Agree Realty Corporation (ADC) vs Federal Realty Investment Trust (FRT)

Agree Realty Corporation and Federal Realty Investment Trust are both Reit Retail companies. Federal Realty Investment Trust is the larger, with a market value of $9.7B against $8.4B — 1.2× the size. Federal Realty Investment Trust trades at the lower P/E: 22.2× against 36.3×. Agree Realty Corporation grew revenue faster over the last twelve months: 18.2% against 8.04%. Federal Realty Investment Trust has the higher net margin (32.0% vs 27.9%) and the higher return on invested capital (4.93% vs 2.26%). Both pay a dividend; Agree Realty Corporation yields more (5.04% vs 4.26%). Across the 22 metrics below, Federal Realty Investment Trust leads on 15 and Agree Realty Corporation on 7.

Valuation

Metric ADC FRT Reit Retail median
P/E 36.28 22.24 24.82
P/S 10.39 7.13 6.69
P/B 1.28 2.91 1.75
Price to free cash flow n/m 28.94 13.29
EV/EBITDA 17.42 13.78 15.42
EV/Sales 15.27 10.63 10.60
Earnings yield 2.76% 4.50% 3.91%
Free cash flow yield (14.77%) 3.46% 2.98%

Profitability

Metric ADC FRT Reit Retail median
Gross margin 87.66% 67.53% 71.78%
Operating margin 47.92% 47.86% 34.62%
Net margin 27.89% 31.97% 27.14%
Free cash flow margin (153.42%) 24.65% 18.82%
Return on equity 3.68% 13.27% 7.05%
Return on assets 2.21% 4.83% 3.40%
Return on invested capital 2.26% 4.93% 3.18%

Growth

Metric ADC FRT Reit Retail median
Revenue growth (TTM) 18.17% 8.04% 8.49%
EPS growth (last fiscal year) (0.56%) 36.84% —
Revenue growth, 5-year CAGR 23.65% 8.89% 8.62%
Net income growth, 5-year CAGR 16.60% 26.57% 1.85%

Health

Metric ADC FRT Reit Retail median
Debt to equity 0.59 1.39 0.94
Current ratio 0.82 1.70 1.62
Net debt to EBITDA 5.26 5.00 5.40

Dividend

Metric ADC FRT Reit Retail median
Dividend yield 5.04% 4.26% 4.57%
Payout ratio 1.63 0.92 1.21

Size

Metric ADC FRT Reit Retail median
Market cap 8.39b 9.65b 3.65b

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