Industrial Properties | 54 | 2.5% |
Financial Performance
As of December 31, 2023:
- Total Revenue: $392.3 million
- Net Income: $217.6 million
- Funds from Operations (FFO): $285.4 million
Tenant Diversification
| Top Tenants | Percentage of Annualized Rent |
|---|---|
| Dollar General | 14.3% |
| Walmart | 8.7% |
| TJX Companies | 5.2% |
Lease Characteristics
Average lease term: 10.4 years
Occupancy rate: 99.5%
Geographic Distribution
| Region | Percentage of Properties |
|---|---|
| Midwest | 42.3% |
| South | 31.6% |
| West | 15.7% |
| Northeast | 10.4% |
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