ZYNLONTA® in combination with glofitamab (COLUMVI®) demonstrated overall response rate (ORR) of 93.3% and a complete response (CR) rate of 86.7% in LOTIS-7 across 30 efficacy evaluable patients Expansion to 100 r/r DLBCL patients underway in LOTIS-7 Phase 1b trial; Additional data to be shared in second half of 2025 LOTIS-5 Phase 3 trial expected to reach prespecified progression-free survival (PFS) events by end of 2025; update to follow once data are available Completed $100 million private placement exte ...

Group 1 - The article highlights the expertise of Austin Rogers as a REIT specialist with a focus on high-quality dividend growth stocks aimed at generating safe and growing passive income streams [1] - The investment community High Yield Landlord, which Austin contributes to, is noted for its extensive research on the global REIT sector and offers various resources including real money portfolios and direct analyst access [1] Group 2 - The article does not provide specific financial data or performance metrics related to the companies or sectors discussed [2][3]

Company Overview - ADC Therapeutics SA is a commercial-stage global leader in the field of antibody drug conjugates (ADCs) [3] - The company is headquartered in Lausanne, Switzerland, with operations in London and New Jersey [5] Upcoming Events - ADC Therapeutics will host a conference call and live webcast on August 12, 2025, at 8:30 a.m. EDT to report financial results for Q2 2025 and provide operational updates [1] Product Development - The company's CD19-directed ADC ZYNLONTA (loncastuximab tesirine-lpyl) has received accelerated approval from the FDA and conditional approval from the European Commission for treating relapsed or refractory diffuse large B-cell lymphoma after two or more lines of systemic therapy [4] - ZYNLONTA is also being developed in combination with other agents and in earlier lines of therapy [4] - ADC Therapeutics is advancing IND-enabling activities for a next-generation PSMA-targeting ADC utilizing a differentiated exatecan-based payload with a novel hydrophilic linker [4]

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To start with the most obvious number, Agree Realty has a 4.2% dividend yield. Sun Communities' yield is just under 3.4%. Clearly, from an income perspective, Agree Realty wins this point. To be fair, Sun Communities' yield is near its highest level in five years, so some investors might see the stock as attractively priced. But it still isn't offering as much income as Agree, which also happens to be trading with a yield that is also near its high end during the past five years. Sun Communities is seen as ...

Company Participants - The conference call featured key participants including Joel N. Agree (President, CEO & Director), Peter Coughenour (CFO, Secretary & Investor Relations Professional), and Reuben Goldman Treatman (Senior Director of Corporate Finance) [1]. Conference Call Overview - The call was initiated by Reuben Treatman, who welcomed participants and noted that the event was being recorded [2][3]. Forward-Looking Statements - The company indicated that certain statements made during the call may be considered forward-looking under federal securities law, particularly regarding updated guidance for 2025 [4].

Financial Data and Key Metrics Changes - The company invested over $725 million across its three external growth platforms in the first half of the year, representing more than a twofold increase compared to the same period last year [6] - The full-year investment volume guidance has been raised to a range of $1.4 billion to $1.6 billion, which is a 58% increase over the previous year's total investment volume [6] - Core FFO per share was $1.05 for the second quarter, a 1.3% increase year-over-year, while AFFO per share was $1.06, reflecting a 1.7% year-over-year increase [19] - The updated full-year AFFO per share guidance is now between $4.29 and $4.32, indicating over 4% growth at the midpoint [19] Business Line Data and Key Metrics Changes - In the second quarter, the company invested over $350 million in 110 properties, including $328 million in acquisition volume across 91 high-quality retail net lease assets [10] - The weighted average cap rate of acquired properties was 7.1%, with a weighted average lease term of 12.2 years [11] - The company executed new leases, extensions, or options on approximately 950,000 square feet of gross leasable area during the quarter, with a recapture rate of approximately 104% [13] Market Data and Key Metrics Changes - The company noted the highest level of retailer demand for new brick-and-mortar locations since the Great Financial Crisis, with nearly every retailer in its focus area looking to add new stores [10] - The investment-grade exposure stood at 68%, and occupancy rebounded to 99.6% after re-tenanting efforts [15] Company Strategy and Development Direction - The company aims to solidify its dominant market position through a best-in-class team executing hundreds of transactions annually across its three growth platforms [7] - The company is focused on core durable goods and necessity-based retailers, avoiding experiential and discretionary sectors [31] - The development platform is expected to ramp up significantly, with plans to break ground on a minimum of $100 million in projects before year-end [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio's defensive nature and the ability to provide consistent earnings growth without increasing risk [7] - The management acknowledged a deterioration in consumer sentiment but emphasized that their focus on necessity-based retailers positions them well in the current environment [31] - The company anticipates that larger retailers will continue to gain market share, benefiting from their stronger balance sheets and ability to manage costs [33] Other Important Information - The company raised over $1 billion in capital year-to-date, with total liquidity standing at $2.3 billion [8] - The monthly cash dividend declared for the second quarter was $0.0256 per common share, representing a 2.4% year-over-year increase [23] Q&A Session Summary Question: Can you provide color on your ATM activity in Q2 and the timing of your overnight equity offering? - Management confirmed that ATM activity during the quarter predated the overnight offering in April and that they remained inactive in the capital markets post-offering [27][28] Question: What is the outlook for acquisition cap rates going forward? - Management indicated that acquisition cap rates could expand, with no new tenants targeted outside their established focus area [29] Question: How is the health of retailers and consumers currently? - Management noted a deterioration in consumer sentiment but emphasized that their focus on core durable goods retailers positions them favorably [30][31] Question: What opportunities do you see in the development business? - Management expressed excitement about the development pipeline, with plans to break ground on significant projects before year-end [39][40] Question: Is there an upper limit to investment in the development platform? - Management stated that while they have set a goal of investing $250 million annually in development, they are open to further investments as opportunities arise [60][62] Question: Can you provide an update on your watch list? - Management indicated that the watch list is minimal, primarily focused on a few movie theaters and previously mentioned retailers [90][92]

Financial Data and Key Metrics Changes - The company invested over $725 million across its three external growth platforms in the first half of the year, representing more than a twofold increase compared to the same period last year [5] - Core FFO per share was $1.05 for Q2, a 1.3% increase year-over-year, while AFFO per share was $1.06, reflecting a 1.7% year-over-year increase [19] - The full year AFFO per share guidance was raised to a range of $4.29 to $4.32, indicating over 4% growth at the midpoint [8][19] Business Line Data and Key Metrics Changes - In Q2, the company invested over $350 million in 110 properties, including $328 million in acquisition volume across 91 high-quality retail net lease assets [10] - The weighted average cap rate of acquired properties was 7.1%, with a weighted average lease term of 12.2 years [11] - The company executed new leases, extensions, or options on approximately 950,000 square feet of gross leasable area during the quarter, with a recapture rate of approximately 104% [13] Market Data and Key Metrics Changes - The company noted the highest level of retailer demand for new brick-and-mortar locations since the Great Financial Crisis, with nearly every retailer focused on adding net new stores [10] - The investment grade exposure stood at 68%, and occupancy rebounded to 99.6% post re-tenanting of former Big Lots [14] Company Strategy and Development Direction - The company is focused on maintaining a dominant market position through a best-in-class team and a robust asset management platform [6] - The company anticipates a significant ramp-up in development spending, expecting at least a 50% year-over-year increase [12] - The strategic focus remains on core durable goods and necessity-based retailers, avoiding discretionary and experiential sectors [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to provide consistent earnings growth without deviating from the investment strategy, despite a deteriorating consumer sentiment [30] - The company is well-positioned with over $2.3 billion in total liquidity and no material debt maturities until 2028, supporting growth into the next year [7][18] Other Important Information - The company raised over $1 billion in capital year-to-date, with total capital markets activity exceeding $1.3 billion [17] - The monthly cash dividend declared for Q2 was $0.0256 per common share, representing a 2.4% year-over-year increase [22] Q&A Session Summary Question: Can you give us some color about your ATM activity in 2Q and overall timing given your overnight equity offering in late April? - The ATM activity during the quarter all predated the overnight offering in April, and the company promised to remain inactive in the capital markets post-offering [26][27] Question: What’s the magnitude of acquisition cap rates going forward? - The company anticipates acquisition cap rates to expand but will remain focused within their established tenant base [28] Question: How are you thinking about retailer and consumer health right now? - Consumer health has deteriorated, but the focus remains on core durable goods and necessity-based retailers, which are expected to gain market share [30][32] Question: Can you talk about some of the opportunities in the DFT business for developments? - The company plans to break ground on a minimum of $100 million in projects before year-end, with a significant shadow pipeline [39][40] Question: Is there an upper limit on investment in the development platform? - The company has set a three-year goal of investing $250 million annually in development, with no speculative development planned [60][62] Question: What is the status of your watch list? - The watch list is minimal, primarily focused on At Home and a few movie theaters, with no significant credit issues anticipated [86][89]

Company Overview - Agree Realty Corporation (ADC) is a retail net lease REIT with an enterprise value of $116 billion as of July 25, 2025[10] - The company owns 2,513 retail properties across all 50 states, totaling approximately 520 million square feet[10] - The company has investment grade issuer ratings of Baa1 from Moody's and BBB+ from S&P[10] Financial Highlights - The company raised 2025 AFFO per share guidance to $429 to $432, representing over 4% growth at the midpoint[13] - The company increased 2025 investment guidance to $14 billion to $16 billion of high-quality retail net lease assets[13] - The company invested $727 million during the first half of the year across 162 high-quality retail net lease assets spanning 27 states[13] - The company issued $400 million of senior unsecured notes due 2035 at an all-in interest rate of 535%[13] - The company has total liquidity of approximately $23 billion, including approximately $13 billion of outstanding forward equity as of June 30th[14] - The company declared a monthly cash dividend of $0256 per common share for July, representing a 24% year-over-year increase[14] Portfolio Composition - Investment grade tenants account for 678% of the portfolio's annualized base rent (ABR)[49] - National tenants comprise 88% of the portfolio's ABR[57] - Grocery stores represent 106% of the portfolio's ABR, amounting to $715 million[50]