ADC Agree Realty Corp.

$ADC Raised the dividend by 3.4% yesterday. The safest dividend is the one that has just been raised 😉

It's crazy looking at year to date charts of a REIT vs the S&P 500. Many REITs were significantly outperforming the market early this year. The market was pricing in 3 rate hikes to start the year while REITs were trading at their lowest multiple in years. Then the rate environment completely shifted, and REITs have seen a serious pullback in the last couple of months. Charted out is ADC vs the S&P 500 year to date. Price movements align almost perfectly with the way the rate environment has changed. $ADC

$ADC Three reasons to buy: 1-The P/B ratio of 1.3 is attractive and equals that of Realty Income 2-Insiders have bought at $68 $73 and $74 3-September is a historically weak month for ADC. Then the stock recovers in October and November.

$ADC Agree Realty, a REIT that owns 2,888 net-leased retail properties, cut its 2026 investment guidance to about $1.6B from $1.6–$1.8B and raised planned asset sales to $100–$150M from $50–$100M. It had invested about $1.3B through Sept 30, which leaves roughly $300M for Q4, against $358M in Q3. Mkt value $8.73B at $67.085 (16:00 ET, Oct 20, 2026) on 130.1M Oct 19 shares. On the other side, the low end of 2026 AFFO guidance rose a cent to $4.58–$4.59, Q3 AFFO/share rose 4.9% to $1.15, and the CEO cites "value over volume." Earnings call Oct 21, 9am ET.

$ADC Q3 AFFO per share rose 4.9% to 1.15 dollars, and total AFFO was up 17.2%. The gap is the share count, Agree settled 5.7 million forward shares for about 426 million dollars in the quarter and put 357.7 million dollars into 94 properties at a 7.3% weighted cap rate with 14.5-year average leases. Full-year AFFO guidance ticked up to 4.58 to 4.59 dollars, the portfolio ended the quarter 99.8% leased, and the October monthly dividend went up to 27.1 cents.

Agree Realty reported strong Q3 2026 results, beating Wall Street expectations with adjusted EPS of $0.53 versus $0.48 estimated and revenue of $213.88M versus $211.19M expected, up 16.7% year over year. Management raised its 2026 AFFO-per-share guidance to $4.58–$4.59. During the first nine months, the company invested approximately $1.3B across its three external growth platforms. Q3 investments totaled $358M across 94 retail net-lease properties, while portfolio occupancy remained strong at 99.8% and liquidity stood at approximately $ 2B. Wells Fargo lowered its price target to $79 from $83 but maintained an Overweight rating. Agree Realty also issued $400M in public bonds at an all-in rate of 5.36%, further strengthening its balance sheet. The earnings beat and higher guidance helped restore investor confidence after the REIT hit a 52-week low earlier in October, supporting its income and dividend-growth investment case. $ADC

$ADC Q3 '26 Earnings Results & Recap • Reported GAAP EPS of $0.53 up 17.78% YoY • Reported revenue of $225.69M up 17.20% YoY