What is the 13F Pro Quality Score for ADC?

13F Pro ranks AGREE REALTY CORP (ADC) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View ADC's current score at https://13fpro.ai/company/ADC (free sign-up required for the full ranking).

Which hedge funds own the most ADC stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of ADC include BlackRock,, COHEN & STEERS,, VANGUARD PORTFOLIO MANAGEMENT. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/company/ADC as soon as new 13F filings post.

Where does 13F Pro source ADC data?

All AGREE REALTY CORP fundamentals and ownership data come directly from SEC EDGAR. AGREE REALTY CORP files with the SEC under CIK 917251. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is ADC in?

AGREE REALTY CORP (ADC) is classified in the Real Estate sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/real-estate.

What drives ADC's revenue?

Per AGREE REALTY CORP's latest 10-Q filed with the SEC on 2026-07-30, the biggest revenue drivers are: Rental income ($204.981M, +17% YoY); Other revenue ($0.119M, -8% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/company/ADC.

What are ADC's largest expenses?

AGREE REALTY CORP's latest 10-Q reports these as the largest expense items: Depreciation and amortization ($69.094M, +17% YoY); Real estate taxes ($15.257M, +19% YoY); Interest expense, net ($40.278M, +25% YoY). Sourced directly from SEC EDGAR filing text for Q2 2026 (quarter ended June 30, 2026).

How often is ADC research updated on 13F Pro?

ADC's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

AGREE REALTY CORP(ADC)Stock Analysis

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Why ADC Scores 54/100

exact factor attribution · 2026-08-29

ADC's composite is driven by profitability and revenue growth, held back by free cash flow and institutional flow. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Profitability

+5.0 pts

84th pct

Revenue growth

+4.2 pts

71th pct

Earnings quality

+1.5 pts

65th pct

▲2

Capital efficiency

+0.5 pts

55th pct

Earnings growth

-0.0 pts

49th pct

Scale

-0.1 pts

49th pct

Shareholder dilution

-0.4 pts

42th pct

Institutional flow

-1.2 pts

26th pct

Free cash flow

-5.9 pts

10th pct

Latest change (2026-08-02): 57 → 55 · ↓ Revenue growth 76→60; ↓ Earnings growth 57→48

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

ADC Stock Analysis & AI Quality Score

Data updated 2026-08-29

AI stock analysis and institutional research for AGREE REALTY CORP (ADC), a Real Estate sector company. 13F Pro tracks ADC using direct SEC EDGAR data and AI-powered research tools. Based on the latest XBRL financial filings (Q2 2026), AGREE REALTY CORP reports quarterly revenue of $205.1M, net income of $54.7M, an operating margin of 46.5%. Top institutional holders of ADC by reported 13-F value include BlackRock, COHEN & STEERS, VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. ADC trades on the NYSE exchange and files with the SEC under CIK 917251. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate ADC daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for AGREE REALTY CORP directly from SEC EDGAR. AGREE REALTY CORP's 13F Pro composite quality score has ranged between 52 and 68 since 2021, currently 53.5 — a declining long-term trajectory across 65 quarterly and live scoring snapshots.

✦

Fun facts about AGREE REALTY CORP

Quirks, history, and lore behind ADC — the kind of stuff that makes a stock memorable.

1
The Basics
A U.S. real estate investment trust · net-lease focused · listed on the NYSE · headquartered in Michigan.
2
The Numbers
Owns roughly 2,000+ properties across the country, with a portfolio weighted heavily toward necessity-based retail tenants — the kind of stores that survive recessions.
3
The History
Founded in the 1990s, it spent years as a modest Midwest REIT before aggressively expanding its portfolio through single-tenant acquisitions and becoming a darling of income investors.
4
The Secret
Its leasing strategy deliberately targets investment-grade tenants — think big-box drug stores, dollar stores, and auto-parts retailers — so the rent checks almost always clear.
5
The Lore
It pays monthly dividends, a habit that makes income-hungry retirees very happy, and has a reputation for being one of the cleaner, lower-drama names in the net-lease REIT space.
6
The Giveaway
Its ticker spells out something pleasant and harmonious, its name evokes a handshake deal on solid ground, and its tenants include chains like Walmart, Dollar General, and Walgreens.

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What's Driving ADC's Business? Latest 10-Q Breakdown

✓ 24/24 datapoints verified

AI-extracted from AGREE REALTY CORP's 10-Q filed 2026-07-30 — Q2 2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Rental income grew 17% YoY to $205.1M in Q2 2026 as portfolio expanded to 2,825 properties; net income attributable to common stockholders increased 12% to $52.8M.

Biggest Revenue Drivers

Rental income$204.981M+17% YoY

Growth driven by acquisition and ownership of increased number of properties during period

Other revenue$0.119M-8% YoY

Miscellaneous revenue from operations

Biggest Revenue Drivers

Total revenue: $205.1M+17% YoY

Rental income$204.981M+17% YoY

Growth driven by acquisition and ownership of increased number of properties during period

Other revenue$0.119M-8% YoY

Miscellaneous revenue from operations

Largest Expense Items

Depreciation and amortization$69.094M+17% YoY

Increased due to larger real estate portfolio from acquisitions

Real estate taxes$15.257M+19% YoY

Higher due to acquisition and ownership of increased number of properties

Interest expense, net$40.278M+25% YoY

Higher borrowings to finance acquisitions plus impact of 2035 Senior Notes and 2031 Term Loan

Property operating expenses$9.507M+13% YoY

Increased due to larger portfolio from acquisitions

Margins: Operating margin improved as revenue growth of 17% outpaced operating expense growth, with depreciation/amortization and property taxes increasing proportionally to portfolio expansion. Net margin compression from 28% to 27% due to 25% increase in interest expense on higher debt levels financing acquisitions.

Watch Items from the Filing

Portfolio concentration: single tenant represents less than 10% of revenues, but 65.8% of annualized base rent from investment-grade tenants mitigates tenant risk.
Debt increased to $3.85B principal from $3.32B; leverage measured at 28.5% net debt-to-enterprise value, within reasonable range but rising with acquisition pace.
Development and DFP activity: 10 ongoing projects with $199.9M total anticipated costs; only 1 of 5 commenced projects delivered in Q2, pace slower than prior year (5 delivered in H1 2025).
Portfolio 99.8% leased with 7.7-year weighted average remaining lease term; disposed 21 properties in H1 2026 realizing $3.7M gain versus 5 properties in H1 2025.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q2 2026

$205.1M

Net Income

Q2 2026

$54.7M

Operating Margin

Q2 2026

46.5%

ROIC

Q2 2026

5.9%

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

+16.4% YoY

$718.4MFY 2025

FY22 $429.8MFY23 $537.5MFY24 $617.1MFY25 $718.4M

Net Income

+8.0% YoY

$204.3MFY 2025

FY22 $152.4MFY23 $170.0MFY24 $189.2MFY25 $204.3M

Operating Income

+12.6% YoY

$340.4MFY 2025

FY22 $218.1MFY23 $254.4MFY24 $302.2MFY25 $340.4M

EPS (Diluted)

-0.6% YoY

$1.77FY 2025

FY22 $1.83FY23 $1.70FY24 $1.78FY25 $1.77

Total Assets

+15.5% YoY

$9.80BFY 2025

FY22 $6.71BFY23 $7.77BFY24 $8.49BFY25 $9.80B

Total Debt

—FY 2025

FY22 —FY23 —FY24 —FY25 —

Op. Cash Flow

+16.7% YoY

$504.1MFY 2025

FY22 $362.1MFY23 $391.6MFY24 $432.0MFY25 $504.1M

Free Cash Flow

—FY 2025

FY22 $-1.24BFY23 $-808.4MFY24 $-442.5MFY25 —

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$718.4M +16.4%	$617.1M +14.8%	$537.5M +25.1%	$429.8M +26.7%	$339.3M +36.5%	$248.6M
Net Income	$204.3M +8.0%	$189.2M +11.3%	$170.0M +11.5%	$152.4M +24.7%	$122.3M +33.8%	$91.4M
Operating Income	$340.4M +12.6%	$302.2M +18.8%	$254.4M +16.6%	$218.1M +14.6%	$190.3M +42.9%	$133.1M
EPS (Diluted)	$1.77 -0.6%	$1.78 +4.7%	$1.70 -7.1%	$1.83 +2.8%	$1.78 +2.3%	$1.74
Total Assets	$9.80B +15.5%	$8.49B +9.2%	$7.77B +15.8%	$6.71B +28.4%	$5.23B +34.5%	$3.89B
Total Debt	—	—	—	—	$1.69B +38.2%	$1.23B
Operating Cash Flow	$504.1M +16.7%	$432.0M +10.3%	$391.6M +8.1%	$362.1M +47.0%	$246.3M +72.3%	$143.0M
Free Cash Flow	—	$-442.5M +45.3%	$-808.4M +34.7%	$-1.24B -8.2%	$-1.14B +2.0%	$-1.17B

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Available Research

13F Pro tracks comprehensive data for AGREE REALTY CORP including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of ADC

BlackRock, Inc.
$1.4B19,112,107 sh
COHEN & STEERS, INC.
$1.2B16,403,414 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$802.0M10,588,511 sh
STATE STREET CORP
$445.3M5,858,959 sh
VANGUARD CAPITAL MANAGEMENT LLC
$409.4M5,405,144 sh
PRINCIPAL FINANCIAL GROUP INC
$353.1M4,662,379 sh
CENTERSQUARE INVESTMENT MANAGEMENT LLC
$282.6M3,730,917 sh
TWO SIGMA INVESTMENTS, LP
$267.7M3,535,058 sh
Daiwa Securities Group Inc.
$221.3M2,921,805 sh
GEODE CAPITAL MANAGEMENT, LLC
$210.7M2,781,222 sh

Fund	Value	Shares
BlackRock, Inc.	$1.4B	19,112,107
COHEN & STEERS, INC.	$1.2B	16,403,414
VANGUARD PORTFOLIO MANAGEMENT LLC	$802.0M	10,588,511
STATE STREET CORP	$445.3M	5,858,959
VANGUARD CAPITAL MANAGEMENT LLC	$409.4M	5,405,144
PRINCIPAL FINANCIAL GROUP INC	$353.1M	4,662,379
CENTERSQUARE INVESTMENT MANAGEMENT LLC	$282.6M	3,730,917
TWO SIGMA INVESTMENTS, LP	$267.7M	3,535,058
Daiwa Securities Group Inc.	$221.3M	2,921,805
GEODE CAPITAL MANAGEMENT, LLC	$210.7M	2,781,222

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Is ADC a good stock to buy?

13F Pro's AI-powered analysis of AGREE REALTY CORP (ADC) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Real Estate sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for ADC are available on the ADC stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing. ADC is classified as a mid company.

Which hedge funds own ADC?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling ADC. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of AGREE REALTY CORP's investment landscape.