Agree Realty (ADC) has declared a monthly dividend of US$0.2670 per share, payable on September 15, 2026. The ex-dividend and record dates are both set for August 31, 2026.

Agree Realty's share price has eased in recent weeks, with a 1-month share price return of down 7.9% and a year to date share price return of 2.44%. The 1-year total shareholder return of 5.39% and 3-year total shareholder return of 35.94% point to a stronger longer term record.

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Given Agree Realty's recent share price pullback, along with its ongoing monthly dividends, the key issue now is whether the current valuation still compensates you for the risks. How does the stock stack up on price and fundamentals today?

Most Popular Narrative: 12.6% Undervalued

Agree Realty's most followed valuation narrative points to a fair value of $84.56 compared with the recent share price of $73.88. This frames the current pullback in a different light for long term investors.

The durability of essential retail categories (grocery, pharmacy, home improvement, auto parts) is translating into high-quality, e-commerce-resistant tenant composition, supporting rent stability and protecting net margins against shifts in consumer behavior or economic cycles. Strategic focus on high-credit, national tenants (68% investment-grade across the portfolio) and demonstrated track record of re-leasing challenged assets at significantly higher rents, provides resilience in credit cycles and supports sustainable, long-term net margin expansion.

Want to see what is behind that fair value for Agree Realty? The narrative leans heavily on compounding rental income, firmer margins and a rich earnings multiple. Curious which specific growth and profitability assumptions need to hold to support that outcome?

Result: Fair Value of $84.56 (UNDERVALUED)

However, you still need to weigh risks around heavy use of equity funding diluting returns, and tenant concentration that could hurt rents if key retailers retrench.

Another View on Agree Realty's Valuation

The analyst narrative frames Agree Realty as about 12.6% undervalued at a fair value of $84.56 versus a share price near $73.88. Yet on a simple earnings yardstick, the stock looks expensive with a P/E of 42.3x versus a fair ratio of 37.9x and a US Retail REITs industry average of 31.5x.

That premium P/E also sits well above a peer average of 23.3x, which raises a different question for investors. Is the extra price you pay for Agree Realty justified by its earnings quality and growth profile, or does it leave less room for error if sentiment cools from here? See what the numbers say about this price — find out in our valuation breakdown.

Next Steps

With Agree Realty trading at a premium P/E and mixed signals on value, it helps to move quickly and test the data for yourself. To weigh the balance between the concerns and the upside potential, start by reviewing its 4 key rewards and 1 important warning sign

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.