12 Best REIT Dividend Stocks To Buy for 2024

6. Agree Realty Corporation (NYSE:ADC)

Number of Hedge Fund Holders: 26

Agree Realty Corporation (NYSE:ADC) is an American real estate investment trust company that specializes in the development and acquisition of properties net leased to retailers in the US. Net lease properties are typically single-tenant buildings where the tenant covers most property-related expenses. While each individual property carries higher risk due to having only one tenant, the risk is significantly reduced when managing a large portfolio. Agree Realty owns approximately 2,250 properties, making its portfolio quite substantial. Since the start of 2024, the stock has surged by nearly 16%.

Agree Realty Corporation (NYSE:ADC) generated $154.3 million in revenues in the third quarter of 2024, which saw a 13% growth from the same period last year. The company invested about $237 million in 93 retail net lease properties. Net income per share attributable to common stockholders rose by 2.6%, reaching $0.42. The balance sheet is in a strong position, with a proforma net debt to recurring EBITDA ratio of 3.6 times, or 4.9 times excluding unsettled forward equity.

Agree Realty Corporation (NYSE:ADC) has a strong balance sheet as the company ended the quarter with over $13.2 million available in cash and cash equivalents, growing from $11 million nine months ago. The company has paid regular dividends to shareholders over the years, starting its dividend policy with quarterly payouts in 1995 and shifting to monthly dividends in 2021. It currently pays a monthly dividend of $0.253 per share, having raised it by 1.2% in October this year. This marked the company’s eighth consecutive year of dividend growth, which makes ADC one of the best dividend stocks on our list. The stock supports a dividend yield of 4.12%, as of December 12.

Agree Realty Corporation (NYSE:ADC) was a part of 26 hedge fund portfolios at the end of Q3 2024, up from 23 in the previous quarter, as per Insider Monkey’s database. The stakes held by these funds have a collective value of $565 million. With more than 3 million shares, Long Pond Capital was the company’s largest stakeholder in Q3.