Intrinsic value of Agree Realty - ADC

Previous Close

$55.89

  Intrinsic Value

$331.24

stock screener

  Rating & Target

str. buy

+493%

Previous close

$55.89

 
Intrinsic value

$331.24

 
Up/down potential

+493%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as ADC.

We calculate the intrinsic value of ADC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  27.30
  25.07
  23.06
  21.26
  19.63
  18.17
  16.85
  15.67
  14.60
  13.64
  12.78
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
Revenue, $m
  149
  186
  229
  278
  333
  393
  459
  531
  609
  692
  780
  874
  972
  1,076
  1,185
  1,298
  1,417
  1,540
  1,669
  1,803
  1,942
  2,086
  2,236
  2,392
  2,555
  2,723
  2,899
  3,081
  3,271
  3,469
Variable operating expenses, $m
  65
  81
  99
  120
  144
  170
  198
  229
  262
  298
  334
  374
  417
  461
  508
  556
  607
  660
  715
  773
  832
  894
  959
  1,025
  1,095
  1,167
  1,242
  1,321
  1,402
  1,487
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  65
  81
  99
  120
  144
  170
  198
  229
  262
  298
  334
  374
  417
  461
  508
  556
  607
  660
  715
  773
  832
  894
  959
  1,025
  1,095
  1,167
  1,242
  1,321
  1,402
  1,487
Operating income, $m
  84
  105
  130
  158
  189
  223
  261
  302
  347
  394
  446
  499
  556
  615
  677
  742
  810
  880
  954
  1,030
  1,110
  1,192
  1,278
  1,367
  1,460
  1,556
  1,656
  1,761
  1,869
  1,982
EBITDA, $m
  255
  318
  392
  475
  569
  672
  785
  908
  1,041
  1,182
  1,334
  1,494
  1,662
  1,840
  2,025
  2,220
  2,422
  2,634
  2,853
  3,082
  3,320
  3,567
  3,823
  4,090
  4,367
  4,656
  4,956
  5,268
  5,592
  5,931
Interest expense (income), $m
  14
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
Earnings before tax, $m
  84
  105
  130
  158
  189
  224
  262
  303
  347
  394
  446
  500
  556
  615
  678
  743
  810
  881
  955
  1,031
  1,111
  1,193
  1,279
  1,368
  1,461
  1,558
  1,658
  1,762
  1,871
  1,984
Tax expense, $m
  23
  28
  35
  43
  51
  60
  71
  82
  94
  107
  120
  135
  150
  166
  183
  201
  219
  238
  258
  278
  300
  322
  345
  369
  395
  421
  448
  476
  505
  536
Net income, $m
  61
  77
  95
  115
  138
  163
  191
  221
  253
  288
  326
  365
  406
  449
  495
  542
  592
  643
  697
  753
  811
  871
  934
  999
  1,067
  1,137
  1,210
  1,287
  1,366
  1,448

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  -37
  -46
  -56
  -68
  -82
  -97
  -113
  -131
  -150
  -170
  -192
  -215
  -239
  -265
  -291
  -319
  -348
  -379
  -410
  -443
  -478
  -513
  -550
  -588
  -628
  -670
  -713
  -758
  -805
  -853
Adjusted assets (=assets-cash), $m
  -37
  -46
  -56
  -68
  -82
  -97
  -113
  -131
  -150
  -170
  -192
  -215
  -239
  -265
  -291
  -319
  -348
  -379
  -410
  -443
  -478
  -513
  -550
  -588
  -628
  -670
  -713
  -758
  -805
  -853
Revenue / Adjusted assets
  -4.027
  -4.043
  -4.089
  -4.088
  -4.061
  -4.052
  -4.062
  -4.053
  -4.060
  -4.071
  -4.063
  -4.065
  -4.067
  -4.060
  -4.072
  -4.069
  -4.072
  -4.063
  -4.071
  -4.070
  -4.063
  -4.066
  -4.065
  -4.068
  -4.068
  -4.064
  -4.066
  -4.065
  -4.063
  -4.067
Average production assets, $m
  1,695
  2,120
  2,609
  3,164
  3,785
  4,473
  5,226
  6,045
  6,928
  7,873
  8,878
  9,943
  11,067
  12,248
  13,485
  14,778
  16,128
  17,534
  18,997
  20,520
  22,102
  23,746
  25,455
  27,231
  29,077
  30,996
  32,993
  35,070
  37,233
  39,486
Working capital, $m
  -496
  -621
  -764
  -926
  -1,108
  -1,309
  -1,530
  -1,769
  -2,027
  -2,304
  -2,598
  -2,910
  -3,239
  -3,584
  -3,946
  -4,325
  -4,720
  -5,131
  -5,560
  -6,005
  -6,468
  -6,949
  -7,450
  -7,969
  -8,509
  -9,071
  -9,655
  -10,263
  -10,896
  -11,556
Total debt, $m
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
Total liabilities, $m
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -36
  -38
Total equity, $m
  -35
  -44
  -54
  -65
  -78
  -92
  -108
  -125
  -143
  -162
  -183
  -205
  -228
  -253
  -278
  -305
  -333
  -362
  -392
  -423
  -456
  -490
  -525
  -562
  -600
  -640
  -681
  -724
  -768
  -815
Total liabilities and equity, $m
  -37
  -46
  -57
  -68
  -82
  -96
  -113
  -131
  -150
  -170
  -192
  -215
  -239
  -265
  -291
  -319
  -349
  -379
  -410
  -443
  -477
  -513
  -550
  -588
  -628
  -670
  -713
  -758
  -804
  -853
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  61
  77
  95
  115
  138
  163
  191
  221
  253
  288
  326
  365
  406
  449
  495
  542
  592
  643
  697
  753
  811
  871
  934
  999
  1,067
  1,137
  1,210
  1,287
  1,366
  1,448
Depreciation, amort., depletion, $m
  171
  213
  262
  317
  380
  448
  524
  606
  694
  788
  888
  994
  1,107
  1,225
  1,348
  1,478
  1,613
  1,753
  1,900
  2,052
  2,210
  2,375
  2,546
  2,723
  2,908
  3,100
  3,299
  3,507
  3,723
  3,949
Funds from operations, $m
  232
  290
  357
  433
  518
  612
  715
  827
  947
  1,076
  1,213
  1,359
  1,513
  1,674
  1,843
  2,020
  2,204
  2,397
  2,597
  2,805
  3,021
  3,246
  3,479
  3,722
  3,974
  4,237
  4,510
  4,794
  5,089
  5,397
Change in working capital, $m
  -106
  -124
  -143
  -162
  -182
  -201
  -221
  -240
  -258
  -277
  -294
  -312
  -329
  -346
  -362
  -379
  -395
  -412
  -428
  -445
  -463
  -481
  -500
  -520
  -540
  -562
  -584
  -608
  -633
  -659
Cash from operations, $m
  338
  414
  500
  595
  699
  813
  935
  1,066
  1,205
  1,353
  1,508
  1,671
  1,841
  2,020
  2,205
  2,398
  2,599
  2,808
  3,025
  3,250
  3,484
  3,727
  3,979
  4,242
  4,515
  4,798
  5,094
  5,401
  5,722
  6,056
Maintenance CAPEX, $m
  -133
  -170
  -212
  -261
  -316
  -378
  -447
  -523
  -605
  -693
  -787
  -888
  -994
  -1,107
  -1,225
  -1,348
  -1,478
  -1,613
  -1,753
  -1,900
  -2,052
  -2,210
  -2,375
  -2,546
  -2,723
  -2,908
  -3,100
  -3,299
  -3,507
  -3,723
New CAPEX, $m
  -369
  -425
  -489
  -555
  -621
  -688
  -754
  -819
  -883
  -945
  -1,006
  -1,065
  -1,123
  -1,181
  -1,237
  -1,293
  -1,350
  -1,406
  -1,464
  -1,522
  -1,582
  -1,644
  -1,709
  -1,776
  -1,846
  -1,919
  -1,996
  -2,077
  -2,163
  -2,253
Cash from investing activities, $m
  -502
  -595
  -701
  -816
  -937
  -1,066
  -1,201
  -1,342
  -1,488
  -1,638
  -1,793
  -1,953
  -2,117
  -2,288
  -2,462
  -2,641
  -2,828
  -3,019
  -3,217
  -3,422
  -3,634
  -3,854
  -4,084
  -4,322
  -4,569
  -4,827
  -5,096
  -5,376
  -5,670
  -5,976
Free cash flow, $m
  -163
  -180
  -201
  -221
  -238
  -253
  -266
  -275
  -282
  -285
  -285
  -282
  -276
  -268
  -257
  -243
  -228
  -211
  -192
  -172
  -150
  -128
  -104
  -80
  -54
  -29
  -2
  25
  52
  80
Issuance/(repayment) of debt, $m
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Issuance/(repurchase) of shares, $m
  -8
  -9
  -10
  -11
  -13
  -14
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
Cash from financing (excl. dividends), $m  
  -8
  -9
  -10
  -12
  -14
  -15
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -31
  -32
  -35
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -48
Total cash flow (excl. dividends), $m
  -170
  -189
  -212
  -232
  -252
  -268
  -282
  -293
  -301
  -305
  -307
  -305
  -301
  -293
  -283
  -271
  -257
  -241
  -224
  -205
  -184
  -163
  -141
  -118
  -94
  -70
  -45
  -20
  6
  32
Retained Cash Flow (-), $m
  8
  9
  10
  11
  13
  14
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  46
Prev. year cash balance distribution, $m
  27
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  65
  69
Cash available for distribution, $m
  8
  9
  10
  11
  13
  14
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  50
  78
Discount rate, %
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
PV of cash for distribution, $m
  8
  9
  10
  11
  13
  14
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  50
  78
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Agree Realty Corporation (Agree Realty) is an integrated real estate investment trust (REIT) primarily focused on the ownership, acquisition, development and management of retail properties. The Company operates through Agree Limited Partnership (the Operating Partnership). As of December 31, 2016, its portfolio consisted of 366 properties located in 43 states and totaling approximately seven million square feet of gross leasable area (GLA). As of December 31, 2016, its portfolio included 363 net lease properties, which contributed approximately 98.1% of annualized base rent, and three community shopping centers. The Company's business objective is to generate consistent shareholder returns by investing in and actively managing a diversified portfolio of retail properties net leased to industry tenants. Its community shopping centers include Capital Plaza, Frankfort; Central Michigan Commons, Mount Pleasant, and West Frankfort Plaza, West Frankfort.

FINANCIAL RATIOS  of  Agree Realty (ADC)

Valuation Ratios
P/E Ratio 32.5
Price to Sales 15.9
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 23.6
Price to Free Cash Flow -5.5
Growth Rates
Sales Growth Rate 31.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 41.1%
Cap. Spend. - 3 Yr. Gr. Rate 29.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 58.7%
Total Debt to Equity 58.7%
Interest Coverage 4
Management Effectiveness
Return On Assets 6.1%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital 4.9%
Ret/ On T. Cap. - 3 Yr. Avg. 4.7%
Return On Equity 7.9%
Return On Equity - 3 Yr. Avg. 7.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 91.3%
Gross Margin - 3 Yr. Avg. 91.2%
EBITDA Margin 90.2%
EBITDA Margin - 3 Yr. Avg. 86.4%
Operating Margin 56.5%
Oper. Margin - 3 Yr. Avg. 55.2%
Pre-Tax Margin 50%
Pre-Tax Margin - 3 Yr. Avg. 47.4%
Net Profit Margin 48.9%
Net Profit Margin - 3 Yr. Avg. 46%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 95.6%

ADC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ADC stock intrinsic value calculation we used $117 million for the last fiscal year's total revenue generated by Agree Realty. The default revenue input number comes from 2017 income statement of Agree Realty. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ADC stock valuation model: a) initial revenue growth rate of 27.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 0%, whose default value for ADC is calculated based on our internal credit rating of Agree Realty, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Agree Realty.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ADC stock the variable cost ratio is equal to 43.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ADC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Agree Realty.

Corporate tax rate of 27% is the nominal tax rate for Agree Realty. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ADC stock is equal to 2.1%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ADC are equal to 1138.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Agree Realty operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ADC is equal to -333.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Agree Realty - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 28 million for Agree Realty is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Agree Realty at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ Agree Realty: 2Q Earnings Snapshot   [Jul-23-18 04:13PM  Associated Press]
▶ Agree Realty Sees RS Rating Rise To 71   [May-24-18 03:00AM  Investor's Business Daily]
▶ Agree Realty Declares Increased Quarterly Cash Dividend   [May-15-18 04:05PM  PR Newswire]
▶ Best NYSE Real Estate Dividend Picks For The Day   [May-14-18 11:02AM  Simply Wall St.]
▶ Agree Realty Corporation to Host Earnings Call   [Apr-24-18 07:00AM  ACCESSWIRE]
▶ Agree Realty: 1Q Earnings Snapshot   [Apr-23-18 04:31PM  Associated Press]
▶ 7 Stocks to Buy for Big May Dividend Hikes   [Apr-20-18 11:15AM  InvestorPlace]
▶ Agree Realty Announces Forward Common Stock Offering   [Mar-13-18 04:05PM  PR Newswire]
▶ Agree Realty Declares Quarterly Cash Dividend   [Feb-27-18 04:05PM  PR Newswire]
▶ You Should Diversify With These Real Estate Dividend Stocks   [Feb-26-18 10:02AM  Simply Wall St.]
▶ Agree Realty reports 4Q results   [Feb-22-18 04:43PM  Associated Press]
▶ Agree Realty Q4 Earnings Preview   [08:31AM  Benzinga]
▶ January Real Estate Dividend Stocks To Look Out For   [Jan-22-18 10:02AM  Simply Wall St.]
▶ Agree Realty Announces Record 2017 Investment Activity   [Jan-03-18 04:01PM  PR Newswire]
▶ Agree Realty Declares Increased Quarterly Cash Dividend   [Dec-05-17 04:01PM  PR Newswire]
▶ Agree Realty reports 3Q results   [Oct-23-17 04:09PM  Associated Press]
▶ Agree Realty Declares Quarterly Cash Dividend   [Sep-05-17 04:01PM  PR Newswire]
▶ Agree Realty reports 2Q results   [Jul-24-17 09:20PM  Associated Press]
▶ ETFs with exposure to Agree Realty Corp. : July 14, 2017   [Jul-14-17 12:36PM  Capital Cube]
▶ Agree Realty Announces Pricing Of Common Stock Offering   [Jun-13-17 09:00AM  PR Newswire]
▶ Agree Realty Announces Common Stock Offering   [Jun-12-17 04:02PM  PR Newswire]
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