Agree Realty Corporation (ADC) vs First Industrial Realty Trust, Inc. (FR)
A side-by-side comparison of Agree Realty Corporation and First Industrial Realty Trust, Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 13, 2026. Differences are shown without an overall score or investment verdict.
Total return — ADC vs FR
growth of $100 · dividends reinvested · last 10yADC vs FR: by the numbers
- •ADC is the larger company ($8.20B vs $8.20B market cap).
- •FR converts more revenue to profit (47.96% vs 28.87% net margin).
- •ADC grew revenue faster over the past five years (21.41% vs 10.47% CAGR).
- •ADC pays the higher dividend yield (4.44% vs 3.08%).
Metrics side by side
Valuation
| Metric | ADC | FR |
|---|---|---|
| P/E ratio | 36.72 | 22.56 |
| Forward P/E | 35.97 | 24.70 |
| P/S ratio | 10.52 | 10.79 |
| P/B ratio | 1.26 | 2.95 |
| EV / EBITDA | 18.42 | 21.03 |
| FCF yield | N/A | 5.00% |
For REITs like Agree Realty Corporation, GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like First Industrial Realty Trust, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | ADC | FR |
|---|---|---|
| Gross margin | 87.73% | 22.60% |
| Operating margin | 48.35% | 41.59% |
| Net margin | 28.87% | 47.96% |
| ROE | 3.45% | 13.12% |
| ROIC | 3.56% | 5.63% |
Dividends
| Metric | ADC | FR |
|---|---|---|
| Dividend yield | 4.44% | 3.08% |
| Payout ratio | 170.05% | 68.98% |
Agree Realty Corporation's payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
First Industrial Realty Trust, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | ADC | FR |
|---|---|---|
| Revenue CAGR (5Y) | 21.41% | 10.47% |
| EPS CAGR (5Y) | 0.11% | 4.10% |
| FCF CAGR (5Y) | 22.56% | 7.52% |
| Total return CAGR (5Y) | 4.69% | 5.56% |
Frequently asked
- Which has grown faster, ADC or FR?
- Over the past five years, ADC grew revenue faster — ADC at a 21.41% CAGR versus FR at 10.47%.
- Does ADC or FR pay a bigger dividend?
- ADC yields 4.44% and FR yields 3.08% based on trailing dividends and the latest price.
- Is ADC or FR more profitable?
- FR runs the higher net margin — ADC at 28.87% versus FR at 47.96%.
- How have ADC and FR total returns compared?
- Over the past 10 years, ADC delivered 8.61% and FR delivered 11.19% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Agree Realty & First Industrial Realty Trust appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified September 13, 2026.