Agree Realty Vs. NNN REIT: Same Sector, Different Structural Bets After Q4

Benzinga_recent_news02-12

I don’t often write direct comparisons. But after covering both Agree Realty (NYSE:ADC) and NNN REIT (NYSE:NNN) following their fourth-quarter earnings, the contrast became difficult to ignore. Both ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2610921294?lang=en_US&edition=fundamental","thumbnail":"https://cdn.benzinga.com/files/images/story/2026/02/12/reit.jpeg?optimize=medium&dpr=2&auto=webp&width=240","is_english":true,"pubTime":"2026-02-12 21:31","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2610921294","market":"us","top_or_hot":-1,"title":"Agree Realty Vs. NNN REIT: Same Sector, Different Structural Bets After Q4","media":"Benzinga_recent_news","content":"<div>\n<p>I don’t often write direct comparisons. But after covering both Agree Realty (NYSE:ADC) and NNN REIT (NYSE:NNN) following their fourth-quarter earnings, the contrast became difficult to ignore.\nBoth ...</p>\n\n<a href=\"https://www.benzinga.com/Opinion/26/02/50574235/agree-realty-vs-nnn-retit-same-sector-different-structural-bets-after-q4\">Source Link</a>\n\n</div>\n","source":"benzinga_recent_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Agree Realty Vs. NNN REIT: Same Sector, Different Structural Bets After Q4</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAgree Realty Vs. NNN REIT: Same Sector, Different Structural Bets After Q4\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-12 21:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/Opinion/26/02/50574235/agree-realty-vs-nnn-retit-same-sector-different-structural-bets-after-q4><strong>Benzinga_recent_news</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>I don’t often write direct comparisons. But after covering both Agree Realty (NYSE:ADC) and NNN REIT (NYSE:NNN) following their fourth-quarter earnings, the contrast became difficult to ignore.\nBoth ...</p>\n\n<a href=\"https://www.benzinga.com/Opinion/26/02/50574235/agree-realty-vs-nnn-retit-same-sector-different-structural-bets-after-q4\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0821914370.USD","symbol_name":"贝莱德亚洲成长领袖A2","start_time":0,"source_url":"https://www.benzinga.com/Opinion/26/02/50574235/agree-realty-vs-nnn-retit-same-sector-different-structural-bets-after-q4","article_id":"2610921294","we_media_id":null,"thumbnails":["https://cdn.benzinga.com/files/images/story/2026/02/12/reit.jpeg?optimize=medium&dpr=2&auto=webp&width=240"],"rights":{"source":"benzinga_recent_news","url":"https://www.benzinga.com/Opinion/26/02/50574235/agree-realty-vs-nnn-retit-same-sector-different-structural-bets-after-q4","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2610921294","pubTimestamp":1770903060,"columns":[],"sourceInfo":{"source_id":"benzinga_recent_news","name":"Benzinga"},"weMediaInfo":null,"summary":"I don’t often write direct comparisons. But after covering both Agree Realty  and NNN REIT  following their fourth-quarter earnings, the contrast became difficult to ignore.Both delivered strong quarters. Both beat estimates. Both reaffirmed guidance.The divergence isn’t in quality. It’s in construction.ADC and NNN operate in the same net lease sector, serve similar tenants, and carry investment-grade ratings. Yet the capital structures beneath those similarities point in different directions — and Q4 made that clearer.ADC reported AFFO of $1.11 per share, up 6.5% year over year. Full-year AFFO reached $4.33, at the high end of guidance. The company deployed $1.55 billion in acquisitions during 2025, funded by roughly $1.5 billion in long-term capital raises.NNN reported AFFO of $0.87 per share, up 6.1% year over year. Revenue rose 9.1%, and the company completed a record $931 million in acquisitions. Occupancy improved 80 basis points to 98.3%.In a scenario where spreads widen, ADC ha","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0821914370.USD":"贝莱德亚洲成长领袖A2","IE0008369823.USD":"FSSA HONG KONG GROWTH \"I\" ACC","IE00B8L5B284.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"B\" (USD) INC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0607220059.USD":"SCHRODER ISF HONG KONG EQUITY \"A\" (USD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","NNN":"NNN REIT INC","ADC":"艾格里房产","IE00B0169L03.USD":"FSSA ASIA FOCUS FUND \"I\" (USD) ACC","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","LU0140636845.USD":"施罗德大中华区股票A Acc","REIT":"ALPS Active REIT ETF","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0823426480.USD":"法巴中国股票经典Dis","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0188438112.USD":"SCHRODER ISF ASIAN EQUITY YIELD \"A\" ACC","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","LU0106259558.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" ACC","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","IE00B8HQ1Z84.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"A\" (USD) ACC","LU0878004406.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) INC","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","IE0003795394.USD":"BNY MELLON ASIAN EQUITY \"A\" (USD) ACC","LU0594300419.USD":"富达中国消费基金A","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0048597586.USD":"富达亚洲焦点A","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","BK4231":"零售房地产信托","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC"},"translate_title":"同意房地产与NNN REIT：同一行业，第四季度后不同的结构性押注","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ADC":1.5,"REIT":1.5,"NNN":1.5},"content_text":"I don’t often write direct comparisons. But after covering both Agree Realty (NYSE:ADC) and NNN REIT (NYSE:NNN) following their fourth-quarter earnings, the contrast became difficult to ignore.\nBoth delivered strong quarters. Both beat estimates. Both reaffirmed guidance.\nBut they are preparing for different futures.\nThe divergence isn’t in quality. It’s in construction.\nADC and NNN operate in the same net lease sector, serve similar tenants, and carry investment-grade ratings. Yet the capital structures beneath those similarities point in different directions — and Q4 made that clearer.\nThe Q4 Baseline\nADC reported AFFO of $1.11 per share, up 6.5% year over year. Full-year AFFO reached $4.33, at the high end of guidance. The company deployed $1.55 billion in acquisitions during 2025, funded by roughly $1.5 billion in long-term capital raises.\nNNN reported AFFO of $0.87 per share, up 6.1% year over year. Revenue rose 9.1%, and the company completed a record $931 million in acquisitions. Occupancy improved 80 basis points to 98.3%.\nOperationally, both accelerated.\nThe distinction lies in how that growth is financed.\nGrowth Model: External Engine Vs. Internal Discipline\nADC’s model runs on capital access.\nIn 2025, it raised capital through forward equity offerings, a $400 million bond issuance, and a $350 million term loan fixed at 4.02%. Liquidity exceeded $2.0 billion at year-end, with more than $915 million of hedged capital available for deployment. For 2026, investment guidance increased to $1.4 billion to $1.6 billion.\nThe company’s Fitch A- rating underpins this approach. Access to attractively priced debt enables faster scaling.\nThe trade-off is dependency. Growth assumes functional equity and debt markets.\nNNN operates differently.\nManagement guided to $550 million to $650 million in 2026 acquisitions, primarily funded through $210 million of retained free cash flow, $130 million in planned dispositions, and leverage-neutral incremental debt. No equity issuance is assumed.\nThis is a self-funding structure. It reduces reliance on capital market timing and removes the need to issue equity at uncertain valuations.\nThe trade-off is speed. NNN cannot match ADC’s deployment pace. But it does not require market cooperation to grow.\nBalance Sheet: Two Forms Of Defense\nADC ended the year at 3.8x pro forma net debt-to-EBITDA, including unsettled forward equity. Excluding those forwards, leverage stood at 4.9x. No debt matures until 2028.\nNNN reported leverage of 5.6x — higher in absolute terms — paired with a weighted average debt maturity of 10.8 years, the longest in the net lease sector. Liquidity stood at $1.2 billion.\nADC defends through leverage discipline and rating strength.\nNNN defends through duration and internal funding.\nIn a scenario where spreads widen, ADC has more room before rating agencies react. In a capital markets freeze, NNN has less need to access markets in the first place.\nThe Refinancing Reality\nNNN faces a $350 million refinancing in 2026 at an estimated 5.20% to 5.25%. That rate sits above the company’s existing portfolio average. But within a 10.8-year weighted maturity structure, one refinancing does not redefine the overall cost base.\nADC has no maturities until 2028 — which means it is not negotiating with today’s rate environment at all. That optionality is itself a form of structural defense.\n2026 Outlook: Acceleration Vs. Stability\nADC guided to AFFO of $4.54 to $4.58, implying 5.4% growth at the midpoint — its strongest projected expansion since 2022.\nNNN guided to AFFO of $3.52 to $3.58, implying 3.2% growth.\nThe yield gap reflects that divergence. NNN’s dividend yield near 5.5% compensates for slower expansion. ADC’s yield around 4.2% reflects investor willingness to pay for higher growth and stronger ratings.\nNeither company signaled stress. Both models are functioning.\nWhat The Structure Suggests\nThis is not about which quarter was better. It is about which balance sheet an investor prefers behind their dividend.\nADC is built to accelerate when capital is available. NNN is built to endure when capital tightens.\nIf rates moderate and markets remain orderly, ADC’s external growth engine compounds efficiently. If volatility persists or funding windows narrow, NNN’s self-funded model and long duration provide insulation.\nSame sector. Same earnings strength. Different structural bets.\nThe numbers tell a story. Whether it changes anything — that part is yours.\nDisclosure: This article is for informational purposes only and does not constitute investment advice. The author holds no position in ADC or NNN at the time of writing.\nBenzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2610921294","isCrawlerRequest":true}