5 REIT Stocks that Pay Monthly Dividends

2. Agree Realty Corporation (NYSE:ADC)

Number of Hedge Fund Holders: 26

Dividend Yield as of April 22: 3.90%

Agree Realty Corporation (NYSE:ADC) is a real estate investment trust that is based in Bloomfield Hills, Michigan, leasing properties to industry-leading retail tenants. Agree Realty Corporation (NYSE:ADC) offers a dividend yield of 3.90% as of April 22. 

In 2021, Agree Realty Corporation (NYSE:ADC)’s full-year revenue stood at $339.3 million, up from $248.6 million in the earlier quarter. Net income in 2021 increased to $122.3 million from $91.4 million in 2020. 

Morgan Stanley analyst Ronald Kamdem on April 1 initiated coverage of Agree Realty Corporation (NYSE:ADC) with an Overweight rating and a $75 price target. The company’s tenant quality is the highest among triple net REITs and its core focus on internet-resistant tenants is differentiated, the analyst told investors in a research note. The analyst sees an attractive entry point with the stock’s premium multiple having derated 40% post-COVID.

On April 13, Agree Realty Corporation (NYSE:ADC) declared a $0.234 per share monthly dividend, a 3.1% increase from its prior dividend of $0.227. The dividend is payable on May 13, for shareholders of record on April 29. 

According to the fourth quarter database of Insider Monkey, 26 hedge funds were long Agree Realty Corporation (NYSE:ADC), up from 20 funds in the previous quarter. Israel Englander’s Millennium Management is the largest stakeholder of the company, with 1.17million shares worth $83.5 million.