Agree Realty (ADC) DIvidends Date & History

Key Takeaways

• Agree Realty Corporation (ADC) pays a monthly dividend of $0.267 per share, providing a forward annual yield of approximately 4.03%.
• The company's adjusted funds from operations (AFFO, a key cash flow measure for real estate investment trusts or REITs) payout ratio is around 71%, supporting dividend sustainability.
• Recent dividend increase of 1.9% to $0.267 per share declared in April 2026, with ex-dividend date of April 30, 2026, and payment on May 14, 2026.
• Consistent monthly dividends since transitioning from quarterly payments, with a history dating back to 1994 and steady growth over time.
• AFFO payout has averaged about 74% over the past 10 years, balancing growth and income.
• Yield is competitive but slightly below some retail REIT peers like Realty Income (O) at around 5.3%.

Dividend Overview

Agree Realty Corporation (ADC), a retail-focused REIT specializing in single-tenant net lease properties, offers investors reliable monthly dividends. The current monthly payout stands at $0.267 per share, equating to a forward annual dividend of $3.20 and a yield of about 4.03% based on a recent stock price near $79.46. This positions ADC as a high-quality income stock rather than a high-yield play, with payments scheduled monthly. The next ex-dividend date is April 30, 2026, with payment on May 14, 2026. While the GAAP earnings payout ratio exceeds 170%, the more relevant AFFO payout ratio of approximately 71% underscores its profile as a sustainable dividend payer for REIT investors seeking steady income with moderate growth potential.

Dividend History and Growth

Agree Realty has a robust dividend history spanning over three decades, originating as quarterly payments in 1994 before shifting to monthly distributions. Recent payments include $0.262 per share in March, February, January, and December 2025, followed by the increase to $0.267 in April 2026—a 1.9% hike. Earlier raises include from $0.256 to $0.262 in late 2025 and $0.253 to $0.256 in May 2025. This reflects a pattern of consistent annual increases, with a 3.6% rise in the annualized rate noted in early 2026. No dividend cuts appear in the record, and the company maintains a long-term strategy of growing distributions supported by portfolio expansion in high-quality retail net leases.

Dividend Sustainability and Payout Ratio

The sustainability of ADC's dividend is bolstered by strong AFFO and funds from operations (FFO) coverage. The AFFO payout ratio for recent quarters is about 71%, with Core FFO at 72%, well within conservative ranges for REITs. Over the past decade, the average AFFO payout has hovered around 74%, leaving room for reinvestment and growth. While free cash flow can be negative due to acquisition-driven capital expenditures, AFFO remains the preferred metric for REIT dividend analysis, indicating ample coverage. Moderate debt levels and a focus on investment-grade tenants further enhance stability amid retail sector dynamics.

Dividend Compared to Industry Peers

Among retail REIT peers, ADC's approximately 4% yield is solid but trails higher payers like Realty Income (O) at 5.3% and NNN REIT (NNN) at around 5.6%. Essential Properties Realty Trust (EPRT) offers similar yields in the single-tenant net lease space. ADC differentiates with its monthly cadence and growth trajectory, appealing to those prioritizing consistency over maximum yield, while its lower payout supports potential future raises relative to peers with tighter margins.

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Is This Stock Attractive for Dividend Investors?

Agree Realty Corporation (ADC) suits income-oriented investors who value monthly dividends and moderate yields backed by resilient AFFO coverage. Its profile appeals to those building portfolios around retail REITs with net lease structures, offering predictable cash flows from creditworthy tenants. Dividend growth seekers may appreciate the consistent raises and balanced payout ratio, which supports expansion without straining finances. Conservative investors could find the 71% AFFO payout and long payment history reassuring, though the yield lags ultra-high options. In a higher interest rate environment, ADC's focus on quality assets positions it for income stability rather than aggressive growth. Overall, it fits moderate-risk strategies prioritizing reliable monthly income over top-tier yields.

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