Jesus Calonge/Moment via Getty Images We covered Agree Realty Corporation (NYSE:ADC) for the first time in September 2023. Our title gave away the thesis. We liked what we saw from a debt management perspective, and we were impressed by the risk management. However, we just could not get to a buy rating with cheaper alternatives out there. The stock has meandered around a small range, and there was certainly no loss in sitting out. Seeking Alpha The irony was that we named W. P. Carey Inc. (WPC) as one of t ...

公司运营情况 - 公司于2023年完成了约12.8亿美元的零售房地产投资[15] - 公司的总债务占企业价值的比率约为27.2%[40] - 公司拥有72名全职团队成员，相比2022年的76名有所减少[55] - 公司核心价值包括团队合作、稳健决策、坚韧心态和追求卓越[56][57][58] - 公司通过社交媒体、专业招聘机构等方式吸引并雇佣有潜力的人才[59] - 公司注重内部人才培养，提供各种培训和职业发展机会[60][61][62] - 公司提供市场竞争力的薪酬福利计划，包括工资、奖励、健康福利和退休福利[63][64][65][66][67] - 公司积极参与环境可持续性倡议，与零售合作伙伴共同推动可持续发展[70][71][72] - 公司通过“Agree Wellness Program”关注团队成员的身体和财务健康[73][74] 风险提示 - 公司的经营受全球经济和金融状况影响，可能面临租户违约、资金紧缺等风险[84][85][86][87][88][89][90][91] - 公司面临信息技术和网络安全攻击、机密信息丢失等业务中断风险[100] - 公司的环境、社会和治理承诺可能会增加额外成本，未能实现这些承诺可能会对公司声誉和业绩产生不利影响[105] - 公司面临房地产资产相关的一般风险，包括经济条件变化和房地产资产价值受影响[106] - 公司租赁的物业可能面临租户违约、租金下降等风险，可能影响公司的净收入和向股东分配的能力[107] - 公司可能需要投资于物业修复或改造，缺乏流动性可能会影响公司的财务状况、经营业绩和股息支付能力[111] 债务风险 - 公司负债率（总债务与企业价值比率）约为27.2%[127] - 债务水平过高可能影响公司业务和运营结果[127] - 债务可能导致现金流用于支付利息和本金，减少可用于分配、收购和资本支出的金额[127] - 债务可能使公司更容易受到经济和行业衰退的影响，降低应对变化的灵活性[127] - 债务可能限制公司未来进行运营、工作资本借款或融资收购的能力[127] - 债务可能限制公司进行业务的灵活性，包括资产融资或再融资、向合资企业提供资产或根据需要出售资产的能力[127] - 债务可能使公司处于不利地位，与债务较少或债务条款较少限制的竞争对手相比[127] 利率风险 - 市场利率上升可能增加现有和未来债务的利息成本或对公司股价产生不利影响[134] - 利率上升可能导致新债务和当前债务的利息成本上升[135] - 利率上升可能限制公司在债务到期时进行再融资的能力或导致再融资时支付更高的利率[135] - 利率上升可能减少第三方获得信贷的机会，从而降低他们愿意支付租赁公司资产的金额，并限制公司迅速调整投资组合的能力[135] REIT要求 - 公司必须遵守REIT要求，资产价值至少75%必须包括现金、政府证券和合格的房地产资产[165] - REIT通常必须分配其应税收入的90%[166] - REIT持有和与TRS的关系将受到限制，不遵守限制将危及REIT地位并可能导致征收100%的消费税[167] - REIT的股息不符合对普通公司股息收入减税率的要求[173] - REIT要求限制了公司有效对冲的能力，可能导致公司承担税务责任[175] 公司股票市场 - 公司必须建立和维护有效的内部控制系统，否则可能无法准确报告财务结果，影响投资者信心并影响公司股票市场价格[180] - 公司的股票市场价格和交易量可能会因多种因素波动，包括市场波动、关键管理人员的变动、信用评级变化、租户的财务状况、市场利率变化等[182] - 公司的股票市场价格可能会因各种因素而大幅波动，无法保证股票市场价格不会下跌，可能难以以吸引人的价格或根本无法出售公司股票[183] 公司物业情况 - 公司拥有2135个物业，总面积约为4420万平方英尺[201] - 公司物业租赁率约为99.8%，平均剩余租约期约为8.4年[202] - 公司年化基础租金的约69.1%来自具有投资级信用评级的国家租户[202] - 十大租户中，Walmart为最大租户，占据6.1%的基础租金[205] - 租户行业多样化，以杂货店、家居装修和轮胎汽车服务为主要领域[206]

ADC股票表现 - ADC股票在过去一年表现不佳，总回报率为-17.4%[1] - ADC股价在2023年1月达到顶峰后出现显著下跌[2] - ADC在2023年10月触底，与整体市场底部相符[3] Agree Realty投资更新 - Agree Realty最近提供了第四季度投资更新，显示投资活动下降21%[4]

STAG Industrial - 投资者需要可预测的月度现金流，因此可能希望获得更频繁的股息支付[1] - STAG Industrial 是一家专注于单一租户工业房地产的房地产投资信托公司，通过对租户进行深入的定量和定性分析，降低了信用损失，租户中有53%是公开评级的，31%是“投资级”的[3][4] - STAG Industrial 在2023财年第三季度报告中显示，核心资金运营（FFO）每股增长3.5%，净营业收入增长7%，虽然出租率略微下降，但利息支出增加，公司的资产负债表相对稳健[5][6] - STAG Industrial 的租赁到期时间表合理，租赁平均期限为4.9年，约一半的租约在2025年后到期，因此在正常业务条件下，REIT的现金流可以被认为是相当可靠的[7] - STAG Industrial 连续12年增加股息，目前提供4.2%的收益率，且在其短暂历史中从未削减过股息[8] Agree Realty - Agree Realty 是一家综合性房地产投资信托公司，专注于拥有、收购、开发和零售物业管理，已连续11年增加股息[9][10] - Agree Realty 在2023财年第三季度报告中显示，核心FFO每股增长2.1%，AFFO每股增长4.2%，公司维持了股东友好的股息政策，宣布每股24.7美分的月度股息[11][12][13] EPR Properties - EPR Properties 是一家专业房地产投资信托公司，投资于娱乐、休闲和教育领域的物业，其投资组合包括约300多个地点的70亿美元投资，目前提供7.6%的收益率[15][19] - EPR Properties 在2023财年第三季度报告中显示，FFO为每股1.47美元，收入为1.89亿美元，公司继续看到其投资组合的稳定，以及与Regal签订的主租赁协议[16][17] - EPR Properties 的竞争优势在于其专业化物业投资组合，公司通过多年的经验，专注于最有利可图的领域[18]

tadamichi By Andrew Prochnow The beginning of the 2024 trading year resembles the end of the previous one, with numerous stocks recording gains in the initial 30 days of trading. Thus far in 2024, the S&P 500 has seen an increase of around 2%, with the Nasdaq Composite showing a more substantial rise closer to 3%. Similar to last year, technology stocks have notably surged at the start of the new year. Listed below are some of the top-performing stocks from the first month of the 2024 trading year (fil ...

Led by the return to favor of front-running growth stocks, the S&P 500 has once again hit record levels. That's good news, but it can also make it more challenging to identify good positions to take at this point.From a retirement point of view, there are still plenty of good options for those seeking growth and income, including some real estate dividend stocks that have yet to fully take part in the newly emerged bull market.Three favorites of mine are Agree Realty (ADC -0.30%), Alexandria Real Estate Equ ...

REIT市场概况 - REIT市场广阔多样，适合各类投资者[1] - 有约10家REIT公司值得投资者考虑[3] Big Yellow Group和Essential Properties Realty Trust - Big Yellow Group和Essential Properties Realty Trust是两个值得关注的REIT公司[6] - Big Yellow Group在英国是自存储行业的领导者，有望获得类似美国市场的高回报[20] - Essential Properties Realty Trust是最具回报的净租赁REIT公司之一[27] - EPRT采取独特的净租赁投资方式，获得更高回报[32] - EPRT的风险与同行相似，但回报更高，适合长期投资[39] - BYG和EPRT拥有优越的商业模式，过去表现出色，未来有望继续表现优异[45]

vitpho/iStock via Getty Images This article was coproduced with Wolf Report. I don't mind sounding like a broken record. In fact, I rather like it. It implies that I'm of a high conviction in the companies where my stakes are the highest. So, when I am updating here on Agree Realty Corporation (NYSE:ADC), a company I wrote about not that long ago, I do so because the short term has changed in terms of valuation, but the long-term outlook certainly has not. Agree is an overweight position (for Wolf and Brad) ...

TalajI feel it’s been a while since I wrote a “monthly mailbox” article. Though perhaps it was more recent than I remember. When life gets as busy as it has – both on a personal, professional and macroeconomic stage – it’s easy to think more time has passed. Regardless, my approval of the monthly paying dividend model hasn’t changed. This is still something I wish a long list of REITs would do. It wouldn’t be that costly to switch over, believe it or not. And it would benefit retail investors so very mu ...

SolStock/E+ via Getty Images A year ago I published The Buy-Hold-And-Go-Fishing REIT Portfolio. It was a response to the expressed desires of many of our members and my readers. A lot of them have aged and are ready to wind down their individually managed real estate holdings. They want to replace the income and are attracted to REITs because they seem comprehensible. These investors are not looking for positions they need to closely manage. They want holdings they can check in on once a year. Their goa ...