Agree Realty Corporation (ADC) Stock Price & How to Invest

Agree Realty Corporation (NYSE: ADC) is a real estate investment trust that acquires and develops freestanding, single-tenant retail properties net-leased to national and regional chains. Under net leases, tenants cover most property costs (taxes, insurance, and maintenance), which gives the REIT predictable rent streams and thin operating overhead. As of the end of 2025 the portfolio held roughly 2,674 properties across all 50 states, totaling about 55.5 million square feet, and was effectively fully leased at 99.7% occupancy. Investment-grade retailers generated close to 67% of annualized base rent, with top tenants including Walmart, Tractor Supply, Dollar General, Best Buy, and TJX, tilting the rent roll toward defensive, needs-based retail.

The investment picture centers on durable, growing income rather than rapid appreciation. Agree funds an active acquisition and development pipeline (it deployed roughly $1.5 billion into new properties in 2025) using a well-capitalized, low-leverage balance sheet that carries an A- issuer rating from Fitch, an unusually strong credit profile for a REIT of its size. It pays a monthly dividend, annualized around $3.20 per share, and has raised the payout steadily. The trade-off is valuation: ADC typically trades at a premium multiple of its adjusted funds from operations versus peers, and like all net-lease REITs its share price is sensitive to interest rates, since higher rates raise both its borrowing costs and the yield income investors demand.

Interest-rate sensitivity is the dominant risk, since higher rates lift Agree's borrowing costs and make its dividend yield less competitive versus bonds, which can pressure the share price. The company's growth depends on continually raising capital and buying properties at attractive spreads, so a prolonged period of high rates or a rich stock price can slow accretive growth. Tenant concentration is a factor, with a meaningful share of rent from a handful of large retailers whose fortunes are tied to physical, discretionary, and discount retail. A premium valuation leaves less margin for error if growth disappoints or if the net-lease sector re-rates lower. Broader retail disruption, e-commerce pressure on certain categories, and any single large-tenant bankruptcy could dent occupancy and rent.

18 analysts publish price targets on ADC, averaging $84.81 against a $77.80 price as of August 2026, or +9.0%. The published targets run from $80.00 to $92.00, a narrow spread, and the ratings split 12 buy, 8 hold, 0 sell. Over the last six months there have been 9 raises and 2 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full ADC forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Agree Realty Corporation. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. External growth engine. Agree grows primarily by acquiring and developing new net-lease properties, deploying roughly $1.5 billion in 2025 and guiding to $1.4 to $1.6 billion for 2026. The most optimistic published target, $92.00, assumes this works close to its best case.

The case against. Interest-rate sensitivity is the dominant risk, since higher rates lift Agree's borrowing costs and make its dividend yield less competitive versus bonds, which can pressure the share price. The most pessimistic target, $80.00, is roughly what ADC is worth if this bites instead.

Read the full bull and bear case on ADC, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Agree Realty Corporation's investor relations page or your broker.

• Revenue (TTM): ~$715M
• AFFO per share (2025): ~$4.32
• AFFO per share (2026 guidance): ~$4.54 to $4.58
• Dividend (annualized): ~$3.20 (~4.4% yield)
• Portfolio: ~2,674 properties, 99.7% occupied
• Market cap: ~$9B

Agree trades at a premium multiple of AFFO relative to net-lease peers, roughly the high-teens on a price-to-AFFO basis, a level the market has long assigned to its balance-sheet quality and consistency. With 2026 AFFO guided around $4.56 and shares near $80, the valuation prices in reliable but unspectacular growth. Investors are largely paying for durability of income rather than a discount.

Other names that sit close to ADC: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get ADC exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so ADC sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where ADC fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Agree Realty is one of the higher-quality, more conservatively financed names in the net-lease space, offering a monthly dividend around the mid-4% range backed by investment-grade tenants, though its premium valuation and rate sensitivity mean the return profile leans toward slow compounding rather than deep value.

Whether ADC is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is ADC a buy or a sell?, and where the stock could go from here in the ADC stock forecast.

For income investors, whether ADC pays a dividend and how the payout looks is covered in does ADC pay a dividend? And to weigh ADC against a peer, read the full side-by-side comparisons: ADC vs O and ADC vs NNN.