O - Agree Realty Corporation: Elite-Level Business Metrics With Room To Further Outperform
2024-05-25 03:26:02 ET
Summary
- Agree Realty Corporation has delivered impressive AFFO per share growth rates and pays an attractive, growing, and well-covered monthly dividend.
- ADC is likely to outperform its peers on a total return basis.
- ADC's value proposition is supported by its, inter alia, coherent investment strategy combined with an ability to remain selective, as well as elite-level business and credit metrics.
Investment thesis
Agree Realty Corporation ( ADC ) delivered impressive AFFO per share growth rates in recent years and pays an attractive, growing, and well-covered monthly dividend yielding ~5%.
Although I don't expect significant price movements without major shifts in the economic conditions (considering ADC's current P/FFO multiple), I believe that the Company is highly likely to outperform its peers (like Realty Income ( O ) or NNN REIT ( NNN )) on a total return basis in the upcoming years.