Core Viewpoint - The article emphasizes the importance of dividend investing in quality blue-chip stocks, Business Development Companies (BDCs), and Real Estate Investment Trusts (REITs) for building a sustainable retirement income [1]. Group 1: Investment Strategy - The company focuses on a buy-and-hold investment strategy, prioritizing quality over quantity in stock selection [1]. - The goal is to help lower and middle-class workers build investment portfolios that consist of high-quality, dividend-paying companies [1]. Group 2: Personal Investment Philosophy - The company aims to achieve financial independence through dividend income within the next 5-7 years [1]. - The article reflects a commitment to educating investors and providing a new perspective on achieving financial goals [1].

Core Insights - ADC Therapeutics presented promising data on exatecan-based antibody drug conjugates (ADCs) targeting Claudin-6, PSMA, and ASCT2 at the AACR Annual Meeting 2025, indicating their potential in treating various cancers [1][2][3] Group 1: ADC Therapeutics Overview - ADC Therapeutics is a global leader in the field of antibody drug conjugates (ADCs), focusing on transforming treatment paradigms for patients with hematologic malignancies and solid tumors [5] - The company has received FDA accelerated approval for its CD19-directed ADC ZYNLONTA for treating relapsed or refractory diffuse large B-cell lymphoma [6] Group 2: Research Findings - ADCT-242, targeting Claudin-6, showed potent anti-tumor activity in ovarian and non-small cell lung cancer models, demonstrating good tolerability in preclinical studies [2][8] - ADCT-241, a PSMA-targeting ADC, exhibited antitumor activity in xenograft and patient-derived models, with well-tolerated results in rats and cynomolgus monkeys [2][3] - HuB14-VA-PL2202, an ASCT2-targeting ADC, demonstrated specific antitumor activity in both solid and hematological cancer cell lines, also showing good tolerability in cynomolgus monkeys [3]

Core Insights - The article discusses the investment landscape in the real estate sector, particularly focusing on the performance and potential of various real estate investment trusts (REITs) and housing-related companies [1][2]. Group 1: Company Insights - Hoya Capital Research & Index Innovations is affiliated with Hoya Capital Real Estate, which provides investment advisory services and focuses on publicly traded securities in the real estate industry [2]. - The commentary emphasizes that the information provided is for educational purposes and does not constitute investment advice [2][3]. Group 2: Industry Insights - The real estate industry is highlighted as having unique risks associated with investments in real estate companies and housing industry companies [2]. - The article notes that past performance of market data does not guarantee future results, indicating the volatile nature of the real estate market [3].

Group 1 - The article discusses the impact of the gold rush on American character, highlighting a shift towards a get-rich-quick mentality that has persisted over time [1] - It mentions the importance of in-depth research on various investment vehicles such as REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs, emphasizing the value of a free trial for potential investors [1] Group 2 - The article includes a disclosure regarding the author's beneficial long position in specific shares, indicating a personal investment interest in AM and REXR [1] - It clarifies that past performance is not indicative of future results and that no specific investment advice is being provided [2]

Core Viewpoint - Agree Realty Corporation has successfully completed a public offering of 5,175,000 shares of its common stock, including the full exercise of the underwriters' option to purchase additional shares, at a public offering price of $75.70 per share [1][3]. Group 1: Offering Details - The offering was managed by BofA Securities as the sole book-running manager, with several firms acting as co-managers [2]. - The forward sale agreement with Bank of America allows the company to deliver the shares at a future date, specifically no later than October 26, 2026, while receiving cash proceeds based on the offering price minus underwriting discounts [3][4]. - The company has not yet received any proceeds from the sale of shares, as the forward purchaser will handle the initial sale to underwriters [4]. Group 2: Use of Proceeds - The company plans to use any net proceeds from the future settlement of the forward sale agreement for general corporate purposes, including property acquisitions, development activities, or repayment of outstanding debt [4]. Group 3: Company Overview - Agree Realty Corporation is a publicly traded real estate investment trust (REIT) focused on acquiring and developing properties leased to leading omni-channel retail tenants [7]. - As of March 31, 2025, the company owned and operated a portfolio of 2,422 properties across all 50 states, totaling approximately 50.3 million square feet of gross leasable area [7].

Core Viewpoint - Agree Realty Corporation has announced a public offering of 4,500,000 shares of common stock at a price of $75.70 per share, with an option for the underwriter to purchase an additional 675,000 shares, expected to close around April 25, 2025 [1][2]. Group 1: Offering Details - The offering involves a forward sale agreement with Bank of America, allowing for the potential sale of up to 5,175,000 shares if the underwriter fully exercises its option [3]. - The Company will not receive immediate proceeds from the forward sale, but expects to use future net proceeds for general corporate purposes, including property acquisitions and debt repayment [4]. Group 2: Company Overview - Agree Realty Corporation is a publicly traded real estate investment trust focused on acquiring and developing properties leased to leading omni-channel retail tenants, owning a portfolio of 2,422 properties across all 50 states, totaling approximately 50.3 million square feet of gross leasable area as of March 31, 2025 [7].

Core Viewpoint - Agree Realty Corporation has initiated an underwritten public offering of 4,500,000 shares of its common stock, with the potential for an additional 675,000 shares if the underwriter exercises its option [1][2]. Group 1: Offering Details - The company plans to enter into a forward sale agreement with Bank of America for the 4,500,000 shares, which could increase to 5,175,000 shares if the underwriter's option is fully exercised [2]. - The forward purchaser is expected to borrow and sell the shares to the underwriter, with the company intending to deliver the shares upon physical settlement of the forward sale agreement [2][3]. - The company will not receive any initial proceeds from the sale, but expects to use any future net proceeds for general corporate purposes, including property acquisitions and debt repayment [3]. Group 2: Company Overview - Agree Realty Corporation is a publicly traded real estate investment trust focused on acquiring and developing properties leased to leading omni-channel retail tenants [6]. - As of March 31, 2025, the company owned and operated a portfolio of 2,422 properties across all 50 states, totaling approximately 50.3 million square feet of gross leasable area [6].

Financial Data and Key Metrics Changes - The company invested over $375 million in Q1 2025, marking the largest quarter of investment volume since Q3 2023 [6][12] - Core FFO per share was $1.04, a 3.1% increase year-over-year, while AFFO per share was $1.06, representing a 3% year-over-year increase [30][31] - The company raised the low end of its full year AFFO per share guidance to a range of $4.27 to $4.30, implying over 3.5% growth at the midpoint [13][32] Business Line Data and Key Metrics Changes - The company acquired 69 properties across all three platforms during Q1, including a lender-owned Home Depot and a sale-leaseback with a leading national grocer [16][17] - The weighted average cap rate for acquired properties was 7.3%, with a weighted average lease term of 13.4 years [17] - Nearly 69% of base rent acquired was from investment-grade retailers, with occupancy remaining solid at 99.2% [22][23] Market Data and Key Metrics Changes - The company has increased its investment guidance range for the year from $1.1 billion to $1.5 billion, representing a 47% increase over last year's investment volume [12] - The balance sheet showed $1.9 billion in liquidity and a pro forma net debt to recurring EBITDA of 3.4 times at quarter end [9][28] Company Strategy and Development Direction - The company remains focused on recession-resistant retailers that have adapted to an omni-channel strategy, believing that larger retailers will continue to gain market share [11][10] - The company plans to leverage its strong balance sheet and cost of capital to take advantage of market dislocations and disruptions [7][9] - The development pipeline is expected to grow, with a medium-term target of putting $250 million in the ground per year [165] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's stability and growth potential despite a volatile macroeconomic environment [7][11] - The company anticipates that its portfolio will be resilient to tariff impacts, with dominant retailers positioned to thrive [56][112] - Management highlighted the importance of maintaining a conservative approach to asset underwriting and portfolio construction during uncertain times [13][15] Other Important Information - The company raised $181 million of forward equity via its ATM program during the quarter, maintaining ample runway for growth [9][25] - The company has established a $625 million commercial paper program to diversify its balance sheet and tap into short-term capital [26][148] Q&A Session Summary Question: Investment guidance increase and AFFO guidance - Management confirmed that the increase in investment guidance was not offset by other detractors, with treasury stock dilution being the primary factor affecting AFFO guidance [39][40] Question: Tenant exposure and grocery strategy - Management indicated that the increase in grocery exposure was a one-off opportunity and that they continue to seek dominant grocers [50][51] Question: Development partners' appetite for new stores - Management reported no pause in development partner activities, with several retailers announcing new store openings [62][63] Question: Changes in transaction market post-tariff - Management noted no deals were pulled and competition remains limited, providing opportunities for growth [78][80] Question: Impact of tariffs on go-forward strategy - Management stated that tariffs do not significantly impact their investment strategy, as necessity-based retailers are expected to benefit [110][112] Question: Credit loss outlook - Management feels comfortable with the credit loss guidance embedded within their earnings guidance, which includes an assumption for 50 basis points of credit loss [116][118] Question: Construction cost implications - Management anticipates a 2% to 5% increase in construction costs due to tariffs but does not expect material moves in overall construction costs [124][125] Question: Development pipeline potential - Management indicated a significant development pipeline, with a medium-term target of $250 million in annual investments [165][166]

Financial Data and Key Metrics Changes - The company invested over $375 million in the first quarter of 2025, marking the largest investment volume since Q3 2023 [6][11] - Core FFO per share was $1.04, a 3.1% increase year-over-year, while AFFO per share was $1.06, representing a 3% year-over-year increase [20][22] - The company raised the low end of its full-year AFFO per share guidance to a range of $4.27 to $4.30, indicating over 3.5% growth at the midpoint [9][20] Business Line Data and Key Metrics Changes - The company acquired 69 properties across three platforms during Q1, with a weighted average cap rate of 7.3% and a weighted average lease term of 13.4 years [11][12] - The acquisition activity focused on necessity-based retailers, with nearly 69% of base rent derived from investment-grade retailers [12][15] - The company commenced four new development projects with anticipated costs of approximately $24 million and continued construction on 14 projects with aggregate costs of about $80 million [12][13] Market Data and Key Metrics Changes - The company reported a decline in pharmacy and dollar store exposure by 20 and 30 basis points, respectively, indicating a proactive approach to managing tenant risk [15] - The portfolio comprised 2,422 properties across all 50 states, with an investment-grade exposure of 68.3% and occupancy at 99.2% [15][16] Company Strategy and Development Direction - The company has increased its investment guidance range for the year from $1.1 billion to $1.5 billion, reflecting a 47% increase over last year's investment volume [9][10] - The focus remains on recession-resistant retailers that have adapted to an omni-channel strategy, with confidence in the portfolio's resilience against economic downturns [8][9] - The company aims to maintain a robust balance sheet with $1.9 billion in liquidity and no material debt maturities until 2028, allowing for flexibility in capital markets [7][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's stability and growth potential despite a volatile macroeconomic environment [6][10] - The company anticipates continued opportunities in the retail sector, particularly among dominant grocers and necessity-based retailers, as economic conditions evolve [35][82] - Management highlighted the importance of maintaining a conservative approach to asset underwriting and portfolio construction during uncertain times [9][10] Other Important Information - The company raised $181 million of forward equity via its ATM program and established a $625 million commercial paper program to diversify its balance sheet [17][19] - The monthly cash dividend was increased to $0.0256 per common share for April, representing a 2.4% year-over-year increase [22][23] Q&A Session Summary Question: Why was the AFFO guidance not raised more despite the increase in investment guidance? - Management indicated that the only offset to the investment increase was the anticipated treasury stock method dilution of approximately $0.02 [26][27] Question: What is the current strategy regarding grocery exposure? - Management noted that the increase in grocery exposure was primarily due to a one-off opportunity and emphasized the focus on dominant grocers [34][35] Question: How is the company managing tenant exposure amid tariff concerns? - Management stated that there are no significant concerns regarding tariff impacts on the portfolio, as necessity-based retailers are expected to benefit [36][82] Question: What is the outlook for construction costs and yield requirements? - Management anticipates a 2% to 5% increase in construction costs due to tariffs but does not expect material changes in overall construction costs [90] Question: How does the commercial paper program affect investment strategies? - Management clarified that the commercial paper program provides cheaper short-term capital but does not impact the overall weighted average cost of capital [124]

Core Insights - Agree Realty (ADC) reported a revenue of $169.16 million for the quarter ended March 2025, reflecting a year-over-year increase of 13.2% [1] - The earnings per share (EPS) for the quarter was $1.06, significantly higher than $0.43 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $166.19 million, resulting in a positive surprise of 1.79% [1] - The company also delivered an EPS surprise of 0.95%, with the consensus EPS estimate being $1.05 [1] Revenue Breakdown - Rental income was reported at $169.11 million, surpassing the average estimate of $163.98 million by four analysts, marking a 13.2% increase year-over-year [4] - Operating cost reimbursement revenue was $18.09 million, exceeding the average estimate of $16.95 million by two analysts, representing a 9.8% increase compared to the previous year [4] - Other revenues amounted to $0.05 million, slightly above the average estimate of $0.04 million based on two analysts, showing a significant year-over-year change of 51.6% [4] Stock Performance - Shares of Agree Realty have returned +4% over the past month, contrasting with the Zacks S&P 500 composite's decline of -8.9% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]