Net leases obligate the tenant to pay for all or most property maintenance, taxes, and insurance. They're typically applied to single-tenant, freestanding properties that were usually built or retrofitted toIf you want access to our entire Portfolio and all our current Top Picks, feel free to join us for a 2-week free trial at High Yield Landlord.We are the largest real estate investment community on Seeking Alpha with over 2,000 members on board and a perfect 5/5 rating from 400+ reviews:For a Limited Time ...

Group 1 - Samuel Smith has extensive experience in dividend stock research and investment, having served as lead analyst and Vice President at notable firms [1] - He is a Professional Engineer and Project Management Professional with degrees in Civil Engineering & Mathematics and a Master's in Engineering focused on applied mathematics and machine learning [1] - Samuel leads the High Yield Investor investing group, collaborating with Jussi Askola and Paul R. Drake to balance safety, growth, yield, and value in investment strategies [2] Group 2 - High Yield Investor provides real-money core, retirement, and international portfolios, along with regular trade alerts and educational content for investors [2] - The service includes an active chat room for like-minded investors to share insights and strategies [2]

Group 1 - High Yield Investor offers a portfolio that has consistently outperformed the market, providing a 2-week free trial for potential investors [1] - Samuel Smith, a lead analyst and Vice President with a strong background in dividend stock research, leads the High Yield Investor group, focusing on safety, growth, yield, and value [2] - The investment group provides real-money core, retirement, and international portfolios, along with regular trade alerts and educational content [2] Group 2 - The article emphasizes that past performance is not indicative of future results, and no specific investment recommendations are made [4]

Core Viewpoint - Agree Realty is recommended as a strong dividend stock due to its high yield, growth potential, and stable business model, with the added benefit of paying monthly dividends [1] Company Overview - Agree Realty is a retail real estate investment trust (REIT) that leases properties primarily to large chain retailers, ensuring reliable rental income [2][3] - The company owns 2,370 properties across 50 states, with Walmart being its largest tenant, accounting for 6.3% of its portfolio [4] Growth Opportunities - Established in 1971, Agree Realty has a long history of reliability and significant growth opportunities due to its relatively small size [5] - The company focuses on tenants with omnichannel capabilities, integrating e-commerce with physical retail, and has launched a campaign called Rethink Retail to address misconceptions about physical retail's future [6] Acquisition Strategy - Management has identified numerous excellent properties for acquisition, having acquired $341 million worth of properties in Q4 2024, with estimated acquisition spending of $1.1 billion to $1.3 billion for 2025 [7] - The company has approximately $2 billion in liquidity, including $900 million in forward equity and $1.1 billion in revolving credit, with no material debt maturities until 2028 [8] Dividend Performance - Agree Realty offers a dividend yield of 4.2%, significantly higher than the S&P 500 average, with a compound annual growth rate of 6% over the past decade [9] - The stock has increased by 26% over the past year, with healthy growth reported despite industry challenges, including a 2.8% year-over-year increase in adjusted funds from operations in Q3 [10] Investment Perspective - As a REIT, Agree Realty is primarily viewed as a source of reliable passive income rather than a growth stock, making it a strong choice for investors seeking dividend stocks [11]

Market Overview - REITs are currently trading at the largest discount since the 2008 financial crisis, indicating a significant undervaluation in the sector [1] - The equity market's daily price fluctuations contribute to long-term wealth creation or destruction, highlighting the importance of strategic investment [1] Investment Strategy - Pacifica Yield focuses on long-term wealth creation by targeting undervalued yet high-growth companies, high-dividend tickers, REITs, and green energy firms [1] Analyst Position - The analyst holds a beneficial long position in Agree Realty's (NYSE: ADC) common shares, including stock ownership, options, or other derivatives [2]

Core Insights - Innovent Biologics has received Breakthrough Therapy Designation (BTD) from China's National Medical Products Administration (NMPA) for IBI343, an anti-CLDN18.2 antibody-drug conjugate (ADC), aimed at treating advanced pancreatic ductal adenocarcinoma (PDAC) patients who have progressed after prior treatments [1][2][8] - The designation was based on promising results from an ongoing Phase 1 study, which showed favorable safety, tolerability, and antitumor activity of IBI343 in advanced PDAC patients [2][3] - IBI343 has also received Fast Track Designation from the U.S. FDA for treating advanced, unresectable or metastatic PDAC that has relapsed or is refractory to one prior line of therapy [2][8] Company Overview - Innovent Biologics is a biopharmaceutical company founded in 2011, focusing on developing high-quality medicines for various serious diseases, including oncology, cardiovascular, and autoimmune conditions [9] - The company has launched 13 products and has multiple assets in various stages of clinical trials, including 4 new drug applications under regulatory review [9] - Innovent collaborates with over 30 global healthcare companies, enhancing its research and development capabilities [9] Industry Context - Pancreatic cancer is characterized by a low 5-year survival rate of approximately 10%, with limited treatment options leading to poor patient outcomes [4] - Current therapies primarily involve systemic chemotherapy, with second-line treatment options yielding a chemotherapy response rate of only 6-16% and a median overall survival of about 6 to 9 months [4] - The presence of CLDN18.2 in 50% to 70% of pancreatic cancer cases makes it a significant target for therapeutic development, highlighting the need for innovative treatments like IBI343 [6][7]

Company and Industry Overview - Hoya Capital Research & Index Innovations is an affiliate of Hoya Capital Real Estate, a registered investment advisory firm based in Rowayton, Connecticut, providing services to ETFs, individuals, and institutions [2] - The company focuses on market commentary, research, and index administration for publicly traded securities in the real estate industry [2] - Hoya Capital Research & Index Innovations does not have any business relationships with the companies discussed or mentioned in its publications [2] Investment and Research Focus - The research and commentary provided by Hoya Capital are for informational and educational purposes only and are not intended as investment, tax, or legal advice [2] - The company emphasizes that its published commentary is impersonal and should not be considered a recommendation for any specific security or investment strategy [2] - Hoya Capital Real Estate and its affiliates may hold positions in securities or funds discussed in their publications, with a complete list of holdings available on their website [2] Market Data and Performance - Market data quoted in the commentary represents past performance, which is no guarantee of future results [2] - There is no guarantee that historical trends illustrated in the commentary will be repeated in the future [2] - The information presented does not reflect the performance of any fund or account managed by Hoya Capital Real Estate [2]

Subscription Service - Join iREIT on Alpha for in-depth research on REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and other income alternatives [1] - The service has received 438 testimonials, most of which are 5-star reviews [1] - A FREE 2-week trial is available with no obligation [1] Retirement and Pensions - Pursuing happiness in retirement is significantly easier with a pension [1] Analyst's Position - The analyst holds a beneficial long position in HD and REXR through stock ownership, options, or other derivatives [1] - The article reflects the analyst's personal opinions and is not compensated by any company mentioned [1]

Earnings Release and Conference Call - The company will release its Q4 and full year 2024 operating results after the market closes on February 11, 2025 [1] - A conference call to discuss the results is scheduled for February 12, 2025, at 9:00 AM ET [1] - Interested parties can access the call via teleconference or webcast [1] - A live webcast will be available on the company's website, with a replay archived online [2] Company Overview - Agree Realty Corporation is a publicly traded REIT focused on retail properties [3] - The company owns and operates 2,370 properties across all 50 states [3] - The portfolio contains approximately 48.8 million square feet of gross leasable area [3] - The company's common stock is listed on the NYSE under the symbol "ADC" [3]

Investment Activity and Portfolio Update - Total real estate investment volume for 2024 amounted to approximately $951 million, including acquisitions, development, and Developer Funding Platform (DFP) projects [3] - The company acquired 242 retail net lease properties in 2024 for a total acquisition volume of approximately $867 million at a weighted-average capitalization rate of 7.5% and a weighted-average remaining lease term of 10.4 years [4] - In Q4 2024, acquisition volume totaled approximately $341 million at a weighted-average capitalization rate of 7.3% and a weighted-average remaining lease term of 12.3 years [5] - As of December 31, 2024, 68.2% of annualized base rents were generated from investment grade retail tenants, and ground leased assets represented approximately 10.9% of total annualized base rents [6] 2025 Investment Outlook and Capital Markets Activity - The company's 2025 investment guidance is between $1.1 billion and $1.3 billion, representing a 26% year-over-year increase at the midpoint [8] - In October 2024, the company completed a follow-on public offering of approximately 5.1 million shares of common stock, anticipated to raise net proceeds of approximately $368 million [9] - During Q4 2024, the company entered into forward sale agreements to sell 0.7 million shares for anticipated net proceeds of approximately $55 million and settled 3.7 million shares, receiving net proceeds of approximately $228 million [10] - As of December 31, 2024, the company had total liquidity of over $2.0 billion, including $1.1 billion under its revolving credit facility and over $0.9 billion of outstanding forward equity [11] Company Overview and Definitions - Agree Realty Corporation is a publicly traded REIT focused on acquiring and developing properties net leased to industry-leading retail tenants, with a portfolio of 2,370 properties across all 50 states and approximately 48.8 million square feet of gross leasable area as of December 31, 2024 [13] - The company defines "weighted-average capitalization rate" as the sum of contractual fixed annual rents and anticipated annual net tenant recoveries divided by the purchase and sale prices for occupied properties [14] - "Annualized base rent" is defined as the annualized amount of contractual minimum rent required by tenant lease agreements as of December 31, 2024, computed on a straight-line basis [17]