Tom WernerIntroduction On June 30, 2023, we published a comparative article between Spirit Realty and Agree Realty Corporation (NYSE:ADC) and supported a “buy” recommendation for both equities. In this article, we are going to review the underpinnings of Agree’s business model in light of Q4 2023 earnings and justify a change in the recommendation to a “hold”. We start by quantifying Agree’s ability to generate economic profit under the current macroeconomic conditions. In particular, we look at the dif ...