Agree Realty Corporation ADC

Competitive advantage analysis · real-estate

REIT Specialized
Overall moat score
66/100
Moderate

Ranked against 37 peers in REIT - Retail

About Agree Realty Corporation

Agree Realty Corporation is a publicly traded real estate investment trust. The Firm is Rethinking Retail through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2025, the Company owned and operated a portfolio of 2,674 properties, located in all 50 states and containing approximately 55.5 million square feet of gross leasable … Full ADC analysis →

Key strengths

  • Strong AFFO Generation AFFO generation is strong (score 0.97), supporting dividend sustainability.
  • Dividend Well-Covered by AFFO Dividend coverage is healthy (score 0.97).

Key risks

  • Dilutive or Undisciplined Growth Growth discipline is questionable (score 0.39), raising dilution concerns.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Rent Pricing Power

Moderate
72
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Signals, strengths and risks for Rent Pricing Power

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Signals, strengths and risks for AFFO Strength

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Signals, strengths and risks for Balance Sheet & Cost of Capital

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Signals, strengths and risks for Capital Recycling & Growth

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Signals, strengths and risks for Operational Efficiency

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Signals, strengths and risks for Portfolio Quality & Diversification

Where ADC ranks in REIT - Retail

Agree Realty Corporation ranks #6 of 33 scored companies in REIT - Retail by moat score — the top 18%. The widest moat in the group is NNN REIT, Inc. (NNN) at 79/100.

# Company Moat score Rating
2 Simon Property Group, Inc. SPG 79/100 Strong
3 Four Corners Property Trust, In FCPT 77/100 Strong
4 Essential Properties Realty Tru EPRT 74/100 Moderate
5 Getty Realty Corporation GTY 71/100 Moderate
6 Agree Realty Corporation ADC 66/100 Moderate
7 InvenTrust Properties Corp. IVT 64/100 Moderate
8 Curbline Properties Corp. CURB 64/100 Moderate
9 Regency Centers Corporation - 5 REGCO 62/100 Moderate
10 Regency Centers Corporation REG 61/100 Moderate

See every Real Estate Investment Trusts company ranked by moat score →

How ADC scores on the REIT Specialized defenses

Rent Pricing Power

Score 72 · 20% of the moat score

For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.

AFFO Strength

Score 97 · 18% of the moat score

AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.

Balance Sheet & Cost of Capital

Score 59 · 20% of the moat score

Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.

Capital Recycling & Growth

Score 31 · 16% of the moat score

REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.

Operational Efficiency

Score 90 · 14% of the moat score

Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.

Portfolio Quality & Diversification

Score 40 · 12% of the moat score

Portfolio quality is really a question about what happens when a tenant fails.

How each REIT Specialized defense is measured, in full →

Understanding ADC's moat

What is Agree Realty Corporation's moat score?

Agree Realty Corporation (ADC) scores 66 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #6 of 33 scored companies in REIT - Retail, the top 18%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 37 companies in REIT - Retail. Its strongest defense is AFFO Strength (97/100) and its weakest is Capital Recycling & Growth (31/100).

How does Agree Realty Corporation compare with other REIT - Retail companies?

Agree Realty Corporation ranks #6 of 33 scored companies in REIT - Retail by moat score. The widest moat in REIT - Retail is NNN REIT, Inc. (NNN) at 79/100. The companies ranked closest are Getty Realty Corporation (GTY) at 71 just above it and InvenTrust Properties Corp. (IVT) at 64 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 37 companies in REIT - Retail. The defenses are then weighted to produce the overall score out of 100.

Why is Agree Realty Corporation scored with the REIT Specialized template?

A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.

Which competitive defenses are measured for Agree Realty Corporation?

The REIT Specialized template measures 6 defenses, and ADC scores: Rent Pricing Power (72), AFFO Strength (97), Balance Sheet & Cost of Capital (59), Capital Recycling & Growth (31), Operational Efficiency (90), Portfolio Quality & Diversification (40). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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