从风险回报角度看，ADC是最具吸引力的REIT机会，支撑因素包括更快的AFFO增长、稳健的资产负债表（2028年前无债务到期）、高质量租户以及内部人买入。
逐段跳播
最后，我认为目前 REIT 市场中最具吸引力的机会，至少从风险回报角度来看，是 Agree Realty Corporation，股票代码 ADC。这是另一只按月派息的股票，其盈利正以非常强劲的速度增长。
这是一家比 Realty Income 规模更小、更晚成立的房地产投资信托，因此常被称为 Realty Income 的“弟弟”。
Finally, I think the most attractive opportunity, perhaps in the REIT market right now, at least from a risk-to-reward perspective, is Agree Realty Corporation, ticker symbol ADC.
This is another stock that pays monthly dividends, and its earnings are growing at a very strong rate. This is a smaller and more recent real estate investment trust than Realty Income, and is therefore often referred to as Realty Income's "younger brother".
但以下是你需要知道的。确实，从年初至今它下跌了约 6.31%，以及约 8.66%。然而，与 VICI 和 Realty Income 一样，每股调整后净营运现金流（AFFO）持续增长，且增速远快于那两只基金。
因此，估值倍数大幅下降。不过，它仍高于另外两只基金，AFFO 倍数约为 14。这合理吗？嗯，有几个因素需要考虑。以下是这只股票具有吸引力的原因。首先，正如我之前提到的，每股调整后净营运现金流（AFFO）的增速远快于 Realty Income。
事实上，我最近采访了首席执行官 Joe Agri。虽然 2026 年第二季度每股调整后净营运现金流增长了约 7.4%，但我问他在五年后什么样的股息增长水平会让他满意。基于复合年增长率，他表示股息增长将在 4.5% 左右，这远高于我们从 VICI 或 Realty Income 看到的水平。
他还指出，股息增长将低于、或可能接近每股调整后净营运现金流的增长。因此，未来每股调整后净营运现金流高于 4.5% 是自然的。所以，是的，它们的增长速度更快。但这并不是唯一的优势。
But here's what you need to know. It is true that it has decreased by approximately 6.31% since the beginning of the year until now, and by approximately 8.66%. However, as with VICI and Realty Income, the adjusted net operating cash flow (AFFO) per share continued to grow, and at a much faster rate than with those two funds.
Therefore, the valuation multiplier decreased significantly. However, it is still higher than both other funds, with an AFFO multiplier of around 14. Is this justified? Well, there are several factors to consider.
Here's what makes this box attractive. To begin with, as I mentioned earlier, adjusted net operating cash flow (AFFO) per share grows at a much faster rate than Realty Income. In fact, I recently interviewed the CEO, Joe Agri.
While adjusted net operating cash flow per share rose by about 7.4% in the second quarter of 2026, I asked him what level of dividend growth would satisfy him five years from now.
Based on the compound annual growth rate, he stated that dividend growth would be around 4.5%, which is much higher than what we would see from VICI or Realty Income. He also noted that dividend growth would be less than, or perhaps close to, the growth of adjusted net operating cash flow per share.
Therefore, it is natural for the adjusted net operating cash flow per share to be higher than 4.5% in the future. So, yes, they are growing at a faster pace. But this is not the only advantage.
还记得 Realty Income 和 VICI Properties 的主要问题在于，随着美国国债收益率扩大，债务成本持续上升，同时股价下跌。债务成本上升对许多房地产投资信托（REITs）来说是一个重大问题，因为这会在其债务再融资时导致更高的利息支出。
但让我们更仔细地看看它的资产负债表。你注意到了什么？直到 2028 年都没有大规模的债务到期。因此，他们不必以更高的利率为其债务再融资。未来一年半内利息支出不会大幅上升。这对该基金来说是一个重大优势，也解释了其强劲的信用评级。
此外，利息支出不增加将有助于以更高的速度继续增长每股调整后营运现金流。
Remember how the main problem for Realty Income and VICI Properties is the continued rise in the cost of debt as Treasury bond yields expand, while at the same time the share price falls.
The increased cost of debt is a major problem for many real estate investment trusts (REITs), as it will lead to higher interest expenses when refinancing their debt. But let's take a closer look at its balance sheet.
What do you notice? There are no substantial debt maturities until 2028. Therefore, they do not have to refinance their debt at higher interest rates. Interest expenses will not rise significantly over the next year and a half.
This is a major advantage for this fund, and this explains its strong credit ratings. Also, not increasing interest expenses will help to continue to grow the adjusted operating cash flow per share at a higher rate.
更不用说它的租户比“Realty Inc.”的租户更强。事实上，其中 65.8% 拥有投资级评级，高于“Realty Incom”的评级。这家公司将 Walmart、Tractor Supply、Dollar General、Hobby Lobby 等知名品牌以及许多其他知名企业列为其最重要的租户，仅 Walmart 一家占其总租户的比例不超过 5%。
Not to mention that its tenants are stronger than the tenants of "Realty Inc." In fact, 65.8% of them have an investment grade rating, which is higher than the "Realty Incom" rating.
This company includes such prominent names as Walmart, Tractor Supply, Dollar General, Hobby Lobby, and many other well-known names as its most important tenants, with Walmart alone accounting for no more than 5% of its total tenants.
值得注意的是，在过去一年里，甚至在过去几周里，这家房地产投资公司出现了大规模的内部人士买入。首席执行官以每股 68 美元买入了 7,360 股，而经理 John Recolta 以平均每股 68.78 美元买入了 20,000 股。
回顾过去一年的内部人士交易，我们注意到买入量显著增加，反映出他们对这家公司的强烈信心。
It is worth noting that there have been huge purchases by insiders in this real estate investment company during the past year, and even during the past few weeks. The CEO bought 7,360 shares at $68 per share, while the manager, John Recolta, bought 20,000 shares at an average price of $68.78.
Looking at insider transactions over the past year, we note a significant increase in purchases, reflecting their strong belief in this company.
那么，让我们从估值角度、使用股票代码数据来看这家公司，然后我们进入股息贴现模型。再次，让我们假设公司实际指引的最低水平，即 4.25%。股票的合理价值约为 75.58 美分，意味着约 15% 的潜在上涨空间。
如果接近 4.5%，其合理价值将为 80.50 美元，潜在上涨 22%。因此，这只房地产基金不仅是增长最快的房地产投资基金之一，其资产负债表也非常强劲，客户基础也非常强大。因此，是的，其股价存在轻微溢价。
然而，从风险回报角度来看，这仍然是市场上最具吸引力的机会之一。
So, let's look at the company from a valuation perspective, using the stock symbol data, and we'll move on to the dividend discount model. Again, let's assume the minimum that the company actually directed towards, which is 4.25%.
The fair value of the share would be around 75.58 cents, implying a potential upside of 15%. If it approaches 4.5%, its fair value will be $80.50, a potential increase of 22%. Therefore, this real estate fund is not only one of the fastest growing real estate investment funds, but its balance sheet is also very strong, and its customer base is very strong.
For this reason, yes, its shares are trading at a slight price premium. However, from a risk-to-reward perspective, this remains one of the most attractive opportunities in the market.
这个频道对 $ADC 的历次判断
Dividendology 在这只股票上共 2 条判断，这里只列相邻的几条。