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]

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 ...