WPC - W. P. Carey Vs. Agree Realty: Hell Hath No Fury Like An Income Investor Scorned

2024-02-12 19:01:09 ET

Summary

• W. P. Carey Inc.'s dividend cut still stings, but the portfolio is one of the most attractive in the market.
• Agree Realty Corporation has one of the best balance sheets, but rent growth should be extremely muted.
• We weigh the two against each other and tell you where we stand.

We covered Agree Realty Corporation ( ADC ) for the first time in September 2023. Our title gave away the thesis. We liked what we saw from a debt management perspective, and we were impressed by the risk management. However, we just could not get to a buy rating with cheaper alternatives out there. The stock has meandered around a small range, and there was certainly no loss in sitting out....

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