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]

Author Background - The author, Kody, has been investing since September 2017 and has a particular interest in dividend investing since 2009 [1] - Since July 2018, the author has been running a blog called Kody's Dividends, which documents the journey towards financial independence through dividend growth investing [1] - The author is a regular contributor to platforms such as TipRanks, Sure Dividend, The Dividend Kings, and iREIT+Hoya Capital [1] Content Focus - The article primarily focuses on examining dividend growth stocks and occasionally growth stocks [1] - The author expresses a personal interest in dividend announcements, especially when the dividends are higher than expected [1] Disclosure - The author holds a beneficial long position in shares of ADC through stock ownership, options, or other derivatives [1] - The article represents the author's own opinions and is not influenced by any compensation or business relationships with the companies mentioned [1]

LOTIS-5 Trial and ZYNLONTA - LOTIS-5 is a Phase 3 confirmatory trial evaluating ZYNLONTA in combination with rituximab for relapsed or refractory diffuse large B-cell lymphoma (r/r DLBCL) [7] - The trial is randomized, open-label, two-part, and multicenter, designed to confirm accelerated approval and support potential label expansion into 2L+ DLBCL [8] - Primary endpoint is progression-free survival, with secondary endpoints including overall survival, ORR, CR rate, and duration of response [1] - Topline results for the primary endpoint analysis are expected by the end of 2025, with regulatory submission to the FDA in Q1 2026 and potential approval in late 2026 [1][9] ZYNLONTA Mechanism and Approval - ZYNLONTA is a CD19-directed antibody drug conjugate (ADC) that binds to CD19-expressing cells, internalizes, and releases a pyrrolobenzodiazepine (PBD) payload, leading to cell cycle arrest and tumor cell death [2] - ZYNLONTA received accelerated approval from the FDA in 2021 and conditional approval from the EMA for treating adult patients with r/r DLBCL after two or more lines of systemic therapy [4][7] - The approval is based on overall response rate, and continued approval may depend on verification of clinical benefit in confirmatory trials [4] Clinical Trial Results and Future Plans - In part 1 of LOTIS-5, 20 patients showed an overall response rate (ORR) of 80% and a complete response (CR) rate of 50%, with no new safety signals [8] - ZYNLONTA is also being evaluated in combination studies for other B-cell malignancies and earlier lines of therapy [6][14] - The company anticipates submitting a supplemental BLA to the FDA in Q1 2026 based on LOTIS-5 results [9] Company Overview - ADC Therapeutics is a commercial-stage global leader in antibody drug conjugates (ADCs), focusing on hematologic malignancies and solid tumors [13] - The company is based in Lausanne, Switzerland, with operations in London and New Jersey [10] - ADC Therapeutics has multiple ADCs in clinical and preclinical development, in addition to ZYNLONTA [14]

REIT Market Overview - REITs are currently at their cheapest valuation since the great financial crisis, with historical data showing a tripling in value in the years following such lows [3] Investment Group Features - High Yield Landlord offers a real-money REIT portfolio with real-time transaction updates, three distinct portfolios (core, retirement, international), buy/sell alerts, and a chat room for direct interaction with the lead analyst and team [6] - The group provides a 2-week free trial with no charges, allowing potential members to explore the service without financial commitment [1][5] Analyst Background - The lead analyst, Jussi Askola, is the President of Leonberg Capital, a value-oriented investment boutique specializing in REIT consulting for hedge funds, family offices, and private equity firms [2] - He has authored award-winning academic papers on REIT investing, passed all three CFA exams, and maintains relationships with top REIT executives [2]

High Yield Landlord Service - Offers a 2-week free trial for full access to the Portfolio and Top Picks with no charges during the trial period [1][2] - Provides real-time sharing of a real-money REIT portfolio and transactions, including three portfolios (core, retirement, international), buy/sell alerts, and a chat room for direct access to the leader and analysts [3] Jussi Askola's Background - Leader of the investing group High Yield Landlord and President of Leonberg Capital, a value-oriented investment boutique [3] - Authored award-winning academic papers on REIT investing, passed all three CFA exams, and built relationships with top REIT executives [3] Analyst's Position - Holds beneficial long positions in shares of NNN, CCI, EPRT, and ADC through stock ownership, options, or other derivatives [4]

Market Overview - The S&P 500 dipped last week due to the Federal Reserve's announcement of slowing interest rate cuts in 2025, but it is still up 24% year-to-date [1] Dividend Stocks and Portfolio Strategy - Dividend-paying stocks are recommended for portfolios due to their stability and passive income generation, especially during uncertain market conditions [2] - Agree Realty, Ally Financial, and Prudential Financial are highlighted as excellent dividend stocks, each offering unique benefits [8] Agree Realty (ADC) - Agree Realty is a small but promising REIT with 2,270 properties and high-quality tenants like Walmart and Tractor Supply [3] - The company focuses on omnichannel-first retailers, positioning itself for future growth by aligning with shopping trends [9] - Agree Realty offers a dividend yield of 4.3%, significantly higher than the S&P 500 average of 1.3% [4] - As a REIT, Agree Realty distributes at least 90% of its taxable earnings annually via dividends and pays monthly [15] Ally Financial (ALLY) - Ally Financial is the largest online-only bank in the U.S. and a Warren Buffett-backed stock, gaining attention from retail investors [5] - The company has a strong presence in prime auto lending, leveraging over a century of financial experience despite being a relatively young digital bank [6] - Ally Financial's dividend yields 3.4%, and its stock trades at a low valuation of 8 times forward earnings, making it an attractive investment [10] - The bank is experiencing rapid customer growth, which is expected to fuel future growth as interest rates decline [16] Prudential Financial (PRU) - Prudential Financial is a high-yielding dividend stock, offering a yield of 4.4% at the current share price [11] - The company has more than doubled its dividends over the past 10 years and is committed to rewarding shareholders [11] - Prudential operates in wealth management, U.S., and international segments, using high interest rates to benefit customers and its own investment strategies [13] - As of Q3, Prudential's wealth management business had $1.4 trillion in assets under management, a 14% year-over-year increase [17]

REITs Overview - REITs have been out of favor on Wall Street due to interest rate volatility, but the current downturn could present opportunities for dividend growth investors [1] - Three REITs worth considering are W P Carey, Agree Realty, and Vici Properties [2] W P Carey - W P Carey cut its dividend at the start of 2024, resetting it after 24 consecutive years of annual increases, due to exiting the office sector which accounted for 16% of rents [3] - The company has increased the dividend every quarter since the cut, following the same pattern as before, and is now focused on stronger-performing industrial and retail sectors [4] - W P Carey offers a 6 5% dividend yield, significantly higher than the REIT average of 3 7%, making it a low-risk turnaround play [5] Agree Realty - Agree Realty cut its dividend in 2011 after a large tenant bankruptcy but has since grown to nearly 2,300 properties by Q3 2024, acquiring 144 properties in the first nine months of 2024 [6] - The dividend has grown at a compound annual rate of 6% over the past decade, with a current yield of 4 3%, well above the REIT average [7] - The company has shifted focus to financially strong tenants, moving away from Walgreens Boots Alliance and expanding relationships with growing retailers like TJX and Tractor Supply [8] Vici Properties - Vici Properties, focused on casinos, proved resilient during the COVID-19 pandemic, with tenants continuing to pay rent despite government shutdowns [9] - The REIT has increased its dividend each year since 2018, with a current yield of 6% and a compound annual growth rate of 7%, more than three times the net lease average [10] - Vici faces concentration risk with casinos making up nearly all of its rent roll and two tenants accounting for nearly three-quarters of the total, but it is looking to expand beyond casinos [11] Conclusion - The REIT sector, currently out of favor, offers opportunities for dividend growth investors, with W P Carey as a turnaround option, Agree Realty for growth and income, and Vici Properties as a contrarian play [12]

Today, we are going to look at two popular real estate investment trusts, or REITs (VNQ). One is a Buy. The other is a Sell. Those two REITs are: NETSTREIT Corp. (NTST) and NNN REIT, Inc. (NNN). Both ...

Today, we follow up on one of the champions of net lease. One of the best parts of the net lease sector is the depth. There are plenty of net lease REITs which currently trade today. Some haveAnalyst’s Disclosure: I/we have a beneficial long position in the shares of ADC either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any c ...

Dividend stocks come in all different forms. Some companies offer higher dividend yields along with higher risk profiles, while others have lower yields but deliver more growth. Others offer a combination of both, with more durable income streams that rise at a more measured pace. Agree Realty (ADC 1.05%), Sun Communities (SUI 3.16%), and Stag Industrial (STAG 2.17%) are in that latter group. The real estate investment trusts (REITs) offer above-average dividends backed by lower-risk profiles, making them i ...